College town housing remains affordable, according to Coldwell Banker
According to a new report from Coldwell Banker, "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."
For this year, Akron, Ohio is the most affordable college town in America. A typical four-bedroom home costs just $121,885.
In addition, many college towns have not been hit hard by the subprime debacle or the broader real estate crisis. College town populations tend to be more educated than average -- with professors and administrators making up a large chunk of residents -- and their earnings patterns offer stability that doesn't lead to massive foreclosure figures. In addition, most college employees don't have subprime credit scores or overly aggressive spending patterns.
Best of all, towns with major state universities offer a stability of demand that can make them attractive for long-term income investors. And the budget crises affecting nearly every state in the union may actually work in investors' favor: It will be a long, long time before most states can even think about building new dormitories, no matter how crowded their campuses may be.