It sounds crazy that as your children are heading off to one of the most expensive things they’ll ever do — college — you would think about buying them a house for while they’re there. But according to Ilyce Glink at CBS, that is exactly what many parents are doing these days.

But it isn’t because these parents are more generous than others. It’s because buying a house in a college town can be a huge money-saving strategy.

According to the website scholarships.com, the average cost of room and board fees at a four-year college or university runs nearly $10,000 per year. Off-campus apartment housing can strain your budget even further, and in either case, there is no return on your investment. Once spent, that money is simply gone. With these figures in mind, a growing number of savvy parents are selecting another option.

With the comparatively low cost of buying a home…a growing number of concerned parents are opting to purchase a home for their students to live in while completing their education. Labeled “parent investors” by Coldwell Banker’s network of real estate agents, 64 percent of the agents surveyed reported encountering this type of buyer….

‘Parent investors’ buy homes for their child to live in while attending college. Roommates provide rental income for the mortgage, and the hope is that students care for the home and it appreciates over time.”…

If the home is cheap enough and the return on investment is there, buying a home makes more sense to many parents than throwing money away on renting an apartment or dorm.