New graduates and budding young professionals often scan the map for new destinations and opportunities, and New York City is one of the best for millennials, according to Bankrate.com’s “Best Cities To Launch A Career” report. The Big Apple scored high in job growth, salary potential and networking opportunities, among others.
In the same regard, Los Angeles, San Francisco, Washington D.C. and San Jose rounded out the top five.
“There’s a lot more competition for entry level jobs in these cities than in most markets, but there are many more firms to work for and positions that would make good use for a college degree,” said Claes Bell, CFA and banking analyst at Bankrate.com. “There is more potential for growth than in cities that might not be higher on the list.”
NYC ranked number one in both career advancement and social opportunities, sixth in pay potential and fourteenth in quality of life.
[graphiq id=”8atsyqRW1md” title=”New York City, NY Demographics” width=”630″ height=”549″ url=”https://w.graphiq.com/w/8atsyqRW1md” link=”http://places.findthehome.com/l/71121/New-York-City-NY” link_text=”New York City, NY Demographics | FindTheHome”]
“Another part of our rankings was the social opportunities. New York did quite well there, which is a benefit for young people who are interested in finding more like-minded folks,” Bell said.
Although jumpstarting a career in NYC can yield success in the long-term, affording to live in the Big Apple is not easy. Transitioning from college to a prime one-bedroom in Manhattan doesn’t occur without some outside help, a little cushion in your wallet or at least a signing bonus.
According to a recent report from StreetEasy, the cost of living in New York City has skyrocketed. The median monthly rent alone in Manhattan comes at a staggering $3,114 per month, and $2,607 per month in Brooklyn.
Monthly housing costs vary based on neighborhood, but easy access to public transportation, retail and restaurants can bump rates up even higher.
StreetEasy also calculated that while a healthy ratio of rent-to-income is 30 percent or lower, NYC falls far beyond the affordability range. Renters in NYC spend 65.2 percent of the median income on rent, or two-thirds of their take-home pay.
Rent prices hiked at twice the rate beyond income between 2000 and 2013, creating a gap important for millennials to consider when moving to NYC.
For new grads with entry-level incomes, these numbers can only get worse, but being smart by living with roommates to cut down on housing costs is always a good start. While NYC is a prime career building metropolis, living in the city is costly, so cutting costs when possible while paving a career path can be essential.
“Visit there and make sure it’s really a place you want to live. People fall into the trap of letting a city’s reputation determine their decisions,” Bell said. “Part of it’s going to be pushing through those first couple of challenging months.”
