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February 25, 2021

Cities With the Youngest Workforces â 2021 Edition

Cities With the Youngest Workforces – 2021 Edition – SmartAsset

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While Baby Boomers and Generation X are now the bosses at many companies, more than 25% of the workforce is younger than 30. This means that Generation Z (born between 1997 and 2012) and millennials (born between 1981 and 1996) are emerging as the generations to soon comprise the largest percentage of workers.

Starting your career at a young age provides more time to build up your savings and create a retirement plan with a financial advisor. Some cities offer younger workers more opportunities for gainful employment and SmartAsset crunched the numbers to find out where younger employees make up the biggest percentage of the local workforce.

To do this, we studied data on the 100 largest cities in the U.S., analyzing the number of workers younger than the age of 30 as a percentage of total workers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s second annual study on the cities with the youngest workforces. You can read our 2020 edition here.

Key Findings

Cities with youngest workforces dominate in education, healthcare and social assistance. More than 27% of workers in our top 10 cities have jobs in educational services, healthcare and social assistance. This means that across the top 10, these industries attract or have opportunities for almost six times more workers than construction, almost four times more than manufacturing, almost three times more than retail and almost four times more than finance and real estate. One notable exception is Norfolk, Virginia: The world’s biggest naval base employs almost 21% of the city’s workforce in the armed forces (compared to less than 19% in education, healthcare and social assistance).
Midsize cities attract the youngest workforces. Midsize cities beat out the biggest cities in the top 10 of this study. Even with an average 29-and-younger workforce of about 73,000 (compared to 368,000 across the largest 10 cities in the study), the cities in the top 10 have workforces comprised of about 36% younger workers. This average is only 28% across the largest 10 cities.

1. Norfolk, VA

With a workforce of almost 42% that is younger than 30, Norfolk, Virginia ranks at the top of our list. This city also has the fifth-highest workforce participation rate for younger workers in our study, at 80.4%. One of the major drivers behind the city’s employment of people in this age group is the naval base, which is the largest in the world. Our study reveals that almost 21% of all Norfolk workers are employed by the armed forces.

2. Madison, WI

Home to the University of Wisconsin, Madison has 38.93% of its workforce made up of people ages 16 to 29. The labor force participation rate for this age group is 74.8%, 25th-highest in our study. Education, healthcare and social assistance industries are the biggest employers in Madison, comprising 32.57% of the total workforce.

3. Lubbock, TX

Lubbock, Texas is yet another college town, the home of Texas Tech. People ages 16 to 29 make up 37.79% of the workforce in this city. But the workforce participation rate for this cohort is only 66.3%, ranking 80th out of 100 in our study. The relatively low figure for this metric could be impacted by the large university population, which, although eligible for the workforce, is largely unemployed during its student tenure.

4. Lincoln, NE

Lincoln is the home of the University of Nebraska. This city has a total of 166,354 workers, and 59,184 are younger than 30 – making up 35.58% of the workforce. Education, healthcare and social assistance are the biggest industries in the city, employing just over 27% of all workers. Retail is also a major industry in the city, hiring 10.85% of the workforce.

5. Pittsburgh, PA

Pittsburgh, Pennsylvania used to be dominated by steel production. But now, the University of Pittsburgh Medical Center is the major employer. In fact, education, healthcare and social assistance jobs make up 32.03% of the city’s workforce. And workers ages 16 to 29 make up 35.25% of the total workforce.

6. Tucson, AZ

Tucson, Arizona has 98,591 workers younger than 30, with a workforce participation rate of 69.2% for that age group. People ages 16 to 29 represent 35.22% of total workers in this city.

7. Boston, MA

Boston, Massachusetts has the biggest workforce in the top 10 of this study, with 426,238 workers. And 149,695 of that force is younger than 30, meaning that 35.12% of the total workforce in Beantown is 16 to 29. Boston is another city where education, healthcare and assistance services dominate, employing 31.17% of the workforce.

8. Cincinnati, OH

Younger workers make up almost 35% of the total workforce in Cincinnati, Ohio. The number of workers ages 16 to 29 is 57,014, and their labor force participation rate is just over 70%. Education, healthcare and social assistance are the biggest industries, employing just over 27%. But manufacturing remains important in Cincinnati, accounting for 10.62% of the workforce.

9. Minneapolis, MN

Minneapolis has the seventh-highest labor force participation rate for workers younger than 30 in our study – almost 80%. Overall, younger people (ages 16 to 29) make up 34.87% of the workforce in the city. Almost 27% of those employed in Minneapolis work in education, healthcare and social assistance, with retail comprising more than 10%.

10. Richmond, VA

Richmond, Virginia claims the 10th spot on our list, with a labor force participation rate of just over 78% for people ages 16 to 29. This age group makes up more than 34% of the city’s total workforce. More than 24% of the city’s total workforce is employed by education, healthcare and social assistance.

Data and Methodology

To find the cities with the youngest workforces, we examined data on the 100 largest U.S. cities. Using population data and labor force participation rates from the Census Bureau’s 2019 1-year American Community Survey, we found the percentage of the workforce younger than the age of 30 (i.e. between 16 and 29 years old) in each city. Cities with the highest percentages of younger workers ranked at the top of the list, and those with the lowest percentages of younger workers ranked at the bottom of the list.

Tips for Managing Your Money at the Start of Your Career

It’s never too early to invest in expert advice. Even if you’re younger, it may make sense to find a financial advisor help with your money. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in five minutes. If you’re ready to be matched with advisors, get started now.
The key to retirement savings is to start as soon as possible. If you have access to a workplace retirement savings program like a 401(k), make sure you take advantage of it.
Double-check your paycheck. Knowing how much money you make after taxes is key to financial planning. Use SmartAsset’s free paycheck calculator to see what you’ll actually see on your check after everything is taken out.

Questions about our study? Contact press@smartasset.com.

