Prices in college town housing markets are often quite reasonable. In the Coldwell Banker College Home Price Comparison Index released in November 2009, the average 2,200-square-foot, four-bedroom, two-and-a-half bathroom home cost less than $250,000 in 62 percent of the college markets surveyed.
Akron, Ohio, home to the University of Akron, led the way in home bargains with an average price of $121,885. Muncie, Ind., home to Ball State University, averaged $144,996. Homes in Ann Arbor, Mich., site of the University of Michigan's main campus, showed an average of $148,000.
Still, housing isn't cheap in every college market. Palo Alto, Calif., home to Stanford University, topped the list of the most expensive college markets with an average home price of $1,489,726, followed by Los Angeles at $1,347,125 and Boston at $1,337,578.