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Late spring brings way more than just May flowers, crawfish season, pollen season, and the hallowed calling in sick on warm Mondays season. It also brings hordes of college grads—newly minted, freshly attired, all eagerly searching for cool gigs and great places to begin their life journey in earnest.
Pop culture may make it seem that every last one of the nation’s 1.9 million new graduates is designing web pages and apps in a huge loft or trendy co-working space in the middle of a coastal major metropolis. And there are a few grains of truth in this— about 1 in every 10 millennials does, in fact, live in New York, Boston, Washington, DC, or San Francisco. But it’s a big country out there. And if millennials (and their successors, Gen Z) have taught us anything, it’s that they’re not so easy to put into a box.
Software engineering jobs are indeed hot. But so are customer service gigs, recruitment careers, and graphic design, according to LinkedIn. College grads are also becoming investment banking analysts and accountants.
No wonder weighing the pros and cons of where to to live after college can feel like yet another late night, Adderall-fueled research project. But we’re here to help.
Realtor.com®’s crack team of data analysts figured out the best metros for new college grads by looking at the things they care about the most—the most in-demand job opportunities and affordable housing, combined with the kinds of fun amenities that make a city livable.
However idealistic, most of today’s bright-eyed young’uns are all too aware of an economy that remains challenging for entry-level workers, despite big gains over the last few years. Roughly half of recent grads have jobs that aren’t related to their degrees, according to Accenture, a management consulting company. That means they’re more likely to follow their wallets to whichever metro holds the best job prospects.
“It’s all a matter of finding where the opportunities are,” says career coach Roy Cohen, author of “The Wall Street Professional’s Survival Guide.” “For some jobs, options are as bright, if not brighter, [in smaller cities]. And their cost of living is cheaper.”
To come up with the top spots for new grads, we looked at the country’s 200 largest metros. We then crunched realtor.com and U.S. Census Bureau data to factor in:
- Percentage of the population with a bachelor’s degree or higher
- Percentage of millennial residents
- New business growth
- Home price estimates
- Rental home affordability
- Percentage of single people
- Percentage of unemployed millennials
- Percentage of fast-growing occupations popular with young professionals
- Number of bars and restaurants per capita
Got it? School’s out! Let’s get down to business.
Millennial population: 72,735
Median home price: $265,000*
Median one-bedroom apartment rent: $690**
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Could a Coen Brothers punchline be the best place for new college graduates? You betcha! And yes, it is nice. Fargo routinely tops lists of America’s most livable cities for people of all generations.
Yes, we know: The average nighttime temperature in January is minus 2 degrees, and it only warms up during the day to 16 degrees. (“And it’s a beautiful day!”) But that’s why they make furry hats with ear flaps. Fargo compensates for the chill by being chill, with thriving and surprising young arts and food scenes that include the Kegs & Canvas Art and Ale Walk every October, and the Fargo Bacon & Beer Festival.
Financially, Fargo makes sense for young people. It’s adding lots of higher education and health care jobs, and having some success attracting tech—it’s home to Microsoft’s third-largest U.S. campus. And it’s also among the top U.S. cities for business growth and entrepreneurs.
Unemployment among millennials was among the lowest in the country, at just 3.9%. And it has one of the highest percentages of college-educated residents in the nation, thanks to North Dakota State University and neighboring Minnesota State University in Moorhead.
“It’s where people from across the region go for college”—and then stick around, says real estate broker John Colvin from Century 21 FM Realty in Fargo. He moved to the city himself 20 years ago, and stayed. “It’s a great outdoors city with lots of lakes, and there’s an amazing sense of community here.”
2. Lincoln, NEMillennial population: 92,701
Median home price: $257,400
Median one-bedroom apartment rent: $700
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No matter where you lived in 2013, it probably wasn’t as happy or healthy as Lincoln. The Nebraska state capital (named after our illustrious 16th president, natch) led the nation in low rates of chronic disease, depression, and sedentary lifestyles, according to a recent Gallup survey.
