Twin Cities still a top 10 metro for new college grads, study says

CollegeDorm.jpg
borman818 via Flickr
College students are used to this (just messier). Who needs a swank one-bedroom?
According to the listings site Rent.com, the best place for a recent college graduate in search of a decent paycheck and an affordable place to live isn't one of the much-buzzed about cities for bright young things, like Austin or San Francisco.

Per the website's numbers crunching, top cities actually include Denver, Houston, and -- like last year -- us.

See Also:
- Minneapolis is one of the best cities for 20-somethings, says PayScale
- 43 percent of Minneapolis lives alone (that's 16 percent higher than the national average)


Rent.com reached its conclusions by taking the top 25 markets with the most rental listings, then looking at the unemployment rate (which counted double), cost of living and annual mean wages, using research from the Census Bureau, the Bureau of Labor Statistics and the site's own database.

Of the cities that landed in the top ten, Minneapolis-St. Paul has the lowest unemployment rate, at a mere 5.1 percent. (For comparison, Atlanta, also on the list, has unemployment closer to 8.4 percent). Our mean annual income, $49,800, hovers in the middle of the pack; Washington, D.C. leads it with $62,900.

The most surprising number, though, is what Rent.com has determined is the median monthly price of a one-bedroom. Three cities -- Atlanta, Houston, and Raleigh, N.C. -- tie for lowest rent at $800. Highest? Washington, D.C. at $1,600, Boston at $1,590 and Seattle at $1,300. The website's figure for the Twin Cities? $900.

While you chew on those steep prices, Forbes tallied some of the statistics on why affordable housing is such an essential for new college grads:
Those who graduated in 2011 are carrying an average of $26,600 in debt, according to the non-profit Project on Student Debt. That's up from $25,000 the previous year. Meantime, though wages for new grads ticked up in the last year, according to the National Association of Colleges and Employers, over the long run pay has come down. According to a 2012 study by the Economic Policy Institute, the hourly wage for new college grads fell over the last decade by 11% for men, to $21.68 and 6.7% for women, to $18.80.
In other words, the metric for a cheap apartment shouldn't be a $900-a-month one-bedroom, but a crumbling house with enough tiny rooms to cram in as many debt-ridden, bachelor's-degree-toting 20-somethings as possible.
 
Here's the full list:

Atlanta, Ga.
Mean annual income: $46,600
Median price for a one-bedroom apartment: $800
Unemployment rate: 8.4%

Boston, Mass.
Mean annual income: $57,500
Median price for a one-bedroom apartment: $1,590
Unemployment rate: 5.9%

Houston, Texas
Mean annual income: $47,500
Median price for a one-bedroom apartment: $800
Unemployment rate: 6%

Denver, Colo.
Mean annual income: $50,300
Median price for a one-bedroom apartment: $970
Unemployment rate: 7.4%

Minneapolis/St. Paul, Minn.
Mean annual income: $49,800
Median price for a one-bedroom apartment: $900
Unemployment rate: 5.1%

Seattle, Wash.
Mean annual income: $54,800
Median price for a one-bedroom apartment: $1,300
Unemployment rate: 6.7%

Dallas, Texas
Mean annual income: $46,200
Median price for a one-bedroom apartment: $900
Unemployment rate: 5.9%

Raleigh, N.C.
Mean annual income: $45,200
Median price for a one-bedroom apartment: $800
Unemployment rate: 7.5%

Washington, D.C.
Mean annual income: $62,900
Median price for a one-bedroom apartment: $1,600
Unemployment rate: 5.2%

St. Louis, Mo.
Mean annual income: $44,200
Median price for a one-bedroom apartment: $960
Unemployment rate: 7%
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3 comments
Wakka_Wakka
Wakka_Wakka

Using the mean salary to proclaim Minnesota a top spot for college grads is about as good a metric as counting the number of Starbucks jobs available for liberal arts majors.

sixwordsperminute
sixwordsperminute

give me a bathroom, a bookshelf, a george foreman grill, and enough wallspace to hang my soul coughing posters for under $425 and im happy as a clam. i can can socialize at dunn bros, exercise at snap, and self actualize at minnehaha falls. you wont find redbox prices like these in the carolinas thats for darned sure! MPLS 4 LIFE!!!

Drewey
Drewey topcommenter

@Wakka_Wakka"Rent.com reached its conclusions by taking the top 25 markets with the most rental listings, then looking at the unemployment rate (which counted double), cost of living and annual mean wages, using research from the Census Bureau, the Bureau of Labor Statistics and the site's own database."

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