The average cost of renting a two-bedroom apartment in Boston is $2,821, meaning that one would need to earn $120,900 to afford it. Millennials, on average, earn only $48,146 a year, and pay $317 each month toward student loans.
Yet, according to CNBC, Boston was one of the most popular cities to live post-college. A new report from LendingTree found that other expensive metros, including San Francisco, Washington, D.C., and New York City, draw in young adults. Problem is, student debt averages $27,162 per borrower.
Too often, graduates choose cities based on career opportunities and highest starting salaries. However, they overlook the bigger picture, according to Doug Lebda, founder and CEO of LendingTree. "Consider the total cost of life," he said, which means it might make sense to look at other cities where the cost of living is lower and the salaries are, too, he added. "Think about where you are going to get the highest return," he said.