Monetary concerns are huge and continually growing for students opting for higher studies in abroad. With graduate debt breaking record levels, and rent as one of their biggest expenses, students need to do a thorough research on accommodation expenses, tuition fees, inventory costs etc. before moving out on their own to study abroad.
As the academic year of 2016 ended, the statistics showed that the class graduated with an average debt of USD 29,000, for those attending U.S. private non-profit universities, or a whopping USD 56,000 for English students at English universities.
For some students, the level of debt is what compels them to reconsider their decision on whether to go to college at all.
And with accommodation being the biggest expense after tuition fees, a study on the sharp variations in rental costs between different cities prove to be an invaluable tool. To aid this, new research shows the cheapest and the most expensive cities for students.
It’s no surprise that New York came out as the most expensive place for students to live, with their spending on rent being as almost twice the global average. According to the report, New York is where students spend an average of USD 431 every week on their rent, which is almost double the global average of USD 218. In comparison, students in Auburn spend on an average of USD 96 a week.
Boston and London are next most expensive, with Washington and La Jolla making up the top five. All in all, the list of 10 most expensive features six U.S. cities, three of the U.K cities, and lastly one from Australia i.e. Sydney.
Bout on the other side of the coin, the good news for U.S. students is that American cities take seven places in the list of 10 cheapest cities for accommodation. The most affordable of them is Auburn, Alabama, with students are spending an average of USD 96 a week on rent, less than half the global average.
Succeeding close behind Auburn are Athens and Tallahassee, with Hull being the cheapest non-U.S. city, where weekly rents are of USD 111. Astonishingly, the most expensive cities tend to be in the south, with the cheapest in the north of the country. The reason behind that might be the regional differences in house prices in the U.K.
In the U.S., students can expect to pay less for accommodation in the south and more on the east and west coasts, although in both countries there are a few exceptions. For example, Newark, New Jersey is one of the cheapest, while Savannah, Georgia, is one of the most expensive U.S. cities.
With average rents being 23% above the global average, Australia becomes the most expensive country for students.
A thorough analysis of data including weekly rents spends by more than 8,000 students who booked accommodation around the world through an online marketplace, resulted in the statistics for the study.
It’s quite evident that the big urban centers around the world tend to remain huge magnets for both international and domestic students. Students pay more to live in these cities, but that doesn’t mean there aren’t more affordable options available out there. Cities with larger supplies of purpose-built accommodation tended to be more affordable, and as this market grows there is a probability that there will be a more diverse range of options that cater to different budgets planned by students.
Though, the cost of accommodation is not the only factor in a student’s decision on where to opt higher studies, and nor that should it be, but with the rising debt it is likely to become a more important point of consideration.
