How to Afford Housing in College

Housing is part of what makes college such an important step in life, as for many students, it will be the first time you’ve ever lived on your own and had to handle all the responsibilities that come with that. 

As a college student, you shouldn’t have to worry about the idea of “I can't afford college.” In this guide, we’ll look at some of the key questions you should be asking about the price of college housing, as well as exploring solutions so you can make the choice that works best for you and your budget. 

Don’t forget to check out our other guides on the financial do’s and don'ts of college, as we examine ways to make college more affordable, steps to take if you can't afford college, and the best jobs for college students.

What's cheaper, on-campus or off-campus housing?

As with most questions about college, the answer to this question is not absolute. A lot depends on what your school charges in housing costs, the real estate market in the area of your campus, what type of financial aid or housing grant you can get, and even how you manage your own living expenses. 

Katie Taylor writes on Nitro College that raw numbers are there for you to make comparisons, but they don’t tell the whole story: “You might begin your research by looking at the cost of room and board at your college and then searching apartment ads to see whether monthly rental costs are more or less than the cost of living on campus.”

Wondering how to afford an apartment in college? It’s entirely possible you can get quite a deal on an apartment or house, especially if you are strategic about it, which will save you the money you can keep in the bank for after graduation, or have in case you need it for unexpected living expenses.

Just remember that looking at want ads, median rent numbers and average housing prices aren’t where you stop. As Taylor says, “That will provide you some useful information, but it may not give you the whole story. Your on-campus housing covers a number of things that you'll probably be responsible for if you rent your own housing.”

Kevin Towns, director of financial aid at North Central College, says the cost of college housing is “circumstantial to resources a student has (financial aid, family support, and work). But, a student has the convenience, bundled cost, and security in on-campus housing that may not be present in other housing options.”

If you live on campus, your costs will be consolidated into one large bill handled by you, your family, financial aid, a scholarship or two, etc. The cost of taking courses, fees for school materials, meals, convenience fees for using college resources, and other charges are all itemized, but you essentially pay them all at once. Separating housing out of that equation means a lot more for you to keep track of, and a landlord tends to be far less forgiving than people on campus when it comes to rent coming due.

In other words, there is more to the cost of living off campus than just money. There’s also convenience, time, and safety to think about. If you would rather be focusing on important things like studying, going to class, and yes, even your social life, it might be worth it to live on campus and endure less hassle. 

Additional living costs

There are also costs associated with living off campus that you may not realize. You can be forgiven for that; everybody has to learn what it takes to rent or buy some time, and this is your first chance. 

Writing for Student Loan Hero, Andrew Pentis reminded potential off-campus residents, “When you do the math, don’t forget to account for extras. For instance, your school’s dorms likely subsidize your electricity, internet, and other monthly bills. And most college dorms come with furniture. You (and your roommates) would be responsible for these costs if you lived off campus.”

Then there’s the issue of getting around. “You’ll also have to consider transportation expenses,” Pentis said. “Living on campus could leave you a short walk from your first morning class. Living off campus might mean you’ll need to buy a bus pass or worry about parking your car.”

Landlords and property managers also don’t really care about your schedule. Taylor writes, “The biggest expense with off-campus housing may be that you're often required to sign a 12-month lease, whether you plan on attending summer classes or not. Some landlords may allow you to sublet the apartment while you're not there, but there's no guarantee that you'll be able to find a willing candidate. Your best bet is to ensure that you have enough funding to cover the entire 12 months — and to carefully consider whether it's worth paying rent for the time you won't be in the apartment.” See what we mean about things you never even considered?

Renting property means you’ll need to pay a security deposit, which an off-campus landlord will charge you at the beginning of your lease to cover any extra costs you bring to their property. Remember that as a renter, you buy what your break. Landlords also frequently ask for both the first and last month of your lease’s rent up front, to give themselves some assurance you won’t back out of your lease. 

If you do a good job maintaining your rented home, you’ll receive the deposit back when you move out, but many are the stories of long hours spent by undergraduates trying to spackle over holes in walls or scrub out stains in floors only to never see that deposit money again. These are costs not associated with living on campus. While that’s no excuse to make a mess of your room, it is something to think about.

We’ve already mentioned food, but it’s not just that a meal plan is included or easy to access. You also have to think about the expense. If you’re living off campus, you may want to eat out a lot as it will seem easier, and the food might taste better. In most cases, however, eating out frequently is far more expensive per meal than a dining plan. If you’re going to fend for yourself with food, the smart move is to set a spending limit for eating out and make trips to the grocery store and cooking part of what you do with all that free time and space you have outside the dorms.