DC named the best big city for new graduates: Here's why
(AUSTRALIA OUT) Generic graduation photo, 21 May 2004. AFR Picture by ANDREW QUILTY (Photo by Fairfax Media via Getty Images via Getty Images)
WASHINGTON, D.C. - Graduation is right around the corner, which means it's almost time for your next big decision: picking where you want to kick-start your career.
What we know:
A recent study revealed the best place in the United States for recent college graduates, and Washington D.C. was ranked No. 1 for big cities thanks to its strong starting salaries, career opportunities and work-life balance.
The nation's capital has 19 job postings per 100 workers, with entry-level offerings in tech, government, think tanks, defense contractors, consultants and law firms.
"D.C. is a place of opportunity," said Andre Margutti, a local Redfin Premier agent. "Students graduate from Georgetown or George Washington University, and they stay because there are so many job prospects. Or they graduate from school in an entirely different part of the country, and they move here for the same reason.
By the numbers:
Recent graduates in DC will reportedly earn bigger paychecks than most large cities, while paying for more affordable housing compared to other big coastal cities. Here's the breakdown:
- Average annual early-career earnings: $79,857
- Price of typical starter home: $320,000
- Years to save for down payment: 4 years, 2 months
- Monthly mortgage payment as % of income: 31.6%
- Monthly rent as % of income: 34%
Big picture view:
Omaha, Nebraska, came in second place for best big U.S. cities for recent grads, followed by Boston, Dallas, Chicago, Houston, St. Louis, San Diego, Miami and Austin.
New Orleans was named the best for mid-sized cities, while Springfield, Illinois, led among small cities.
The Source: Information from this article was sourced from Redfin.