How Russians choose housing for studying in the USA: the dream of higher education

As a result of a study conducted in Russia, it was found that 23.5% of realtors see the main reason for purchasing real estate in the USA as the desire to provide their children with an education at American universities.

Many Russians seeking higher education abroad choose institutions located in New York and New Jersey. The average annual tuition cost at these universities is about $40,000. Approximately 600,000 students study in New York, a significant portion of whom are international students. The city offers 110 universities and colleges, as well as many other educational institutions in New York and New Jersey, some of which are considered among the best in the world.

Famous educational institutions

Among the well-known educational institutions, it is worth highlighting the following:

• Columbia University
• Cornell University
• Princeton University

These institutions are part of the prestigious Ivy League. In New Jersey, there is Rutgers University, which was founded in 1766 and is the largest university in the state. We should also mention the New Jersey Institute of Technology, which deserves attention. The tuition fees at these institutions range from $27,500 to $49,000 per year, and additional expenses for housing, food, study materials, and transportation amount to about $11,000 to $12,000.

Budget for education

Thus, to enroll in one of the universities in the USA, it is necessary to plan a budget in advance within the range of $40,000 to $60,000 per year. For convenience, below we present a table with the main expenses at leading universities:

• Columbia University (New York, Manhattan): tuition costs $49,138, housing and meals $11,978, books and personal expenses $3,028. The total expenses amount to $64,144.
• Cornell University (Ithaca, New York): tuition fee - $47,286, housing cost - $8,112, food - $5,566, books and supplies - $870, personal expenses - $1,770. The total expenses amount to $63,604.
• Princeton University (Princeton, New Jersey): tuition fee - $41,820, housing - $7,570, meals - $6,050, other expenses - $3,525. The total cost amounts to $58,965.
• Rutgers University (New Brunswick, Piscataway, Newark, Camden, New Jersey): tuition fee - $27,523, housing and meals - $11,578. Total expenses - $39,101.
• New Jersey Institute of Technology (Newark, New Jersey): tuition cost is $28,274, housing and food expenses are $12,500, books and supplies are $3,200, transportation is $1,200, and other expenses are $1,500. The total cost amounts to $46,674.

Global Education Program

It should be noted that for Russians planning to study abroad, there is good news: they will be able to count on financial assistance through the "Global Education" program, which is set to launch by the end of 2014. The program is aimed at undergraduates, master's students, doctoral candidates, and young researchers engaged in scientific activities.

They will be allocated up to 1.5 million rubles (about 43,500 dollars) to cover educational expenses. However, after graduation, the student will be required to return to Russia and work for at least three years in domestic companies. This program is set to be in effect until 2016.

Housing options for students in the USA

In the United States, students have a variety of housing options, including dormitories, private apartments, and hotels. University dormitories make up about 29% of all housing options for students.

Problems with dormitories

It is important to note that there is often a shortage of places in dormitories, which leads many students to seek other options. Additionally, many buildings were constructed many years ago and lack modern amenities. Freshmen often prefer to live in dorms, as many universities require new students to stay on campus during their first year of study.

Alternative accommodation options

Among the alternatives, it is worth highlighting rooms in private houses or apartments. Usually, such accommodations include:

• bed;
• table;
• chair;
• sometimes a separate bathroom.

There is also a "homestay" option, where a student lives with an American family. This can be a great opportunity to improve English language skills and understand American traditions and lifestyle. Although such a stay can last up to two years, it is often seen as a temporary solution until something more permanent is found.

Rental of private apartments

When it comes to renting, students prefer private apartments located near educational institutions.

Get to New York

In New York, you can reach various neighborhoods using the F, Q, R, 5, 6, and L trains, which serve Brooklyn. Ilya Bitkov, a realtor with Coldwell Banker, claims that Manhattan rightfully remains a favorite spot for students in the city.

Student housing market

Young people often consider apartments with two or three rooms.PricesThe prices for such apartments range from 1.5 to 3 million dollars. The following areas are particularly popular:

• Greenwich Village, where New York University is located;
• Soho;
• Tribeca;
• Chelsea.

The Upper West Side also attracts attention due to its proximity to Columbia University.

Buying a home in New Jersey

In addition to Manhattan, many students are considering purchasing housing in small towns in New Jersey. Bitkov shares a practical case: one of his clients, who intended to buy an apartment in Manhattan for his son, ultimately chose a two-bedroom apartment in a prestigious complex on New Jersey's "Gold Coast" in West New York. This deal cost him 30-40% less, and the apartment offered wonderful views of the Hudson River and the Manhattan skyline.

Career and citizenship

The expert emphasizes that many students who have completed their studies at American universities are actively obtaining American citizenship and starting their careers in the U.S. Some parents formally remain the owners of purchased properties but actually live outside the U.S., passing the housing on to their children. For example, in places like:

• Kreskill (property prices around 3.2-3.5 million dollars);
• Alpine (6-7 million dollars).

Here you can find luxurious mansions owned by the children of Russian businessmen. In some cases, parents invest in real estate for their children after they complete their studies.

Renting a place in New York City

When it comes to renting, the cost of rental housing in New York ranges from $1,400 per month in the Bronx to over $3,000 in Manhattan. In neighboring New Jersey cities like Englewood and Cresskill, the rent for an apartment can reach $2,000 to $3,000.

Difficulties in finding rental properties

Searching for rental housing in the USA is a serious challenge, especially for foreigners.LandlordsMost often, a significantly larger deposit is required from students if they do not have a reliable guarantor from the USA. A guarantor can be a relative, friend, or acquaintance, provided they submit documents confirming their income and credit history. It is important that their annual income is 80-100 times greater than the annual rent.

If there is no guarantor, landlords may request a deposit equal to three months' rent or even more. However, there are companies that are willing to do without guarantors. One such company is Insurent, which offers guarantor services for 75-80% of the monthly rent.

Conclusion

In conclusion, it can be said that choosing a place for education in the USA is a significant step for many Russians who seek to provide their children with quality education and open new horizons for them. As the research data shows, about 23.5% of realtors believe that the main reason for purchasing real estate in the United States is the desire of parents to create a comfortable environment for their children's studies.

A significant portion of students who break records in numbers choose states like New York and New Jersey, where renowned universities such as Columbia, Cornell, and Princeton are located. As we have learned, studying at these institutions requires substantial financial investments, which can pose a challenge for many families.

Financial investments

Additionally, it is important not to forget about the extra expenses for accommodation, food, and study materials, which undoubtedly affect the overall cost of education. Total expenses can reach a substantial $60,000 per year, which requires careful financial planning from parents.

Housing selection

When it comes to choosing housing, the variety of options helps newcomers adapt, but it's important to consider that the availability of spots in dormitories can become an issue. Freshmen often find themselves in a difficult situation when a place in a dormitory is not guaranteed, which highlights the importance of having a well-prepared plan for finding accommodation in advance.

Living near the university, either in comfortable apartments or with host families, allows students to make the most of their time for studying and integrating into a new culture.

Main findings

• Education in the USA requires significant financial investment.
• The "Global Education" program provides support to students.
• Choosing a place to live is important for a comfortable adaptation.
• Parents should carefully plan their finances.

Therefore, before taking a step towards studying abroad, it is important to weigh all the pros and cons to prepare for this significant stage in life. Investing in education is an investment in the future, and a smart approach to finances and living arrangements can open doors to great opportunities for our children.