School closures affect nearly everything in a neighborhood, including real estate markets and property values. Many people desire to live near schools, especially within walking distance, and choose a neighborhood accordingly.
If a neighborhood school closes down, residents who wish to sell their home could have a hard time doing so. Also, homes that are for sale may remain on the market longer than they normally would. This is because potential home buyers could be looking for houses in other neighborhoods that contain public schools within their borders. In extreme cases, families may even move to be closer to the school their children are attending.
According to an article on Daily Freeman: “FOR HOME buyers, community factors tend to be more important than the size of the house, and 75 percent of them rank the quality of schools between “somewhat important” and “very important” in their purchase decisions, according to a survey conducted in March by the National Association of Realtors.”
School closures can affect the property values of residents still living in the neighborhood as well. A closure can drive down property values by an average of 10 percent, and in some cases more.
The decision to close down a school affects more than just the students and teachers of that school. Neighborhood schools are a valuable asset to communities, and greatly increase their value.
School board members need to look at the big picture when deciding what schools to close down, because sometimes a school closure can harm the neighborhood, and the city, more than it benefits it.
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