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3 Financial Benefits of Buying a Home in a College Town
Dated: August 27 2020
Even if you’re done with college or if your children are years away from higher education, there are still many benefits to living in a college town. And don’t think that college towns are all small towns. College towns can be as urban as Tallahassee, Florida, thriving with business while remaining surprisingly low-cost.
Here are some of the financial benefits of buying a home in a college town.
Low-Cost Entertainment and Cultural Events
Colleges are known as “tastemakers” in the entertainment Industry and often attract touring musicians, theater performances, and speakers, many of which wouldn’t typically come to smaller cities. Surrounding businesses host these events as well. Local theaters, bars, and city parks are great places to catch concerts that are open to the public. Let’s not forget that the colleges aren’t just hosting; they’re producing performances as well. Tickets are less expensive than even the most modest-priced Broadway show and are a great way to support your local artists.
State of the Art Medical Services
Medical schools are yet another low-cost benefit of living in a college town. Under the supervision of a licensed practitioner, medical students offer a wide variety of medical services in the university-sponsored clinic or large hospital. And since university medical facilities are the benefactors of non-profit donations, they usually have the most advanced medical equipment while remaining relatively low-cost.
Smart Rental Property Investment
If you decide to rent your property, a college town will ensure it will never be without a renter. The demand for housing is steady, and in the case of public universities, the need can be high. The caveat is that the turnover rate for renters is higher in college towns. But if you purchase a rental property in a college town like Boston or Denver, the likelihood of finding a long-term renter easier.
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