Buffalo, NY, is one of the best cities for college graduates, Zillow says

The graduation season is in full swing. New graduates are celebrating their academic achievements and searching for the best place to start their careers. Big cities such as New York, Los Angeles, and San Francisco remain attractive destinations for recent graduates. However, high rents and the opportunity to work remotely push more people to settle in smaller cities that offer more affordable housing options. 

Although there are many factors that go into deciding where to settle, some US cities may be a better fit for recent graduates. The leading real estate marketplace Zillow published a list of the top 10 best cities for recent college graduates. The company ranked metropolitan areas using the following criteria: rent-to-income ratio, average salary, job opportunities, and the share of the population in their 20s. 

Colorado Springs, Colorado, was named the best city for the class of 2023. In this city, a typical college graduate makes $63,000 annually. Former students will likely spend about 35 percent of their income on rent if they live without roommates. However, Zillow argues that strong job growth and a large population of young adults make Colorado Springs the No.1 city for new graduates. 

“Colorado Springs, home to the University of Colorado Colorado Springs, is the top market for college grads in 2023, exemplifying how markets with a smaller population, relatively affordable rents and lots of career prospects contribute to a high quality of life for individuals beginning a new phase in their lives,” the report reads. 

Spokane, Washington, ranked second on Zillow’s list of best cities for those graduating from college. This city has fewer residents in their 20s. However, recent college graduates living in Spokane can take advantage of the growing job market and lower rents. The typical rent-to-income ratio is 31 percent. Following Spokane, Des Moines, Iowa, is the third-best market for recent graduates.

Recent college graduates looking for greater affordability should head to Buffalo, New York. The typical asking rent in this city is $1,257 per month, significantly lower than in New York City. New graduates living in Buffalo can expect to spend a quarter of their income on rent. Although this city has a relatively low population in its twenties, it offers plenty of job opportunities. 

Resources:

“Colorado Springs Ranks First as Best Market for Recent College Graduates,” by  Anushna Prakash (Zillow, 2023)

“The 10 best U.S. cities for new college grads based on job prospects, average income and more,” by Celia Fernandez (CNBC, 2023)

“The 10 best cities for recent college graduates to rent in,” by Russell Falcon (The Hill, 2023)