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It’s the classic collegiate circle of life. You prep, you study, and then you just flat-out pray you’ll get into the school of your choice. Then once you’re there, you reach an inflection point, somewhere between your first game of beer pong and your final midterms, when you start counting the days until you can escape—to the place where you’ll start that whole adulting thing for real.
But these days more and more grads are skipping that final step and opting to stay put. And it turns out they’ve got plenty of company. Because you don’t need to be a student or recent graduate to appreciate all that the best college towns typically offer: walkable enclaves of innovative restaurants, lively music scenes, and tons of fun, unique businesses. And most importantly, many of ’em are becoming employment hubs as companies searching for top talent open offices nearby. Home prices are usually still reasonable. And homeownership is often a smart investment as there’s strong demand from both young and old buyers.
So where are the best college towns that offer the best of everything? The realtor.com® data team set out to find them.
“People go [to college towns] with the intention of pursuing a degree … but find these places have lots of the advantages of much larger places,” says Blake Gumprecht, author of “The American College Town.” He’s also a graduate of the University of Kansas, in Lawrence, one of the towns that made our list.
To find these top college towns best suited to putting down roots, we looked at the 700 largest markets around the country. We included only those with at least one four-year university with at least 10,000 undergraduates. Then we ranked them based on a variety of factors, including their percentage of college students, unemployment rates, home appreciation, and median income.*
The biggest cities didn’t make our list—they’re so large that the percentage of students isn’t as dominant as in smaller communities. In case you’re wondering, if we had simply looked at the country’s 50 largest metropolitan areas, Boston, the nation’s ultimate college mecca, would come out on top, thanks to schools such as Harvard University, the Massachusetts Institute of Technology, and Boston University. But with so many other nonstudent residents, nearly 675,000 just in its city limits, Boston didn’t make our list.
So crack open a Pabst Blue Ribbon and let’s go on a tour of the best college towns.
College towns where grads should stick around
Claire Widman
1. Ames, IANumber of college students: 34,935
Median home list price**: $265,200
Median household income: $56,800
Fountains of the Four Seasons on the campus of the University of Iowa State.
Wolterk/iStock
Familiar sights along Ames’ Main Street include an array of historic buildings, funky restaurants, and a seemingly endless parade of Iowa State sweatshirts, banners, and knickknacks. Just about everyone here, regardless of age, seems to love their Cyclones.
With nearly 30,000 undergraduate students, Iowa State attracts many firms and employees from around the world. All of these companies mean lots of well-paying gigs for recent grads and just about everyone else. Did we mention that Ames’ jobless rate is just 1.7%? That’s significantly lower than the national rate of 3.9% as of April.
The region also has a slew of startups founded by former students. Iowa State’s Pappajohn Center for Entrepreneurship has helped launch some of them, including KinoSol, which sells solar-powered food dehydrators to farmers in developing countries.
“The phrase is ‘Iowa nice.’ If you’re starting a business, people are very open to helping you,” says Diana Wright, a marketing and programs coordinator at the center. “Serial entrepreneurs here help others launch their businesses.”
College grads who stick around flock to neighborhoods such as Hillside. It offers new developments of ranch-style, single-family homes that run anywhere from $300,000 to $450,000.
“They like the town’s good vibe, and Iowa State football and basketball, and the concerts and entertainment,” says Mark Greenfield, a local real estate agent at Re/Max Real Estate Center.
2. State College, PANumber of college students: 48,480
Median home list price: $257,600
Median household income: $61,100
Downtown State College
aimintang/iStock
For home football games, the Penn State Nittany Lions are cheered on by more than 106,000 fans at Beaver Stadium. And if they beat a rival such as Ohio State University, you can expect Penn students—current, former, or wannabe—to rush the field. Good times!
But State College isn’t known only for its football. It also boasts the annual Central Pennsylvania Festival of the Arts, which takes over the city in July. And don’t worry: When it comes to actually making a living, there are no shortage of good health care jobs here.
Right out of the gate, it can be challenging to buy a home, however. Recent graduates prefer to live in walkable areas close to downtown. But those a bit further along in their careers find it’s very doable, says Mary Lou Bennett, a real estate agent at Re/Max Centre Realty.
