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Sending a student off to college comes with plenty of big decisions, including one that families may not expect: Is it better to pay rent for four years, or buy a home near campus? On a monthly basis, renting is usually the less expensive option. But the monthly payment is only part of the equation.
Lower reports that renting generally costs less monthly for college housing, but buying a home may save money over four years when equity is considered.
Housing and child-rearing costs are driving the increase, while a record number of renters spend more than 30% of their income just to keep a roof overhead.