At the start of each semester, college students are faced with a complex choice— living on or off-campus.
The reasons students chose to live off-campus are many. However, since Coldwell Banker released the 2011 College Home
Listing Report, the choice might be easier for students in upcoming semesters.
The report, which ranked Ypsilanti as the “third most affordable college town in the country,” might prove why Eastern Michigan University students prefer certain living situations to others.
The report, which ranks college towns across the country in home-affordability, has a special feature: Users have the
ability to compare the approximate value of their home and compare it to similar homes in college towns.
“I love the College Home Listing Report, because it highlights the amazing affordability of the college towns that define the fabric of America,” said Jim Gillespie, chief executive officer of Coldwell Banker Real Estate LLC in a press release.
“Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets.”
According to an email correspondence from Jessica Chen, Account Coordinator for CooperKatz & Co. Inc., a public relations and marketing firm, “The report provides the average home listing prices for three-bedroom, two-bathroom properties that were listed for sale on coldwellbanker.com between August 2010 and August 2011 in markets home to schools in the Football Bowl Subdivision.”
The University of Tennessee in Memphis claims to be the most cost inexpensive college town. A house valued at $108,000 in Ypsilanti, for example, costs only $89,000 in Memphis.
The homes are not dissimilar to those present in many areas near campus for rent to students or purchase to anyone in the market to buy real estate.
Chen’s email further explained, “The report found almost two-thirds, 76 percent, of the analyzed college markets have an average listing price of less than $200,000 for subject homes. The average listing price of subject homes in nearly one-quarter, 26 percent, of the analyzed markets is less than $150,000.”
Many students do not realize the annual coupled cost of room and board in a residence hall such as a single room in Sellers Hall could be $5,818.
While the cost might not appear to be expensive on the surface, when it is broken down to a monthly level it is approximately $830, which is more costly than many of the off-campus apartments per month that can be rented for less than $700 per month.
Senior Evan Shrodes said he has lived both on- and off-campus, but prefers to stay off. He stayed in a resident hall last year but wasn’t impressed for the money he spent.
Senior Rachel Heighes is a transfer student from Central Michigan University.
Compared to two years in Mount Pleasant, a semester in Ypsilanti is turning out to be a bargain.
“Everything’s right here,” Heighes said. “I can ride my bike to campus, work, the store … I barely have to drive anywhere unlike at Central where you’re separated from the rest of the world, practically.”
Heighes had some advice for students who are moving out soon.
“There’s a difference between cutting corners for cost and making bad choices,” Heighes said. “You should still choose a place that’s safe and clean even if it’ll cost you a little more each month.”
Freshman Christopher Drouillard said he chose to stay in Ypsilanti over home because of the freedom.
“I chose to live on campus because I wanted to get the whole ‘college freshman experience,’ ” he said. “Plus I wanted to start over fresh, away from all of the high school drama in my hometown.”
There are students who have the same opinion. They agree residence life adds to their social awareness by mixing campus diversity with security.
Sophomore Kaitlyn Watts chooses to live at home with family in Taylor. Watts said even though the commute takes an hour, she still prefers it over anything else. “It helps me save money and be closer to family,” Watts said.
The report of most inexpensive, as well as a subsequent report on most expensive, college towns is available at http://hlr.coldwellbanker.com/
