Remote work grants employees the freedom to live wherever they please, but two-thirds of executives still see at least some in-office work to be necessary for company culture. So while remote work will remain a constant for some, others will need to remain close to the office, which pushed SmartAsset to review data and identify the top cities for young professionals. SmartAsset compared the largest 150 cities’ affordability metrics, workforce demographics, and entertainment options. The list features a high number of affordable and Midwest cities, such as Madison, Wis. and St. Louis. The top city for young professionals is Sioux Falls, SD, which boasts the second-highest labor force participation rate for those aged 25 to 34 and the seventh-highest concentration of entertainment establishments.
1. Sioux Falls, SD
Sioux Falls, South Dakota ranks in the top 20 cities for six of the nine metrics we considered. It has the second-lowest January 2021 unemployment rate (3.2%) and the second-highest labor force participation rate among residents ages 25 to 34 (92.6%). The city is also very affordable, ranking 19th-best for its median monthly rent ($849) and 12th-best for the estimated annual cost of living (about $19,300). Finally, it has the seventh-highest concentration of entertainment establishments (2.92%) and the fifth-lowest median rent as a percentage of full-time workers’ earnings (22.33%).
2. Minneapolis, MN
Minneapolis, Minnesota ranks in the top 15 cities for four of the nine metrics in our study. It has the 15th-lowest January 2021 unemployment rate (4.5%) and rent makes up only 22.70% of full-time workers’ earnings. Additionally, many young people live in the city and are part of the labor force. Minneapolis has the 11th-highest percentage of the population between ages 25 and 34 (22.30%) and the 12th-highest labor force participation rate for young professionals (90.5%).
3. Cincinnati, OH
Cincinnati, Ohio is a very affordable city for young professionals looking to save. The estimated annual cost of living in the area is about $19,700, the 23rd-lowest in our study. Additionally, median monthly rent in the city is the fifth-lowest ($775) and it makes up less than 20% of median earnings for full-time workers. Almost 19% of residents in Cincinnati are between the ages of 25 and 34.
Advertisement
Related Stories
Housing Markets
Which US Cities Are Seeing the Most New-Construction Homes?
Texas metros top list of cities with high rates of new construction but not of cities with highest sales prices for new-construction homes
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
