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Living costs for college students have ballooned in price.

The decision of whether to live at home for college has become more common.

What implications does this choice have for parents and students?

If you are a current parent to a college student (or college student yourself), you probably had to make the decision of embracing living on campus or continuing to live at home and commuting to campus, or opting for online classes from home. Most students want to have “the college experience” and relish in the rite of passage that comes from living on campus with their peers, yet this option has become increasingly difficult to justify financially.

Ode to Living on Campus

Living on campus offers tremendous opportunities for young adults to establish independence. It’s the first extended period of life where students are away from their parents, which allows autonomy in choosing what to eat, how to manage time, how to form organic new friendships, and how to navigate conflict and boundaries with a roommate. In other words, living on campus affords the opportunity to cultivate life skills with the bowling alley bumpers up.

Another advantage of living on campus is that students who live on campus tend to be more academically and extracurricularly engaged. Class is less likely to be missed when one can roll out of bed five minutes before it begins and stumble over to the building. Indeed, some universities require students to live on campus for their first year while others strongly suggest campus living, citing higher GPA and graduation rates for students who opt for campus living.

As with most things in life, the price of a good experience does not come cheap. The cost of living, especially for housing, has increased substantially over the past decade in the United States. I personally remember paying a measly $389 per month for an apartment in 2012 that came furnished (yes, you read that right). Current room and board rates for most universities now cost $10,000-plus per year, with campus adjacent apartments offered for similar prices. Compared to prior generations that offered no-frills dorms at a lower price point, many universities have invested heavily in newer buildings and a larger variety of amenities. The Wall Street Journal wrote an article detailing how swanky new dorms now offer swimming pools, movie theaters, and granite countertops1.

Higher costs have left parents and students wondering whether the college experience can be justified financially. Student debt, stagnant wage growth, and a particularly harsh postgraduate job market following the rise of artificial intelligence also play a role in the decision calculus. Not to mention that tuition rates have increased at most universities, too.

Is the "College Experience" Still Worth It?

Living at home offers clear financial advantages and can provide students with a form of stability to focus on distraction-free studying. Living at home may help avoid the duality of working long hours and going to school full-time to make ends meet. Additionally, home life will give students a leg up on their financial futures by minimizing debt for students bankrolling their own education. These are tangible and undeniable advantages that should not be ignored. If home life makes sense for your student, make sure to establish clear boundaries and expectations. Asking your student to pick up a part-time job, take on more household chores, get involved with a campus club, take a summer internship, or even pay some bills can help establish maturity.

On the other hand, it is hard to put a subjective value on the college experience. Meeting your future spouse, befriending a classmate who you end up starting a business with, or offhandedly meeting a professor who mentors you into graduate school (my personal experience) are all amazing potential outcomes that can result from that experience.

Academic Problems and Skills

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There is no clean one-size-fits-all answer to this question. The living-on-campus college experience comes with a sticker price, but the positive outcomes for your social, personal, and career development can be invaluable. No matter your choice, aim to make the most of the experience by getting involved, meeting peers and professors, and saying yes to opportunities.

https://www.wsj.com/us-news/education/college-housing-dorms-cost-tuition-9d98c1a4

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