Wednesday, July 26, 2017

The Top Cities To Live in For Those With Student Loan Debt (Study)

debt for students
Finding a place to live depends on a variety of factors. For those who are trying to pay down student loan debt, and climb out of the debt hole they’re in, the cost of living is a primary concern. Targeting cities where these costs are lower is a great way to balance your budget. It will also ensure that you have enough flexibility to continue making consistent loan payments.

Beyond the cost of living, there are other factors for recent graduates to consider. Join us as we examine these considerations and discover excellent places to live for student loan borrowers.

The Best Places to Live For Students With Loan Debt

Looking at the cost of living is an important start. What is the average rent or mortgage payment in the city you’re considering? Beyond this, you should also consider factors like these: 

Taxes - what kind of sales tax or state income taxes are present in the state you’re considering?
Employment - What kind of job opportunities are present in the area where you’re clearing?
Real Estate Value - Consider the value on the home you would be purchasing. Does it offer good value if you decide to sell later?
Crime statistics - You should check to see the crime rates so you know you’re choosing a safe place to live.
Education - If you pay off your student loans and decided to go back to school for a master’s degree, what kind of schools are in the area where you’re looking?

Considering these things is important, but the ultimate factor will be the cost of living. To help students struggling with loan debt, Credible published a study that examines the best and worst cities to live for borrowers. To compile this data, the study targeted the top 23 most populated U.S. cities.

The study took the average income of borrowers in each of the cities, and factored in things like housing payments and average monthly loan payments. Through this, the answers became clear.

Take a look below for the results of this study, and let us know which cities you would recommend for borrowers paying off student loan debt in the comments!

No comments: