Many high schoolers work very hard for a chance to attend the best universities in the country, and some already have their own dream school in mind for after graduation. However, there are numerous things to be taken into consideration when deciding where you attend college, one of which being the cost of living in the city of choice.
Whether or not you choose to try out the dorm life, you will inevitably need to move on your own at some point during college and rent an apartment. With the benefit of living on campus gone, you need to decide on whether it is worth renting a place near the university and reducing the time for daily commute.
A recent study looked at the price of rental units near universities—in a 1-mile and a 2-miles radius—and compared them with averages in the city. The universities included in the study were the top 100 universities in the U.S., as ranked by U.S. News.
Here’s what rents look like near the top 10 best-ranked universities:
- Princeton University, NJ
- Rank: 1
- 1-mile rent average: $2,409
- Average city rent (Princeton): $2,297
- Price difference: $112
- Harvard University, MA
- Rank: 2
- 1-mile rent average: $2,780
- Average city rent (Cambridge): $3,031
- Price difference: -$251
- Columbia University, NY
- Rank: 3
- 1-mile rent average: $4,217
- Average city rent (Manhattan, NYC): $4,132
- Price difference: $85
- Massachusetts Institute of Technology, MA
- Rank: 3
- 1-mile rent average: $3,286
- Average city rent (Cambridge): $3,031
- Price difference: $255
- Yale University, CT
- Rank: 3
- 1-mile rent average: $1,794
- Average city rent (New Haven): $1,670
- Price difference: $124
- University of Chicago, IL
- Rank: 3
- 1-mile rent average: $1,249
- Average city rent (Chicago): $1,898
- Price difference: -$649
- Stanford University, CA
- Rank: 7
- 1-mile rent average: $3,958
- Average city rent (Stanford): $3,970
- Price difference: -$12
- University of Pennsylvania, PA
- Rank: 8
- 1-mile rent average: $2,320
- Average city rent (Philadelphia): $1,583
- Price difference: $737
- Duke University, NC
- Rank: 8
- 1-mile rent average: $1,240
- Average city rent (Durham): $1,136
- Price difference: $104
- Northwestern University, IL
- Rank: 10
- 1-mile rent average: $2,229
- Average city rent (Evanston): $1,933
- Price difference: $296
- Johns Hopkins University, MD
- Rank: 10
- 1-mile rent average: $1,444
- Average city rent (Baltimore): $1,252
- Price difference: $192
Contrary to what many may believe, living closer to some of these high-ranking universities is actually cheaper than renting further away in the city. The most affordable when compared to the city average are rentals near University of Chicago, IL, where you can pay on average $650 less in the 1-mile radius. The second spot is taken by Harvard University, MA, near which rents are $250 cheaper than in the rest of Cambridge.
If you still haven’t set your heart on one university and you want to consider the rental prices in the area, this handy tool can help you compare rents between three universities.
It’s important to have all the necessary info when making a decision, and besides all the other important factors such as the programs offered and education quality, knowing your options when it comes to housing can also weigh heavily.
About the author: Mihaela is a passionate reader and writer, with an affinity for language and linguistics, as well as the latest technological developments. She discovered her passion for real estate at RENTCafé, and you can read more of her articles on their blog.
