As college attendance costs continue to rise, housing prices in university towns across the US will continue to rise
According to a Redfin analysis published last week, the most expensive university towns ranked by median homesell prices, with Santa Barbara, California being Santa Barbara, California.
In the analysis, Redfin defines a university town as a city. There, at least 10% of the population is registered at a four-year accredited university, at least 30 miles from a metropolitan area with a population of over 1 million.
The towns of Boca Raton, Florida, home to Florida Atlantic University, and Northern Arizona University, Arizona, concluded the three most expensive university towns.
These are the 10 most expensive university towns ranked by central home sale prices.
1. Santa Barbara, California
2. Bocaraton, Florida
3. Flagstaff, Arizona
4. Corvalis, Oregon
5. Orem, Yuta
6. Eugene, Oregon
7. Provo, Yuta
8. Ann Arbor, Michigan
9. Manchester, New Hampshire
10. Pullman, Washington
While most college students are more likely to rent between these locations, housing prices in the university town can give you a general sense of how expensive the local rental costs are, said Daryl Fairweather, chief economist at Redfin in the report.
“(Housing costs) are climbing very high in university towns and are increasingly out of reach for students, faculty and staff,” Fairweather said. This could force faculty and staff to live far from campus, even discouraging some professors from accepting work there.
For students who have to pay tuition fees, additional housing costs could lead to increased debt or require them to live further from school, Fairweather said.
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