Where College Students Should Buy a Condo

September 25, 2017

The monthly median cost nationwide to house a student in a dorm is $705, but that can stretch to $1,817 in some locales. That may mean college students—or their parents—in certain places are better off buying a condo than paying for a dorm. Redfin’s research team recently compared the monthly dorm rate at 195 public colleges with the median monthly mortgage payment for a condo in each university’s city. They found that for students at 47 colleges, it was more cost-effective to buy a condo.  

Redfin highlighted some of the following colleges where it’s advantageous for students to bypass dorm life and search for investment opportunities in a condo.

1. University of Arizona
Tucson, Ariz.

  • Monthly mortgage cost: $545
  • Monthly dorm cost: $811
  • Cost difference:  $266

2. Georgia State University
Atlanta

  • Monthly mortgage cost: $1,116
  • Monthly dorm cost: $1,139
  • Cost difference: $23

3. University of South Carolina-Columbia
Columbia, S.C.

  • Monthly mortgage cost: $511
  • Monthly dorm cost: $671
  • Cost difference: $160

4. Kent State University
Kent, Ohio

  • Monthly mortgage cost: $664
  • Monthly dorm cost: $751
  • Cost difference: $87

5. Louisiana State University
Baton Rouge, La.

  • Monthly mortgage cost: $731
  • Monthly dorm cost: $837
  • Cost difference: $105

6. University at Buffalo
Buffalo, N.Y.

  • Monthly mortgage cost: $650
  • Monthly dorm cost: $866
  • Cost difference: $217

7. University of Kentucky
Lexington, Ky.

  • Monthly mortgage cost: $730
  • Monthly dorm cost: $876
  • Cost difference: $146

8. University of Oklahoma
Norman, Okla.

  • Monthly mortgage cost: $470
  • Monthly dorm cost: $752
  • Cost difference:  $282

9. The University of Texas at El Paso
El Paso, Texas

  • Monthly mortgage cost: $441
  • Monthly dorm cost: $546
  • Cost difference: $105

10. The University of Texas at Dallas
Richardson, Texas

  • Monthly mortgage cost: $693
  • Monthly dorm cost: $769
  • Cost difference: $76

Source: “15 Colleges Where It’s Cheaper to Buy a Condo Than Pay for a Dorm,” Redfin (Sept. 22, 2017)