Is it cheaper to live on or off-campus?
Which college/university you choose to go to is an important decision millions of students make each year. There are so many factors one has to consider when making this choice; everything from the reputation of a specific program to student life.
This decision is also, for most, directly affected by the costs involved. The ever-rising cost of tuition, textbooks, and living expenses can add up and be overwhelming to those living away from home for the first time.
There are always various expenses involved with living on or off-campus, but depending on your preferred lifestyle, budget, and location, your choice could help you save a lot of money.
Living on campus
On-campus housing isn’t always cheaper or more expensive than living off-campus, as it depends greatly on the housing market at the time as well as the location (bigger cities usually have more expensive off-campus housing).
Researching apartments or houses available for rent in the surrounding area can help you understand a general ballpark for costs, but it won’t tell you the whole story.
Dorm Housing
Whether your school’s dorms cost more or less than nearby properties is only one aspect to consider. Living on campus eliminates electricity, gas, and water bills, and sometimes includes discounts on cable and internet. And unlike most off-campus housing, dorms usually don’t require you to provide a security deposit.
Another benefit is the fact that you don’t need to worry about furniture costs. Dorm room furniture may not be the most glamorous, but it definitely gets the job done and is included in the cost. Also, dorms usually come equipped with a common area that includes a television and a kitchen potentially stocked with basic cookware.
One of the downsides to on-campus living is that many colleges/universities don’t allow students to stay in the dorms during breaks or over the summer.
In these situations, if you’re not planning on going back home (perhaps you have a job or an internship), it can be quite costly to find short-term accommodation compared to long-term housing.
Pros
- Includes various fees: electricity, gas, water, etc.
- Dorms are furnished
- No security deposit is required and costs won’t increase if a roommate drops out or moves
Cons
- In some communities, off-campus housing can be cheaper
- May not be provided for the entire year
- Dorm fees for infractions or dropping out
Living off-campus
As mentioned above, off-campus housing can be a lot cheaper in certain communities. If your school is close to where you live, that will obviously greatly reduce your living expenses.
But like on-campus living, there are other expenses tied to this decision and it’s as simple as you’d expect.
Meals
Students that live on campus typically purchase a meal plan that will cover food over the semester. Unfortunately, most students don’t eat as much as their meal plans provide for, making this an inflated expense.
Nowadays schools have become much more inclusive and accommodating, but you may have trouble finding healthy or ideal options if you have dietary restrictions based on health or religious beliefs.
If you live off-campus, meal prepping and taking advantage of student discounts at grocery stores can make it so you only pay for what you eat and what you eat can be as healthy or specific as you’d like. It is important to note that although you can save financially, this lifestyle choice may take up more of your time.
When it’s exam season or if you have a job outside of school, it can become tiresome to worry about what to eat and prepare when you get home. And if you’re new to cooking, the learning curve can be steep.
However, these skills will be necessary as you mature and move into the real world and being familiar with meal prep can be a great skill to develop sooner rather than later.
Transportation
It’s a bit obvious, but if you choose to live off-campus, you need to think about how you’re going to get on campus. If your home isn’t too far, walking or biking may be viable options.
However, it may not be ideal if the city you’re in has cold and rainy weather. But most schools provide student discounts for bus passes, which is a solid option you can lean on.
The most reliable transportation method would definitely be having your own vehicle, but it’s a huge expense you wouldn’t necessarily need if you lived on campus.
Not only do you have to consider the money involved in purchasing/maintaining a car, but also the gas and insurance expenses you’ll have to routinely pay for.
Most schools require students to purchase a parking pass if they want to park their cars on the school premises, which wouldn’t be as large as the other costs involved but all these expenses will definitely add up.
Lease Timelines
Instead of paying for just the school year, off-campus housing typically requires you to sign for a 12-month lease. If you’re not planning on staying at school for the entire year, a lot of money can get wasted here.
However, if you’re going to be taking summer classes or have an internship/job in the same city as your school, leasing for the entire year can be the cheaper option compared to finding a place to live outside the school year.
One Last (And Important!) Thing
Unfortunately, there is no one right answer to the question of whether it’s cheaper to live on or off-campus. Everyone has different circumstances and it’s important to consider many factors, including the ones discussed above, when making a decision.
And although saving every penny is a good priority to have as a student, there are aspects you should consider outside of finances.
You can’t really go wrong with either choice, as each has its own social/emotional advantages. Regardless, it’s important to research your school’s living policies and local real estate costs to determine what’s best in terms of your specific financial and emotional needs.
Living on campus? Check out our video on the tips for living in residences.
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