With student loan debt growing at a staggering rate — Americans owed $1.3 trillion in federal loans last year — college students push to save wherever they can.
At many schools, moving out of the dorms and into an off-campus rental is a surefire way to save cash. But as Realtor.com reports, in some college towns, you could save even more by buying a house.
Realtor.com found the college towns where it's cheaper to buy than rent by comparing median rental prices to median monthly home payments, which includes the mortgage, property taxes and insurance, for markets that contain at least one four-year college and a sizable number of students living off-campus. Median mortgage rates were calculated using the median price of homes listed on Realtor.com, assuming a 20 percent down payment.
It's worth noting that, when buying a house, you should always examine non-monetary factors, such as how long you'll live there and what your future goals are before pulling the trigger.
But if you're considering attending college or grad school in one of these 10 places and then sticking around, it might be worth checking out the local real estate.
10. Champaign, Illinois
Home to the University of Illinois at Urbana-Champaign
Median monthly home payment: $875
Median monthly rent payment: $956
9. Milwaukee
Home to Marquette University
Median monthly home payment: $856
Median monthly rent payment: $954
8. Swarthmore, Pennsylvania
Home to Swarthmore College
Median monthly home payment: $1,128
Median monthly rent payment: $1,152
7. Cleveland
Home to Case Western Reserve University
Median monthly home payment: $677
Median monthly rent payment: $866
6. College Park, Maryland
Home to the University of Maryland
Median monthly home payment: $1,699
Median monthly rent payment: $1,971
5. Philadelphia
Home to the University of Pennsylvania
Median monthly home payment: $964
Median monthly rent payment: $1,252
4. East Lansing, Michigan
Home to Michigan State University
Median monthly home payment: $628
Median monthly rent payment: $930
3. West Lafayette, Indiana
Home to Purdue University
Median monthly home payment: $666
Median monthly rent payment: $970
2. South Bend, Indiana
Home to the University of Notre Dame
Median monthly home payment: $470
Median monthly rent payment: $856
1. Baltimore
Home to Johns Hopkins University
Median monthly home payment: $775
Median monthly rent payment: $1,443
Don't miss: 10 US cities where it's cheaper to buy a home than rent
