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Contact:	Lori Myers, Richmond Public Relations PH 206.682.6979 FX 206.682.7062 lorim@richmondpr.com

ERI Economic Research Institute Releases Survey on Best and Worst Cities for College Grads Based on salary/cost of living, Knoxville, TN rated best

REDMOND, WA - July 6, 2006 -

According to a recent study by ERI Economic Research Institute (www.erieri.com), Knoxville, Tennessee and Bridgeport, Connecticut are the most affordable cities for a college graduate just entering the workforce; while New York City and San Francisco are the least affordable.

College graduates living in Manhattan earn salaries that are 20% above the national average, but the cost of living is over twice the national average. In Knoxville, salaries are 8% below the national average, but the cost of living is 22% below the national average, affording new graduates a significantly higher standard of living.

"Knoxville is a 'creative class' city with the things college graduates are looking for," says Michael Edwards President & CEO of the Knoxville Chamber. "The city has an energy fed by the innovative things happening at the University of Tennessee and the National Lab located here, a vibrant downtown, and fantastic outdoor recreation opportunities including those in the Great Smoky Mountains National Park. On top of that, we've seen rising wages and the creation of more than 20,000 net new jobs in the last three years. Knoxville is a great place for anyone to build a career – particularly college graduates."

According to ERI's 2006 Geographic Reference Report, the unemployment rate is low in Knoxville: 4.1% compared to the US National Average of 4.6%.

For its Affordability Index, ERI compared the cost of living in 261 US metro areas using its Relocation Assessor^® software. Then using its Salary Assessor^® and Geographic Assessor^® software, ERI looked at local salaries for entry-level jobs in five fields: accounting, law, teaching, sales, and engineering.

The 10 most affordable cities for college graduates are:

City
Rank
Salary Level Compared to National Average
Cost of Living Level Compared to National Average
Affordability Index

Knoxville, Tennessee
1
-8%
-21.5%
13.5%

Bridgeport, Connecticut
2
15%
+2%
13%

Kokomo, Indiana
3
-2%
-14.9%
12.9%

Reading, Pennsylvania
4
0%
-10.3%
10.3%

Florence, Alabama
5
-10%
-19.1%
9.1%

York, Pennsylvania
6
-3%
-10%
7%

Peoria, Illinois
7
0
-5.6%
5.6%

Charleston, West Virginia
8
-8%
-13.6%
5.6%

Idaho Falls, Idaho
9
-8%
-13.4%
5.4%

Huntsville, Alabama
10
-6%
-10.8%
4.8%

The 10 least affordable cities are:

New York – Manhattan
261
20%
119.4%
-99.4%

San Francisco, California
260
21%
102.1%
-81.1%

Washington, DC
259
7%
66.2%
-59.2%

Honolulu, Hawaii
258
12%
64.6%
-52.6%

Los Angeles, California
257
13%
61.2%
-48.2%

San Diego, California
256
7%
48.3%
-41.3%

Sarasota, Florida
255
-8%
30.4%
-38.4%

Boulder, Colorado
254
2%
36.3%
-34.3%

Boston, Massachusetts
253
14%
46%
-32%

Bangor, Maine
252
-9%
22.6%
-31.6%

The rankings for all cities surveyed are:

