One in four teens would be willing to pay $500 for Apple’s upcoming iPhone, according to a Piper Jaffray survey of teen spending habits.

Survey highlights:

• Of those students who own a MP3 player, 82 percent indicated that they also own some form of iPod, which is up from 79 percent in fall 2006.
• For online music services, 89 percent of students indicated that they use iTunes, slightly down from 91 percent in fall 2006.
• 84 percent of the students had heard of Apple’s iPhone and 25 percent said they would pay $500 for the iPhone.

Parents were also surveyed in a separate study.

Parent spending trends suggest that parents may be spending more money on their teen at the expense of themselves. This could explain why teens are willing to pay $500 for an iPhone, while only 1% of the people surveyed recently by Compete would pay that price.