Exploring homeownership over renting for your child's college years can be a strategic financial move.
These are the 10 best public colleges and universities of 2024, according to The Wall Street Journal:
- University of Florida—Gainesville, Florida
- New Jersey Institute of Technology—Newark, New Jersey
- University of Michigan, Ann Arbor—Ann Arbor Michigan
- Florida International University—Miami, Florida
- University of Illinois Urbana, Champaign—Champaign, Illinois
- Texas A&M University, College Station—College Station, Texas
- Georgia Institute of Technology, Main Campus—Atlanta, Georgia
- The University of Utah—Salt Lake City, Utah
- University of Connecticut—Storrs, Connecticut
- Baruch College—New York, New York
Beyond the financial aspects, owning a home in your child's college town offers additional benefits. It provides a stable and familiar environment for your child during their college years. It can be a home away from home, a place where they can focus on their studies, build connections, and create lasting memories. Moreover, it gives you a sense of belonging in the community, allowing you to participate in college events, connect with other parents, and become part of the larger university family. The value of investing in a home for your college-bound child extends far beyond dollars and cents. When you buy a home, you're not just paying for accommodation; you're investing in an asset. If your child shares the property with roommates, the rental income from their housemates can help offset your mortgage costs. In some cases, it might even turn a profit, becoming a valuable source of income.
Involving your child in the process of homeownership can be an educational experience. They can learn about property management, maintenance, and financial responsibility.
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