Estimate Living Expenses to Determine College Affordability

Despite being accepted by Stanford University and Vassar College, Mathew Martinez chose to attend the University of Central Missouri to save on living costs.

"I made the decision by looking at housing at Vassar, Missouri and Stanford -- and it was astronomical," says the senior economics major says, who plans to graduate college debt free next year. "While it is not easy to save money on rising tuition costs, housing is an aspect that students can have control over."

Tuition isn't the only bill students and families face in paying for college. Living expenses can add up quickly and cost thousands of dollars each year.

[Learn why room and board charges are rising faster than inflation.]

The College Board estimates that the typical living cost for a full-time student attending college during the 2016-2017 academic year ranges from $11,810 on a low budget to $17,620 on a moderate spending plan. The nonprofit finds that more than 50 percent of a college student's budget is spent on housing.

"It's much easier to pay $400 in rent as opposed to $1,600," say Martinez says, who used a net price calculator to compare housing costs between the Missouri school where he attends and Stanford University. "And I don't have to worry about having three jobs and being $100,000 in debt."

The sticker price for room and board at University of Central Missouri, $7,828, is nearly half the $14,107 at Stanford University, according to U.S. News data for the 2014-2015 academic year.

Non-tuition related expenses tend to be pricier in areas where the cost of living is higher, college financial planning experts say.

[Find out where students pay the most for room and board.]

The day-to-day cost of attending a college in New York City compared with a school in rural Ohio is going to be more expensive, says Scott Weingold, co-founder of College Planning Network, a Cleveland-based college admissions and funding advising company.

"Budget-conscious families should definitely pay attention to where the specific school is located," Weingold says, who adds that the higher cost of living are mostly for schools in New York City, Southern California and South Florida.

But the consultant says students should evaluate if the school is a good fit before looking at overall net price.

To weigh the costs of attendance beyond tuition, here are some ways to evaluate college affordability based on living costs.

-- Use college net price calculators to estimate costs: "I first went out there to their websites and used their standard calculators," Martinez says. "Each school has a net price calculator on their site and gives you standard room and board fees."

A net calculator shows a student the amount it costs to attend an institution for a single academic year after subtracting scholarships and grants.

"The net price calculator is a great place to start," Jodi Okun, founder of financial aid advisors and Discover student loan ambassador, who advises families and students on ways to pay for college.

[Discover when to include a net price calculator in your college search.]

But college financial experts say to keep in mind that these calculators don't include transportation, food and other expenses.

"Some colleges do offer off-campus budgeting and that's a question that families should ask," Okun says.

-- Determine if on-campus housing is cheaper: "There are instances where it's cheaper to live on campus," Weingold says. "Get an idea of housing costs and if off-campus is going to be substantially more."

According to a recent analysis by StreetEasy, an online real estate database company based in New York, on-campus is housing is cheaper at many New York City schools. The cost of a single room on campus at Columbia University, which is $1,009.82 on average per month, is 54 percent cheaper than the typical cost to rent a nearby single room off campus, the report finds.

Although cheaper housing may not be necessarily on campus, Okun says, who adds "shared housing might be less expensive."

The college planning consultant says sharing a home with multiple roommates can sometimes be cheaper than living in a dorm.

-- Estimate cost of living with online calculators: College planning experts recommend using websites such as Zillow, an online real estate marketplace, and its tool Zillow Compare for examining price differences between regions.

A cost of living comparison tool is a useful way to compare costs for different college locations, they say.

"You can go on Zillow or call local brokers in the area and get a feel from there," says Weingold from College Planning Network.

-- Talk to students who attend the school: Contact a professor or a student at the college to hear experiences about the college and the area, experts say.

"It doesn't matter who they are -- 99 percent of the time they will be ecstatic to talk to you," says Martinez, the University of Central Missouri senior. "So you can hear firsthand about where the savings come from and you can get a more intimate understanding of the campus that's not provided on the website."

Trying to fund your education? Get tips and more in the U.S. News Paying for College center.

Farran Powell is an education reporter at U.S. News, covering paying for college and graduate school. You can follow her on Twitter or email her at fpowell@usnews.com.