More parents buying houses for their college-age children
It’s never too early to invest in your dream house!
If dorm living’s got you down and you’ve heard the horror stories about local landlords, the Washington Times has a new solution for you: go buy a house (or, more precisely, go get your parents to buy one for you).
The Times ran a whole feature story on the new trend of parents buying homes for their college-age kids to live in while they’re at school. While buying a house seems like a drastic step, the article explains that with the rent and dorm prices rising and the housing market in shambles, buying a house and selling it off or renting it out to other students after graduation often makes financial sense.
While the phenomenon is most widespread in the Midwest where real estate is the cheapest, but it’s also gaining ground here in D.C. The article features one real estate agent who sells as many as eight houses per year to Georgetown and GW students. The piece also profiles recent Georgetown Law grad Jim Pyle, whose mother bought him a house on Capitol Hill which they sold for about $200,000 more than they paid.