A recent survey from Coldwell Banker Real Estate said that most parents recently are choosing to acquire a home for their university-age children in college towns. According to the survey, more and more parents are investing on a home for their university-age children instead of letting them stay on rented university dorms and apartments.
About 64 per cent of real estate agents are noticing a significant increase of “parent investors” that are now acquiring residential properties in college towns.
According to CEO of Coldwell Banker Jim Gillespie, there would be high and continuous interests in college towns, especially for people who went to school once in a certain place, and people now can see the worth for their investments.
Gillespie also said that most long term investors always take the advantage of the steady numbers of renters in college towns, which include not only students but university officials and professors. He also said that most parents like the idea of their children having a nice place to live-in while attending university.
Parents Investors also see that rentals for their children’s housemate can pay for mortgages.
According to Forbes top 15 most affordable college towns, Ohio is home to four college towns that are included in their list.
The most affordable college towns, according to the survey are in Muncie, Indiana. About $105,115 average listing price. The most expensive college towns are particularly located in Palo Alto, California, where the Stanford University rises, followed by Hawaii, and Los Angeles, with an average home listing price is $1.4 million for their college towns.