Cost of Living Rising Sharply for College Students

High inflation, rising tuition costs, and a competitive housing market are making it hard for college students to make ends meet.

1 minute read

August 18, 2022, 5:00 AM PDT

By Diana Ionescu @aworkoffiction

An image of the Sample Gates at the entrance of the college campus of Indiana University Bloomington, with a street and the city in the background.

EQRoy / Shutterstock

College students are struggling to meet their expenses as the costs of everything from tuition to housing continues to rise, report Claire Ballentine and Misyrlena Egkolfopoulou for Bloomberg Wealth. 

“In the 2021-22 year, average total expenses for students — including tuition, room and board, and allowances for books, supplies, transportation and other personal costs — totaled $44,150 for public four-year out-of-state students and $55,800 for private nonprofit four-year students, according to the College Board.” Many universities plan to raise costs next year, while nationwide rents surged by 14 percent year-over-year in June. 

The article profiles several students who are fighting to make ends meet in creative ways. While some students are opting to live with family or friends, others are looking to RV parks as another option for affordable housing. Students looking for housing face a particularly competitive rental market as a slowdown in housing construction, low supply, and high home prices push more households into renting. 

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