Photo Credit: © iStock/fizkes

Ben Geier, CEPF® Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance (CEPF®). When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.

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February 18, 2021

Best Cities for Women in Tech â 2021 Edition

Best Cities for Women in Tech – 2021 Edition – SmartAsset

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The Bureau of Labor Statistics (BLS) says that computer and information technology jobs are expected to have grown by 11% from 2019 to 2029, adding 531,200 new jobs in cloud computing, big data storage and collection and information security. The median annual wage for those jobs in May 2019 was $88,240, which is $48,430 higher than the median annual wage for all occupations.

But while tech jobs continue to outpace other occupations nationwide, women still face gender discrimination in the workplace. The BLS says that full-time women workers in all occupations earned $202 less per week than their male counterparts in the third quarter of 2020. This not only makes it harder for women to advance in their careers, but it also adversely affects their ability to save for retirement and cover many day-to-day expenses like food or housing. The employment landscape, however, continues to change. With that in mind, SmartAsset analyzed data to identify the best cities for women tech workers.

We compared 63 U.S. cities for which full data was available and ranked them according to the following metrics: gender pay gap in the tech industry, income after housing, women as a percentage of tech workers and three-year growth in tech employment. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s seventh annual study on the best cities for women in tech. Check out the 2020 version here.

Key Findings

Tech opportunities are moving outside of California. Silicon Valley is widely considered the premiere tech hub of America. However, our 2021 study shows that only two California cities rank in the top 15, and neither of those are located in the San Francisco Bay Area. Women can seize tech opportunities in Virginia, Maryland, North Carolina, Colorado, Texas, Ohio, New Mexico, Florida, Pennsylvania, Arizona, Georgia and Washington D.C.
Women in tech still face a relatively large pay gap. While tech is often considered a progressive industry, our study shows that women on average make 83 cents for every dollar that is earned by their male counterparts. The city with the worst pay gap is Salt Lake City, Utah where women make only 68% of what men get. By contrast, Long Beach, California is the only city in the study where women earn slightly more than men – making $1.01 for every dollar that their male tech peers get.

1. Arlington, VA

Arlington, Virginia is an “inside-the-beltway” suburb of Washington, D.C., and women make up 33.5% of their tech workforce, the sixth-largest on our list. Women tech workers in Arlington also have the eighth-largest income after housing, earning $64,620. Women in this city face the 12th-lowest pay gap in tech, earning 91 cents for every dollar that men make.

2. Washington, DC

Located just across the Potomac River from Arlington, the nation’s capital has a tech industry that is made up of 38.9% women workers, the second-largest percentage for this metric in our study. Women in Washington D.C. get 90 cents for every dollar that their male co-workers make, the 16th-lowest pay gap overall. Furthermore, they have the 12th-highest income, earning $61,083 after housing.

3. Baltimore, MD

Women in tech in Baltimore, Maryland face the second-smallest pay gap in the study, earning almost on par with their male counterparts – at 99 cents for every dollar that men make. The tech workforce in Baltimore is made up of 29.9% women, the 10th-largest overall, and they have the ninth-highest income – $63,203 after housing is deducted. Note, however, that the tech industry has grown only 15% in the three-year period from 2016 to 2019, placing Baltimore in the bottom half of the study for this metric.

4. Durham, NC

Durham, North Carolina is the home of Duke University and part of the famed Research Triangle. Tech women in Durham earn 91 cents for every dollar that their male co-workers make, the 11th-smallest pay gap in our study. The Durham tech industry has grown 30% in the three-year period from 2016 to 2019, the 12th-biggest increase overall for this metric. Women make up 28.6% of the city’s tech workforce, the 14th-largest in the study.

5. Chesapeake, VA

Chesapeake is located in southern Virginia. Women make up 37.4% of its tech workforce – the fourth-largest in our study. Women in this city make 91 cents for every dollar that their male tech peers get and have an income of $54,371 after housing. The Chesapeake tech industry has seen a 23% growth in the recent three-year period from 2016 to 2019.

6. Aurora, CO

Tech women in Aurora, Colorado get 97 cents for every dollar that men make, the third-smallest pay gap in our study. The tech industry in Aurora has grown 25% in three years, the 21st-biggest increase on our list. And women tech workers in this city earn $57,853 after housing, the 19th-biggest income across all 63 cities in the study.

7. Houston, TX

Women tech workers in Houston, Texas make 94 cents for every dollar that their male co-workers earn, the sixth-smallest pay gap in our study. The city’s tech workforce is made up of 27.2% women and has seen a 17% employment growth from 2016 to 2019. Women tech workers in Houston have an income of $61,016 after housing, the 13th-highest overall.

8. Cincinnati, OH

Cincinnati, Ohio has the fourth-smallest gender pay gap in tech – our study shows that women earn 95 cents for every dollar that men get. Women in the Queen City make up 30.7% of the tech workforce, the seventh-largest for this metric overall. Their income after housing – at $48,886 – ranks in the bottom half of the study. But the industry itself has seen a 21% growth in employment the three-year period from 2016 to 2019.

9. Albuquerque, NM

Tech women in Albuquerque, New Mexico make about 95 cents for every dollar that their male co-workers earn, the fifth-smallest gender pay gap in our study. While women make up 30.6% of the city’s tech workforce, the eighth-largest in the study, Albuquerque’s tech industry has experienced relatively slow growth. It has seen only 13% growth from 2016 to 2019.

10. Jacksonville, FL

Women in Jacksonville, Florida make up 29.4% of the tech workforce, the 11th-largest in our study. For every dollar that men make, these Florida tech women earn 93 cents – the ninth-smallest gender pay gap overall. Jacksonville, however, finishes in the bottom half of this study with a slower tech industry growth of 17% from 2016 to 2019.