Rank	City	Index
1	Knoxville, Tennessee	13.5
2	Bridgeport, Connecticut	13
3	Kokomo, Indiana	12.9
4	Reading, Pennsylvania	10.3
5	Florence, Alabama	9.1
6	York, Pennsylvania	7
7	Peoria, Illinois	5.6
8	Charleston, West Virginia	5.6
9	Idaho Falls, Idaho	5.4
10	Huntsville, Alabama	4.8
11	Springfield, Ohio	4.6
12	Las Vegas, Nevada	4.4
13	Gary, Indiana	4.3
14	Harrisburg, Pennsylvania	4.3
15	Green Bay, Wisconsin	4.1
16	Richland, Washington	4
17	Clarksville, Tennessee	3.8
18	Waco, Texas	3.6
19	Riverside, California	3.5
20	Duluth, Minnesota	3.4
21	Memphis, Tennessee	3.4
22	Syracuse, New York	3.1
23	Allentown, Pennsylvania	3.1
24	Springfield, Illinois	3
25	Birmingham, Alabama	3
26	Pocatello, Idaho	3
27	Binghamton, New York	2.9
28	Beaumont, Texas	2.4
29	Little Rock, Arkansas	2.4
30	Bremerton, Washington	2.3
31	Muskegon, Michigan	2.2
32	Pine Bluff, Arkansas	2.1
33	Brownsville, Texas	2.1
34	Springfield, Massachusetts	1.9
35	Vineland, New Jersey	1.6
36	Oklahoma City, Oklahoma	1.6
37	Lynchburg, Virginia	1.5
38	Bismarck, North Dakota	1.2
39	Salem, Oregon	1.1
40	Longview, Texas	1.1
41	San Antonio, Texas	0.8
42	Akron, Ohio	0.7
43	Buffalo, New York	0.6
44	Amarillo, Texas	0.6
45	New Brunswick, New Jersey	0.5
46	Cincinnati, Ohio	0.5
47	Erie, Pennsylvania	0.5
48	Altoona, Pennsylvania	0.3
49	Lansing, Michigan	0.2
50	Salisbury, North Carolina	0.2
51	South Bend, Indiana	0.1
52	Tulsa, Oklahoma	0.1
53	Lubbock, Texas	0.1
54	Greenville, Mississippi	0.1
55	Bakersfield, California	0
56	Johnstown, Pennsylvania	0
57	Fort Wayne, Indiana	-0.2
58	Chattanooga, Tennessee	-0.3
59	Grand Forks, North Dakota	-0.4
60	Utica, New York	-0.5
61	Lima, Ohio	-0.5
62	Hartford, Connecticut	-0.6
63	Waterloo, Iowa	-0.6
64	Casper, Wyoming	-0.6
65	Des Moines, Iowa	-0.9
66	Galveston, Texas	-1
67	Milwaukee, Wisconsin	-1.1
68	Racine, Wisconsin	-1.1
69	New London, Connecticut	-1.2
70	Houston, Texas	-1.3
71	Florence, South Carolina	-1.3
72	Fairbanks, Alaska	-1.5
73	Modesto, California	-1.5
74	Fort Smith, Arkansas	-1.5
75	Rochester, New York	-1.6
76	Jackson, Mississippi	-1.6
77	Nashville, Tennessee	-1.9
78	Albany, Georgia	-1.9
79	Saginaw, Michigan	-2
80	Rockford, Illinois	-2
81	Louisville, Kentucky	-2
82	Appleton, Wisconsin	-2
83	Canton, Ohio	-2
84	Boise, Idaho	-2
85	Anderson, Indiana	-2.1
86	Corpus Christi, Texas	-2.1
87	Pueblo, Colorado	-2.1
88	Scranton, Pennsylvania	-2.1
89	Frankfort, Kentucky	-2.1
90	Providence, Rhode Island	-2.2
91	Champaign, Illinois	-2.3
92	Lake Charles, Louisiana	-2.4
93	Fargo, North Dakota	-2.4
94	Chico, California	-2.6
95	Reno, Nevada	-2.7
96	Benton Harbor, Michigan	-2.7
97	Yakima, Washington	-2.8
98	Billings, Montana	-2.8
99	Kingsport, Tennessee	-3.1
100	Fayetteville, Arkansas	-3.1
101	Newport News, Virginia	-3.2
102	La Crosse, Wisconsin	-3.2
103	Detroit, Michigan	-3.3
104	Norwich, Connecticut	-3.3
105	Youngstown, Ohio	-3.3
106	Monroe, Louisiana	-3.4
107	Elkhart, Indiana	-3.5
108	Abilene, Texas	-3.5
109	Nashua, New Hampshire	-3.6
110	Shreveport, Louisiana	-3.6
