Coldwell Banker Ranks Major College Football Town’s Home Affordability

Coldwell Banker Takes It Downfield with Results From Fourth Annual College Home Price Comparison Index

PARSIPPANY, N.J.--()--As the college football season enters its most exciting time of the year, students and fans don school colors and cheer as their teams go helmet to helmet on the field. Celebrating this competitive spirit, especially as traditional rivals like Michigan and Ohio State play for the 105th time later this week, Coldwell Banker® jumps into the fray. The real estate company released its own set of rankings outlining the most expensive and affordable college towns across America in its fourth annual College Home Price Comparison Index (HPCI).

The Coldwell Banker College HPCI study found that while the University of Alabama is ranked No. 1 in the football polls, it is hardly on the same playing field as the No. 2 team, Texas Tech University, in regards to home affordability. In this year’s College HPCI, Texas Tech comes in as the No. 11 most affordable college in terms of home prices, while Alabama rolls in at No. 59.

According to the study, the average price of a 2,220-foot, 4 bedroom 2 ½ bath home with a family room and two car garage1 in Tuscaloosa, Ala. is $251,775 while the same home in Lubbock, Texas would cost $170,700.

Meanwhile, Stanford University and the University of Akron are each frontrunners on different spectrums of the home price ranking, holding titles of the most expensive and most affordable college towns, respectively. An average home in Palo Alto, Calif., costs approximately $1.74 million while the same home in Akron, Ohio averages at $135,780 – a $1.6 million price difference.

The Coldwell Banker College HPCI specifically examines the home market to the 119 Football Bowl Subdivision (I-A) schools.

“I’ve always enjoyed seeing how colleges stack up over the years in football and academic rankings – and with this study, even in home affordability," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Our College HPCI survey is particularly helpful for a few growing groups of home buyers, such as baby boomers returning to live near their alma maters and families buying second homes in their favorite college towns.”

Gillespie, a 1968 graduate of the University of Illinois and avid Illini fan, also notes that the survey can be a guide for parents interested in buying homes for their college-aged sons and daughters – another emerging trend. “Purchasing real estate in college towns can be a very smart investment, especially when the family’s college student can live in the home,” he said. “Instead of pouring money into rent, the student can gain a sense of responsibility, and roommates can help cover the costs with rent payments, all while the home is appreciating in value over time. Real estate professionals have been doing this for years.”

The Coldwell Banker College HPCI data validates why more people may be deciding to purchase real estate in college towns where they will often find affordable homes. In fact, 65 percent of the 119 Football Bowl Subdivision (I-A) schools are in towns where the nicely sized subject home averages $300,000 or lower.

“When considering homeownership and college football, there are many win-wins,” Gillespie said. “But this year Muncie, Ind., stands out. It is the second most affordable town in the nation, and Ball State is currently ranked 17th by the BCS standings.”

Additional information about the original HPCI study, which ranked 315 markets across the United States and Puerto Rico in affordability for the same 2,200 square-foot subject home, is available at www.coldwellbanker.com.

2008 Coldwell Banker College HPCI – Highlights & Interesting Facts

  • Three of the top 25 teams in the BCS standings also rank as the top 10 most affordable markets in the Coldwell Banker College HPCI – Ball State University, Texas Christian University and Oklahoma State University.
  • Two of the top 25 football teams make the College HPCI top 10 most expensive list – the University of Miami and the University of Southern California.
  • For the fourth year in a row, the Mid-American Conference ranks as the most affordable league, with an average home price of $207,952.

The top 10 most affordable college markets for home prices in 2008 are:

Rank   School   Town, State   2008 Avg. Price
1   University of Akron   Akron, Ohio   $135,780
2   Ball State University   Muncie, Ind.   $144,250
3   Texas Christian University   Fort Worth, Texas   $148,625
4   University of Tulsa   Tulsa, Okla.   $154,200
5   University of Toledo   Toledo, Ohio   $155,900
6   University of Houston   Houston, Texas   $158,412
    Rice University   Houston, Texas   $158,412
8   University of Louisiana Monroe   Monroe, La.   $166,109
9   Eastern Michigan University   Ypsilanti, Mich.   $166,750
10   Oklahoma State University   Stillwater, Okla.   $170,500

The top 10 most expensive college markets for home prices in 2008 are:

