So you graduated, now what?
Spring 2017 is an excellent time to be a freshly minted college grad. The overall national unemployment rate is 4.2 percent, the lowest since the 2008 economic collapse, making the job marketing the strongest its been in recent years. Now that you've got your diploma, where will you go?
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Many recent college grads will seek to live in cities with plentiful job options. However, the cost of living in major cities is usually high, making it difficult to start paying off those pesky student loans. On the other hand, a less competitive housing market may mean less jobs.
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We wanted to find the golden trifecta; a place where new college graduates can:
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1. Be among other young people
2. Have lots of job opportunities
3. Find affordable housing
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This data set looks at a few relevant factors in the 100 largest U.S. cities in order to find our said trifecta; the percent of the population ages 20-29, unemployment rate, median salary for people 25 and older who hold a bachelor's degree and how much of people's paychecks go towards rent in each city.
Insights
Living in Arlington can give you a high chance of upward mobility, with the median salary landing around $72,000.
You might not start out with this salary, but if you're looking for a city to settle down in long-term, keep this median salary in mind.
If you want to be around lots of other young people, Boston could be the place for you.
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Lastly, we took a look at the unemployment rate in major cities across the country.
Achieve the golden trifecta
in Pittsburgh or Arlington!
People are making a lot of money in Arlington, Virginia.
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Unemployment rates are relatively low across the U.S., though they tend to be higher along the coasts. If you want to move somewhere with many job opportunities, you might consider moving to the Mid-West.
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Ultimately, new graduates will want to achieve the golden trifecta; a city with inexpensive housing, many job opportunities and lots of young people to hang out with once your there. Luckily, there are lots of places that fit this criteria. A couple standout cities to accomplish this are Pittsburgh, Pennsylvania and Arlington, Virginia.
For a higher employment rate,
stay away from the coasts.
First, we looked at the cities that have the most young people. Then, we looked at the cities with the least.
Then, we looked at the median salary in each city for residents over 25 holding a bachelor's degree
In the first chart, we see the top 10 cities with the most young people living in them. These cities have the highest percent of their population in the 20 to 29 age range. Boston, Massachusetts had the most young people, with Madison, Wisconsin and Pittsburgh, Pennsylvania trailing close behind. If you're looking to live in a city with lots of other young people, these are good options.
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The second chart shows the bottom 10 cities that have the least amount of young people. Miami, Florida had the least young people, with less than 15-percent of the population ages 20 to 29. This may be partly due to Florida's large retirement community and a more expensive cost of living.
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It's important to note that cities with the highest population of people ages 20 to 29 often have major colleges in the area. Maybe you're happy to be around college kids post-graduation, maybe not - it's just another factor you get to consider!
Next, we looked at how much of people's paychecks go to rent in each city.
(AKA rent as a percent of income)
The major outlier is Hialeah, Florida where residents are using about 48-percent of their salary to pay for rent.
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If you want to have more money to spend on fun activities like dining, traveling and social outings, you might want to consider Louisville, Kentucky where residents are only spending 18.5% of their income on rent.
People in Hialeah, Florida
spend almost half their salary on rent.
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Sources:
U.S. Census Bureau's American Community Survey 2014
Bureau of Labor Statistics for December 2015
Pittsburgh, Pennsylvania
Arlington, Virginia.
Boston, Massachusetts.
Hialeah, Florida
