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Coldwell Banker College Town HPCI 2006 save   TULSA, OKLA., TOPS COLDWELL BANKER® STUDY AS NATION'S MOST AFFORDABLE COLLEGE TOWNColdwell Banker Study Evaluates Home Prices in All Division I-A College TownsPARSIPPANY, N.J. (October 31, 2006) — Turning leaves, tailgates and an influx of alumni and fans to America's major colleges and universities are the hallmark of college football season. But after the final whistle has blown, more and more people are realizing that the towns they are visiting for the game are, in fact, enjoyable places in which to live. And, according to the second annual Coldwell Banker® College Home Price Comparison Index (HPCI), many of these locations are quite affordable as well. In fact, the study found that more than one-third of the markets that are home to the 119 Division I-A schools feature 2,200 square foot homes priced at or below the national median existing-home price of $225,0001.
The Coldwell Banker College HPCI found that Tulsa, Okla., home to the University of Tulsa Golden Hurricanes, ranks as the most affordable college town in the study, with an average home price of $148,575. Palo Alto, Calif., home to the Stanford University Cardinal, emerged for the second year in a row as the most expensive college town in the index at $1,652,042. The Mid-American conference ranked as the most affordable league with homes priced at $221,541, while the PAC-10 was the most expensive conference at $812,632.
Columbus, Ohio, home to Bowl Series Championship leader Ohio State University, was number 62 on the affordability ranking at $251,364, approximately $108,000 less than the national average of $359,779 for the 119 studied college markets.
The Coldwell Banker College Market HPCI evaluated average home values for a single-family dwelling in a middle-management community measuring approximately 2,200 square feet with four bedrooms, two and one-half baths, a family room (or equivalent) and two-car garage2. The study examined all 119markets that are home to Division I-A schools.
"College towns have so much to offer residents, such as employment, continuing education, cultural opportunities and, of course, sports," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "The social and economic draw of these communities is enticing. Many of these markets are very attractive to Baby Boomers who want to downsize or retire from urban areas, as well as first-time home buyers who are just entering the marketplace and realizing how far their money can go."
Gillespie also states that a consumer can find an enhanced HPCI section on www.coldwellbanker.com, including data from the full Coldwell Banker HPCI previously released on September 27, 2006, which ranked 317 markets across the United States and Puerto Ricoin affordability for the same 2,200 square foot subject home.
The top 10 most affordable college markets for home prices in 2006 are:
The top 10 most expensive college markets for home prices in 2006 are:
The following charts rank Division 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:
Methodology — 2006 Coldwell Banker® College Home Price Comparison Index: Coldwell Banker Real Estate Corporation 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 2006 or a comparative market analysis of homes sold in 2005. Because no Coldwell Banker offices serve Tuscaloosa, AL; Stillwater, OK; Lincoln, NE; Charlottesville, VA; and Morgantown, WV, Bowling Green, OH, Athens, OH, Laramie, WY, Troy, AL, Moscow, ID, and Ames, IA the average prices reflected in the study were from local Multiple Listing Service data collected on Oct. 19, 2006. The criteria for the College HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)2, 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. 1 National Association of Realtors (NAR) reports Existing Home Medium Price for August 2006 at $225,000. 2 2,200 square feet was the baseline figure used as size criteria for the College HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.
The Coldwell Banker® College Home Price Comparison Index (HPCI) is not intended and should not be deemed to be a definitive determination of price for any particular real estate. While the College HPCI offers insight into housing costs, Coldwell Banker Real Estate Corporation recommends that potential homebuyers and sellers conduct additional research and work with a reputable real estate professional on their specific needs.
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 3,500 residential real estate offices and approximately 100,000 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. |
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© 2009
Coldwell Banker Real Estate LLC.
Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC.
An Equal Opportunity Company.
Equal Housing Opportunity.
Each Office Is Independently Owned and Operated.
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