After completing his studies in broadcast journalism at Pennsylvania State University, Thomas Frank Carr weighed an out-of-state job offer or a part-time position at a local radio station near the school. He eventually decided to stay put in State College. Since then, the 27-year-old has gotten married and been promoted. Now the on-air radio talent is thinking about buying a home. This is a feat that many of his peers who went to bigger cities, where prices are steep, might never be able to do.
“The way I describe [sticking around is] it’s the best party you’ve ever been to, but you just stayed,” Carr says. “The longer you stay, the more you appreciate the town. It is a small town with city-sized entertainment opportunities.”
3. Lawrence, KSNumber of college students: 28,883
Median home list price: $289,000
Median household income: $58,600
Downtown Lawrence, KS
Wikipedia
Plato said, “A good decision is based on knowledge and not on numbers.” That’s fine and dandy, but getting your bank account out of the red each month sure helps, too. You don’t need a math (or philosophy) degree to see that the dollar goes far in Lawrence.
The University of Kansas, the state’s flagship university, is home to about 19,000 undergraduates students. It’s also the dominant employer in the region. But employers such as Boston Financial Data Services and Hallmark Cards also have major offices here.
As for fun, you don’t need to be an alumnus to dig Kansas Jayhawks games. The men’s basketball team, winner of five national titles, has been top-drawer attraction over the years.
4. Blacksburg, VANumber of college students: 46,722
Median home list price: $231,400
Median household income: $52,900
Hikers at McAfee Knob on Appalachian Trail near Blacksburg, VA
Joel Carillet/iStock
After receiving their diplomas, Virginia Polytechnic Institute and State University (Virginia Tech) graduates often head to cities such as Washington, DC, or Charlotte, NC. But those who prefer the great outdoors over big-city life are choosing to stick around.
For starters, the Appalachian Trail is just a short drive out of town. Claytor Lake State Park is the go-to for fishing and boating, and New River Trail State Park is a fantastic place for horseback riding.
“Blacksburg has a great quality of life,” says Mel Jones, a research scientist at the Virginia Center for Housing Research at Virginia Tech. “The mountains are beautiful, and the area has all the benefits of being a large university town.”
Like many college centers, the biggest employers in the region are the universities themselves. But there are lots of other options, too. Dish Network employs around 1,000 here, and Moog, an aerospace and defense company, also has a large presence.
The most popular homes are often the historic, single-family houses in downtown. However, they ain’t cheap, with price tags often topping $500,000. That’s led many entry-level buyers to opt for homes outside the city limits into the rest of Montgomery County instead. It’s rural, but has more affordable homes for those on a tight budget.
5. Ithaca, NYNumber of college students: 31,547
Median home list price: $250,700
Median household income: $61,700
Downtown Ithaca at Night
aimintang/iStock
You might not expect Ithaca, home of Cornell University and Ithaca Colleges, to have a booming startup scene. This city, four hours north of Manhattan, isn’t exactly thought of as a bustling place. But prepare to be surprised.
The startup vibe is bolstered by low startup costs as well as the Cornell eLab student accelerator program, a special yearlong program aimed at budding entrepreneurs. Alumni have launched ventures such as the Rosie App, an online grocery app, and Ursa Space Systems, which collects satellite imagery to help companies make business decisions.
“The traditional go-to locations after graduation are New York, Denver, and Boston,” says Adriana Condarco, an economic development specialist at the Center for Regional Economic Advancement in Ithaca. “But here you have access to interesting and exciting companies that you might see elsewhere.”
Yes, those soul-crushing winters can be rough, but a good craft beer or two can definitely help. Head over to the Ithaca Beer Co. for supplies and wait for the summer thaw.
6. Ann Arbor, MINumber of college students: 75,929
Median home list price: $334,100
Median household income: $69,200
Liberty Street in downtown Ann Arbor
Davel5957/iStock
Google employees get free lunch, can bring their dogs to work, and have access to an on-site masseuse. But here’s the news flash: They don’t have to move to the tech giant’s Silicon Valley HQ, in Mountain View, CA, to do so.
Companies such as Google have set up shop in Ann Arbor in order to attract top talent from the University of Michigan. That saves employees from having to live in the uber-expensive San Francisco Bay Area. The median home list price in Mountain View is $1,400,000—about four times that of Ann Arbor.
