Many loyal alumni continue to support their college football teams long after graduation — in some cases traveling long distances to attend big games — and Coldwell Banker has released an index to show how much it costs to buy a home in those college towns.
The Coldwell Banker College Home Price Comparison Index, found that about one-third of the markets that are home to the 199 Division I-A schools feature 2,200-square-foot homes priced at or below the national median existing-home price of $225,0001.
The index found that Tulsa, Okla., home to the University of Tulsa Golden Hurricanes, ranks as the most affordable college town in the study, with an average home price of $148,575. Palo Alto, Calif., home to the Stanford University Cardinals, emerged for the second year in a row as the most expensive college town in the index at $1.65 million. The Mid-American conference ranked as the most affordable league with homes priced at $221,541, while the PAC-10 was the most expensive conference at $812,632, according to the report.
Columbus, Ohio, home to Bowl Series Championship leader Ohio State University, was number 62 on the affordability ranking at $251,364, approximately $108,000 less than the national average of $359,779 for the 119 studied college markets.
The index evaluated average home values for a single-family dwelling in a middle-management community measuring approximately 2,200 square feet with four bedrooms, two and one-half baths, a family room (or equivalent) and two-car garage for all of the 199 markets that are home to Division I-A schools.
Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corp., said in a statement, “The social and economic draw of these communities is enticing. Many of these markets are very attractive to Baby Boomers who want to downsize or retire from urban areas, as well as first-time home buyers who are just entering the marketplace and realizing how far their money can go.”
The company’s Web site includes details about the company’s HPCI, including data from the full Coldwell Banker HPCI that was released Sept. 27. That index ranked 317 markets across the United States and Puerto Rico in affordability for a 2,200-square-foot home.
The top 10 most affordable college-town markets for home prices in 2006 are: Tulsa, Okla., at $148,575; Hattiesburg, Miss., at $151,225; Muncie, Ind., at $151,238; Forth Worth, Texas, at $151,250; Monroe, La., at $153,271; Houston, Texas, at $155,304; Lubbock, Texas, at $158,225; Logan, Utah, at $168,612; and Jonesboro, Ala., at $170,575.
The top 10 most expensive college-town markets for home prices in 2006 are: Palo Alto, Calif., at $1.65 million; Los Angeles, Calif., at $1,57 million; San Jose, Calif., at $1.41 million; Berkeley, Calif., at $1,28 million; Honolulu, Hawaii, at $858,750; Chestnut Hill, Mass., at $749,875; Evanston, Ill., at $715,125; and Miami, Fla., at $690,855.
The Mid American Division I-A college football conference had the cheapest average price for a comparably sized home, at $221,541. Meanwhile, the average price of a home in the PAC-10 conference was $812,632, according to the index.
The College Home Price Comparison Index data was compiled from Coldwell Banker offices across the country. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings in 2006 or a comparative market analysis of homes sold in 2005. Because no Coldwell Banker offices serve Tuscaloosa, Ala.; Stillwater, Okla.; Lincoln, Neb.; Charlottesville, Va.; Morgantown, W.V.; Bowling Green, Ohio; Athens, Ohio; Laramie, Wyo.; Troy, Ala.; Moscow, Idaho; and Ames, Iowa, the average prices reflected in the study were from local multiple listing service data collected on Oct. 19, 2006, the company reported.