Finding an Affordable Place to Live in NYC for Recent Grads

Finding an Affordable Place to Live in NYC for Recent Grads

With many college students recently graduating, many are actively searching for an affordable place to live in NYC. The good news for recent college graduates is that the city is home to plenty of employment opportunities. In fact, recent data shows that the city’s private sector adds nearly 100,000 new jobs each year. On the other hand, the availability of affordable housing is not so abundant, as rent has increased by nearly four percent each year. As such, finding an apartment in the city that is a good fit for an entry-level salary is not a very easy task. To help recent graduates locate the best places to look for an affordable place to live in NYC, StreetEasy has crunched some numbers to determine the top 10 NYC neighborhoods for those who have recently graduated from college.

Determining the Best Places for Recent College Graduates to Live

In order to determine the best places for college graduates to live in NYC, StreetEasy considered a number of different factors. These factors include the ease of commute to those areas identified as major job centers, the number of apartments that are affordable to people earning less than $60,000 per year, the concentration of recent college graduates and the number of buildings that accept guarantors. After considering all of these factors, StreetEasy found that the top ten places for recent NYC graduates to live in the city are as follows:

  • Morningside Heights
  • Bedford-Stuyvesant
  • Financial District
  • Bushwick
  • Clinton Hill
  • Midtown South
  • Midtown West
  • Gramercy Park
  • Astoria
  • Gowanus

Exploring the Best Neighborhoods for NYC Graduates in Manhattan

Morningside Heights took the number one position for a variety of reasons. Not only does the neighborhood offer affordability, but the researchers felt that the neighborhood’s college environment helps make it a good place to transition from college life into a career path. While it still is not cheap to live there, it is one of the few neighborhoods in Manhattan where a two-bedroom can be rented for less than $3,000 per month. The neighborhood is also just a 30 minute commute from Union Square and Times Square.

For those with a guarantor, Midtown and the Financial District are good options for recent college grads. The biggest draw to these neighborhoods is the fast commute, but rental coasts are quite high and finding a roommate to help pay these high costs might be difficult.

Exploring the Best Neighborhoods for NYC Graduates in Brooklyn

Recent college grads who are willing to look outside of Manhattan will find more affordable options available to them. The Brooklyn neighborhoods of Bed-Stuy, Bushwick, Clinton Hill and Gowanus are amongst the most affordable NYC neighborhoods on the list, particularly for those who don’t mind having multiple roommates to help split the bill. While the neighborhoods of Dumbo and Downtown Brooklyn would certainly be appealing due to the short commute to the Financial District, finding a two-bedroom for less than $3,000 per month in these neighborhoods is nearly impossible.

Exploring the Best Neighborhoods for NYC Graduates in Queens

In Queens, the neighborhood of Astoria was the only one to make the list. The neighborhood was found to have many apartments that would be affordable for those who are earning less than $60,000 per year.

As recent graduates navigate the challenge of finding affordable living spaces in NYC, it’s also beneficial to consider the long-term value of their investments. Integrating smart home technology can significantly enhance a property’s appeal and value. Learn more about this by exploring how to boost your home’s value with smart technology.