According to an article I recently read by the American Institute for Economic Research, college towns with populations under 250,000 are mostly recession-proof. School employees and students form a steady spending population and their economies tend to be more stable.
When the recession hit, many people delayed changing jobs and continued their higher education opportunities, putting more students into the college towns.
Many senior citizens are relocating to college towns to be near family and to enjoy the environment the college towns offer. Many are taking advantage of learning opportunities, performing art theatres and attending less costly sporting events.
Now you are asking "Why is a local Realtor offering this information?" Many investors have seen the value in college towns due to the steady spending populations. When planning for retirement or sending your son or daughter off to college, consider your options. Housing in college towns can be more cost effective when retiring. Purchasing a duplex can offer students off campus housing and assistance with your mortgage expenses. Housing for your college student could be an investment tax deduction for your family. Housing costs can be shared by other students when purchasing a single family home. I do recommend a signed lease when considering these options and talking to your
tax preparer prior to making the decision.
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Keller Williams Greater Cleveland West ~ Carol Murphy Team