SAN FRANCISCO, CA - With graduation season fast approaching, new grads are beginning their hunt for new jobs and new apartments.
An interactive mapping tool out from HotPads shows upcoming college graduates how much of their salaries they can expect to spend in various neighborhoods across 11 of the nation's largest metropolitan areas. The data takes into account the graduates' anticipated annual salary by career field.
Moving to The Bay Area to teach elementary school? Don't plan on living in San Francisco's Nob Hill neighborhood unless you want to spend nearly three-quarters of your gross salary on rent. Teachers renting in Berkeley, on the other hand, will spend 35 percent of their gross salaries on rent.
Biochemist graduates moving to Boston may want to start their apartment search in Somerville, where just 17 percent of their salaries will go to rent, as opposed to 25 percent in Cambridge.
"When hunting for your first apartment after graduation, affordability is key," said HotPads Senior Marketing Manager John Doherty. "Our maps help new grads see just how much of their salaries they can potentially save by living in say, Culver City instead of Santa Monica or Arlington instead of Dupont Circle."
HotPads compiled the data, taking into account the median rent in select neighborhoods for studios, 1 bedroom, 2 bedroom and 3 bedroom units to find a median per person monthly rent estimate. Census data was then used to find gross salary figures of full-time workers aged 22 to 30 holding college degrees. The resulting maps give new graduates an idea of how much and where they can afford to rent based on their job.
Renters can search the interactive maps in Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York, Philadelphia, San Francisco, Seattle and Washington DC by clicking here.
HotPads is an easy-to-use online and mobile marketplace for renters looking for a house or apartment in urban areas. It is a top destination for both consumers and professionals, with a robust website and five mobile apps. HotPads is based in San Francisco.