The next generation of home buyers say they will move to the suburbs if it means they can find quality schools there, according to a newly released survey by realtor.com®.
In fact, millennials – the generation born between 1980 and 2000 – are less likely than other generations to compromise on school districts when in house-hunting mode, the survey revealed. Fifty-two percent of millennials said school districts are a deal-breaker in their home search, compared to 31 percent of all buyers, the survey found.
“Local schools are clearly more important to specific population segments—such as today’s millennials, who either have or are planning to have children,” says Jonathan Smoke, realtor.com®’s chief economist. “High-ranking schools can have a positive impact on home values over time as new families pay a premium for access to better schools.”
The majority of buyers who are using realtor.com®’s search-by-school web tool to find school information while looking up homes for-sale online are researching elementary schools in particular, according to realtor.com®. “This indicates the majority of people who research good schools either have young children or expect to start a family when they buy their next home,” realtor.com® notes.
The Realtor.com® survey also notes that the 10 cities where people research the most school information on its site are located in affordable, suburban communities, outside of large urban areas. Those top 10 cities in June were:
- Bethel, N.C.
- Gadsden, Ala.
- Agoura, Calif. (near Los Angeles)
- Kensington, Md. (near Washington, D.C.)
- Greenwood Village, Colo. (near Denver)
- Greenacres, Fla. (near West Palm Beach)
- Watauga, Texas (near Fort Worth)
- La Crescent, Minn.
- North Hollywood, Calif. (near Los Angeles)
- Fairburn, Ga. (near Atlanta)
Source: “Young Home Buyers Look to Suburbs for Good Schools, realtor.com® Data Shows,” realtor.com® (Aug. 14, 2014)
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