Foreclosed suburban mansions become hotspot for student housing in California community
For college students at the University of California, Merced, mansions in overbuilt subdivisions are replacing the typical dorm room experience.
Due to a high foreclosure rate, thousands of students at the six-year-old school are enjoying amenities like hot tubs, three-car garages, granite countertops and walk-in closets, according to a New York Times report.
The price? $200 to $350 a month per student.
The agricultural area in San Joaquin Valley is ranked third nationally in metropolitan-area home foreclosures. Investors and builders flocked to the area as the college was being constructed, building "McMansions" - or large, mass produced houses - in subdivisions near the university campus.
But as the market crashed, many of the homes stood vacant.
The university, which enrolls 5,200 students and only has room to house 1,600 in campus dorms, planned for a gradual expansion, adding 600 new students a year.
With limited space on campus, student tenants are now paying discounted prices to live in the nearby four- or five-bedroom McMansions.
Read the full Times report here.