The Best Cities for Graduate Prosperity In The US 2024
Introduction to the Graduate Prosperity Index
Imagine this: You’ve just tossed your cap in the air, diploma in hand, ready to embark on your post-college journey. But as the confetti settles, a daunting question looms: “Where should I start my career?” While money and job opportunities are important factors when considering your next move, it also helps to consider if you will actually be able to live happy there. So how can you find that balance between fun and success? That’s where The Career Tribe’s 2024 Graduate Prosperity Index comes in. We’ve conducted a thorough analysis of different factors that come in to play when considering the quality of life in a new city.
Our comprehensive study dives deep into the factors such as your potential spending power and job prospects to the walkability of your future neighborhood and the vibrancy of the local youth population. Our study is designed to help you find identify where you can thrive and work-to-live versus living-to-work.
Methodology
We started with a simple question: “What really matters to new grads when choosing a city?” After picking the brains of recent graduates, career counselors, and young professionals, we narrowed it down to four key factors:
- Monthly Disposable Income: Fancy term, simple concept. It’s how much money you’d have left in your pocket after paying for the basics. We looked at average entry-level salaries for Bachelor degree grads in different areas and cost of essential living expenses in each city (including student loan repayments). Why? Because being able to afford a night out, going for dinner with friends or simply being able to afford to see your favorite band matters.
- Job Market Health: To evaluate this metric, we looked at metropolitan area unemployment rates and trends. After all, you want a city where your career can take off, not just land.
- Walkability: Life shouldn’t be all work and no play. Our walkability score considers how easy it is to get around without a car. We chose this metric, as being able to walk to grab coffee, hit the gym, or meet friends for happy hour is a great contributing factor to the sense of community in a city.
- Youthfulness Score: This score is all about the vibe of the city for young people. We looked at the percentage of the population aged 20-34.
We gathered data from reliable sources like the U.S. Census Bureau, Bureau of Labor Statistics, National Association of Colleges and Employers and some specialized publicly available indexes. Then, we normalized each factor on a scale of 1-100. This means the city with the best score in each category got 100, and the rest were scaled accordingly.
Key Results
Overall Score Calculation
In our study, Milwaukee, Wisconsin takes the crown, while the Big Apple finds itself at the bottom of the barrel. Who would’ve thought, right? We’re seeing a clear trend of mid-sized cities in the Midwest and South outperforming traditional hotspots. It looks like factors like affordability, job market health, and overall quality of life are giving these “underdog” cities a serious edge. Meanwhile, some of the usual suspects – New York, Chicago, even trendy Charlotte – are facing challenges when it comes to graduate prosperity due to high cost of living factors.
Deep Dive Into Key FIndings
1. Monthly Disposable Income
The winners in the Monthly Disposable Income Study are:
1. Memphis, Tennessee, where the combination of affordable living and competitive salaries offers graduates more financial breathing room each month.
2. Louisville, Kentucky, comes in second, driven by its relatively low rent and cost of living.
3. Milwaukee, Wisconsin, ranks third, providing a solid balance between affordability and decent employment prospects.
4. Knoxville, Tennessee, follows in fourth place, offering a similar affordability advantage.
5. Las Vegas, Nevada, takes fifth, with its favorable cost-of-living metrics making it an attractive option for graduates seeking to stretch their disposable income further.
2. Job Market Health
3. Walkability
4. Youthfulness
Key Insights and Trends
After analyzing our dataset comparing various US cities across multiple factors, several interesting insights and trends emerge:
- Disposable Income Variations:
- Memphis, TN leads with the highest purchasing power adjusted monthly disposable income.
- There’s a significant gap between the highest and lowest disposable incomes, with New York City at the bottom.
- Job Market Health:
- Madison, WI shows the strongest job market health score.
- Detroit, MI has the lowest score, indicating potential economic challenges.
- Walkability:
- Cities like San Francisco, New York, and Boston score high on walkability.
- Car-dependent cities like Jacksonville, FL and Charlotte, NC score low.
- Youth Population:
- Austin, TX stands out with the highest “Youthfulness Score”, suggesting it’s particularly attractive to young adults.
- Miami and Fort Lauderdale, FL have the lowest scores, indicating an older demographic.
