The Most Affordable City for Recent Grads Is...
After graduation, college students are faced with harsh prospects: finding a real job, figuring out where to live, and getting rid of the 500lbs of textbooks they should've sold years ago.
Fortunately, Trulia's addressed that second problem in a new study ranking the country's 25 largest real estate markets based on young folks actually being able to make rent. The study looked at the percentage of all rental units affordable to recent grads, defining "affordable" as having a total monthly payment less than 31% of the metro area's median income for recent graduates.
We hope you're taking notes, because there will be a quiz afterwards.
St. Louis, MO led the pack with 18.6% affordability, while Dallas, TX (14.9%) and Houston, TX (10.4%) came in second and third. There was a distinct drop-off after fifth-place Phoenix, however, with the rest of the top cities having no more than 5% affordable housing stock. Woof.
The absolute worst place for college grads? Portland, OR, with a measly 0.1% of its rental units qualifying as affordable to recent grads. In fact, the percentage of affordable units in each of the bottom 10 metros fell below 1%, including markets like Miami, New York, Los Angeles, Boston, and Chicago.
Basically, if you wanna move to any of the cities college grads typically want to move to, either start looking for roommates or ask Mom and Dad to extend the familial welfare program a little bit longer.
Here's the full top 10:
1. St. Louis, MO - 18.6%
2. Dallas, TX - 14.9%
3. Houston, TX - 10.4%
4. Atlanta, GA - 8.7%
5. Phoenix, AZ - 8.0%
6. Philadelphia, PA - 5.1%
7. Baltimore, MD - 4.8%
8. San Francisco, CA - 3.9%
9. Denver, CO - 2.8%
10. Minneapolis-St. Paul, MN - 2.3%