The cost of a college education—tuition, books, meal plans, and especially housing—is skyrocketing, to the point where it may be cheaper in some cities for students to buy a condominium than rent a dorm room. According to a Redfin study, in Tucson, Ariz., the median monthly mortgage payment for a condominium is $545, compared to $811 for a dorm room. At the University of Oklahoma in Norman, a monthly condo payment would be $470 whereas a dorm would cost $752. And at Miami University in Oxford (Ohio), the differential is even higher: $489 for a mortgage, $831 for a dorm room.
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