When is living off-campus one way to save money? This is the most common question that both students and parents alike ask when options for on-campus versus off-campus housing are being weighed. Let’s help you with solutions.
As much as dorm life offers convenience and community, it usually comes with a pretty hefty price tag. On the other hand, living off-campus can be an opportunity for saving, provided it is handled well.
However, this depends on many factors including location, rent, lifestyle, and access to resources.
How Much Does It Cost to Live On-Campus Versus Off-Campus?
You would have to consider the cost difference in deciding upon the economically viable basis, whether it be campus living or off-campus living.
1. On-Campus Living Costs
- Room and Board: The cost of accommodation would cover utilities, internet, and meal plans for most of the on-campus housing.
- High rates: The cost may be a bit higher in dorms since it is fixed and the amount of money covers other facilities like student services, gym, and dining hall facilities.
- Lack of flexibility: Most universities do not give options in meal plans, hence reducing the chance for options that could save money on food.
2. Off-Campus Living Cost
- Rent: Depending on location and type of accommodation chosen, that is apartment, shared houses, or private rooms.
- Utilities: These are the consumables a student has to cater for in addition: water, electricity, internet, and gas are just examples. Items with which a resident has partial control.
- Food Costs: Freedom to buy food and prepare it at home can really bring down the cost of food.
- Furniture & Transportation: Most apartments off campus are not furnished, and transportation costs could increase depending on how far from the school you will be living.
Living off-campus can be cheaper; this, of course, depends on how attentive to frugal choices a student is and if expenses can be shared with roommates.
Factors When Living Off-Campus Can Save Money
Following are 9 scenarios wherein living off-campus becomes one surefire cost-saver:
1. When Rent Is Less than Dorm Fees
If the rent of an off-campus apartment, utilities included, can be afforded at a price lesser than the total cost in dorms, then it would make more sense for one to move off campus.
2. If Living with Roommates
It would also be affordable for students, as they can split the rent and utilities among themselves, hence affording it with ease. As such, housing off-campus would be feasible.
3. Affordability of Food
Being off campus provides you with an avenue to save a lot on meal plans, which get very expensive on campus, given that you can do your own meals at home.
4. Freedom from Long Leases
Some of them offer flexible or shorter-term leases. You could move during summer or save your money while you go on breaks.
5. Choice of Furniture and Lifestyles
While the dorms are already furnished, housing off-campus entails you making choices about furniture, where you can buy secondhand or inexpensive ones.
6. Closer to Part-Time Jobs
Off-campus housing could also be more suitable if it is closer to places of employment, allowing students to save not only in time having to travel great lengths but saving money on transportation while making an income.
7. Utility Control
Those living off-campus can monitor and control their utility usage, which is just not possible with on-campus living which has flat rates for everything; thus, utility bills are lower on a month-to-month basis.
8. Meal Plans Not Required
The need to pay for meal plans offered on campus is negated when living off-campus. This in turn allows students to budget money instead to buy groceries.
9. Summer Subleasing Available
Off-campus students can sublease their apartments by renting them out to others during the summer months, defraying some of the costs of a rental when they are away.
When Shouldn’t You Live Off-Campus to Save Money?
Even though it may usually be true that a student saves money living off-campus, there is the occasion this may not be the best financial option due to one of the following reasons listed in the following dialogue:
1. High Rent or Utilities in the Area: If off-campus housing is a huge deal, or utilities are huge, then it may be cheaper to live on campus.
2. Far from Campus: This basically is not worth the money that one saves in rent if the commute costs too much or if the public transportation is undependable.
3. Brief Campus Housing Contracts: Many colleges are offering semester-only dorm contracts, and such allowance provides for easier budgeting without being committed to taking long leases off-campus.
4. Use of Campus Facilities: That would be proof that living on campus would be less borther and less expensive if students availed themselves frequently of such facilities as the gym, health services, or academic resources.
How Much More Money Do Students Save Living Off Campus?
Following are additional ways students can save by living off-campus:
1. Inquire About Student Discounts: Often, landlords may have more reasonable rates for students or might even give a discount; students should always ask about any special pricing.
2. Utilize Public Transportation: Wherever possible, do not keep a personal car but instead use buses or trains to cut down on travel expenses.
3. Do Grocery Shopping in Bulk: Food can be economized in the long run by buying groceries in bulk at warehouse stores.
4. Negotiate Rent and Utilities: Sometimes, landlords will negotiate rent or include utilities in the monthly rent if one simply asks.
5. Get Furnished Apartments: This is because they save you from having to invest money upfront to purchase furniture.
Conclusion
When does living off-campus become one sure way of saving money? Actually, the secret lies in planning and choice options.
This is when your rent and utilities come out to be less costly than living on campus, and you can split costs among roommates, cook instead of eating out, and keep utility usage in mind-off-campus housing offers huge savings.
On the other hand, if the rents are high, transportation is an issue, or accessing campus services and resources is not that well facilitated, then it would not quite be cost-effective.
If done right, living off-campus can be that sassy financial move that alleviates your wallet and your life.