The best cities for recent college grads
April 10, 2012
Getting a college degree can help increase your job marketability and boost your earning potential.
The U.S. Census Bureau reports that individuals whose highest level of education is high school made an average of $31,000 per year in 2010. For those with a bachelor's degree, the average was $58,000.
In addition, recent data released by the U.S. Bureau of Labor Statistics reveals that the unemployment rate for bachelor's degree holders is lower than it is for those who only have a high school diploma. In February 2012, the unemployment rate for college graduates was 4.2 percent. It was nearly double that (8.3 percent) for those with only a high school education.
The ease of finding a job after graduating from college also depends on location.
Rent.com recently compiled data to rate the best cities for recent college grads based on their unemployment rates as well as the average hourly starting salary. The website also took into account the cost of living and available rental housing, as most recent graduates are unable to immediately buy a home.
Topping the list is Boston, Massachusetts. According to Forbes, the city has an unemployment rate of 5.8 percent. Additionally, average hourly wages for those working there were $27.19 in May 2010. A recent report released by the Economic Policy Institute revealed that the average hourly salary for new grads nationwide has decreased in the past decade to $21.68 for males and $18.80 for females.
Other cities that may be good bets for those who recently graduated from college and are looking for a place to put down roots include Minneapolis/St. Paul, Minnesota; Seattle, Washington; Houston, Texas; Baltimore, Maryland; Dallas, Texas; Kansas City, Missouri; Raleigh/Durham, North Carolina; Washington, D.C. (including Arlington and Alexandria, Virginia) and Austin, Texas.
Many recent college graduates also have to think about repaying their loans. A report from the National Association of Consumer Bankruptcy Attorneys (NACBA) revealed that college seniors who graduated with student loans in 2010 owed an average of $25,250.
The good news for mothers who depend on grants for parents, scholarships for mothers and single mother scholarships is that they help offset the cost of getting an education. In addition, unlike traditional college loans, they do not have to be repaid.
