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2007 College Market HPCI

01-22-2010
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COLDWELL BANKER®  STUDY SCORES HOME PRICES IN COLLEGE FOOTBALL TOWNS

Muncie, Ind. (Ball State) and Palo Alto, Calif. (Stanford) Rank as Most Affordable

and Most Expensive College Football Towns; Mid-American

and PAC-10 Conferences Follow Suit

Coldwell Banker Connected to  25th Anniversary of "The Play"

From Cal-Stanford Game

PARSIPPANY, N.J. (November 6, 2007) –  College towns bring together academic minds, alumni, students and sports enthusiasts, especially in the fall when football fans flock to reconnect with the nostalgia of happy college years.  The reasons they come – pageantry, culture, tradition and idyllic settings – are also the reason many want to stay and become homeowners in their college town.  According to the third annual Coldwell Banker® College Home Price Comparison Index (HPCI), while Ohio State may be leading the nation in the football polls, it is the Ball State Cardinals and Stanford Cardinal and their athletic conferences that hold the distinction of being located in the nation's most affordable and expensive college towns, respectively.

 

The Coldwell Banker College HPCI finds that Muncie, Ind., home to Ball State University, ranks as the most affordable college town in the U.S., where a 2,220-foot, 4 bedroom 2 ½ bath home with a family room and two car garage1, would average $150,000.  For the third straight year Palo Alto, Calif., home to Stanford University, is the nation's most expensive college town, where a similar home would cost $1,677,000.

 

The Coldwell Banker College Market HPCI specifically examines the markets that are home to 119 Football Bowl Subdivision (I-A) schools. Additional information about the original HPCI study, which ranked more than 300 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.

 

"College towns remain a popular living destination – whether they are first time homeowners or alumni looking for great retirement spots," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.  "School spirit draws many alumni back to their alma mater and for others, continuing their education, pursuing jobs, enjoying cultural activities and following college sports make these communities ideal homes."

 

Gillespie, a 1968 University of Illinois graduate and avid Illini fan, also points out that the survey can be a guide for parents interested in buying homes for their college-aged sons and daughters.  "Real estate professionals have been doing this for years," Gillespie says. "Once their child is able to live off-campus, they do so in the family-owned home with classmates paying rent as roommates.  Over time, the home appreciates in value and the family can keep it or sell it with the proceeds going toward the college payments."

 

Coldwell Banker Ties to College Football

Kevin Moen, a sales manager with Coldwell Banker Residential Brokerage in Rolling Hills Estates, Calif., scored one of the most dramatic touchdowns in college football history 25 years ago on Nov. 20, 1982.  After Stanford took a 20-19 lead with a field goal, leaving four seconds on the clock, Moen, then a safety for the University of California, caught the ensuing kickoff and began a wild, lateral-filled scramble that culminated with Moen eventually getting the ball back to score the winning touchdown as time ran out.  Moen covered the final 25 yards by navigating through members of the Stanford band, which came out onto the field to celebrate what they thought was a Cardinal win.  Moen is best remembered for barreling over Stanford trombone player Gary Tyrrell in the end zone as he celebrated the miraculous play.  Moen will be featured on the Versus network during a 25th anniversary show on November 24 at 6 p.m. (Eastern), a week prior to when Stanford and Cal renew their rivalry.

 

