Top Colleges In The Country to Buy a Condo Rather Than Pay for a Dorm
A college education has become more and more unaffordable over the years, but packaged with dorms can sometimes make it even more expensive. Tuition for students can not only be pricey, but the additional expenses of books, meal plans and gas to go places can all add up. Dorm rooms in the United States can range anywhere from $232 to $1,817 per month, with an average monthly price of $705. It’s a huge price tag for a college student and it made us think, what if it is cheaper to buy a condo than a dorm?
To find out, we compared the monthly dorm rate at some of the priciest colleges in the United States and what we found was surprising. We found that at 47 colleges it’s actually more cost effective for students or their parents to buy a condo instead of renting a dorm on campus.
We ranked the colleges from most expensive, to the least in the country below:
|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|
In addition to saving on monthly housing costs in these cities, there are other perks to purchasing real estate. Owning a property can also be a great way for college students to get involved with the community and feel like they’re really a part of the city, while also setting them up for their future in owning property.
There are some things to think about for our students and their families though in deciding to purchase real estate. An initial first down payment can be costly, but in the ned worth it. Although this was not accounted for in the chart above along with HOA fees, there is nothing like owning property for yourself in the future to hold value.