Purchase in a pricey area or college town?

[Westernskies]

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Originally Posted by Want2retire I don't think there's much point in choosing a retirement town based on how well a house there might appreciate. Along the lines of what Ha said, it makes more sense to choose based on what makes you happiest. I liked living in a college town. There were a lot of free or cheap activities and even major cultural events, out of proportion to the size of the town. The university library was a wonderful resource and provided many pleasant afternoons. Many universities allow senior citizens to audit classes for free or at a discount, too. Disadvantages were traffic during home games, limited shopping, and high property/school taxes because it was in Texas. Faculty types, grad students, those in support/service occupations, and undergrad students tended to segregate themselves in different parts of town at least to some extent so it's not like you'll have an Animal House frat party going on next door or anything. Our neighborhood was inexpensive (mostly younger faculty), quiet and there was almost no crime. I don't think I would like living in Yuppieville, even if I could get a McMansion for a bargain. I really don't have any desire for a McMansion and a Beemer, and a community like that just isn't for me.

Springfield is quite a college town... I lived there in the late 1970's; got my undergrad degree at Missouri State. Drury College and several small Bible colleges are there, spread all acrosss town. Finding a neighborhood without student or faculty population might be a challenge. MSU is quite a party school, the others less so.

Have you found a house there yet?

Psst... Bamboo Inn for Cashew Chicken... heh.. heh

[W2R]

Quote:

Originally Posted by Westernskies Springfield is quite a college town... I lived there in the late 1970's; got my undergrad degree at Missouri State. Drury College and several small Bible colleges are there, spread all acrosss town. Finding a neighborhood without student or faculty population might be a challenge. MSU is quite a party school, the others less so. Have you found a house there yet? Psst... Bamboo Inn for Cashew Chicken... heh.. heh

Springfield has grown a lot in recent years and has a population of around 155,000. With only 19,348 students last year, these days Missouri State may be less of an influence on the community (outside of its immediate neighborhood) than it was in the 1970's. Drury only has 1,555 undergrads.

The combined enrollment of these universities is about 13% of the population. Here in New Orleans, the combined enrollment of Tulane, Loyola, Xavier, and UNO is about 10% of our most recent population estimates, but I don't really regard New Orleans as a college town either. The population of College Station, Texas is about 69,000 but Texas A&M University enrolls over 48,000 students, equal to more than half the town's population and I would regard College Station as a college town.

As to your question about finding a house - - we have found houses that we would buy tomorrow if the time was right. In fact, there is one that would be absolutely perfect for Frank and we are keeping an eye on its online listing, hoping it will still be available next year. We do not want to buy until we sell our present homes - - don't want to get stuck with homes to take care of in two different states.

[Amethyst]

Interesting feedback. Thanks for the "Mc" compliments and clarifications. Homes built right to the edge of the lots - ick. But as my mother always said about houses she didn't care for, "It's probably beautiful inside."

Sorry, I committed a bit of a thread-jack. I was going to say that we visited State College, PA with an eye to moving there after I retire. I would echo what others have said about the "college-town premium." The home prices in Centre County are almost as high as where we currently live, and the property taxes are a bit higher. Cross the county line, into a different school system, and prices are slashed. Yet the scenery is oddly identical on either side of the line :smile:

[W2R]

I think that what started the McMansion discussion might have been my statement that

Quote:

Originally Posted by Want2retire I really don't have any desire for a McMansion and a Beemer, and a community like that just isn't for me.

Didn't mean to offend anyone, especially Amethyst, though she doesn't seem offended and I think/hope she was just inquiring.

To expand upon my original statement - - my present house is not a McMansion (see photo). It is more of a "1970 McAverage", I suppose.



But it is all that I need or want to take care of. As it is, there are a couple of rooms in my house that I never use, and I sure don't need more unused rooms to heat and cool, dust, and vacuum. There is only one of me.

My dream of the perfect retirement house (for me) would be a 40- to 50- year old 1500-2000 square foot home, like this one (but with a garage and a 1/4 to 1/3 acre yard so that I am a little farther from my neighbors). It would also be in an older, settled neighborhood and I could just walk down to the corner market to pick up a half gallon of milk or whatever. My ER dreams just don't fit with "the pricey house in the flashy town on the cheap", as Orchidflower put it.

[HFWR]

A quick and dirty web search reveals that house sizes averaged 1400sf in 1970, and increased to 2500sf by 2006.

[W2R]

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Originally Posted by HFWR A quick and drty web search reveals that house sizes averaged 1400sf in 1970, and increased to 2500sf by 2006.

Interesting! So, I pursued it. Your figures are about right. The Census says here that the average house size in 1970 was 1500 square feet, and the average house size in 2007 was 2277 square feet. The median house size in 1970 was 1385 square feet, and in 2007 was 2521 square feet.

