More than ever before, American households are experiencing a sort of boomerang effect: young adults are moving back in with their parents after graduating from college. It’s a move that, more than anything else, is financially motivated. The job market for recent college grads is improving, but they still face an uphill battle, especially considering the increase in student debt. All things considered, a spot in mom and dad’s spare room doesn’t sound too shabby.
Despite these obstacles, there are affordable options for young adults who want to leave the nest, even in big cities where the cost of living is typically higher than the U.S. average. Using data from the Economic Policy Institute’s 2015 Family Budget Calculator, CareerTrends found the 10 most affordable metros for young adults.
The list includes only metros with a population of at least 1 million people and is ranked by the monthly dollar amount required for a single adult with no children. The average cost of living for young adults in large metros is $2,571 per month, and each metro included has a monthly total cost below the national average.The EPI provides an estimate of cost of living for different family sizes across 618 different locations, with the dollar amount including estimated costs for different sub-categories such as rent, food and taxes.
Three of the top 10 most affordable metros are located in Ohio, and the Midwest in general is well represented. Conversely, metros in California were too pricey to make the cut.
#10. Minneapolis-St. Paul-Bloomington, MN
Population: 3.42 million
Estimated monthly budget: $2,269
Estimated annual budget: $27,224
#9. Columbus, OH
Population: 1.95 million
Estimated monthly budget: $2,266
Estimated annual budget: $27,193
#8. Pittsburgh, PA
Population: 2.36 million
Estimated monthly budget: $2,260
Estimated annual budget: $27,124
#7. Grand Rapids-Wyoming, MI
Population: 1.01 million
Estimated monthly budget: $2,234
Estimated annual budget: $26,807
#6. Memphis, TN
Population: 1.34 million
Estimated monthly budget: $2,231
Estimated annual budget: $26,774
#5. San Antonio-New Braunfels, TX
Population: 2.24 million
Estimated monthly budget: $2,201
Estimated annual budget: $26,416
#4. Cleveland-Elyria-Mentor, OH
Population: 2.07 million
Estimated monthly budget: $2,176
Estimated annual budget: $26,106
#3. Detroit-Warren-Livonia, MI
Population: 4.29 million
Estimated monthly budget: $2,173
Estimated annual budget: $26,072
#2. Cincinnati-Middleton, OH
Population: 2.13 million
Estimated monthly budget: $2,117
Estimated annual budget: $25,403
#1. Oklahoma City, OK
Population: 1.3 million
Estimated monthly budget: $2,109
Estimated annual budget: $25,304