Rank   School   Town, State   2008 Avg. Price
1   Stanford University   Palo Alto, Calif.   $1,740,731
2   Boston College   Boston, Mass.   $1,381,250
3   University of California, Berkeley   Berkeley, Calif.   $1,299,750
4   University of California, Los Angeles   Los Angeles, Calif.   $1,090,884
    University of Southern California   Los Angeles, Calif.   $1,090,884
6   San Jose State University   San Jose, Calif.   $1,077,575
7   University of Hawaii   Honolulu, Hawaii   $780,000
8   Northwestern University   Evanston, Ill.   $653,750
9   University of Miami   Miami, Fla.   $600,000
10   University of Colorado   Boulder, Colo.   $578,047

The following chart ranks Football Bowl Subdivision (I-A) college football conferences by affordability:

Rank   School   2008 Avg. Price
1   Mid-American Conference   $231,321
2   Conference USA   $235,627
3   Big 12 Conference   $248,026
4   Southeastern Conference   $253,169
5   Big East Conference   $283,203
6   Sun Belt Conference   $287,548
7   Big Ten Conference   $289,629
8   Mountain West Conference   $304,609
9   Independent   $400,123
10   Western Athletic Conference   $407,728
11   Atlantic Coast Conference   $410,945
12   Pac-10 Conference   $735,822

The below chart ranks the BCS Top 25 college football teams in affordability:

BCS Ranking   School   Town, State   2008 Avg. Price   HPCI Ranking
1   University of Alabama   Tuscaloosa, Ala.   $251,775   59
2   Texas Tech University   Lubbock, Texas   $170,700   11
3   University of Texas   Austin, Texas   $241,325   55
4   University of Florida   Gainesville, Fla.   $303,375   81
5   University of Oklahoma   Norman, Okla.   $211,357   31
6   University of Southern California   Los Angeles, Calif.   $1,090,884   116
7   University of Utah   Salt Lake City, Utah   $389,400   100
8   Penn State University   State College, Pa.   $311,125   83
9   Boise State University   Boise, Idaho   $232,750   45
10   Ohio State University   Columbus, Ohio   $236,924   48
11   University of Georgia   Athens, Ga.   $244,967   57
12   Oklahoma State University   Stillwater, Okla.   $170,500   10
13   University of Missouri   Columbia, Mo.   $205,300   28
14   Brigham Young University   Provo, Utah   $347,850   96
15   Michigan State University   East Lansing, Mich.   $196,000   23
16   Texas Christian University   Fort Worth, Texas   $148,625   3
17   Ball State University   Muncie, Ind.   $144,250   2
18   Louisiana State University   Baton Rouge, La.   $263,000   61
19   University of Cincinnati   Cincinnati, Ohio   $243,583   56
20   University of Pittsburgh   Pittsburgh, Pa.   $267,980   66
21   Oregon State University   Corvallis, Ore.   $319,967   86
22   University of North Carolina   Chapel Hill, N.C.   $369,966   99
23   University of Miami   Miami, Fla.   $600,000   110
24   University of Oregon   Eugene, Ore.   $341,944   93
25   University of Maryland   College Park, Md.   $317,750   85

The following charts rank Football Bowl Subdivision (I-A) college football conferences and independent schools. The most affordable conference is listed at the top and most expensive at the bottom. Each school in the conference is listed with the most affordable at top:

Mid American Conference   Town, State   2008 Avg. Price
University of Akron   Akron, Ohio   $135,780
Ball State University   Muncie, Ind.   $144,250
University of Toledo   Toledo, Ohio   $155,900
Eastern Michigan University   Ypsilanti, Mich.   $166,750
Central Michigan University   Mt. Pleasant, Mich.   $182,825
Western Michigan University   Kalamazoo, Mich.   $221,050
Bowling Green State University   Bowling Green, Ohio   $223,503
Ohio University   Athens, Ohio   $223,925
Northern Illinois University   DeKalb, Ill.   $236,788
Kent State University   Kent, Ohio   $263,000
University at Buffalo   Buffalo, N.Y.   $264,900
Miami University   Oxford, Ohio   $276,750
Temple University   Philadelphia, Pa.   $511,750
Conference Average Price   $231,321
   
