In its 2006 survey of homebuyers and sellers, the National Association of Realtors found that 27 percent of buyers cited the quality of the school district as a factor influencing their choice of neighborhood, said Walter Molony, spokesman for the association. Another 19 percent cited convenience to schools as an influence.
For those with kids, the benefits of highly rated schools are obvious. For those without, the decision is more nuanced, said Sandy Kasik, a Realtor with Coldwell Banker in San Jose, Calif. - one of the nation's most expensive housing markets.
"Someone without kids could be better assured of maintaining or increasing the value of their home if it is located in a better school district," she said. "However, they would likely be able to get more home for their money in a lesser school district. So it basically comes down to what is more important to the individual couple - lifestyle or money."
There's no hard data on how much a good school district might add to the price of a home, Molony said, but anecdotally, it can be significant.
Kasik gives an example of two houses of roughly the same size - about 1,250 square feet with three bedrooms and two bathrooms - built by the same builder at about the same time in San Jose and neighboring Los Gatos, an upscale town that's highly desirable because of its schools. The houses sold nine months apart: the one in San Jose went for $720,000; while the one in Los Gatos fetched $845,000.
In the Midwest, Realtor Pam Sison estimates home prices in Bath, Ohio, run about 2 percent to 5 percent higher than those nearby in Cuyahoga Falls.
Coldwell Banker agent Chris Conklin, also in San Jose, is currently working with a couple on the school district dilemma. They have no children, and no plans for children, but have their hearts set on a house in Cupertino - home of Apple Inc., Hewlett-Packard, and schools with a national reputation for excellence.
"I've been trying to get them to look elsewhere, pointing out that they would be paying a premium for a school district they won't be using," Conklin said. How much of a premium? One house they made an offer on ended up with 24 bids, and sold for $110,000 over the asking price.
"My clients say, well, we don't want to use the schools, but it helps for resale," Conklin said. "We are still looking!"
That kind of foresight could very well pay off, said Molony of the National Association of Realtors. "If you're in a situation where all things are equal, the house in the better school district might be easier to sell," he said. "It'd be a selling point, in other words."