As if paying college tuition wasn’t hard enough, Stanford University and UC Berkeley have now been ranked among the schools with the highest off-campus living costs, according to a U.S. News and World Report in collaboration with Zillow.
Elite universities across the country are attracting bright students, but at least 80 percent of the top 35 national universities named on the 2017 Best Colleges report are located in pricey rental markets.
“As students and their parents are filling out applications this fall and are crunching the numbers on financial aid and student loans, they should also factor in cost of housing,” said Jeremy Wacksman, Zillow chief marketing officer.
Based on the report, Stanford ranks No. 1 and UC Berkeley ranks No. 3 for the most expensive off-campus housing in the country. Stanford students can expect to pay nearly five times the median national rent in Palo Alto, and that’s without a university subsidy for their off-campus rent.
“Rents are appreciating rapidly in many of the major markets across the U.S., especially on the West Coast,” said a statement released by Zillow. “Student renters in the Bay Area or greater Los Angeles region can expect to see the highest annual rental appreciation, which is anticipated to grow by more than 6 percent over the coming year.”
With those college applications coming up, students should begin to consider not just their education, but also the location and cost as well.
Take a look at the top most expensive and the least expensive off-campus housing for universities.
Most Expensive Off-Campus Housing for 2017 Highest Ranked National Universities
- Stanford University, Stanford/Palo Alto, CA
- Princeton University, Princeton, NJ
- University of California - Berkeley, Berkeley, CA
- California Institute of Technology, Pasadena, CA
- University of Southern California & University of California, Los Angeles
- University of Notre Dame, Notre Dame/South Bend, IN
- Washington University - St Louis, St. Louis, MO
- University of Rochester, Rochester, NY
- Wake Forest University, Winston-Salem, NC
- Carnegie Mellon University, Pittsburgh, PA