Akron is No 1 in Affordable College Housing Markets

By
Real Estate Agent with America's 1st Choice RH Realty Co., Inc.

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Ted Jackovics of the Tampa Tribune published an article on November 19, 2008 that caught the eye of a couple of my fraternity brothers living in Sebring, FL that they immediately forwarded to me.

The title of the article would catch any Ohio "snowbird's" and reads:

"For Real Estate, Akron Ranked No. 1 In This College Poll"

Well, if you're from the Akron a poll that ranks Akron #1 is something that will catch your eye. 

 

The article was based on a Coldwell Banker ranking that points out that The University of Akron is the top ranked college town for affordable housing.  According to the article:

The five most affordable college markets for home prices fitting that criteria range from $135,780 to $155,000 are:

  • The University of Akron (Ohio),
  • Ball State University (Muncie, Ind.),
  • Texas Christian University (Fort Worth),
  • The University of Tulsa (Okl.) and
  • University of Toledo (Ohio).

The five most-expensive college markets: (average prices from $1.1 million to 1.7 milion)

  • Stanford University (Calif.);
  • Boston College;
  • The University of California,
  • Berkeley; University of California, Los Angeles; and
  • The University of Southern California (Los Angeles

It is not uncommon for some parents to have an interest in purchasing a home that can be used by their children who attend college at a distance from their home base as investment property and, according to this article, parents can get the best buy in the Akron area.

The cost of housing at most universities is expensive and that cost will be there for anywhere from four to five years; maybe more depending on the age of your children.

Is it a good investment to buy a home in a college town to use as housing for your college student?  I think it is since you can treat the property as a rental and take advantage of deductions.  In addition, if you have property that can be used for student housing, you will be able to take advantage of the rental income it will produce to offset your costs.

Your student will have housing costs whether you invest in property or not.  Owning rental property in your student's college town will help offset that expense and return revenue to you in the process.  You can either elect to hold on to the property after your student graduates or put it back on the market and hope to get a return on your investment.

 

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Topic:
ActiveRain Community
Location:
Ohio Summit County Akron Akron
Groups:
Geneva Chervenic Agents
Posts to Localism
Realtors®
The Economics of Real Estate
The Optimist
Tags:
college town
investment property
offsetting costs

Comments 3 New Comment

Rainmaker
591,182
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

Jon, it is a great time for parents to buy investment property...the kids live there while they're at school and with prices the way they are now...it's a great opportunity.  Good localism post!

Laura G

November 22, 2008 10:42 AM
Ambassador
1,895,628
Steve Hoffacker
New Home Sales Trainer/Coach, Sales Books Author
Hoffacker Associates LLC

Jon,

Very interesting statistics. Even before I got to the conferences, I recognized the MAC schools in the top 5 and 10. :)

Steve

November 22, 2008 11:21 PM
Rainmaker
532,546
Kathy Toth
Ann Arbor Real Estate Experts - Kathy Toth Team
Ann Arbor Market Center Keller Williams

Hailing fromn Ann Arbor, a colleg town, I agree about parents investing in homes near campus.  We call them kiddie condos.  We advise Ann Arbor home buying parents to have the kids on the deeds and on the mortgage.  This helps reduce property taxes and helps with some responsibility issues in collecting rents from co tenants. I have been to the saopbox derby in Akron.  I hope your market rebounds quickly. info@KathyToth.com

November 23, 2008 09:50 AM
Rainer
131,867

Jon Wnoroski

Summit County Realtor
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