With cap and gown season approaching for local colleges, a new interactive mapping tool reveals the best places for newly minted graduates to live based on how much of their salary would go toward rent.
"College graduates today face the challenge of entering an increasingly expensive rental market on an entry-level salary," said John Doherty, senior marketing manager at San Francisco's HotPads, an online apartment and home rental search engine. "That's why we created this tool — to provide clarity into where they can best afford to live in the cities where they're accepting jobs."
Grads can search interactive maps for 11 of the nation's largest metropolitan areas, including Boston.
After selecting their profession from a drop-down menu, they can click on the neighborhoods of each city and surrounding communities to see the median per-person monthly rent for studio to three-bedroom apartments and what percentage of their gross salary would be devoted to paying rent. HotPads used census data for full-time, 22- to 30-year-old workers with four-year college degrees for the median incomes provided for entry-level occupations.
A computer programmer making $60,000, for example, would pay 52 percent of his salary on rent in the Back Bay, where the median per-person rent is $2,600 per month, according to the HotPads map. In Dorchester, where the median per-person rent is $750, the figure drops to 15 percent.
With parents likely no longer footing the bill for rent, recent grads who want to stay in Boston and avoid the college crowds can look near Cleveland Circle, off Beacon Street in the Strathmore and Chiswick roads area of Brighton, according to Cari Hook, a real estate broker at Metro Realty Corp. in Brookline.
"You kind of avoid a lot of the undergrad crowds, because students want to be closer in general to school," Hook said. "You can find one-bedrooms ranging from $1,450 to $1,650. You can find studios for $1,150 to $1,400."
First-year medical residents coming to Boston right now to work in the Longwood Medical area are heading outside of the hospital area for rentals, according to Hook.
"They make $59,000, and they can't afford Brookline or Fenway anymore, so they're heading to Jamaica Plain," she said. "Hyde Square is very good."
"It's tough right now," Hook said of the rental market, pointing to the pipeline of luxury apartments in the Fenway, Seaport District and Downtown Crossing. "We have no idea who's going to afford those. Even couples are still going to have to pay $1,500 each, and that's a lot for a starting salary."
Immediately outside of Boston, a dietician or nutritionist earning a $36,105 salary would find themselves paying 43 percent of that on rent in Cambridge, ($1,283 per month median per-person rent) and 30 percent in Somerville ($900).
There's an influx of 23- to 27-year-olds looking to live in Somerville's Davis Square, according to Craig Scanzio of Benoit Real Estate Group in that city.
"It's the place where kids want to live once they get out of college," Scanzio said. "They room together in three- and four-bedrooms, and each one is paying $800, $900 month."
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