11. Long Beach, CA

Long Beach, California is the only city in the entire study where women in tech make more money than men. They reversed the gender pay gap by earning $1.01 for every dollar that men earn. The tech industry in this California city has seen steady three-year growth, ranking 14th out of 63 with a 27% increase from 2016 to 2019. Long Beach women make up 25.4% of the city’s tech workforce and have an income of $55,640 after housing.

12. Sacramento, CA

Sacramento, California may not stand out as an obvious destination for tech workers, but women make up 37.8% of its tech workforce, the third-largest in our study. That said, pay equity isn’t as high, as women in the industry earn only 88 cents for every dollar that men make. The Sacramento tech workforce has grown 32% in the three years from 2016 to 2019, the ninth-highest increase across all 63 cities in the study. Women tech workers in the city have an income of $46,289 after housing.

13. Philadelphia, PA

Women in Philadelphia, Pennsylvania make up 28.5% of the city’s tech workforce, the 15th-largest rate for this metric in the study. Their income is $52,530 after housing, and they have the 13th-smallest pay gap overall, earning 91 cents for every dollar that their male peers make. The city’s tech workforce has seen a 23% increase in the three-year period from 2016 to 2019, ranking towards the middle of the study for this metric.

14. Chandler, AZ

While women in Chandler, Arizona make up 28.1% of the city’s tech workforce – the 18th-largest in the study – they rank towards the middle of the study for gender pay gap, earning 85 cents for every dollar that men make. Chandler’s tech industry has seen a 23% growth from 2016 to 2019. Women in the city have an income of $60,269 after housing.

15. Atlanta, GA

Atlanta, Georgia rounds out the final place in our top 15. Tech employment has grown 33% over the three-year period from 2016 to 2019, the eighth-fastest in our study. Women in Atlanta tech earn 88 cents for every dollar that men make, placing it in about the top third of the study for that metric. Women in Atlanta make up 27.1% of the tech workforce and have an income of $52,594 after housing.

Data and Methodology

To find the best cities for women in tech, SmartAsset looked at data for cities that had at least 200,000 residents in 2019 according to Census Bureau data. We removed cities from our data set that did not have statistically reliable data (i.e. the margin of error for average earnings for women who work in tech or the number of women working in tech was greater than 20%). Those two constraints left us with 63 cities, which we compared across the following four metrics:

Gender pay gap in the tech industry. This is the average earnings for women who work in tech as a percentage of average earnings for men who work in tech. Data comes from the Census Bureau’s 2019 5-year American Community Survey.
Earnings after housing. These are the median earnings for women who work in tech after subtracting the median housing costs. Data on earnings comes from the Census Bureau’s 2019 5-year American Community Survey. Data on housing costs comes from the Census Bureau’s 2019 1-year American Community Survey.
Women as a percentage of the tech workforce. This is the percentage of all tech jobs held by women. Data comes from the Census Bureau’s 2019 5-year American Community Survey.
Three-year tech employment growth. This is the percentage change in tech jobs from 2016 through 2019. Data comes from the Census Bureau’s 2016 and 2019 5-year American Community Surveys.

First, we ranked each city in each metric. We then found the average ranking, giving a double weight to the first three metrics and a single weight to the metric measuring job growth. We ranked the cities based on this average, giving the top city an index score of 100 and the bottom city an index score of 0.

Smart Money Moves for Tech Workers

Invest in expert advice. No matter your gender, consider finding a financial advisor to help manage your money. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Relocating for work? Build on a strong foundation. If you’re thinking of moving to one of these cities for a job, make sure you know how much house you can afford before you get started on your home search. This will help you tailor your hunt so you find the perfect home for you.
Make your workplace benefits work for you. Once you start, make sure to take advantage of your company’s 401(k) program, if offered. This is the easiest way to save for retirement.

Questions about our study? Contact press@smartasset.com.

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February 9, 2021

Best Cities for Budget-Friendly Dating â 2021 Edition

Best Cities for Budget-Friendly Dating 2021 – SmartAsset

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Dating in the time of COVID-19 isn’t easy. The pandemic has impacted Americans and the economy unevenly. And cities have shutdown and reopened at different rates. So depending on where you live, it can be complicated for a couple to find a good restaurant, see a movie, visit a museum or enjoy any other romantic activity together. One small upside is that dates during COVID-19 may be cheaper than usual. Many COVID-friendly dates such as picnics and takeout are less expensive than typical activities, so wooers won’t have to dig as deep into their savings accounts to make Cupid strike.

With Valentine’s Day around the corner, SmartAsset investigated the best U.S. cities for budget-friendly dating in 2021. We compared 96 cities across three categories and nine metrics. The categories include date affordability (cost of two cappuccinos, cost of takeout and a bottle of wine, average monthly internet cost), date access (coffee and snack shop density, restaurant density, percentage of households with internet access, percentage of city made up of parkland) and economic favorability (housing costs and unemployment rate). For more details on how we created this study, read the Data and Methodology section below.

Key Findings

$40 night in. The average cost of takeout and a bottle of wine across the cities we studied was $40.44. Without the restaurant mark-up on that vino and all the streaming options available right in your living room, a dinner-and-a-movie date at home is easier on your wallet than a night on the town.
Romance is more affordable in the South and Midwest. Six of the top 10 cities in this study are located in the South, and three are in the Midwest. The Midwestern city Madison, Wisconsin ranks as the best city for budget-friendly dating in the country, while Texas is the southern state with the most cities in the top 10 – Plano, Irving and Austin. Ninth-ranked Pittsburgh, Pennsylvania is the only top 10 budget-friendly dating city outside the South and Midwest.

1. Madison, WI

Madison, Wisconsin is a college town with the most budget-friendly dating opportunities in the country. With relatively inexpensive internet, it is easy and affordable to connect with a date on a video call and stream a movie or binge a TV show together. Residents here average $56.99 in monthly internet costs, ranking ninth-best for this metric. If instead you prefer a casual date outside, two cappuccinos will cost you $7.78 on average, the 19th-cheapest amount on our list. Madison also had the third-lowest unemployment rate in November 2020, at 3.5%, so your date is likelier to have a stable budget for dating.

