Mary Myzia, Broker

Broker / CDPE

Back to School Survey Finds School Boundaries Play Major Role in Home Buying Decisions

 


Realtor.com® announced the results of its Back to School survey, which analyzed how much impact school boundaries have on buyers looking to purchase a home within two years. It was found that three out of five homebuyers surveyed said school boundaries will impact their home purchasing decision.

Findings:
A majority of homebuyers who said school boundaries will have an impact are willing to pay one percent to 10 percent above budget to live within school boundaries:

• 23.59 percent would pay one percent to five percent above budget.
• 20.70 percent would pay six percent to 10 percent above budget.
• 8.98 percent would pay 11 percent to 20 percent above budget.
• 40.33 percent would not go above budget.

For those homebuyers who said school boundaries will have an impact on their decision, the majority indicated school boundaries will be an important consideration:

• 90.53 percent said school boundaries are  "important" and "somewhat important."
• 2.04 percent were "neutral" around importance of school boundaries.
• 7.43 percent said school boundaries are "unimportant" and "very unimportant."

Homebuyers who said school boundaries will have an impact on their decision also indicated that they would give up several amenities to live within school boundaries of choice:

• 62.39 percent would do without a pool or spa.
• 50.60 percent would give up accessibility to shopping.
• 43.96 percent would pass on a bonus room.
• 41.99 percent would offer up nearby parks and trails.

Homebuyers indicated that they would like to be within a certain distance of school boundaries:

• 45.19 percent want to live within school boundaries.
• 33.67 percent want to live within a few miles so their children can ride the school bus.
• 17.20 percent want to live within a mile so their children can walk to school.

RISMEDIA

Reprinted with permission from RISMedia. ©2013. All rights reserved.