Budget Considerations of Off-campus Living at USC
The joy of getting accepted into college also comes with concerns over expenses on rent, food, transportation, utility, household amenities and other living essentials.
For you to prevent any surprises, it is advised that you have an idea of how much on an average basis these necessities would cost.
This allows you to put your finances in order, budget your spending and take other appropriate measures to eliminate any unpleasant situations where you end up in a tight spot.
There are various reasons why you may want to stay off-campus including your desire for more privacy, exposure to life experiences, access to more amenities, an opportunity to learn valuable life lessons and lots more.
These are just some of the upsides of having your own space where you make and live by your own rules. But of course, this comes with a price tag on several crucial factors which you need to consider in your decision-making process.
Because these expenses can mount up or reduce within the next four years, you need to be prepared by taking costs into account.
Here are comprehensive tips for you USC students who want to live off-campus.
Proper Budgeting
What is your source of funding? It may be your scholarship funds, financial support from your parents and/or income from a part-time job.
It is important that you examine your source of income and draw up a reasonable budget that is inclusive of all your expenses
With this in mind, you can then factor in the following major expenses into your plans for living off-campus.
Rent:
Rent is an item on your list of expenses that is most likely to take up a huge chunk out of your monthly budget. You need to decide how much rent you can keep up with. As a general rule, it is recommended that you allocate about thirty per cent (30%) of your monthly income on rent. This way you can keep up with payments or put off other not so essential items to meet up. Notwithstanding, you should not choose an apartment that you cannot afford, because you have other expenses to take care of. Choose something that is nice, comfortable and also within your budget. Check rent prices at Mosaic Student Communities website to have a better idea of current cost USC Off-campus student housing. Rent starts $700 per month.
Food:
Living off-campus means that you have the liberty to your own nutrition. You are not forced to eat the type of foods provided in the dining halls and can explore more eateries in the area. Your expenses on meals will depend to a large extent, on the type of food items on your grocery list and the cost for three meals a day. Additionally, when looking for apartments be sure to find out the location of the closest grocery store. The average spending cost is $500 to $600 per month.
Utilities:
Utilities are essential components that you need for a fully functional and comfortable apartment. It typically comprises electricity, gas, water, internet service, heating, cooling and garbage services, which may or may not be covered by your rent.
When considering an apartment, you should find out if the utility is part of the monthly rent or not, to prevent any surprise charges. To have an idea you can spend $120 - $130 in Electricity, Heating, Cooling, Water, Garbage. The Internet is approximately $65 for 60 Mbps or more.
Transportation:
Location is also a top priority when choosing an apartment. An apartment closer to campus would be a good fit as it makes commuting much easier.
Commuting back and forth can consume a significant amount of your time and cash. Therefore, you need to consider how long it will take and how much it will cost for you to get to school either by walking, driving or using public transportation. You have USC Buses, Car and Van Pooling, Public Transportation, MAVEN, Enterprise Car Rental, DART. Read more: https://transnet.usc.edu/index.php/traveler
Books and supplies
Throughout the academic year you will spend on books and supplies approximately 1,200.
If you need any help with your USC housing, please contact MOSAIC Student Communities. We will be glad to find housing that meets your budget and living preferences.
Please check out the estimated cost of attendance for 2019 - 2020 :
https://financialaid.usc.edu/undergraduates/prospective/how-much-wil-my-education-cost.html
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