We’ve worked with parents who decided that rather than pay rent for several years, they wanted to explore buying a condo or townhome, letting their student live there and—if the property and association rules allow it—having roommates help offset some of the cost.
Then, when graduation comes around, they can decide whether to sell, keep the property or take another route.
Sometimes that works very well.
Sometimes renting is the smarter choice.
The key is figuring out which option makes sense for your situation.
What does buying near App State actually look like right now?
As op, 2026, the High Country MLS showed 20 active two-bedroom condos and townhomes in Boone, with a median asking price of about $377,200.
Three-bedroom options were much harder to find. Once we removed a couple of properties that weren’t really comparable to what most App State parents would be considering, only a few reasonably priced three-bedroom choices remained around the $400,000 mark.
That matters because the three-bedroom idea is often the one parents find most interesting:
Your student occupies one bedroom, and roommates rent the others.
The roommate income may help offset some of the ownership cost—but whether the idea actually works depends on the individual property.
A simple example
Imagine parents purchasing a three-bedroom townhome for roughly $400,000. Their student lives in one bedroom, and roommates rent the other two.
The income from those rooms could offset a meaningful part of the monthly ownership cost. It probably will not cover everything, though. The owners still have property taxes, insurance, association dues, maintenance, financing costs and other expenses to consider.
But it does change the calculation.
Instead of simply asking:
“How much will we spend on housing over the next four years?”
the buyers can ask:
“What could we own instead, what would it really cost after roommate income, and what options would we have when our student graduates?”
That’s why this is worth exploring.
Before you buy, check the things that can change the math
A few details matter far more than people initially realize:
Rental rules: Make sure the HOA or POA actually allows the arrangement you have in mind.
Parking: Three bedrooms do not necessarily mean three parking spaces.
Location: A Boone address doesn’t automatically mean convenient access to App State.
Association fees: Monthly dues can vary substantially from one property to another.
The exit plan: Think about whether the property would still make sense if you decide to sell or keep it after graduation.
And this is why we don’t love broad rules like “buying is always better than renting.”
The property matters.
So, should you buy instead of rent?
Maybe.
For some parents, buying can be a practical way to approach several years of student housing.
For others, the purchase price, financing, association fees, rental restrictions or uncertainty about their student’s plans may make renting the much better choice.
The useful question isn’t:
“Is real estate a good investment?”
It’s:
“If we’re already going to spend this much on housing, does ownership make sense in our situation?”
If move-in weekend has you thinking exactly that, Marc and Kathie can help you look at the condos and townhomes currently available and compare the numbers on actual properties before you decide.
No pressure. Sometimes the answer really is, “Keep renting.”
Curious what your options look like right now?
Take a look at current condos and townhomes near App State, or reach out if you’d like help comparing a few properties side by side.