2. Arlington, VA

Arlington, Virginia ranks at the top of our study for economic favorability, which means that your date in this D.C. a suburb is likely employed and has a decent disposable income. In November 2020, the unemployment rate was 3.8%, the fourth-lowest in our study, and on average, residents pay only 26.14% of their income on housing costs, the second-lowest for this metric. Those looking to share a special meal with a significant other also have a vast variety of options: Arlington ranks 15th for the greatest density of restaurants, with almost 230 for every 100,000 residents in the city.

3. St. Petersburg, FL

Located on the Gulf Coast of Florida, St. Petersburg claims third place in our study for the most budget-friendly dating city. The average cost of two cappuccinos is $6.64, the third-most affordable place on our list to go on a coffee date. A takeout date night here with a bottle of wine would cost $37 on average, and if you prefer to go on a romantic outdoor picnic, 15.63% of the city is reserved for parkland. Relative to other cities in our study, that is the 23rd-lowest average cost of takeout for two and a bottle of wine and 18th-highest percentage of the city that is parkland.

4. Plano, TX

Census data shows that more than 95% of households in Plano, Texas have interest access, the third-highest rate in our study. This may make it easier to speak with a date on a video call or enjoy a movie night together at home. Takeout for two with a bottle of wine costs $31.50 – sixth-lowest in our study – and a coffee date with two cappuccinos costs $7.48 – 14th-lowest overall.

5. Raleigh, NC

The average resident in Raleigh, North Carolina spends only 29.29% of income on housing, the 11th-lowest percentage in our study. The leaves plenty of disposal income for dating. The average cost of two cappuccinos is $8.58, and a takeout date with a bottle of wine will cost you $41.50 — 37th and 18th in this study, respectively. Speaking to your date on a video call and binging a TV show together can also be affordable, with monthly internet costing $57.05 – 10th-lowest across all 96 cities.

6. Cincinnati, OH

The average cost of monthly internet in Cincinnati, Ohio is an affordable $55.57, sixth-lowest in our study. And the price of ordering takeout for two with a bottle of wine is just $36, while a coffee date with two cappuccinos will run you $8.30. But if you prefer to go out on a romantic picnic, Cincinnati has the 26th-highest percentage of city area that is parkland, at 14.17%.

7. Irving, TX

Irving, another suburb of Dallas, ranks in the top 20 for all three date affordability metrics we considered. A coffee date here will cost you an average of $7 for two cappuccinos, the 4th lowest cost we found. If you prefer to watch a movie at home, your monthly internet service will cost $56.89 on average, ranking 8th. And if you want to treat yourself to a takeout date with a bottle of wine, it will average $35.99 — 17th in this study.

8. Austin, TX

Austin is the third Texan city to rank in the top 10 cities for budget-friendly dating. Your date here might spend only about 30% of income on housing, which means that that person will likely have more money to spend on dates with you. Austin has more than 27 coffee and snack shops for every 100,000 people – a top-25 rate – and a coffee date will run you $7.90 for two cappuccinos, 23rd-lowest overall.

9. Pittsburgh, PA

Pittsburgh, Pennsylvania is the only Northeastern city in our top 10. The odds of finding a solvent romantic partner in the Steel City are good: The average individual spends just 28.65% of income on housing. And dates that meet the parameters of the new normal during the COVID-19 pandemic are affordable: The average cost of two cappuccinos is 13th-lowest in our study, at $7.46, and takeout for two with a bottle of wine is 29th-lowest, at $38.

10. St. Louis, MI

St. Louis, Missouri rounds out the top 10 in our study with the ninth-highest number of restaurants per 100,000 residents, at 246. Inviting your date for takeout with a bottle of wine will cost you roughly $33, ninth-cheapest in our study. And the average cost of monthly internet is $59.67 – the 16th-lowest across all 96 cities.

Data and Methodology

To find the best cities for budget-friendly dating in 2021, we compared 96 cities across the following categories and metrics:

Date Affordability

Average cost of two cappuccinos. Data comes from Numbeo and was pulled in January 2021.
Average cost of takeout for two and a bottle of wine. Data comes from Numbeo and was pulled in January 2021.
Average monthly internet cost. Data comes from Numbeo and was pulled in January 2021.

Date Access

Coffee and snack shops per 100,000 residents. Data comes from the 2018 County Business Patterns Survey and is at the county level.
Restaurants per 100,000 residents. Data comes from the 2018 County Business Patterns Survey and is at the county level.
Percentage of households with internet access. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Percentage of the city that is parkland. Data is from the 2020 Acreage & Park System Highlights from the Trust for Public Land.

Economic Favorability

Housing costs as a percentage of income. This is median annual housing costs divided by median income for an individual. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
November 2020 unemployment rate. Data comes from the Bureau of Labor Statistics.

First, we ranked each city in each metric, assigning equal weight to each metric. Then we averaged the rankings across the three categories listed above. For each category, the city with the highest average ranking received a score of 100. The city with the lowest average ranking received a score of 0. We created our final ranking by calculating each city’s average score for all three categories.

Financial Tips for Couples

Whether you’re dating or married (or happily single), let us be your matchmaker for another important partnership. Making smarter financial decisions to be in better control of your money is easier with a financial advisor. Finding the right one, though, is a lot easier than in dating. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors, get started now.
Try mapping out your date expenses. If you need to keep your dating affordable, SmartAsset’s budget tool will help you break down your monthly spending so you can set money aside for entertainment, including dates.
Thinking about moving in with someone? If you want to move in with someone that you are dating, our rent or buy calculator can help you figure out the best financial option for living together.