- Graduate Prosperity:
- Milwaukee, WI has the highest Graduate Prosperity Score, balancing factors like salaries and cost of living.
- New York, NY scores lowest, likely due to its high cost of living despite high salaries.
- Regional Salary Differences:
- West Coast cities (e.g., San Jose, Seattle) tend to have higher average graduate yearly salaries.
- Southern cities generally have lower average salaries but often balance this with lower living costs.
- Cost of Living vs. Salaries:
- Cities like Memphis and Louisville offer high disposable incomes despite lower average salaries, indicating a low cost of living.
- High-salary cities like San Francisco and New York have much lower disposable incomes due to high living costs.
- Metro Area Size and Youth Population:
- Larger metro areas like New York, Los Angeles, and Chicago have the highest total youth populations.
- Smaller cities like Madison, WI and Austin, TX have high “Youthfulness Scores” despite smaller total populations.
- Balanced Cities:
- Some cities like Nashville, TN and Boise, ID score consistently well across multiple metrics, suggesting they offer a good balance of opportunities and livability.
Raw Data
The Graduate Prosperity Index Raw Data
| City | Metro Area | Disposable Income Score | Job Market Health Score | Walkability Score | Youthfulness Score | Graduate Prosperity Score |
|---|---|---|---|---|---|---|
| Milwaukee, WI, United States | Milwaukee-Waukesha, WI Metro Area | 90.5 | 83.7 | 61.5 | 26.7 | 77.4 |
| Knoxville, TN, United States | Knoxville, TN Metro Area | 89.8 | 92.4 | 31 | 30.7 | 76.0 |
| Boise, ID, United States | Boise City, ID Metro Area | 76.1 | 76.8 | 92 | 30.4 | 74.1 |
| Memphis, TN, United States | Memphis, TN-MS-AR Metro Area | 100.0 | 69.9 | 35 | 39.2 | 73.7 |
| Madison, WI, United States | Madison, WI Metro Area | 51.6 | 96.5 | 49.7 | 99.5 | 71.8 |
| Nashville, TN, United States | Nashville-Davidson–Murfreesboro–Franklin, TN Metro Area | 44.4 | 92.7 | 98 | 66.4 | 71.6 |
| Tucson, AZ, United States | Tucson, AZ Metro Area | 78.7 | 76.1 | 43.2 | 61.4 | 70.7 |
| Salt Lake City, UT, United States | Salt Lake City, UT Metro Area | 66.2 | 74.6 | 59 | 90.4 | 70.5 |
| San Antonio, TX, United States | San Antonio-New Braunfels, TX Metro Area | 75.0 | 79.9 | 36.9 | 59.3 | 69.4 |
| Omaha, NE, United States | Omaha-Council Bluffs, NE-IA Metro Area | 73.1 | 83.1 | 48.2 | 26.2 | 68.2 |
| Colorado Springs, CO, United States | Colorado Springs, CO Metro Area | 75.4 | 64.4 | 36.1 | 97.3 | 67.8 |
| Minneapolis, MN, United States | Minneapolis-St. Paul-Bloomington, MN-WI Metro Area | 70.8 | 72.0 | 71.4 | 26.2 | 66.9 |
| Portland, OR, United States | Portland-Vancouver-Hillsboro, OR-WA Metro Area | 71.6 | 66.7 | 67.3 | 45.7 | 66.7 |
| Phoenix, AZ, United States | Phoenix-Mesa-Chandler, AZ Metro Area | 67.7 | 80.0 | 41.4 | 51.8 | 66.5 |
| Jacksonville, FL, United States | Jacksonville, FL Metro Area | 83.0 | 76.7 | 25.6 | 21.5 | 66.0 |
| Orlando, FL, United States | Orlando-Kissimmee-Sanford, FL Metro Area | 66.5 | 76.8 | 41.1 | 50.1 | 64.6 |
| Spokane, WA, United States | Spokane-Spokane Valley, WA Metro Area | 81.2 | 58.2 | 49.2 | 43.0 | 64.5 |
| Baltimore, MD, United States | Baltimore-Columbia-Towson, MD Metro Area | 66.3 | 73.7 | 64.3 | 22.1 | 64.2 |
