• Your cost savings will potentially be even greater than outlined above based on your tax savings you will see each year because of having paid mortgage interest.
  
  
• The analysis above does not factor in your closing costs when buying.
   
• Your "buying" costs could end up being higher than outlined above because of any property owners association fees as well as any home maintenance you would need to pay for during that time of owning the townhouse.
  

• Shiny new student housing is built.
• College students flock to the new living options.
• Vacancy rates increase at older, run down student housing complexes.
• Families start moving into older student housing complexes.
• These families increase the elementary school aged population.
  
• Local elementary schools have more students to educate.
  

I think we have seen this happen over the past 20 years in Harrisonburg, in cycles, as large quantities of student housing is built in waves. 

And think about it, from the other direction, for a moment -- we all know that the local elementary school population is growing -- but why, and where? It's not as if local developers and builders are out building an extraordinary number of townhomes or starter homes for young families, causing an influx of new elementary school students.  So -- if the elementary school population is rising, and it's not because of an increase in the stock of owner occupied real estate in Harrisonburg, then....

1.  Perhaps this elementary (or K-12, really) school enrollment growth is, contrary to what we'd otherwise believe, a direct result of an increase in college student housing.

2.  Perhaps we need to think about the fiscal impact of educating more elementary (and then middle and high) school students when we think about approving yet another student housing complex.

3.  Perhaps, if building new student housing when we might not really need it, leads to increased demands on our local K-12 schools, then maybe we need to pay more attention to whether that student housing is needed.

Just some thoughts to ponder as we think about and plan for the future here in the City of Harrisonburg -- and Rockingham County.

• If you're buying at $150K with a 5% down payment, it makes more sense to lease if you'll only be there for two years.  If you'll be there for three (or more years) it likely makes more sense to purchase.
    
  
• If you're buying at $300K with a 20% down payment, buying and leasing are almost equivalent in a two year timeframe, and it definitely makes more sense to purchase if you'll be there for three (or more) years.
  

There are, of course, plenty of extenuating circumstances.  Many people might buy a $150K house (or townhouse) even if they are planning to be there for only 3 years --- because they want their own home (not their landlord's), or to get in a certain neighborhood, or because of the tax benefits, etc.

• your monthly mortgage payment
  
• appreciation in your home's value
• the cost of selling your home after the two or three years ends
• potential maintenance costs
• potential tax benefits of paying mortgage interest
  

• 50% one-bedroom apartments
• 39% two-bedroom apartments
• 11% three-bedroom apartments

• Your cost savings will potentially be even greater than outlined above based on your tax savings you will see each year because of having paid mortgage interest.
  
  
• The analysis above does not factor in your closing costs when buying.
  

• 250 Metro (10)
   
  
• Reserve at Stone Port (168)
   
  
• Urban Exchange (194)
   
  
• City Exchange (32)
   
  
• Ice House (34)
   
  
• Livery Lofts (12)
   
  
• Loop Modern (9)
   
  
• Sancar Flats at West Rock (48)
  

Now -- to be clear -- some students do live in many of these apartment buildings/complexes -- but this is a reasonable list of apartments that non-students could/should consider if they are looking for an apartment to lease in Harrisonburg.