The Class of 2024 college graduates are entering a U.S. job market that, while still solid, is showing signs of cooling after the post-pandemic hiring frenzy.
Where these graduates choose to live and work can significantly shape their job prospects and overall quality of life. Realtor.com has compiled a list of top rental markets tailored for recent college grads, considering essential factors such as job opportunities, rent affordability, cultural amenities, and the presence of other graduates in the area.
Cities like Austin, Texas, Bloomington, Minnesota, and Pittsburgh are top choices. While some graduates may already have destinations in mind due to job offers or family proximity, others exploring new areas could benefit from this curated list.
However, challenges persist in the job market. National hiring for 2024 grads is expected to dip compared to the previous year, influenced by factors like layoffs in tech and finance due to excessive pandemic hiring and high interest rates. Consulting firms are also delaying start dates due to reduced demand. Moreover, there's increased competition, with two applicants for every job vacancy compared to one in 2022.
Realtor.com's rankings consider factors such as rent-to-income ratio, vacancy rates, entry-level job opportunities, recent college grad population, unemployment rates, job postings index, and commute times. The top markets offer a balanced mix of affordability, job opportunities, and amenities. Austin, for instance, boasts a low rent-to-income ratio, high entry-level job share, and abundant cultural amenities. Other cities like Bloomington, Pittsburgh, Raleigh, Overland Park, Richmond, and Scottsdale offer similar advantages, making them appealing destinations for recent graduates seeking to kickstart their careers.
At Enrich, we offer a range of resources to support recent grads of color in navigating their professional journeys. Learn more about us here: https://lnkd.in/dzuh8xnR