| Houston, TX, United States | Houston-The Woodlands-Sugar Land, TX Metro Area | 73.0 | 66.2 | 47.5 | 45.5 | 64.0 |
| Louisville, KY, United States | Louisville/Jefferson County, KY-IN Metro Area | 97.6 | 49.6 | 34 | 23.9 | 63.9 |
| Chattanooga, TN, United States | Chattanooga, TN-GA Metro Area | 72.0 | 83.9 | 29 | 13.6 | 63.9 |
| Honolulu, HI, United States | Urban Honolulu, HI Metro Area | 40.0 | 94.0 | 65.7 | 43.7 | 63.1 |
| Denver, CO, United States | Denver-Aurora-Lakewood, CO Metro Area | 58.5 | 63.4 | 61.2 | 82.6 | 63.0 |
| Fort Worth, TX, United States | Dallas-Fort Worth-Arlington, TX Metro Area | 63.4 | 76.3 | 34.9 | 56.0 | 62.9 |
| Austin, TX, United States | Austin-Round Rock-Georgetown, TX Metro Area | 42.2 | 85.0 | 41.7 | 100.0 | 62.9 |
| Anchorage, AK, United States | Anchorage, AK Metro Area | 62.8 | 74.1 | 30.9 | 69.9 | 62.7 |
| Dallas, TX, United States | Dallas-Fort Worth-Arlington, TX Metro Area | 58.5 | 76.3 | 46 | 56.0 | 62.6 |
| Pittsburgh, PA, United States | Pittsburgh, PA Metro Area | 64.4 | 76.4 | 62.4 | 4.9 | 62.4 |
| Philadelphia, PA, United States | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area | 59.0 | 69.0 | 74.8 | 30.5 | 62.0 |
| Albuquerque, NM, United States | Albuquerque, NM Metro Area | 82.0 | 56.6 | 42.6 | 28.6 | 61.9 |
| Atlanta, GA, United States | Atlanta-Sandy Springs-Alpharetta, GA Metro Area | 61.4 | 74.3 | 47.7 | 40.1 | 61.7 |
| Seattle, WA, United States | Seattle-Tacoma-Bellevue, WA Metro Area | 60.4 | 52.1 | 74.4 | 80.2 | 61.6 |
| Indianapolis, IN, United States | Indianapolis-Carmel-Anderson, IN Metro Area | 78.2 | 62.1 | 31 | 39.2 | 61.6 |
| San Jose, CA, United States | San Jose-Sunnyvale-Santa Clara, CA Metro Area | 60.8 | 64.3 | 50.5 | 66.9 | 61.1 |
| Cleveland, OH, United States | Cleveland-Elyria, OH Metro Area | 75.8 | 59.4 | 57.1 | 8.4 | 60.5 |
| Columbus, OH, United States | Columbus, OH Metro Area | 70.0 | 58.5 | 41.2 | 54.5 | 60.1 |
| Buffalo, NY, United States | Buffalo-Cheektowaga, NY Metro Area | 61.4 | 64.3 | 66.6 | 26.2 | 59.7 |
| Oklahoma City, OK, United States | Oklahoma City, OK Metro Area | 50.0 | 80.5 | 34.1 | 57.2 | 59.0 |
| Sacramento, CA, United States | Sacramento-Roseville-Folsom, CA Metro Area | 67.6 | 56.6 | 49 | 34.9 | 57.7 |
| Kansas City, MO, United States | Kansas City, MO-KS Metro Area | 70.1 | 62.2 | 35.3 | 26.1 | 57.7 |
| Boston, MA, United States | Boston-Cambridge-Newton, MA-NH Metro Area | 42.9 | 64.5 | 82.8 | 55.1 | 57.7 |
| Washington, DC, United States | Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area | 39.0 | 77.0 | 76.7 | 31.3 | 57.2 |
| Birmingham, AL, United States | Birmingham-Hoover, AL Metro Area | 47.0 | 88.1 | 33.2 | 21.1 | 56.7 |
| Cincinnati, OH, United States | Cincinnati, OH-KY-IN Metro Area | 66.9 | 57.1 | 49.1 | 25.8 | 56.7 |
| San Diego, CA, United States | San Diego-Chula Vista-Carlsbad, CA Metro Area | 49.7 | 58.0 | 53.3 | 83.5 | 56.6 |
| Saint Louis, MO, United States | St. Louis, MO-IL Metro Area | 60.6 | 59.5 | 65.7 | 12.5 | 56.2 |
| Las Vegas, NV, United States | Las Vegas-Henderson-Paradise, NV Metro Area | 85.7 | 32.8 | 42 | 41.0 | 56.2 |
| Tampa, FL, United States | Tampa-St. Petersburg-Clearwater, FL Metro Area | 52.3 | 75.5 | 49.5 | 7.3 | 55.5 |
