Wednesday, November 2, 2005

Boomers Boomeranging Back To Cheap College Towns

PARSIPPANY, N.J. (Wireless Flash - FlashNews) – A lot of college grads are getting second homes in their former stomping grounds.

That’s what Coldwell Banker CEO Jim Gillespie has learned while researching the cheapest and most expensive college towns in America.

Gillespie says a growing number of baby boomers are now buying second homes in college towns in order to take advantage of the sports and culture common to university life.

There’s also a cost benefit because many of the “Old Schoolers” are putting their kids in the college town homes instead of dorms and visiting them during the weeks of big sporting events.

But the price of getting an education in college town real estate varies. For instance, a four-bedroom home in Lubbock, Texas, – the home of Texas Tech – only costs $164,133 while the same house in Palo Alto, California – where Stanford is located – costs a whopping $1,550,000.

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