If you're about to send your child to college, you're undoubtedly suffering from sticker shock. And it's not just from the cost of tuition and mandatory fees and books and a meal plan and parking, but also from housing. Maybe, especially, from housing. The mouse - hole your dorm - bound child will live in for at least the next year come August or so might as well be the Taj Mahal for what it costs to shelter them in much less extravagant environs.
The high cost of student housing - not just in the first year when they are typically living in on - campus housing - is just one of the reasons people are increasingly looking to purchase property for their college kids to live in. Is this a consideration for your family? We're breaking down the particulars.
Financial savings
Yes, it may be that buying a property for your college kid to live in is a smart financial decision. "Average prices per year for housing are more than $9,000 in college towns," said U.S. News & World Report. "In highly desirable college towns outside major cities, housing costs can be much higher. Monthly housing prices in Berkeley, California, home of the flagship of the University of California system, can reach more than $3,000, making the price tag for the academic year more than $27,000. In Cambridge, Massachusetts, outside of university - rich Boston, the four - year price for housing can exceed $100,000 as well."
If that has you getting ready to search for homes for sale RIGHT THIS SECOND, "Don't forget to factor in the additional costs of homeownership besides the mortgage, like maintenance expenses, homeowners' association fees, insurance and taxes," they said. You may find that buying a home doesn't make as much financial sense as you think."
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