8 Most Affordable College Towns

November 18, 2011

Many of the nation’s college towns boast high affordability for those looking to break into home ownership, a new survey by Coldwell Banker Real Estate revealed.

This year’s annual college town report revealed that in nearly two-thirds of college towns, three-bedroom homes cost less than $200,000 on average, and less than $150,000 in about one-quarter of the markets. 

“Our report underscores the home ownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets,” Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC, said in a statement. 

The survey ranks 117 of the schools in the Football Bowl Subdivision based on the average home listing price of three-bedroom, two-bathroom homes listed for sale on coldwellbanker.com between August 2010 and August 2011. The following college towns were found to be the most affordable: 

1. Memphis, Tenn. (home to University of Memphis)

Average list price of a three-bedroom home: $89,244

2. Muncie, Ind. (home of Ball State University)

Average list price: $107,346

3. Ypsilanti, Mich. (home of Eastern Michigan University)

Average list price: $107.458

4. Toledo, Ohio (home of University of Toledo)

Average list price: $112,688

5. Kalamazoo, Mich. (home of Western Michigan University)

Average list price: $116,455

6. Buffalo, N.Y. (home of University of Buffalo)

Average list price: $123,212

7. Las Vegas (home of University of Nevada, Las Vegas)

Average list price: $124,955

8. Fort Worth, Texas (home of Texas Christian University)

Average list price: $128,491

The full rankings are available at hlr.coldwellbanker.com.

Source: Coldwell Banker 

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