2007 Coldwell Banker College HPCI – Highlights & Interesting Facts

  • More than $1.6 million separates the Eastern Indiana town of Muncie ($150,000) from the Silicon Valley community of Palo Alto ($1,677,000).
  • Coincidentally, both Muncie and Palo Alto have benefited from recently renovated or newly constructed football stadiums. Ball State's renovated Scheumann Stadium features Arby's Tailgate Town, which includes live bands, giveaways and special exhibits.  One-year-old, state-of-the-art Stanford Stadium seats 50,000.
  • Oklahoma State University and the University of Toledo entered the top 10 most affordable markets list.  All 10 of the most expensive college markets repeat on the 2007 list.
  • Three teams in the top 25 Bowl Championship Series (BCS) standings hail from towns in the Coldwell Banker College HPCI top 10 most expensive college markets list – Boston College, University of Southern California and University of Hawaii.
  • The Mid-American Conference again ranks as the most affordable league with 2,200 square-foot, 4 bedroom, 2 ½ bath homes averaging $230,272 in its 12 markets.  The PAC-10 tips the scales as the most expensive conference overall for the third straight year, with an average home price of $737,040. 
  • Columbus, Ohio, home to current BCS leader Ohio State, ranks 51st on the home price affordability list for studied homes with an average home price of $238,170.   Gainesville, Fla., home to the defending BCS champion University of Florida Gators, is rated 79th at $305,750. (Detailed charts for each conference are included below).

 

The top 10 most affordable college markets for home prices in 2007 are:

 

Rank
School
Town, State
2007 Avg. Price
1
Ball State University
Muncie, Ind.
$150,000
2
Texas Christian University
Fort Worth, Texas
$151,250
3
University of Tulsa
Tulsa, Okla.
$153,750
4
Oklahoma State University
Stillwater, Okla.
$162,000
5
Texas Tech University
Lubbock, Texas
$163,250
6
University of Toledo
Toledo, Ohio
$163, 278
7
University of Louisiana Monroe
Monroe, La.
$164,499
8
University of Houston
Houston, Texas
$169,736
 
Rice University
Houston, Texas
$169,736
10
Utah State University
Logan, Utah
$172,978

 

The top 10 most expensive college markets for home prices in 2007 are:

 

Rank
School
Town, State
2007 Avg. Price
1
Stanford University
Palo Alto, Calif.
$1,677,000
2
Boston College
Chestnut Hill, Ma.
$1,381,250
3
University of Southern California
Los Angeles, Calif.
$1,306,333
 
University of California, Los Angeles
Los Angeles, Calif.
$1,306,333
5
University of California, Berkeley
Berkeley, Calif.
$1,287,500
6
San Jose State University
San Jose, Calif.
$1,145,000
7
University of Hawaii
Honolulu, Hawaii
$843,750
8
Northwestern University
Evanston, Ill.
$708,000
9
Florida International University
Miami, Fla.
$638,333
 
University of Miami
Miami, Fla.
$638, 333

 

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

Rank
School
2007 Avg. Price
1
Mid-American Conference
$230,272
2
Conference USA
$242,286
3
Southeastern Conference
$246,123
4
Big 12 Conference
$247,552
5
Sun Belt Conference
$297,886
6
Big Ten Conference
$300,749
7
Big East Conference
$321,561
8
Mountain West Conference
$324,189
9
Independents
$344,916
10
Atlantic Coast Conference
$424,784
11
Western Athletic Conference
$441,263
12
Pac-10 Conference
$737,040

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 (1)
Town, State
2007 Avg. Price
Ball State University
Muncie, Ind.
$150,000
University of Toledo
Toledo, Ohio
$163,278
University of Akron
Akron, Ohio
$183,100
Central Michigan University
Mt. Pleasant, Mich.
$192,075
Eastern Michigan University
Ypsilanti, Mich.
$210,750
Western Michigan University
Kalamazoo, Mich.
$228,450
Northern Illinois University
DeKalb, Ill.
$233,000
Ohio University
Athens, Ohio
$234,600
University at Buffalo
Buffalo, N.Y.
$248,575
Miami University
Oxford, Ohio
$259,633
Kent State University
Kent, Ohio
$268,200
Bowling Green State University
Bowling Green, Ohio
$391,600
Conference Average Price
$230,272

 

