How to Live Near Purdue University and Pay Your Mortgage with Roommates
As a student at Purdue University, the cost of living can add up quickly—especially when you’re paying for dorms, meal plans, and other campus expenses. But what if you could turn the tables, buy a home near Purdue, and have your roommates pay for your mortgage instead?
In this post, we’re exploring some of the best homes near Purdue University that you could buy as a student, where you can live with roommates and have them cover the cost of your mortgage. Buying a home while you’re in college may sound like a big step, but it can be one of the smartest financial moves you make in your early career. Here’s how you can make it work!
Why Buy a Home Near Purdue University?
- Rent-Free Living: Instead of paying thousands of dollars in dorm fees or rent, you could be paying off a home that you own. With the right property, having two or three roommates can easily cover the mortgage, making it a financially smart move.
- Building Equity: When you pay rent, you’re building someone else’s wealth. When you buy a home, you’re building your own equity. If you’re a graduate student, or plan on staying in the area long-term, this could be an investment that pays off when you sell the home later.
- Better Space for You and Your Roommates: Homes near Purdue often offer more space, better amenities, and more privacy than typical student housing. A backyard, a private kitchen, and multiple bathrooms could be a huge upgrade compared to dorm life.
- Appreciating Real Estate: Purdue’s strong student population and the demand for rental properties in West Lafayette mean that homes near campus tend to hold their value—and may even appreciate over time, which can increase your return on investment.
How Much Do Homes Near Purdue Cost?
The price range for homes near Purdue University varies widely, but we’re focusing on homes between $250,000 and $450,000. While these may seem like steep prices for students, the idea is that the mortgage payments can be shared with roommates, making the cost more manageable.
In this post, we’re diving into three homes near Purdue that could be ideal for students looking to invest in real estate. These homes offer plenty of space, a convenient location, and are priced within a reasonable range for most student budgets—especially when you factor in roommate rental income.
Home #1: 212 Pawnee Drive – A Spacious Four-Bedroom Home
Located in West Lafayette, just a short drive away from Purdue University, 212 Pawnee Drive is a four-bedroom, three-bath home with 3,243 square feet of living space. Although it’s outside of Purdue’s CPAS permit zone (meaning you can’t park a car on campus with a permit), it’s still within a quick commute to Purdue.
Features:
- Four bedrooms, perfect for you and your roommates
- Large backyard with a deck, ideal for entertaining or relaxing outdoors
- A cozy living room with a wood-burning fireplace
- Updated kitchen with a breakfast bar and plenty of space for cooking
- A finished basement with a wet bar, making it perfect for study nights or parties
While the distance from campus means you’ll need a car or a bike to commute, the price of around $420,000 is an excellent deal when you consider the size and amenities. This home could easily accommodate multiple roommates, with the potential for each person to have their own space and share the cost of living.
Home #2: 2229 Huron Road – A Beautifully Remodeled Four-Bedroom Home
If you’re looking for a home that’s just minutes from Purdue University, 2229 Huron Road might be exactly what you need. With 2,183 square feet of space, this four-bedroom, three-bath home has been beautifully remodeled and offers modern finishes throughout.
Features:
- Spacious, open-concept living area
- Modern kitchen with stainless steel appliances and a central island
- Two en-suite bedrooms, meaning one roommate could have their own private bathroom
- Large primary suite with a walk-in closet and a luxurious bathroom
- Neutral, modern color palette throughout the home
This home is priced at $459,900, which is at the higher end of our budget, but the value is in the renovations. The open living space, private bathrooms, and proximity to campus make this home ideal for a student looking for a modern, comfortable space. With two en-suite bedrooms, your roommates could be more than willing to help cover the mortgage payments.
Home #3: 3630 Chesterfield Way – A Three-Bedroom Home with a Three-Car Garage
Located a little further from Purdue University, 3630 Chesterfield Way offers a quieter, suburban option for students who don’t mind being a bit farther away. This home features three bedrooms, two baths, and 1,863 square feet of space. The major perk? A three-car garage, giving each of your roommates their own parking space—an often-overlooked advantage.
Features:
- Three bedrooms, two bathrooms, ideal for a small group of roommates
- Spacious living room connected to the kitchen, with plenty of natural light
- Modern kitchen with a snack bar and breakfast area
- Primary suite with a large walk-in closet and en-suite bath
- Outdoor space with a porch and backyard for relaxing
Though located about 10 minutes from campus, 3630 Chesterfield Way is in a quiet neighborhood with a more relaxed pace. The home is listed for $380,000, which is a reasonable price for the amount of space and amenities it offers. This could be an excellent choice for students who want a little more privacy and space to spread out.
How to Make It Work: Rent Out Rooms to Roommates
Here’s where the magic happens: roommates. By sharing the space with one or two other students, you can split the mortgage payments and make your housing costs virtually free. In fact, by setting competitive rents for your roommates, you could potentially cover the majority—or all—of your mortgage, leaving you with a big financial advantage when you graduate.
- Roommate Rents: The key to success here is making sure you price the rooms appropriately. Depending on the area and the amenities of the home, you can charge between $500-$800 per month per room, sometimes more.
- Mortgage Breakdown: If your mortgage is around $2,000 a month, renting out three rooms at $600 each can cover the entire payment. The best part? You’re living in a space you own, not someone else’s rental property!
Is This the Right Move for You?
Buying a home near Purdue University is not for everyone, but if you’re financially savvy, ready to take on a little responsibility, and want to build wealth while in college, it can be a great option. Not only will you have a comfortable place to live, but you’ll also be building equity and making a smart investment for your future.
Final Thoughts
If you’re a Purdue student, or planning to attend, consider how buying a home near campus could be a game-changer. The homes we’ve looked at today offer a variety of price points, locations, and amenities that can work for different student budgets and preferences. By bringing in roommates, you can cover your mortgage and enjoy the financial freedom that comes with owning a home.
Have questions or want more information on buying a home near Purdue? Reach out now!