Crowd-sourcing college housing: repurposing the McMansions

Foreclosure
Foreclosure (Photo credit: zane.hollingsworth)

Increasingly I’ve noted the rise in the rental economy in the USA as the previous ownership mentality of many Americans traumatized by economic collapse and wealth inequalities is replaced by one of access. One interesting example of this is college students who, according to a slew of recent articles, are now taking over McMansions which have gone into foreclosure. For example in Merced, CA, students at the local U. California school are now able to rent one of hundreds of foreclosed luxurious homes in overbuilt planned communities for a bargain price and enjoy amenities such as jacuzzis, pools, three-car garages, wall-to-wall carpeting, granite kitchen countertops, walk-in closets, inviting gas fireplaces, light-filled living rooms, master bathroom sinks. Not the same as the cramped dorm room of our college years, eh? On-campus room and board is $13,720 a year, compared with roughly $7,000 off-campus. But renting a McMansion they can each get a bedroom and often a private bath, pay $200 to $350 a month each.

Students find lush living for $300 a month – Boston.com.