Montana One of Best-Paying States for Recent College Grads
A new survey from Self.inc reveals that Montana could be the "Treasure State" for many new college graduates, with only one other state in the U.S. having a higher average pay for recent grads.
Using the latest earnings data from the U.S. Census Bureau, and cost of living data from the U.S. Bureau of Economic Analysis, the report showed recent graduates working full-time in North Dakota had the highest median earnings in the country at $53,751.
Montana is the second best-paying state in America for recent grads, after adjusting for the cost of living, with a median earning of $51,337. Compare that to New Mexico, which is one of the lowest-cost states to live in, who had a median earning of $36,224 per year for recent college graduates.
The good news is that while the median wage for recent graduates (adjusted for inflation) has fluctuated over the last several decades, the number hit a new peak last year, climbing by nearly $4,500 from 2019 to 2020. -Self.inc
There is some concern with this survey, because the data collected was from March 2020, and doesn't "adequately reflect the impact of the COVID-19 pandemic." The survey author Lauren Bringle says "it remains to be seen how wages will be affected in the coming years," with graduates navigating the worst job market since the Great Depression.
Median earnings for recent graduates with a computer science degree is $70,000 per year, 40 percent higher than the typical graduate. Engineering degrees, such as chemical, computer, and electrical, were also among the best-paid, according to the survey.
Attaining a bachelor’s degree boosts earning potential by a large margin—median annual earnings of recent college graduates is about $20,000 more than workers of the same age with only a high school diploma.
The survey also listed the Best-Paying Cities for Recent Graduates, and these were the Top 5:
- San Jose-Sunnyvale-Santa Clara, CA $56,827
- St. Louis, MO-IL $53,274
- Kansas City, MO-KS $52,802
- Pittsburgh, PA $52,706
- Detroit-Warren-Dearborn, MI $52,466
CLICK HERE to see the entire Best-Paying Cities for Recent College Grads survey from Self.inc.
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