FOR some young families who bought during the housing boom, having it all meant an affordable brood-sized apartment in possession of a good public school zone. But other parents in pursuit of real estate never even thought about schools. They assumed they would send their children to private school, often because they too had followed that route.
That was before the economic crisis. Now, as many would-be private school parents scramble for a good public school, there is a despairing recognition that in this respect, geography is destiny: With odds of being accepted into a popular school in another zone slimmer than ever, they either live in a neighborhood with a decent elementary or they don’t.
Renters and first-time buyers are in the best position to light out for better school zones with their young offspring. Meanwhile, landlocked owners — unable or unwilling to sell in a down market or to spend around $33,000 a year to send their child to private school — are panicking.
Trapped by their real estate, these parents are swallowing a bitter pill: had they sold their apartments a year ago, their profits might have financed an entire private school education.