A college town can get you a diploma -- and an affordable home. (Photo: iStockphoto)
Most of us hold a soft spot in our heart for our college town. My college town is Bryn Mawr, Pa., home to Bryn Mawr College, my alma mater, and where Katharine Hepburn, one of the school’s most famous alums, studied. Located on Philadelphia’s Main Line, the real estate there is fantastic -- there are plenty of winding leafy streets filled with beautiful large homes that I most likely will never be able to afford.
But the opposite is the case for many of a college town. The Coldwell Banker® College Home Price Comparison Index (HPCI), released by Coldwell Banker Real Estate LLC, looked at 2,200 square foot, four-bedroom, two-and-a-half bathroom homes in college markets across the U.S. (in this case, college towns that are home to the 120 Football Bowl Subdivision schools -- which obviously doesn’t apply to Bryn Mawr), and found that in most cases, real estate in college towns are quite affordable.
Coldwell Banker found that the most affordable college town is Akron, Ohio, home to the University of Akron, and where an average four-bedroom home costs $121,885. Muncie, Ind., (home to Ball State University) came in as the next most affordable college town, with a typical four-bedroom home being $144,996.
"College markets have long-been one of the real estate industry best-kept secrets," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. "Real estate professionals have been investing in college towns for years, often purchasing homes for their children who are attending school. However, these vibrant cities are not only for students; many empty nesters and families are attracted to the health care systems, culture and overall quality of life that college towns offer."
So, if Bryn Mawr (a Seven Sisters woman's college) got a football team, perhaps it could make the list next year? I don't think so -- Main Line was a ritzy place even back when Hepburn was hitting the books, and it no doubt always will be. Oh, well. I guess I won't be moving there anytime soon. —Lauren Baier Kim