College Town Real Estate: How Much a House Will Cost You In Every State

Vibrant, youthful and packed with plenty to do, college towns can be great places to live — and with a never-ending stream of potential renters, they’re also fantastic spots for investment properties.

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Outside of a large number of student housing options, there is ample opportunity for the college student population or other residents to make solid real estate investments.

GOBankingRates conducted a study that analyzed the cost of living, home values, mortgage payments and more in the biggest college town in every state. Here are some key takeaways:

• The most expensive estimated average mortgage payment comes from Cambridge, Massachusetts with a whopping $10,683 a month.

• The city with the largest percentage of people in college or a graduate program is 65.5% for State College, Pennsylvania.

• Berkeley, Boulder, Honolulu, Cambridge and Hanover all have average home values over the $1 million mark.

Many of the cities listed have multiple colleges as well as a major university. Keep reading to learn what it takes to own a home in the most college-centric town in every state.

Troy, Alabama: Home to Troy University

• Population: 17,757

• Percentage of population in college: 31.00%

• Household median income: $38,783

• Average home value: $185,187

• Average mortgage cost: $1,134

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Fairbanks, Alaska: Home to the University of Alaska Fairbanks

• Population: 32,496

• Percentage of population in college: 7.00%

• Household median income: $69,914

• Average home value: $292,005

• Average mortgage cost: $1,787

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Flagstaff, Arizona: Home to Northern Arizona University

• Population: 76,177

• Percentage of population in college: 29.10%

• Household median income: $65,652

• Average home value: $684,866

• Average mortgage cost: $4,192

Fayetteville, Arkansas: Home to the University of Arkansas

• Population: 95,022

• Percentage of population in college: 22.40%

• Household median income: $56,881

• Average home value: $357,764

• Average mortgage cost: $2,190

Berkeley, California: Home to the University of California, Berkeley

• Population: 121,385

• Percentage of population in college: 27.30%

• Household median income: $104,716

• Average home value: $1,538,238

• Average mortgage cost: $9,416

Boulder, Colorado: Home to the University of Colorado

• Population: 106,598

• Percentage of population in college: 30.90%

• Household median income: $80,243

• Average home value: $1,188,427

• Average mortgage cost: $7,275

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Hartford, Connecticut: Home to Trinity College and Uconn

• Population: 121,057

• Percentage of population in college: 9.70%

• Household median income: $41,841

• Average home value: $231,873

• Average mortgage cost: $1,419

Dover, Delaware: Home to Deleware State University

• Population: 38,879

• Percentage of population in college: 15.20%

• Household median income: $54,438

• Average home value: $321,989

• Average mortgage cost: $1,971

Gainesville, Florida: Home to the University of Florida

• Population: 142,414

• Percentage of population in college: 35.40%

• Household median income: $43,783

• Average home value: $319,828

• Average mortgage cost: $1,958

Athens, Georgia: Home to the University of Georgia

• Population: 126,672

• Percentage of population in college: 26.90%

• Household median income: $47,798

• Average home value: $334,112

• Average mortgage cost: $2,045

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Honolulu, Hawaii: Home to the University of Hawaii at Manoa

• Population: 348,547

• Percentage of population in college: 7.60%

• Household median income: $82,772

• Average home value: $1,320,402

• Average mortgage cost: $8,083

Rexburg, Idaho: Home to Brigham Young University

• Population: 38,803

• Percentage of population in college: 54.00%

• Household median income: $46,286

• Average home value: $412,607

• Average mortgage cost: $2,526

Macomb, Illinois: Home to Western Illinois University

• Population: 15,207

• Percentage of population in college: 28.70%

• Household median income: $35,064

• Average home value: $101,626

• Average mortgage cost: $622

Upland, Indiana: Taylor University

• Population: 3,963

• Percentage of population in college: 36.70%

• Household median income: $67,813

• Average home value: $208,476

• Average mortgage cost: $1,276

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Ames, Iowa: Home to Iowa State University

