Renting a Dorm Room vs. Buying a Condo at Wafco Mills: A Cost-Benefit Analysis for College Students in Greensboro, NC
For parents of college-aged students attending Greensboro College, UNC Greensboro (UNCG), or North Carolina A&T State University (A&T), choosing between renting a dorm room or investing in a condo in Wafco Mills Condominiums is a pivotal decision. This blog post provides a cost-benefit analysis comparing dorm rental costs at these three institutions with purchasing a Wafco Mills condo, incorporating Wafco Mills’ HOA fees (approximately $200/month for a 1,000-square-foot unit, based on square footage), historical price trends since 1987, and home price data for College Hill. We’ll also highlight the condo’s rental income potential (currently $1,700/month unfurnished or $2,300–$2,700/month for 30+ day furnished rentals with utilities, pest control, landscaping, and monthly cleaning by Simply Organized and Clean), first-time buyer incentives, and the impact of the nearly completed Downtown Greenway, which enhances pedestrian and bike access alongside Wafco Mills. Two comparison tables clarify costs, including corrected upfront costs for dorm rentals, and the article reflects the reality of living at Wafco Mills, including detailed HOA responsibilities.
Cost Comparison: Dorm Room Rental vs. Buying a Condo at Wafco Mills
Detailed Cost Comparison Table
Four-Year Housing Cost Comparison (Planning Ranges)
| Option | Upfront Costs | Annual Costs | Four-Year Total Costs | Rental Income Potential* | Equity and Appreciation (Four Years)* |
|---|---|---|---|---|---|
| Greensboro College dorm |
About $250 to $500
(housing deposit, application fee) |
About $10,500 to $14,600 | About $42,000 to $59,000 | None | None |
| UNCG dorm |
About $300 to $600
(housing deposit, application fee) |
About $10,900 to $16,600 | About $44,000 to $67,000 | None | None |
| A and T dorm |
About $350 to $650
(housing deposit, application fee) |
About $11,250 to $17,650 | About $45,000 to $71,000 | None | None |
| Buying a Wafco Mills condo (owner occupied) |
Example: about $2,000 to $15,000
(down payment, closing costs, assistance programs may apply) |
Example: about $24,000 to $27,000
(mortgage, HOA dues, insurance, taxes) |
Example: about $96,000 to $108,000 | None |
Example: about $40,000 to $70,000
(principal reduction and market appreciation combined) |
| Buying a Wafco Mills condo (room rental) | Example: about $2,000 to $15,000 |
Example: about $14,000 to $18,000
(after room rental income, 30 plus day stays) |
Example: about $56,000 to $72,000 |
Example: about $700 to $900 per month
(room rental, HOA compliant) |
Example: about $40,000 to $70,000 |
| Buying a Wafco Mills condo (mid term rental) | Example: about $2,000 to $15,000 |
Example: about $6,000 to $10,000
(after 30 plus day rental income, partial year occupancy) |
Example: about $24,000 to $40,000 |
Example: about $2,300 to $2,700 per month
(30 plus day stays, HOA compliant) |
Example: about $40,000 to $70,000 |
The table below compares the costs of renting a dorm room at Greensboro College, UNCG, or A&T versus purchasing the 2-bedroom, 2-bath condo at Wafco Mills over a four-year college period, factoring in rental income potential and first-time buyer incentives.
Four-Year Net Cost and Return Comparison (Planning Ranges)
| Option | Upfront Costs | Annual Net Cost* | Four-Year Net Cost* | Financial Return (Four Years)* |
|---|---|---|---|---|
| Greensboro College dorm | About $250 to $500 | About $10,500 to $14,600 | About $42,000 to $59,000 | None (no equity) |
| UNCG dorm | About $300 to $600 | About $10,900 to $16,600 | About $44,000 to $67,000 | None (no equity) |
| A and T dorm | About $350 to $650 | About $11,250 to $17,650 | About $45,000 to $71,000 | None (no equity) |
| Buying a Wafco Mills condo (owner occupied) |
Example: about $2,000 to $15,000
(down payment, closing costs, assistance programs may apply) |
Example: about $24,000 to $27,000
(mortgage, HOA dues, insurance, taxes) |
Example: about $96,000 to $108,000 |
Example: about $40,000 to $70,000
(principal reduction and market appreciation combined) |
| Buying a Wafco Mills condo (room rental) | Example: about $2,000 to $15,000 |
Example: about $14,000 to $18,000
(after room rental income, 30 plus day stays) |
Example: about $56,000 to $72,000 |
Example: about $40,000 to $70,000
plus example rental income of about $33,000 to $43,000 |
| Buying a Wafco Mills condo (mid term rental) | Example: about $2,000 to $15,000 |
Example: about $6,000 to $10,000
(after 30 plus day rental income, partial year occupancy) |
Example: about $24,000 to $40,000 |
Example: about $40,000 to $70,000
plus example rental income of about $80,000 to $100,000 |
Dorm Room Housing Costs in Greensboro (Planning Context Only)
Dorm pricing changes annually and varies by room type and meal plan. The figures below reflect published ranges for recent academic years and should always be verified directly with each school before relying on them.