[Moemg]

Lovely house Amethyst !I live down the road from a Mcmansion development . Gigantic houses on zero lot lines with a million plus price tag. The houses are gorgeous but the lack of land makes them look tacky .

[ziggy29]

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Originally Posted by Want2retire Interesting! So, I pursued it. Your figures are about right. The Census says here that the average house size in 1970 was 1500 square feet, and the average house size in 2007 was 2277 square feet. The median house size in 1970 was 1385 square feet, and in 2007 was 2521 square feet.

I guess that's why our little 1944 house is only about 1,150 square feet.

[W2R]

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Originally Posted by ziggy29 I guess that's why our little 1944 house is only about 1,150 square feet.

The census spreadsheet that I linked to only goes back to 1970, but I would speculate that your 1150 square foot house could be considered large by 1944 standards.

[Amethyst]

Didn't mean to offend anyone, especially Amethyst, though she doesn't seem offended and I think/hope she was just inquiring.

You got it 100%

[Amethyst]

P.S. My first house (that I bought by myself,in 1985...the fruits of some serious LBYM) was 13 years old, 1250 square feet, extremely basic, and cost $76,000.00.

When I invited friends over, the first thing they did was make fun of the size of my house. I knew they were just jealous that I could afford my own place! Independence counts more than size, my friends....

[aaronc879]

Quote:

Originally Posted by Want2retire Interesting! So, I pursued it. Your figures are about right. The Census says here that the average house size in 1970 was 1500 square feet, and the average house size in 2007 was 2277 square feet. The median house size in 1970 was 1385 square feet, and in 2007 was 2521 square feet.

2521 sq ft is the most recent median house size? Where are those houses? I don't know anyone with a house over 1500 sq ft. I've never been in a house over 1500 sq ft. The house I grew up in is about 900 sq ft and the condo I bought last year is 860 sq ft and is much more than I need. I would be happy in a house with 500-600 sq ft. Who(with less than 3 kids) needs a 2500+ sq ft house? Seems like a waste of space and money.

[W2R]

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Originally Posted by aaronc879 2521 sq ft is the most recent median house size? Where are those houses? I don't know anyone with a house over 1500 sq ft. I've never been in a house over 1500 sq ft. The house I grew up in is about 900 sq ft and the condo I bought last year is 860 sq ft and is much more than I need. I would be happy in a house with 500-600 sq ft. Who(with less than 3 kids) needs a 2500+ sq ft house? Seems like a waste of space and money.

Oops! These medians and averages are of NEW houses, new in 1970 and then new in 2007. That's why it sounded wrong. Sorry I didn't express myself more clearly.

[Amethyst]

Who(with less than 3 kids) needs a 2500+ sq ft house? Seems like a waste of space and money.

Who needs anything more than the basics of anything? You, evidently, do not; and that will help you get to ER faster, I'm sure. And with less heartbreak. No "thieves break in and steal, and moth and rust corrupt" for you!

[haha]

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Originally Posted by aaronc879 Who(with less than 3 kids) needs a 2500+ sq ft house? Seems like a waste of space and money.

Well, until we have a Commissar of housing, I guess people in America are still free to buy whatever large or small house they want and can get a loan for.

But when that post is created, why not throw your hat into the ring?


Ha

[mb]

Why choose?

I like pricey college towns - Berkeley and Palo Alto in my area

Unfortunately they are both STILL very expensive

[CuppaJoe]

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Originally Posted by mb Why choose? I like pricey college towns - Berkeley and Palo Alto in my area Unfortunately they are both STILL very expensive

Exactly, why choose, when flashy and college town can co-exist. I live in a city near those college towns, OP might call it flashy. It would take me a while to count how many colleges exist within the city limits.

[Orchidflower]

I'm surprised nobody wants to be the flashy home cheap now--because the price will surely go back to it's original high after this Recession is over--which, to me, is a great opportunity to make money.
Regardless, a flashy house that I could buy CHEAPLY today in a college town would be ideal. You know that one would go up in value, for sure, and you would have so many cultural activities available in the interim.

[Koolau]

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Originally Posted by CuppaJoe Exactly, why choose, when flashy and college town can co-exist. I live in a city near those college towns, OP might call it flashy. It would take me a while to count how many colleges exist within the city limits.

Same here, CuppaJoe. At least if 'price' is any indicator, then this is a "flashy" area - though you wouldn't know if from my little 1150 SF place. And, we've got universities and colleges coming our of our ears. Between community colleges and separate university college campuses there must be 10 in my "city" - and our population doesn't top 1,000,000.

[Amethyst]

Koolau, how should one pronounce your handle? Do you pronounce all the vowels separately, since it is Hawaiian?

Just curious.