In the next few weeks, about 1.85 million students across the country will graduate with bachelor's degrees. But just as the excitement for graduation approaches, so too will the stomach churning fear of securing a job, and finding an apartment.
Things don't look so rosy for students in New York. With a median entry-level salary of $47,000 per year and a median rent of $3,000 per month for a one-bedroom apartment, students would have to pay as much as 77 percent of their income to afford an apartment, a new study by apartment rental app, RadPad has revealed.
That's over the twice the 30 percent rent to income ratio that we've all heard about. Only San Francisco fared worse than NYC, where with a median entry-level salary of $53,000 per year, and median rent at $3,500 per month, students will have to pay 79 percent of their income on rent.
That being said, things are looking up slightly for New Yorkers with job postings having increased over the last year and a high demand for workers in management consulting, digital marketing, and hotels and hospitality, according to RadPad.
For their analysis, RadPad looked at 150,000 apartment listings on their platform between September 2015 and April 2016, and calculated the percentage of monthly salaries going to rent for young professionals.
The cities that fared the best with this rubric were Austin, Atlanta, and Houston, where rents are a lot cheaper, and job opportunities, particularly in Austin and Houston are growing significantly.