PrintNot only are college towns great places to go to school, they are significantly more affordable places to buy a home, according to Coldwell Banker’s College Home Price Comparison Index. In fact, the average four-bedroom home costs less than $250,000 in 62 percent of college markets surveyed.
Akron, Ohio (University of Akron) graded an A plus as the most affordable college town, where a typical four-bedroom home costs $121,885. Muncie, Ind. (Ball State University) took the No. 2 spot at $144,996. Ann Arbor, Mich. (a quintessential college town home to the University of Michigan) came in as the No. 3 most affordable college market, where the sample size home only costs $148,000.
Overall, the 2009 College HPCI revealed that real estate buyers can find a typical four-bedroom home for less than $250,000 in 62 percent of the college markets surveyed (72 total), including such iconic American college towns as:
- Syracuse, N.Y (Syracuse University): $171,711
- South Bend, Ind. (University of Notre Dame) $183,938
- Athens, Ga. (University of Georgia): $205,862
- Oxford, Miss. (University of Mississippi): $212,000
- Knoxville, Tenn. (University of Tennessee): $223,850
According to the U.S. Census Bureau’s 2008 American Community Survey; Austin, Texas (University of Texas), Provo, Utah (Brigham Young University), and Raleigh, N.C. (North Carolina State University) were among the metropolitan cities with the greatest population growth in 2008. In all three, home buyers can find a four-bedroom home for very a reasonable price; only $226,642 in Austin; $231,000 in Provo; and $241,462 in Raleigh.
“College markets have long-been one of the real estate industry best-kept secrets,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Real estate professionals have been investing in college towns for years, often purchasing homes for their children who are attending school. However, these vibrant cities are not only for students; many empty nesters and families are attracted to the health care systems, culture and overall quality of life that college towns offer.”
At the other end of the spectrum, Palo Alto, Calif., home of Stanford University, ranked the most expensive college market in the nation, here an average 2,200 square foot home costs a whopping $1.49 million. This year, there is a $1,367,841 price difference between the sample size four-bedroom home in the most affordable college town (Akron, Ohio) and most expensive college market (Palo Alto, Calif.).
The top 10 most affordable college markets for home prices in 2009 are:
| Rank | School | Town, State | 2009 Average Home Price |
|
1 |
University of Akron | Akron, Ohio | $121,885 |
|
2 |
Ball State University | Muncie, Ind. | $144,996 |
|
3 |
University of Michigan | Ann Arbor, Mich. | $148,000 |
|
4 |
Eastern Michigan University | Ypsilanti, Mich. | $151,500 |
|
5 |
Texas Christian University | Fort Worth, Texas | $153,450 |
|
6 |
University of Tulsa | Tulsa, Okla. | $154,800 |
|
7 |
University of North Texas | Denton, Texas | $154,900 |
|
8 |
Rice University &University of Houston | Houston, Texas | $159,847 |
|
9 |
Indiana University | Bloomington, Ind. | $164,433 |
|
10 |
Kent State University | Kent, Ohio | $165,700 |
The top 10 most expensive college markets for home prices in 2009 are:
|
Rank |
School |
Town, State |
2009 Average Home Price |
|
1 |
Stanford University | Palo Alto, Calif. | $1,489,726 |
|
2 |
University of California LA & University of Southern California | Los Angeles, Calif. | $1,347,125 |
|
3 |
Boston College | Boston/Chestnut Hill, Mass. | $1,337,578 |
|
4 |
University of California Berkeley | Berkeley, Calif. | $1,299,750 |
|
5 |
San Jose State University | San Jose, Calif. | $808,926 |
|
6 |
University of Hawaii | Honolulu, Hawaii | $712,500 |
|
7 |
United States Naval Academy | Annapolis, Md. | $687,475 |
|
8 |
Northwestern University | Evanston, Ill. | $663,250 |
|
9 |
University of Colorado | Boulder, Colo. | $622,000 |
|
10 |
University of Washington | Seattle, Wash. | $568,317 |
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