100 Largest College Towns Where Students Save the Most by Living On (or Off) Campus

CHARLOTTE, N.C., March 1, 2022 /PRNewswire/ -- After crunching on-campus and off-campus data from the Integrated Postsecondary Education Data System (IPEDS) for the 100 largest U.S. college towns, Student Loan Hero researchers found 40 cities where living off campus costs less than opting for on-campus room and board.

In 53 of the cities the student debt platform's researchers analyzed, it costs less on average for on-campus than off-campus housing. In seven of the 100 cities, researchers found no difference in the annual cost between living on or off campus. Whether you opt for a dorm or off-campus apartment in one of these locations, college students might not see their cost of attendance change very much.

Additional Key Findings

• If you're looking to save money by living off campus, Cambridge, Mass., is your top option. Across the three Cambridge colleges with available data — including Massachusetts Institute of Technology (MIT) — it's $5,982 cheaper on average to live off campus than it is to live on campus.
  
• Next up is another Massachusetts town, Springfield. Students could save an average of $4,315 by opting for off-campus housing and see their average total price drop from $56,541 to $52,226.
  
• Students who go to school in Tampa, Fla., Fairfield, Conn., or Syracuse, N.Y., could also see their annual bills drop by $3,110, $3,058 and $2,837, respectively, if they live off campus.
  
• On the other hand, if you're looking to save money by living on campus, consider Charleston, S.C. Across the three colleges included from Charleston, it's $5,380 cheaper, on average, to live on campus than it is to live off campus.
  
• College students in Little Rock, Ark., might also see significant savings if they live in the dorms. Researchers found that opting for on-campus housing at the University of Arkansas at Little Rock or Philander Smith College reduced their average annual cost by $4,616, from $30,117 to $25,501.
  
• Across seven large U.S. cities, there's no difference in the annual cost of attending college while living on or off campus. These cities are spread across the U.S. — from Tacoma, Wash., to Lubbock, Texas, to Dayton, Ohio.

"If you're deciding between living on campus and off campus, there might be some other factors to consider besides the cost," according to Student Loan Hero student debt expert Andrew Pentis. He adds, "There are often benefits to living on campus that could make a higher price tag worth it. On the other hand, living in an apartment could be a smart option for students who want to stay in the area year-round."

Largest College Towns Where Students Save Annually by Living Off Campus

1. Cambridge, Massachusetts      
2. Springfield, Massachusetts
3. Tampa, Florida
4. Fairfield, Connecticut
5. Syracuse, New York
6. San Jose, California
7. Jackson, Mississippi
8. New Haven, Connecticut
9. Providence, Rhode Island
10. Worcester, Massachusetts

Largest College Towns Where Students Save Annually by Living On Campus

1. Charleston, South Carolina
2. Little Rock, Arkansas
3. Bakersfield, California
4. Orlando, Florida
5. Fresno, California
6. Fullerton, California
7. Newark, New Jersey
8. Riverside, California
9. Kansas City, Missouri
10. Oakland, California

To view the full report, visit: https://studentloanhero.com/featured/on-campus-off-campus-study/

Methodology

To determine the largest college towns where students save the most by living on or off campus, Student Loan Hero researchers first pulled population figures from the U.S. Census Bureau. Researchers used the population figures to determine the 100 largest U.S. cities with at least two four-year colleges (and full data available). This means cities with only one four-year college with available data — such as Phoenix and Las Vegas — aren't included in this roundup.

Once researchers had the 100 largest cities that met the criteria, they calculated the difference between the annual cost of attending college while living on campus and off campus. These cities were ranked by the average difference, whether it was cheaper to live on or off campus.

2020 on-campus and off-campus data is from the Integrated Postsecondary Education Data System (IPEDS), while population estimates are from the U.S. Census Bureau 2019 1-year American Community Survey.

About Student Loan Hero

Student Loan Hero, a subsidiary of LendingTree, combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. The website provides information about repayment options, including refinancing, income-driven repayment, and deferment. Student Loan Hero has helped more than 250,000 borrowers manage and eliminate over $3.5 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.

Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.

For more information, visit https://studentloanhero.com.

MEDIA CONTACT
Frankie Rendon 
[email protected]

SOURCE Student Loan Hero