111	Laramie, Wyoming	-3.6
112	Vallejo, California	-3.8
113	San Bernardino, California	-3.8
114	Trenton, New Jersey	-3.9
115	Danbury, Connecticut	-4
116	Savannah, Georgia	-4
117	Helena, Montana	-4.1
118	Poughkeepsie, New York	-4.2
119	Spokane, Washington	-4.3
120	New Haven, Connecticut	-4.4
121	Indianapolis, Indiana	-4.4
122	Tuscaloosa, Alabama	-4.5
123	Rock Island, Illinois	-4.7
124	El Paso, Texas	-4.7
125	Newark, New Jersey	-4.8
126	Gainesville, Florida	-4.8
127	Tallahassee, Florida	-5.1
128	Lancaster, Pennsylvania	-5.1
129	Augusta, Georgia	-5.2
130	Melbourne, Florida	-5.2
131	Cleveland, Ohio	-5.3
132	Terre Haute, Indiana	-5.3
133	Provo, Utah	-5.4
134	Evansville, Indiana	-5.6
135	Eugene, Oregon	-5.7
136	Montgomery, Alabama	-5.6
137	Tacoma, Washington	-5.6
138	Toledo, Ohio	-5.7
139	Macon, Georgia	-5.8
140	Pensacola, Florida	-5.8
141	Baton Rouge, Louisiana	-5.9
142	Great Falls, Montana	-5.9
143	Dayton, Ohio	-6
144	Norfolk, Virginia	-6
145	Pierre, South Dakota	-6.1
146	Jamestown, New York	-6.2
147	Wichita, Kansas	-6.2
148	New Bedford, Massachusetts	-6.5
149	Orlando, Florida	-6.5
150	Anchorage, Alaska	-6.6
151	Roanoke, Virginia	-6.6
152	Rochester, Minnesota	-6.7
153	Springfield, Missouri	-6.7
154	Sioux Falls, South Dakota	-6.7
155	Grand Rapids, Michigan	-6.8
156	Topeka, Kansas	-6.8
157	Sioux City, Iowa	-6.8
158	Alexandria, Louisiana	-6.8
159	Minneapolis, Minnesota	-6.9
160	Madison, Wisconsin	-6.9
161	Twin Falls, Idaho	-6.9
162	Paramus, New Jersey	-7
163	Concord, New Hampshire	-7
164	Sacramento, California	-7.1
165	Omaha, Nebraska	-7.1
166	Lincoln, Nebraska	-7.1
167	Santa Rosa, California	-7.2
168	Worcester, Massachusetts	-7.2
169	Winston Salem, North Carolina	-7.2
170	Ann Arbor, Michigan	-7.6
171	Bellevue, Washington	-8
172	Albuquerque, New Mexico	-8
173	Burlington, Vermont	-8.1
174	Brockton, Massachusetts	-8.2
175	Kansas City, Missouri	-8.3
176	Fayetteville, North Carolina	-8.5
177	Columbus, Ohio	-8.6
178	Salt Lake City, Utah	-8.6
179	Lexington, Kentucky	-8.6
180	Petaluma, California	-8.8
181	Albany, New York	-8.9
182	Pittsfield, Massachusetts	-9
183	Tampa, Florida	-9
184	Bradenton, Florida	-9.2
185	Austin, Texas	-9.4
186	Greensboro, North Carolina	-9.4
187	St Louis, Missouri	-9.6
188	Colorado Springs, Colorado	-9.6
189	Olympia, Washington	-9.7
190	Richmond, Virginia	-10.2
191	Mesa, Arizona	-10.2
192	Fort Collins, Colorado	-10.3
193	Greenville, South Carolina	-10.4
194	Cedar Rapids, Iowa	-10.5
195	Stockton, California	-10.6
196	Pittsburgh, Pennsylvania	-10.6
197	Asheville, North Carolina	-10.8
198	Fort Myers, Florida	-10.9
199	Wilmington, North Carolina	-11.3
200	Wilmington, Delaware	-11.4
201	Denver, Colorado	-11.4
202	Manchester, New Hampshire	-11.5
203	Fort Worth, Texas	-11.5
204	Lafayette, Louisiana	-11.5
205	Dallas, Texas	-11.6
206	Baltimore, Maryland	-11.8
207	Carson City, Nevada	-11.8
208	Miami, Florida	-12
209	Columbia, South Carolina	-12
210	Battle Creek, Michigan	-12.3
211	Rapid City, South Dakota	-12.7
212	Columbus, Georgia	-13
