Coldwell Banker Real Estate LLC

Home Buying 101: Coldwell Banker Real Estate Annual Listing Finds College Towns Are Undiscovered, Affordable and Stable Markets For Home Buyers

Coldwell Banker College Home Price Comparison Index: Average Four-Bedroom Home Costs Less Than $250,000 in 62 Percent of College Markets Surveyed

PARSIPPANY, N.J. (Nov. 5, 2009) – Every fall, college football fans feel nostalgic for the tradition, lifestyle and spirit of their college towns as they cheer on their favorite teams. This year’s Coldwell Banker® College Home Price Comparison Index (HPCI) reveals that these school-centric areas also sport very affordable homes, in addition to the culture and economic stability associated with higher education institutions – making them great areas to purchase real estate.

The annual College HPCI released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 square foot, four-bedroom, two-and-a-half bathroom homes in college markets home to the 120 Football Bowl Subdivision schools. This year, Akron, Ohio (University of Akron) is ranked as the most affordable college town, where a typical four-bedroom home costs $121,885. Muncie, Ind. (Ball State University) took the No. 2 spot at $144,996. Ann Arbor, Mich. (a quintessential college town home to the University of Michigan) came in as the No. 3 most affordable college market, where the sample size home only costs $148,000.

Overall, the 2009 College HPCI revealed that real estate buyers can find a typical four-bedroom home for less than $250,000 in 62 percent of the college markets surveyed (72 total), including iconic American college towns such as:

Syracuse, N.Y (Syracuse University): $171,711
South Bend, Ind. (University of Notre Dame) $183,938
Athens, Ga. (University of Georgia): $205,862
Oxford, Miss. (University of Mississippi): $212,000
Knoxville, Tenn. (University of Tennessee): $223,850

Further research indicates that the charm and affordability of college towns is appealing to more than just students. According to the U.S. Census Bureau's 2008 American Community Survey; Austin, Texas (University of Texas), Provo, Utah (Brigham Young University), and Raleigh, N.C. (North Carolina State University) were among the metropolitan cities with the greatest population growth in 2008. In all three rising cities, home buyers can find a four-bedroom home for very a reasonable price; only $226,642 in Austin; $231,000 in Provo; and $241,462 in Raleigh.

“College markets have long-been one of the real estate industry best-kept secrets,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Real estate professionals have been investing in college towns for years, often purchasing homes for their children who are attending school. However, these vibrant cities are not only for students; many empty nesters and families are attracted to the health care systems, culture and overall quality of life that college towns offer.”

While real estate in college markets may be an undiscovered gem, pride for teams and alma maters are definitely not under-wraps, regardless of how pricey the school or city. For an added perspective, Coldwell Banker asked fans to share “what’s best” about living in their college towns for its new Coldwell Banker On Location video: http://www.youtube.com/watch?v=E0S7eKOih7k.

More expensive college towns are also worth the investment for many people. For example, students have been competing for years to get accepted into prestigious schools like Stanford University, despite its high tuition and cost of living. Located in the most expensive college market in the nation (Palo Alto, Calif.), an average 2,200 square foot home costs a whopping $1.49 million.

The Coldwell Banker College HPCI specifically examines the home markets in 120 Football Bowl Subdivision schools. Additional information about this year’s College HPCI and the original Coldwell Banker HPCI study, which ranked 315 markets across the U.S. and Puerto Rico in affordability for the same 2,200 square-foot subject home, is available at http://hpci.coldwellbanker.com.

2009 Coldwell Banker College HPCI – Highlights & Interesting Real Estate Related Facts:

This year, there is a $1,367,841 price difference between the sample size four-bedroom home in the most affordable college town (Akron, Ohio) and most expensive college market (Palo Alto, Calif.).
Five schools with football-teams-to-watch this year currently ranked in the BCS top 25 standings are also front-runners for home buyers:
- Fort Worth, Texas (Texas Christian University), $153,450
- Houston, Texas (University of Houston), $159,847
- Cincinnati, Ohio (University of Cincinnati), $189,750
- Boise, Idaho (Boise State University), $215,432
- Iowa City, Iowa (University of Iowa), $217,500

The Mid American Conference is the most affordable conference overall, where a typical four-bedroom home costs an average of $182,322.

