School boundaries are huge in homebuying decisions, survey finds
Kevin Krejci, Kevin Krejci via flickr
Three out of five homebuyers say school boundaries will affect where they purchase a home, according to a new survey by Realtor.com.
The majority of those homebuyers who say boundaries will have an impact also say they are willing to go over budget to snag a home in the school boundaries they want:
23.6 percent would pay 1 percent to 5 percent above budget
20.7 percent would pay 6 percent to 10 percent above budget
9 percent would pay 11 percent to 20 percent above budget
40.3 percent would not go above budget.
Sheree R. Curry at AOL news spoke with Leslie Piper, consumer housing specialist at Realtor.com, who says homebuyers are willing to pay more and drop home features for a home in the right school district.
"They are especially willing to give up accessibility to shopping and nearby parks and trails among other amenities, to reside within school district boundaries of choice," Piper told AOL.
The survey found that 62.4 percent would do without a pool or spa, 50.6 percent would give up accessibility to shopping, 44 percent would give up a bonus room and 42 percent would give up nearby parks and trails.
MSN Real Estate ran an article looking at homes near some of the nation's best schools.
"Want to give your child a shot at the best secondary education in the nation?" Christopher Solomon, who wrote the article, asked. "Why not buy a home in the school district of one of these star schools? Most of the schools are 'magnet' schools, which means they draw the best students from the entire school district, usually through an application process. Some of the schools are charter schools and draw from a larger area."
The homes MSN found with Realtor.com's help were either 20 percent above or 20 percent below the median home price near those schools.
For example, if a parent wanted to live close to the School for the Talented and Gifted in Dallas, they could buy a $69,950 home with 1,192 square feet or they could buy a $79,900 home with 1,052 square feet.
Or, if you want your kid to go to the Thomas Jefferson High School for Science and Technology in Alexandria, Va., buy a $290,000 condo or a $479,900 townhome.
People can use Realtor.com's "search by school" feature on its app to make their own school boundary and homebuying decisions.
The survey did not ask how many parents would use their homebuying decision as guilt leverage to make their kids study harder.
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