Conference USA   Town, State   2008 Avg. Price
University of Tulsa   Tulsa, Okla.   $154,200
University of Houston   Houston, Texas   $158,412
Rice University   Houston, Texas   $158,412
Marshall University   Huntington, W. Va.   $182,050
University of Southern Mississippi   Hattiesburg, Miss.   $188,035
University of Memphis   Memphis, Tenn.   $190,275
University of Texas El Paso   El Paso, Texas   $226,362
East Carolina University   Greenville, N.C.   $283,022
University of Alabama at Birmingham   Birmingham, Ala.   $303,181
Tulane University   New Orleans, La.   $306,900
Southern Methodist University   Dallas, Texas   $333,347
University of Central Florida   Orlando, Fla.   $343,333
Conference Average Price   $235,627
 
Big 12 Conference   Town, State   2008 Avg. Price
Oklahoma State University   Stillwater, Okla.   $170,500
Texas Tech University   Lubbock, Texas   $170,700
Baylor University   Waco, Texas   $184,325
University of Missouri   Columbia, Mo.   $205,300
University of Oklahoma   Norman, Okla.   $211,357
Iowa State University   Ames, Iowa   $213,450
Texas A&M University   College Station, Texas   $213,755
University of Kansas   Lawrence, Kan.   $239,412
University of Texas   Austin, Texas   $241,325
Kansas State University   Manhattan, Kan.   $266,921
University of Nebraska   Lincoln, Neb.   $281,217
University of Colorado   Boulder, Colo.   $ 578,047
Conference Average Price   $248,026
 
Southeastern Conference   Town, State   2008 Avg. Price
Mississippi State University   Starkville, Miss.   $186,383
University of South Carolina   Columbia, S.C.   $189,262
University of Tennessee   Knoxville, Tenn.   $208,637
Vanderbilt University   Nashville, Tenn.   $239,500
University of Georgia   Athens, Ga.   $244,967
University of Arkansas   Fayetteville, Ark.   $248,528
University of Alabama   Tuscaloosa, Ala.   $251,775
Louisiana State University   Baton Rouge, La.   $263,000
Auburn University   Auburn, Ala.   $282,600
University of Kentucky   Lexington, Ky.   $291,000
University of Florida   Gainesville, Fla.   $303,375
University of Mississippi   Oxford, Miss.   $329,000
Conference Average Price   $253,169
 
Big East Conference   Town, State   2008 Avg. Price
Syracuse University   Syracuse, N.Y.   $198,600
University of Louisville   Louisville, Ky.   $241,060
University of Cincinnati   Cincinnati, Ohio   $243,583
University of Pittsburgh   Pittsburgh, Pa.   $267,980
University of South Florida   Tampa, Fla.   $285,000
West Virginia University   Morgantown, W.Va.   $331,333
University of Connecticut   Storrs, Conn.   $343,067
Rutgers University   New Brunswick, N.J.   $355,000
Conference Average Price   $283,203
 
Sun Belt Conference   Town, State   2008 Avg. Price
University of Louisiana at Monroe   Monroe, La.   $166,109
University of North Texas   Denton, Texas   $189,000
Troy University   Troy, Ala.   $204,633
Arkansas State University   Jonesboro, Ark.   $208,250
University of Louisiana at Lafayette   Lafayette, La.   $232,467
Middle Tennessee State University   Murfreesboro, Tenn.   $237,800
Florida Atlantic University   Boca Raton, Fla.   $462,125
Florida International University   Miami, Fla.   $600,000
Conference Average Price   $287,548
 
Big Ten Conference   Town, State   2008 Avg. Price
Purdue University   Lafayette, Ind.   $184,333
University of Indiana   Bloomington, Ind.   $196,000
Michigan State University   East Lansing, Mich.   $196,000
University of Iowa   Iowa City, Iowa   $214,975
Ohio State University   Columbus, Ohio   $236,924
University of Illinois   Champaign, Ill.   $238,126
University of Michigan   Ann Arbor, Mich.   $263,783
University of Wisconsin   Madison, Wis.   $300,000
Penn State University   State College, Pa.   $311,125
University of Minnesota   Minneapolis, Minn.   $390,900
Northwestern University   Evanston, Ill.   $653,750
Conference Average Price   $289,629
 
