By JAMES FINK
jfink@bizjournals.com | 716-541-1611

The recent UB-Ball State football game could have been called the "affordable bowl."

It matched two regions with the least-expensive residential real estate, according to a survey by Coldwell Banker Real Estate that compares housing prices for 117 NCAA Division I football programs.

Muncie, Ind., home to Ball State, had the most affordable average home selling price of $105,115, followed by Buffalo with $117,223.

The statistics are based on local Coldwell Banker residential listings between April and September of this year, based on a four-bedroom, two-bathroom house.

Square footage was not factored into the survey.

Palo Alto, Calif. - home to Stanford University - was the most expensive at $1,385,652.

The survey comes against a trend among parents to buy a home near their children's college rather than pay for dorm rooms or rent apartments.

"Towns that are home to major universities have a special vibe you just don't find anywhere else," said James Gillespie, Coldwell Banker CEO.

"It's about more than just great sports and local flavor. College towns offer rich culture," he said, "and most have steady economic bases oftentimes highlighted by outstanding medical and research facilities."

The Mid American Conference, UB's home, also earned the honor of the most affordable major collegiate sports conference when it comes to residential real estate. The average home was listed at $171,146.

In comparison, the Pac 10 was the most expensive conference with average sale prices of $571,372.

Residential real estate near college campuses attracts two main buyer groups:

• Long-term investors who buy property and then rent it;

• The emerging group of "parent investors," who purchase a home for their child rather than rent.

"It's not just students who want to live near campus, attend games and take interesting classes," Gillespie said. "For a few years now, college towns have been popular markets for alumni and retirees."