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It can be tough starting your professional life as a college grad when you have so many things to consider. You may be juggling finding a job with figuring out how much money you can save or where you can meet new people and build a community.
Housing can also be tough, especially if you don't have savings built up or you're moving to a high cost-of-living market.
But there are still certain cities that could be great options for recent college graduates starting out somewhere near. Here are the top cities you should be considering if you’ve just finished school, ranked, according to Zillow.
Rank | City | Zillow Observed Rent Index | Estimated Grad Income | Share of Listings With a Concession |
|---|---|---|---|---|
1 | Austin, Texas | $1,604 | $74,800 | 63.8% |
2 | Denver, Colorado | $1,887 | $81,100 | 68.3% |
3 | Portland, Oregon | $1,789 | $80,700 | 49.0% |
4 | Seattle, Washington | $2,208 | $93,900 | 54.2% |
5 | Charlotte, North Carolina | $1,733 | $71,700 | 66.6% |
6 | Dallas, Texas | $1,660 | $72,500 | 64.2% |
7 | Washington, DC | $2,375 | $83,900 | 57.9% |
8 | Dayton, Ohio | $1,331 | $72,400 | 26.9% |
9 | San Antonio, Texas | $1,398 | $66,300 | 55.6% |
10 | Phoenix, Arizona | $1,741 | $69,800 | 59.9% |
Austin Tops the List
Austin leads major markets as the best place for new grads to start their professional lives. Zillow took into account three major factors: the cost of rent, graduate income, and rental concessions that could give recent grads the ability to negotiate their rent price or additional perks. While Austin doesn’t lead in any of these data points, its overall score put it on the top of the list for grads. The city also gets a boost from its young population and robust job market.
Denver comes in second place, boosted by its share of listings that included potential concessions. More than 68% of rental listings have these types of concessions, making it the highest percentage in the survey's top-10 cities.
Portland and Seattle both come out on top due to a combination of high estimated income and rental costs in relation to that income. Seattle's Zillow Observed Rent Index is higher than Portland, but potential concessions in that market help to make the cost more reasonable for graduates.
Texas Could Be Terrific for Grads
Zillow's study includes three Texas cities in its top-10 ranking. In addition to Austin taking the top spot, Dallas comes in sixth place on the list and San Antonio is placed ninth in the rankings.
Dallas is noted for its relatively low cost of living and higher career-starting income for new graduates, giving them the ability to afford housing in the growing Dallas metro area. San Antonio earns high marks for potential concessions that could be found in the rental market as well as its affordability for monthly rent. The city's Zillow Observed Rent Index is $1,398 per month.
Considerations When Starting Out
Grads will want to think about several issues when deciding where to move after college and how much they're willing to pay for rent.
One thing that helps grads in Zillow's rankings is how much rent costs compared to income. A good general rule of thumb for grads is to spend less than 30% of your income on rent, which helps you afford housing better. In the case of cities for recent grads, Zillow found that nine of the top 10 cities met this criteria.
Concessions can also be an important factor when deciding which place you want to sign a rental agreement with. These types of offers could include sweetened deals with things like the ability to negotiate your price, potential added perks, and adjusting lease terms to make it more favorable for renters. Eight of the top 10 cities had more than half of their rental listings offer these types of concessions, which could help graduates who are starting out.
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