When choosing a college, tuition costs are often the primary concern for students and parents. However, the cost of living in a college town can be just as impactful, significantly affecting the total expense of higher education. A recent analysis by Evernest, a property management company, has highlighted the ten most expensive college towns in the United States based on median rent, cost of living, and other factors such as public transportation expenses.
For students and families making financial decisions, these rankings offer valuable insight into the hidden costs of attending some of the most prestigious universities in the country. Below, we break down the most expensive college towns and what makes them so costly.
1. Providence, Rhode Island
- Notable Institutions: Brown University, Rhode Island School of Design (RISD)
- Cost of Living Index: $1,628
- Median Rent Near University: $2,400
Providence, home to Ivy League powerhouse Brown University and the renowned RISD, tops the list. This small but vibrant New England city boasts a thriving arts scene, historic architecture, and a growing economy. While these factors make it an appealing place to live, they also contribute to rising rent and living costs. Students at Brown and RISD often struggle with limited affordable housing options, forcing many to live further from campus or in shared apartments.
2. Boston, Massachusetts
- Notable Institutions: Harvard University, Massachusetts Institute of Technology (MIT), Boston University, Northeastern University
- Cost of Living Index: $1,455
- Median Rent Near University: $3,000
Boston has long been recognized as one of the most expensive cities in the United States, and its high density of prestigious colleges adds to the demand for housing. With top-tier universities like Harvard and MIT drawing students from around the world, rental prices remain sky-high. Many students find themselves commuting from neighboring areas such as Cambridge or Somerville to find slightly more affordable living arrangements.
3. Santa Barbara, California
- Notable Institution: University of California, Santa Barbara (UCSB)
- Cost of Living Index: $1,166
- Median Rent Near University: $4,600
Santa Barbara offers stunning coastal views and a relaxed California lifestyle, but it comes at a steep price. With limited housing and high demand, rent in Isla Vista—the primary student neighborhood—has soared in recent years. While the oceanfront campus of UCSB is one of the most beautiful in the country, students often face financial strain due to exorbitant rental prices.
4. Berkeley, California
- Notable Institution: University of California, Berkeley (UC Berkeley)
- Cost of Living Index: $1,691
- Median Rent Near University: $2,400
As one of the most well-known public universities in the world, UC Berkeley attracts students from across the globe. However, the city of Berkeley, located near San Francisco, has struggled with rising housing costs for years. Students often share small apartments or resort to unconventional housing solutions like co-ops to make living near campus more affordable.
5. New Haven, Connecticut
- Notable Institution: Yale University
- Cost of Living Index: $1,500
- Median Rent Near University: $3,400
New Haven is home to Yale University, an Ivy League institution known for its historic campus and rigorous academic programs. While Connecticut is not generally considered an expensive state, New Haven’s housing market has been significantly affected by Yale’s presence. Limited affordable housing options and competition among students and faculty have driven up rental costs in this small city.
6. Stanford, California
- Notable Institution: Stanford University
- Cost of Living Index: $1,550
- Median Rent Near University: $4,200
Stanford University is located in the heart of Silicon Valley, one of the most expensive real estate markets in the world. Given its proximity to major tech companies, the demand for housing in and around Stanford is extremely high. Students who live off-campus often struggle with sky-high rent, forcing many to seek financial aid or alternative living arrangements.
7. San Francisco, California
- Notable Institution: San Francisco State University
- Cost of Living Index: $1,557
- Median Rent Near University: $3,500
San Francisco is one of the most expensive cities in the country, and its college students are not immune to the city’s soaring housing costs. With a limited supply of rental properties and a highly competitive market, students often have to share apartments with multiple roommates or commute from more affordable areas like Oakland or Daly City.
8. New York, New York
- Notable Institutions: Columbia University, New York University (NYU)
- Cost of Living Index: $1,670
- Median Rent Near University: $3,100
New York City is famous for its high cost of living, and college students are among those hit hardest. With NYU and Columbia located in some of the city’s most expensive neighborhoods—Greenwich Village and Morningside Heights—finding affordable housing is a constant struggle. Many students opt for university dorms, but even those come with a hefty price tag.
9. Los Angeles, California
- Notable Institutions: University of California, Los Angeles (UCLA), University of Southern California (USC)
- Cost of Living Index: $1,321
- Median Rent Near University: $4,400
As one of the largest metropolitan areas in the U.S., Los Angeles offers many attractions but also carries a high cost of living. Students at UCLA and USC face significant financial challenges when it comes to rent, often paying more than $4,000 per month for an apartment near campus. Some students resort to living further from campus and commuting via public transportation to save money.
10. Princeton, New Jersey
- Notable Institution: Princeton University
- Cost of Living Index: $1,610
- Median Rent Near University: $4,200
Rounding out the list is Princeton, a small town dominated by its namesake university. While Princeton offers a picturesque campus and a prestigious education, its high cost of living makes it difficult for students to find affordable housing. The university provides on-campus housing, but students who prefer off-campus options often face steep rental prices.
Final Thoughts: The Cost of Living Matters
When choosing a college, students and their families often focus on tuition costs, but the expenses associated with living in a particular city can be just as significant. The towns and cities listed above are some of the most expensive in the country, and students must consider housing, transportation, and general living expenses when making their decisions.
For those planning to attend one of these universities, financial aid, budgeting, and exploring alternative housing options are essential strategies to mitigate costs. While these locations offer exceptional educational opportunities, they also demand careful financial planning.