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There are many options in Durham where you can live during your graduate studies, including houses, apartments, condos and townhomes, with or without roommates, from walkable to drive-to-campus.
If you're like most, you're looking for a good place to rent. However, with the housing prices in Durham right now, you may wish to consider buying a home for the next few years. As a graduate student, this presents several advantages over renting.
For one, your mortgage payments will likely be comparable or less than the rent you'd pay at one of the local apartment communities. According to apartmentratings.com, the average 2-bed 2-bath apartment in Durham is about $900/month. $900/month rent is the same as would be paid on a mortgage for a $140,000 house, which buys you a nice place here in Durham. There are also great incentives for first-time homebuyers - such as a special low-income second mortgage (which grad students can qualify for).
Second, if you own your home, you can decide to rent out any extra bedrooms you have, dramatically lowering your cost of living.
Third, there are several tax advantages to consider, including some that are unique for graduate students on a stipend, which make home ownership particularly attractive.
Having been a graduate student at Duke myself, I can help you navigate these issues with an eye to your unique needs. If you are interested in learning more, or seeing some houses that are available, please feel free to contact me by phone (919-452-3333) or email (crc128@gmail.com). I'd be happy to discuss home ownership here in Durham, or work with you as your Realtor to help you locate a suitable home.
If you have any questions, please email me at colin@crossmanproperties.com.
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