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Buying a Home: How Do School Districts Affect Home Value?
Most of us have heard the saying, "The three most important things when buying a house is location, location, location." However, nowadays, finding a home in a well-respected system district ranks highly in the home buying decision. Results from a Realtor.com® survey reports people who closed on a home this year found 73% said buying in a good school district was "important" in their search.
Our REALTORS® are ready to help as you search for Atlanta homes for sale, determining which school district and neighborhood might be the right fit for your family.
Families Value Education
In 2017, the National Association of REALTORS® reported that around 26 percent of homebuyers choose their homes because of its local school district. Among family-age homebuyers, 40 percent of those less than 36 years old find school districts to be an essential factor. Many of these families have at least one child enrolled in school.
It's a Numbers Game
It all depends on those school test scores. According to the New York Times, even a 5 percent increase in standardized test scores can raise home prices by 2.5 percent. Many parents consider a top-notch school district a must and are willing to sacrifice other amenities such as an extra bedroom. Potentially, you could save thousands on tuition and make some money back on your home as it grows in value.
Premium Districts Cost More
A 2016 study states that you'll pay up to 50 percent more than the national average home price for a top-rated school district. These are premium districts with a 9 or 10 rating, which figure in SAT scores, graduation rates, and college acceptance statistics. Dropping even from a 10 to a 9 or a 9 to 8, which are still rated high, can lower the price considerably.
How to Get Into a Neighborhood You Can Afford
Finding an affordable home in a top-notch school district may sound like a pipe dream. Potentially, you'll run into a bidding war for those select homes in high-quality quality school districts.
One of the best ways you can prepare yourself is researching Atlanta's best school districts and looking at houses in different price ranges. It helps to figure out what your priorities are in a school district before starting the home buying process. It's easy to look up information about schools, such as their school rankings, standardized test scores, or graduation completion rates. Take the time to tour some of the schools you are interested in because test scores can't tell you everything about the school. This research will give you a better idea if the district and community is a better fit for your child and your family.
Is It Worth It?
According to a report of the US Census Bureau, the average selling price of a home was $371,200, so it's still in an affordable range. Besides that, if you ever plan on later selling your home, homes in high-quality school districts often sell around eight days faster. They also increase in home values. For each point increase in school rankings, each square foot rises in value by about $0.50.
Contact us to start your search for the best Atlanta homes for sale for you and your family.