Do you remember your first college dorm room? Did you live in a cramped crawl space on campus with one, two, or even three other students? Did you learn to sleep through loud music and lots of noise on a nightly basis?
Or, did you sleep soundly in a condo of your very own?
If you’re like most of us, you probably slept on campus, in a dorm, during your first year of college. But nowadays, as the real estate market in Chicago continues to remain depressed, more and more parents are opting to buy their kids condos, rather than put them up in college subsidized housing.
Harney, Steele notes, “could pony up for dorm room and board fees or buy a condo.” In fact, “Patrick’s decision to stay in the South Loop year-round made the decision easy.”
Harney believes, and not entirely unreasonably, that she’ll actually save money in the long run by purchasing a condo, rather than pouring money into campus housing. “It’s cheaper to purchase a condo,” she says. “We figured that with three boys living there, it will pay for the housing expenses, plus we’ll build equity for when we sell it. We’re not dumping money into (on-campus) housing.”
Harney and many others like her are taking advantage of the buyer’s market predominant in Chicago at the moment by purchasing, rather than renting, housing for their children. Parents like Harney believe that the pros associated with their investments—pros which include tax deductions, asset appreciation, and equity—outweigh any cons.