Four Out Of Five Elite College Towns Have Rents Higher Than National Median

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September 14, 2016

As if college wasn’t expensive enough.

Zillow Porchlight reports that, according to a new report from U.S News & World Report, 80 percent of towns with an elite college have median rents above the national median rent of $1,408 a month.

The median rent in Cambridge, MA, where Harvard University and MIT students gravitate for off-campus housing, is $2,594 a month, while Yale University students who live off campus in New Haven, CT, pay just over half that: $1,428 a month. Those figures don’t account for the size of the rental unit or for roommate situations, but they do reflect the starkly different real estate markets in Cambridge and New Haven.

Also, the site notes that Chicago has neighborhoods with more affordable rents, and students that attend Stanford don’t have to pay market rate for off-campus housing, where the median rent in Palo Alto, Calif., is $6,139 a month. Instead, the school has university housing available for $14,600 a year.

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