Navigating through college costs can feel like tiptoeing through a financial minefield. While tuition remains the big bad wolf, there are other expenses lurking in the shadows, like housing. Some colleges require students (especially freshman) to live on campus in dorms, but some have flexibility in their housing policies. Whether you’re considering the on-campus dorm life, the off-campus apartment adventure, or commuting from home, it’s more than just choosing between four walls; it’s a game-changer in your college cash flow. Each option comes with its unique set of advantages and drawbacks, shaping your college experience in distinct ways.
So, when it’s time to decide between dorms, apartments, or the good ol’ commute from home, how do you know what the best and most cost-effective choice is? Let’s dive into the perks, quirks, and the dollars and cents of each.

A Budget is Your Best Friend 

We start some of our blogs out by mentioning a budget. And while it may seem repetitive, it really is the most important first step you can take. Knowing what you have to work with financially sets the stage for your college living experience. So, if you haven’t figured out your budget, before you get swept up in the excitement of college living, sit down and assess your finances. Consider your sources of income, whether it’s from part-time work, scholarships, grants, financial aid, or the support of parents footing the bills. Factor in any fixed expenses like tuition and books. Then look at what’s left that you can comfortably use for housing.

Understanding your budget is like having a roadmap for your financial journey through college. It allows you to set realistic expectations and make informed decisions about your living situation. Are you willing to trade convenience for cost savings? Do you prioritize independence and privacy over shared spaces? These are the questions your budget will help answer.

Now that your financial landscape is assessed, let’s talk dormitory living.   

Dorm Life 

Living in a dorm means you’re in the campus hub—close to all the campus facilities including dining halls, the best study spots, lecture rooms, and other campus amenities. The catch? You’re sharing your space, so privacy may be a luxury you’ll have to forgo. This can potentially also lead to distractions affecting your studies. Plus, living in a dorm means you’re at the mercy of university rules and regulations.

Dorms often come with a set price, which includes utilities and meal plans, but keep in mind that you’ll still need spending money for snacks and personal supplies. So, while it’s generally a straightforward package where you’ll know what to expect, it might not be the cheapest option. Private schools often charge more for room and board than public schools. Similarly, the cost of dorms may also vary based on the type of dorm you select. According to the Education Data Initiative, the average cost for students to live on campus at a public 4-year school is $11,520 annually, and at private schools, the on-campus average is $13,028. Keep in mind these amounts only cover fall and spring semesters, not the summer. Plus, residence halls may be closed for the holidays, so the cost is basically for nine months of the year.

Apartment Life 

Getting an apartment provides increased privacy along with the flexibility to make meal choices and develop essential life skills. The freedom is there, but, reality check, so are the financial responsibilities—paying rent and utility bills on time each month, grocery shopping, chores, and maybe a commute to campus are part of apartment living. It could hit your wallet a bit harder than dorm life depending on your location. 
Rent can vary wildly depending on your city. In big cities like New York City, D.C., or Los Angeles, rent can be so exorbitant that you’d have to cram three roommates into a two-bedroom just to have it make financial sense. Whereas in smaller towns or rural spots, renting off-campus might save you some cash, especially with a roommate paying half of the bills.    

Commuting from Home 

Sticking to home turf means familiarity in a world full of new experiences. It also means substantial cost savings compared to on-campus and apartment living. While you’ll skip the room and board costs, don’t forget to think about gas, the cost of public transport, or parking fees associated with commuting. If you plan on driving, calculate your monthly transportation costs, and keep in mind potential wear and tear on your vehicle. Additionally, be prepared for longer commute times and how they’ll impact your time-management, limited engagement in on-campus activities, and the possibility of feeling FOMO (fear of missing out).  

The choice between dorms, apartments, or commuting comes down to preference and affordability. Consider your budget, weigh the pros and cons, and find the sweet spot that fits your college wallet.  After all, a savvy budget is your best friend on this academic adventure.

Gina Menezes

Gina Menezes

Gina is a Communications Specialist at GOLD. In her role, she creates and distributes content to members and future members that is both informative and engaging. Gina enjoys using her creativity to illustrate the GOLDen difference while providing members the tools they need to reach financial freedom.  

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