Helping your student prepare for college comes with many choices, but one of the biggest decisions is where they will live during these important years. Should they stay on campus in a dorm, rent an off-campus apartment, or even purchase a condo as an investment for the family? Each option has its own benefits and drawbacks, and the right choice will depend on your student’s needs, your family’s finances, and your long-term goals.
Here is a clear breakdown to help your family decide.
Living on Campus in a Dorm
Pros:
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Easy access to classes, dining halls, and campus activities
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Built-in community that allows your student to make friends quickly
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Utilities, internet, and maintenance are typically included
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Added security and campus safety resources
Cons:
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Less privacy and personal space
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Often more expensive than off-campus living, especially after the first year
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Limited flexibility in housing choices or amenities
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Rules and restrictions around guests and quiet hours
Renting an Apartment
Pros:
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More independence and privacy for your student
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Ability to choose location, roommates, and amenities
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Opportunity to learn real-world skills like paying rent and managing utilities
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May be more affordable, especially if splitting with roommates
Cons:
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Added responsibility for rent, utilities, and maintenance
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Lease commitments can be challenging if your student wants to move or study abroad
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Possible need for a cosigner or higher deposits
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Transportation to campus may be required, adding costs
Purchasing a Condo for Your Student
Pros:
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Builds equity over time rather than paying rent
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Potential investment opportunity if property values increase
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More stability and control over living conditions
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Can generate rental income by renting to roommates or other students
Cons:
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Requires a significant upfront financial commitment
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Responsibilities for property taxes, HOA fees, and maintenance
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Market risk if property values decline
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Selling may take time after your student graduates
Consider What Fits Your Family Best
There is no one-size-fits-all answer for college housing. Some families appreciate the simplicity and community of dorm living, while others find that off-campus apartments offer more freedom and value. For families looking to invest long-term, purchasing a condo can be a strategic option, but it comes with added financial considerations and responsibilities.
As you help your student prepare for college, consider factors like:
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Your student’s level of independence
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Budget and financial goals
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Safety and transportation needs
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Future plans for your family and the property
Mill Town Credit Union Can Help
Whether your family is exploring housing options, budgeting for college expenses, or planning for your student’s future, Mill Town Credit Union is here to help. From low-rate loans and credit-building tools to savings accounts that help you plan for big decisions, we are here to support your family every step of the way.
If you are considering purchasing a condo for your student, we can help you explore financing options and plan responsibly for this investment.
Learn more about how Mill Town Credit Union can support your family today.