While we all remember the perpetual student who kept delaying graduation by another year, college towns are a great option for a certain type of house hunter. Many are quiet, picturesque and, due to them frequently being on the peripheries, far more affordable than most major cities.
By looking at towns and cities where students make up more than 25% of the population, real estate listings site Realtor.com identified Macomb in Illinois as the most affordable college town in the country. The 18,000-person town is home to Western Illinois University where the median home sells for just $59,950.
By contrast, tuition for out-of-state students at WSU adds up to approximately $17,000 a year with an additional $6,000 a semester for a room in a dorm. The discrepancy comes, in large part, due to the university being built as an enclave in a low-income area. The average household income in Macomb was just $34,467 in 2020.
Some Homebuyers Are Going Back To College
While Macomb is a prime example of class inequality, other towns on the list have a more proportionate number of college students and residents who choose to be there for the lifestyle.
Home to Clemson University, South Carolina's Clemson has a median home price of $299,990 and no shortage of stately homes that were built by residents at the turn of the 20th century.
Louisiana's Hammond is home to Southeastern Louisiana University and has a median price of $237,613 while Winona, Minn., (of Winona State University) has a median price of $219,250.
realtor.com
It should be noted that as the list prioritized true affordability, many of the towns on this list are home to smaller and less well-known universities.
As much as you may love the "intellectual air" around New York University, something like Washington Square Park or Cambridge (home to Harvard) are nowhere near these lists as prices there far surpass many popular suburbs.
Is A College Town Home A Good Investment?
Paralleling with real estate trends in the rest of the country, the Midwest is seeing a flurry of activity. As universities tend to breathe life and business into towns that would have otherwise not stood out from any other small place, many homebuyers turn to them for that academic atmosphere alongside regular small-town living.
"You've got hiking, biking, kayaking, all kinds of outdoor stuff on the Mississippi River and the lakes and our bluffs," local Realtor David Taylor told Realtor of Winona. "It's a gorgeous town — so scenic."
Radford, Va., is another popular spot — the 18,000-person town has a median home price of $284,500 and is a 45-minute drive from Roanoke. Radford University was established in 1910 and is known both as a party school and for its mathematics and engineering faculties.
For those with a job at a university or a craving for a quieter life, a university town may be a good choice given the high quality of life and youthful feel.
"In an era of real estate volatility, buying a home in a university town is looking more and more like a genius-level investment," Evan Wyloge wrote for Realtor.com. "After all, the customer base runs the gamut from well-heeled students or recent grads looking to stay put, to young families or seniors looking for a vibrant, culture-rich place for their forever home."
See the full list of the country's most affordable college towns here.
