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Columbus Ohio… College Town

by Maureen McCabe on December 13, 2007

skyline

“Please remember that Real Estate is LOCAL”

In a post titled “Please remember that Real Estate is LOCAL” China Moon Crowell. a real estate agent from the Madison Wisconsin area pointed out a New York Times article that I missed. I missed the article in “The Nation” because it failed to mention Columbus Ohio among the college towns. “College Towns  Escape the Pain.”

OK Columbus is a bit big to call a college town but Coldwell Banker referred to Columbus as a college town last year. OSU is super sized… maybe that makes Columbus a super sized college town…Or just Columbus size as the 15th largest US city.

Of course Columbus Ohio would not be mentioned in this New York Times article was about small cities:

“The list of metropolitan areas with the smallest percentage of high-cost home loans is dominated by small cities with big colleges, including Ithaca, N.Y.; Iowa City; Madison, Wis.; Morgantown, W.V.; and State College, Pa.”

Bruce Katz with the Brookings Institution (Katz loomed large in the recent Columbus Dispatch article about Ohio’s big cities….) is quoted in the New York Times article:

“Where subprimes are turning up is in hot markets, but also in places like Cleveland and Detroit,” Mr. Katz said. “College towns are more stable places in some respects. If you make between $75,000 and $125,000 in these places, you can get into a pretty decent home and still have very reasonable ratios.”

In one of the audio comments in the Columbus Dispatch series Katz talked about the Ohio Brain Drain and mentioned Madison Wisconsin as a hot place for young, educated people. He said Ohio’s cities are losing young educated people to cities in the southwest and southeast US and then mentioned Chicago, Minneapolis and Madison.

Columbus is the third most stable housing market in the country according to Forbes.com and Moody’s Economy.com I think that study / article looked at bigger cities so you won’t see the Madison, State College PA, Iowa City size cities on that list.

Look at the Multimedia map in the November 4, 2007 New York Times article.

National average 29% of loans are subprime…

Look at Central Ohio…

Franklin county 29%
Delaware county 17%

Cleveland area

Cuyahoga County is 36%
Lake County is 24%
Geuga County is only 16%

Cincinnati area

Hamilton County is only 28%

Columbus as a college town:

Nov. 6, 2006 – College Towns Columbus Ohio on Discover Columbus

How expensive is Columbus in comparison to the small cities that the New York Times wrote about… this is last year, 2006 info from the Coldwell Banker table, article, if you want to see how we compared to other college towns like Ann Arbor MI, Evanston IL use the link above to Discover Columbus:

“Columbus, Ohio, home to Bowl Series Championship leader Ohio State University, was number 62 on the affordability ranking at $251,364, approximately $108,000 less than the national average of $359,779 for the 119 studied college markets.

Iowa – Iowa City, IA 2006 – Avg. Price $208,691

Ohio State – Columbus, OH 2006 – Avg. Price $251,364

Wisconsin – Madison, WI 2006 – Avg. Price $279,500

Penn State – State College, PA 2006 – Avg. Price $306,950″

Thanks to China Moon Crowell (what a great name) for bringing the New York Times article to my attention… even if the New York Times article does not mention Columbus. Real estate really is local.

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{ 4 comments }

1 Chico CA Real Estate- Sandi Bauman December 13, 2007 at 05:22 pm

Maureen- I love your opening thought: “please remember that real estate is local.” Chico is also enjoying a stable market, despite all the doom and gloom in the tabloids.

2 Maureen McCabe December 14, 2007 at 07:42 am

That is China Moon Crowells headline on her post Sandi, that’s why it’s in quotation marks.

There’s a discussion in the comments of how horrible, spammy and wrong that phrase is on the Zillow blog China posted AND on ActiveRain (members only) with Zillow people defending the bubbleheads comments.

3 Minneapolis MLS Listings Agent December 17, 2007 at 12:34 am

Maureen,

I enjoy your real estate blog. As a Minnesota real estate agent, I can vouch for the fact that Minneapolis is a haven for young educated homebuyers. Why would people leave good old Ohio to relocate to Minneapolis, anyway?

4 Maureen McCabe December 17, 2007 at 01:01 am

Columbus has a lot of young educated homeowners. Columbus has a growing population. The reference to people going to Minneapolis (and other cities) is from a Columbus Dispatch series about the seven large cities in Ohio. Columbus is one of 7 big cities in this state, the other six cities have lost population.

According to the Brookings Institute expert that was quoted part of the brain drain is to mid-west cities including Madison, Chicago and Minneapolis. We get a lot of young educated people from other Ohio cities in Ohio that come to Columbus.

Real estate is local.

Your use of “Minneapolis MLS Listing Agent” tripped the spam filter. Between the generic email address and the title my spam filter thought you were spam so I removed your link. I am opposed to helping mediocre web sites like yours that spam with generic comments for a link.

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