It depends. I live in an area with a good public school system but because it was a really good system a few years ago lots of people moved in. Now we are having real problems maintaining a school system of that caliber with total class sizes that are 4-5 times larger than 10 years ago...meaning 10 years ago the entering kindergarten class had about 120 kids in it. Now the total class size for that group of kids is about 500. DD's class is the largest at over 600. We've built new schools and made additions but the reality is, 6 years after the builds and additions, we need to do it again and there really isn't any money to do it. Economy is tight, housing costs are high so property taxes are really stressing budgets and now we have to override substantially again to build what we need. And the school system suffers.
We don't have many options for private schools in the immediate area but there are a number that are less than 45 minutes away but they are expensive ($15K and higher). I am not willing to gamble with DD's education so I am looking into private options and will have to figure out how to afford it as the rest of the things I look for in a community (good commute, near urban areas, near recreational areas, good arts, restaurants, low crime rates, major airport, etc.) are here.
One of the reasons I moved to this area was because of the schools but it wasn't my primary reason. The reality is school districts can change so it shouldn't be the only criteria. And that's why it depends