An annual index comparing home prices in 120 college-town markets revealed a $1.37 million price difference between homes of similar characteristics in Akron, Ohio, and Palo Alto, Calif.
Akron, home to the University of Akron, ranks as the most affordable college town tracked by Coldwell Banker, with a $121,885 price tag for a typical four-bedroom, 2.5-bath home that averages 2,200 square feet.
That compares to comparably sized homes surrounding Stanford University in Palo Alto, Calif., which cost $1.49 million, according to Coldwell Banker Real Estate LLC’s College Home Price Comparison Index.
The study found that a typical four-bedroom home sells for less than $250,000 in 62 percent of the college markets surveyed. The selected markets are all home to Football Bowl Subdivision colleges.
Among the most affordable college markets for comparable homes: Muncie, Ind. (Ball State University), $144,996; Ann Arbor, Mich. (University of Michigan), $148,000; Ypsilanti, Mich. (Eastern Michigan University), $151,500; and Fort Worth, Texas (Texas Christian University), $153,450, according to the report.
And among the highest-cost college-town markets tracked by Coldwell Banker: Los Angeles, Calif. (University of California, Los Angeles, and University of Southern California) $1.35 million; Boston-Chestnut Hill, Mass. (Boston College) $1.34 million; Berkeley, Calif. (University of California, Berkeley) $1.3 million; and San Jose, Calif. (San Jose State University) $808,926.
Coldwell Banker also released a video with interviewees describing what they like best about their college towns.
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