Housing near USU ranked 10th for affordability
The housing market near USU is ranked No. 10 in affordable collegiate housing, according to the 2007 Caldwell Banker Report.
Costs for good houses in Logan start at $85,000 and average around $172,978, the report stated.
Janice Williams, president of the Cache Rich Association of Realtors, said although there are cheaper homes for sale, she doesn’t recommend buying them. “You can find a home for $60,000, but can you move into it?” she said.
Williams said interest rates in the Logan area are at historic lows.
When comparing these numbers to the average collegiate house cost in Palo Alto, Calif., the housing near Stanford University averaged $1,677,000 in 2007, according to the Caldwell Banker Report, ranking the area the most expensive for collegiate houses in the nation. The report stated the average national cost for collegiate housing was $441,263 in 2007.
Williams said the collegiate housing market around USU is steadily growing.
“There are some new projects that are coming in, some new condos,” Williams said. “More parents will be able to buy a condo for their children. It’s a great thing for the university to have. Like the housing market in the valley, collegiate housing is on a gradual increase.”
Williams said houses in the area depreciate more slowly than in other places. She said this makes it “an affordable market with a steady, healthy growth.” Anyone who plans on attending USU for more than two years would benefit from buying their own house close to campus, Williams said.
“Investing in real estate is the way to go,” she said. “You’re throwing your money away to rent if you’re going to be renting for two years. It is a very good investment to look into perusing buying a home.” Still, Williams said she knows not all college students can afford to buy their own home. Ben Oveson, sophomore majoring in art, is renting a house just off campus.
“I’m a student, I don’t have enough money to buy,” Oveson said. “I don’t plan on being here long since I am a student. But there’s a lot more freedom here. You can put things where you want in a house and there’s no one to tell you what to do.”
Williams said anyone who may be thinking about buying a house for the first time needs to get as much information about the buying process as possible.
“They should attend first-time home buyer seminars,” Williams said. “Watch the paper for seminars from different agencies. It’s a smart idea.” First-time buyers should do a little research before talking to a professional so they know what other information they need, Williams said.
“When you go to the seminars, you get to ask the questions and be in control of the information,” she said. “It’s important to be informed. Asking questions to the professionals at the seminar is the best way because they’ll have the information.” Williams said she would recommend a house near campus to anyone.
“There are people from all walks of life that would benefit from a house up by the university,” she said. “There’s just a diverse group of people up there.” For more information on seminars and buying a house in the area, go to www.cache-rich.com.-rac.ch@aggiemail.usu.edu