The University of Nebraska football megafranchise and the nation’s fourth-largest agricultural economy are still the state’s best-known calling cards. But Lincoln is home to a thriving mix of manufacturing and new economy jobs, including sports video editing pioneer Hudl (named one of the city’s best places to work) and a Kawasaki facility that produces ATVs.
Lincoln has other attractions, too. It has the most parkland per capita in the United States, and its excellent schools and hospitals are drawing an increasing number of transplants from coastal cities. Plus, haven’t you always wanted to visit the National Museum of Roller Skating? (No need to answer.)
3. Austin, TXMillennial population: 523,490
Median home price: $392,000
Median one-bedroom apartment rent: $1,150
How many people from Austin does it take to change a light bulb? Longtime residents will tell you it takes three: one to change the bulb and two to explain how light bulbs worked better before everyone started moving to Austin. It’s true, the city has seen its population almost double in the last quarter-century, breeding some resentment from the old-timers. But that growth has also brought a ton of new business to the state’s quirkiest city.
As might be expected, the home of the University of Texas’ flagship campus ranks high on the percentage of residents with a bachelor’s degree. Its music, bar, and breakfast taco scene is the envy of almost every city in the U.S.
But while Austin plays hard, it also earned top marks for new business creation. And it’s sixth in the nation when it comes to expanding into fast-growing job sectors popular with millennials, such as financial analysis and graphic design.
4. Madison, WIMillennial population: 170,905
Median home price: $287,700
Median one-bedroom apartment rent: $1,000
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When Madison was named the most livable city in the nation in 2014 by Livability, the general reaction among residents seemed to be universal: What took ’em so long to figure it out?
Blessed with natural beauty, a well-educated population, a vibrant culture, and a commitment to environmental well-being, Madison has become a mecca for people trying to escape overcrowded, overpriced urban centers. It’s also home to the more than 43,000 students attending the University of Wisconsin-Madison.
More than 5,000 people moved to Madison from the expensive cities of Chicago, New York, San Francisco, and Washington, DC—a sign that the state capital is doing more than a few things right.
5. Charlottesville, VAMillennial population: 60,155
Median home price: $379,500
Median one-bedroom apartment rent: $950
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If it was good enough for Presidents Thomas Jefferson, James Madison, and James Monroe to call home, it ought to be good enough for newly forged college grads. The city is indeed becoming a magnet for young, educated professionals. While it’s been a popular destination for retirees, the presence of the University of Virginia flagship campus keeps Charlottesville feeling young, and an increasing number of recent graduates are opting to stay in town.
Jobs in the medical field abound, thanks to top employers like the University of Virginia Medical System, but local companies also include Apex Clean Energy, which builds and operates solar and wind power systems, and computer software developer WillowTree.
One major bonus: Nestled in the foothills of the scenic Blue Ridge Mountains, Charlottesville is roughly a two-hour drive from Washington, DC. In other words, it’s close enough to be convenient to the center of political power (and government-related businesses), but not so close as to be consumed by the wheeling and dealing.
6. Sioux Falls, SDMillennial population: 58,919
Median home price: $219,900
Median one-bedroom apartment rent: $830
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In any given year, about 10% of Americans move, according to the U.S. Census Bureau. But in Sioux Falls, that number is less than 1 in 5—and there are good reasons for residents to stay put.
South Dakota’s largest city ranks high on a number of factors that make it attractive to young people. For starters, it has a phenomenally low unemployment rate of just 2.9%, a boon for eager job hunters, and highly affordable housing prices.
But it’s also still a fun place to be, with its plethora of restaurants and pubs, such as Tinner’s Bar and Grill, which features a man-made waterfall on its outdoor patio. There’s the Butterfly House & Aquarium, which features more than 800 colorful, free-flying insects and a shark and stingray “touch pool” where, as the name suggests, the creatures will swim up to those brave enough to dip their hands in.
Sioux Falls is also home to the city-owned Great Bear Recreation Park, one of the few legitimate ski venues in the Upper Midwest. Even to serious skiers.
