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
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%
|
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.
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visit:http://www.prnewswire.com/news-releases/college-students-can-expect-highest-off-campus-housing-costs-in-palo-alto-and-princeton-lowest-in-st-louis-300326665.html
SOURCE Zillow