As I look for a campus to get my graduate degree, a surprising factor weighs into my decision: How much am I going to pay for parking? As a non-driver, Rhode Island College may end up charging me the most of all.
The Rhode Island College website boasts that parking is a free service offered to all students. Economists have a more accurate name for “free” services that are included with the cost of something else: bundled goods. The price of parking on campus is not actually free, it’s just bundled to the cost of tuition. Students pay for a parking spot whether they want one or not, even if they don’t own a car.
In fact, 99 percent of parking spots in the United States are bundled, from groceries to restaurant service, and at almost all of our jobs — so few of us think about parking’s cost. It’s not chump change. The median price of just one parking space is $15,000. With four parking spaces per car in the United States, the real-estate value of all those asphalt rectangles adds up to far more than the total value of all the country’s vehicles.