7. Des Moines, IAMillennial population: 142,221
Median home price: $280,500
Median one-bedroom apartment rent: $850
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Often overlooked by the rest of the nation, except during presidential election cycles, when it briefly becomes the center of the world, Des Moines is now attracting young residents. Last year, U.S. News ranked it as the ninth-best place to live in the United States, for many of the same reasons it appeals to millennials: a low cost of living, its hopping food and beverage scene, and plenty of jobs.
New grads can apply for work at magazine powerhouse Meredith Corp., one of print publishing’s survivors, which owns magazines like Better Homes & Gardens, and Martha Stewart Living; or Principal Financial Group, an investment management company.
But the city isn’t all work and no play. On the cultural side, there’s the John and Mary Pappajohn Sculpture Park, which showcases the work of 22 top artists, and the nearby Living History Farms, an outdoor museum that brings the history of Midwestern farms to life.
8. Columbus, OHMillennial population: 489,47
Median home price: $199,700
Median one-bedroom apartment rent: $750
It shouldn’t come as a big surprise that the nation’s 15th-largest city is a magnet for millennials. The state capital, and home of Ohio State University, was battered by the Great Recession. But it has come roaring back on the strength of a heavily diversified economy and low cost of living.
Columbus has emerged as a major financial hub, hosting more than 30,000 employees of JPMorgan Chase and Nationwide Insurance. It’s also a strong base for well-known brands such as Abercrombie & Fitch, as well as L Brands Inc., the parent company of Victoria’s Secret and Body & Bath Works.
Plus, there’s plenty to do. For an Old World ambiance, there’s the German Village, a historic neighborhood within the city, and it’s home to its own National Hockey League team, the Columbus Blue Jackets. Bonus: It’s even considered the drag king and queen mecca of the Midwest.
9. Oklahoma City, OKMillennial population: 335,653
Median home price: $222,500
Median one-bedroom apartment rent: $650
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For those who prize a wide-open, entrepreneurial city with a Western flair, OKC may be just the right place to put down roots. The city is best known for its thriving energy sector, sprawling livestock market, and tumultuous springtime weather, but Oklahoma City also has lesser-known charms.
More than $3 billion has been spent since 1993 to inject new life into its downtown. It’s also home to the Crystal Bridge Conservatory, a visually stunning collection of tropical and desert plants, the National Cowboy and Western Heritage Museum. Oh, and the NBA’s Thunder. Go Thunder! (There’s always 2018, guys.)
Like most state capitals, Oklahoma City has a strong cadre of government and health care workers. If you’ve made a safe landing at an airport, you can also probably thank someone who spent time in OKC. The Federal Aviation Administration’s Mike Monroney Aeronautical Center is the training base for the nation’s 14,000 air traffic controllers.
10. Boulder, COMillennial population: 88,517
Median home price: $617,500
Median one-bedroom apartment rent: $1,550
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Boulder makes its way onto almost everyone’s list of best places, largely on the strength of its gorgeous surroundings in the foothills of the Rocky Mountains and beautiful weather.
If there’s an economy of the future, this liberal, pet-friendly, foodie haven may represent it. New grads prize its entrepreneurial culture and its highest-in-the-nation percentage of residents with bachelor’s degrees.
The area’s biggest employers include tech giants such as IBM, Google, Seagate, and health care leaders like Amgen. Whole Foods is also a major source of jobs, which makes sense, since Boulder has the highest per capita rate of organic food consumption in the nation.
And while Boulder doesn’t get much credit for being the city that spawned Crocs, the footwear company does seem to be making headway in its battle for global domination. It has sold more than 300 million pairs of shoes since 2002. Wear them with pride!
* Data: Median list prices for metros as of March 1 from realtor.com.
**Data: Median rent for a one-bedroom apartment as of April 1 in the city, not the metro, from Apartment List.
The post Diplomas in Hand, College Grads Should Flock to These 10 Cities appeared first on Real Estate News & Advice | realtor.com®.
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