The University of Arizona in Tucson tops a list of colleges where it’s cheaper to buy a condo than live in a dorm.
The residential real estate company Redfin says it compared monthly dorm rates at 195 public colleges in the United States with median monthly mortgages on condos in their cities.
It found buying a condo was more cost effective in 47 cities. Redfin then narrowed the list by enrollment and Tucson took the top spot.
The report says a monthly dorm costs $811 at the University of Arizona while the median mortgage is $545.
In the company’s news release, Misty Hurley, a real estate agent in Tucson said, “I’ve had lots of parents contact me after comparing the cost or renting versus buying a home for their college student. They’re often coming from places like Washington, D.C., Los Angeles or Seattle, where home prices are much higher.”
In August, Redfin reported the median sale price in Tucson was $195,500 compared to the national median sale price of $293,000.
