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Here in Richmond the market for inner city fixer uppers is mostly young, idealistic singles and childless couples. Lots of gays. As they become parents, you're correct, schools become a major factor. Either you pony up the 20K/year for a private school or you move. So the cycle is 6-7 years.
Many of our parents did the same thing. Mine did.
Downtown with rain, snow, and busses isn't for the 60 something hoping to retire before he has a heart attack.