Goodbye dorms, hello condo? It seems that may be most financially savvy decision for students at 15 of the nation’s biggest public colleges where, according to new Redfin data, buying a condo is actually more affordable than an on-campus dormitory.Verify your new rate
Saving by buying
According to Redfin, dorms cost students about $705 per month, with some paying as much as $1,817 in parts of the country. For many students, this makes investing in real estate a more cost-effective option in the long run.
At the University of Arizona (Tuscon, Arizona), for example, the average monthly cost for a condo is $545. Compared to the average dorm price of $811 per month, a condo could save students $266 every month or $3,191 per year. At Miami University (Oxford, Ohio), students stand to save even more—about $342 a month or $4,104 per year.
Redfin’s list also included:
- Georgia State University (Atlanta)
- University of South Carolina (Columbia, South Carolina)
- Louisiana State University (Baton Rouge, Louisiana)
- University at Buffalo (Buffalo, New York)
- Kent State University (Kent, Ohio)
- University of Kentucky (Lexington, Kentucky)
- University of Oklahoma (Norman, Oklahoma)
- The University of Texas at El Paso (El Paso, Texas)
- The University of Texas at Dallas (Richardson, Texas)
- University of Delaware (Newark, Delaware)
- University of North Carolina (Greensboro, North Carolina)
- Sam Houston State University (Huntsville, Texas)
- University of Akron (Akron, Ohio)
Georgia State University came in with the most expensive dorms on the list. GSU students pay $1,139 per month on average for on-campus living.
Buying a condo can certainly help students save on monthly housing costs in the near-term. But according to experts, homeownership also has more far-reaching benefits for today’s undergrads.
Misty Hurley, a real estate agent with Redfin, says buying a home can also help them build wealth. And that could help with student debt later on.
“Students will build equity that they can one day use as a down payment on a move-up home or to pay off student loans,” Hurley said. “If they choose not to sell right away, they’ll have a piece of property that’s ripe for renting, as there are always new college students looking for rentals.”
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