Yet a recent analysis finds that housing prices in many U.S. college towns have soared to historic highs. This nationwide surge is causing tremendous harm to students, faculty, and staff. Coming in first is the University of California, Santa Barbara. Its median home sale price has jumped up to a ludicrous $1,964,170. This figure starkly demonstrates the worsening affordability crisis experienced by everyone tied to the broader academic community.
Coming in after UCSB is Florida Atlantic University, the second most expensive public college in the state, with a median home sale price of $822,701. Coming in at a distant third and fourth are Northern Arizona University and Oregon State University, where the cost of homes is $695,902 and $568,507 respectively. These increases make it difficult for students to afford living close to campus.
Utah Valley University and the University of Oregon have seen significant price increases, with median home sale prices of $517,224 and $501,571. Brigham Young University points out this trend, as home prices have skyrocketed – increasing $474,745. In second is the University of Michigan at $464,495.
The problem doesn’t stop at these institutions. According to the University of New Hampshire, Manchester and Southern New Hampshire University, the median home sale price is $456,096. At number 10, Washington State University completes the list–their metro has a median home sale price of $452,137.
These skyrocketing prices lead to an indelibly important question about how long it can be feasible for people to afford to live near the schools. Developing housing is increasingly costly which poses both practical and profound issues. It’s hard for students to give their all to their education when they’re weighed down by an unbearable financial stress.
“In some college towns, housing costs have climbed so high they’re increasingly out of reach for students, faculty and staff.”
The rising prices bring forth a critical conversation about the sustainability of living within proximity to educational institutions. As housing becomes less affordable, it raises concerns about the ability of students to focus on their studies without the burden of excessive financial strain.