Photo credit: ©iStock.com/Hiraman

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January 24, 2021

States Where Residents Most Rely on Credit â 2020 Edition

States Where Residents Most Rely on Credit – 2020 Edition

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Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which primarily consists of credit cards charges, fell below one trillion in April 2020 for the first time in close to two years. Data from Experian tells a similar story. Between the end of Q2 2019 and Q2 2020, the average credit card balance of borrowers fell by about 11% from $6,629 to $5,897.

Though average credit card debt is decreasing nationally, it remains high in some states and may increase during the holiday season. In this study, SmartAsset looked at states where residents tend to rely on credit the most. Using data from Experian and the Census Bureau, we ranked all 50 states and the District of Columbia based on five metrics relating to credit card debt. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is the 2020 edition of our study on where residents most rely on credit. Read the 2019 version here.

Key Findings

Credit card debt is high in Southern states. Seven of the 10 states where residents rely most on credit are in the South: Oklahoma, Louisiana, Texas, South Carolina, Alabama, Georgia and Florida. In all seven states, average credit card debt exceeds $5,600 and makes up more than 10% of the median household income.
13 states saw one-year increases in average credit card debt. Though Experian data shows that national average credit card debt fell by 11.04% over the past year, certain states still saw increases. Average credit card debt increased by more than 3% in two states – Idaho and North Dakota – and rose by 1% or more in six additional states – Oklahoma, Hawaii, Mississippi, West Virginia, South Dakota and Iowa.

1. Oklahoma

Oklahoma ranks as the state where residents most rely on credit. Experian data shows that though average credit card debt fell in many places between the end of the second quarter in 2019 and 2020, it rose by 2.00% in Oklahoma, from about $5,800 to almost $6,000. With that rise, we estimate average credit card debt for Oklahoma residents makes up 10.96% of the median household income – the fourth-highest percentage for this metric in our study.

2. Louisiana

Though average credit card debt in Louisiana ranks toward the middle of the study at 24^th, it makes up the second-highest percentage of median household income, at 11.25%. Additionally, credit card debt may build up in Louisiana, as the state has relatively high poverty and unemployment rates. Data from the Census and Bureau of Labor Statistics shows that Louisiana also has the second-highest poverty rate (14.3%) and 15^th-highest September 2020 unemployment rate overall (8.1%).

3. Alaska (tie)

Average credit card debt in Alaska fell by close to 5% over the past year, but it is still the highest in our study, at close to $7,700. Additionally, Alaska ranks in the worst half of the study for two other metrics, average credit card debt as a percentage of income and September 2020 unemployment rate. Average credit card debt makes up 10.15% of the median household income (the 10^th-worst rate for this metric overall). In September of this year, unemployment stood at 7.2% (the 23^rd-worst in the study).

3. Nevada (tie)

Nevada ranks in the bottom half of the study for all five metrics we considered. It has the 11^th-highest average credit card debt, the 22^nd-worst one-year change in average credit card debt and the 17^th-highest average credit card debt as a percentage of median household income. Census Bureau data from 2019 shows that Nevada has the 20^th-worst poverty rate of all 50 states and the District of Columbia, at 8.7%. Moreover, in September 2020, the unemployment rate (12.6%) was the second-highest in the country, behind only that of Hawaii.

3. Texas (tie)

Texas ties with Alaska and Nevada as the No. 3 state in the country where residents rely most on credit. Though average credit card debt in Texas fell by almost 5% over the past year, it remains elevated compared to other states. Experian data shows that at the end of the second quarter in 2020, average credit card debt was $6,423 – the seventh-highest of any state. Additionally, Texas’ poverty rate is the ninth-highest in the study, at 10.5%.

6. New Mexico

Credit card debt in New Mexico is high relative to average incomes. We found that average credit card debt as a percentage of the median household income was third-highest in our study, at 10.98%. New Mexico residents may also struggle with credit card debt more, as unemployment and poverty rates are high. In 2019, the unemployment rate was 9.4% (eighth-highest in the study) and in September 2020, the poverty rate was 13.7% (the third-worst in the country).

7. South Carolina

South Carolina actually has the lowest September 2020 unemployment rate (5.1%) of any of the 10 states where residents most rely on credit. However, the state ranks relatively poorly on the other four metrics we considered. It has the 18^th-highest average credit card debt, 14^th-worst one-year change in average credit card debt, eighth-highest average credit card debt as a percentage of income and 11^th-highest poverty rate.

8. Alabama

Using Experian and Census Bureau data, we found that average credit card debt for Alabama residents makes up almost 11% of the state’s median household income. Additionally, Alabama has the sixth-highest 2019 poverty rate (11.2%) of all 50 states and the District of Columbia.

9. Georgia

At the end of the second quarter of 2020, average credit card debt in Georgia stood at roughly $6,200. This debt may affect residents more in Georgia, as debt makes up more than 10% of the median household income in the state. In addition, almost 10% of individuals fall below the federal poverty line.

10. Florida

Florida has the 12^th-highest average credit card debt (about $6,100) and ninth-highest average credit card debt as a percentage of median household income (10.31%). In September 2020, the unemployment rate in Florida was the 20^th highest in the country, at 7.6%.

Data and Methodology

To determine the states where residents rely most on credit, we compared all 50 states and the District of Columbia across five metrics:

Average credit card debt. Data comes from Experian and is for Q2 2020.
One-year change in average credit card debt. Data comes from Experian and is from Q2 2019 to Q2 2020.
Average credit card debt as a percentage of median household income. This is the average credit card debt (per borrower with credit card debt) divided by median household income. Data for average credit card debt comes from Experian and data on median household income comes from the Census Bureau’s 2019 1-year American Community Survey.
September 2020 unemployment rate. Data comes from the Bureau of Labor Statistics.
Poverty rate. This is the percentage of the population below the federal poverty level. Data comes from the Census Bureau’s 2019 1-year American Community Survey.

