The survey says the average price for a four bedroom home in Muncie is $144,996.

Press Release

Muncie, IN – For the second year in a row, Muncie, Indiana (home of Ball State University) ranked 2nd in the nation in Coldwell Banker’s “Annual College Town Home Price Affordability Index.” Every fall, college football fans feel nostalgic for the tradition, lifestyle and spirit of their college towns as they cheer on their favorite teams. This year’s Coldwell Banker College Home Price Affordability Index comparison reveals that these school-centric areas also sport very affordable homes, in addition to the culture and economic stability associated with institutions of higher education – making them great areas in which to purchase real estate.

The 2009 Annual College Town Home Price Affordability Index released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 SF, four-bedroom, two-and-one-a-half bathroom rooms in college markets home to the 120 Football Bowl Subdivision Schools. This year, Akron, Ohio (University of Akron) is ranked as the most affordable college town, where a typical four-bedroom home costs $121,885. Muncie, Indiana (Ball State University) took the No. 2 spot for the second consecutive year at $144,996. Ranked No. 3 was Ann Arbor, Michigan (University of Michigan) with a home price average of $148,000.

Other Indiana Division I-A Football School college towns were ranked as follows:

9th Bloomington Indiana University $164,433
23rd South Bend University of Notre Dame $183,938
29th West Lafayette Purdue University $189,000

The top three “most expensive” college towns for the typical 2,200 SF four-bedroom home are Palo Alto, California (Stanford University) at $1,489,726; Los Angeles, California (UCLA and USC) at $1,347,125; and Boston/Chestnut Hill, Massachusetts (Boston College) at $1,337,578. The top ranked “most affordable” conference in the College Town Home Price Affordability Index is the Mid American Conference with a average price of $182,322. Ball State is a member of the MAC Conference. The most expensive conference according to Index is the PAC-10 with a $747,180 average. The PAC-10 features a number of west coast schools as members.

Overall, the 2009 College Town Home Price Affordability Index revealed that real estate buyers can find a typical four-bedroom home (as described) for less than $250,000 in 62 percent of the college markets surveyed. Further research indicates that the charm and affordability of college towns is appealing to more than just students, with college towns typically high ranked in polls focusing on community growth and quality of living. College towns are also favorites of retirees, because of the cultural, educational and recreational advantages of the communities. Muncie’s affordability ranking proves that the area is a great place for people wanting to live in Florida or Arizona in the winter season to have a second home.

“College markets, such as Muncie, have long-been one of the real estate industry’s best-kept secrets,” said Mike Lunsford, President and CEO of Coldwell Banker Lunsford Real Estate, based in Muncie. “Real estate professionals have been investing in college towns for years, often purchasing homes for their student-aged children to live in while attending school. College communities are also favored by empty-nesters and families attracted to the quality health care systems, culture attractions and overall quality of life that college towns like Muncie offer.”

Coldwell Banker Lunsford serves the complete l real estate needs of East Central Indiana from regional offices at 3601. W. Bethel Ave., Muncie, IN 47304. Information: phone – (765) 289.2228; toll-free – 1.888.602.2228; or website – www.cblunsford.com. Since 1906, the Coldwell Banker organization has been a premier provider of real estate services. The Coldwell Banker system has approximately 4,000 residential and commercial real estate offices and 127,700 sales associates in 30 countries and territories. Each office, such as Coldwell Banker l Lunsford, is independently owned and operated.

Source: Co