How this could impact your finances

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Gen Z and young professionals are more willing to move to a different city to get the right job opportunity. According to data from the university career network HandshakeNew York City received more job applications from students and recent graduates than any other US city. While there may be more job opportunities in cities like New York, Your higher cost of living could have a big impact on your long-term finances.

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Based on application data from Handshake, the Big Apple saw 6.7 times more job applications in 2022-2023 compared to the same period in 2018-2019. The city also received twice as many applications as the second most popular city, Chicago. While some cities’ populations have declined recently, Handshake noted that the top 15 have remained globally consistent when comparing pre-pandemic and post-pandemic data. Here are the results:

• 1. New York City, New York

• 2.Chicago, Illinois

• 3.Dallas, Texas

• 4. Los Angeles, California

• 5. Atlanta, Georgia

• 6.Boston, Massachusetts

• 7. San Francisco, California

• 8.Austin, Texas

• 9.Washington, DC

• 10.Houston, Texas

• 11. Seattle, Washington

• 12.Denver, Colorado

• 13. Philadelphia, Pennsylvania

• 14. San Diego, California

• 15. Miami, Florida

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Job opportunities often come at a cost

While cities like New York typically offer better job opportunities and higher wages, this could harm the long-term financial goals of younger generations. According to a 2023 Carlos Schwab In the survey, 36% of respondents said that living in New York “harms” their ability to achieve their financial goals as the “general cost of living is too high.”

A recent study of SmartAsset showed that, on average, a family of four needs to earn at least $318,406 to live comfortably in New York City. According to the US Census Bureau, that’s more than three times the city’s median household income of $76,607. I’m NY reported. The publication also noted that New York came out on top as the city with the highest salary needed for a single adult to live comfortably in the US, which is $138,570 per year — or $66.62 in hourly wages.

“The quality of life does not correspond to the high costs, not to mention that taxes are some of the highest in the country”, explained New Yorker Vittorio Bugatti to amNY. “For young people like me, it’s definitely going to be harder and harder for millennials and the next generation to be able to afford the basic costs of living here in New York.”

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This article originally appeared on GOBankingRates. with: Young professionals are keeping an eye on these cities: how this could impact their finances

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