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Economics of Dorm vs Apartment Essay

Which is more economically smarter: living in school dorms or renting an apartment? It’s nearing the end of my freshman year, and I’m looking into housing for next year. What do I pick? Well let’s do a cost/benefit analysis of this: for $5800 over a 8 month period ($725/month), I currently get (half) of a ax’s’ room, use of a common bathroom, sewage, heating and electricity, water, maintenance, basic cable television, and internet.

If I were to get a place with my roommate on our own, the costs (per errors) of utilities is as follows: internet and television $40, water $50, sewage $10, electric $60. The place I am looking at for next year has a rent (per person) of $310 for a room about xx’. That adds up to about $470 per month. If I Just calculate the monthly expenses, renting an apartment seems much cheaper. However, there are many other charges and conditions that throw off this number. For example, I have to pay a $100 cleaning fee, which will be deducted from my security deposit.

Also, the lease period is a period of 12 months, leading to a 4 onto deadweight loss, since I won’t be living in the

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house during the length of the term. So we need to look at the total costs rather than the monthly cost. As stated above, a year of dorm housing is about $5800. Multiply the $470 by 12 and you get $5600. Add in the cleaning fee and you get $5700. With all things considered, there isn’t much of a difference between living on or off campus in terms of price. Just looking at the difference, on the one hand, I get an extra 96 square feet of space and a kitchen in exchange for maintenance services and furniture.

At this mint, living on campus seemed to be the better decision, but there was another deciding factor: a meal plan. Living on campus would force me to get one. A meal plan would be a huge rip-off, because many students do not enjoy going to either of the two places where dining passes could be used, and a Dining Dollar is effectively an inflated regular dollar, because you must pay more than a dollar for a Dining Dollar, but I can only spend it like a regular one, and the locations where they can be used accept either form of currency at a 1:1 ratio.

And even for those who enjoy owing to Market or Perch, spending the occasional entry price (The price per swipe would be higher, but if you include the rest of the package, it’s cheaper) or getting a friend with extra swipes (we all have those) is much more economical. Looking at the costs (maintenance, furniture I don’t get to keep), I felt that it was not worth it. I was willing to maintain my own living space and if I bought furniture, I could keep on using it in future years, and I am going to be here for another 5 years anyways, so it would definitely be a good investment, so in the end, I picked to live off-campus.

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