Many parents are buying apartments for their college-age children. The thinking is, parents invest in an apartment to provide housing for their children in college and also, eventually, to use it as a vacation retreat.

University towns, urban centers and rural enclaves alike are drawing buyers seeking homes for their college-bound family members. Developers are also catering to a growing group of alumni who want to return to the campus on weekends for on-campus cultural performances or sporting events.

Part of the market is being driven by parents opting out of paying increasingly expensive on-campus room and board fees, which average $8,149 a year at a four-year private university, according to the College Board. Some parents can qualify for a Federal Housing Administration financing program known as a “kiddie condo” loan, which makes the purchase of an off-campus residence for a child even more attractive.

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