Phoenix is named Zillow's best market for the class of 2024

SEATTLE, May 30, 2024

• Phoenix, Albuquerque, Colorado Springs, San Antonio and Portland, Oregon, are Zillow's best markets for new college graduates.
• Miami and the New York City metro area are at the bottom of Zillow's rankings, largely due to affordability challenges.
• Rent affordability is tight in much of the country, which may make renting an individual room a savvy option for grads striking out on their own.

SEATTLE, May 30, 2024 /PRNewswire/ -- College seniors who visited Phoenix for last month's NCAA basketball championship might consider staying and putting down roots. Phoenix is the best market for this year's college grads, boasting the best combination of rental affordability and concessions, job prospects and neighbors in their 20s for the class of 2024 to start life's next chapter on a high note.

Albuquerque, Colorado Springs, San Antonio and Portland, Oregon, round out Zillow's top five markets for new college grads.

"The first move after college is an exciting milestone. Zillow's best markets for new grads are great places to kickstart a career and take the first steps of adulthood," said Anushna Prakash, economic research data scientist at Zillow. "Rents won't take up too much of a new grad's paycheck, leaving money to explore a new city or start saving up for a down payment. For renters who don't mind a housemate or two, renting a room can help save some extra cash and might even introduce lifelong friends."

Zillow's best markets for new college grads offer promising career opportunities as well as relatively affordable rentals. The analysis looks at rent affordability,¹ the share of rental listings on Zillow® offering a concession, job growth² and the share of the population ages 21–29.

Phoenix rose to the top largely on the strength of its job market, which is the second-strongest among the markets Zillow analyzed. Phoenix also ranked within the top 10 for the share of rental listings on Zillow offering a concession, such as a free month of rent or free parking (50.5%), helping to overcome relatively expensive rents. A college grad making Phoenix's median entry-level income would spend 34.5% of that on the typical Phoenix rental.