Do home values in areas where schools are well respected by the residents have more price support in a falling market than homes in other areas? Yes, at least in areas where private schooling is an option.

To see why this is so imagine a homeowner living in an area where the school is not to their liking and they pay for private schooling. The school expense is not tax deductible and the school is likely to be less conveniently located. This same owner could buy a home that is in a neighborhood where the schools are to their liking and effectively convert all the private school expenses into tax deductible home mortgage expenses and they likely have a school conveniently located near their home.

Thus, when private schooling is a practical option, demand for homes in areas where the schools are generally respected are likely to remain high even in markets where prices are falling. When demand is higher relative to the surrounding areas, then prices also tend to be higher as well. So expect uneven price declines as this buyer's market  continue to unfold.

To assist interested California stakeholders, the State of California periodically releases information on school performance. Other sources, including personal and anecdotal sources, must be used to obtain information on art, music, athletics and other areas of interest that are hard to discern from the State's performance assessment.