We all know home buyers desire high-performing school districts. But what are they willing to sacrifice for this priority?
Plenty, according to a recent survey by Realtor.com.
The survey found that 78% of home buyers place a good school district above other amenities. “School districts are an area where many buyers aren’t willing to compromise,” Realtor.com Chief Economist Danielle Hale noted of the survey’s findings, as reported by CBS MarketWatch. “For many buyers, ‘location, location, location’ means ‘schools, schools, schools’.”
According to MarketWatch, more than half of home buyers (59%) studied test scores to determine a school district’s quality. Others considered whether the school had a gifted and talented program (53%) and art and music education (49%).
Among the amenities they were willing to sacrifice for great schools: a garage (19% were willing to let this go); updated kitchen (17%); number of hoped-for bedrooms (17%) and outdoor living space (16%).
“Of course, buying in a good school district comes with a significant premium as well,” adds MarketWatch, which cites a 2016 Realtor.com study noting that homes in higher-rated school districts were 49% more expensive on average than the median-priced home nationwide.
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