Having lived in two college towns (one as a student and one currently for employment), I can attest that they are great places to take up residence.
If I had to sum up in one word why that is, it would be: value.
A second would be: lifestyle.
College Town Value & Lifestyle
When you think about it – most college students are fairly poor compared to the general population. They just don’t have that much money outside of the spoiled ones who have their parents wire them money. At the same time, they like to eat (and drink) and be entertained. This leads to there usually being a lot of cheap food, restaurant, bar, and entertainment options available for the students and you.
You also have the benefit of college sports, performing arts, & other entertainment on or near campus. It’s hard to be bored around a college town.
Transportation around college towns is also easy to do on the cheap. Every college campus I’ve been on has had bike trails, large walkways, and a bus system to help you get around without the need for a vehicle.
Colleges Provide Stable Employment & Real-Estate Opportunity
Another huge benefit to taking up residence in a college town is the stability of their real estate markets. Large universities provide a stable employment base of thousands of workers. For example, I graduated from Michigan State University (go green!) – which employs 5,000 (well paid) academic staff and 6,000 administrative staff. Universities rarely cut staff – preferring instead to raise tuition to generate additional revenue. Those employees provide a very stable real estate market.
In addition, you have all of the businesses that thrive off of large student populations. And many college towns are incubators for new start-up companies. With universities that have a strong research focus, many of those start-ups are funded by the university. And if there’s a strong focus on medical, you’ll usually find a large medical center or hospital nearby. All add to stable employment, which leads to a stable real estate market and a thriving community.
If you’re interested in real estate beyond owning your own home, there are opportunities to generate significant rental income in college towns through the ever-present student population in need of a place to call home for the year.
Which College Towns are the Cheapest to Live in?
The number one factor contributing to cost of living in a college town is the cost of the housing. To that end, Coldwell Banker put together a report on all of the 120 universities that are in the College Football Bowl Series (which generally are the largest universities), called the College Home Listings Report. It will allow you to compare markets, see rank by state, and rank the entire list.
The top 10 cheapest college town housing markets to live in are (Market, University, Average Listing Price):
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Memphis, Tenn. (University of Memphis): $89,244
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Muncie, Ind. (Ball State University): $107,346
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Ypsilanti, Mich. (Eastern Michigan University): $107,458
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Toledo, Ohio (University of Toledo): $112,688
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Kalamazoo, Mich. (Western Michigan University): $116,455
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Buffalo, N.Y. (University of Buffalo): $123,212
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Las Vegas, Nev. (University of Nevada, Las Vegas): $124,955
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Fort Worth, Texas (Texas Christian University): $128,491
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Kent, Ohio (Kent State University): $130,218
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Lafayette, Ind. (Purdue University): $132,910
If you’re interested in moving to a college town, I don’t know that I’d start out with these 10 universities or locales, but the report should give you a good head start and allow you to compare universities in your state if you want to stay close to your present location.
On the flip side, here’s an infographic on the 10 most expensive college towns. No thanks, I’ll pass.
College Town Discussion:
- Have you ever taken up residence in a college town? Would you recommend it? Why or why not?
- What are your favorite things about living in a college town?
- What is your favorite college town?
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GO WHITE :D
Look at you – making my day and everything.
I live in buffalo, ny. It does not have go transportation and the safety leaves a lot to be desired but it has a lot of potential and the real estate is extremely cheap.
Yeah… the two campuses I’ve been to on the top 10 list, Western and Eastern Michigan, sound very similar. A lot of potential, some nice pockets (some not so safe ones), but EXTREMELY cheap.
I don’t think it’s fair or necessary to criticize students who are lucky enough to have parents that help them with the ir expenses in college. I for one do not see a direct link between being spoiled and receiving money from your parents.
Yes, I suppose it’s unfair to paint a broad brush on every college student who has their parents wire them funds to cover everything as “spoiled”, however, to say that there’s no linkage between having everything paid for and ‘spoilage’ is being a bit generous, no?
Athens, OH terrible transportation, but great place to live and raise a family (20 years and counting). Go Bobcats :)
Respect level for you has tripled – SPARTAN NATION
Undisputed inaugural Legends Division Champions makes it easy to be a Spartan fan these days. Looking forward to the Big Ten Championship game next Saturday!
I have often thought about moving back to my old college town.
I live in San Jose, a stone’s throw from SJSU (yes, the 9th most expensive college town). Unfortunately, it’s one of the cheapest areas in the Bay Area. Granted, there are some suburbs further from the bay and some not-so-nice areas, but it definitely beats SF, Berkeley, Palo Alto, and other pockets.
Another big benefit to being near a college campus (which I will hopefully take advantage of soon) is grad school. If you can walk to grad school classes/library resources, it’s a nice perk.
If I could live in Ann Arbor, have the job I have now, and somehow have less bitter cold months, I would do it in a heartbeat.