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Football fans love to flood campus on fall weekends, but if they want to stay longer, they're going to need some serious cash.
Boston College ranks fourth on a list of the 10 most expensive college markets for home prices in 2005, according to a study conducted by Coldwell Banker Real Estate Corporation. The study "examined 59 markets that are home to the premier college football programs in the country" for a single-family dwelling, with four bedrooms, two-and-a-half baths, and a two-car garage.
The most expensive college town in the country was Palo Alto, Calif., home of Stanford University. Prices there averaged $1.55 million. The average price for Chestnut Hill was $811,525.
Red Raiders fans have it the easiest. Lubbock, Texas, home of Texas Tech, ranked as the most affordable market, with the average being $164,133.
"College towns can be great places to live because they are family-friendly, lively communities with an abundance of activities ranging from sports and entertainment to high culture," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation, in a statement released with the survey. "A large majority of these towns are also very affordable, making them ideal for first-time homeowners or baby boomers looking for a second home near their alma mater. And lately, many parents of college students are foregoing paying room and board to schools, preferring to own a home for their child to live in and collect rent from their roommates."
Harold Peterson, a professor of economics, said that he was "not at all" surprised by the findings.
"We know Chestnut Hill is high priced area, and we know that the whole Boston area is expensive relative to the country in general," he said.
By contrast, rival Notre Dame was fourth on the most affordable list of college markets. But BC students can find a silver lining in this.
"If you've ever driven though South Bend, you know why," said Peterson. "It's just not a very desirable place to live."
Most students aren't buying a single-family home, although rental rates are also comparatively high in the BC area.
"This is a particular problem for graduate students living in the area," said Peterson. "They tend to find it quite a shock. It's a burden on undergraduates living off-campus as well."
Still, the cost has eased in recent years, with prices no longer rising as rapidly.
"The rental market has softened a bit in the past couple years," said Peterson. "Vacancy rates are up, and on the whole, it's much easier to find a place in the city. Still, I'd be surprised if in five years they fell dramatically."
Expensive housing costs pose a slight competitive advantage to BC in relation to schools in more affordable markets. High costs of living can make it difficult to attract faculty and, to a much lesser extent, students.
But Peterson says that it's helpful to keep in mind that high costs are a reflection of desirability.
"It's important to recognize that the major reason why housing is so expensive in the area is because so many people want to live here," he said.
"People, then, are willing to pay the price to live here. It's a very desirable place to live."
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