The top 10 most affordable college markets for home prices in 2009 are:

Rank	School	Town, State	2009 Average Home Price
1	University of Akron	Akron, Ohio	$121,885
2	Ball State University	Muncie, Ind.	$144,996
3	University of Michigan	Ann Arbor, Mich.	$148,000
4	Eastern Michigan University	Ypsilanti, Mich.	$151,500
5	Texas Christian University	Fort Worth, Texas	$153,450
6	University of Tulsa	Tulsa, Okla.	$154,800
7	University of North Texas	Denton, Texas	$154,900
8	Rice University & University of Houston	Houston, Texas	$159,847
9	Indiana University	Bloomington, Ind.	$164,433
10	Kent State University	Kent, Ohio	$165,700

The top 10 most expensive college markets for home prices in 2009 are:

Rank	School	Town, State	2009 Average Home Price
1	Stanford University	Palo Alto, Calif.	$1,489,726
2	University of California LA & University of Southern California	Los Angeles, Calif.	$1,347,125
3	Boston College	Boston/Chestnut Hill, Mass.	$1,337,578
4	University of California Berkeley	Berkeley, Calif.	$1,299,750
5	San Jose State University	San Jose, Calif.	$808,926
6	University of Hawaii	Honolulu, Hawaii	$712,500
7	United States Naval Academy	Annapolis, Md.	$687,475
8	Northwestern University	Evanston, Ill.	$663,250
9	University of Colorado	Boulder, Colo.	$622,000
10	University of Washington	Seattle, Wash.	$568,317

The following is a complete list of all of the 120 schools ranked:

