WASHINGTON, D.C. (U.S. News and World Report) – Just in time for the start of the fall term and another college football season, U.S. News and World Report has put together its list of 15 most underpriced college towns in the country. Two are right here in Texas.
Houston nabbed the top spot, while College Station ranked third.
Houston, home of Rice University and the University of Houston, had a median home price of $120,000 during first quarter 2009 according to IHS Global Insight’s statistics, which were used to compile the list. IHS considered that price to be 37 percent undervalued.
Research Economist Dr. Jim Gaines at the Real Estate Center at Texas A&M University expects future job and population growth to drive home price appreciation upward.
“The medium- and long-term prospects for Houston are extremely good,” Gaines says, adding that the city has “good demographic growth, job growth, and a reasonably balanced housing market.”
Head north to College Station, and you’ll be in the third most underpriced college town in the country. The median home price in the first quarter of this year was $107,000. According to IHS, houses in the Bryan–College Station area are 21 percent undervalued.