College grads living in San Antonio already have a lot on their minds this summer with job searching and career building, but at least they won't have to worry as much about where to put down roots: San Antonio is the No. 4 best U.S. market for new graduates in 2024, according to a new report by Zillow.
Zillow compared the rent affordability, job market, and demographics across the 100 largest U.S. metros to determine the best housing markets for recent graduates.
San Antonio's real estate market has dramatically improved as a prospect for new graduates since 2023, when it previously ranked No. 60 nationwide in a separate report by ApartmentAdvisor.
The remaining top housing markets are located in Phoenix, Arizona (No. 1); Albuquerque, New Mexico (No. 2); Colorado Springs, Colorado (No. 3); and Portland, Oregon (No. 5).
Based on the study's data, new college grads in San Antonio make an average salary of $61,643 a year. The typical rent in the city is $1,477 per month, which Zillow points out is the most affordable monthly rent price out of the top five markets.
Moreover, the report found San Antonio rent prices add up to 28.8 percent of a graduate's annual income. This allows residents the flexibility to explore all of what the city has to offer, or to put money away for a future down payment, says Zillow economic research data scientist Anushna Prakash.
"Zillow's best markets for new grads are great places to kickstart a career and take the first steps of adulthood," said Prakash. "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."
Concessions – like a free month of rent or free parking – are another big factor that boosted San Antonio's ranking, as nearly half (48 percent) of all rental listings in the city offer concessions.
San Antonio was the highest-ranked Texas city in the nationwide housing market analysis, with Dallas (No. 6) and Austin (No. 10) falling behind.
The top 10 housing markets for new graduates in 2024 are:
- No. 1 – Phoenix, Arizona
- No. 2 – Albuquerque, New Mexico
- No. 3 – Colorado Springs, Colorado
- No. 4 – San Antonio, Texas
- No. 5 – Portland, Oregon
- No. 6 – Dallas, Texas
- No. 7 – Raleigh, North Carolina
- No. 8 – Denver, Colorado
- No. 9 – Spokane, Washington
- No. 10 – Austin, Texas