The prices in peii are skyrocketing in the city, but some locals are turning to the cheap rent trick to save money.
The market for college town luxury homes is thriving, with more than $2 billion in sales in the last five years, according to real estate website Realtytoday.
A new home can cost anywhere from $100,000 to $1 million, with prices typically reaching as high as $1.9 million.
Pei’s average price is currently $1,965,000, according the website.
But some buyers in the town, which is mostly located in a small portion of the state, are turning out to be real estate gold.
One woman who has lived in peis mansion for more than three years, who asked to remain anonymous, told The Hill that she has been living in her new digs for more or less four years.
“My apartment is like a college town, because it’s really nice, but the price is so high, it’s ridiculous,” she said.
Another buyer who lives in a pei mansion said the apartment is a lot more spacious than she thought it would be, and the price tag is reasonable.
She said the average price of a peis home is $1million, with most homes starting at $1 and going up to $2.5 million.
In a city where the average salary is around $40,000 a year, it is not uncommon for a buyer to pay upwards of $1 billion for a peibor home.
This trend is likely due to the city’s boom in construction and the number of young people, who tend to rent out their homes.
In the past five years alone, pei has recorded over $4 billion worth of new construction, according RealtyToday.
Despite the boom, some pei residents are worried about their future.
According to the website, many residents are afraid they will not be able to afford to buy a new home, with a recent study indicating that 30 percent of peis residents are considering selling their houses.
Some residents have begun selling their homes for a profit, according a recent survey by Real Estatefacts.com, a real estate marketplace.