Does the age-old tip of buying a home in a good school district still hold true? Well, that depends on what city you live in, according to recently published research by Trulia.
The residential real estate website’s survey found that 19% of Americans indicated that their dream home is located in a great school district. But among parents of children under 18, the percentage of Americans who want to live in a great school district jumps to 35%, in contrast to 12% of those without children, nor surprises there.
For the data, Trulia analyzed all the homes for sale on its site from June 2014 to June 2015 and then reviewed how frequently the word “school” was mentioned in the for-sale listings in the 100 largest U.S. metros. In the markets with the highest share of school mentions, as many as 3 in 10 listings referenced schools.
On the other hand, there are housing markets where schools are rarely used as a selling point and only about 1% to 5% of listings mention schools. Many of the markets where schools are less pronounced as a major selling point are generally located in Connecticut, Ohio, Pennsylvania, Massachusetts and Nevada.
Trulia determined home prices are usually higher in great school districts, however these higher prices could be the result of higher-income residents living in those districts. The analysis of the survey data found that mentioning the word “school” in a for-sale home’s listing description does not consistently add to the price of a home or detract from it.