COLDWELL BANKER RANKS MAJOR COLLEGE FOOTBALL TOWN HOME AFFORDABILITY WITH FOURTH ANNUAL COLLEGE HOME PRICE COMPARISON INDEX
BOWLING GREEN’S AVERAGE SALES PRICE IS $199,588 AND RANKS AS ONE OF THE NATION’S AFFORDABLE COLLEGE TOWNS
Bowling Green, KY (November 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), including Bowling Green, KY.
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.
This year, the Coldwell Banker College HPCI also found that Bowling Green, KY is one of the affordable college towns in the Sun Belt Conference, with home prices in 2008 averaging $199,588. Bowling Green, KY ranks comparably with other such college towns as Syracuse, NY and East Lansing, MI.
“Real estate in college towns such as Bowling Green, KY can be a very smart investment, especially when the family’s college student can live in the home,” said John Huggins, President and CEO of Coldwell Banker Legacy Real Estate Group. Instead of pouring money into rent, students can gain a sense of responsibility, and a roommate 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.”
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 Ball State University Muncie, Ind. $144,250
3 Texas Christian University Fort Worth, Texas $148,625
4 University of Tulsa Tulsa, Okla. $154,200
5 University of Toledo Toledo, Ohio $155,900
6 University of Houston Houston, Texas $158,412
Rice University Houston, Texas $158,412
8 University of Louisiana Monroe Monroe, La. $166,109
9 Eastern Michigan University Ypsilanti, Mich. $166,750
10 Oklahoma State University Stillwater, Okla. $170,500
The top 10 most expensive college markets for home prices in 2008 are:
Rank School Town, State 2008 Avg. Price
1 Stanford University Palo Alto, Calif. $1,740,731
2 Boston College Boston, Mass. $1,381,250
3 University of California, Berkeley Berkeley, Calif. $1,299,750
4 University of California, Los Angeles Los Angeles, Calif. $1,090,884
University of Southern California Los Angeles, Calif. $1,090,884
6 San Jose State University San Jose, Calif. $1,077,575
7 University of Hawaii Honolulu, Hawaii $780,000
8 Northwestern University Evanston, Ill. $653,750
9 University of Miami Miami, Fla. $600,000
10 University of Colorado Boulder, Colo. $578,047
The following chart ranks Football Bowl Subdivision (I-A) college football conferences by affordability:
Rank School 2008 Avg. Price
1 Mid-American Conference $231,321
2 Conference USA $235,627
3 Big 12 Conference $248,026
4 Southeastern Conference $253,169
5 Big East Conference $283,203
6 Sun Belt Conference $287,548
7 Big Ten Conference $289,629
8 Mountain West Conference $304,609
9 Independent $400,123
10 Western Athletic Conference $407,728
11 Atlantic Coast Conference $410,945
12 Pac-10 Conference $735,822
The below chart ranks the BCS Top 25 college football teams in affordability:
BCS Standing 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 (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 Town, State 2008 Avg. Price
University of Akron Akron, Ohio $135,780
Ball State University Muncie, Ind. $144,250
University of Toledo Toledo, Ohio $155,900
Eastern Michigan University Ypsilanti, Mich. $166,750
Central Michigan University Mt. Pleasant, Mich. $182,825
Western Michigan University Kalamazoo, Mich. $221,050
Bowling Green State University Bowling Green, Ohio $223,503
Ohio University Athens, Ohio $223,925
Northern Illinois University DeKalb, Ill. $236,788
Kent State University Kent, Ohio $263,000
University at Buffalo Buffalo, N.Y. $264,900
Miami University Oxford, Ohio $276,750
Temple University Philadelphia, Pa. $511,750
Conference Average Price $231,321
Conference USA Town, State 2008 Avg. Price
University of Tulsa Tulsa, Okla. $154,200
University of Houston Houston, Texas $158,412
Rice University Houston, Texas $158,412
Marshall University Huntington, W. Va. $182,050
University of Southern Mississippi Hattiesburg, Miss. $188,035
University of Memphis Memphis, Tenn. $190,275
University of Texas El Paso 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
University of Central Florida Orlando, Fla. $343,333
Conference Average Price $235,627
Big 12 Conference Town, State 2008 Avg. Price
Oklahoma State University Stillwater, Okla. $170,500
Texas Tech University Lubbock, Texas $170,700
Baylor University Waco, Texas $184,325
University of Missouri Columbia, Mo. $205,300
University of Oklahoma Norman, Okla. $211,357
Iowa State University Ames, Iowa $213,450
Texas A&M University College Station, Texas $213,755
University of Kansas Lawrence, Kan. $239,412
University of Texas Austin, Texas $241,325
Kansas State University Manhattan, Kan. $266,921
University of Nebraska Lincoln, Neb. $281,217
University of Colorado Boulder, Colo. $ 578,047
Conference Average Price $248,026
Southeastern Conference Town, State 2008 Avg. Price
Mississippi State University Starkville, Miss. $186,383
University of South Carolina Columbia, S.C. $189,262
University of Tennessee Knoxville, Tenn. $208,637
Vanderbilt University Nashville, Tenn. $239,500
University of Georgia Athens, Ga. $244,967
University of Arkansas Fayetteville, Ark. $248,528
University of Alabama Tuscaloosa, Ala. $251,775
Louisiana State University Baton Rouge, La. $263,000
Auburn University Auburn, Ala. $282,600
University of Kentucky Lexington, Ky. $291,000
University of Florida Gainesville, Fla. $303,375
University of Mississippi Oxford, Miss. $329,000
Conference Average Price $253,169
Big East Conference 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 Conference Town, State 2008 Avg. Price
University of Louisiana at Monroe Monroe, La. $166,109
University of North Texas Denton, Texas $189,000
Western Kentucky University Bowling Green, KY $199,588
Troy University Troy, Ala. $204,633
Arkansas State University Jonesboro, Ark. $208,250
University of Louisiana at Lafayette Lafayette, La. $232,467
Middle Tennessee State University Murfreesboro, Tenn. $237,800
Florida Atlantic University Boca Raton, Fla. $462,125
Florida International University Miami, Fla. $600,000
Conference Average Price $277,744
Big Ten Conference Town, State 2008 Avg. Price
Purdue University 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 Conference Town, State 2008 Avg. Price
Texas Christian University Fort Worth, Texas $148,625
United States Air Force Academy Colorado Springs, Colo. $198,500
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
University of 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
Average Price $362,914
Western Athletic Conference Town, State 2008 Avg. Price
Utah State University Logan, Utah $199,850
Louisiana Tech University 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 University San Jose, Calif. $1,077,575
Conference Average Price $407,728
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 Boston, Mass. $1,381,250
Conference Average Price $410,945
Pac-10 Conference Town, State 2008 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. $584,500
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 3,700 residential real estate offices and 108,000 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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