| Fort Lauderdale, FL, United States | Miami-Fort Lauderdale-Pompano Beach, FL Metro Area | 46.6 | 78.3 | 56 | 0.0 | 54.5 |
| New Orleans, LA, United States | New Orleans-Metairie, LA Metro Area | 46.6 | 67.9 | 58 | 11.6 | 52.3 |
| Raleigh, NC, United States | Raleigh-Cary, NC Metro Area | 43.3 | 75.5 | 30.3 | 36.5 | 51.9 |
| Los Angeles, CA, United States | Los Angeles-Long Beach-Anaheim, CA Metro Area | 50.9 | 41.7 | 68.6 | 62.3 | 51.5 |
| Oakland, CA, United States | San Francisco-Oakland-Berkeley, CA Metro Area | 37.2 | 63.0 | 75.3 | 30.2 | 51.2 |
| Reno, NV, United States | Reno, NV Metro Area | 51.3 | 53.2 | 43.7 | 55.4 | 51.2 |
| Irvine, CA, United States | Los Angeles-Long Beach-Anaheim, CA Metro Area | 58.3 | 41.7 | 43.2 | 62.3 | 50.6 |
| Fresno, CA, United States | Fresno, CA Metro Area | 81.7 | 16.2 | 37.3 | 64.9 | 50.4 |
| San Francisco, CA, United States | San Francisco-Oakland-Berkeley, CA Metro Area | 27.9 | 63.0 | 88.7 | 30.2 | 49.5 |
| Miami, FL, United States | Miami-Fort Lauderdale-Pompano Beach, FL Metro Area | 26.5 | 78.3 | 76.6 | 0.0 | 49.5 |
| Charlotte, NC, United States | Charlotte-Concord-Gastonia, NC-SC Metro Area | 46.2 | 66.9 | 26.4 | 34.6 | 49.3 |
| Santa Barbara, CA, United States | Santa Maria-Santa Barbara, CA Metro Area | 16.8 | 64.3 | 61 | 92.2 | 47.6 |
| Chicago, IL, United States | Chicago-Naperville-Elgin, IL-IN-WI Metro Area | 50.1 | 32.3 | 77.2 | 35.7 | 46.5 |
| Detroit, MI, United States | Detroit-Warren-Dearborn, MI Metro Area | 69.9 | 21.6 | 51.1 | 22.1 | 45.4 |
| New York, NY, United States | New York-Newark-Jersey City, NY-NJ-PA Metro Area | 0.0 | 55.3 | 88 | 33.2 | 35.9 |
Conclusion
Choosing the right city to kickstart your post-graduation life is no small feat, but with the insights from our Graduate Prosperity Index, you’re better equipped to make an informed decision. Whether you’re looking for a city that offers great disposable income potential, a vibrant job market, or a strong sense of community, there’s something on this list for everyone. Mid-sized cities like Milwaukee and Knoxville may not have been on your radar before, but they offer a perfect balance of affordability and livability, making them ideal for recent grads. Meanwhile, cities like Austin and San Francisco may offer the excitement and cultural opportunities many young professionals crave but come with the trade-off of higher living costs.
Ultimately, the best city for you depends on your priorities—whether it’s stretching your dollar, landing your dream job, or living in a walkable, youthful environment. With the data-driven insights we’ve gathered, we hope you’ll feel more confident in making a move that aligns with both your financial goals and your lifestyle. Here’s to thriving, not just surviving, in your next adventure!
Resources & Further Reading
- U.S Bureau of Labor Statistics: Civilian labor force and unemployment by state and metropolitan area
- Walkscore: Cities & Neighbourhoods
- Numbeo: Northern America: Cost of Living Index by City 2023
- National Association of Colleges and Employers Salary Survey
- Education Data Initiative: Average Student Loan Payment
- The Career Tribe: The Ultimate Guide to Choosing the Right Career Path