First, we ranked each state in every metric, giving a double weight to both of the average credit card debt metrics, a single weight to the change in average credit card debt metric and a half weight to September 2020 unemployment rate and poverty rate. We then found each state’s average ranking and used the average to determine a final score. The state with the best average ranking received a score of 100. The state with the lowest average ranking received a score of 0.

Tips for Managing Credit Card Debt During the COVID-19 Downturn

Contact your credit card company. Many credit card companies are offering financial relief to their customers during the COVID-19 pandemic. The Consumer Financial Protection Bureau recommends that the best first steps in receiving relief are contacting your credit card company, telling them you’ve been affected and asking questions about the relief packages they offer.
Create a plan to pay it off. Credit card debt can be incredibly stressful, especially during a recession when jobs are less secure and employment opportunities are more limited. Our credit card calculator is here to help. By adding your credit card details, you can calculate the total interest and time it will take you to pay off your debt.
Consider a financial advisor. A financial advisor can help you make smarter financial decisions to be in better control of your money and get previous debt under control. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

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Stephanie Horan, CEPF® Stephanie Horan is a data journalist at SmartAsset. A Certified Educator of Personal Finance (CEPF®), she sources and analyzes data to write studies relating to a variety of topics including mortgage, retirement and budgeting. Before coming to SmartAsset, she worked as an analyst at an asset management firm. Stephanie graduated from Williams College with a degree in Mathematics. Originally from Philadelphia, she has always been a Yankees fan and currently lives in New York.

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January 24, 2021

Most Fitness-Friendly Places for 2021

Most Fitness-Friendly Places for 2021 – SmartAsset

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Though the COVID-19 crisis has resulted in widespread fitness center closures, many Americans still want to stay as healthy as possible. Depending on the level of services and equipment required, staying active can affect people’s budgets in a variety of ways. For now, virtual exercise classes and home gyms are the route most people are taking. Eventually, though, gyms will reopen at full capacity, and everyone will be able to reestablish his or her normal workout routine. When that happens, some places will be more conducive to jumping into a full-on fitness frenzy, and SmartAsset crunched the numbers to find where they are.

To locate the most fitness-friendly places for 2021, we compared 301 metropolitan areas across the following metrics: percentage of residents who walk or bike to work, fitness professionals per 10,000 workers, fitness establishments per 10,000 establishments, the percentage of restaurants that are fast-food establishments and the average wage of personal trainers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s seventh annual study on the most fitness-friendly places in the U.S. Read the previous version here.

Key Findings

Western and Midwestern metro areas populate the top. For the second straight year, cities in the Midwest and West dominate the top 10 of this list. Six metro areas are in the West and three are in the Midwest. Western metro areas do well in terms of fitness establishments per 10,000 establishments – all rank within the top 8% of study for this metric – and they also rank within the top 14% of the study for the percentage of residents who walk or bike to work. Only one metro area in the top 10 is not in either of these regions – Ithaca, New York.
Fitness-friendly cities are light on the drive-thrus. On average, across the 301 metro areas in our study, fast-food establishments represent 45% of all restaurants. Though fast food is popular, convenient and inexpensive, it tends to be relatively high in calories and low in nutritional value – making it tougher to be healthy if you eat a lot of it, regardless of your exercise levels. In the top 10 of this study, all but three metro areas have fewer than 40% of their restaurants serving fast food, so there is less temptation to go for an easy-but-unhealthy meal that can ruin all your hard work. The metro area with the lowest percentage of restaurants that are fast food is Wenatchee, Washington, where it is just 27%.

1. Missoula, MT

The Missoula, Montana metro area is the most fitness-friendly place in the U.S. for 2021. There are 131 fitness establishments – including places like gyms and sporting goods stores – per 10,000 total establishments in Missoula, the third-highest rate for this metric in the study. There are also plenty of fitness professionals living in Missoula, 59 per 10,000 workers, placing it sixth-best for this metric. Residents in Missoula also get plenty of exercise simply by walking or biking to work: 7.1% of residents choose to do so, the 17^th-highest rate for this metric across the 301 areas we studied.

2. La Crosse-Onalaska, WI-MN

The La Crosse, Wisconsin metro area, which also includes parts of Minnesota, has 130 fitness establishments for every 10,000 total establishments, the fourth-highest rate for this metric. The metro area finishes in the top quartile for three other metrics as well, ranking 28^th for fitness professionals per 10,000 workers (with 42), 33^rd for the percentage of residents who walk or bike to work (at 5.2%) and 64^th for the percentage of restaurants that are fast-food establishments (around 39%).

3. Bend, OR

The Bend, Oregon metro area cracks the top 10 for two of our metrics. It places fourth in terms of fitness professionals per 10,000 workers with 61, and seventh for fitness establishments per 10,0000 total establishments, at 116. Bend can be a bit pricey of a place to stay in shape, though. The average hourly wage of personal trainers is $18.72, placing Bend at 176^th out of 301 for this metric.

4. Ann Arbor, MI

There are 67 fitness professionals per 10,000 workers in the Ann Arbor, Michigan metro area, the second-highest rate for this metric of the 301 metro areas we analyzed. For their commutes, 7.4% of residents walk or bike to work, the 15^th-highest percentage in this study. There are also plenty of fitness establishments in the metro area if you prefer to work out in a dedicated space: At 112 per 10,000 residents, this is the 10^th-highest rate of the 301 places we analyzed.

5. Bloomington, IN

Folks in the Bloomington, Indiana metro area might have more of an opportunity to get a workout in during their commute, with 8.0% of residents walking or biking to work, the eighth-highest rate in the study for this metric. Bloomington has two other metrics for which it finishes in the top fifth of the 301 metro areas of the study – fitness establishments per 10,000 total establishments (ranking 48^th-highest, with 93) and average wage of personal trainers (ranking 49^th-lowest, which makes it cheaper for the consumer, at $14.53).