Greensboro College
https://www.greensboro.edu/admissions/tuition-and-fees/
Greensboro College publishes combined room and board pricing per semester by room type.
Standard double with roommate: about $6,359 per semester
Deluxe double with roommate: about $6,930 per semester
Private room: about $9,220 per semester
Planning range for a 9 month academic year (two semesters):
About $12,718 to $18,440 per academic year, depending on room type.
Greensboro College also references a housing deposit of about $250 as part of the housing process.
University of North Carolina at Greensboro (UNCG)
UNCG publishes housing and meal plan components as part of its cost of attendance.
Traditional housing: about $6,288 per year
Meal plan: about $5,076 per year
Total housing plus meal plan:
About $11,364 per academic year, depending on housing assignment and meal plan selection.
UNCG also publishes meal plan options by semester, with some plans starting around $2,150 per semester, depending on plan selection.
North Carolina A and T State University
https://www.ncat.edu/student-affairs/housing-and-residence-life/
North Carolina A and T publishes housing rates by residence hall and room type, plus separate meal plan schedules.
Housing: about $3,058 to $3,543 per semester for many residence hall options
Meal plans: about $1,985 to $2,151 per semester for common weekly meal plan options
Planning range for two semesters (housing plus meal plan):
Housing: about $6,116 to $7,086 per academic year
Meal plan: about $3,970 to $4,302 per academic year
Total housing plus meal plan: about $10,086 to $11,388 per academic year
Four Year Dorm Cost Reality Check
Over four years, published housing plus meal plan totals can commonly land in the mid five figures, depending on the school, room type, and meal plan selection. These costs do not create any tangible ownership asset, or grant experience of time and change annually.
All dorm costs should be verified directly with each university before making housing decisions.
Buying a Condo at Wafco Mills Condominiums
This framework applies to any typical condo at Wafco Mills Condominiums. Exact numbers vary by unit, financing, insurance, HOA budget, and utility usage. Buyers should verify all figures with their lender, insurance provider, and the current Wafco Mills HOA budget and governing documents.
Upfront Costs
Upfront costs typically include a down payment and closing costs.
Down payment:
Varies by loan type and buyer qualification. Some buyers use lower down payment loan programs, while others choose conventional options. Please feel free to ask me for my favorite lenders I love to work with.
Down payment assistance:
North Carolina Housing Finance Agency programs may offer down payment help for eligible buyers, including options tied to the NC Home Advantage Mortgage and the NC 1st Home Advantage Down Payment program. Eligibility and amounts vary. See my blog post specifically for first time buyers for information and links.
Closing costs:
Vary by lender, credits, prepaid items, and the specific transaction.
Down payment assistance is not automatic and should never be assumed. Buyers should confirm eligibility with a participating lender.
Ongoing Ownership Costs
A realistic individual condo ownership budget often includes:
Mortgage payment based on interest rate, loan type, and down payment
HOA dues based on the association’s current budget
Property taxes based on county assessment and tax rate
HO6 condo insurance for the unit interior and personal property
Utilities based on HOA billing structure and actual unit usage
Rental Options Within HOA Rules
Wafco Mills Condominiums enforces a minimum rental term of 30 days. Any rental plan must be structured around that minimum.
Rental models that may fit a 30 day minimum include long term leases, mid term stays of 30 days or longer, or arrangement permitted by the governing documents and the owner occupancy structure.
Rental income is never guaranteed. Owners should verify market rent and expected occupancy independently and confirm that their lease structure complies with HOA requirements.
Equity and Resale Language That Stays Compliant
Owning a condo may build equity through principal paydown over time, and resale value may change based on market conditions. Appreciation is never guaranteed. Buyers should consider market risk, HOA obligations, and liquidity needs before purchasing.
Disclosure Note
All costs and income examples in this post are for planning context only. Buyers and parents should verify current university housing costs, condo pricing, financing terms, HOA dues, HOA rules, insurance premiums, utilities, and rental market conditions independently before making decisions.
