LGH college or HACC Lancaster student housing question (Millersville, Franklin: for sale, apartment)

[ambradley]

My daughter, who just finished her junior year in high school, has made two things clear:

1. She wants to become an RN (registered nurse)
2. She wants to go to school far away (we are in California)

My wife (not her mother) is from Lancaster, PA. Her parents still live between Lancaster General college and the HACC Lancaster campus. My daughter has only been there once, a few years ago, but my wife and I visit once or twice a year. My daughter likes the idea of being thousands of miles away from home, yet a few miles from extended family. She has also said she does not intend to move back after finishing school.

I'm thinking of buying (financing) a row home for my daughter to live in, as the cost does not seem much different than renting an apartment, staying at the Millersville International House (feel free to comment on MIH in this thread), etc. - especially if she finds a fellow student roommate.

I've been told to stay north of King Street. There are homes within a few blocks of the LGH school for sale that look OK online in the $60k - $80k range. My long-term plan for the home would either be for her to continue living in it after college or turn into a regular rental, so I am not concerned about what to do with the home after she finishes school.

For those who know the area - is this a viable housing plan, or should I forget purchasing a row home?

[Davros]

Don't hold your breath waiting for replies on this forum. It's pretty quiet. With me, you're only getting 2nd rate information, but it's better than nothing.

I'd say $60-$80k is going to be a dump more likely than not. You've got to ask yourself why in the same neighborhood that zillow shows $60-$80k houses, there are also houses for more than $100,000.

Renting could be way cheaper than $60,000 and you wouldn't be stuck with "problematic" property (To reach $60,000 over 4 years, you would have to be spending more than $1000 per month). College students typically live with roommates, so you should be spending way less than $60k on housing over 4 years.

Ask the college where most of their students live, and how they find roomates/etc.

[ambradley]

Thanks for the reply. I definitely need to research other housing options. I don't want to buy a dump / money pit.

[Davros]

As I said, my information is 2nd rate. Maybe the homes are fine. But my impression is that most of your less expensive homes in place like Lancaster City, PA are quite old. And so some of the difference in value may be between homes that have been kept up to date with repairs, and homes that haven't

[jackooboy1]

Davros is correct. If you want a decent place, it'll probably cost you in the 100 to 150 K range. Also, investing in the area around Lancaster General is a good idea because the hospital encourages employees to live in the area, plus your daughter could walk to LGH nursing school if that's where she ends up going. Check out these links:

LG Health Careers - Home in the City

You'll notice the green and orange boxes would both be prime places to buy a property or rent because they are supported by major institutions, LGH (they have 100s of millions in operating revenue) and Franklin and Marshall College (they have 100s of millions of dollars sitting in endowment funds, not sure what their operating costs are)...

Good luck!