At this point, students are just beginning their journey into adulthood. Their future options are still unsure so buying a house would just mean more responsibility and less freedom of movement. In case they want to switch schools while renting an apartment, it would be much easier and won’t hold them back. And of course, during summer, most students head back home, or they might go abroad to study, so buying a house would result in total immobility.
College students are in a transitioning period of their lives and aware that renting is temporary. A student studying in one state is not certain that they will eventually plan on settling down there after graduation. Most students move on to another city to start their career. Graduate students attending Law and Business School may even be there for less. So, renting is often the right option.
First Time Home Buyer Credit
This kind of incentive and many more are offered by the government and private institutions to first time home buyers which are actually quite lucrative and have low-interest rates. Renting an apartment is a wise thing for college students because buying a home at this stage in life will also deprive them of this benefit later in life.
If students get a condo or a house, maintenance expenditure is big hole on their pockets. When renting an apartment, they won’t have to worry about an appliance breaking down or if there’s a water leak from the unit above because the property management company fixes such type of maintenance issues. Low maintenance costs for students means less burden on their shoulders.
College students can split the rent and utilities between roommates. This is a great deal for them unlike buying their own property because there’s a lot of other costs like mortgage, down payment, closing costs, property taxes, maintenance costs that will be a burden. It will be quite a commitment to make. Buying and selling a home also takes time, effort, and money.
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