Many factors impact the home buyer’s decision, including the look of the home, the floor plan, the size of the home and the neighborhood. However, one of the most essential considerations has become the quality of the local school district.
This factor means that homes in the best school districts, on average, sell for more than similar homes in less-desirable districts. In fact, in some cases, home buyers are even compromising for smaller or older homes if it means they can live within the boundaries of a great school district.
A Realtor.com survey showed that 91 percent of prospective home buyers said school boundaries were important in their search. Further, one out of every five were willing to give up a bedroom or a garage for a better school and one in three would buy a smaller home if it was in the right district.
This trend is driving home buyers who don’t have children to invest in a home within a top school district. Properties located in good school districts tend to appreciate and hold their value even through market fluctuations. As a result, buying a home in a good school district is seen by many as a safe bet when it comes to future resale.
In Central Ohio, the correlation between higher-ranked school systems and higher-priced homes seems to be backed up by data. Houses in top-ranked districts have an average asking price that is well above the prices offered in areas with lower-ranked school systems.
It is clear that the demand for top schools has become a driving force in the home buying market. Parents are willing to sacrifice on a number of important elements or are willing to pay more for less in order to ensure that their children will attend good schools. Even buyers who are not utilizing the school district are benefiting from its high demand and stability compared to other options.