Many factors influence a family's decision to purchase a home, including safety, overall layout, proximity to work, and more. Increasingly, schools and the quality of the local school district is higher on the wish list. In fact, a 2017 study by the National Association of Realtors (NAR) found 26 percent of home buyers considered the quality of schools when looking for a new home.
Parents want the best for their children, and they are making home buying decisions based on where they want their kids to go to school. They are utilizing online data about test results, school district rankings, teacher portfolios, and more to aid them in the process.
A report by the National Bureau of Economic Research, “Using Market Valuation to Assess Public School Spending,” found that for every dollar spent on public schools in a community, home values increased by $20. While it may not seem like much, this solidifies the notion that property values are higher in better school districts.
High demand in neighborhoods and towns located in the best school districts helps drive home prices up. Properties in these areas have higher value than similar types of properties located in other neighborhoods. Even if you don’t have children, it is a good idea to purchase a home in a good school district, as the asset will likely maintain or increase in value over time.
At Compass Homes, we know that quality school districts are of the utmost importance, which is why we build homes in many of the best Central Ohio school districts, including Dublin City Schools, Olentangy Local School District, and Upper Arlington City Schools.