By: Nichole Raney / Culture Map Austin
Are you a young Austinite ready to start your own businesses? Then you’re in the right place.
NerdWallet has named the Austin-Round Rock metro area the fourth best spot for young entrepreneurs. The financial website ranked 381 “entrepreneurial hubs,” as determined by the U.S. Census Bureau, on eight factors, ranging from population to cost of living.
“The Austin-Round Rock area is home to the University of Texas, and it has the highest concentration of residents aged 25 to 34 in our top 10. Its median [Small Business Administration] loan dollar amount per capita is the highest among our top 10 as well,” reads the report.
While there are only 4.69 business per 100 residents — less than the other top 10 cities — there are 1,752 startups in the area. Paired with a low unemployment rate of 3.5 percent, these numbers indicate a plethora of businesses opportunities.
You probably don’t need to see the numbers to know that living in Austin isn’t cheap, but with competitive salaries, and a median household income of $67,195, we actually fare well compared to other cities on the list.
The only places better for budding entrepreneurs? Boulder, Colorado; Minneapolis; and Salt Lake City