Home Buyers Willing to Pay More for Good Schools
Would you rather live in a home with a pool or a home near good schools? Most home buyers say they would be willing to give up amenities and pay more for a home to live in their desired school district, according to a Realtor.com survey.
Three in 5 homebuyers in the survey said school-district boundaries will affect their home-purchasing decision, and the majority would be willing to go above their budget to afford a home in an area with good schools.
“While the back-to-school survey results did not surprise me, they did confirm the impact school boundaries have on families looking for a home,” says Leslie Piper, consumer housing specialist at Realtor.com. “It is never too early to think about the importance of your child’s education.”
They’ll Even Exceed their Budgets
The survey was based on answers from 981 participants who plan to buy a home in the next two years.
More than 44 percent of respondents say they would go over budget by up to 10% to live in a highly rate school district. About 9% of the respondents say they would be willing to pay as much as 20% above their budget. Potential homebuyers need to determine their buying power before moving forward with a home search, Piper says
“Don’t bite off more than you can chew,” she says,”If a home within certain school-district boundaries is a must, then they must know what price range they are comfortable with and what they would be willing to sacrifice.”
What Buyers Are Willing to Give Up
These dedicated parents are willing to sacrifice a lot, including giving up on some highly desirable home features.
- More than 60% would give up having a pool or spa.
- More than half would give up accessibility to shopping
- About 43% would pass on a bonus room
- About 42% would give up on having nearby parks and trails
