Brokers say older consumers populating college towns

A new report says that moving to a college town isn't just popular among students.

According to a survey of Coldwell Banker real estate agents, 49 percent of survey respondents said they've seen more retirees moving to college towns, with 51 percent reporting increased activity from university alumni. Company officials said the towns are especially popular not only for their lively atmosphere, but because of their rich culture and a number of medical and research facilities.

"For a few years now, college towns have been popular markets for alumni and retirees," said Jim Gillespie, CEO of Coldwell Banker. "I'm a great example. I purchased a home in Champaign, Illinois to be near my alma mater, the University of Illinois, and it's one of the best decisions I've ever made, from both a lifestyle and a financial perspective."

Depending on where they choose to live, retirees or alumni can find affordable homes near many major universities. Homes in Muncie, Indiana - near Ball State University - average a price of $105,115, while a number of college towns in Ohio offer homes for less than $155,000. Comparatively, those moving to Palo Alto, California - the home of Stanford University - might expect to pay more than $1 million for their home.

A report by Bankrate.com suggested that buyers shopping for homes in college towns look for areas near quality medical services and those offering continuing education opportunities for adults.
 

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