Off-campus housing costs rising for college students
While most of the focus on rising college costs has been related to tuition, there’s another factor that’s driving college students into debt: high off-campus housing costs.
A recent article from USA Today outlined the impact rising off-campus housing costs are having on students.
Higher enrollment, higher housing costs
On-campus housing costs at colleges have risen along with tuition, so many students have looked off-campus for alternatives–which has given landlords a leg up in terms of how much they can demand for rent.In addition, many students seek off-campus housing after living on-campus for the greater freedom and space provided by off-campus apartments.
And as undergrad enrollment at colleges has increased over the past 20 years, landlords have been able to increasingly raise prices and take advantage of students living near colleges and universities.
Between 2000 and 2014, undergraduate enrollment in the U.S. increased 31%, and it’s projected to increase another 14% between 2014 and 2025, according to the National Center for Education Statistics.
Since the supply of rental properties has not kept pace with the increase in enrollment, off-campus housing costs have risen, creating an additional burden for today’s college students.
Housing costs add to long list of college expenses
Of course, off-campus housing costs are just another thing on a long list of expenses that have risen for today’s college students. Between the cost of tuition, housing, meal plans, textbooks and fees, it’s no surprise that US student debt has reached over $1.2 trillion.
Because college and everything associated with it is so expensive, it’s crucial to try to minimize your costs as much as possible.
Of course, living at home can save money, but it also causes students to miss out on part of the college experience of living in a dorm with fellow students. Luckily, there are other ways to limit college costs upfront.
We help families and students get the most financial aid possible, make college affordable and minimize college debt.
If you’d like to learn how we can help you, give us a call at 1-888-234-3907 or send us a message and we’ll get back to you ASAP.