College accommodation is costly – here’s how to plan ahead

College accommodation costs can add up quickly, often surprising families who didn’t budget for them. They’re sometimes higher than tuition itself, especially in areas with high rental demand.  

At Zurich, we know education is a top financial goal for families. Thinking ahead and planning for all costs, including accommodation, can make a big difference. The earlier you start planning, the easier it could be to manage these costs over time.

Table of contents:

• Cost of college education in Ireland
• How much does college accommodation cost?
• Why families underestimate this cost
• What this means for your savings plan
• Why starting early makes a big difference
• How to plan for accommodation costs early
• Calculating the costs

Cost of college education in Ireland

When parents think about the cost of college, they usually focus on one thing – fees. But the reality in Ireland looks very different.

Zurich’s Cost of Education research shows that while tuition fees are a significant expense, it’s accommodation that has become the biggest cost driver for students – and the biggest financialburdenfor families₁.

The Higher Education Authority (HEA) offer a free fees initiative which can help reduce tuition fees for eligible students₂. And although the free fees initiative covers tuition fees, an annual student contribution fee must still be paid, which can be up to €2,500₃. 

The Zurich Cost of Education research shows that the average annual cost of student accommodation for students in third level education was €7,605 rising to €8,939 for those renting₁. 

The problem is simple: many parents don’t plan for it early enough. And by the time it becomes reality, the cost can already feel overwhelming.

Since 2018, Zurich has carried out in depth research into the cost of education in Ireland. During those nine years we have amassed a large volume of data on the cost of college education in Ireland, so we are well placed to offer valuable insights for parents to help them plan and save for their children’s third level education.

How much does college accommodation actually cost?

The cost of sending a child to college changes dramatically depending on where they live. According to Zurich’s 2026 research, the average annual costs are:

• Living at home: €6,846 per year
• Student accommodation: €14,451 per year
• Rented accommodation: €15,785 per year

This highlights that it costs more than double for a child living in student or rented accommodation compared to the costs for those living at home.

Looking specifically at accommodation itself:

• Student accommodation averages:€7,605 per year
• Private rental averages:€8,939 per year

Across a typical four‑year course, that amounts toa total spend:

• Living at home: €27,384
• Student accommodation: €57,804
• Renting: €63,140

Why families underestimate this cost

Over half (55%) of students studying at third level education currently live at home, and while this brings down the overall costs for parents, not all students can live at home depending on the location of the college they are attending. Even students living at home still have transport, food, and fees to cover.

As well as attending college, 70% of parents state that their children have a job too. Nearly 80% of parents provide financial support to their child in third level, outside of rent, transport and college fees to the tune of €2,457 for the duration of the academic year.

More than half of parents think their children are under financial strain in college with accommodation the top financial strain for parents (73%).

It’s also worth noting that many families only realise the true cost when their child is already approaching college age – when there’s limited time left to prepare.

What this means for your savings plan

This is where the real impact comes in. If you plan for college based only on fees, you are likely to underestimate the total cost significantly.

As part of our education costs research, parents were asked how much does third level education cost overall per year? Parents estimated it costs them €11,102, but we have shown that the costs can be much higher depending on where a student resides during their studies.

This means that the total savings target is often much higher than expected, added to this, the monthly amount needed increases if you start late.

Why starting early makes a big difference

College is one of the few major life expenses where you know when it’s likely to happen. This gives parents an advantage – but only if they use it.

Starting early means smaller monthly contributions over time, more time for savings to build and less pressure when college starts.

Starting later means higher monthly savings needed, less flexibility and more reliance on short-term decisions or borrowing.

Even setting aside a relatively small amount regularly can make a meaningful difference over time.

How to plan for accommodation costs early

You don’t need a complex strategy to get started – just a more complete view of the costs ahead.

1. Plan for the full cost, not just fees

Think in terms of fees + accommodation + living costs, not just tuition fees alone.

2. Assume a ‘living away from home’ scenario

Even if your child may stay at home, it’s worth planning for the higher‑cost scenario. That way, you’re financially prepared either way.

3. Start small, but start early

Regular contributions – however modest – can build over time. The key advantage is time, not perfect timing.

4. Review your plan as your child gets older

Costs change. For example, rent levels can increase depending on availability, and transport and living costs can go up in line with inflation. A plan that adapts over time is far more realistic than a fixed one.

Save the Child Benefit

With the cost of education increasing year-on-year, it makes sense to plan ahead and build up your savings. With a Regular Savings plan you can gradually build up the funds necessary to cover the costs of your children's education.

The table below illustrates just how much regular savings can grow with a Zurich LifeSave Savings Plus plan. For example, if you saved the Government child benefit of €140 per month for five years (as of June 2026) in the Prisma 4 fund from when your child was born, by the time they started school you could have built up savings of €9,040 in time to fund this crucial stage in their education.

Calculating the costs

College accommodation isn’t a ‘nice-to-have’ cost – it’s central to the total cost of education in Ireland today. And for many families, it’s the difference between manageable monthly planning and sudden financial pressure.

The good news is that this is something you can plan for. You don’t need to solve everything at once, but by understanding the full picture, starting early and building gradually over time can help you better prepare for these costs.

If you want to understand what this could look like for your own situation, you can use our calculator to see what you may need to save monthly. You can also consider how a regular savings plan could help you spread the cost over time.

Sources: 

₁Zurich Cost of Education Survey 2026 

₂Higher Education Authority (HEA)

 ₃Citizens Information

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.