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College graduates are scouring the country, looking for a place to lay down roots and begin their careers. They’re searching for areas where there are vacancies and relatively affordable rents, plenty of job prospects and short commutes, shows a new realtor.com® survey.
Topping the list for 2024 grads is Austin, Texas, followed by Bloomington, Minn., and Pittsburgh, according to realtor.com®’s “Top Markets for Recent College Graduates” report.
“Graduates have a lot to consider when deciding where to start the next phase,” says Danielle Hale, realtor.com®’s chief economist. “Considerations like finding an affordable place to live, positive job prospects and a nice lifestyle are all important, but it can be tricky to balance these factors.”
College grads may be drawn to renting first before building stronger roots through homeownership. Realtor.com® analyzed cities across the country to identify places with affordable rents (based on rent-to-income ratios), abundant rental choices, jobs for people with a college degree, appealing lifestyles (based on Yelp data on entertainment, restaurants, shopping and lifestyle businesses), as well as the number of other young professionals living in the city.
Realtor.com®’s rankings reveal the following top rental markets for 2024 college graduates, ages 25 to 34, are:
- Austin, Texas
Rent-to-income ratio: 21.4% - Bloomington, Minn.
Rent-to-income ratio: 19.9% - Pittsburgh
Rent-to-income ratio: 21.7% - Raleigh, N.C.
Rent-to-income ratio: 21.4% - Overland Park, Kan.
Rent-to-income ratio: 20.7% - Richmond, Va.
Rent-to-income ratio: 24.6% - Scottsdale, Ariz.
Rent-to-income ratio: 24.4% - Beaverton, Ore.
Rent-to-income ratio: 22.9% - St. Louis
Rent-to-income ratio: 21.7% - Atlanta
Rent-to-income ratio: 26.7%
