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September 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Study ranks CT and NY among best states for new college graduates

Connecticut and New York ranked among the top states for new college graduates to proceed with their careers and adult lives, according to a studystudystudy released by GOBankingRates.com.

Connecticut placed fifth among the states, due to its 3.3% unemployment rate for people with a college degree and the nation’s second-highest median income for that group at approximately $62,000. The study found the median home price for the state was $314,900 and determined it would take 10.17 years to afford a down payment, while the median rent was $1,750.

New York ranked 17th on the list, weighed down by a high median rent of $3,200 and the need to devote 67.5% of one’s income to rental housing. Nonetheless, the state was praised for a median income of nearly $57,000 for new college graduates and an unemployment rate of 3.5% for residents with a college degree.

GOBankingRates.com named Maryland as the best state for new college graduates, with Nevada placing last.

The criteria for the study included median income for someone who earned a bachelor’s degree, rent-to-income ratio, median home prices, the number of years it will take a college graduate to stop renting and own a home, job availability and the percent of jobs available for college graduates, and livability and quality of life.