When students go off to college, they want to get the most bang for their buck whenever possible – we’ve all heard the stereotype of the starving college student surviving on Ramen and the sweat of their brow. Of course, the parents who often assist these students in pursuing their scholarly goals want to save money while providing their kids with the quintessential college experience.
Part of that college experience typically involves living on campus, experiencing the joys (and frustrations) of dorm life, and immersing oneself in their campus environment. When universities sell housing plans to prospective students, they are marketed as a bargain. However, is that actually the case? What if a student decides he or she wants to get away from campus after class and decides to move off college grounds? Does distance matter? This is the picture painted by the data from 49 colleges and universities across the country.
Off Campus & On Campus
Methodology
We selected the top 49 colleges and universities based on highest enrollment (excluding community colleges and online schools), and analyzed the costs for various apartments in different areas near each school as well as various on-campus options to determine monthly averages. In the interactive above, we also calculated state averages and costs based on private rooms and shared rooms on campus.
On-Campus vs. Off-Campus Housing
After crunching the numbers, the data seems to suggest that housing on campus is, on average, a cheaper option. In some cases, moving off-campus can save you money, but this is not universally true – especially in larger cities, where even finding housing at a comparable price would be rare. Although there may be cheaper options (or at least comparable options) for housing off-campus, the data indicates that they are uncommon. In cases in which the price is comparable, or in which living off-campus is cheaper, parents and students should weigh the benefits that living on campus provides against the potential of saving money living off-campus.
The Cost of Living Off Campus
Using the data set, we compiled heatmaps of average off-campus pricing for the top 10 schools by enrollment. Since the cost of apartment living declines significantly when roommates are involved, we included costs based on one-, two-, and three-person occupancies (where available).
There are several factors to consider when making the decision to live on or off campus. As stated, distance from campus can correlate with lower prices – but this only holds true in certain areas. In major metropolitan areas, like New York or Los Angeles, for example, the high cost of living in the region will make finding accommodations at a price comparable to those on campus an unlikely prospect.
If one is commuting to a university in a less densely populated area, where the cost of living is lower, on the other hand, this may be less of an issue. The cost of a single-occupancy residence at Liberty University in Lynchburg, VA, for example, is roughly the same regardless of whether one lives on campus or not. Population is not, however, the only factor affecting the cost of residency off-campus. It really just depends on the area.
When choosing between an on-campus or off-campus residence, especially when the cost is comparable, it is important to consider potential benefits of on-campus life not reflected in the numbers alone. For example, on-campus housing provides the convenience of living close to one’s classes, socialization opportunities, and the peace of mind provided by avoiding a long, stressful commute in traffic or a daily battle for hotly contested parking spaces.
In the end, housing is one of the most important decisions that you will be making either for your student or as a student, so taking time to do your research before making a decision is crucial.
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Off Campus
Most Expensive Off Campus – 1 Occupant
University of California – Berkeley
New York University
Boston University
UCLA
California State University – Long Beach
Most Expensive Off Campus – 2 Occupants
UCLA
New York University
Boston University
University of Southern California
California State University
Most Expensive Off Campus – 3 Occupants
UCLA
New York University
University of California – Berkeley
University of Missouri Columbia
California State University
Most Expensive Off Campus – 4 Occupants
University of Houston
New York University
University of Wisconsin – Madison
University of California – Berkeley
University of Minnesota – Twin Cities
Least Expensive Off Campus – 1 Occupant
Brigham Young University
Ashford University
Ohio State University-Main Campus
Utah Valley University
Grand Canyon University
Least Expensive Off Campus – 2 Occupants
University of Florida
University of Missouri Columbia
Ohio State University-Main Campus
Ashford University
Brigham Young University
Least Expensive Off Campus – 3 Occupants .
University of Florida
Ohio State University-Main Campus
Grand Canyon University
Liberty University
Ashford University
On Campus
Most Expensive On Campus – 1 Occupant
University of California – Berkeley
Boston University
University of Southern California
University of Michigan – Ann Arbor
Temple University
Most Expensive On Campus – 2 Occupants
University of California – Berkeley
Boston University
University of Southern California
Georgia State University
Temple University
Most Expensive On Campus – 3 Occupants
University of Southern California
University of California – Berkeley
Boston University
Temple University
University of Georgia
Least Expensive On Campus – 1 Occupant
Texas Tech University
University of Minnesota – Twin Cities
Liberty University
Grand Canyon University
University of Florida
Least Expensive On Campus – 2 Occupants
Texas Tech University
University of Minnesota – Twin Cities
Florida International University
University of Texas at Arlington
Grand Canyon University
Least Expensive On Campus – 3 Occupants
Florida International University
University of Minnesota – Twin Cities
Grand Canyon University
University of Florida
Michigan State University
Least Expensive On Campus – 4 Occupants
Michigan State University
University of Minnesota – Twin Cities
University of Texas at Arlington
University of Florida
Ohio State University-Main Campus
