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Now that the school year is over, millions of recent graduates are looking for jobs and places to live, and according to a new study, Houston is one of the country’s most affordable markets for these recent grads.
Real estate website Trulia found that 2 Texas cities are within the top 5 most affordable rental markets for recent grads, with Dallas ranking No. 2 and Houston coming in at No. 3. In Houston, 10.4% of rental units are affordable to recent grads with the maximum monthly rent payment that would be considered affordable to them as $746.
No. 1 on the list is St. Louis where 18.6% of rental units are affordable to that demographic with a maximum affordable monthly rent payment as $666. In Dallas, 14.9% of rental units are affordable to recent grads and the maximum affordable rent as $799.
Atlanta and Phoenix came in at No.4 and No. 5, respectively. The most expensive cities for college grads are Portland, Southern California locales (Riverside-San Bernadino, Orange County and San Diego) and Miami.
To conduct the study, Trulia looked at the portion of rental homes on the site within financial reach of employed college graduates between the ages of 22 and 25 as of May 7th. The standard for affordability is whether the total monthly payment, including rental payment and insurance, equals less than 31% of the metro area’s median income for recent grads.
According to the study, renters in Houston and Dallas might still need a roommate to make the median rental affordable. But that’s better than New York, Miami and Los Angles, where it would take as many as 3 roommates to make the median rent affordable.
Article courtesy of Houston CultureMap