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Choosing the right college town can shape not only your education, but also your future lifestyle, so you should make the most out of those student loans. From lively university communities to charming small‑town campuses, the best college towns in America offer a unique balance of academics and affordability.
However, with rising rents and shifty economic turmoil, students and families are paying closer attention to the cost of living in each location.
MoneyLion has given it the old college try to break down the 20 best college towns in the U.S. and what it actually costs to live there, including average rent prices, household incomes and monthly expenses. Discover which college towns offer the best options to get an A in economics so you can choose a place that fits both your goals and your wallet.
Also See: Income Needed To Crack the Top 10% in Every State
Check Out: 9 Unusual Ways To Make Extra Money (That Actually Work)
Key Findings
The two biggest college towns based on the population of people aged 20 to 24 are Ann Arbor (38,641) and Provo (45,082).
Moscow, Idaho, may be ranked 17th on this list, but it has the overall lowest cost of living per month, with an average of about $3,128.
Ames, Iowa, has the lowest average rent at $1,175 per month.
Every city on this list has average monthly expenses below $2,200.
1. Lynchburg, Virginia
Local college(s): Liberty University, University of Lynchburg, Randolph College
Population: 79,255
Percentage of population aged 20 to 24: 24.5%
Median household income: $59,808
Average monthly rent: $1,288
Average monthly expenses: $1,908
Annual cost of living: $38,353
2. Ames, Iowa
Local college(s): Iowa State University
Population: 66,112
Percentage of population aged 20 to 24: 42.9%
Median household income: $60,102
Average monthly rent: $1,175
Average monthly expenses: $1,970
Annual cost of living: $37,732
3. West Lafayette, Indiana
Local college(s): Purdue University
Population: 44,802
Percentage of population aged 20 to 24: 61.1%
Median household income: $33,497
Average monthly rent: $1,868
Average monthly expenses: $1,842
Annual cost of living: $44,517
4. Ann Arbor, Michigan
Local college(s): University of Michigan
Population: 121,179
Percentage of population aged 20 to 24: 31.9%
Median household income: $81,089
Average monthly rent: $2,289
Average monthly expenses: $1,990
Annual cost of living: $51,344
5. Blacksburg, Virginia
Local college(s): Virginia Tech
Population: 45,288
Percentage of population aged 20 to 24: 53.5%
Median household income: $48,070
Average monthly rent: $1,876
Average monthly expenses: $1,991
Annual cost of living: $46,401
6. Oxford, Mississippi
Local college(s): University of Mississippi (Ole Miss)
Population: 26,086
Percentage of population aged 20 to 24: 22.0%
Median household income: $59,901
Average monthly rent: $2,560
Average monthly expenses: $1,838
Annual cost of living: $52,779
7. Lawrence, Kansas
Local college(s): University of Kansas
Population: 95,459
Percentage of population aged 20 to 24: 26.6%
Median household income: $62,838
Average monthly rent: $1,652
Average monthly expenses: $2,037
Annual cost of living: $44,276
8. Kent, Ohio
Local college(s): Kent State University
Population: 27,190
Percentage of population aged 20 to 24: 38.6%
Median household income: $42,524
Average monthly rent: $1,518
Average monthly expenses: $1,826
Annual cost of living: $40,127
9. Logan, Utah
Local college(s): Utah State University, Bridgerland Technical College
Population: 53,923
Percentage of population aged 20 to 24: 32.6%
Median household income: $56,764
Average monthly rent: $1,389
Average monthly expenses: $1,898
Annual cost of living: $39,447
10. Bozeman, Montana
Local college(s): Montana State University
Population: 55,042
Percentage of population aged 20 to 24: 27.9%
Median household income: $79,903
Average monthly rent: $2,148
Average monthly expenses: $1,906
Annual cost of living: $48,653
11. Chapel Hill, North Carolina
Local college(s): University of North Carolina at Chapel Hill
Population: 59,889
Percentage of population aged 20 to 24: 32.8%
Median household income: $85,825
Average monthly rent: $1,910
Average monthly expenses: $2,001
Annual cost of living: $46,938
12. Lexington, Kentucky
Local college(s): University of Kentucky, Transylvania University
Population: 321,122
Percentage of population aged 20 to 24: 13.7%
Median household income: $67,631
Average monthly rent: $1,613
Average monthly expenses: $1,926
Annual cost of living: $42,465
13. Cambridge, Massachusetts
Local college(s): Harvard University, Massachusetts Institute of Technology (MIT)
Population: 117,794
Percentage of population aged 20 to 24: 20.3%
Median household income: $126,469
Average monthly rent: $3,238
Average monthly expenses: $2,190
Annual cost of living: $65,142
14. State College, Pennsylvania
Local college(s): Penn State University
Population: 40,669
Percentage of population aged 20 to 24: 64.2%
Median household income: $47,132
Average monthly rent: $2,068
Average monthly expenses: $2,059
Annual cost of living: $49,524
15. Pullman, Washington
Local college(s): Washington State University
Population: 31,939
Percentage of population aged 20 to 24: 45.7%
Median household income: $45,097
Average monthly rent: $1,618
Average monthly expenses: $1,773
Annual cost of living: $40,692
16. Normal, Illinois
Local college(s): Illinois State University
Population: 52,908
Percentage of population aged 20 to 24: 32.9%
Median household income: $66,350
Average monthly rent: $1,444
Average monthly expenses: $1,944
Annual cost of living: $40,661
17. Moscow, Idaho
Local college(s): University of Idaho
Population: 25,868
Percentage of population aged 20 to 24: 32.5%
Median household income: $56,497
Average monthly rent: $1,297
Average monthly expenses: $1,831
Annual cost of living: $37,536
18. Iowa City, Iowa
Local college(s): University of Iowa
Population: 75,264
Percentage of population aged 20 to 24: 33.8%
Median household income: $57,533
Average monthly rent: $1,795
Average monthly expenses: $1,888
Annual cost of living: $44,199
19. Tallahassee, Florida
Local college(s): Florida State University, Tallahassee State College, Florida A&M University
Population: 199,696
Percentage of population aged 20 to 24: 28.1%
Median household income: $55,931
Average monthly rent: $1,460
Average monthly expenses: $2,018
Annual cost of living: $41,737
20. Provo, Utah
Local college(s): Brigham Young University, Rocky Mountain University of Health Professions
Population: 114,303
Percentage of population aged 20 to 24: 39.4%
Median household income: $62,800
Average monthly rent: $1,517
Average monthly expenses: $1,932
Annual cost of living: $41,389
Methodology: Locations were selected using BestCollegeReviews and CollegeTransitions. Locations were also selected by identifying the highest percentage of population using the U.S. Census ACS. Locations with a total population under 5,000 were removed from this study. For each location, the cost-of-living indexes were sourced from Sperling's BestPlaces. Using the national average expenditure cost for all households from the Bureau of Labor Statistics Consumer Expenditure Survey for all consumer units, the average expenditure cost was calculated for each location. The average rental cost was sourced from Zillow Observed Rental Index and added to the expenditure costs to get the total cost of living. The cities were sorted by their livability index, with ties being determined by the highest cost of living. All data was up to date as of Jan. 8, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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