213	Boca Raton, Florida	-13.1
214	Fresno, California	-13.3
215	Raleigh, North Carolina	-13.3
216	Everett, Washington	-13.5
217	Bellingham, Washington	-13.5
218	St Cloud, Minnesota	-13.5
219	Huntington, West Virginia	-14
220	Tucson, Arizona	-15.1
221	Jacksonville, Florida	-15.5
222	Atlantic City, New Jersey	-15.7
223	Portland, Maine	-15.7
224	Portland, Oregon	-15.9
225	Phoenix, Arizona	-15.9
226	Charlotte, North Carolina	-16.6
227	Seattle, Washington	-16.7
228	Chicago, Illinois	-16.9
229	Philadelphia, Pennsylvania	-17.4
230	Cheyenne, Wyoming	-17.6
231	Santa Fe, New Mexico	-17.7
232	Monterey, California	-17.9
233	Ventura, California	-17.9
234	Fort Lauderdale, Florida	-17.9
235	Stamford, Connecticut	-18.5
236	San Jose, California	-18.8
237	Atlanta, Georgia	-19.3
238	Las Cruces, New Mexico	-19.4
239	Daytona Beach, Florida	-19.5
240	Parkersburg, West Virginia	-20.2
241	Flagstaff, Arizona	-21.7
242	Charleston, South Carolina	-22.8
243	Juneau, Alaska	-23.4
244	Santa Cruz, California	-23.4
245	Oakland, California	-25.5
246	Portsmouth, New Hampshire	-25.5
247	Santa Barbara, California	-25.9
248	Long Beach, California	-26.4
249	Brookhaven, New York	-26.5
250	Queens, New York	-30.8
251	Anaheim, California	-31.2
252	Bangor, Maine	-31.6
253	Boston, Massachusetts	-32
254	Boulder, Colorado	-34.3
255	Sarasota, Florida	-38.4
256	San Diego, California	-41.3
257	Los Angeles, California	-48.2
258	Honolulu, Hawaii	-52.6
259	Washington, District Of Columbia	-59.2
260	San Francisco, California	-81.1
261	New York-Manhattan, New York	-99.4

"Look beyond just the salary when choosing a job," says ERI Senior Associate Jim Brennan. "Rent, utilities, taxes, and transportation are keys to affordability."

For example, ERI's Relocation Assessor software calculates an entry-level attorney in Boulder, Colorado will pay $10,900 more per year on rent and utilities, $2,000 more on taxes, $1,800 more on consumables, and $400 more on transportation than in Knoxville, Tennessee. That's over $15,000 more to purchase the same standard of living (based on renting a 700 sq. ft. apartment and owning one car worth $7,000 that's driven 15,000 miles per year). But an entry-level attorney can only expect to earn $3,800 more working in Boulder than in Knoxville.

ERI Economic Research Institute, Inc., is a compensation research firm specializing in salary survey and cost-of-living analyses. Based in Redmond, Washington, ERI provides compensation information to 10,000 organizations worldwide. With data gathered from online surveys and an extensive survey library, ERI's staff of 50 provides subscribers with compensation analyses including assessments on salary, relocation, the cost of living, and executive compensation in the United States, Canada, the United Kingdom, and other countries throughout Europe. To learn more about ERI's compensation reports and software, visit www.erieri.com.

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News - For Immediate Release