USU ranks well for home prices

LOGAN — The collegiate housing market near Utah State University is one of the 10 most affordable in the country, according to a new report.

Logan came in at No. 10 with an average 2007 home price of $172,978, the Coldwell Banker report said. The most affordable was Muncie, Ind., home to Ball State University, with an average home price of $150,000.

Among college football conferences, Logan was the most affordable Western Athletic Conference city to buy a home in.

Janice Williams, president of the Cache Rich Association of Realtors, said the report was credible.

"We have maintained a healthy market with steady growth, which keeps our prices affordable," she said. "We continue to see an increase in home values at a slower rate than the rest of the nation, which is good news."

In the report, Palo Alto, Calif., home to Stanford University, ranked as the most expensive college market to buy a home. The average 2007 home price there was $1,677,000. At No. 10 on that list was Miami — home to the University of Miami and Florida International University. Home prices there average $638,333.

Other Utah markets noted were Provo and Salt Lake City, with averages of $363,975 and $408,125, respectively. San Diego was the only Mountain West city listed as more expensive than either Provo or Salt Lake City in that conference.

Coldwell Banker conducts its annual College Home Price Comparison Index study using survey data from offices throughout the United States. A single-family home is considered a 2,200-square-foot house with four bedrooms, two and a half baths, a family room and two-car garage.

The report looks at markets around the 119 Football Bowl Subdivision schools. The towns and cities attract first-time homeowners, alumni and retirees, the report said.

In the report, the WAC's average home price in 2007 was $441,263, according to the report, with San Jose, Calif., and Honolulu increasing the average with their high home prices.

While eight of the top 10 most expensive markets in the U.S. are in California, six of the most affordable markets are home to or nearby military bases.