Current:Home > reviewsNew grad? In these cities, the social scene and job market are hot -CoinMarket
New grad? In these cities, the social scene and job market are hot
View
Date:2025-04-15 14:30:51
As a post-pandemic hiring frenzy fades, Class of 2024 college graduates face a cooling but still-solid U.S. job market.
But the job, and the quality of life, young adults have after graduation may hinge on where they choose to live and work.
With that in mind, Realtor.com this week unveiled a list of top rental markets for recent college grads based on factors such as job opportunities, rent availability and affordability, the share of other grads in the area and cultural amenities.
The No. 1 market? Austin, Texas, followed by Bloomington, Minnesota, and Pittsburgh.
Grads with job offers or plans to live near family may already have a destination picked out, but "others who are still considering their options and want to explore a new area may want to consider this curated list of cities in their job and home search,” says Realtor.com Chief Economist Danielle Hale.
Is the job market getting harder for college grads?
Nationally, hiring is expected to dip 1.9% for 2024 grads versus their counterparts the prior year, according to the National Association of Colleges and Employers.
Why?
What happened to the tech job market in 2024?
Tech and finance companies have been laying off more workers as a result of excessive hiring during COVID and the Federal Reserve’s historically high interest rates, which are aimed at curbing inflation but also squeeze profits at financial companies.
Consulting firms like EY are delaying start dates for new grads in response to a slowdown in demand for their services, LinkedIn says.
And there are two applicants for every job vacancy, compared with just one in 2022, according to LinkedIn.
Why is the job market harder in 2024
Across the U.S., the number of job openings edged down to 8.5 million in March, lowest since February 2021. And hiring has slipped below pre-COVID levels. After job gains averaged 269,000 a month in the first quarter, employers added just 175,000 in April in a possible sign of a coming slowdown.
To identify the top job markets for college grads, Realtor.com ranked 313 cities and towns in the 50 largest metro areas with a population of more than 75,000.
Some broad themes emerge: Midwest markets appear to be more affordable; vacancy rates are higher in the South due to a surge of multifamily construction; and tech hubs like Austin, Texas, have many entry-level jobs.
"The top rental markets for college graduates are not found in the biggest urban markets," Hale says.
As you check the rankings, keep in mind some key averages for the communities studied:
The average rent-to-income ratio is 29.7%; rental vacancy rate, 6.3%; share of entry-level jobs, 23.9%; and share of recent college grads, 3.4%; unemployment, 4.2%; job posting index, 121; commute time, 30 minutes; number of entertainment, shopping and lifestyle establishments per 1,000 households, 23.9.
Here are the top seven cities for freshly minted college grads in Realtor.com's ranking:
Austin, Texas
- Rent-to-income ratio: 21.4%
- Share of graduate-friendly occupations (no prior experience required): 29.6% (tops in category)
- Share of recent college grads: 3.3%
- Average commute time: 26 minutes
- Yelp culture and lifestyle business per 1,000 households: 21.5
- Rental vacancy rate: 9% (tops in category)
- Unemployment rate: 3.3%
- Job postings index (based on average of 100): 125
Bloomington, Minnesota
- Rent-to-income ratio: 19.9% (most affordable in category)
- Share of graduate-friendly occupations (no prior experience required): 26.7%
- Share of recent college grads: 2.5%
- Average commute time: 23 minutes
- Yelp culture and lifestyle business per 1,000 households: 22.4
- Rental vacancy rate: 7.9% (tops in category)
- Unemployment rate: 3.1% (Lowest in category)
- Job postings index (based on average of 100): 125
Pittsburgh
- Rent-to-income ratio: 21.7%
- Share of graduate-friendly occupations (no prior experience required): 26.7%
- Share of recent college grads: 4.4% (tops in category)
- Average commute time: 25 minutes
- Yelp culture and lifestyle business per 1,000 households: 24.6
- Rental vacancy rate: 6.3%
- Unemployment rate: 3.5%
- Job postings index (based on average of 100): 131
Raleigh, North Carolina
- Rent-to-income ratio: 21.4%
- Share of graduate-friendly occupations (no prior experience required): 28.8%
- Share of recent college grads: 2.9%
- Average commute time: 25 minutes
- Yelp culture and lifestyle business per 1,000 households: 17.1
- Rental vacancy rate: 8.7%
- Unemployment rate: 3.4%
- Job postings index (based on average of 100): 119
Overland Park, Kansas
- Rent-to-income ratio: 20.7%
- Share of graduate-friendly occupations (no prior experience required): 24.5%
- Share of recent college grads: 3.3%
- Average commute time: 22 minutes (lowest in category)
- Yelp culture and lifestyle business per 1,000 households: 18.1
- Rental vacancy rate: 7.5%
- Unemployment rate: 3.4%
- Job postings index (based on average of 100): 124
Richmond, Virginia
- Rent-to-income ratio: 24.6%
- Share of graduate-friendly occupations (no prior experience required): 25.8%
- Share of recent college grads: 3.7%
- Average commute time: 24 minutes
- Yelp culture and lifestyle business per 1,000 households: 24.4
- Rental vacancy rate: 4.9%
- Unemployment rate: 3.4%
- Job postings index (based on average of 100): 127
Scottsdale, Arizona
- Rent-to-income ratio: 24.4%
- Share of graduate-friendly occupations (no prior experience required): 22.1%
- Share of recent college grads: 2.9%
- Average commute time: 23 minutes
- Yelp culture and lifestyle business per 1,000 households: 25.2
- Rental vacancy rate: 8.1%
- Unemployment rate: 4%
- Job postings index (based on average of 100): 166 (tops in category)
veryGood! (777)
Related
- Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
- NFL power rankings Week 11: Steelers, Eagles enjoying stealthy rises
- Residents urged to shelter in place after apparent explosion at Louisville business
- ‘Maybe Happy Ending’ review: Darren Criss shines in one of the best musicals in years
- Trump invites nearly all federal workers to quit now, get paid through September
- Mike Tyson-Jake Paul: How to watch the fight, time, odds
- GM recalling big pickups and SUVs because the rear wheels can lock up, increasing risk of a crash
- Denver district attorney is investigating the leak of voting passwords in Colorado
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- Trump pledged to roll back protections for transgender students. They’re flooding crisis hotlines
Ranking
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Cameron Brink set to make Sports Illustrated Swimsuit debut
- US inflation may have picked up in October after months of easing
- Lee Zeldin, Trump’s EPA Pick, Brings a Moderate Face to a Radical Game Plan
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- Travis Kelce's and Patrick Mahomes' Kansas City Houses Burglarized
- Pennsylvania House Republicans pick new floor leader after failing to regain majority
- Gossip Girl Actress Chanel Banks Reported Missing After Vanishing in California
Recommendation
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
College Football Playoff ranking release: Army, Georgia lead winners and losers
Sister Wives’ Meri Brown Shares Hysterical Farmers Only Dating Profile Video After Kody Split
Moana 2 Star Dwayne Johnson Shares the Empowering Message Film Sends to Young Girls
Buckingham Palace staff under investigation for 'bar brawl'
Mike Tyson vs. Jake Paul referee handled one of YouTuber's biggest fights
Women’s baseball players could soon have a league of their own again
College Football Playoff bracket: Complete playoff picture after latest rankings