Where are the best markets for recent college graduates to settle down once they have that degree in hand? The younger millennial generation has a seemingly endless checklist of qualifications for where they want to live once they get college out of the way.
Measuring eight key factors, OnlineDegrees.com [1] ranked 40 U.S. cities each with a population of at least 750,000 according to their cost of living, job prospects, economy, and overall quality of life. The eight factors were: median rent, renter-occupied housing, percent of the population between ages 20 and 34, median earnings, cost of living, arts & entertainment options, state-level job growth, and unemployment.
What the study found is that Texas dominated the top 10, with two cities in the top three (Austin and Houston) and four in the top seven (Austin, Houston, San Antonio, and Dallas).
The top 10 list is as follows:
- Austin, Texas
- San Francisco, California
- Houston, Texas
- Columbus, Ohio
- San Antonio, Texas
- Seattle, Washington
- Dallas, Texas
- Denver, Colorado
- San Diego, California
- San Jose, California
Austin, which is known as "The Live Music Capital of the World" due to its live music scene and "Silicon Hills" because of the large number of tech companies in the area, was at the top of the list due to a relatively low cost of living and a low unemployment rate (3.4 percent). One-quarter of Austin's residents fit the millennial demographic (between the ages of 20 and 34), the median rent in Austin in 2014 was $850, the median earnings for bachelor's degree holders in 2014 was $50,892, and the average projected job growth statewide from 2012 to 2022 was 21.5 percent, according to the analysis.
“The four Texas cities in the top 10 ranked high for their youthful population, good earning potential, relatively low cost of living and the quality of life factors,” the report stated. “Austin, which finished first overall, scored very well in all of these categories and also had the lowest unemployment of any city in the rankings.”
California placed three cities in the top 10 (San Francisco, San Diego, and San Jose) despite the relatively high cost of living in those cities. The analysis cited job prospects, earning potential, and high quality of life as the reasons for the California cities ranking high on the list.
Click here [2] to view a breakdown of the top 15 along with a complete methodology for the study.