SACRAMENTO (CBS13) – The typical college graduate will spend approximately 76 percent of his or her income on rent in Sacramento, more than 30 percent more than the nationwide average.
Analysis done by HotPads, which is owned by Zillow, puts the median rent in Sacramento at $2,005 a month, up 46.4 percent in a decade. While the Class of 2019 will spend 75.9 percent of the median income on rent, the Class of 2009 spent only 47%.
Nationwide, the median rent in the 50 largest metro areas is $1,535, and the median income for the Class of 2019 is $40,673.
The majors with the lowest rent burden (U.S.):
- Mining and Mineral Engineering: 24.3 percent
- Materials Engineering and Materials Science: 26.3 percent
- Applied Mathematics: 26.8 percent
- Computer Engineering: 26.8 percent
- Electrical Engineering: 26.8 percent
The majors with the highest rent burdens (U.S.):
- Studio Arts: 76.1 percent
- Counseling Psychology: 74 percent
- Linguistics and Comparative Language and Literature: 71.3 percent
- Humanities: 70.3 percent
- Miscellaneous Fine Arts/Music/Drama and Theater Arts: 69.7 percent
Several cities have higher rent burdens than Sacramento for the Class of 2019:
- Miami/Ft. Lauderdale: 77.1 percent
- San Diego: 81.9 percent
- Los Angeles: 88.6 percent
HotPads found recent grads are affording rent by getting roommates or moving home with their parents.
There’s a new, third option in the Sacramento region. Renters get a fully furnished home, with a lounge, spa, cleaning, and laundry all included– and it’s only $1,000 a month. So, what’s the catch? You have to share the home with strangers.