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Coldwell Banker Ranks College Town Home Affordability
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. (Nov. 18, 2008) – 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
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Ball State University
|
Muncie, Ind.
|
$144,250
|
|
3
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Texas Christian Univ.
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Fort Worth, Texas
|
$148,625
|
|
4
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University of Tulsa
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Tulsa, Okla.
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$154,200
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|
5
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University of Toledo
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Toledo, Ohio
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$155,900
|
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6
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University of Houston
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Houston, Texas
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$158,412
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|
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Rice
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Houston, Texas
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$158,412
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8
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Univ. of Louisiana Monroe
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Monroe, La.
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$166,109
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9
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Eastern Michigan Univ.
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Ypsilanti, Mich.
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$166,750
|
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10
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Oklahoma State Univ.
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Stillwater, Okla.
|
$170,500
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The top 10 most expensive college markets for home prices in 2008 are:
|
Rank
|
School
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Town, State
|
2008 Avg. Price
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|
1
|
Stanford
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Palo Alto, Calif.
|
$1,740,731
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|
2
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Boston College
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Boston, Mass.
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$1,381,250
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3
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Univ. of California, Berkeley
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Berkeley, Calif.
|
$1,299,750
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|
4
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Univ. of California, Los Angeles
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Los Angeles, Calif.
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$1,090,884
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|
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Univ. of Southern California
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Los Angeles, Calif.
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$1,090,884
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|
6
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San Jose State Univ.
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San Jose, Calif.
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$1,077,575
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7
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University of Hawaii
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Honolulu, Hawaii
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$780,000
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8
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Northwestern
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Evanston, Ill.
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$653,750
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9
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University of Miami
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Miami, Fla.
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$600,000
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10
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University of Colorado
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Boulder, Colo.
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$578,047
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The following chart ranks Football Bowl Subdivision (1-A) college football conferences by affordability:
|
Rank
|
School
|
2008 Avg. Price
|
|
1
|
Mid-American Conference |
$231,321
|
|
2
|
Conference USA |
$235,627
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3
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Big 12 Conference |
$248,026
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4
|
Southeastern Conference |
$253,169
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5
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Big East Conference |
$283,203
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6
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Sun Belt Conference |
$287,548
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7
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Big Ten Conference |
$289,629
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8
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Mountain West Conference |
$304,609
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9
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Independent |
$400,123
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10
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Western Athletic Conference |
$407,728
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11
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Atlantic Coast Conference |
$410,945
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12
|
Pac-10 Conference |
$735,822
|
The below chart ranks the BCS Top 25 college football teams in affordability:
|
Rank
|
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 (1-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:
|
Conference USA
|
Town, State
|
2008 Price
|
|
University of Tulsa
|
Tulsa, Okla.
|
$154,200
|
|
University of Houston
|
Houston, Texas
|
$158,412
|
|
Rice University
|
Houston, Texas
|
$158,412
|
|
Marshall
|
Huntington, W.Va.
|
$182,050
|
|
University of Southern Mississippi
|
Hattiesburg, Miss.
|
$188,035
|
|
University of Memphis
|
Memphis, Tenn.
|
$190,275
|
|
UTEP
|
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
|
|
UCF
|
Orlando, Fla.
|
$343,333
|
|
Conference Average Price
|
$235,627
|
|
Big East
|
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
|
Town, State
|
2008 Avg. Price
|
|
Louisiana-Monroe
|
Monroe, La.
|
$166,109
|
|
North Texas
|
Denton, Texas
|
$189,000
|
|
Troy
|
Troy, Ala.
|
$204,633
|
|
Arkansas State
|
Jonesboro, Ark.
|
$208,250
|
|
Louisiana-Lafayette
|
Lafayette, La.
|
$232,467
|
|
Middle Tennessee State
|
Murfreesboro, Tenn.
|
$237,800
|
|
Florida Atlantic
|
Boca Raton, Fla.
|
$462,125
|
|
Florida International
|
Miami, Fla.
|
$600,000
|
|
Conference Average Price
|
$287,548
|
|
Big Ten
|
Town, State
|
2008 Avg. Price
|
|
Purdue University
|
West 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
|
Town, State
|
2008 Avg. Price
|
|
Texas Christian University
|
Fort Worth, Texas
|
$148,625
|
|
Air Force
|
Colorado Springs, Colo.
|
$298,500
|
|
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
|
|
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
|
|
WAC
|
Town, State
|
2008 Avg. Price
|
|
Utah State University
|
Logan, Utah
|
$199,850
|
|
Louisiana Tech
|
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
|
San Jose, Calif.
|
$1,077,575
|
|
Conference Average Price
|
$407,575
|
|
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
|
Chestnut Hill, Mass.
|
$1,381,250
|
|
Conference Average Price
|
$410,945
|
|
PAC-10
|
Town, State
|
2008 Avg. 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.
|
$584,000
|
|
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 3,500 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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