Schools

August is half over and summer is ending soon for the population of children and teachers in the Houston area.

When searching for a new home most people are looking at location, location, location but how does the school district your new home in located in affect the total cost? If good schools are not on your want list, could you find a better deal with different zoning.

According to Realtor.com, “Half of the home-buying population is willing to pay more than their intended budget to get into the right school district, and more than half would give up other amenities.”

There is also some dispute over whether good schools raise home prices or homes geared towards the affluent make schools with higher test scores that are higher rated. One argument says good schools create a better, more desirable community which can raise property values. A good community can also promote the stability of home values in the area, insulating the property’s value from market fluctuations. This can be beneficial to home owners in an unreliable market, shows a good investment, and can be another appeal for those is search of a dream home.

One con of living near a highly rated school is higher taxes. Since Texas has no state tax, annual property taxes paid by homeowners are used to finance community schools. The better the school, the more programs (though an argument could be made that great programs make a great school!) and more programs mean higher budgets. Also, more affluent schools may be forced to trickle money down to schools in less affluent neighborhoods. So, if you are empty nesters or don’t plan on having kids, you should balance the investment stability and the higher tax rate.

Still unsure? The National Association of Realtors has a field guide full of information to steer you in the right direction.