Rank	School	Town, State	2009 Average Home Price
1	University of Akron	Akron, Ohio	$121,885
2	Ball State University	Muncie, Ind.	$144,996
3	University of Michigan	Ann Arbor, Mich.	$148,000
4	Eastern Michigan University	Ypsilanti, Mich.	$151,500
5	Texas Christian University	Fort Worth, Texas	$153,450
6	University of Tulsa	Tulsa, Okla.	$154,800
7	University of North Texas	Denton, Texas	$154,900
8	Rice University & University of Houston	Houston, Texas	$159,847
9	Indiana University	Bloomington, Ind.	$164,433
10	Kent State University	Kent, Ohio	$165,700
11	Western Kentucky University	Bowling Green, Ky.	$166,333
12	Marshall University	Huntington, W. Va.	$166,566
13	University of Louisiana Monroe	Monroe, La.	$170,625
14	Syracuse University	Syracuse, N.Y.	$171,711
15	Oklahoma State University	Stillwater, Okla.	$173,667
16	Mississippi State University	Starkville, Miss.	$173,681
17	Texas Tech University	Lubbock, Texas	$175,225
18	University of Memphis	Memphis, Tenn.	$175,770
19	Bowling Green State University	Bowling Green, Ohio	$175,933
20	Middle Tennessee State University	Murfreesboro, Tenn.	$176,742
21	Ohio University	Athens, Ohio	$180,950
22	Utah State University	Logan, Utah	$181,175
23	University of Notre Dame	South Bend, Ind.	$183,938
24	Arkansas State University	Jonesboro, Ark.	$184,925
25	Northern Illinois University	DeKalb, Ill.	$185,500
26	Michigan State University	East Lansing, Mich.	$187,000
27	Western Michigan University	Kalamazoo, Mich.	$187,200
28	University of Kentucky	Lexington, Ky.	$188,017
29	Purdue University	Lafayette, Ind.	$189,000
30	University of Cincinnati	Cincinnati, Ohio	$189,750
31	University of South Carolina	Columbia, S.C.	$191,075
32	University of Louisiana Lafayette	Lafayette, La.	$194,939
33	Central Michigan University	Mt. Pleasant, Mich.	$195,014
34	University of Southern Mississippi	Hattiesburg, Miss.	$195,675
35	University of Louisville	Louisville, Ky.	$198,721
36	University of Missouri	Columbia, Mo.	$199,167
37	United States Air Force Academy	Colorado Springs, Colo.	$200,002
38	Baylor University	Waco, Texas	$201,000
39	University of Oklahoma	Norman, Okla.	$204,475
40	University of Georgia	Athens, Ga.	$205,862
41	University of Alabama	Tuscaloosa, Ala.	$206,267
42	Troy University	Troy, Ala.	$206,800
43	University of Toledo	Toledo, Ohio	$210,000
44	University of Mississippi	Oxford, Miss.	$212,000
45	University of Nevada Las Vegas	Las Vegas, Nev.	$213,120
46	University of Kansas	Lawrence, Kan.	$213,300
47	Miami University	Oxford, Ohio	$213,700
48	University of New Mexico	Albuquerque, N.M.	$215,059
49	Boise State University	Boise, Idaho	$215,432
50	University of Arkansas	Fayetteville, Ark.	$216,125
51	University of Iowa	Iowa City, Iowa	$217,500
52	University of Texas El Paso	El Paso, Texas	$218,000
53	Clemson University	Clemson, S.C.	$222,767
54	East Carolina University	Greenville, N.C.	$222,967
55	University of Tennessee	Knoxville, Tenn.	$223,850
56	Kansas State University	Manhattan, Kan.	$224,900
57	Duke University	Durham, N.C.	$225,338
58	Texas A&M University	College Station, Texas	$226,500
59	University of Texas	Austin, Texas	$226,642
60	University of Arizona	Tucson, Ariz.	$227,470
61	Fresno State University	Fresno, Calif.	$229,285
62	University of Illinois	Champaign, Ill.	$229,375
63	Iowa State University	Ames, Iowa	$229,600
64	University of Alabama Birmingham	Birmingham, Ala.	$229,675
65	Brigham Young University	Provo, Utah	$231,000
66	Colorado State University	Fort Collins, Colo.	$234,485
67	Vanderbilt University	Nashville, Tenn.	$235,336
68	University of Nebraska	Lincoln, Neb.	$236,700
69	University of Pittsburgh	Pittsburgh, Pa.	$241,125
70	North Carolina State University	Raleigh, N.C.	$241,462
71	New Mexico State University	Las Cruces, N.M.	$244,625
72	University of South Florida	Tampa, Fla.	$244,652
73	Louisiana State University	Baton Rouge, La.	$247,265
74	University of Maryland	College Park, Md.	$253,975
75	Tulane University	New Orleans, La.	$255,066
76	University of Buffalo	Buffalo, N.Y.	$255,480
77	Rutgers University	New Brunswick, N.J.	$256,667
78	University of Central Florida	Orlando, Fla.	$260,000
79	West Virginia University	Morgantown, W.Va.	$263,167
80	University of Wyoming	Laramie, Wyo.	$267,333
81	University of Idaho	Moscow, Idaho	$269,000
82	University of North Carolina	Chapel Hill, N.C.	$269,425
83	University of Nevada	Reno, Nev.	$272,309
84	Louisiana Tech University	Ruston, La.	$275,500
85	Arizona State University	Tempe, Ariz.	$277,250
86	Wake Forest University	Winston-Salem, N.C.	$279,241
87	University of Florida	Gainesville, Fla.	$282,934
88	Washington State University	Pullman, Wash.	$283,333
89	Georgia Tech University	Atlanta, Ga.	$287,250
90	Auburn University	Auburn, Ala.	$287,339
91	Virginia Tech University	Blacksburg/Roanoke, Va.	$290,725
92	University of Utah	Salt Lake City, Utah	$291,000
93	Florida State University	Tallahassee, Fla.	$295,750
94	University of Wisconsin	Madison, Wis.	$298,000
95	United States Military Academy	West Point, N.Y.	$301,967
96	Ohio State University	Columbus, Ohio	$307,250
97	Penn State University	State College, Pa.	$309,850
98	University of Oregon	Eugene, Ore.	$314,038
99	Oregon State University	Corvallis, Ore.	$317,667
100	University of Virginia	Charlottesville, Va.	$323,233
101	Southern Methodist University	Dallas, Texas	$332,375
102	University of Connecticut	Storrs, Conn.	$333,133
103	University of Minnesota	Minneapolis, Minn.	$364,000
104	Florida Atlantic University	Boca Raton, Fla.	$414,650
105	San Diego State University	San Diego, Calif.	$461,432
106	Temple University	Philadelphia, Pa.	$472,396
107	Florida International University & University of Miami	Miami, Fla.	$510,000
108	University of Washington	Seattle, Wash.	$568,317
109	University of Colorado	Boulder, Colo.	$622,000
110	Northwestern University	Evanston, Ill.	$663,250
111	United States Naval Academy	Annapolis, Md.	$687,475
112	University of Hawaii	Honolulu, Hawaii	$712,500
113	San Jose State University	San Jose, Calif.	$808,926
114	University of California Berkeley	Berkeley, Calif.	$1,299,750
115	Boston College	Boston/Chestnut Hill, Mass.	$1,337,578
116	University of California LA & University of Southern California	Los Angeles, Calif.	$1,347,125
117	Stanford University	Palo Alto, Calif.	$1,489,726

