The 10 best big cities for college grads have plentiful jobs and affordable housing

Graduation season is upon us, and while this year’s graduates have much to celebrate, they’re also entering adulthood under significant financial pressure.

They have more student loan debt than previous generations, face an unforgiving job market, and are trying to navigate a housing market where high prices and mortgage rates have made homeownership feel unaffordable.

Where graduates choose to live after graduation could make a big difference, and a new report from Redfin and Glassdoor could help with their decision. The companies ranked 10 major metros using 13 indicators related to housing affordability, career opportunities, and urban quality of life.

Across all states, the ranking suggests Texas is a standout destination for college grads. Three of its largest cities — Dallas, Houston, and Austin — round out the top 10. Redfin and Glassdoor highlighted their strong job markets and relatively affordable rent for recent grads.

“These cities in Texas do great on all metrics: robust job markets, good amenities, and relatively affordable housing,” Asad Khan, a senior economist with Redfin, told Business Insider. “Strong housing supply growth in Texas has been key to allowing these cities to grow and attract young professionals from high-cost states around the country.”

“The strong industry mix also makes these cities more resilient and attractive to a wide range of early career workers,” Khan added.

Read on to find out which other cities made the cut. Here are the 10 best big cities for this year’s graduates, according to Redfin and Glassdoor.

10. Austin

Austin.

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Average early-career earnings: $72,025Price of typical starter home: $276,600Years to save for down payment: 4 years, 1 monthsMonthly mortgage payment as percent of income: 30.3%Monthly rent as percent of income: 35%

9. Miami

Miami Beach, Florida.

Volodymyr TVERDOKHLIB/Shutterstock

Average early-career earnings: $62,748Price of typical starter home: $210,000Years to save for down payment: 3 years, 11 monthsMonthly mortgage payment as percent of income: 26.4%Monthly rent as percent of income: 33%

8. San Diego

Aerial shot of downtown San Diego, California. — San Diego.

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Average early-career earnings: $74,053Price of typical starter home: $615,000Years to save for down payment: More than 10 yearsMonthly mortgage payment as percent of income: 65.4%Monthly rent as percent of income: 64%

7. St. Louis

St. Louis, Missouri, USA downtown cityscape on the Mississippi River at twilight.

Average early-career earnings: $61,834Price of typical starter home: $150,000Years to save for down payment: 2 years, 7 monthsMonthly mortgage payment as percent of income: 19.1%Monthly rent as percent of income: 23%

6. Houston

Houston, Texas, downtown park and skyline. — Houston.

Sean Pavone/Getty Images

Average early-career earnings: $65,369Price of typical starter home: $215,000Years to save for down payment: 3 years, 7 monthsMonthly mortgage payment as percent of income: 25.9%Monthly rent as percent of income: 18%

5. Chicago

Chicago, Illinois.

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Average early-career earnings: $72,786Price of typical starter home: $202,000Years to save for down payment: 3 yearsMonthly mortgage payment as percent of income: 21.9%Monthly rent as percent of income: 28%

4. Dallas

Average early-career earnings: $67,451Price of typical starter home: $240,000Years to save for down payment: 4 years, 1 monthMonthly mortgage payment as percent of income: 28%Monthly rent as percent of income: 26%

3. Boston

Boston, Massachusetts, USA skyline with Faneuil Hall and Quincy Market at dusk. — Boston, Massachusetts.

Sean Pavone/Shutterstock

Average early-career earnings: $80,026Price of typical starter home: $460,000Years to save for down payment: 6 years, 8 monthsMonthly mortgage payment as percent of income: 45.3%Monthly rent as percent of income: 53%

2. Omaha

Aerial View of Downtown Omaha, Nebraska in Autumn — Omaha, Nebraska.

Jacob Boomsma/Shutterstock

Average early-career earnings: $59,123Price of typical starter home: $195,000Years to save for down payment: 3 years, 8 monthsMonthly mortgage payment as percent of income: 26%Monthly rent as percent of income: 28%

1. Washington, D.C.

Washington DC. Aerial panoramic view of Pennsylvania Avenue landmarks and United states Congress view, USA — Washington, D.C.

xbrchx/Shutterstock

Average annual early-career earnings: $79,857Price of typical starter home: $320,000Years to save for down payment: 4 years, 2 monthsMonthly mortgage payment as percent of income: 31.6%Monthly rent as percent of income: 34%

Source:

www.businessinsider.com