New York City, the city that never sleeps, is apparently the worst place to start a career, according to a recent study conducted by personal finance site WalletHub. In the “2023’s Best & Worst Places to Start a Career” report, NYC ranked last out of 182 cities, making it a challenging environment for recent college graduates looking to kickstart their professional lives.
The study analyzed various metrics across categories such as professional opportunities and quality of life. Unfortunately for NYC, it scored the lowest across 26 metrics, including the number of entry-level jobs available per 100,000 working-age residents, average monthly starting salary, housing affordability, and the average length of the workweek. These findings contributed to its abysmal ranking of 182nd place.
One particularly alarming discovery was that New York City has the lowest number of entry-level jobs per 100,000 professionals aged 16 and up. The disparity is striking, with NYC offering 18 times fewer entry-level job opportunities than Orlando, the city with the most available.
While New York City did fare slightly better in the ranking of professional opportunities, securing 181st place ahead of Gulfport, Miss., it still struggled in terms of quality of life, landing in 174th place. However, the city’s quality of life ranked higher than several other locations, including Oxnard, Moreno Valley, and Stockton in California, as well as Detroit, Bridgeport, Conn., and Newark, NJ.
WalletHub’s rankings were based on data collected from various sources, including the US Census Bureau, the Bureau of Labor Statistics, Indeed.com, and Glassdoor. These statistics shed light on the residential areas and economics of each city included in the study.
New York City’s disappointing performance in the WalletHub report comes on the heels of the city’s sky-high rents hitting record-breaking levels for the second consecutive month. Manhattan tenants faced an average rent of over $4,200 in April, marking a 1.6% increase from the previous month. Rent prices for studio apartments experienced the most significant jump, rising by 13.5% compared to last year.
The steep rise in rent prices is not limited to Manhattan alone; Brooklyn and Queens saw increases of 14.8% and 12.8%, respectively, compared to the previous year. The soaring rent prices, coupled with a significant drop in new leases, indicate that tenants may be choosing to renew their leases due to limited options with comparable amenities.
Unfortunately for aspiring professionals, there are no signs of rent rates slowing down as the city approaches its peak rental season in the summer. Rent drops before then would likely be contingent on an economic event, such as a recession with notable job loss.
As New York City’s appeal as a career-launching destination dwindles, young professionals may need to consider alternative cities that offer better opportunities and a more favorable cost of living. While the Big Apple will always hold a certain allure, it seems that for now, dreams of career success might be better pursued elsewhere.
