It’s no secret that many homeowners across the country have grown nervous about their biggest investment: their homes. With house values on the decline in many areas, it may seem difficult to find those shiny needles in the hay stack. But there is a ray of hope in college towns, according to BusinessWeek.
House values in college towns remain strong. From the twin cities of Urbana-Champaign, home of the University of Illinois, to Palo Alto, California, the stomping grounds for parts of Standford University, areas with colleges and universities are generally faring well because students and faculty keep residences filled.
What’s more is the children of baby boomers are starting college, upping enrollment across the country and filling up dorms and university housing quickly. This growth has strengthened the demand for off-campus housing.
In addition, college towns often offer a hip lifestyle and cultural attractions that make them appealing to more than just the college crowd. Retirees and professionals alike have flocked to college towns to enjoy the type of environment these areas typically afford.
In fact, nearly 70 percent of the homes in long-established college towns evaluated by BusinessWeek and OnBoard saw greater appreciation last year compared to homes in the rest of their respective states. The 17 (out of 25) outperforming college towns are:
- Ann Arbor, MI
- Providence, RI
- Claremont, CA
- Cambridge, MA
- Tempe, AZ
- Hanover, NH
- College Park, MD
- Newark, DE
- Boulder, CO
- Princeton, NJ
- Nashville, TN
- Gainesville, FL
- Oberlin, OH
- Austin, TX
- Ithaca, NY
- Amherst, MA
- Palo Alto, CA
Whether you’re looking to relocate or want to purchase an investment property with a seemingly solid future, college towns may be the place to be.
Not sure of your home’s current value? Wondering how it compares to other homes in your area? In your state? Quizzle Knows. Create a Quizzle account and we’ll give you a free home value report, including your home’s current estimated value based on public records, comparable homes in your area and other information about your neighborhood.