With graduation season quickly approaching, recent graduates in Houston have reason to be optimistic: an updated salary research places the city’s median salary for college graduates at the top of the pack among the nation’s largest metropolises.
Gusto, a provider of payroll software, analyzed its database of small and medium-sized enterprises to determine the median salary of workers aged 20 to 24. The San Francisco firm discovered that once living expenses are taken into account, the average pay for recent college grads in Houston is $60,462.
“Houston is one of those areas where there’s both a lot of growth, there’s really solid pay, and— when you combine that with the low cost of living— turns out to be the city where new graduates can get the biggest value for their paychecks coming right out of college,” said Luke Pardue, a Gusto economist who conducted the research.
The survey found that after adjusting for cost of living, Houston had the highest average pay, narrowly beating out Philadelphia. Gusto discovered that while Philadelphia’s cost of living is roughly 5% higher than the national average, new graduate salaries there typically account for that.
According to Pardue’s estimates, a median annual income of $72,197 in New York City is actually equivalent to just $31,707 if the high cost of living is included in. The survey indicated that recent graduates may have a more difficult time competing for and getting those positions.
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Gusto forecasted a 25% decrease in the number of twenty-somethings employed for full-time positions this month compared to May 2022. According to Pardue, this is because of the slowing economy. “What we’re seeing overall is the market for new graduates is cooling down just a little bit,” Pardue said.
Even if hiring has slowed down, there are still openings available. Gusto discovered that the retail sector and the food and beverage industries both offered permanent positions.
You may view tweets about Houston’s newest grads here:
New graduates are likely to get a paycheck that stretches further in Houston compared to other major cities, based on data analyzed by Gusto. https://t.co/09dxnD2rGG
— Houston Chronicle (@HoustonChron) May 14, 2023
“These industries are hiring full-time positions in tech-forward roles, like e-commerce managers and software developers for retail firms that, after years of technological disruption, are trying to take advantage of a lot of these disruptions to grow their business in a tech-forward way,” Pardue said.
“And then looking geographically, what we saw was that a lot of this growth right now for new graduates is centered in the South and in Texas.”
Stay tuned to our website, as there is no better source than The California Examiner if you want to know what’s happening in the Golden State.