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)
