The analysis reveals that Wolverhampton is the cheapest city, costing an average of £120.90 a week.
The study by tutoring experts Superprof examined every university location across the UK, using data from Numbeo to find where students can live at the lowest cost.
The analysis was based on cost-of-living factors such as the average price of weekly student accommodation, as well as weekly costs of alcohol, fast food, coffee and taxi fares.
Lancaster rated ninth, with an average weekly rent of £116, £11.08 for a five-mile taxi ride, £13.80 weekly average on beer, £4.84 weekly average on coffee, and £10.50 weekly average on fast food.
In contrast, Wolverhampton offers the cheapest student accommodation at £81 per week, in addition to the fourth-cheapest weekly alcohol costs and the third-cheapest taxi fare at £11 per five-mile journey.
Derby came in second with the average weekly cost of £133.80 for students. Derby offers the second-lowest student accommodation costs in the UK, at £90 a week – only £9 more than Wolverhampton – and the second most affordable coffee prices, with an average weekly spend of £4.88.
The research found that Aberdeen was the third most affordable city for students, with an average weekly spend of £134.90.
Liverpool topped the list for the cheapest taxi fare in the ranking at £10 for a five-mile journey, whilst Lancaster provided the most affordable average coffee prices in the UK at only £4.84 a week.
In contrast, London was unsurprisingly revealed to be the priciest city to live as a student, with an average weekly cost of £284.10, more than double the cost of being a student in Wolverhampton. London had the highest cost for both the average weekly rent for a student shared flat, £224, and the average price for a five-mile taxi journey with £18.
Bournemouth is the second most expensive to be a student. The coastal town has the second-highest taxi fare for an average five-mile journey, costing £15, only three pounds less than London. Bournemouth also has the second-highest cost of student accommodation in the UK, averaging at £176 a week.
The analysis revealed Reading as the third most expensive city in the UK to be a student, costing an average of £215.40 a week. Reading had the third most expensive average rent in the UK at £169 a week, in addition to the eighth-highest taxi fare for a five-mile journey, costing £14.
A spokesman for Superprof commented on the findings: “Undoubtedly, students are always looking to save money whilst living on a budget, so it is fantastic to see so many affordable areas in the UK where people at university can have a good time without having to break the bank.
With cost of living currently on the rise, it is now more important than ever for students to know how to manage their money effectively. This ranking offers a valuable guide for prospective students into whereabouts in the UK their loan will stretch the furthest.”
The study was conducted by Superprof, an online platform which helps connecting tutors and students in need.