While a majority of home buyers are willing to spend a bit more to ensure a good education for their children, we are all bound by the constraints of what our incomes will allow when it comes to purchasing a home. Finding which neighborhoods have the best balance between a high-quality education and homes that are priced reasonably within your budget can prove challenging for the average buyer.
The National Center for Education Statistics reports that 93% of school funding comes from state or local sources (like property tax revenue). Which, as most of us know, translates into better public schools for those who pay a greater share of tax revenue for their higher-value homes.
In fact, the 2012 Brookings Institution study of the 100 largest cities in the U.S. found housing costs for those homes adjacent to high-scoring public schools are nearly 2.5 times greater than those near low-scoring schools.
Even for homeowners and prospective buyers who don’t have school-age children, owning or purchasing a home in an area with highly rated schools can help ensure your investment, providing consistent demand and stable pricing for your resale.
Where to Begin Your Home Buying School Search
In the greater Portland area we’re lucky to have many highly sought after schools and a variety of public school choice options, but did you know that some local districts do not allow transfers out of district to other district’s choice schools? Information like this is crucial when deciding where to purchase your home, especially if you have your eye on a specific district or lottery school.
Whether you are choosing your child’s first school or need to move them to your new neighborhood school, you can make the transition easier for them and you by first doing a little research and asking the right questions when looking for your home.
Find a Good Real Estate Broker
The best brokers know their areas well. They not only know the amenities of your neighborhood from shopping to public transportation and average property taxes, they know the current rankings of area schools and the average cost of a home in the neighborhoods they serve. They can also help point you to local private school options should that be your preference.
An experienced, knowledgeable broker, like those here at Lee Davies Real Estate can help you quickly narrow down your focus, getting you the best balance between neighborhood, home and school rankings for your buck.
Make a Few Lists
Before choosing a school or neighborhood, think first about what it is exactly you want and need in a school experience for your child. Does you child have any special needs or interests best served by a charter, choice or magnet school? Are there any personality traits that are better served at with a more tailored approach to their learning style? Do you want to emphasize a certain language, the arts or science? Make a list of what you and your child want and need and begin searching with these things in mind.
List 1:
- Your child’s specific needs or interests
- Your child’s learning style
- Type of Curriculum
- Type of community or parental involvement you’d like to see
- Educational goals
You’ll also want to make a list of the things that are important to you in a home and a neighborhood for your family. Make sure to take into account the needs and desires of all family members, knowing in advance that compromise will be key but that considering everyone’s perspective will save you from a big mistake somewhere down the line.
List 2:
- Budget
- Home size
- Number of rooms/bathrooms
- Things you may require like a backyard, basement or garage
- Ideal proximity to school, work, and amenities
- Type of neighborhood
- Crime Rate
- Nearby parks, pools and hiking trails
- Access to sidewalks, public transportation and/or a safe a place for your kids to ride their bikes to and from school
Once you’ve made your lists and narrowed down your search using the expertise of your real estate broker, you’ll want to investigate those schools and neighborhoods on your list by looking at the two lists you developed, as well as assessing the items on this third list, to bring your new neighborhood choice into focus. You can find reliable information on school rankings and ratings on sites like greatschools.net and schoolmatters.org.
List 3:
- Academic performance
- Behavior policy
- Safety
- Special offerings
- Facilities and services
- Culture
- Staff
- Parent and Community involvement
- Reputation
Armed with this information, you can make the best possible choice of neighborhood, school and home for your family and help ensure your family’s future – and your investment.
If you’d like some help in figuring out which area neighborhoods rank highest for your home buying needs, give us a call at (503) 292-1500. Lee Davies would like to personally put together a team for you that specializes in your dream neighborhoods.
