We are being asked that question right now all the time, and it depends on your situation. Start with your own situation. Is there a difference in tuition if you (or your son) becomes an in state resident? Are there tax advantages to purchasing (first time/step up buyer tax credit, writing off of interest) - I would consult a tax accountant first to answer these question.
Rather than a 1 BR, consider longer term, overall costs, friendships, and a teaching experience for your son. Does he want to live alone vs. roomates? Socially at a young age, roomates in a new city not only help share costs, but also add to the social challenges of a new city. Consider teaching your son to "run a business" by becoming a landlord, finding roomates, and covering costs of a 2, 3 or 4 bedroom through roomates rent. My wife went to school at Georgia Tech, and this is what one of her now best friends parents did when she set her daughter up in a 4 bedroom, had her bring in 3 roomates and it covered her cost of living. They then sold the property at a profit at the end of the 4 year degree - the profit covered the cost of tuition!
Full Sail is a great school, typically with students of similar social economic background, and fellow students may make great roomates.
With prices and interest rates where they are at present, there has never been a better time to buy. We have a new certified Green community located very close to Full Sail called The Sage At Winter Park. This is the perfect location for students in a roomate scenario. Let me know if you would like further information!
The Sage At Winter Park
(407) 951 8871