Boulder’s Pearl Street pedestrian mall.
Boulder is the nation’s fifth most expensive college town in which to buy a home, according to a report Tuesday from Coldwell Banker Real Estate
The average cost of a three-bedroom, two-bathroom home in Boulder, home of the University of Colorado Boulder, is $731,617, the report states.
The most expensive college town market in the nation is Westwood, Calif., home of the University of California, Los Angeles, where the average home price is $1.27 million.
The least expensive college town market is Memphis, home of the University of Memphis
, at an average of $89,244.
The report found that in two-thirds of the towns surveyed, the average home cost is less than $200,000.
Other Colorado cities making the list (from most affordable to least):
• Colorado Springs, home of the United States Air Force Academy
, ranked 72nd on the list, with an average home price of $193,968.
• Fort Collins, home of Colorado State University
, ranked 95th on the list, with an average home price of $266,708.
The report was based on a survey of 117 of the 120 “football bowl subdivision schools” that included the price of three-bedroom, two-bathroom homes listed on coldwellbanker.com between August 2010 and August 2011.
“I love the College Home Listing Report because it highlights the amazing affordability of the college towns that define the fabric of America,” said CEO Jim Gillespie, in a press release. “Our report underscores the home ownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets.”
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Email: firstname.lastname@example.org. Phone: 303-803-9232.
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