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The NY Times wrote this article about how parents are following their kids to their college towns. Instead of buying the condo (over living in dorms or renting apartments), they are buying the house and are staying when they come to visit. It’s the second home.
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10 months ago
As for parents following their kids to college, I personally think that's ridiculous. They'll never be ready to be on their own. College is a good training ground for beginning to be independent with the safety still on. If your parents live in town with you, you'll never get that.
10 months ago
You're right, we've been doing it for some time here in Blacksburg, and to a small degree in Radford - I wrote about it a few months ago (http://nrvliving.typepad.com/nrvliving/2008/04/...). There really is something to "the connection to youth, fresh beginnings each fall ...", I really honestly believe that - it's what makes college towns such unique centers of thought, art, culture <insert descriptor here>.
I have dozens of folks I work with every year who buy places for their kid to live in while in school, rent out the other rooms to pay the mortgage, and they've seen solid gains when they've gone to sell them. It's probably 20% of our business every year. But the idea that buying a second home in a college town to be close to your child just seems completely off to me, though. College should be four - or five, or six - years of finding yourself, it's a major maturation period for a young person. Financial gains aside, it doesn't seem like this makes solid social sense for your child.
Interested to see what other comments you might see on this one. Just saw Marty's - looks like he and I are drinking the same Kool Aid.