The “broke college student” stereotype has been around for a while. But as college costs have risen to exorbitant levels, the stakes have gotten higher too.
Where college students used to fear a budget-friendly ramen noodle diet, now 1 in 5 students have dealt with housing insecurity, according to a recent survey from student loyalty network, Student Beans. The company defines housing insecurity as someone who “finds themselves without a permanent place of residence while studying.”
“There is a serious lack of affordable housing for students,” says Will Harris, Student Beans’ chief strategy officer. “We fear that this may become a barrier for those from disadvantaged backgrounds who are intimidated by the rising and increasingly competitive rental market.”
Affording tuition is just one part of the overall financial journey for college students. Although most of the students surveyed report receiving some financial aid through loans, scholarships or grants, 55% still said their financial situations have negatively impacted their lives.
States that tend to have lower costs of living don’t appear to be offering more affordable housing situations for students either. Florida leads the pack for states with the highest share of students facing housing insecurity:
- Florida: 29%
- Texas: 26%
- Georgia: 24%
- California: 21%
- Illinois: 20%
- North Carolina: 17%
- Pennsylvania: 14%
- Ohio: 14%
- Michigan: 13%
- New York: 13%