• Population: 66,265

• Percentage of population in college: 44.30%

• Household median income: $57,428

• Average home value: $309,723

• Average mortgage cost: $1,896

Manhattan, Kansas: Home to Kansas State University

• Population: 54,287

• Percentage of population in college: 33.30%

• Household median income: $55,316

• Average home value: $264,386

• Average mortgage cost: $1,618

Morehead, Kentucky: Home to Morehead State University

• Population: 7,001

• Percentage of population in college: 47.30%

• Household median income: $32,020

• Average home value: $151,658

• Average mortgage cost: $928

Ruston, Louisiana: Home to Louisiana Tech University

• Population: 22,282

• Percentage of population in college: 31.30%

• Household median income: $32,877

• Average home value: $214,451

• Average mortgage cost: $1,313

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Farmington, Maine: Home to the University of Maine at Farmington

• Population: 4,318

• Percentage of population in college: 29.70%

• Household median income: $40,350

• Average home value: $259,536

• Average mortgage cost: $1,589

College Park, Maryland: Home to the University of Maryland

• Population: 34,416

• Percentage of population in college: 51.60%

• Household median income: $76,973

• Average home value: $446,382

• Average mortgage cost: $2,732

Cambridge, Massachusetts: Home to MIT and Harvard University

• Population: 117,962

• Percentage of population in college: 23.90%

• Household median income: $121,539

• Average home value: $1,745,218

• Average mortgage cost: $10,683

Ann Arbor, Michigan: Home to the University of Michigan

• Population: 122,216

• Percentage of population in college: 36.10%

• Household median income: $78,546

• Average home value: $533,630

• Average mortgage cost: $3,267

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Duluth, Minnesota: Home to the University of Minnesota and Lake Superior College

• Population: 86,772

• Percentage of population in college: 15.90%

• Household median income: $63,545

• Average home value: $258,142

• Average mortgage cost: $1,580

Oxford, Mississippi: Home to the University of Mississippi

• Population: 25,713

• Percentage of population in college: 24.70%

• Household median income: $56,784

• Average home value: $345,046

• Average mortgage cost: $2,112

Columbia, Missouri: Home to the University of Missouri

• Population: 126,172

• Percentage of population in college: 23.10%

• Household median income: $60,455

• Average home value: $298,775

• Average mortgage cost: $1,829

Bozeman, Montana: Home to Montana State University

• Population: 53,500

• Percentage of population in college: 24.80%

• Household median income: $74,113

• Average home value: $822,254

• Average mortgage cost: $5,033

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Wayne, Nebraska: Home to Wayne State College

• Population: 5,973

• Percentage of population in college: 33.10%

• Household median income: $51,399

• Average home value: $205,849

• Average mortgage cost: $1,260

Reno, Nevada: Home to the University of Nevada

• Population: 265,196

• Percentage of population in college: 8.60%

• Household median income: $73,073

• Average home value: $557,948

• Average mortgage cost: $3,415

Hanover, New Hampshire: Home to Dartmouth College

• Population: 8,234

• Percentage of population in college: 49.60%

• Household median income: $111,958

• Average home value: $1,044,110

• Average mortgage cost: $6,391

Princeton, New Jersey: Home to Princeton University

• Population: 30,450

• Percentage of population in college: 28.30%

• Household median income: $176,695

• Average home value: $967,775

• Average mortgage cost: $5,924

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Las Cruces, New Mexico: Home to New Mexico State University

• Population: 111,273

• Percentage of population in college: 13.40%

• Household median income: $51,013

• Average home value: $286,500

• Average mortgage cost: $1,754

Syracuse, New York: Home to Syracuse University

• Population: 146,134

• Percentage of population in college: 16.20%

• Household median income: $43,584

• Average home value: $179,513

• Average mortgage cost: $1,099

Greenville, North Carolina: Home to East Carolina University

• Population: 87,894

• Percentage of population in college: 23.60%

• Household median income: $47,485

• Average home value: $254,133

• Average mortgage cost: $1,556

Grand Forks, North Dakota: Home to the University of North Dakota

• Population: 58,935

• Percentage of population in college: 20.40%

• Household median income: $59,079

• Average home value: $264,555

• Average mortgage cost: $1,619

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Athens, Ohio: Home to Ohio University

