College students have a challenge meeting the cost of college and continuing to be independent from their parents. Although attending college costs less in America than anywhere else, it’s still a significant hurdle to jump. Many students take on part-time jobs and student debt to try and make ends meet. Therefore, many students either choose to live at home or live at school and commute.
Living at home allows students to save money that would otherwise be spent on high rent and allows them to direct more of their money toward the rest of the cost of college. It can also make daily life easier for students furthering their education. Since college students are generally around 18-22 years old, living at home isn’t necessarily a given. Some factors that can impact whether or not a student decides to live with their parents while attending school include financials and whether they away from home by choice or necessity.
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College students who live at home
The number of college students who live at home is expected to continue growing, mainly because of the cost of tuition. A survey by Discover Student Loans found that 78 percent of parents who responded said their child would be living at home during college, mostly due to the high cost of tuition.
The study also found that among parents who had children already in college, about 80 percent said their student was living with them at least part time during their freshman year. That number fell off as the students got older, with about 60 percent saying their children lived at home for all four years of college.
Cost of living on campus
College students are at the tail end of what is often a long and expensive journey. But they’re also at the peak of their financial lives, so they want to make smart decisions, like going to school close to home or out west.The cost to live on campus can be high for some schools. To get an idea of how much you should expect to pay, check out your school’s website.
Also consider dormitory fees, which can run from $500-$1,000 a year. If you’re worried about spending too much money on food, look into meal plans that include breakfast and dinner (and snacks) each day.
Almost a quarter of students live at home
Almost a quarter of college students lived at home in 2012, according to the U.S. Census Bureau, an increase from 18 percent in 2007.About 60 percent of students lived in a dormitory, fraternity or sorority house in 2012, down from 65 percent in 2007.
The number of college students who rented a home or apartment increased from 16 percent to 20 percent during that time period.The percentage of college students living off-campus varies considerably by state, ranging from 10.4 percent in New Hampshire to 48.4 percent in Nevada.
The majority of students say that living at home allows them to be independent from their parents’ finances
With more families than ever facing economic hardships, more college students are living at home. In fact, a recent College Board study found that 58 percent of all college students live at home. That number is even higher among community college students (76 percent).Those statistics might lead you to believe that most college students today don’t have the opportunity to experience the independence of dorm life or fraternity life.
However, the study also found that many students who live at home prefer it this way. The majority of students say that living at home allows them to be independent from their parents’ finances. Furthermore, students who live at home can save money by sharing expenses with their parents and siblings, which helps them graduate student debt-free and enables them to focus on their schoolwork.
The average college student spends $1,200 per year on living away from home
The average college student spends $1,200 per year on living away from home. That’s a lot of money for the average student, who makes about $25,000 per year.For students who live at home and commute, tuition and fees take up only about one-third of the income.
For people living off campus, though, tuition and fees eat up nearly half their income.This means that students who live at home have substantially more money available to them than students who live on campus.That’s not to say that there aren’t some downsides to living at home. Some parents are very strict about what time their children must be home by.
The national average is 19.9%
College students live at home for various reasons. For one thing, the costs of college tuition and housing continue to rise year after year, which makes it harder for many students to attend school full-time.In some cases, a student’s family may not have the financial means to support their attendance in college.
Because of this, we’re seeing an increasing number of college students who choose to live at home rather than move out of their parents’ house.According to the U.S. Department of Education’s statistics, roughly 20% of undergraduate students aged 18-24 live with their parents while attending college. The national average is 19.9%, but in some states, that number is as high as 37%.
Conclusion
It is clear that technological advances in education are indisputably increasing the number of people who continue to live at home during their higher education. Whether this is due to more nontraditional students who start college later than their predecessors, or due to a general increase in college attendance rates, the results speak for themselves, and the trend appears unlikely to stop anytime soon. The percentage of students who live at home will likely vary from year to year, depending on the state of the economy and other factors.