Buying a home for a college student at 23 universities is cheaper than paying for room and board, per Mortgage Research Network. Some colleges in Chicago, Milwaukee, and southern cities show gains for homeowners, but room and board wins in expensive urban areas like the West Coast.

Sky-high home prices at certain universities make buying a home less cost-effective than paying for room and board. For example, University of Washington-Seattle students could pay $83,000 more over three years. Other schools with negative results include University of Colorado-Boulder, University of California-San Diego, and New York University.

The report calculates additional cost savings in homeownership beyond a typical college education, showing potential profits after holding a property for at least 10 years. For example, at Temple, three-year savings are nearly $30,000, but homeowners could profit up to $70,000 if they hold the property for the long term.

Marshall University in West Virginia offers the cheapest average home price, making it the best place to buy a home for a college student. Parents could save nearly $19,000 over three years and over $33,000 if the property is held for 10 years. Other top schools include University of Delaware, University of Alabama, and University of Memphis.

Montclair State University ranks as the worst place to buy a home for a college student, with parents potentially losing up to $163,000 over three years. The average home price in the New York suburb is $1.1 million, with a total cost of nearly $10,000 per month.

Costs and savings are calculated by adding mortgage payments, property tax, insurance, maintenance, and other expenses, while subtracting roommate rental income and home appreciation. These values are compared with a school’s room and board expenses over three years, adjusted for the average-priced home in the location.

The study uses three years instead of a typical four-year college education due to high dropout rates after one year. Some institutions also encourage freshmen to live on campus, creating uncertainty in four-year calculations.

Read more at Yahoo Finance: The Surprising Trend Where Student Housing Costs Outpace Mortgage Payments