That may be why buyers are diving into the market, despite Ann Arbor being the most expensive college town on our list. Over the past year, the share of millennials buying homes here jumped from 38% to 48%—the biggest such increase among the places we ranked.
The area has a lot of housing options, too. There are new condos and townhomes all over this walkable downtown and plenty of single-family houses in the burbs, including this three-bedroom, one-story home on a tree-lined street for $373,500.
7. Champaign, ILNumber of college students: 51,442
Median home list price: $158,100
Median household income: $55,500
University of Illinois campus
benkrut/iStock
Located two hours south of Chicago and two hours east of Indianapolis, Champaign is great for those who want to save some cash—while still being just a drive away from big-city perks.
But what’s really important to many residents is the Research Park at the University of Illinois at Urbana–Champaign. It has become a technology hub with around 100 companies (e.g., Yahoo, Capital One, and Caterpillar) with nearly 2,000 employees.
The inexpensive housing stock is also a draw, with a median home price well below the national median of $289,900. The downtown is full of multifamily, two-story homes priced under $125,000. These homes can double as rental properties for students.
This college town also has a lively cultural scene, including the famed Spurlock Museum and the Krannert Art Museum.
8. Lafayette, INNumber of college students: 39,768
Median home list price: $191,600
Median household income: $54,000
Lafayette, IN
Rodrigo A. Rodriguez Fuentes/iStock
Do the math. Lafayette is home to Purdue University, a school known for its superb engineering programs. That’s attracted top-flight employers from all over the world hoping to snag some of Purdue’s finest alumni. They include GE Aviation’s $110 million aerospace technology plant and Rolls-Royce’s jet engine research and development facility.
All of these good jobs have led local home builders to try to ramp up production. This new ranch-style home with stone countertops, a sunroom, and a clubhouse in its subdivision is priced at $178,000—and the builder will allow buyers to customize the finishes.
But buyers should act fast. Median home list prices shot up nearly 9.2% from March to April and almost 5.8% year over year, according to realtor.com data.
9. Columbia, MONumber of college students: 39,099
Median home list price: $240,400
Median household income: $53,500
Columns in front of University of Missouri
benkrut/iStock
This is no one-college town. The University of Missouri, the state’s flagship public university, Stephens College, and Columbia College are all based here—meaning there are students and graduates everywhere.
Many locals work in the area’s thriving health care sector and are fans of the annual True/False Film Festival. Some admit to being addicted to Hot Box Cookies, a late-night cookie delivery company that started locally.
Students “stay, or they come back later in life,” says Jim Meyer, a real estate agent at Meyer Works in Columbia. “People from a lot of different places around the world live here and have made this into a unique community.”
Young professionals often want a newer, single-family house with three bedrooms and two bathrooms, Meyer says. But sometimes they have to lower their expectations. The going range for starter homes here is $150,000 to $200,000.
10. Iowa City, IANumber of college students: 29,192
Median home list price: $290,000
Median household income: $61,400
Downtown Iowa City
harmantasdc/iStock
Students from around the Midwest flock to the University of Iowa, known for its law, pharmacy, and business programs. But when they’re done, some have a hard time leaving. That’s thanks to the University of Iowa Health Care, a large medical center that employs many recent graduates as well as more-seasoned professionals.
Younger residents are particularly fond of the historic homes in walkable downtown neighborhoods such as Longfellow. Most homes here are smaller, single-family bungalows that cost between $175,000 to $275,000, says Julie Dancer, a real estate agent at Lepic-Kroeger in Iowa City.
“Iowa City has great Midwestern values. It is easy to meet and trust people and become a part of the community and get your hands in the dirt,” Dancer says.
* Sources: Home price appreciation from realtor.com; number of college and university students as calculated by Emsi; median household income from Nielsen; unemployment rates from the U.S. Bureau of Labor Statistics; population trends and share of the population with a bachelor’s degree or higher from the U.S. Census Bureau; and median rent figures from the U.S. Department of Housing and Urban Development
** Prices are a median of the past 12 months ending in April 2018.
The post The Best Affordable College Towns for Recent Grads—and Everyone Else appeared first on Real Estate News & Insights | realtor.com®.
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