If you have a child who is going to be starting college in the fall, you are no doubt starting to look at where your son or daughter is going to live. It’s pretty easy to look at living in a dorm or perhaps even letting your child live in an apartment. I rented an apartment when I started La. State University thirty years ago (ouch!). There were some things really good about it and some things that were not. But this is not about dorm vs. apartment, it’s rent vs. buy.
Let’s take an example of a typical 2 bedroom 2.5 bath townhouse on the LSU bus route located at 1693 S. Brightside View Drive #E. Those usually rent for $1,000 per month or you could buy one for about $119,000. Looking at all of the expenses for both over the course of five years you will have saved $19,000 if you would have bought the townhouse.
Click on this link for all of the details. Rent vs Buy Analysis for 1963 S Brightside View
As always, if there is anything I can do to help you with your real estate transactions or advice please contact me at firstname.lastname@example.org.