The annual College HPCI released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 square foot, four-bedroom, two-and-a-half bathroom homes in college markets home to the 120 Football Bowl Subdivision schools. This year, Akron, Ohio (University of Akron) is ranked 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 iconic American college towns such 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
Further research indicates that the charm and affordability of college towns is appealing to more than just students. 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 rising cities, 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.