As college students prepare for the end of the academic calendar and head out of their college towns for the summer, many are thinking about where they will be resting their heads next year. For upperclassmen this often means deciding between living on campus or renting off campus.
With room and board for college dorms rising alongside rental prices, living off campus can save you money depending on where you are. The College Board reports that the average cost of room and board on campus in 2015–2016 ranged from $10,138 at four-year public schools to $11,516 at private schools. If you break that out over the nine-months that they’re on campus that means that college students are forking over roughly $1,193 – $1,279 in “rent” per month to live in a dorm room with a RA looking over their shoulder. Most college students, of course, aren’t living alone, so you’re looking at around $2,500 for a two-bedroom.
In college towns like Athens ($700), Bloomington ($610), Tuscaloosa ($925) and Ithaca ($875) that may sound like a ripoff. However, if you happen to attend college in cities like San Francisco, Boston, New York City, Los Angeles, or Washington D.C., that deal doesn’t sound half-bad. Money may not buy happiness, but it will buy you space away from RAs, freedom and more responsibility in these cities. Just get ready to open up your (or mom and dad’s) wallets!
To calculate the institutions with the most expensive off-campus housing in the United States, we took a look at the 380 colleges and universities that were represented on Princeton Review’s 2016 list. We then calculated the median two-bedroom rental price within a 1-mile radius of each campus on the list from over 54,000 listings. Here’s what we found.
Ready to move off campus and into a life of more freedom and (maybe a little) less beer money? Check out what pads are going for in your college town.