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Lubbock, TX Scores No. 5 for Housing Affordability with Football Bowl 1-A Division Universities

By
Real Estate Agent with Keller Williams Realty

Texas TechLubbock has scored big for homeowners. A national real estate franchise has conducted their third annual study ranking college football cities with Bowl Subdivision (1-A) programs.  They are ranked as the top 10 in affordability and the top 10 most expensive.  These rankings are based on the cost of 2,220 square foot 4 bedroom, 2 1/2 bath homes with garages.  The current average cost of this home in Lubbock is $163,250 though the local appraisal district quotes the average home price as $99,370.

Lubbock is known for a slow and steady real estate market.  Over the past 20 years home appreciation has averaged 3.33% per year.  Lubbock's diverse economy has helped in keeping this a steady trend.  Our excellent school system, weather, and health care all assist our area in remaining desirable.

Muncie, Indiana, home of Ball State University was ranked as the most affordable and Palo Alto, California is ranked as the most expensive.  Here is a list of the top 10 in both catagories:

Top 10 most affordable college markets for home prices in 2007

  1. Ball State University, Muncie, ID--Avg price $150,000
  2. Texas Christian University, Fort Worth, TX--Avg price $151,250
  3. University of Tulsa, Tulsa, OK--Avg price $153,750
  4. Oklahoma State University, Stillwater, OK--Avg price $162,000
  5. Texas Tech University, Lubbock, TX --Avg price $163,250
  6. University of Toledo. Toledo, OH--Avg price $163,278
  7. University of Louisiana, Monroe, LA--Avg price $164,499
  8. University of Houston, Houston, TX--Avg price $169,736
  9. Rice University, Houston TX__Avg price $169,736
  10. Utah State University, Logan, UT--Avgt price $172,978

Top 10 most expensive college markets for home prices in 2007

  1. Stanford University, Palo Alto, CA--Avg price $1,677,000
  2. Boston College, Chestnut Hil, MA--Avg price $1,381,250
  3. University of Southern Cal, Los Angeles, CA--Avg price $1,306,333
  4. University of California, Los Angeles, CA--Avg price $1,306,333
  5. University of California, Berkeley, CA--Avg price $1,287,500
  6. San Jose State University, San Jose, CA--Avg price $1,145,000
  7. University of Hawaii, Honolulu, HW--Avg price $843,750
  8. Northwestern University, Evanston, IL--Avg Price $708,000
  9. Florida International University, Miami, FL--Avg price $638,333
  10. University of Miami, Miami, FL--Avg price $638,333

Source for edited material:  Lubbock Avalanche Journal

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