Three Bay Area cities ranked among the 10 most expensive college housing markets in the nation, according to the 2011 College Home Listing Report, a study by Coldwell Banker Real Estate that ranks college towns across the country in home affordability.
Palo Alto, home to Stanford University, came in No. 2 nationally in the study with an average listing price for a three-bedroom, two-bathroom home at $1,232,070. U.C. Berkeley’s local housing market was ranked 6th with an average of $695,520 while San Jose State University’s local market ranked 9th at $541,231.
At the other end of the spectrum, San Jose State’s rival, Fresno State, is home to one of the most affordable college housing markets. A comparably sized home in that community has an average list price of $157,311.
Los Angeles’ Westwood neighborhood, home to UCLA, took the honors as the most expensive college market in the nation with an average price of $1,271,428. In the most affordable market, Memphis, Tenn., (home to University of Memphis) the average listing price is just $89,244.
The report provides the average home listing prices for three-bedroom, two-bathroom properties that were listed for sale on coldwellbanker.combetween August 2010 and August 2011 in markets home to 117 of the schools in the Football Bowl Subdivision.
According to the report, three-bedroom homes cost less than $200,000 on average in nearly two-thirds of the college towns and less than $150,000 in nearly one-quarter of the college markets.
“The College Home Listing Report helps bring attention to all the great attributes of college towns,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “Here in Bay Area, we have seen solid improvement in many local communities since the recession, but especially in the college towns of Palo Alto, Berkeley and San Jose.”
Jim Gillespie, chief executive officer of Coldwell Banker Real Estate, said the College HLR highlights the affordability of many college towns in America. “Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets,” he said.
Visit hlr.coldwellbanker.com for more details.