August 15, 2018

ISO A+ Schools

"I'd like to find a home in the school district with the highest test scores. Can you help me find my new home?" Years ago, a question like this from a prospective homebuyer would raise eyebrows. Now, test scores and accelerated programs are top features that dominate many homebuying discussions across the country.

In a recently-released survey from Realtor.com, the adage "location, location, location" still holds true, but for three–quarters of buyers, this really means "school district, school district, school district." This is true for 91% of homebuying families with children.

For buyers that place a high priority on school districts, 78% are making compromises on their home features and wish lists to live in their ideal school district.

What are buyers giving up to land in the best school districts?

  • 19% gave up a garage (one of today's most desired features)
  • 17% gave up an updated kitchen
  • 17% gave up the number of desired bedrooms
  • 16% folded on their desired outdoor living space

Many buyers simply aren't willing to compromise on the school district, even though homes located within these higher–rated school districts are 49% more expensive on average than the median–priced home nationwide, according to a separate study from 2016. These homes also sell more than a week faster than other properties.

Be sure to visit My Home by Freddie Mac® to learn more about homeownership and the homebuying process, soup to nuts.

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