School Location Still Key for Home Buyers

Buyers say the location of the home and the schools their child would be attending are critical to their decision-making.

More than 75 percent of parents say their child’s education is an important factor in their search for a new home, according to a new survey conducted by Bank of America of 1,000 home buyers. Of those, 53 percent say they would buy a new home in a specific neighborhood to get their child into a better school.

Sixty-four percent of parents say that knowing the quality or ranking of nearby schools is extremely important to them before purchasing a new home. Also, 37 percent of parents say the school’s extracurricular reputation is also important in their decision.

Not only is the quality of the schools important, but so is the timing of being able to move. More than a quarter of parents say they plan to move to a new home during school breaks.

Also, buyers polled say they want to live near the school. Thirty-four percent of parents surveyed say close distance to the school is “extremely important” to them. What’s more, 22 percent say the ability for their children to walk to school is very important as well.

Source: Bank of America

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