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Is NYC the ticket to a career kickstart for millennials?

Study ranks NYC as best city for young professionals, but high cost of living creates barrier of entry
  • NYC ranked number one in both career advancement and social opportunities, sixth in pay potential and fourteenth in quality of life.
  • The median monthly rent in Manhattan comes at $3,114 per month and $2,607 per month in Brooklyn, according to StreetEasy.
  • Monthly housing costs vary based on neighborhood, but easy access to public transportation, retail and restaurants can bump rankings among young people up even higher.
  • Renters in NYC spend 65.2 percent of the median income on rent, or two-thirds of their take-home pay.

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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" wid...