Recent college graduates have a lot on their minds this summer: The national unemployment rate rose last month, and a widening generational wealth gap is making it harder than ever to buy a first home. Where should they go now?
A new study by Zumper may help. It analyzed the nation’s 100 most populous cities to find the best for new graduates based on various metrics (where sufficient data was available). They include per capita one-bedroom rentals and restaurants, as well as U.S. Census Bureau data on the population of people ages 18 to 34, the number of 25-year-olds with a college degree, the number of single people, median income of younger residents, and local unemployment rates.
Topping the list was Minneapolis, which had a reasonable average one-bedroom rent ($1,150 a month) and ranked 15th for its unemployment rate (5.2 percent). Oklahoma City’s median rent ($849) was the lowest among the top 15 cities, helping it rank 10th overall. San Francisco took fifth place thanks to its high median income ($87,946) for people 25 and under — helped by its huge median rent ($2,895).
Laredo, Texas, fell to the bottom of the list with its small share of 25-year-olds with a college degree. It also ranked low in median income and number of restaurants per capita. Its higher scores for median rent ($850) and unemployment rate (5.5 percent) weren’t enough to make up for its disadvantages. Augusta, Ga., which ranked 91st for median income ($22,861) came in 99th overall. Providence, RI, finished just one spot higher, ranking 31st for unemployment rate (7.1 percent) and much lower than that for its paltry population of new residents.
If you consider New York City, which finished 20th overall, it had the highest average rent of any metro in the study. But it also had the largest population of 18- to 34-year-olds (over 2 million) and scored well for middle income.
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