Schools matter to Buyers
It’s axiomatic in the real estate industry that homes in good school districts are more desirable and fetch higher prices than similar homes in lower-tiered school districts. Indeed, buyers are willing to sacrifice or compromise on many attributes and amenities to own a property in a good school district.
Yes it does matter
More than 90 percent of respondents said school district boundaries were important in their search for a new home. There are few other reasons derived from research.
- One out of three said they would downsize to a smaller home if the schools were better.
- Ten percent would pay up to 20 percent over budget based on school quality.
- Twenty percent of respondents said they would pay 6-10 percent above their budget for a better school district.
- One out of five stated that they would give up a bedroom or a garage to live in a better school district.
The buying process should definitely include an analysis of the school district, whether you have kids or not. In addition to providing educational advantages, buying a home in a good school district is a sound financial investment. For families, buying into a good school district can save the cost of private school tuition. But for empty-nesters, homes in top school districts tend to hold their re-sale value through market fluctuations, and school excellence is often a good indicator of community safety, stability, and overall quality. Interestingly, some people without children would prefer not to live near a school but, of course, will.