Life after college is thrilling, mysterious and, of course, filled with endless opportunity. Moving out of your parents' house and finding your own place is perhaps one of the more exciting parts of being on your own. Life after college just keeps getting more and more appealing — except when life after college involves living. ...
Experts at Trulia and Bloomberg Business found that millennials have been priced out of some of the largest cities in America. With residential real estate prices rising and wage growth remaining elusive, new grads are being forced to move inland. But even then, in the most affordable city, St. Louis, only 18.6 percent of rental units are affordable to new grads.
Take a look at how grad salaries compare to the income needed to afford median rent in some of the biggest U.S. cities.
1. San Francisco, California
Median New Grad Income: $41,224
Income Needed to Afford Median Rent: $137,272+
2. New York, New York
Median New Grad Income: $32,995
Income Needed to Afford Median Rent: $121,584+
3. Boston, Massachusetts
Median New Grad Income: $31,552
Income Needed to Afford Median Rent: $98,052+
4. Miami, Florida
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $86,285+
5. Los Angeles, California
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $85,697+
6. Cambridge, Massachusetts
Median New Grad Income: $31,552
Income Needed to Afford Median Rent: $83,365+
7. Washington, D.C.
Median New Grad Income: $37,120
Income Needed to Afford Median Rent: $77,461+
8. Oakland, California
Median New Grad Income: $27,841
Income Needed to Afford Median Rent: $76,971+
9. Orange County, California
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $74,794+
10. Chicago, Illinois
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $69,421+
11. San Diego, California
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $68,636+
12. Newark, New Jersey
Median New Grad Income: $25,778
Income Needed to Afford Median Rent: $65,695+
13. Seattle, Washington
Median New Grad Income: $27,840
Income Needed to Afford Median Rent: $60,596+
14. Portland, Oregon
Median New Grad Income: $18,560
Income Needed to Afford Median Rent: $47,653+
15. Riverside-San Bernardino, California
Median New Grad Income: $16,498
Income Needed to Afford Median Rent: $54,909+
So keep in mind, recent grads, that bigger is not always better, especially when you start signing your monthly rent check.
