PARSIPPANY, N.J. (Nov. 11, 2010) – Every fall, parents wave goodbye as their college-bound kids pack up their belongings, make the drive down university lane and prepare for football games, mid-terms and freedom. While college living is often associated with dorms and campus housing, Coldwell Banker Real Estate LLC discovered that many parents are opting to purchase a home rather than spend money on rent or dorm fees. According to a recent survey among the Coldwell Banker® network of real estate professionals in college towns, 64 percent see a significant number of “parent investors” buying homes for their kids to live in while attending the university.
To see how college towns stack up in home price affordability, Coldwell Banker Real Estate released its new College Home Listing Report (College HLR) today, which provides the average home listing price of four-bedroom, two-bathroom properties listed for sale between April and September 2010 on coldwellbanker.com in markets home to the 120 schools in the Football Bowl Subdivision. With almost two-thirds of the College HLR markets having subject homes priced less than $250,000 (78 in total), college towns prove to be a touchdown for homebuyers.
Here are the ten most affordable college towns:
Muncie, IN (Ball State)
Buffalo, NY (SUNY-Buffalo)
Memphis, TN (University of Memphis)
Columbia, SC (University of South Carolina)
Akron, OH (University of Akron)
Ypsilanti, MI (Eastern Michigan University)
Athens, OH (Ohio University)
Kent, OH (Kent State University)
Toledo, OH (University of Toledo)
Ruston, LA (Louisiana Tech University)
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