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I think this matters most in areas where families tend to locate. Ie the suburbs. There families with children are a major market when you decide to sell your home. So certainly you want to buy where the schools are quality and you want to support school bond issues etc while you live there.

Places with poor schools tend to attract a different group of buyers. We have that situation in the city of St. Louis where public school are considered poor. Families that buy there often plan to send their children to private school or parochial schools. Quality (and ability to get your child admitted) can matter in that case. Otherwise, homes tend to be sold to singles, retirees, etc, and others without children. It's a different market.

The bottom line is know your market, who your target buyer is, and what matters to him or her.
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