• Population: 22,698

• Percentage of population in college: 59.20%

• Household median income: $34,493

• Average home value: $223,978

• Average mortgage cost: $1,371

Stillwater, Oklahoma: Home to Oklahoma State University

• Population: 48,644

• Percentage of population in college: 40.90%

• Household median income: $39,998

• Average home value: $240,104

• Average mortgage cost: $1,470

Corvallis, Oregon: Home to Oregon State University

• Population: 60,050

• Percentage of population in college: 33.10%

• Household median income: $61,610

• Average home value: $546,527

• Average mortgage cost: $3,345

State College, Pennsylvania: Home to Penn State

• Population: 40,902

• Percentage of population in college: 65.50%

• Household median income: $43,459

• Average home value: $386,204

• Average mortgage cost: $2,364

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Providence, Rhode Island: Home to Providence College and Brown University

• Population: 189,715

• Percentage of population in college: 14.00%

• Household median income: $61,365

• Average home value: $383,327

• Average mortgage cost: $2,346

Columbia, South Carolina: Home to the University of South Carolina

• Population: 136,754

• Percentage of population in college: 18.30%

• Household median income: $54,095

• Average home value: $231,564

• Average mortgage cost: $1,417

Vermillion, South Dakota: Home to the University of South Dakota

• Population: 11,667

• Percentage of population in college: 37.10%

• Household median income: $47,813

• Average home value: $235,830

• Average mortgage cost: $1,444

Martin, Tennessee: Home to the University of Tennessee at Martin

• Population: 10,823

• Percentage of population in college: 27.90%

• Household median income: $38,235

• Average home value: $194,175

• Average mortgage cost: $1,189

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College Station, Texas: Home to Texas A&M University

• Population: 120,451

• Percentage of population in college: 39.90%

• Household median income: $52,397

• Average home value: $350,767

• Average mortgage cost: $2,147

Ogden, Utah: Home to Weber State University

• Population: 86,754

• Percentage of population in college: 7.10%

• Household median income: $66,226

• Average home value: $393,998

• Average mortgage cost: $2,412

Middlebury, Vermont: Home to Middlebury College

• Population: 6,913

• Percentage of population in college: 42.30%

• Household median income: $76,420

• Average home value: $432,608

• Average mortgage cost: $2,648

Lexington, Virginia: Home to Washington and Lee and University

• Population: 7,346

• Percentage of population in college: 50.20%

• Household median income: $93,651

• Average home value: $315,081

• Average mortgage cost: $1,929

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Pullman, Washington: Home to Washington State University

• Population: 31,972

• Percentage of population in college: 49.90%

• Household median income: $41,479

• Average home value: $426,916

• Average mortgage cost: $2,613

Morgantown, West Virginia: Home to West Virginia University

• Population: 30,220

• Percentage of population in college: 42.60%

• Household median income: $41,103

• Average home value: $272,821

• Average mortgage cost: $1,670

Whitewater, Wisconsin: Home to University of Wisconsin

• Population: 15,725

• Percentage of population in college: 47.30%

• Household median income: $46,135

• Average home value: $307,925

• Average mortgage cost: $1,885

Laramie, Wyoming: Home to the University of Wyoming

• Population: 31,735

• Percentage of population in college: 33.10%

• Household median income: $50,539

• Average home value: $356,762

• Average mortgage cost: $2,184

Methodology: For this study, GOBankingRates analyzed each state to find cities with major college populations to find the cost of an average home in each college town. Using Niche.com’s College List, GOBankingRates created a list of college towns in each state. For each city a number of factors were found including; total population, total households, population attending college or graduate school, and median household income sourced from the US Census American Community Survey. The average home value for single family homes from March 2024 was sourced from Zillow Home Value Index, assuming a 10% downpayment, and using the national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each college town. For each city the average expenditure costs were calculated by finding the cost of living indexes as sourced from Sperling’s BestPlaces and using the average expenditure costs to find the average expenditure costs in each city. Adding the expenditure costs to the mortgage cost gives and average total cost of living. The livability index was sourced from AreaVibes for each city and is included as supplemental information. The population in college or graduate programs was used to calculate percent population in college or graduate programs. The states were sorted to show the highest percent populated of the college town attending college or graduate programs. All data was collected on and is up-to-date as-of May 8th, 2024.

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This article originally appeared on GOBankingRates.com: College Town Real Estate: How Much a House Will Cost You In Every State