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If You're a New Grad, Can You Actually Afford to Live Alone?

by LiveModern Webmaster last modified May 27, 2018 01:08 AM
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by Megan Johnson last modified May 25, 2018

You can only have your leftover lo mein eaten by your roommates so many times before you start to curse communal living. And for the legions of recent grads who are moving on from college dorms this spring, living alone may sound like a dream come true. But is it financially feasible? Locking down a job is the first step to determining your rent budget. Consulting firm Korn Ferry analyzed salaries of 310,000 entry-level positions from nearly 1,000 organizations across the US, and determined those who graduate college in 2018 with a bachelor's degree can expect to earn an average of $50,390 annually in their first jobs, CNN reports . (If you Liberal Arts majors nearly choked on your lunch at that number, keep in mind that careers in the science, technology, engineering and math-related fields have much higher starting pay. In fact, the average pay for entry-level software developers is $67,236!) I took a look at the average starting salaries in several American cities to see if living in a studio or one-bedroom apartment was financially possible without spending over one-third of a new grad's monthly salary (the recommended amount to spend on housing). Spoiler alert: It's not! READ MORE »






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