When many college students graduate, they’re tempted by the thought of moving to a big, exciting city.
Indeed, cities like New York and San Francisco provide many opportunities for work and play, so it’s unsurprising that they tend to attract hungry, eager young adults. But they’re also some of the most expensive cities in which to rent an apartment.
Many financial experts say you shouldn’t spend more than 30 percent of your income on housing, but for most graduates living in big cities, rent is their biggest expense. That’s why they often struggle to make other payments, like student loans.