6. Santa Cruz-Watsonville, CA

The metro area around Santa Cruz, California finishes ninth overall for its relatively low percentage of restaurants that specialize in fast food, at 33%. Santa Cruz also comes in 12^th for the percentage of residents who walk or bike to work, at 7.5%. If you’re looking for help getting in shape, though, it’ll cost you. The average wage of a personal trainer in the area is a steep $20.59, ranking in the bottom third of this study.

7. Flagstaff, AZ

Flagstaff, Arizona has the third highest percentage of residents who walk or bike to work we saw in this study, at 11.5%. There are also 109 fitness establishments per 10,000 total establishments, the 14^th-highest rate we observed. Flagstaff is hurt, though, by its price: The average wage of a personal trainer in this metro area is $22.27, in the bottom sixth of this study.

8. Fort Collins, CO

Fort Collins is the first of two metro areas in Colorado to rank in the top 10 of this study, and it gets there on the strength of having 113 fitness establishments per 10,000 total establishments, ranking ninth of 301 metro areas for this metric. It also scores in the top 15% of the study for the percentage of residents who walk or bike to work (5.2%) and fitness professionals per 10,000 workers (46).

9. Boulder, CO

Boulder is the second Colorado metro area in the top 10, and it has two metrics for which it finishes in the top 15 out of 301 in the study overall. It comes in 11^th for fitness professionals per 10,000 workers, at 53, and 12^th for the percentage of residents who walk or bike to work, at 7.5%. Its final ranking is dragged down a bit due to its bottom-10 finish for the average hourly wage for personal trainers, at a pricey $27.25. However, it still ranks in the top 20 of the study for fitness establishments per 10,000 establishments, at 105.

10. Ithaca, NY

A whopping 14.5% of residents of Ithaca, New York walk or bike to work, the second-highest percentage in this study for this metric. Ithaca finishes eighth in terms of fitness establishments per 10,000 total establishments with 114. It is very expensive to get help with fitness in Ithaca, though. The average hourly wage for a personal trainer is $29.30, finishing third-worst out of 301 metro areas in this study for its high cost.

Data and Methodology

To find the most fitness-friendly places in the country for 2021, we examined data for 301 metro areas across the following five metrics:

Percentage of residents who walk or bike to work. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Concentration of fitness professionals. This is the number of fitness professionals per 10,000 workers. Our list of fitness professionals includes dietitians and nutritionists, recreational therapists, athletic trainers as well as fitness trainers and aerobics instructors. Data comes from the Bureau of Labor Statistics (BLS) Occupational Employment Statistics and is for May 2019.
Concentration of fitness establishments. This is the number of fitness establishments per 10,000 establishments. Our list of fitness establishments includes sporting goods stores and fitness and recreational sports centers. Data comes from the Census Bureau’s 2018 Metro Area Business Patterns Survey.
Concentration of fast-food restaurants. This is the percentage of restaurants that are limited-service establishments. Data comes from the Census Bureau’s 2018 Metro Area Business Patterns Survey.
Average hourly wage of personal trainers. Given the limited availability of direct data about the cost to consumers for personal training services, this metric acts as a proxy to indicate the relative affordability of hiring a personal trainer in a given metro area. Data comes from the BLS and is for May 2019.

First, we ranked each metro area in each metric. Then we found each place’s average ranking, giving all metrics a full weight except for concentration of fast-food restaurants and average hourly wage of personal trainers, each of which received a half weight. Using this average ranking, we created our final score. The metro area with the highest average ranking received a score of 100, and the metro area with the lowest average ranking received a score of 0.

Tips for a Fit and Financially Secure Life

Find the right financial fit. No matter what your fitness goals are, financially you want to make sure you are secure, and a financial advisor can help. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Consider the health of your budget. If you live somewhere where fitness is expensive, make a budget so that you can work the price into your monthly spending.
Making bigger money moves? If you’re considering moving to one of the places we listed above, use SmartAsset’s tool to find out how much house you can afford before you make the big move.

Questions about our study? Contact press@smartasset.com.

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January 23, 2021

Cities Where Residents Have the Worst Commutes â 2021 Edition

Cities Where Residents Have the Worst Commutes – 2021 Edition – SmartAsset

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How far you live from work, school and other places you frequent can cost you time, money and health. The U.S. Census says that the average commute takes Americans 27.6 minutes each way. That’s more than 240 hours annually, if you commute twice every workday in 2021. And now that many people have cut back their commutes by working from home during the COVID-19 pandemic, you might be thinking about how to save money by carpooling or biking, or you might consider moving to shorten the commuter distance. In either case, SmartAsset examined the largest cities in America to uncover the worst commutes in 2021. Find out how your commute measures up against them.

We compared data from the 100 largest U.S. cities and ranked the worst commutes by six key metrics: commuters as a percentage of workers, average travel time to work, five-year change in average travel time, percentage of workers with a commute of more than 60 minutes, five-year change in percentage of workers with a commute of over 60 minutes, and transportation as a percentage of income. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology below.

This is SmartAsset’s second study on the worst commutes in America. Check out the 2020 version here.

Key Findings

California leads the country as the state with the worst commutes. Eight out of the 11 cities on this list are located in the Golden State, averaging 33.6 minutes in travel time to work. Commuters in those cities need twice as long as those with the shortest commute – in Lubbock, Texas, which averages a little more than 16 minutes on a trip to work.
The overwhelming majority of workers in America are commuters. On average, 94.3% of workers in the 100 largest U.S. cities are commuters, based on the most recently available Census data from 2019. Scottsdale, Arizona has the smallest percentage of commuters, but it still has 82.1% of its workers traveling to their jobs. Newark, New Jersey has the highest percentage, with 98% of workers averaging almost 35 minutes commuting.
The Midwest still offers better commutes. Cities in Northeastern, Southern and Western states tend to rank in the worst third of the study for their less-than-ideal commutes. While Chicago, Illinois and Cincinnati, Ohio crack the top 35 cities with the worst commutes, all other Midwestern cities rank in the bottom half of the list for their relatively short commutes.

