Do the math before you pick the expensive school zone

A whopping 58% of parents admit they are paying more for rent or their mortgage to be in a good school district, according to the latest "Parents, Kids & Money" survey by money managers T. Rowe Price.

"People recognize that there is a trade-off involved," said Stuart Ritter, senior financial planner with T. Rowe Price. "School zone is important, but at the same time, it has to be integrated with other financial goals too."

Getting into a good school zone affected 42% of families' finances to a "considerable" degree, the T. Rowe Price survey found, while 20% said it was more like an "extreme" amount.

For parents, the trick is to strike the right balance. Some tips:

Research school quality. The rankings site Niche.com puts out a report of best national school districts. Its top performers in 2019: Jericho, N.Y., Solon, Ohio, and West Lafayette, Ind.

At the site GreatSchools.org., parents can crunch the numbers to discover which schools may be a good fit. Beyond general rankings, you can add your own screens for factors that are critical to you.

Then follow up with in-person work, suggests GreatSchools spokesperson Carrie Goux. Visit on-site, talk to other parents and read reviews.

For average home prices in your local ZIP codes, check out sites like Zillow.com or Trulia.com.

Think outside the box. If a particular school district is terrific but it's just too expensive to live in, then you may need to look at other options. High-performing kids may test into schools that are outside of their home districts, for instance.

You may also make the determination that it is cheaper to live in a more affordable neighborhood, but then look at charter-school options or pay for a private education. Over 12 years, if the differential in house prices is more than $150,000, it might be worth it.

Keep your head. Realize that if you are paying more to get into a good school district, that gives you less financial flexibility, and you will likely have to cut back in other areas. On the plus side, if you do locate in a prime school zone, that will likely help you fetch a premium price when the time comes to sell.