SEATTLE, Sept. 13, 2016 /PRNewswire/ — Attending an elite university certainly has its benefits, but it’s not without financial challenges, as 80 percent of the top 35 national universities named today on U.S News & World Report’s Best Colleges of 2017 are located in pricey rental marketsi, according to a new Zillow® analysis.
Students who are submitting college applications now for acceptance into the 2017-18 school year will likely live off-campus for at least part of their four-year college career. Zillow identified off-campus housing costs students can expect to pay, above and beyond the school tuition, in the cities that are home to the highest ranked colleges.
“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. “Looking at both on-and off-campus housing prices, and thinking through whether they’ll likely live with roommates or alone will help them gauge an accurate picture of the student loans and financial aid they will need in order to obtain their degree.”
Students attending top-ranked national universities Stanford, Princeton and University of California, Berkeley will pay the most in off-campus housingii. University of Notre Dame, Carnegie Mellon University and Washington University in St. Louis, MO are among the highest ranked schools with the lowest off-campus housing costs.
In more than three-quarters of the top 35 national universities for 2017, including all schools located in Chicago, Boston, Los Angeles, San Francisco, New York and Washington D.C., the median rent is higher than the nation as a whole.
Stanford students can expect to pay nearly five times the median national rent for a rental in Palo Alto, without a university subsidy for their off-campus rent. At the other extreme, University of Notre Dame students can expect more affordable housing, as the median rent in South Bend is $748, close to half of the national median rent.
Most Expensive Off-Campus Housing for 2017 Highest Ranked National Universitiesiii:
- 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, Los Angeles CA
Least Expensive Off-Campus Housing for 2017 Highest Ranked National Universitiesiv:
- 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
In addition to current costs, students should consider how rents may rise during the years they attend the university, or even beyond, should they enter the workforce near their alma mater. Rents are appreciating rapidly in many of the major markets across the U.S., especially on the West Coast. Student renters in the Bay Area or the 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 yearv.
“Whether you’re an in-state or out-of-state student, college is expensive,” said Anita Narayan, managing editor of Education at U.S. News. “Best Colleges provides a wealth of data and information for prospective students to identify schools that suit their specific needs. Factors like location and cost are especially important to consider.”
|
College & Location (City of Off-Campus Housing) |
Ranking on U.S. News & World Report’s 2017 Best Colleges |
Zillow Rental Index by City (ZRI)vi |
% Change in ZRI, Year over Year |
ZRI Forecast for 2017vii |
|
Princeton NJ |
1 |
$4,529 |
6.3% |
4.0% |
|
Cambridge MA |
2 |
$2,594 |
-0.5% |
3.7% |
|
Chicago IL |
3 (tie) |
$1,687 |
1.0% |
1.2% |
|
New Haven CT |
3 (tie) |
$1,428 |
3.3% |
5.6% |
|
New York NY |
5 (tie) |
$2,347 |
4.4% |
3.1% |
|
Stanford University, Palo Alto CA |
5(tie) |
$6,139 |
-3.1% |
7.6% |
|
Massachusetts Institute of Technology, Cambridge MA |
7 |
$2,594 |
-0.5% |
3.7% |
|
Durham NC |
8 (tie) |
$1,286 |
2.1% |
2.3% |
|
University of Pennsylvania, Philadelphia PA |
8 (tie) |
$1,223 |
3.7% |
3.0% |
|
Baltimore MD |
10 |
$1,335 |
0.8% |
1.4% |
|
Hanover NH |
11 |
$2,447 |
-5.2% |
-3.7% |
|
California Institute of Technology, Pasadena CA |
12 (tie) |
$2,720 |
7.0% |
6.4% |
|
Evanston IL |
12 (tie) |
$1,909 |
1.0% |
2.0% |
|
Providence RI |
14 |
$1,425 |
5.2% |
3.8% |
|
Ithaca NY |
15 (tie) |
$1,793 |
-1.0% |
2.0% |
|
Houston TX |
15 (tie) |
$1,444 |
1.7% |
3.0% |
|
South Bend IN |
15 (tie) |
$723 |
2.6% |
0.8% |
|
Nashville TN |
15 (tie) |
$1,520 |
6.7% |
4.8% |
|
St. Louis MO |
19 |
$881 |
2.6% |
3.3% |
|
Atlanta, GA |
20 (tie) |
$1,448 |
6.2% |
5.2% |
|
Georgetown University, Washington DC |
20 (tie) |
$2,568 |
2.8% |
3.1% |
|
University of California – Berkeley, Berkeley CA |
20 (tie) |
$3,534 |
7.1% |
6.9% |
|
University of Southern California, Los Angeles CA |
23 |
$2,701 |
7.2% |
8.8% |
|
Carnegie Mellon University, Pittsburg PA |
24 (tie) |
$1,141 |
5.3% |
3.4% |
|
University of California – Los Angeles, Los Angeles CA |
24 (tie) |
$2,701 |
7.2% |
8.8% |
|
University of Virginia, Charlottesville VA |
24 (tie) |
$1,526 |
1.0% |
0.9% |
|
Medford MA |
27 (tie) |
$2,379 |
2.0% |
2.9% |
|
University of Michigan – Ann Arbor, Ann Arbor MI |
27 (tie) |
$1,846 |
-4.5% |
3.7% |
|
Wake Forest University, Winston-Salem NC |
27 (tie) |
$994 |
3.2% |
2.2% |
|
University of North Carolina – Chapel Hill, Chapel Hill NC |
30 |
$1,950 |
4.5% |
3.3% |
|
Boston MA |
31 |
$2,497 |
2.5% |
3.6% |
|
Williamsburg, VA |
32 (tie) |
$1,756 |
-1.6% |
-1.7% |
|
University of Rochester, Rochester NY |
32 (tie) |
$945 |
-1.3% |
-0.4% |
|
Brandeis University, Waltham MA |
34 (tie) |
$2,426 |
1.0% |
0.9% |
|
Georgia Institute of Technology, Atlanta GA |
34 (tie) |
$1,448 |
6.2% |
5.2% |
Zillow
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition to Zillow.com®, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z and ZG), and headquartered in Seattle.
Zillow and Zillow.com are registered trademarks of Zillow, Inc.
U.S. News & World Report
U.S. News & World Report is a digital news and information company that empowers people to make better, more informed decisions about important issues affecting their lives. Focusing on Education, Health, Personal Finance, Travel, Cars and News & Opinion, provides consumer advice, rankings, news and analysis to serve people making complex decisions throughout all stages of life. More than 37 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.
i A “pricey rental market” is defined as a city with the median rent higher than the national media rent of $1408
ii This data does not take into account any housing subsidies or financial aid that may be provided from the university to offset housing costs.
iii Of top 35 colleges listed on the 2017 Best College list from U.S. News & World Report, announced Sept 13, 2016.
iv Of top 35 colleges listed on the 2017 Best College list from U.S. News & World Report, announced Sept 13, 2016.
v The Zillow Rent Index forecast is based on recent and historical trends in rents, and is calculated using ARIMA times series models. It is adjusted to account for seasonality and geographic consistency.
vi The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.
vii The Zillow Rent Index forecast is based on recent and historical trends in rents, and is calculated using ARIMA time series models. It is adjusted to account for seasonality and geographic consistency.
SOURCE Zillow
For further information: Cat Neilson, Zillow, press@zillow.com, Lucy Lyons, llyons@usnews.com