Dec. 6, 2011 | WMU News
The report, released Nov. 15 by Coldwell Banker Real Estate LLC, examined a total of 117 markets in which NCAA Football Bowl Subdivision schools are located.
The Kalamazoo and Western Michigan University market came in fifth with an average price of $116,455. The top spot went to Memphis, Tenn., and the University of Memphis, where the average home price was $89,244.
Also coming in ahead of Kalamazoo in terms of affordability were the three Midwestern cities of Muncie, Ind., home to Ball State University; Ypsilanti, Mich., home to Eastern Michigan University; and Toledo, Ohio, home to the University of Toledo.
Towns that feature colleges and universities frequently number among the most desirable places to live in the United States.
Higher education institutions like WMU help build dynamic communities by contributing to local job stability, conducting research that spurs economic development and attracting employers in need of a highly talented labor pool. They also enrich the quality of life in their communities by providing a wide range of educational opportunities and a wealth of cultural and athletic events.
The 2011 College Home Listing Report found that three-bedroom homes cost less than $200,000 on average in nearly two-thirds of the college towns examined and less than $150,000 in nearly one-quarter of the towns.
To be included in the report, markets had to have had at least 10 sales listings for three-bedroom, two-bathroom properties on coldwellbanker.com between August 2010 and 2011. The market data collected encompassed property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same three-bedroom, two-bathroom criteria.
Most affordable markets
Rank | Market | College | Average listing price |
---|---|---|---|
1 | Memphis, Tenn. | University of Memphis | $89,244 |
2 | Muncie, Ind. | Ball State University | $107,346 |
3 | Ypsilanti, Mich. | Eastern Michigan University | $107,458 |
4 | Toledo, Ohio | University of Toledo | $112,688 |
5 | Kalamazoo | Western Michigan University | $116,455 |
6 | Buffalo, N.Y. | University of Buffalo | $123,212 |
7 | Las Vegas | University of Nevada, Las Vegas | $124,955 |
8 | Fort Worth, Texas | Texas Christian University | $128,491 | 9 | Kent, Ohio | Kent State University | $130,218 | 10 | Lafayette, Ind. | Purdue University | $132,910 |
Least affordable markets
Rank | Market | College | Average listing price |
---|---|---|---|
1 | Westwood, Los Angeles | University of California, Los Angeles | $1,271,428 |
2 | Palo Alto, Calif. | Stanford University | $1,232,070 |
3 | Honolulu | University of Hawaii | $779,419 |
4 | Los Angeles | University of Southern California | $733,473 |
5 | Boulder, Colo. | University of Colorado | $731,617 |
6 | Berkeley, Calif. | University of California, Berkeley | $695,520 |
7 | Chestnut Hill, Mass. | Boston College | $669,617 |
8 | Seattle | University of Washington | $570,535 | 9 | San Jose, Calif. | San Jose State University | $541,231 | 10 | Annapolis, Md. | United States Naval Academy | $522,420 |
For the full ranking as well as related information, visit Coldwell Banker online.
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Kalamazoo makes top 25 best cities for college grads | June 2, 2011