Austin, Texas has rapidly become a well-known hotspot for real estate investment. The city is now considered the top destination for recent university graduates to find jobs and settle down.
This is according to a recent report from Realtor.com, which highlights the ten best markets in the United States for recent graduates. In the past, many graduates would flock to major cities in the US, but due to the high cost of living in these cities, they may not be the most ideal choice for those who have just earned their degrees.
“It is worth noting that these destinations span across all four regions of the United States,” the report stated. “However, they are not located in traditional major cities like New York, San Francisco, or Los Angeles. Instead, cities like Austin, Texas are being given priority, with Austin being ranked as the top city for recent university graduates to relocate to.”
Realtor.com’s Chief Economist, Danielle Hale, informed Fox Business Channel that the report analyzed professions that are particularly suitable for university graduates, requiring a bachelor’s degree but not too much experience.
Austin, a part of the Austin-Round Rock metropolitan area, is home to many technology-driven companies and boasts the highest proportion of university-friendly professions on the list.
In recent years, with an influx of people and companies moving in, Austin, topping Realtor.com’s new ranking, undoubtedly presents a flourishing scene offering the most affordable rental options, job opportunities, and appealing lifestyle amenities to residents.
In fact, the significant population growth in the region has attracted many companies to set up offices there. Hale stated, “This has become a self-reinforcing virtuous cycle.”
Austin may be the best combination of opportunity and affordability. While housing costs in Austin have soared, rental costs have actually decreased.
Analysis shows that all of the top ten markets are situated in metropolitan areas, with the average rent-to-income ratio for households aged 25 to 34 standing at 22.5%.
According to Realtor.com’s report, here are the top ten cities in the US currently most suitable for recent university graduates to settle in and seek job opportunities:
Rent-to-income ratio: 21.4%; Proportion of jobs suitable for university graduates: 29.6%
Rent-to-income ratio: 19.9%; Proportion of jobs suitable for university graduates: 26.7%
Rent-to-income ratio: 21.7%; Proportion of jobs suitable for university graduates: 24.9%
Rent-to-income ratio: 21.4%; Proportion of jobs suitable for university graduates: 28.8%
Rent-to-income ratio: 20.7%; Proportion of jobs suitable for university graduates: 24.5%
Rent-to-income ratio: 24.6%; Proportion of jobs suitable for university graduates: 25.8%
Rent-to-income ratio: 24.4%; Proportion of jobs suitable for university graduates: 22.1%
Rent-to-income ratio: 22.9%; Proportion of jobs suitable for university graduates: 25.8%
Rent-to-income ratio: 21.7%; Proportion of jobs suitable for university graduates: 24.7%
Rent-to-income ratio: 26.7%; Proportion of jobs suitable for university graduates: 24.8%