The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
There’s no way around it: College is expensive. And it’s not just the tuition and books — you also need somewhere to live. HomeUnion, an online real estate investment management firm, released a list of the college towns with the most expensive off-campus rents throughout the nation.
“As college students return to school this month, we wanted to let them and their families know where off-campus rents would be the most expensive,” Steve Hovland, director of research for HomeUnion said in a press release. “This study illustrates where living near campus is disproportionately more expensive than the market as a whole, and off-campus housing may eat into their college savings.”
To create this list, HomeUnion first narrowed the list of all colleges and universities in the U.S., only considering schools where more than 15,000 students are enrolled. From there, the group looked at their internal database from the second quarter of 2016 to determine median monthly rent within a two-mile radius of university campuses and then compared it to the market-rate monthly rent in the metro area. Here’s what they came up with.
1. Los Angeles/Westwood: University of California, Los Angeles
Median Rent: $4,343 (80% above market)
Market Rent: $2,409
Enrollment: 43,000
2. San Jose/Palo Alto, California: Stanford University
Median Rent: $5,705 (63% above market)
Market Rent: $3,499
Enrollment: 16,000
3. Miami/Coral Gables: University of Miami
Median Rent: $2,818 (44% above market)
Market Rent: $1,916
Enrollment: 17,000
4. Boston/Cambridge: Harvard University
Median Rent: $3,287 (44% above market)
Market Rent: $2,276
Enrollment: 21,000
5. Oakland/Berkeley, California: University of California, Berkeley
Median Rent: $4,070 (44% above market)
Market Rent: $2,822
Enrollment: 37,000
6. Salt Lake City/East SLC, Utah: University of Utah
Median Rent: $2,043 (41% above market)
Market Rent: $1,443
Enrollment: 32,000
7. Dallas/Richardson: University of Texas, Dallas
Median Rent: $2,058 (39% above market)
Market Rent: $1,476
Enrollment: 23,000
8. Seattle/University District: University of Washington
Median Rent: $2,786 (39% above market)
Market Rent: $2,044
Enrollment: 45,000
9. Lansing/East Lansing, Michigan: Michigan State University
Median Rent: $1,282 (35% above market)
Market Rent: $948
Enrollment: 51,000
10. Portland, Oregon: Portland State University
Median Rent: $2,327 (34% above market)
Market Rent: $1,724
Enrollment: 28,000
11. New York City/Greenwich Village: New York University
Median Rent: $2,881 (34% above market)
Market Rent: $2,139
Enrollment: 57,000
12. Chapel Hill/University City, North Carolina: University of North Carolina
Median Rent: $1,739 (31% above market)
Market Rent: $1,329
Enrollment: 29,000
13. Gainesville/West Hills, Florida: Santa Fe College
Median Rent: $1,510 (29% above market)
Market Rent: $1,173
Enrollment: 17,000
14. Springfield/Upham’s Corner, Massachusetts: University of Massachusetts
Median Rent: $2,013 (26% above market)
Market Rent: $1,596
Enrollment: 29,000
15. Ithaca/Forest Home, New York: Cornell University
Median Rent: $2,082 (24% above market)
Market Rent: $1,675
Enrollment: 22,000
You may not be able to do much about the cost of living in the area where you live, but you can do something about making sure you qualify for a rental. Having a good credit score is important, as landlords often review a version of your credit report during the application process. You can see where your credit currently stands by taking a look at your free credit report summary, updated every 14 days, on Credit.com.
Image: sturti
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized
January 28, 2021
Uncategorized