3 Affordable Cities for Young Entrepreneurs
Young entrepreneurs should bring their ambition, talent and work ethic to affordable cities with booming economies, innovative industries, a talented labor pool and sprawling professional networks. There are many to choose from, but an exceptional trio of cities stands out.
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The list includes only cities with average Zillow home values lower than the national average, which the platform cites as $367,711 as of Jun. 10, and below-average living costs, as calculated by AreaVibes.
Each is also business-friendly, with favorable regulations, modest tax burdens and large influxes of young founders flocking to its plentiful resources, strategic infrastructure and strong livability ratings.
Cost of living: 6% below the national average
Average home value: $249,725
In February, Silicon Prairie News reported that a co-warehousing startup called Elevator, founded in Omaha in 2021, was expanding into Kansas City. This up-and-coming company is hardly alone.
Kansas City is a major hub in the so-called Silicon Prairie, a network of affordable Midwest metros with booming tech sectors, diverse economies and fast-growing, innovative companies.
According to corporate campus provider Aspira, which leases 3.8 million square feet of Class-A office space in K.C. Metro, Kansas City:
Is home to more than 1 million non-farm employees.
Ranks No. 3 in tech job growth behind only San Francisco and Austin.
Is a trendy city that skews young.
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Cost of living: 1% below the national average
Average home value: $257,547
According to the city's Economic Development Authority (EDA), St. Cloud has been known for more than a decade as Minnesota's Silicon Prairie, thanks to its vibrant tech sector, diverse economy, reliable public transit, major transportation centers and robust digital infrastructure. The downtown area has more than a dozen high-tech companies in a five-block radius, and 100% of the city lives in an area with at least three broadband carriers.
Its entrepreneurial ecosystem includes initiatives like StageWorks, which provides pop-up storefront spaces, co-working memberships and flexible and affordable office rentals. The Greater St. Cloud Development Corporation provides resources like free business coaching, resource matchmaking events and pitch competitions.
Cost of living: 14% below the national average
Average home value: $203,967
Founders who prefer life in a small city of roughly 40,000 people might consider Florence, which has exceptionally-low living and housing costs but a wealth of resources for entrepreneurs, including:
The Shoals Business Incubator: Maintains a 90% success rate in incubating more than 300 businesses over 30 years.
Alabama Small Business Development Center at University of North Alabama, Florence: The University of North Alabama's SBDC has offered free training and advising services to existing and aspiring small business owners since 1980.
Remote Shoals: The program offers remote workers $10,000 to move to the Shoals region, which includes Florence.
The Shoals Economic Development Authority: Includes a variety of tax incentives and grants, financing and workforce development programs among its many business-assistance offerings.
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This article originally appeared on GOBankingRates.com: 3 Affordable Cities for Young Entrepreneurs
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