Melissa KornFollow and Shane Shifflett:
Arizona State University students will pay more than $9,600 this year to live in a shared bedroom at Manzanita Hall, a 15-story dorm on the edge of campus with an exterior that looks like a honeycomb.
About a decade ago, a private developer took over Manzanita and gave it a $50 million refresh, including new lounges, an upgraded lobby and community kitchens. Then the cost of living there shot up.
Now, after multiple increases, ASU students pay about 80% more than what Sun Devils paid to live in the building about 20 years ago, adjusted for inflation.
Housing is one of the biggest drivers of rising college prices in the U.S., fueling the $1.6 trillion federal student loan crisis, a Wall Street Journal investigation found. Though school administrators often boast of keeping tuition in check as a sign they’re sensitive to students’ financial concerns, they rarely rein in costs for living on campus.
The Journal examined the price of residence halls going back roughly two decades at 12 public universities around the country. The least expensive bed increased by a median of 70% in today’s dollars.