Mountain West Conference   Town, State   2008 Avg. Price
Texas Christian University   Fort Worth, Texas   $148,625
United States Air Force Academy   Colorado Springs, Colo.   $198,500
Colorado State University   Fort Collins, Colo.   $230,967
University of Nevada, Las Vegas   Las Vegas, Nev.   $272,125
University of Wyoming   Laramie, Wyo.   $282,333
University of New Mexico   Albuquerque, N.M.   $329,185
Brigham Young University   Provo, Utah   $347,850
University of Utah   Salt Lake City, Utah   $389,400
San Diego State University   San Diego, Calif.   $542,500
Conference Average Price   $304,609
 
Independents   Town, State   2008 Avg. Price
University of Notre Dame   South Bend, Ind.   $174,000
United States Military Academy   West Point, N.Y.   $390,000
United States Naval Academy   Annapolis, Md.   $524,741
Conference Average Price   $362,914
 
Western Athletic Conference   Town, State   2008 Avg. Price
Utah State University   Logan, Utah   $199,850
Louisiana Tech University   Ruston, La.   $228,750
Boise State University   Boise, Idaho   $232,750
New Mexico State University   Las Cruces, N.M.   $237,000
University of Idaho   Moscow, Idaho   $280,000
University of Nevada   Reno, Nev.   $302,625
Fresno State University   Fresno, Calif.   $331,000
University of Hawaii   Honolulu, Hawaii   $780,000
San Jose State University   San Jose, Calif.   $1,077,575
Conference Average Price   $407,728
 
Atlantic Coast Conference   Town, State   2008 Avg. Price
Clemson University   Clemson, S.C.   $215,960
Duke University   Durham, N.C.   $221,491
Wake Forest University   Winston-Salem, N.C.   $230,667
North Carolina State University   Raleigh, N.C.   $236,124
Virginia Tech University   Blacksburg, Va.   $302,075
Georgia Tech University   Atlanta, Ga.   $314,333
University of Maryland   College Park, Md.   $317,750
Florida State University   Tallahassee, Fla.   $333,250
University of North Carolina   Chapel Hill, N.C.   $369,966
University of Virginia   Charlottesville, Va.   $408,475
University of Miami   Miami, Fla.   $600,000
Boston College   Boston, Mass.   $1,381,250
Conference Average Price   $410,945
 
Pac-10 Conference   Town, State   2008 Price
University of Arizona   Tucson, Ariz.   $254,667
Washington State University   Pullman, Wash.   $285,539
Oregon State University   Corvallis, Ore.   $319,967
University of Oregon   Eugene, Ore.   $341,944
Arizona State University   Tempe, Ariz.   $349,350
University of Washington   Seattle, Wash.   $584,500
University of California, Los Angeles   Los Angeles, Calif.   $1,090,884
University of Southern California   Los Angeles, Calif.   $1,090,884
University of California, Berkeley   Berkeley, Calif.   $1,299,750
Stanford University   Palo Alto, Calif.   $1,740,731
Conference Average Price   $735,822

Methodology – 2008 Coldwell Banker® College Market Home Price Comparison Index:

Coldwell Banker Real Estate LLC conducted its College Home Price Comparison Index study by compiling survey data from Coldwell Banker® offices throughout the United States. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings in 2008 or a comparative market analysis of homes previously sold. Because no Coldwell Banker offices serve Tuscaloosa, Ala.; Stillwater, Okla.; Lincoln, Neb.; Charlottesville, Va.; Morgantown, W. Va., Bowling Green, Ohio; Athens, Ohio; Laramie, Wyo.; Troy, Ala.; Huntington, W. Va., Lawrence, Kan., and Ames, Iowa, the average prices reflected in the study were from local Multiple Listing Service data collected in August 2008. The criteria for the College HPCI1 subject home is: single-family dwelling, 2,200 square feet (approximately), four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,700 residential real estate offices and 108,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

Contacts

Coldwell Banker Real Estate LLC
David Siroty, 973-407-7199
David.Siroty@coldwellbanker.com
or
CooperKatz on behalf of Coldwell Banker
Kathleen Reynolds, 917-595-3031
kreynolds@cooperkatz.com

Contacts

Coldwell Banker Real Estate LLC
David Siroty, 973-407-7199
David.Siroty@coldwellbanker.com
or
CooperKatz on behalf of Coldwell Banker
Kathleen Reynolds, 917-595-3031
kreynolds@cooperkatz.com