As the school bells are set to ring within a month, families on the move strongly consider school district boundaries when choosing their new homes.
A recent study by Realtor.com and Move Inc. found that 3 out of 5 homebuyers surveyed earlier this month said schools play a large part in their purchase decisions.
Some 44% said they would go over budget by up to 10% to get in their preferred school district. Another 9% said they would go as high as 20% over budget for their desired location.
"Our survey demonstrates the large impact school boundaries have on those looking to purchase a home. In April, realtor.com® launched its new mobile school search functionality which allows buyers to search for listings in specific school and district boundaries," said Barbara O'Connor, chief marketing officer at Move Inc.
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% said school boundaries are "important" and "somewhat important";
• 2.04% were "neutral" around importance of school boundaries; and
• 7.43% 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% would do without a pool or spa;
• 50.60% would give up accessibility to shopping;
• 43.96% would pass on a bonus room; and
• 41.99% would offer up nearby parks and trails.
Proximity to the school is also important for families. The survey found 17.20% wanted to live within walking distance of the school and 45% wanted to be a short drive away.