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Your Budget

Though the cost of living varies greatly in and around any city, here is a basic idea of the average amount our students are currently paying for rent in the Minneapolis area.

Student Housing Community
Individual Bedroom in 2,3,4 bedroom apartment
Average Monthly Rent Utilities Usually Include
$725
(per student)
Cable, internet, water, sewer, trash, heat, washer & dryer, electric allowance
Student Housing Community
Shared Bedroom in 2,3,4 bedroom apartment
Average Monthly Rent Utilities Usually Include
$515
(per student)
Cable, internet, water, sewer, trash, heat, washer & dryer, electric allowance
Studio Apartment
Average Monthly Rent Utilities Usually Include
$770
(total cost)
Water, sewer, trash
1 Bedroom Apartment
Average Monthly Rent Utilities Usually Include
$935
(total cost)
Water, sewer, trash
2 Bedroom Apartment
Average Monthly Rent Utilities Usually Include
$1,200
(total cost)
Water, sewer, trash

A note on roommates…

Having a roommate is a great way to cut costs, but remember that IPR does not do any kind of roommate matching. If you’re moving to the Minneapolis area with a friend, living together is a great way to keep rent low. If you’re moving here alone and are interested in living with a roommate, your best option is to look into a Student Housing Community.

Estimated Monthly Student Living Expenses
  Student Housing Community Studio Apartment One-Bedroom Apartment
Rent $725 $770  $935
Internet Included $30 (electric); $30 (internet) $30 (electric); $30 (internet)
Transportation $35 (based on $175 semester Go to Bus Pass) $35 (based on $175 semester Go to Bus Pass) $35 (based on $175 semester Go to Bus Pass)
Groceries $200 $200  $200
Cell Phone $50 $50  $50
Total $1,010 $1,115  $1,280
Blue Cross Blue Shield Simply Blue health insurance $120 $120  $120
Total with health care $1,130 $1,235 $1,400

Source: Student Services Resource Guide, 2013

*Additional consideration:

Many apartments will charge an application fee and/or a security deposit for first month’s rent.  Be sure to budget these in as one-time expenses.

Student Living Communities often times offer additional amenities such as fitness areas, community rooms, cable-ready and internet-ready units, washer/dryer in unit, as well as covering all utilities as part of the monthly rental cost.

Parking is not included in the above information.  Parking is considered extra and may not be included with your monthly rent.  This could be an additional monthly expense.  If you plan to drive/park at IPR, you will need to either purchase a parking pass or have change for the parking meters.

Cell phone and internet services vary from provider to provider; your actual charges may vary depending on your individual plan.

As you plan your transportation budget, keep in mind it will cost an additional $90 for a summer Go To Bus Pass. Also, it will cost $75-100 more per month if you don't have a Go To Bus Pass.

Pricing above is based on single-status students. Married students and/or students with dependents--their costs will vary--are not reflected in the above information.