In 2024, this year’s graduating class faces numerous challenges as they enter the labor market. The competition for entry-level jobs is increasingly fierce and recruiting numbers have declined across the United States. Various factors come into play for recent graduates deciding where to start the next chapter of their lives, including median rent, average income, unemployment rates, and more.
Zumper conducted a ranking of 100 cities based on these factors and other key categories to determine the most suitable cities for college graduates to reside in 2024.
According to Zumper’s research, Minneapolis, Minnesota is deemed the most suitable city for college graduates to settle in.
The report highlights that “the Twin Cities are an ideal location for emerging leaders to enter the labor market, while the cost of living remains relatively low.”
Minneapolis is adjacent to the state capital of Minnesota, St. Paul, collectively known as the “Twin Cities,” forming the core of the Minneapolis-St. Paul metropolitan area.
As reported by The Atlantic Monthly, based on median household income, the St. Paul metropolitan area is wealthier than New York, Chicago, and Los Angeles.
According to Neighbor.com’s 2023 report, among residents under the age of 35, the Minneapolis-St. Paul metropolitan area ranks in the top ten for highest college graduation rate, median income, and lowest poverty rate.
Per Zumper’s research, San Francisco offers the potential highest income for recent college graduates.
Minneapolis-St. Paul metropolitan area is also home to headquarters of several Fortune 500 companies such as Target and General Mills.
In contrast, Laredo, Texas, is deemed the least welcoming city for recent college graduates. The city scores high in median rent prices and unemployment rates, but ranks low due to overall median income, number of restaurants, and the insufficient young people with bachelor’s degrees.
Zumper’s research utilized seven key indicators, including 2020 U.S. Census unemployment rate, number of restaurants per 100,000 people via OpenStreetMap API, and the proportion of 25-year-olds with bachelor’s degrees in the 2020 U.S. Census.
It’s worth mentioning that New York City is one of the larger cities that did not make it into Zumper’s top ten list. It ranks 26th due to its lower median rent prices for one-bedroom apartments. However, when considering the population aged 18-34 and 25-year-olds with bachelor’s degrees, the city scores well.
New York City ranks first in concentration of young people, while Los Angeles ranks second.
Listed below are the top ten U.S. cities deemed most suitable for college graduates according to Zumper’s research:
1. Minneapolis, Minnesota
2. Denver, Colorado
3. Seattle, Washington
4. Columbus, Ohio
5. San Francisco, California
6. Phoenix, Arizona
7. Raleigh, North Carolina
8. Washington, D.C.
9. Atlanta, Georgia
10. Oklahoma City, Oklahoma
According to Zumper’s research, Denver is the second-best city for graduating class of 2024.
This western city received an “A” grade for its low unemployment rate and high median income for the population aged 25 and under.
Denver also scored highly in the number of restaurants per capita. In terms of median rent for one-bedroom apartments, Denver scored the lowest with an average rent of $1,740.
Since companies began relocating from Silicon Valley after the COVID-19 pandemic, the technology industry in the Denver-Boulder metropolitan area of Colorado has been on the rise.
The city is a hub for startup companies, with tech giants like Google, Salesforce, and Amazon holding significant positions in the area.
According to CNBC’s Cities of Success report, based on data from research firm CB Insights, approximately $17 billion in venture capital funding has flowed into the region over the past five years.