Kansas City ranks No. 3 among nation's best-paying metros for recent college grads

Kansas City ranks third in the nation in adjusted pay for recent college graduates, according to a report from Self Financial.

The median earnings for recent college graduates working in the Kansas City metro is $49,000, and $52,802 when adjusted for relative cost of living, which is 7.2% below the national average.

St. Louis is second, with actual median earnings of $48,000 and $53,274 adjusted. Among the nation's 50 largest metros, only San Jose-Sunnyvale-Santa Clara, California, ranks higher, with actual median earnings of $72,000 — but just $56,827 when adjusted for cost of living.

Self Financial, which provides credit-building services, analyzed earnings data from the Census Bureau and cost-of-living data from the U.S. Bureau of Economic Analysis.

According to the latest data from the Bureau of Labor Statistics, median earnings for recent college graduates working full time is about $50,000 a year, the report found. However, the amount varies widely by city, college major and occupation, among other factors.

College graduates seeking employment last spring faced the worst job market since the Great Depression, and it remains to be seen how wages will be affected in the coming years, Self Financial said.

Recent college graduates make up 2.3% of the Kansas City metro's population.

A bachelor's degree boosts earning potential by about $20,000 compared with workers of the same age with only a high school diploma. The highest-paying majors for recent college graduates are computer science and several types of engineering degrees, such as chemical, computer and electrical. Median earnings for recent graduates within those majors is $70,000 per year, or about 40% higher than the typical graduate.

More than half of those who attended college incurred debt, with typical levels of student loans in the range of $20,000 to $25,000 post graduation, Self Financial said.

Self Financial also evaluated the best-paying states for recent college grads. With median earnings adjusted for cost of living of $50,448, Kansas ranked fifth. Missouri ranked 13th at $47,238. North Dakota topped all U.S. states with adjusted earnings of $53,751.