Conference USA (2)
Town, State
2007 Avg. Price
University of Tulsa
Tulsa, Okla.
$153,750
University of Houston
Houston, Texas
$169,736
Rice University
Houston, Texas
$169,736
Marshall University
Huntington, W. Va.
$185,000
University of Southern Mississippi
Hattiesburg, Miss.
$186,800
University of Memphis
Memphis, Tenn.
$191,936
University of Texas El Paso
El Paso, Texas
$229,306
East Carolina University
Greenville, N.C.
$297,917
Southern Methodist University
Dallas, Texas
$302,198
University of Alabama at Birmingham
Birmingham, Ala.
$303,181
Tulane University
New Orleans, La.
$310,875
University of Central Florida
Orlando, Fla.
$407,000
Conference Average Price
$242,286

 

Southeastern Conference (3)
Town, State
2007 Avg. Price
University of South Carolina
Columbia, S.C.
$198,967
University of Tennessee
Knoxville, Tenn.
$202,450
Mississippi State University
Starkville, Miss.
$220,767
University of Kentucky
Lexington, Ky.
$234,500
Vanderbilt University
Nashville, Tenn.
$238,333
University of Alabama
Tuscaloosa, Ala.
$241,333
University of Georgia
Athens, Ga.
$248,633
Louisiana State University
Baton Rouge, La.
$250,444
University of Arkansas
Fayetteville, Ark.
$252,950
University of Mississippi
Oxford, Miss.
$276,750
Auburn University
Auburn, Ala.
$282,600
University of Florida
Gainesville, Fla.
$305,750
Conference Average Price
$246,123

 

Big 12 Conference (4)
Town, State
2007 Avg. Price
Oklahoma State University
Stillwater, Okla.
$162,000
Texas Tech University
Lubbock, Texas
$163,250
Baylor University
Waco, Texas
$180,188
University of Oklahoma
Norman, Okla.
$180,887
Texas A&M University
College Station, Texas
$209,044
Iowa State University
Ames, Iowa
$209,967
University of Missouri
Columbia, Mo.
$217,500
University of Kansas
Lawrence, Kan.
$232,300
University of Texas
Austin, Texas
$243,250
Kansas State University
Manhattan, Kan.
$265,000
University of Nebraska
Lincoln, Neb.
$292,233
University of Colorado
Boulder, Colo.
$615,000
Conference Average Price
$247,552

 

Sun Belt Conference (5)
Town, State
2007 Avg. Price
University of Louisiana at Monroe
Monroe, La.
$164,499
University of North Texas
Denton, Texas
$196,000
Arkansas State University
Jonesboro, Ark.
$204,000
Troy University
Troy, Ala.
$214,167
University of Louisiana at Lafayette
Lafayette, La.
$232,467
Middle Tennessee State University
Murfreesboro, Tenn.
$261,560
Florida Atlantic University
Boca Raton, Fla.
$531,250
Florida International University
Miami, Fla.
$638,333
Conference Average Price
$297,886

 

Big Ten Conference (6)
Town, State
2007 Avg. Price
Purdue University
Lafayette, Ind.
$184,333
University of Indiana
Bloomington, Ind.
$198,000
University of Iowa
Iowa City, Iowa
$212,855
University of Illinois
Champaign, Ill.
$236,917
Michigan State University
East Lansing, Mich.
$238,000
Ohio State University
Columbus, Ohio
$238,170
University of Wisconsin
Madison, Wis.
$264,950
University of Michigan
Ann Arbor, Mich.
$303,750
Penn State University
State College, Pa.
$307,500
University of Minnesota
Minneapolis, Minn.
$415,767
Northwestern University
Evanston, Ill.
$708,000
Conference Average Price
$300,749

 

Big East Conference (7)
Town, State
2007 Avg. Price
Syracuse University
Syracuse, N.Y.
$214,725
University of Louisville
Louisville, Ky.
$238,000
University of Cincinnati
Cincinnati, Ohio
$250,530
University of Pittsburgh
Pittsburgh, Pa.
$263,964
West Virginia University
Morgantown, W.Va.
$323,000
University of Connecticut
Storrs, Conn.
$339,600
University of South Florida
Tampa, Fla.
$350,000
Rutgers University
New Brunswick, N.J.
$402,567
Conference Average Price
$321,561

