What’s so great about living in a college town, long after the days of nootropics, Kegerators, and miserable dorm food have begun receding in your rearview mirror?
Simple, really: College towns aren’t just for college kids. They’re hot tickets for those looking to buy a house, too.
“In the same way that department stores serve as anchors in shopping malls, colleges and universities operate as anchors within a city,” says Michael Harris, director of the Center for Teaching Excellence at Southern Methodist University in Dallas. TX. “Cities with colleges receive tremendous benefits, from a better-educated workforce to improved arts, culture, and leisure.”
That’s why these towns “tend to attract the young and old alike, and everyone in between,” says Libby Morris, director of the Institute of Higher Education at the University of Georgia, in Athens. “Where can you hear a Pulitzer Prize-winner lecture, view contemporary art, attend a musical performance or a sports event—all, or most, for free—but in a college town?”
And did we mention that colleges and universities are huge job generators, off campus and on?
But not every community with an institution of higher learning offers equal value when it comes to buying a home. That’s why the studious data team at realtor.com® stepped in to rank college towns on our homeowner-centric grading curve. We looked at median home prices to find the 10 blessed with the least expensive homes—and for buyers for whom money is no object, we also tallied up the 10 priciest college towns.
In selecting “college towns,” we chose places where 20% of the population is enrolled in an institute of higher education—at the undergraduate level and beyond. The total number of students in the town needed to be greater than 2,000. We limited the final results to two cities per state, to provide some geographic diversity.
Going with the theory that it’s best to break the good news first, here are the 10 least expensive college towns.
Median home price: $73,500
Student population: 39.9%
Who knew there was a college town called California in Pennsylvania? Or that it would hit our vaunted No. 1 spot? Minds: blown. But of course, the people who live and work in this picturesque place about an hour outside Pittsburgh, or who attend the 165-year-old California University of Pennsylvania, are well-versed in its charms.
“California is your typical all-American small town,” says local Realtor William Brahler of Century 21 Belle Vernon. He notes that most of the jobs in the area are associated with the school, but there are a variety of other employers nearby, including a steel mill. “The prices here are very reasonable for first-time home buyers.”
For those seeking a bit of R&R, there’s the Monongahela River, with plenty of boating and jet skiing. Yearning for a less wholesome rush? Check out the three—count ’em, three—casinos in the vicinity.
2. Muncie, INMedian home price: $74,9002
Student population: 25.6%
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Muncie is not only the home of Ball State University, it’s also a regional health center, thanks to Indiana University Health Ball Memorial Hospital. It’s a definite plus for young families and seniors—even for those students who get a little carried away on Saturday nights.
The university has had a substantial green influence on the community. Starting in the mid-2000s, all building projects here were required to be Leadership in Energy and Environmental Design (LEED)-certified. The university is setting an example by working to reduce its carbon footprint, with the construction of one of the largest geothermal energy conversion projects in U.S. history.
To enjoy all that extra-fresh air, residents can explore the Cardinal Greenway, a 62-mile trail on an abandoned railway corridor. There’s also the Minnetrista, a nature, history, and arts museum, and the Muncie Children’s Museum.
Buyers can nab single-family houses for less than $10,000. But be warned: These houses need some serious TLC. Maybe home buyers can take a continuing education class in carpentry?
3. Charleston, ILMedian home price: $82,500
Student population: 38.5%
Far from the hustle and bustle of a major city, Charleston is located about an hour outside of fellow university town Champaign, IL, and two hours from Indianapolis. This small town, home of Eastern Illinois University, has long worn its college pride on its sleeve. They’re long sleeves: The school was originally established as a teachers’ college back in 1895.
Sports are a big deal here. The university’s NCAA Division I football program has fostered a number of NFL stars, such as Tony Romo, former starting QB of the Dallas Cowboys, and head coaches Sean Payton (New Orleans Saints), Mike Shanahan (Washington Redskins), and Brad Childress (Minnesota Vikings). Phew! That’s a lot of high-flying gridiron firepower.
The real estate market is a bit lower-key, and reflects the town’s small population of just more than 21,000. That means there are usually only about 150 homes on the market at any given time. However, there’s good variety among the mostly single-family homes available, ranging from to a $7,900-four-bedroom house that needs some updating to a $749,000 four-bedroom abode on the Charleston Country Club golf course.
4. Pittsburg, KSMedian home price: $84,500
Student population: 26.5%
If your family traces its roots to Southeastern Europe, you’re likely to feel right at home in Pittsburg. The town is known for the Little Balkans Days festival, which includes entertainment, a parade, competitions, and arts and crafts. Grab some tasty Sremska Kobasica and chill!
Pittsburg State University is the major institution of higher learning here, with about 7,500 students. The school is home to the $30 million Kansas Technology Center, touted as one of the most prestigious tech schools in the nation, and partners with local businesses to create a pipeline of skilled future employees. Nearby, the $80 million Kansas Crossing Casino + Hotel opened this spring, bringing about 400 jobs to the community.
The abundance of penniless students (the median age of Pittsburg’s residents is only 26.5 years old) may be one reason that housing prices are so low. It may also explain why the majority of locals are renters (about 57%), rather than homeowners, who account for nearly 43%, according to NeighborhoodScout.
There are plenty of homes under $30,000 on the market, but buyers need to act fast. Anything under $60,000 in relatively good shape is likely to fly off the market quickly, says local realtor Barbara Koch of Pro X Realty. The main buyers for these homes are investors, who rent out the properties to students and first-time homeowners.
“By the time you’re going to show cheaper houses, they’ve already sold,” she says.
5. Alfred, NYMedian home price: $89,000
Student population: 90.3%
You won’t find a more committed college town than Alfred, NY, in Allegany County. It is in the far western part of the state, and students here make up more than 90% of the population. Three institutions of higher learning are located in this town: Alfred State College, Alfred University, and the New York State College of Ceramics at Alfred University. Yes, ceramics.
