Several years ago, we wrote a blog about buying a small house or condo for your child attending VCU. That article has always been popular and carried significant traffic on the web.
And Now… We Have a VCU Student!
Since the first article is now a bit outdated and we’re currently in the works of purchasing a home for our own child headed to VCU, we think now is the perfect time to take a deeper look at the concept.
First, lets look at some pricing statistics for the past several years.
For the City of Richmond as a whole, pricing has gone up by over $63,000 in 5 years. For the areas immediately surrounding VCU, the number is a mere $55,000. Depending on which statistic you choose to measure, the annualized rate of appreciation is anywhere from 4.7% to a high of 7.8%.
Here’s Some Context:
- The cost of a VCU dorm in 2018 is $7,200
- Per our rental managers, the average cost of rent is anywhere from $600-700 per bedroom in a standard house.
- If they rent a 1 bedroom studio apartment, the number rises closer to $1,100-1,200.
- Comparable sales suggest pricing to be roughly $300,000 to $350,000
- 2219 Parkwood Avenue (pictured) sold in 2 days.
- The 3 bedroom/2 bath home was 1872 SF and priced at $325,000
- It is roughly 12 blocks from the Monroe Park Campus