If it were cheaper to buy a Chicago condos than pay for room and board at your child’s Windy City university, wouldn’t you make the economical choice? Well, according to a story in the Chicago Tribune this week, it looks like you wouldn’t be the only one.

With college tuitions rising and home affordability following suit, many parents with college-bound students are deciding to purchase condos for their children to live in as opposed to put that money toward a dorm room and meal plan. The trend is happening in many areas of the country as well as in Chicago, which has dozens of colleges and universities in the city and surrounding suburbs.

After crunching numbers on the annual cost of living in the dorm or renting a Chicago apartment (a market that has experienced an increase in rental prices as of late), it makes more “cents” to actually buy a property. The mortgage payments can be split among a few roommates and you’ll build equity in a piece of Chicago real estate, instead of handing over more money to a school you probably already pay thousands to every semester.

Students will likely enjoy the perks of living off-campus as well. A lot of the available condos in Chicago right now offer great amenities, such as laundry in the unit, dishwashers and much nicer finishes than you’d find in any dorm room. The buildings often have additional conveniences like on-site exercise facilities (sometimes even a pool and sauna), 24-hour door staff and garage parking. The setting will generally be quieter than a dorm environment and can instill a sense of homeownership early on in a young adult’s life.

Despite all of the upsides to buying a Chicago condo for your child to live in while attending school, there is something to be said for giving dorm life the old college try. Students who choose not to reside in academic housing may miss out on the camaraderie and socializing of dorm-mates as well as the proximity and benefits of nearby classes, services and other university resources.