The below chart ranks BCS top 25 college football teams in affordability (as of Sunday, November 1, 2009):

BCS Standing	School	Town, State	2009 Average Home Price	College HPCI Ranking
1	University of Florida	Gainesville, Fla.	$282,934	87
2	University of Texas	Austin, Texas	$226,642	59
3	University of Alabama	Tuscaloosa, Ala.	$206,267	41
4	University of Iowa	Iowa City, Iowa	$217,500	51
5	University of Cincinnati	Cincinnati, Ohio	$189,750	30
6	Texas Christian University	Fort Worth, Texas	$153,450	5
7	Boise State University	Boise, Idaho	$215,432	49
8	University of Oregon	Eugene, Ore.	$314,038	98
9	Louisiana State University	Baton Rouge, La.	$247,265	73
10	Georgia Tech University	Atlanta, Ga.	$287,250	89
11	Penn State University	State College, Pa.	$309,850	97
12	University of Southern California	Los Angeles, Calif.	$1,347,125	116
13	University of Pittsburgh	Pittsburgh, Pa.	$241,125	69
14	University of Utah	Salt Lake City, Utah	$291,000	92
15	University of Houston	Houston, Texas	$159,847	8
16	Ohio State University	Columbus, Ohio	$307,250	96
17	University of Miami	Miami, Fla.	$510,000	107
18	University of Arizona	Tucson, Ariz.	$227,470	60
19	Oklahoma State University	Stillwater, Okla.	$173,667	15
20	University of California Berkeley	Berkeley, Calif.	$1,299,750	114
21	University of Wisconsin	Madison, Wis.	$298,000	94
22	University of Notre Dame	South Bend, Ind.	$183,938	23
23	Virginia Tech University	Blacksburg/Roanoke, Va.	$290,725	91
24	University of Oklahoma	Norman, Okla.	$204,475	39
25	University of South Florida	Tampa, Fla.	$244,652	72

The below chart ranks the Football Bowl Subdivision conferences in affordability:

College HPCI Ranking	Conference	2009 Average Home Price
1	Mid American	$182,322
2	Conference USA	$210,882
3	SEC	$222,479
4	Big East	$237,366
5	Sun Belt	$242,213
6	Big 12	$244,431
7	Mountain West	$251,876
8	Big 10	$279,787
9	WAC	$356,528
10	ACC	$378,062
11	Independent	$411,444
12	Pac 10	$747,180

Methodology – 2009 Coldwell Banker^Ò 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 real estate listings in 2009 or a comparative market analysis of homes previously sold. Because no Coldwell Banker real estate offices serve Troy, Ala., Tuscaloosa, Ala.; Ames, Iowa; Bloomington, Ind.; Athens, Ohio; Bowling Green, Ohio; Stillwater, Okla.; Charlottesville, Va.; Huntington, W. Va.; Morgantown, W. Va., and Laramie, Wyo. the average prices reflected in the study were from local Multiple Listing Service (MLS) data collected in September 2009. The criteria for the College HPCI subject home is: single-family dwelling, 2,200 square feet (approximately), four bedrooms, two and one-half baths.

About Coldwell Banker^®

Since 1906, the Coldwell Banker^® organization (www.coldwellbanker.com) has been a premier full-service real estate provider. The Coldwell Banker system has approximately 3,300 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. 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.

2009 College Home Price Comparison Index