Housing prices are rising across the country and college students are not immune from the increased burden of pricey off-campus rentals.
Some of the most affordable college towns in the U.S. are in rural areas of the country while the most expensive are often in coastal regions, according to a new report. California alone boasts 16 of the priciest towns for off campus rentals, the report says.
For the study, InMyArea used data from the 2021 American Community Survey for county rent and apartment unit data and data from 2023 figures from Zillow to reflect current housing costs.
Then the site took average rent prices for units from one to five bedrooms and divided the rent prices by the number of bedrooms. And the report excludes 100 schools where more than 90 percent of students live on campus.
Overall, the average monthly rent per bedroom in college towns nationwide is $735, the report found. The average renter would need to earn around $30,000 annually to afford rent at this price point, according to the report.
Average costs trend downward the more roommates a student has, the report noted. But even living with four others, a student would still need to pitch in $400 monthly on average.
Nine of the ten college towns where a one-bedroom rental is the most expensive are in California. In Santa Clara, San Jose and Los Altos, students’ average rent per room is $1,829 per month.
The one outlier in the report’s top ten is in Arlington, Virginia, home of Marymount University. One bedroom in Arlington averages $1,708 monthly.
Prices per room in the top 25 most affordable college towns fall well below both the most expensive and the nationwide average.
Two college towns in Kentucky hold the top spots on the affordability scale while another eight are located in Ohio. In Morehead and Bowling Green, Kentucky, students need $257 and $261 per rent respectively.
The most affordable college town in Ohio is Youngstown, according to the report. Here, students shell out an average of $280 monthly per room.
College students are returning to campus as rents continue to rise in markets across the U.S. amid a broader housing shortage.
Recent data from Zillow shows that asking rents in July rose just 0.5 percent from a month earlier. Although rent growth has slowed for more than a year and a half, the latest numbers show the typical rent has increased by 3.6 percent from last year.