Austin among easiest college towns to afford a home

Austin is one of the most affordable college towns in the country when it comes to buying a home, according to this year’s Coldwell Banker College Home Price Comparison Index.

Austin, home of the University of Texas, was ranked the 59th most affordable college town in the country, with home prices in 2009 averaging $226,642.

The most affordable college market overall was Akron, Ohio, home of the University of Akron, with an average home price of $121,885. On the flip side, the most expensive market college market was Palo Alto, Calif., home of Stanford University, where an average home is $1.48 million.

“College markets like Austin have long been one of the real estate industry best-kept secrets,” said Helen Edwards, president and chief operating officer of Coldwell Banker United, Realtors’ Austin division.

Edwards said college towns are generally viewed as a good investment.

“Many empty nesters and families are attracted to the health care systems, culture and overall quality of life that college towns offer,” she said.

“Austin offers an array of lifestyle choices, including beautiful parks and lakes, a dynamic live music scene, tons of shopping and great restaurants,” she said.

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