Short answer
Family reputation can be considered when assessing character and background, but social prestige alone should not determine a marriage.
Islamic Guidance
What Islam teaches
Islam places importance on religion, character and justice rather than arrogance based on status or lineage.
Practical Guidance
What you can consider
Investigate actual character and family circumstances rather than relying on community gossip or social ranking.
Sources
Qur'an 49:13; Qur'an 24:4.