Now that the school year is over, millions of recent college graduates are looking for jobs and places to live, and according to a new study, Dallas is one of the country's most affordable cities for them.
Real estate website Trulia found that two Texas cities are within the top five most affordable rental markets for recent grads: Dallas ranks No. 2, followed by Houston at No. 3.
To conduct the study, Trulia looked at the portion of rental homes on the site within financial reach of employed college graduates between the ages of 22 and 25. The standard for affordability is whether the total monthly payment, including rental payment and insurance, equals less than 31 percent of the metro area's median income for recent grads.
In Dallas, 14.9 percent of rental units are within reach for this group, with a maximum affordable rent payment of $799 per month. In Houston, 10.4 percent of rentals are attainable for recent grads, at a max monthly payment of $746.
No. 1 on the list is St. Louis, where early twentysomethings can afford 18.6 percent of rentals. Atlanta and Phoenix round out the top five.
According to the study, renters in Dallas and Houston might still need a roommate to make the median rental affordable. (Technically, in Dallas, it might require .5 of a person, but that has been rounded up.) In places like New York, Miami and Los Angeles, it could take as many as three roommates to make rent.
The most expensive cities for college grads are Portland, Oregon; southern California locales Riverside-San Bernardino, Orange County and San Diego; and Miami.