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Pro Teck’s Home Value Forecast: Does Buying a Condo and Ditching Dorm Fees Make Sense in these College Metros?

Analysis shows buying a condo is comparable to paying dorm fees in certain college metros

September 28, 2017, WALTHAM, Mass. — This month’s Pro Teck Valuation Services Home Value Forecast looks at whether the cost of buying a condo in certain markets is comparable to paying today’s college dorm fees.

This new analysis focuses on five colleges in metros spread throughout the country to determine whether it may make sense for parents with students to purchase a condo for their child and forego dorm fees.

The data uses average selling price per square foot for a 1,200-square-foot condo in each city to come up with average purchase cost, and compares that with published rates of student housing costs. The results vary between each metro.

Communities and colleges featured include the following list:

  • Penn State — State College, PA
  • Texas A&M University — College Station, TX
  • University of Arkansas — Fayetteville, AR
  • University of Michigan — Ann Arbor, MI
  • University of Washington — Seattle, WA

Click here to see the full comparison for each college metro, including data and graphs that further highlight market trends discussed in this release.

CBSA Winners and Losers

Each month, Home Value Forecast uses a number of leading real estate market-based indicators to rank the single-family home markets in the top 200 CBSAs and highlight the strongest and weakest metros.

Top 10 CBSAs this month include:

  • Boston, MA
  • Cambridge-Newton-Framingham, MA
  • Bellingham, WA
  • Bremerton-Silverdale, WA
  • Las Vegas-Henderson-Paradise, NV
  • Modesto, CA
  • Olympia-Turnwater, WA
  • San Jose-Sunnyvale-Santa Clara, CA
  • Seattle-Bellevue-Everett, WA
  • Stockton-Lodi, CA

It’s not often we have two CBSAs separated by a river at the top of our listing. In both the Boston and Cambridge CBSAs, low inventory is leading to increasing prices, which is not expected to change anytime soon.

Bottom 10 CBSAs this month include:

  • Newark, NJ-PA
  • Virginia Beach-Norfolk-Newport News, VA
  • Birmingham-Hoover, AL
  • Killeen-Temple, TX
  • Shreveport-Bossier City, LA
  • Champaign-Urbana, IL
  • Dutchess County-Putnam County, NY
  • Atlantic City-Hammonton, NJ
  • Flint, MI
  • Saginaw, MI

For the Bottom 10, Newark and Atlantic City CBSAs stand out, unfortunately not in a good way. Home prices are at 2003-2004 levels, with little appreciation on the horizon.

About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.

HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck’s full suite of residential real estate valuation products, visit www.proteckservices.com. You can also find Pro Teck on Twitter at @ProTeckServices.

Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to mediarequest@protk.com.

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Media Contact: Thomas Hoff, Pro Teck Valuation Services
781-314-1669 or tom.hoff@protk.com