01 Nov DO YOU HAVE KIDS IN COLLEGE? SOME CONDOS CHEAPER THAN DORMS
It might be worth buying than renting while in college rather than waiting until after graduation when student debt is high & more difficult to buy a home.
Some condos are cheaper than dorms in the following cities:
1.University of Arizona – Tucson, AZ
2. Georgia State University – Atlanta, GA
3. University of South Carolina, Columbia – Columbia, SC
4. Kent State University at Kent – Kent, OH
5. Louisiana State University & Agricultural & Mechanical College – Baton Rouge, LA
6. University at Buffalo Buffalo, NY
7. University of Kentucky – Lexington, KY
8. University of Oklahoma, Norman Campus – Norman, OK
9. The University of Texas at El Paso -El Paso, TX
10. The University of Texas at Dallas – Richardson, TX
It might be worth buying than renting while in college rather than waiting until after graduation when student debt is high & more difficult to buy a home.
An analysis by Redfin found that buying a condo would be more cost effective for students in these markets than renting a dorm room on campus. The study reveals student dorm room costs of between $232 and $1,817 per month with a median $705. Looking at 195 US public colleges and comparing the cost of renting a dorm room with the median monthly mortgage cost, Redfin then ranked where condo ownership is more cost effective in order of the schools’ popularity.
First on the list is The University of Arizona in Tucson where the median sale price in Tucson is $195,000 and the monthly mortgage cost is just $545. That easily beats the monthly dorm cost of $811. One way to build wealth is home ownership. Students will build equity they can one day use as a down payment on another home or help pay off student loans. If they choose not to sell right away, they will have rental property that other new college students can use.