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Great college towns

Oxford, Miss.
Home to the University of Mississippi, or Ole Miss, Oxford is a cosmopolitan Mayberry. An hour south of Memphis and set amid gently rolling countryside, Oxford enjoys four seasons and, unlike towns farther south along the coast, summer evenings that cool off. Ole Miss offers continuing-education classes in a quintessential campus setting. Students age 65 and older can take four credits per semester free. Despite rising land and housing prices attributable to Oxford's growth, retirees from higher-priced cities will find Oxford's cost of living surprisingly reasonable. The average price for a three-bedroom, two-bath house is $135,000.

Population: 11,756 (not counting 16,500 Ole Miss students)
Income tax: Maximum 5%; all income from private and public pensions, IRAs and social security is exempt.
Property tax: $802 per $100,000 of assessed value (first $75,000 of assessed value is exempt if you're over 65).
Sales tax: 7% (prescription drugs are exempt)
www.retire.oxfordms.com

Austin, Tex.
Capital of the Lone Star State and home to one of the largest universities in the U.S., Austin provides vast cultural opportunities and a vibrant music scene. Retirees enthusiastically take part in classes at the University of Texas's "Third Age University" and attend the outreach programs and lectures sponsored by the LBJ presidential library and museum. Straddling the Colorado River, Austin experiences a moderate climate October through May. The summers are darn hot. There are more than 30 golf courses and 32 miles of hiking and biking trails. The median home price is about $150,000.

Population: 680,899 (not counting 52,261 UT students)
Income tax: None
Property tax: $2,680 per $100,000 of assessed value
Sales tax: 8.25%
www.austinchamber.org

Ithaca, N.Y.
Ithaca attracts people who view its cold winters and isolation -- five hours from New York City -- as virtues, not obstacles. Located at the foot of Cayuga Lake, Ithaca's intense natural beauty is matched by its cultural life. People are also attracted by Ithaca College and Cornell University. Among Cornell's diverse offerings are its Adult University, a summer session open to alumni and their friends and families. Although New York State is known for high taxes, Ithaca's low cost of living helps even things out. The median price of a house in Ithaca and surrounding Tompkins County is $142,930.

Population: 29,541 (not counting 40,446 Cornell and Ithaca College students)
Income tax: Top rate of 6.86%; social security, military, civil-service, New York State and local-government pensions are tax-free, and up to $20,000 of private and out-of-state public pensions are tax-free.
Property tax: $2,026 per $100,000 of assessed value
Sales tax: 8.25% (food and prescription drugs are exempt)
www.visitithaca.com

San Luis Obispo, Cal.
Combine hilly country with a mellow, coastal lifestyle, add California Polytechnic State University and a bustling town center, and what do you get? A recipe for a great college town. San Luis Obispo's moderate climate means increasingly notable wines and a lot of outdoor recreation. The median price of a house is high, about $500,000, but still attractive to retirees from Southern California and other major metro areas.