Price to Income by Family Income

About this Indicator

The price-to-income ratio represents the average net price of full-time enrollment at public two- and four-year institutions as a percentage of annual family income. The ratio depicts the relative financial burden of college costs on family resources: higher values indicate that a greater share of family income would be required to cover the average net price.

The average net price by family income is calculated as the total cost of attendance (tuition, fees, books, supplies, food, on-/off-campus housing, and other expenses such as laundry, transportation, entertainment, and furnishings) minus the average institutional, local, state, and federal grant aid for first-time, full-time degree/certificate-seeking undergraduate students who paid the in-state or in-district tuition rate and received Title IV federal student aid. This indicator is presented for families with own children under 18 years old with median income (Midwest median of $95,832 and national median of $95,721 in 2023) and low income, defined as income at the federal poverty level for a family of four ($30,000 in 2023).

Data Source

Net price: National Center for Education Statistics. IPEDS: Student financial aid and net price.

Family income: U.S. Census Bureau. American Community Survey one-year estimates: Median family income in the past 12 months by presence of own children under 18 years.

Note. Estimates are weighted by income group of first-time/full-time students. Carnegie Classification was used to classify institutions. Institutions with mixed categories were classified according to their distribution of associate and bachelor’s degrees awarded. Tribal colleges and universities are excluded.