We’re all know that, for families, school districts can be very important when it comes to buying a house. Where a home is located is going to decide where their child goes to school–it could mean the difference between a prestigious institution and a dangerous learning facility. So, this is a huge factor, and that’s not a secret. But how much does this really affect the price of the house? You’d be surprised; read on to see just how impactful school districts are.
School Districts and the Deeply Concerned Parents
Your child’s education is always going to be one of the most important parts of their development, which is why a lot of parents look extensively over school districts when they are buying homes. According to a survey, 91% of US citizens buying homes said they took school districts very seriously. And aside from American citizens, education is also a huge factor when families from other countries are involved. These hard-working people are looking for the best schools for their children in this country; it is deeply important to them that their child is in a great school district.
Here comes the shocking part; some realtor.com surveys showed that one in five buyers were willing to give up an entire bedroom just to live in the right school district. A full third would give up square footage for the chance at a better school. One in five said they’d pay up to 10% over their original budget to live in the right area, and one in ten pushed that number up to 20% over budget. Imagine the kind of difference this makes when the homes in the area, as is a common occurrence in Maryland, sell for an upwards of half a million dollars.
Important Factors to Consider
Before we jump the gun and attribute all high home prices to good school districts, let’s think objectively for a moment. Home buyers who are willing to spend more (and in turn, those who have more to spend) are going to live in better school districts. This means that home prices are going to rise, regardless. And what makes a “good school”? Test scores? It’s entirely possible that, when an area is more affluent, the school gets the funding to provide a much better education. But whatever the reason, it’s clear that school district plays a huge part in housing prices.
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