Coldwell Banker has come up with a new twist on football rivalry, comparing home prices in some of the country’s major college football towns, and Austin ranked 55 out of the 119 markets surveyed.
Austin, home of the number 3 BCS-ranked University of Texas football team, has average home prices of $241,325, according to the Coldwell Banker study.
The study compared homes that are single-family, approximately 2,200 square feet, four bedrooms, two and one-half baths, have a family room or equivalent and a two-car garage in neighborhoods or zip codes within a market that is typical for corporate middle-management transferees.
The most affordable college town in the overall survey was Akron, Ohio, home of the University of Akron, with homes averaging $135,780. The most expensive city was Palo Alto, Calif., home of Stanford University, with homes at an average of $1.7 million. Texas cities that are among the most affordable are Fort Worth, which has Texas Christian University; and Houston, which has both Rice University and the University of Houston.
“Real estate in college towns such as Austin can be a very smart investment, especially when the family’s college student can live in the home,” says Helen Edwards, president and COO of Coldwell Banker United Realtors, Austin Region. “Our comparatively low average sales price, combined with our area’s low unemployment rate and vibrant lifestyle continue to make Austin an appealing choice for home buyers.”
UT’s conference, the Big 12, ranks third in affordability out of the 12 conferences Coldwell Banker compiled information for, with an average home price of $248,026. The least expensive conference is the Mid-American, with homes averaging $231,321 and the most expensive is the Pac-10 Conference with homes averaging $735,822. – Austin Business Journal
