When looking for a university to attend it is important to consider many factors, like the location, the course they offer, and it is also important to look at how affordable it is. If you are living away from home during your time at university you might want to look at the accommodation costs.
UniHomes, the UK’s leading student accommodation platform, analysed postcode rental data from PropertyData looking at the current costs of renting based on all rental property types surrounding each of the UK's top 50 universities. UniHomes then incorporated date from September 2020 to look at the average monthly cost of living for students at each university, based on a range of factors including groceries, takeaways and eating out, socialising, transport, bills and course materials.
The research revealed that the University of Liverpool is the nation’s most affordable option for students looking for both affordability and a quality higher education. The research shows that the average rent in Liverpool’s L7 postcode, home to the University of Liverpool, is £489 per month. The cost of living for students at the university is estimated at £405 per month, making the university the most affordable in the UK with a monthly total of £894, or £206 per week.
The top 10 affordable universities are:
University of Liverpool averaging at £894 per month, £206 per week
University of Leicester averaging at £931 per month, £215 per week
Durham University averaging at £935 per month, £216 per week
University of Lincoln averaging at £942 per month, £217 per week
University of Aberdeen averaging at £995 per month, £230 per week
Lancaster University averaging at £1025 per month, £237 per week
Aston University, Birmingham averaging at £1034 per month, £239 per week
University of Leeds averaging at £1058 per month, £244 per week
University of Birmingham averaging at £1082 per month, £250 per week
Newcastle University averaging at £1160 per month, £268 per week
Co-Founder of UniHomes, Phil Greaves commented:
“Going to university isn’t cheap these days, especially when you take tuition fees into account for students outside of Scotland.
While Covid-19 restrictions have been problematic for many students, demand for university places has climbed as many have had to scrap their plans for a gap year spent travelling or otherwise.
Higher demand will generally mean an increase in rental prices and so it’s perhaps even more important for students to consider the cost of living during their decision-making process in the current landscape.
In terms of the number one spot for student affordability, the University of Liverpool tops the table with the best mix of low-cost accommodation, a lower cost of living and quality education.
However, wherever you choose to rent it’s important to remember that the cost of renting differs depending on location. Research is key for those looking to secure a rental property when looking ahead to the start of their academic year and you can dramatically reduce your outgoings by opting to rent in the right places.”
As a student, it can often be hard to make ends meet so finding a university that offers a low cost of living is essential. This is not just about being able to afford the weekly shop or paying the cost of rent, this can improve the social aspect of university, as students living in affordable places will have more disposable income to spend on socialising (COVID permitted of course).
So before you make the big decision of which university you should go to, do not forget to factor in how much it would set you back to live in that city. If your university of choice is not on the list, you could conduct your own research into how much it would cost to liver there, you can use websites such as UniHomes, Complete University Guide and PropertyData.