Seeking higher education, whether a 2-year associate degree or a 4-year bachelor of arts or bachelor of science degree, for most, the end result could lead to opportunities that would not normally be available without that piece of valuable paper.
A society is stronger and more successful when a family structure is solid and complete. But what we are experiencing today is a divergence from what is truly needed. It starts with how the parents guide, teach, and raise their children, while simultaneously, the teachers and the school system also come into play.
Having the proper mentors will always be tantamount to the educational growth of an individual and the children with whom they hang out. This should be somewhat of a seamless process, but it is easier said than done. The byproduct of a quality school district is higher and more stable real estate prices.
There is a direct correlation between towns having higher home prices and appreciation and the statistically stronger scoring schools.
A 5% improvement in test scores will translate into a 2.5% increase in values. See newhomesource.com. In a study on Sept 4, 2024 article by Julie Taylor from Realtor.com, the average price of a home in an above-average school district was 78.6% higher, according to GreatSchools.com, than schools in a surrounding county or lower priced locations.
If you are lucky and fortunate and born with the ability to be creative and have natural talents and ideas that most do not, it will potentially enable you to be successful without any more than a high school or college education.
Although this is not the norm, college may or may not be a necessity for everyone, especially with today’s exorbitant costs. Succumbing to student debt for the foreseeable future may not be in the cards for many. Unfortunately, this has been a detriment to homeownership.
I believe college is no longer a guarantee for a better job, as there are many educated unemployed people with a bachelor of arts and bachelor of science degrees. Today, the bare minimum requirement for many companies is earning a Master’s Degree to get your foot in the door to compete for a higher-paying position in corporate America.
Twenty-plus years ago, both my daughter and son had only earned undergraduate degrees. Fast-forward to today, and both would have needed a minimum of a master’s degree to be considered entrance into their very ambitious professions.
Competition is fierce, and even having a PhD may soon be the standard to secure a higher-paying position. However, today, opting or dropping out of college and becoming an entrepreneur can start with just one single idea, as some notable individuals have had.
The bottom line is that the higher scoring school districts are, generally, the better the education; as mentioned, the stronger the housing prices will be and the greater the appreciation over the long run. Moreover, those school districts can attract more qualified personnel through better pay and benefits.
I remember that when I went to school, the majority of teachers lived locally in my community. Today, housing prices have forced most new teachers to live in areas farther away from where they teach, where prices of homes, condos, and coops are more affordable, whether buying or leasing.
Our future will be defined and determined by how educated and/or entrepreneurial our workforce is and will be a major component in who will be a homeowner.
AI is also coming into the picture and will be a determining and defining factor in one’s advancement or possible detriment to those job seekers, who might have much fewer choices due to further automation and jobs being replaced.
Moreover, as baby boomers pass, there could be fewer purchasers of homes, condos, and co-ops, resulting in monumental price declines. Exorbitant high personal (student loans of $1.77 trillion and credit card debt of $1.2 trillion) and the $37 trillion national debt continue to grow daily, and real estate taxes are increasing, squeezing, and looming over everyone in the U.S.
The average student loan debt per borrower is $38,883. Today, the average student loan interest rate is 6.53%. The average student loan payment is over $200. https://educationdata.org/student-loan-debt-statistics
There are those Gen Zs, Gen Xers and even millennials who may never experience that white picket fence of homeownership.
Philip A. Raices is the owner/Broker of Turn Key Real Estate, located at 3 Grace Ave Suite 180 in Great Neck. For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns, he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com and you can search properties at your leisure and convenience at: https://WWW.Li-RealEstate.Com
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