Study Finds Ball State Makes Muncie Nation's Most Affordable College Town
Muncie, IN (November 30, 2007) - A new study finds that Ball State University's cutting-edge academic
programs, picturesque buildings and tree-lined roads are located in the
nation's most affordable college town.
According to the third annual Coldwell BankerCollege
Home Price Comparison Index (HPCI), Muncie is most affordable
— up from third
place last year— because a typical family home would average about
$150,000. The company defines the typical home as a single-family
dwelling with 2,200 square feet, four bedrooms, two and one-half baths,
family room and two-car garage. For the third straight year Palo Alto,
Calif., home to Stanford University, is the nation's most expensive
college town where a similar home would cost about $1.7 million.
"All Muncie residents, including Ball State employees, take pride in
the city's distinction as the nation's most affordable college town,"
said Ball State President Jo Ann M. Gora. "The university has a long
tradition of working together with the city to promote economic and
community development. These projects strengthen our economy, helping to
make Muncie a wonderful place to live. I'm confident that those
partnerships will continue in the future, keeping Muncie high on the
most affordable list for many years to come."
Nicely priced homes housing within walking distance or a short drive
from campus make the community attractive, said Michael Hicks, director
of Ball State's Bureau of Business Research, which monitors economic
trends within the Hoosier state.
"Ball State is already a fantastic educational opportunity," he said.
"But if you combine the affordable and safe housing right next to the
university with the rapidly revitalizing downtown, you cannot help but
feel the emergence of one of the great college towns in America."
The Coldwell BankerCollege Market HPCI examinesthemarkets that are
home to 119 Football Bowl Subdivision (I-A) schools.
"College towns remain a popular living destination — where there are
first time homeowners or alumni looking for great retirement spots,"
said Jim Gillespie, president and chief executive officer of Coldwell
Banker Real Estate LLC. "School spirit draws many alumni back to their
alma mater and for others, continuing their education, pursuing jobs,
enjoying cultural activities and following college sports make these
communities ideal homes."
Study highlights:
While nearly $1.5 million separates the most affordable community
(Muncie) from the most expensive (Palo Alto, Calif.), both communities
are benefiting from recently unveiled football stadiums. Ball State's
Scheumann Stadium underwent a $13.7 million renovation that includes a
new media center, club seating, entertainment suites, a family style
seating area and FieldTurf, a synthetic grass surface similar to many
NFL stadiums. The stadium also features Army's Tailgate Town,which
includes live bands, giveaways and special exhibits. The 1-year-old,
state-of-the-art Stanford Stadium seats 50,000.
Oklahoma State
University and the University of Toledo entered the top 10 most
affordable market list. All 10 of the most expensive college markets
repeat on the 2007 list.
Teams in the top 25 Bowl Championship
Series (BCS) standings hail from towns in the Coldwell Banker College
HPCI top 10 most expensive college markets list, include Boston College,
University of Southern California and University of Hawaii.
The Mid-American Conference again ranks as the most affordable
league with homes averaging $230,272 in its 12 markets. The Pacific
Coast Conference tips the scales as the most expensive conference
overall for the third straight year, with an average home price of
$737,040.
Columbus, Ohio, home to current BCS leader Ohio State,
ranks 51st on the home price affordability list for studied homes with
an average home price of $238,170. Gainesville, Fla., home to the
defending BCS champion University of Florida Gators, is rated 79th at
$305,750.
The top 10 most affordable college markets for home prices in 2007
are:
| Rank |
School |
Town, State |
2007 Average
Price |
| 1 |
Ball State
University |
Muncie, Ind. |
$150,000 |
| 2 |
Texas
Christian University |
Fort Worth,
Texas |
$151,250 |
| 3 |
University of
Tulsa |
Tulsa, Okla. |
$153,750 |
| 4 |
Oklahoma State
University |
Stillwater,
Okla. |
$162,000 |
| 5 |
Texas Tech
University |
Lubbock, Texas |
$163,250 |
| 6 |
University of
Toledo |
Toledo, Ohio |
$163,278 |
| 7 |
University of
Louisiana Monroe |
Monroe, La. |
$164,499 |
| 8 (tie) |
University of
Houston |
Houston, Texas |
$169,736 |
| 8 (tie) |
Rice
University |
Houston, Texas |
$169,736 |
| 10 |
Utah State
University |
Logan, Utah |
$172,978 |
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About the Muncie-Delaware County Economic Development Alliance:
Vision 2011 is the Delaware County's five year economic development program and is administered by the Muncie-Delaware County Chamber of Commerce and Delaware Advancement Corporation. For more information about the EDC, visit www.muncie.com.