Miami ranks as third most expensive college town, LA tops list

Miami /
Aug.August 03, 2016 12:00 PM

Even college students can’t be shielded from the high cost of living.

A new ranking shows Miami is among the top college towns with the highest off-campus rents.

HomeUnion studied rents within a two-mile radius of a university’s campus, in this case using the University of Miami in Coral Gables, and compared it to the metro area’s market rate rent to come up with the list.

Within two miles of UM, the median monthly rent was $2,812, 44 percent higher than $1,916 for the Miami metro area.

It’s important to note that the ranking excludes Florida International University and Miami Dade College, the latter of which is the largest college in the country. FIU’s enrollment in 2015 was 55,000 students and MDC’s was more than 92,000. UM, meanwhile, had about 17,000 students enrolled in 2015.

At No. 1 is Los Angeles. Near the University of California at Los Angeles, rents were a whopping 80 percent higher than the metro area, asking $4,343 a month, compared to $2,409 in greater L.A. UCLA enrolled 43,000 students last year.

HomeUnion said in the press release that the study shows how “living near campus is disproportionately more expensive than the market as a whole.”

For some parents, investing in condos may make more sense in South Florida, where residential rents are already notoriously high. Earlier this year, Zillow reported that renters in South Florida could expect to pay as much as 43.8 percent of their annual median incomes of $46,901 for housing. – Katherine Kallergis

Check out the full list below:

 

Related Articles

arrow_forward_ios
Douglas Cramer and 5901 North Bayshore Drive (Getty, Google Maps)
“Dynasty” producer Douglas Cramer pays record $8M for Morningside home
“Dynasty” producer Douglas Cramer pays record $8M for Morningside home
Make-A-Wish South Florida CEO Norman Wedderburn and 350 Northwest Sixth Street (Getty, Google Maps)
Make-A-Wish pays $8M for Overtown dev site
Make-A-Wish pays $8M for Overtown dev site
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
1396 Northwest 36th Street with Integra's Paulo Tavares de Melo and EHDOC's Melanie Ribeiro (Photos via Getty; LinkedIn)
Integra, partner move forward with $58M senior housing project in Allapattah
Integra, partner move forward with $58M senior housing project in Allapattah
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)
Lender closes on RedSky and JZ’s Wynwood assemblage
Lender closes on RedSky and JZ’s Wynwood assemblage
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...