OREGON SCORES IN HOME AFFORDABILITY.

Byline: Scott Maben The Register-Guard

In what alternate universe would the University of Arizona, Oregon State University and Washington State University be riding atop the Pac-10 standings this fall?

Don't think football. Together, the three schools have twice as many losses as wins. But when it comes to buying a house, they're smelling like roses.

Tucson, Ariz., is the most affordable college town in the conference, followed by Corvallis and Pullman, Wash., according to a new study released Wednesday by Coldwell Banker Real Estate Corp.

Eugene comes in right behind them at No. 4.

The company ranked the most and least affordable college markets in the nation by comparing average single-family home values in 59 towns. They defined these homes as having about 2,200 square feet, four bedrooms, 2 1/2 baths, a family-type room and a two-car garage.

Such a home costs $250,833 in the Tucson area, $327,000 in Eugene and $386,600 in Seattle, according to the Coldwell Banker College Market Home Price Comparison Index.

The four California schools, however, have run up the score. The prototypical home price soars above $1 million in Los Angeles and the Bay Area, making them the most expensive in the Pac-10 and the nation.

Average prices in the 10 most affordable markets nationwide range from about $164,000 (Lubbock, Texas, home of Texas Tech) to $190,000 (Columbia, S.C., home of University of South Carolina).

The average price listed for Eugene is more than $100,000 above the average price for home sales in Lane County this year, according to data compiled by the Regional Multiple Listing Service in Portland. Through September, the average sale price of homes in the county was $222,000.

But for its index, Coldwell Banker picked homes in neighborhoods that are typical destinations for corporate middle management transfers, the company said. In Eugene, those generally are larger, newer homes than the average house sold this year countywide.

The index's $327,000 average price in Eugene actually sounds low for the type of home in the survey, said Curtis Irving, owner and broker of Coldwell Banker Curtis Irving Realty in Eugene.

"For a nice, 2,200-foot house in an executive area of Eugene, that's three to five years old? You bet that's low," Irving said.

Today such a house might sell for $375,000 to $400,000 - a sign of just how rapidly home values have risen in the past couple of years, he said.

Despite some extremely high-priced markets, most college towns in the survey are affordable, making them ideal for first-time homebuyers or baby boomers looking to buy a second home near their alma mater, said Jim Gillespie, president and CEO of Coldwell Banker Real Estate.

In another trend, Gillespie said, parents of college students increasingly have looked to buy a home for their children to live in during their school years. It also allows them to collect rent from roommates to help pay the mortgage.

Irving said he sees all those factors at play in Eugene, too.

"We just have a real strong attraction here and a very diverse economy," he said, adding that he sees no evidence locally of an overpriced market.

"I don't think there is a bubble and I don't think it's going to burst," Irving said. "I do think it will level out and slow down a little."