Homebuyers Are Willing to Sacrifice Some Housing Considerations in Favor of Good School Districts

Homebuyers Are Willing to Sacrifice Some Housing Considerations in Favor of Good School Districts

 

Homebuyers Are Willing to Sacrifice Some Housing Consideration in Favor of Good School Districts

 

It should not come as a big surprise that buying a home in a good school district is very important to many home buyers. According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries.

What is very surprising, however, is that 78% of recent home buyers sacrificed features from their “must-have” lists in order to find homes within their preferred school districts. We find that school districts are the number one search criteria for parents with children or growing to start a family.

The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results are shown in the graph below.

 

Buyers are attracted to schools with high test scores, accelerated academic programs, art and music programs, diversity, and before and after-school programs which includes sports.

With a limited number of homes available to buy in today’s real estate market, competition is fierce for homes in good school districts. Danielle Hale, Chief Economist for Realtor.com, explained further,

“Most buyers understand that they may not be able to find a home that covers every single item on their wish list, but our survey shows that school districts are an area where many buyers aren’t willing to compromise.

For many buyers and not just buyers with children, ‘location, location, location,’ means ‘schools, schools, schools.’ ” (emphasis added)

Bottom Line
For buyers in Minnesota with it’s excellent  schools, the quality of their children’s (or future children’s) education ranks highest on their must-have lists. Before you start the search for your next home, let’s get together to discuss what is the most important in a home for you!

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