College towns have earned a reputation as being a great real estate investment. “In the same way that department stores serve as anchors in shopping malls, colleges and universities operate as anchors within a city,” Michael Harris, director of the Center for Teaching Excellence at Southern Methodist University in Dallas, told realtor.com®. “Cities with colleges receive tremendous benefits, from a better-educated workforce to improved arts, culture, and leisure.”
But which college towns offer the most affordable housing? Realtor.com® researchers recently ranked college towns on a homeowner-centric grading curve, factoring in median home prices to find the 10 college towns with the least expensive homes. The college towns selected must have 20 percent of the population enrolled in an institute of higher education, as well as at least 2,000 students living in the town. (Note: The researchers limited the rankings to two cities per state to offer geographic diversity.)
The following are the 10 least expensive college towns:
1. California, Pa.
- Median home price: $73,500
2. Munice, Ind.
- Median home price: $74,9002
3. Charleston, Ill.
- Median home price: $82,500
4. Pittsburg, Kan.
- Median home price: $84,500
5. Alfred, N.Y.
- Median home price: $89,000
6. Fort Valley, Ga.
- Median home price: $103,500
7. Macomb, Ill.
- Median home price: $104,500
8. Geneva, N.Y.
- Median home price: $109,900
9. Orangeburg, S.C.
- Median home price: $114,500
10. Kirksville, Mo.
- Median home price: $118,500.
Source: “Top 10 Most – and Least Expensive – College Towns, 2017 Edition,” realtor.com® (July 17, 2017)