Residents interested in continuing their education might want to look at Alfred State (officially known as SUNY College of Technology at Alfred), where tuition is only $6,470 per year for in-state residents. That’s a whopping 69% cheaper than the average New York tuition of $20,710 at the state’s four-year colleges. It’s a good place for getting a second (or third, or fourth!) degree.
If you’d rather channel that degree money into a home, you can score a four-bedroom fixer-upper for under $40,000 in town, less than a single year’s tuition at lots of private schools across the United States.
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Rounding out the 10 least expensive are college towns are Fort Valley, GA, where the median home price is $103,500; Macomb, IL, at $104,500; Geneva, NY, at $109,900; Orangeburg, SC, at $114,500; and Kirksville, MO, at $118,500.
OK, ready to tap into the trust fund? Let’s take a walk on the luxury side.
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Median home price: $1,000,000
Student population: 30.5%
Greg Chow
The University of California, Berkeley, is known as one of the nation’s most liberal institutions of higher learning—the Bay Area school has made plenty of headlines recently, thanks to its politically driven student protests. And that open-minded, progressive mind-set can be felt throughout the community.
More than 38,000 students call the crunchy college town home, although they’re certainly not the ones paying the mind-bogglingly high real estate prices. The tech boom is sending real estate prices soaring all over the San Francisco Bay Area.
“It’s a college town, but it’s not,” says Berkeley graduate Juliana Jones, who shares a rental house with three roommates. She works in the clean-tech industry. “There’s a great, thriving scene here for non-students as well as students, with concerts, bars, specialty restaurants, farmer’s markets, art walks, yoga, volunteer opportunities, and all sorts of creative outlets.”
She admits, though, that few of her pals can afford to buy a home in the area.
2. Santa Cruz, CAMedian home price: $985,000
Student population: 31.7%
Santa Cruz is a quintessential Northern California beach town, with sweet Pacific waves, a scenic boardwalk, and even an old-timey amusement park. It’s got college students, too, lots of ’em: 17,000 enrolled in the University of California, Santa Cruz.
All of this certainly makes the city appealing. But zoning laws and various restrictions have resulted in protected farmland to the north and south, says Janet Romanowski, a realtor with David Lyng Real Estate. And with the ocean to the west and the mountains to the east, there isn’t much land left over to build new housing on. Hence the nosebleed-inducing prices.
Romanowski came from San Diego over 30 years ago to attend the university, and never left. “We have world-class surfing, art, music, bakeries, wineries, yet it’s still like a small town in many ways,” she says. “People come here and stay.”
Too bad most recent grads and young families can’t afford to buy in the area these days. Those who want to purchase starter homes are better off moving to cheaper inland cities like Stockton and Modesto.
3. Cambridge, MAMedian home price: $924,500
Student population: 28.6%
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Cambridge has been a college town since 1636, long before the U.S. of A. was a spark in the eye of our founding fathers. That was the year that Harvard University opened its doors. More than two centuries later, it was followed by the Massachusetts Institute of Technology (MIT) in 1861.
The bustling city of future world leaders and tech stars offers a mix of popular amenities, such as top-notch restaurants and bars, world-class entertainment, and no shortage of cultural activities. That, plus its proximity to Boston, ensures that housing prices remain high.
Although tech companies such as Biogen and Genzyme are located in Cambridge, the city’s economy revolves around the universities. They employ more than 20,000 people, and service close to 33,400 students.
Those who can’t afford a nearly $1 million house can consider purchasing a condo instead. One-bedroom, one-baths start at about $425,000.
4. Boulder, COMedian home price: $839,000
Student population: 30.1%
While it’s not surprising to find the home of an Ivy League university, a California beach town, and a San Francisco-area community on our priciest college towns list, Boulder’s ranking here is a bit more unexpected.
There’s no mystery, however, about what makes the place so attractive for both for students and non-students alike: Boulder’s location at the foothills of the Rocky Mountains means the opportunities for outdoor recreation are almost unlimited.
And with the University of Colorado in town, there are a number of entrepreneurial startups that employ grads, health care facilities to treat those injuries that result from enjoying extreme sports, and lots of microbreweries to salve the pain.
All this, plus limited inventory, gives Boulder an extremely hot housing market. Median home list prices are up a whopping 14% year over year as of June 1 in this college town. And they show no signs of slowing down.
5. Princeton, NJMedian home price: $744,300
Student population: 27%
Here’s a fascinating statistic: 98% of Princeton University students live on campus in dorms. But if you think that leaves plenty more housing in this Ivy League town for everyone else, well, it’s good enough if you can afford it.
Homeowners here seem particularly ambitious when attempting to sell their homes. The median listing price is about $744,000. However, the median closing price is just around $583,000, according to realtor.com. So savvy negotiation skills may really pay off for the buyer!
Residents have historically endured the town’s cold, snowy winters, hot, humid summers, and high housing prices, however, in order to live close to intellectually prominent graduates and such professors as Presidents Grover Cleveland and Woodrow Wilson, Albert Einstein, T.S. Eliot, Saul Bellow, Toni Morrison, Joyce Carol Oates, John Lithgow, and Ethan Hawke. Unless they’re affiliated with the university, students often move to larger cities in major metropolitan areas once they finish school.
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Rounding out the most expensive college towns are Golden, CO, where the median home price is $704,900; Hanover, NH, at $699,000; Bozeman, MT, at $629,000; Chapel Hill, NC, at $520,000; and Bellingham, WA, at $499,500.
The post Top 10 Most—and Least Expensive—College Towns, 2017 Edition appeared first on Real Estate News & Insights | realtor.com®.
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