Fall is for college football…at least that’s the way I see it. And as I’ve mentioned before, I’m an Illini through and through. I have to say, it killed me on Saturday when Michigan beat us in triple overtime. We are 5-4 and should be headed to a bowl game. But there is more to college football than just the scores and records. It’s the pageantry of the game, the bands, cheerleaders and crowds. The unbelievable traditions that make the sport what it is. But it is also about the towns. Those quintessential American communities that are home to some of the great learning institutions in our country.
Today, Coldwell Banker explores these great towns with the Coldwell Banker College Home Listing Report. We rank the affordability levels of the markets that are home to the 120 Football Bowl Subdivision schools. The most affordable market this year is Muncie, Indiana (Ball State University), and the most expensive is Palo Alto, California (Stanford University). Hopefully David Letterman will be happy to hear about how his Cardinals stand out. Check out the full listing to see how your school stacks up!
Why is this list important? I’ve said it before and I’ll say it again. Homes in college towns can be a strong investment for many people. Say you’re a parent whose child is in or starting school. Instead of paying for dorms or rentals with zero return, many “parent investors” purchase a home where their child (and potentially other friends) can live during their school years. They collect rent from roommates who hopefully respect each other and the “parent investor” and maintain the home’s upkeep.
Our survey showed that two-thirds of Coldwell Banker real estate professionals in college towns are seeing a significant number of these “parent investors” in their markets. Who else is buying in these areas? General investors (73 percent of respondents report this), alumni (51 percent report seeing them) retirees (49 percent reported this trend).
Do you live in a college town? What makes your area special? Our team interviewed dozens of fans for their thoughts in this fun video. What do you think? Do you have a powerhouse sports program? An amazing academic reputation? A restaurant or coffee shop that’s second to none? I love Billy Barooz in Champaign. Chime in with your comment!