While many people may associate college towns with loud parities and crowded streets, college towns can be an excellent option for families looking for a cultural center and affordable housing. College towns offer residents all the culture and nightlife of a bustling city, such as Division 1 sporting events, concerts, outstanding restaurants, without the expenses.
Throughout his career as a realtor, Jack Elkins has stressed to his clients that a college town is an excellent real estate investment as there is always a steady demand for buyers and rental opportunities for those interested in renting to students. Since the start of the COVID-19 pandemic, 8.9 million Americans have relocated with many more considering moving in the next six months. To these Americans, Jack Elkins of Palm Beach, FL, recommends the following college towns.
Champaign, IL
Median home price: $180,900
Largest university: University of Illinois at Urbana-Champaign
By far the most popular college town on this list, Champaign, IL, each year attracts thousands of new residents. Located just two hours away from Chicago, Champaign has become one of the top-rated college towns in the US and a favorite among single professionals, young families, and retirees. Home to the University of Illinois at Urbana-Champaign, the townhouses roughly 30,000 undergraduates each year, roughly 38 percent of the town’s total population.
Champaign is known for its booming art scene with a large number of college and community theater groups, art exhibits, and improve shows. In addition to cultural activities, residents can also attend the college’s hundreds of year-round activities, including guest speaker presentations, film festivals, pride parades, and exercise classes.
One of the biggest draws of Champaign is its inexpensive housing market. Many people move to Champaign specifically to take advantage of the state’s first-time homebuyer grants. Some programs provide qualified buyers with up to $6,000 to be used for a down payment, which does not need to be paid back if the individuals live within the home for at least ten years.
Boulder, CO
Median home price: $1 million
Largest university: University of Colorado Boulder
Within the last ten years, Boulder has become one of the most expensive college towns in the US, with an average home price of just north of 1 million, and it is easy to see why. With a plethora of cultural and athletic activities for residents, very few people leave this college town. Within Boulder lies a busy downtown with an excellent microbrewery scene, a number of communities theaters, gyms, movie theaters, and award-winning restaurants. Resident can also venture just outside of the city limits and find the foothills of the Rocky Mountains, with a never-ending list of activities such as hiking, mountain biking, and skiing.
Jack Elkins of Palm Beach states reason Boulder’s housing prices have continued to rise is predominantly due to very few residents leaving the area and limited housing development. This has created a white-hot housing market from limited inventory with a large number of high-income residents. Some of the biggest employers in the boulder area include Google and IBM, making Boulder the perfect location for entrepreneurs, tech professionals, and recent graduates.
Charlottesville, Virginia
Median home price: $403,000
Largest University: University of Virginia
Hosting one of the oldest and most prestigious universities on the East Coast, Charlottesville has become an idyllic college town for both young families and retirees. Home to the University of Virginia, founded by President Thomas Jefferson in 1819, Charlottesville has become a dynamic and exciting town that holds an active downtown with shopping, bars, and restaurants while boasting various activities for nature lovers. Located in the heart of the Blue Ridge Mountains, Charlottesville locals often enjoy the beautiful scenery through bike riding, canyoning, horseback riding, and hiking local hiking trails, including the renowned Appalachian Trail.
Outside of Charlottesville lies thousands of acres of countryside with a large number of wineries, distilleries, and breweries just 30 minutes away from the University of Virginia’s campus. Charlottesville is known throughout the East Coast for its outstanding wine and famous wineries such as Trump Winery, a winery belonging to former President Trump, as well as Blenheim Vineyards, owned by Dave Matthews.
Marquette, MI
Median home price: $449,950
Largest university: Northern Michigan University
In recent years, Marquette has become one of the most popular retirement destinations. There are many excellent retirement communities located in the town; however, a large number of individuals choose to live in multigenerational housing with their adult children and their families. The town has earned the nickname of one of the “snowiest cities east of the Rockies” and can receive nearly 140 inches of snow each winter, leaving residents with excellent conditions for snowshoeing, cross-country skiing, ice skating, and downhill skiing. In the warmer winter months, however, residents can look forward to the many beaches along Lake Superior and enjoy a large number of water sports in the area.
Thanks to the area’s affordable housing prices, many residents choose to purchase a second rental property on top of their full-time residence and rent the second property out to local college students or recent graduates. With the university’s nearly 7,000 undergrads and limited housing, the university’s upperclassmen are often looking for accommodations off-campus, making this an excellent investment for retirees or young families.
