Mpls Ranked Among 10 “Best Cities for Recent College Grads”
Minneapolis is among the nation’s best cities for recent college graduates who are looking for employment and affordable housing options, according to a list compiled by housing database and resource website Apartments.com.
Minneapolis ranked 10th on Apartments.com’s sixth annual “Top 10 Best Cities for Recent College Graduates” list. The list assessed 100 U.S. cities with the highest apartment unit availability.
Apartments.com evaluated the 100 cities’ unemployment rates, median income and age, the percentage of men- and women-only households (to indicate the percentage of single people between the ages of 25 and 29 residing in each city), and housing costs and availability. Cities with an unemployment rate above 7 percent were eliminated, as were cities with a notably higher or lower median age. Click here for the list’s full methodology.
According to Apartment.com’s findings, Minneapolis fulfilled the requirement that average rent for a one-bedroom apartment falls within 25 percent of gross median income. The average rent for a one-bedroom apartment in Minneapolis is $1,177, according to Apartment.com’s research. Additionally, Minneapolis has a high percentage of people living in the city between the ages of 25 and 29 and a low unemployment rate—4.9 percent as of April, compared to the state’s average of 5.3 percent and the national average of 7.5 percent. The city ranked fourth on last year’s list.
While Minneapolis fared well on Apartment.com’s list, its average rent was the highest among the top 10 cities for college grads. Demand for rentals remains high despite recent construction of new apartment buildings. Vacancy rates dipped slightly in the first quarter of this year; meanwhile, there were 2,055 units under construction in downtown Minneapolis at the end of April and 1,500 more approved, according to the Star Tribune.
Phoenix topped this year’s list, with $708 as average rent for a one-bedroom apartment and an April unemployment rate of 6.6 percent. Orlando, Florida, and San Antonio came in second and third on the list, respectively, followed by Columbus, Ohio; Austin, Texas; Raleigh, North Carolina; Oklahoma City; Fort Worth, Texas; and Dallas.
Although the Institute for College Access and Success ranked Minnesota highly among the nation’s states for average debt carried by recent college graduates, Minneapolis ranked third among 20 U.S. cities that are most appealing to young professionals in the 20 to 30 age range, according to a study conducted by research firm Millennial Branding.