Phoenix a Top Rental Market for College Grads

Phoenix a Top Rental Market for College Grads

by Emily Marek

Source: Phoenix Agent Magazine | Emily Marek

Phoenix is one of the hottest spots to move to after graduation, according to a new report from Zillow. Relatively low population, affordable rents, and ample job opportunities give recent college grads a high quality of life in Phoenix.

Zillow ranked each city based on rent-to-income ratio, average salary, the quantity of job openings, and the overall share of the population in their 20s.

“Graduating from college and moving to a new city to start your career is a major milestone. For many, it’s a reality check when they realize how much of their hard-earned paycheck goes straight to rent,” Zillow Economic Data Analyst Anushna Prakash said in the report.

Phoenix ranks among the top cities in the country in three key areas: typical rent, the average salary of recent college grads, and the rent-to-income ratio (meaning the proportion of one’s salary that must be spent on rent). The typical rent in Phoenix is $1,918 while the typical salary of a recent grad in the area is $62,324. That means the average college grad will only need to spend 37% of their salary on rent.

“Zillow’s top markets for college grads are buzzing with abundant job opportunities, a chance to connect with fellow 20-somethings, and rent prices that allow more freedom to spend on nights out or even saving for a down payment. They’re great places to kick-start life’s exciting next chapter.”

Here’s Zillow’s full list of the 10 best places to move after graduation:

1. Colorado Springs, Colorado
2. Spokane, Washington
3. Des Moines, Iowa
4. Phoenix
5. Buffalo, New York
6. Albuquerque, New Mexico
7. Bakersfield, California
8. Albany, New York
9. Portland, Oregon
10. Little Rock, Arkansas