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The class of 2023 has made it fairly clear that they’re prepared and keen to move for job opportunities — and the destination doesn’t have to be a metropolis like New York City or Los Angeles.
Zillow revealed completely to CNBC Make it, {the marketplace}’s 2023 rating of the best places in the U.S. for recent college graduates.
The examine analyzed the cities based on the next elements:
- Rent-to-income ratio
- Average wage for latest college graduates
- Job openings
- Share of the inhabitants of their 20s
“Navigating lease affordability can pose challenges for latest graduates getting into the housing market, particularly if they’re doing it for the primary time,” Nicole Bachaud, Zillow senior economist, tells CNBC Make It.
“It is essential for these graduates to stay conscious of impending pupil mortgage repayments that can quickly come into play, which can issue into the budgets of many and might influence housing choices.”
Zillow’s report discovered that the second-largest markets across the U.S. can supply college graduates the next high quality of life and an accessible value of dwelling.
Colorado Springs, Colorado is Zillow’s high metropolis for latest college graduates.
cris stoddard | Moment | Getty Images
Top 10 best U.S. cities for latest college graduates
- Colorado Springs, Colo.
- Spokane, Wash.
- Des Moines, Iowa
- Phoenix, Ariz.
- Buffalo, Ariz.
- Albuquerque, N.M.
- Bakersfield, Calif.
- Albany, N.Y.
- Portland, Ore.
- Little Rock, Ark.
Colorado Springs, Colorado, ranked no. 1 on Zillow’s listing of the best U.S. cities for latest college graduates.
The Zillow Observed Rent Index discovered that the average lease within the Colorado metropolis is $1,824, in comparison with $2,031 in Denver, about 90 minutes away.
The examine discovered that the average wage for a latest college grad in Colorado Springs is $63,190—which implies the lease ratio is 35%.
Colorado Springs is dwelling to the University of Colorado: Colorado Springs, and Colorado College, each locations that provide employment alternatives to their very own latest grads and graduates of close by faculties like Pikes Peak Community College.
Spokane, Washington is the second-largest metropolis within the state.
Kai Eiselein | Moment | Getty Images
Spokane, Washington, ranks second on the listing. The average lease in Spokane is $1,563, in comparison with Seattle, the place it is $2,223, in keeping with Zillow.
And the average wage within the metropolis is $61,162 making the rent-to-income ratio 31%.
Like Colorado Springs, Spokane, Washington, is the second-largest metropolis in its state.
During the pandemic Spokane saw a rise in remote job postings and has been in a position to preserve that fee, particularly in areas of technical companies, well being care, social help, finance and insurance coverage.
Des Moines, Iowa is the capital of the state and a significant hub for insurance coverage firms.
Monte Goodyk | Moment | Getty Images
Rounding out the highest three is Des Moines, Iowa.
The metropolis is a hub for latest college grads seeking to get into the insurance coverage and monetary companies sector. Some main firms with a major presence in Des Moines embody Wells Fargo and UPS.
According to Zillow, the everyday lease is $1,202, whereas the average wage for latest college grads is $59,697.
The rent-to-income ratio in Des Moines is 24%, which is lower than 1 / 4 of the average wage for 2023 college graduates, $59,600, in keeping with The National Center for Education Statistics.
“With robust job development and inexpensive rents, Des Moines turns into a lovely metropolis for latest grads to construct their careers and take pleasure in a snug life-style,” Emily McDonald, Zillow rental tendencies skilled, tells CNBC Make It.
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