Wickland Group Blog» Affordable Ann Arbor College Student Housing
Affordable Ann Arbor college student housing ?…..talk about a classic oxymoron! Well, not necessarily. Please read on. As parents with kids away at college, we know that on or off-campus housing is quickly putting a lot of us in the poor house. For the 2008-2009 academic year, the average cost for room and board at public universities is more than $7800. At private colleges, the cost is nearly $9,000. These are averages, so some schools are charging more-a lot more, depending on the location. At the University of Michigan , here in Ann Arbor ,there are several high-end, state-of-the-art high rises that are charging $15,000 per year-per student. And I hope you’re sitting down; that 15 grand doesn’t include meals. Include the cost of groceries for Johnnie or Suzy and you’re talking another $3000-$5000 bucks per year. The bottom line : We parents with kids away at college can expect to shell out $30,000 or more for room and board per child for their four year college stint. Yes, college housing and meal costs are getting out of hand. So, what can be done, so we don’t end up by the side of the road with a sign .
To counter the high costs of on or off campus housing, many parents are purchasing a condo or single family property for their child to live in-instead of the traditional rental scenario. Now, while purchasing a property for junior,while he earns his MBA, is not for everyone, for some parents, it’s just what their Financial Planner ordered.
*Here are some advantages of purchasing housing -vs- renting for your Ann Arbor college child.
If you itemize, assuming that you’re not not subject to the alternative minimum tax, you’ll be able to deduct the property...