College Students Can Expect Highest Off-Campus Housing Costs in Palo Alto and Princeton, Lowest in St. Louis

In collaboration with U.S. News & World Report, Zillow identified highest and lowest off-campus housing costs for top colleges named on U.S News' Best Colleges of 2017

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Sep 13, 2016, 08:00 ET

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 Universities^iv:

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 year^v.

"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 2017^vii
Princeton University, Princeton NJ	1	$4,529	6.3%	4.0%
Harvard University, Cambridge MA	2	$2,594	-0.5%	3.7%
University of Chicago, Chicago IL	3 (tie)	$1,687	1.0%	1.2%
Yale University, New Haven CT	3 (tie)	$1,428	3.3%	5.6%
Columbia University, 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%
Duke University, Durham NC	8 (tie)	$1,286	2.1%	2.3%
University of Pennsylvania, Philadelphia PA	8 (tie)	$1,223	3.7%	3.0%
Johns Hopkins University, Baltimore MD	10	$1,335	0.8%	1.4%
Dartmouth College, Hanover NH	11	$2,447	-5.2%	-3.7%
California Institute of Technology, Pasadena CA	12 (tie)	$2,720	7.0%	6.4%
Northwestern University, Evanston IL	12 (tie)	$1,909	1.0%	2.0%
Brown University, Providence RI	14	$1,425	5.2%	3.8%
Cornell University, Ithaca NY	15 (tie)	$1,793	-1.0%	2.0%
Rice University, Houston TX	15 (tie)	$1,444	1.7%	3.0%
University of Notre Dame, South Bend IN	15 (tie)	$723	2.6%	0.8%
Vanderbilt University, Nashville TN	15 (tie)	$1,520	6.7%	4.8%
Washington University, St. Louis MO	19	$881	2.6%	3.3%
Emory University, 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%
Tufts University, 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 College, Boston MA	31	$2,497	2.5%	3.6%
College of William and Mary, 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%

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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.