A new study has revealed two Florida cities among the best in the US for young entrepreneurs, with Jacksonville taking the top spot. Tampa was identified as the second-best city for young entrepreneurs, with Indianapolis following in third, Baltimore in fourth place, and Fort Worth, TX ranked fifth.
SEO experts Search Logistics investigated the 50 most populated US cities to identify the best locations for young entrepreneurs. They determined this by analyzing co-working affordability, wage data, internet infrastructure, tax data, cost of living, and personal income.
Each factor was assigned a score out of 100, with ‘0’ being the worst for young entrepreneurs and ‘100’ being the best. Then, an overall index score was calculated to produce a ranking of the cities.
Fort Worth was among several cities that offered the lowest minimum wage of $7.25, which meant it scored the maximum 100 out of 100 for this factor.
Completing the top 10 best cities for young entrepreneurs were Houston (63.45), Philadelphia (63.14), San Antonio (62.71), Raleigh (62.60), and Charlotte (62.17).
New York City’s high cost of living was one of several factors that led to the Big Apple becoming the worst major city for young entrepreneurs, producing an overall index score of 30.74 out of 100. The city ranked poorly in state tax, with a score of 9.02 out of 100. California cities filled out the second through fifth worst cities for entrepreneurs. San Francisco was ranked second worst, with an index score of 39.76 out of 100. San Francisco’s worst-performing factors were minimum wage and state tax, scoring 0 out of 100.
Ranking third was San Diego, CA, with an overall index score of 41.02 out of 100. San Diego also scored 0 out of 100 for state tax.
San Jose, CA, placed fourth, with an index score of 41.70 out of 100 and a low state tax score of 0 out of 100.
Fifth was Sacramento, CA, with an index score of 42.13 out of 100. As with the other Californian cities, it ranked poorly in state tax, with a 0 out of 100 score.
Other cities calculated as among the worst for young entrepreneurs were Seattle (42.25), Washington (42.86), Portland (45.80), Los Angeles (46.18), and Chicago (47.22).
