According to a Zillow real estate study, Colorado Springs, Colorado, turned out to be the best option for college graduates in 2023, standing out for its small population, relatively affordable rents and many career prospects that contribute to a high quality of life for people beginning a new stage in their lives.
Behind Colorado Springs came Spokane, Washington and Des Moines, Iowa, two relatively small markets with many job opportunities and lower rents compared to the national average.
For this analysis, the developer created an index that combines each metropolitan area’s rent-to-income ratio, the median salary of recent college graduates, job openings, and the share of population.
The study identifies cities that not only provide promising career prospects, but also ensure a manageable rental load for recent graduates embarking on their next chapter in life.
“Graduating from college and moving to a new city to start your career is a major milestone. For many, it’s a reality check when they realize how much of their hard-earned salary goes directly to rent,” said Anushna Prakash, an economic data analyst. analyst at Zillow.
“Zillow’s top marketplaces for college grads are filled with abundant job opportunities, the chance to connect with fellow 20-somethings, and rental prices that allow more freedom to spend on nights out or even start saving for a down payment. They are great places to kick-start life’s exciting next chapter.”
The best options for recent graduates in the US, according to Zillow:
City: (1) Colorado Springs, Colorado
Typical rent: $1,824
Average salary for recent graduates: $63,190
Rent-to-income ratio: 35%
City: (2) Spokane, WA
Typical rent: $1,563
Average salary for recent graduates: $61,162
Rent-to-income ratio: 31%
City: (3) Des Moines, IA
Typical rent: $1,202
Average salary for recent graduates: $59,697
Rent-to-income ratio: 24%
City: (4) Phoenix, Arizona
Typical rent: $1,918
Average salary for recent graduates: $62,324
Rent-to-income ratio: 37%
City: (5) Buffalo, New York
Typical rent: $1,257
Average salary for recent graduates: $59,929
Rent-to-income ratio: 25%
City: (6) Albuquerque, New Mexico
Typical rent: $1,531
Average salary for recent graduates: $59,163
Rent-to-income ratio: 31%
City: (7) Bakersfield, CA
Typical rent: $1,767
Average salary for recent graduates: $66,195
Rent-to-income ratio: 32%
City: (8) Albany, New York
Typical rent: $1,524
Average salary for recent graduates: $63,513
Rent-to-income ratio: 29%
City: (9) Portland, Oregon
Typical rent: $1,856
Average salary for recent graduates: $71,618
Rent-to-income ratio: 31%
City: (10) Little Rock, AR
Typical rent: $1,199
Average salary for recent graduates: $51,294
Rent-to-income ratio: 28%
For more details of the analysis, enter here.
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