 

Mountain West Conference (8)
Town, State
2007 Avg. Price
Texas Christian University
Fort Worth, Texas
$151,250
United States Air Force Academy
Colorado Springs, Colo.
$197,500
Colorado State University
Fort Collins, Colo.
$236,100
University of Wyoming
Laramie, Wyo.
$289,000
University of New Mexico
Albuquerque, N.M.
$317,319
University of Nevada, Las Vegas
Las Vegas, Nev.
$362,188
Brigham Young University
Provo, Utah
$363,975
University of Utah
Salt Lake City, Utah
$408,125
San Diego State University
San Diego, Calif.
$618,750
Conference Average Price
$324,189

 

Independents (9)
Town, State
2007 Avg. Price
University of Notre Dame
South Bend, Ind.
$180,500
United States Military Academy
West Point, N.Y.
$404,833
Temple University
Philadelphia, Pa.
$515,225
United States Naval Academy
Annapolis, Md.
$600,750
Average Price
$344,916

 

Atlantic Coast Conference (10)
Town, State
2007 Avg. Price
Clemson University
Clemson, S.C.
$219,600
Wake Forest University
Winston-Salem, N.C.
$228,900
Duke University
Durham, N.C.
$229,900
North Carolina State University
Raleigh, N.C.
$238,000
Virginia Tech University
Blacksburg, Va.
$292,250
Georgia Tech University
Atlanta, Ga.
$324,000
Florida State University
Tallahassee, Fla.
$354,538
University of Virginia
Charlottesville, Va.
$374,080
University of North Carolina
Chapel Hill, N.C.
$387,808
University of Maryland
College Park, Md.
$428,750
University of Miami
Miami, Fla.
$638,333
Boston College
Boston, Mass.
$1,381,250
Conference Average Price
$424,784

 

Western Athletic Conference (11)
Town, State
2007 Avg. Price
Utah State University
Logan, Utah
$172,978
New Mexico State University
Las Cruces, N.M.
$220,000
Louisiana Tech University
Ruston, La.
$221,712
Boise State University
Boise, Idaho
$250,400
University of Idaho
Moscow, Idaho
$298,000
Fresno State University
Fresno, Calif.
$381,333
University of Nevada
Reno, Nev.
$384,500
University of Hawaii
Honolulu, Hawaii
$843,750
San Jose State University
San Jose, Calif.
$1,145,000
Conference Average Price
$441,263

 

PAC-10 Conference (12)
Town, State
2007 Price
Washington State University
Pullman, Wash.
$285,539
University of Arizona
Tucson, Ariz.
$286,667
Oregon State University
Corvallis, Ore.
$333,000
University of Oregon
Eugene, Ore.
$361,982
Arizona State University
Tempe, Ariz.
$383,062
University of Washington
Seattle, Wash.
$555,839
University of California, Berkeley
Berkeley, Calif.
$1,287,500
University of California, Los Angeles
Los Angeles, Calif.
$1,306,333
University of Southern California
Los Angeles, Calif.
$1,306,333
Stanford University
Palo Alto, Calif.
$1,677,000
Conference Average Price
$737,040

Methodology – 2007 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 2007 or a comparative market analysis of homes previously sold. Because no Coldwell Banker offices serve Tuscaloosa, Ala.; Stillwater, Okla.; Lincoln, Neb.; Charlottesville, Va.; and Morgantown, W. Va., Bowling Green, Ohio; Athens, Ohio; Laramie, Wyo.; Troy, Ala.; and Ames, Iowa, the average prices reflected in the study were from local Multiple Listing Service data collected on Oct. 2, 2007. 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 provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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