Trulia Study: Many Colleges Miscalculate Off-Campus Housing Costs

The University of California in Los Angeles, Berkeley and Santa
Barbara Underestimated Off-campus Housing Costs By Up to 53 Percent,
While University of Texas, University of Florida, University of
Washington and University of Pennsylvania Overestimated Costs.

SAN FRANCISCO–(BUSINESS WIRE)–Trulia,
a leading destination for homebuyers and renters, today revealed the
true cost of campus housing at 20 private and public universities across
the country. In this study, Trulia compared each school’s estimated
off-campus housing cost, as listed on their website, with the median
rent for the ZIP codes around each school’s campus. It also calculated
whether it is cheaper to live on campus in a student dormitory or off
campus in a two-bedroom
apartment with a roommate for nine months. To check out the full
report and methodology, see here.

Students Need To Do Their Own Homework On Housing Costs

Many schools often underestimate the cost of off-campus housing,
sometimes by thousands of dollars for the school term. The University of
Texas in Austin estimates the cost of off-campus housing to be 59% more
expensive than the actual rent for living off campus in a 2-bedroom
apartment with a roommate for nine months. Meanwhile, the University of
California in Santa Barbara estimates the cost of off-campus housing to
be 53% cheaper.

Nasty or Welcome Surprises: The True Cost of Off-Campus Housing
School		College Town		How Much Schools Estimate Off- Campus Housing Costs vs. Reality (%)
University of Texas, Austin		Austin, TX		59%
University of Florida		Gainesville, FL		46%
University of Washington		Seattle, WA		33%
University of Pennsylvania		Philadelphia, PA		22%
University of California, Los Angeles		Los Angeles, CA		-33%
University of California, Berkeley		Berkeley, CA		-42%
University of California, Santa Barbara		Santa Barbara, CA		-53%

Apartment Living Often Cheaper

Even though many colleges miss the mark on assessing off-campus housing
costs, renting
off campus is often cheaper than living on campus. In 15 of the 20
schools examined, on-campus housing was more expensive than if a student
shared a two-bedroom apartment off campus with a roommate for nine
months. At the University of Chicago, room and board runs $14,772 while
an off-campus apartment can cost $5,085.

Cheaper to Live Off-Campus
School		College Town		Advertised Cost of On-Campus Housing (As reported by each school)		Estimated Cost of Renting 2-Bedroom Apartment Off Campus with a roommate for 9 months (Trulia)		Percentage Cheaper to Live Off- Campus
Purdue University		West Lafayette, IN		$10,030*		$3,071		69%
University of Chicago		Chicago, IL		$14,772*		$5,085		66%
University of New Mexico		Albuquerque, NM		$8,690*		$3,825		56%
Brigham Young University		Provo, UT		$7,330*		$3,488		52%
Loyola University		Chicago, IL		$10,330*		$6,525		37%
University of Nevada, Las Vegas		Las Vegas, NV		$6,420		$4,028		37%
University of Texas, Austin		Austin, TX		$11,456*		$7,200		37%
Boston College		Chestnut Hill, MA		$13,496*		$9,225		32%
University of Florida		Gainsville, FL		$5,420		$3,713		31%
DePaul University		Chicago, IL		$14,772*		$10,575		28%
University of Washington		Seattle, WA		$11,310*		$8,528		25%
University of Pennsylvania		Philadelphia, PA		$9,060		$7,425		18%
University of California, Berkeley		Berkeley, CA		$14,388*		$12,375		14%
Emory University		Atlanta, GA		$7,720		$6,750		13%
University of California, Santa Barbara		Santa Barbara, CA		$14,192*		$13,478		5%
*Housing cost estimate includes room and board

In Pricey College Towns, On-Campus Living Is A Deal

In some of the highest-priced rental
markets, living on campus is often cheaper. A Columbia student would
pay more than $17,000 for nine months in a shared two-bedroom apartment
in New York City. Meanwhile, on-campus housing ranges from $7,418 to
$9,470. The savings also adds up at Stanford, which is in the heart of
Silicon Valley, where living on campus would run less than $9,000,
versus $16,000 off campus.

Cheaper to Live On-Campus
School		College Town		Advertised Cost of On-Campus Housing		Estimated Cost of Renting 2- Bedroom Apartment Off Campus with a roommate for 9 months (Trulia)		Percentage Cheaper to Live On- Campus
Stanford University		Palo Alto, CA		$8,301**		$16,650		50%
Columbia University		New York, NY		$8,572**		$17,098		50%
Boston University		Boston, MA		$9,570		$13,478		29%
The George Washington University		Washington, DC		$12,050*		$14,175		15%
University of California, Los Angeles		Los Angeles, CA		$14,904*		$15,300		3%
*Housing cost include room and board **Housing costs listed as range; average used in study

About Trulia

Trulia® is a vibrant home shopping marketplace, focused on giving home
buyers, sellers and renters the information they need to make better
decisions. On mobile and the Web, Trulia provides house hunters with
insights and unique information about properties, neighborhoods and real
estate agents. Additionally, Trulia offers data and information about
schools, crimes, commute times, and the real estate market.

Launched in 2005, Trulia is based in San Francisco and is owned and
operated by Zillow Group, Inc. (NASDAQ: Z and ZG).

Trulia is a registered trademark of Trulia, Inc.

Contacts

Trulia
Daisy Kong, 415-400-7391
Sr. PR Manager
pr@trulia.com