In this edition of The Price Point—a weekly series where Redfin data journalists explore current housing inventory across a rotating combination of budgets and metro areas—we’re shifting our focus toward a few of the best cities for new college grads, according to Redfin’s latest report on the subject (conducted in partnership with Glassdoor).
And with early-career folks in mind, we’re looking at an affordable price point: $250,000. The quarter-million mark is firmly “starter home” territory across most of the country, but the size of these starter homes can vary quite a bit depending on where you look.
What $250,000 Gets You In Washington, D.C.: Tons of Tiny Condos
The nation’s capital ranked as our best big city for recent college grads because it has a robust entry-level job market offering strong salaries—and while housing isn’t exactly cheap, it’s more affordable than many other big coastal cities.
Here, $250,000 typically buys condo living—often compact, but close to transit, nightlife, and major employers. For new grads prioritizing location over square footage, these homes offer a foothold in some of D.C.’s most connected neighborhoods.
This $250,000 1-bed, 1-bath condo is a prime example. At 542-square-feet, living space is limited; but its location in the heart of Downtown D.C. delivers the ultimate urban convenience experience—world-class dining, shopping, nightlife and cultural attractions are all steps away.
542 sq ft condo in Washington, DC listed by Redfin agent Erick Harrell
A bit further out from the city center, $250,000 buys some extra square footage—but still not a lot. Case in point: this 747-square-foot studio condo in D.C.’s leafy Van Ness neighborhood is currently listed for $214,900.
747 sq ft condo in Washington, DC listed by Redfin agent Mary Bazargan
Local Redfin agent Errick Harrell summed up the D.C. market at the $250,000 price point this way: “It will definitely get you in, but you’ll have to make lots of tradeoffs on size, location or HOA fees.”
What $250,000 Gets You In New Orleans, LA: Colorful Cozy Homes
New Orleans ranked as our best mid-sized destination for young professionals because, in addition to the nonstop fun of its French Quarter, the city also has lots of jobs in industries like hospitality, energy, education and aerospace—and a lower cost of living than many other comparable metros.
Instead of compact condos, $250,000 can net buyers single-family homes with outdoor space, historic details, and enough room for roommates or an office setup. This colorful, 1,330-square-foot shotgun-style 3-bedroom, 2-bathroom, currently listed for $215,000, is standard New Orleans fare. The home also features a large garage on an additional lot—a huge win for anyone with a creative or entrepreneurial practice.
1,330 sq ft home in New Orleans, LA listed by Redfin agent Austin Thompson
This 3-bedroom, 2-bathroom home, meanwhile, pushes on the upper limits of what a quarter-million dollars can buy in many major metros. Spacious common areas, generous bedrooms, and traditional architectural details give the property a distinctly New Orleans feel, while the price point ($257,500) highlights how comparatively affordable the city remains.
1,975 sq ft home in New Orleans, LA listed by Redfin agent Jason Gale
Redfin premier agent Jason Gale tells Redfin News that many New Orleans sellers have been cutting their prices as of late, so now is a particularly good time for first-time buyers to enter the market.
What $250,000 Gets You In Minneapolis, MN: Modest Starter Homes
Rochester, MN, near Minneapolis, made our best small cities for new grads list thanks to its laid-back Midwestern vibe, thriving arts community and access to ample outdoor activities. Like Minneapolis more broadly, its early-career scene is anchored by the Mayo Clinic and a strong healthcare sector, with solid growth in manufacturing, retail and small business.
In general, the Twin Cities metro area lands somewhere between D.C. and New Orleans in terms of value. Buyers at this price point can still find modest single-family homes or sizable condos, often in neighborhoods close to the University of Minnesota and downtown job centers.
This home in Minneapolis’ Como neighborhood offers the kind of starter-home setup that has become increasingly difficult to find in many U.S. cities: multiple bedrooms, a yard, and more than 1,300 square feet of living space for under $250,000. For new grads hoping to transition from renting to ownership, it’s the type of property that leaves room for future flexibility.
1,352 sq ft home in Minneapolis, MN listed by Redfin agent James Garry
Elsewhere, this 2-bedroom, 2-bathroom condo near the University of Minnesota trades yard space for convenience and lower maintenance. With over 1,000 square feet, modern finishes, and proximity to campus and transit, it offers a middle ground between urban condo living and a traditional starter home for a little more than $250,000.
1,023 sq ft condo in Minneapolis, MN listed by Redfin agent James Garry
Still, Minneapolis Redfin agent James Garry notes that inventory in and around the $250,000 price point is somewhat hard to come by these days. “Homes in this price range tend to be concentrated in a few pockets of neighborhoods in Minneapolis and St. Paul proper,” Garry says. “The competition can be intense.”
Editor’s note: This is a weekly column. The listing status and prices of featured homes are subject to change.
