This study creates a price index for ERAU-DB campus. Using the methodology of the creation of a basket of goods students consume, which helps in creating a base price, this study determines the cost of living for students at the DB campus. The method used consists of surveying a diverse population of students about their preferred consumption bundles and then using these bundles to create an average basket for a typical student consumer. The result of this project is to create a bi-monthly cost index to be useful as a benchmark for the university. However, the scope of this study is to deliver the methodology and observations recorded from consumer surveys of students on campus. The benchmark so created can provide useful insights such as average price changes to make an informed decision by the university administration for purposes such as tuition, student wage, price of cafeteria food, etc.