How I Cut My College Living Expenses in Half

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As the cost of university tuition is inflating, so are student living expenses. The biggest ticket item on this list is housing. Many universities require first-year students to live on campus, but after freshman year, there are a plethora of housing options to consider. University housing, greek life, apartments, and nearby neighborhoods all become topics of conversation with parents and friends. In this article we’ll cover:

The do’s and don’ts of seeking student housing on a budget
A comparison of dorm, apartment, and single-family home costs as options for student living
Detailed insights to help you navigate the process of securing affordable housing

Odds are, you won’t be content with living on campus for the entirety of your college experience. I definitely wasn’t. There’s something freeing about moving into a place off-campus that provides a sense of maturity and true adulthood. Honestly, moving into a house with friends after my freshman year was the best decision I made during college. Even so, it’s important to know both the financial benefits and daily responsibilities. The good news is that an informed decision could save you thousands of dollars in the long run.

So let’s start with the big question…

“Which housing option is the cheapest?”

In my experience, the best way to obtain insanely cheap student housing is to rent a single-family home with a group of friends. I paid $360 per month for two years living in a home 10 minutes from Main Campus with four other girls. I never would have been able to secure such a low rent price if I had pursued any other option, and below I’ll show you why.

I’ll be comparing current prices of university housing, nearby apartments, and single-family homes that are on the market right now (2022). I’m using North Carolina State University in Raleigh, North Carolina as an example because that’s where I attended college.

University Housing

First, let’s start with the cost of university housing that NC State provides on their website. The most inexpensive option available is to live in a residence hall. A private room is $3,800 per semester and a shared room is $3,400 per semester. A semester is usually a little under 4 months, but I’ll be generous with the calculations and say that a semester is exactly 4 months.

In that case, a private room costs $950 per month and a shared (double) room costs $850 per month. These prices would be even higher if calculated for a private university. The upside is that on-campus housing offers convenience by allowing you to live close to classes and university activities. In addition, lease terms are also short (semester-long). However, that means you have to find a place to stay when school is not in session (during winter break or if you choose not to take summer classes). Other university housing options are available as well, including university-sponsored apartments, but the prices increase as seen in the screenshot below.

Apartment Living

After one or two years of living on campus, most students long for the freedom and adult-like feel of living off-campus. As a result, many students choose to rent an apartment near campus. In an area with a large student population, many apartment complexes offer the option to rent by room. This means that in whatever size unit you choose - studio, one bedroom, three bedroom, etc. - you will sign an individual rent contract for one room in the unit. Usually, this will include your own bathroom and shared common space with the other tenants (if applicable). I’ve found the rent prices for two popular apartments below near NC State. The first is UNCOMMON Raleigh, which is right on the edge of campus on the main street and close to most lecture halls. To rent one bedroom/bathroom in a three bedroom unit, the rent per month is $1,039.

The second apartment is on the edge of Centennial campus (the engineering campus) and five minutes from Main Campus. The cost per month to live at Campus Edge Apartments is $795. It’s a little further from most of the action, so the price is slightly more reasonable.

Single-Family Homes

Finally, let’s look at single-family home prices in the area. The house below is in the neighborhood I lived in while in college and costs $1,795 per month. The inside is clearly up-to-date and spacious, and this home is around five minutes from Centennial Campus and 10 minutes from Main Campus. It has three bedrooms and two baths, so let’s do the math.

If three people were to rent this house, meaning everyone could have a private room, the monthly rent would be $598.33. That is a significant decrease in price from the other housing options mentioned.

If four people were to rent this house, meaning two people would have a private room while the other two shared a room (most likely the master bedroom), the monthly rent would be $448.75. Amazing.

If five people were to rent this house, meaning one person would have a private room while the other four shared the remaining two rooms, monthly rent would be $359. This is what I did for two years.

Having personally benefited from the savings associated with this option, I highly recommend renting a single-family home near campus with friends. However, I want to share a few of the extra costs and complications associated with this method.

Furnishings

It’s rare that you’ll find a single-family home that’s already furnished. That means you’ll have to furnish it yourself. However, it doesn’t have to be an enormous expense for three reasons: hand-me-downs, Facebook Marketplace, and shared responsibility. It’s likely that you’ll already have some old furniture to move into your new place. Whether it’s an old bedroom suit, grandma’s spare bed, or mom’s eccentric coffee table from the 90’s, there’s bound to be a family member who has something to contribute. In addition, Facebook Marketplace is an excellent place to find low prices on used furniture nearby. You don’t need something brand new, because honestly, it will probably have quite a few scratches and stains before you move out! Plus, the more friends you’re renting with, the more people that can contribute furniture and decor!

Co-signers

This is often one of the major concerns of most parents. It’s not often you’ll find a landlord who is comfortable with a group of college students renting a house with no cosigner. It’s typical for a landlord to require one or all parents to cosign, ensuring that if you or the other tenants default on rent payments, an older adult with better credit and higher income will be able to pay the bill. The best way to calm your parents’ nerves about cosigning is to allow them to meet the parents of the other tenants. Often, a simple meeting and conversation will allow them to establish trust and expectations, even if the meeting has to be over Zoom. Also, don’t take it personally if your parent is hesitant to cosign. Cosigning is a significant responsibility in case something goes wrong, so make sure you choose responsible friends to live with.

Utilities

Unlike the options provided by University Housing and most apartments, single-family homes usually do not include utilities with rent. Therefore, plan to budget around $60-$80 per month for utilities, depending on how many people you are splitting the cost with as well as the energy efficiency of the home. Even with utilities added, single-family homes continue to be the most affordable housing option.

Commute

If the house you choose to rent is not within walking distance of classes, you will have to factor in commute costs. In the case of the house shown above, there is a student bus route that travels through the neighborhood, so a car is not required. However, if you want the flexibility of using your own car, or a bus line is not nearby, commute and parking costs should be considered. For NC State, the cost of parking is $210 per semester.

Lawn Care

Depending on the landlord, you may be responsible for taking care of the lawn, but this is not always the case. My landlord included in rent the cost of hiring landscapers to cut the grass and clean up the yard every week during the summer. This is an issue that can usually be negotiated if necessary.

“What about Greek Life?”

I’d like to rule out Greek Life as the most affordable housing option. In addition to fraternity or sorority dues, living in a mini-mansion can cost a pretty penny. If you’re set on being involved in Greek Life, there are ways to reduce housing costs such as having a working position in the organization. In general, however, Greek Life should be avoided if low-cost housing is the goal.

In conclusion, there are many options for housing during college, but the most affordable choice is clear. If you’re willing to share a room and manage the few extra responsibilities associated with renting a single-family home, you can easily cut your living expenses in half. The numbers speak for themselves.

If you’re a college student looking to move off-campus, one of the most important things that will make this experience a memorable success is choosing responsible friends to live with. It’s one thing to share a dorm room, but it’s another to share rent and be jointly responsible for keeping a house clean, picking up the yard, changing air filters, etc. It’s not an enormous or time-consuming burden, but it’s important to choose the right people to share a home with.

In spite of these extra challenges, moving off-campus into a house was the best decision I made during college. It taught me much about responsibility, conflict resolution, and respect. I hope you’ll embark on the same journey that can deepen your friendships, grow your character, and save money!