Muncie, IN Muncie, Indiana (home of Ball State University) ranks 2nd in the nation in Coldwell Bankers 2011 Annual College Town Home Price Affordability Index. Each fall, college football fans and alumni feel nostalgic for the tradition, lifestyle and spirit of their college towns as they cheer on their favorite teams. This years Coldwell Banker College Home Price Affordability Index comparison reveals that these school-centric areas also sport very affordable homes, in addition to the culture and economic stability associated with institutions of higher education making them great areas in which to purchase real estate.
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The 2011 Annual College Town Home Price Affordability Index released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized three-bedroom, two bathroom executivetype residential homes in college markets home to 117 of the 120 Football Bowl Subdivision Schools. This year, Memphis, Tennessee (University of Memphis) is ranked as the most affordable college town, where a typical three-bedroom home costs $ 89,244. Muncie, Indiana (Ball State University) took the No. 2 spot in the index with $107,346. Ranked No. 3 was Ypsilanti, Michigan (Eastern Michigan University) with a home price average of $107,458.
According to the report, three-bedroom executive-type homes cost less than $200,000 on average in nearly two-thirds of the college towns included (76 markets( and less than $150,000 in nearly one-quarter (26 markets). The College Home Price Affordability Index helps focus attention to all the great attributes of Muncie and other college towns, said Monte Needler, Vice President of Sales for Coldwell Banker Lunsford. Here in Muncie we offer excellent home values in a wonderful community, and were seeing businesses wanting to locate here because of the economic, educational and cultural advantages of a college community.
Other Indiana Division I-A Football School participating college towns were ranked as follows:
Postal Service Gathering Input
on Potential Closings AT&T Plans Statewide Upgrade
Ivy Tech to Mark Largest Graduating Class
Purdue Research Park to Host High School Students
2nd Muncie Ball State University $107,346 10th West Lafayette Purdue University $132,910 30th South Bend University of Notre Dame $152,106
The top three most expensive college towns for the typical three-bedroom/two bath home are Westwood, Los Angeles, California (UCLA and USC) at $1,271,428; Palo Alto, California (Stanford University) at $1,232,070; and Honolulu, Hawaii (University of Hawaii) at $779,419.
Further research indicates that the charm and affordability of college towns is appealing to more than just students, with college towns typically high ranked in polls focusing on community growth and quality of living. College towns are also favorites of retirees, because of the cultural, educational and recreational advantages of the communities. Muncies affordability ranking proves that the area is a great place for people wanting to live in Florida or Arizona in the winter season to have a second home.
College markets, such as Muncie, have long-been one of the real estate industrys best-kept secrets, said Mike Lunsford, President and CEO of Coldwell Banker Lunsford Real Estate, based in Muncie. Real estate professionals have been quietly investing in college towns for years, often purchasing homes for their student-aged children to live in while attending school. College communities are also favored by empty-nesters and families attracted to the quality health care systems, culture attractions and overall quality of life that college towns, like Muncie, offer.
Coldwell Banker Lunsford serves the comprehensive residential and commercial real estate needs of East Central Indiana from regional offices at 3601. W. Bethel Ave., Muncie, IN 47304. Information: phone (765) 289.2228; toll-free 1.888.602.2228; or website www.cblunsford.com. Since 1906, the Coldwell Banker organization has been a premier provider of real estate services. The Coldwell Banker system has approximately 4,000 residential and commercial real estate offices and 127,700 sales associates in 30 countries and territories. Each office, such as Coldwell Banker l Lunsford, is independently owned and operated.
2011 College Home Listing Report Overview
The College Home Listing Report provides a snapshot view of the current real estate environment in local college towns by ranking the average home listing prices for three-bedroom, two-bathroom properties in markets home to the Football Bowl Subdivision schools.
This year, Coldwell Banker used a three-bedroom home as the sample size property, compared to the four-bedroom home used in last years report, because it is more indicative of the listings in these areas.
The study found that the majority of college towns are quite affordable, with a three-bedroom home costing less than $200,000 on average in nearly two-thirds of the markets (76 markets), and less than $150,000 in nearly a quarter of the college towns (26 markets).
Muncie ranks as the 2nd most affordable college town in the nation, where an average three-bedroom, two-bathroom home costs $107,346. Comparably, the same size home in South Bend (The University of Notre Dame) averages at $152,106.
To put it into perspective, a three-bedroom home costs $89,244 in the most affordable market, Memphis Tennessee, where University of Memphis is located, while the same home in the most expensive market, Westwood, California a section of Los Angeles, California which is home to UCLA, costs $1,271,428.
Coldwell Banker conducts this study to highlight the real estate market in college towns, because they are by and large great places to purchase a home for a host of reasons. Not only are many of them affordable, they are known for their vibrant culture, stable job markets and stellar healthcare systems often tied to strong university systems.
The full College Home Listing Report is available at hlr.coldwellbanker.com. The report was conducted by taking a snapshot of the residential real estate listings on www.coldwellbanker.com between August 2010 and August 2011 for real estate markets home to 117 of the 120 Football Bowl Subdivision schools.
Each market had to have at least 10 home listings during the timeframe, therefore two markets were excluded because they didnt meet the minimum listing requirements: Bowling Green, Ohio, and Bloomington, Indiana. In addition, Tuscaloosa, Alabama, was not included out of respect for the damage caused by the April 27 tornado.
This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same three-bedroom, two-bathroom criteria.
Indiana Cities On College Town Affordability List – Newsroom … http://www.insideindianabusiness.com/newsitem.asp?id=50882