Your Finance: Buying a condo can lower college living costs

Arizona State University sophomore architecture major Scott Johnson

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Arizona State University sophomore architecture major Scott Johnson lounges and watches TV in his living room as he works on his laptop in Tempe, Ariz. Johnson is from Minneapolis and in July, his parents bought a one-bedroom condo for him. (Dec. 14, 2005) (Credit: AP)

Most people simply bite the bullet and pay for room and board when their son or daughter goes off to college. But some are finding they can save money by buying a condo.

Several compelling reasons make this a good time to buy if you're facing hefty living costs in a college town.

There still are plenty of bargains out there for long-term investors. And while mortgage rates have climbed...

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