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Redfin: These are the best college towns to buy an investment property

Investing in a home near a college or university has some great perks

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As spring home-buying season is now underway and investors are looking their next great buy, Redfin has singled out the best college towns to purchase an investment property.  

Redfin points out that investing in a home near a college or university has some great perks, such as stable rent prices and a constant source of tenants. The online real estate brokerage’s list was compiled using the most recent U.S. News and World Report rankings for colleges and universities, median list price data for homes near the schools, tuition costs and fees, and walking score data from Walk Score.

“It’s always great to invest in a location where there is a large pool of tenants, which is exactly what you get when you invest in a property near a school like Georgia Institute of Technology,” said Rory Haigler, a Redfin real estate agent based in Georgia. “The pool of potential tenants is also stable with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant.”

Haigler explained that he’s had several clients looking for investment property near Georgia Tech, but “the problem is that because it’s such a hot market, homes aren’t listed often.”

“It’s not just a great location for students to rent, but also a great option if an investor ever decides to live in their investment home, given that the school is in the heart of a major metro area with everything to offer in terms of entertainment, culture and food,” he said.

Here are Redfin’s best college towns to buy an investment property:

10. Cleveland, Ohio – Case Western Reserve University

Median List Price: $216,000
Tuition and Fees: $46,006
U.S. News and World Report Ranking: 37
Walk Score: 80

 

9. Pittsburgh, Pennsylvania – University of Pittsburgh

Median List Price: $165,000
Tuition and Fees: $29,758
U.S. News and World Report Ranking: 68
Walk Score: 61

 

8. Rochester, New York – University of Rochester

Median List Price: $114,900
Tuition and Fees: $50,142
U.S. News and World Report Ranking: 32
Walk Score: 64

 

7. Philadelphia, Pennsylvania – University of Pennsylvania

Median List Price: $179,900
Tuition and Fees: $51,464
U.S. News and World Report Ranking: 8
Walk Score: 78

 

6. Houston, Texas – Rice University

Median List Price: $239,900
Tuition and Fees: $43,918
U.S. News and World Report Ranking: 15
Walk Score: 48
 

5. Columbus, Ohio – Ohio State University–Columbus

Median List Price: $155,000
Tuition and Fees: $28,229
U.S. News and World Report Ranking: 54
Walk Score: 40

 

4. St. Louis, Missouri – Washington University in St. Louis

Median List Price: $149,900
Tuition and Fees: $49,770
U.S. News and World Report Ranking: 19
Walk Score: 64

 

3. Baltimore, Maryland – Johns Hopkins University

Median List Price: $154,900
Tuition and Fees: $50,410
U.S. News and World Report Ranking: 10
Walk Score: 69

 

2. Chapel Hill, North Carolina – University of North Carolina–Chapel Hill

Median List Price: $175,000
Tuition and Fees: $33,916
U.S. News and World Report Ranking: 30
Walk Score: 35

 

1. Atlanta, Georgia – Georgia Institute of Technology

Median List Price: $235,000
Tuition and Fees: $32,404
U.S. News and World Report Ranking: 34
Walk Score: 72

To see Redfin’s full list of college towns to invest in, click here.

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