Markets & Economy

Midwest, South represent most affordable regions for graduates

Roommates a necessity for recent grads looking to afford median rents in top metros

As the rental sector enters what is historically peak leasing season, owners and managers of value-add -- Class B and C -- properties and newly built or Class A product will look to push rents more aggressively. For recent college grads, this will equate to a difficult environment in which to find “affordable” living. The majority of recent grads will need to have at least one or two roommates in order to afford median rents in top metros, according to the findings of a recent Trulia report. In other words, it will be hard for grads to find situations where their rent and insurance will equate to less than 31 percent of a metro’s median income. “Those who head to the Midwest and Southern states can save the most on rent,” the report stated, pointing directly to St. Louis, Dallas, Houston and Atlanta. In these locales, 18.6 percent, 14.9 percent, 10.4 percent and roughly 8 percent of units are affordable, respectively. To make median rents affordable in these market...