Condos cheaper than dorms for students in these cities

Rather than waiting until after their studies when student debt may be make homeownership challenging, students in 15 markets should buy while at college

Condos cheaper than dorms for students in these cities
Condos cheaper than dorms for students in these cities

Rather than waiting until after their studies when student debt may be make homeownership challenging, students in 15 markets should buy while at college.

That’s the finding of an analysis by Redfin which 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 the 15 where condo ownership is more cost effective in order of the schools’ popularity.

Topping 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.

Taking out the popularity factor, Miami University-Oxford has the largest difference between condo ownership (mortgage cost $489) and renting a dorm room ($831), a difference of $342 a month.

“Homeownership can be a great way to build wealth,” said real estate agent Misty Hurley. “Students will build equity that they can one day use as a downpayment on a move-up home or to pay off student loans. 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.”

The 15 markets are:

Rank

 

 

 

College

 

 

 

City

 

 

 

Monthly
Mortgage
Cost

 

 

 

Monthly
Dorm Cost

 

 

 

Cost
Difference

1

 

 

 

University of Arizona

 

 

 

Tucson, AZ

 

 

 

$545

 

 

 

$811

 

 

 

$266

2

 

 

 

Georgia State University

 

 

 

Atlanta, GA

 

 

 

$1,116

 

 

 

$1,139

 

 

 

$23

3

 

 

 

University of South Carolina-Columbia

 

 

 

Columbia, SC

 

 

 

$511

 

 

 

$671

 

 

 

$160

4

 

 

 

Kent State University at Kent

 

 

 

Kent, OH

 

 

 

$664

 

 

 

$751

 

 

 

$87

5

 

 

 

Louisiana State University and Agricultural & Mechanical College

 

 

 

Baton Rouge, LA

 

 

 

$731

 

 

 

$837

 

 

 

$105

6

 

 

 

University at Buffalo

 

 

 

Buffalo, NY

 

 

 

$650

 

 

 

$866

 

 

 

$217

7

 

 

 

University of Kentucky

 

 

 

Lexington, KY

 

 

 

$730

 

 

 

$876

 

 

 

$146

8

 

 

 

University of Oklahoma-Norman Campus

 

 

 

Norman, OK

 

 

 

$470

 

 

 

$752

 

 

 

$282

9

 

 

 

The University of Texas at El Paso

 

 

 

El Paso, TX

 

 

 

$441

 

 

 

$546

 

 

 

$105

10

 

 

 

The University of Texas at Dallas

 

 

 

Richardson, TX

 

 

 

$693

 

 

 

$769

 

 

 

$76

11

 

 

 

University of Akron

 

 

 

Akron, OH

 

 

 

$733

 

 

 

$780

 

 

 

$47

12

 

 

 

University of Delaware

 

 

 

Newark, DE

 

 

 

$605

 

 

 

$813

 

 

 

$208

13

 

 

 

University of North Carolina at Greensboro

 

 

 

Greensboro, NC

 

 

 

$487

 

 

 

$715

 

 

 

$228

14

 

 

 

Sam Houston State University

 

 

 

Huntsville, TX

 

 

 

$427

 

 

 

$570

 

 

 

$143

15

 

 

 

Miami University-Oxford

 

 

 

Oxford, OH

 

 

 

$489

 

 

 

$831

 

 

 

$342

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