1. Riverside, CA

Ranked as the worst commuting city in America, Riverside, California takes the greatest toll on its workers in transit, with 18.6% of them averaging more than 60 minutes on a trip to work. And data shows that commutes are getting longer, with a 3.7% five-year increase (2014 to 2019) in workers traveling for more than one hour. Riverside commutes average 33.9 minutes each way, and this travel time has also increased 13.38% over the same five years.

2. Stockton, CA

Ranking second-worst, Stockton, California saw an increase of 18.68% in average travel time over the five-year period from 2014 to 2019. Data shows that 17.8% of workers in this Central Valley city average more than 60 minutes on their commute to work, the fifth-highest percentage for this metric across all 100 cities we studied. The average travel time for residents there is 32.4%, ranking 11^th overall.

3. Hialeah, CA

Commute times in Hialeah, Florida, a Miami suburb, have spiked more than any other city in the study with a 26.81% jump between 2014 and 2019. Hialeah has also seen the biggest percentage 2014-to-2019 increase for workers commuting longer than 60 minutes, a 6.1% uptick. However, it is important to note that the city’s percentage of commuters is relatively small: With just 91% of all workers traveling to work, this city ranks 90^th out of 100 for this metric in our study.

4. Glendale, AZ

Between 2014 and 2019, the number of workers in Glendale, Arizona with commutes longer than an hour increased 5.6%. This is the second-highest uptick for this metric overall. The percentage of workers with a commute longer than 60 minutes is 12.1%, ranking 16^th-highest out of 100. Data shows that with 94.9% of Glendale workers commuting, they average 31.5 minutes on each trip.

5. Los Angeles, CA

Los Angeles, California has seen a five-year (2014 to 2019) increase of 3.3% in workers commuting longer than 60 minutes, the ninth-biggest jump for this metric in the study. With 93.5% of the workforce commuting, 15.4% of Angeleno workers need more than one hour each way to their jobs, the 11^th-highest percentage for this metric overall. That said, they only spend 7.91% of their income on commuting, ranking 77^th out of 100 for this metric.

6. Oakland, CA

Workers in Oakland, California average 34.4 minutes on each trip to work, the seventh-longest travel time in the study. Oaklanders also rank seventh-highest for the percentage of workers with trips longer than 60 minutes, with 16% of them making treks longer than an hour to the office in 2019. However, Oakland has one of the cheapest commutes, as workers there spend only 5.45% of their income on travel to work, the fourth-lowest rate for this metric overall.

7. Fremont, CA

Fremont, California has seen a 4.3% increase in five years for workers commuting longer than 60 minutes on each trip, the fifth-highest in the study. Residents there also have the third-longest travel time, averaging 36.4 minutes on each commute, and the second-largest proportion of the workforce commuting longer than one hour, at 20.2%. Fremont workers, however, spend only 5.45% of their income on travel to work, tying for fourth-lowest for this metric.

8. San Jose, CA

Located in the heart of Silicon Valley, San Jose, California has the most affordable transportation on our list. Workers there spend only 5% of their income on travel to work. Despite those relatively low costs, San Jose still ranks as the eighth-worst commuting city on our list. Workers average 31.7 minutes on each commute, and they have seen a 14.44% increase in travel time over the five-year period from 2014 to 2019. Data also shows that San Jose has seen a 4.8% increase over that time period in commuters traveling more than one hour per trip.

9. San Francisco, CA

San Francisco, California averages 34.7 minutes on each commute, the sixth-longest travel time in the study. The Bay Area city also has one of the largest groups of workers commuting the longest, with 15.7% needing more than 60 minutes to commute one way. That said, San Francisco workers have a relatively affordable commute, as residents there spend only 5.45% of their income on travel for work. The city ties for fourth-lowest out of 100 for this metric.

10. New York, NY (tie)

New York City ties with Long Beach, California for the final spot in the 11 cities where residents have the worst commutes. The average travel time for New Yorkers is 41.7 minutes, the longest travel time in our study. New York City also has the highest percentage of workers who travel more than 60 minutes each way, at 27.2%. Despite the duration, the city ranks 16^th-lowest out of 100 for transportation costs, with workers spending less than 8% of their income on commuting.

10. Long Beach, CA (tie)

Long Beach, California ties with New York as the 10^th-worst U.S. city for residents’ commutes. Residents there have seen a 2.1% increase over the five-year period from 2014 to 2019 in the number of workers traveling more than one hour to work each day. Long Beach has the 12^th-longest commute on our list, averaging 32 minutes for each trip. And 14.9% of the workforce is traveling for longer than 60 minutes during each trip, the 12^th-largest for this metric in the study.

Data and Methodology

To find the cities with the worst commutes, we compared the 100 largest cities in the country across the following metrics:

Commuters as a percentage of workers. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Average travel time to work in 2019. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Five-year change in average travel time. Data comes from the Census Bureau’s 2019 and 2014 1-year American Community Surveys.
Percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Five-year change in percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureau’s 2019 and 2014 1-year American Community Surveys.
Transportation as a percentage of income. Data comes from the Census Bureau’s 2019 1-year American Community Survey and the March 2020 MIT Living Wage Study.

First, we ranked each city in each metric. We then found each city average ranking, giving all metrics an equal weight except for average travel time, which received a double weight. Next, we ranked the cities based on this average, giving the city with the highest average an index score of 100 and the city with the lowest average an index score of 0.

Tips for Managing Your Money While on the Go

Locate a one-stop shop for expert financial support. Need something to do on a long commute? Think about finding a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now
Take a new route in your budget management. If transportation is eating up a lot of money, consider creating a budget using SmartAsset’s free budget tool.
Plan your road to retirement. It’s never too early – or too late, for that matter – to start saving as much as you can for retirement. Get ready for your golden years by saving using a 401(k) or other workplace retirement plan.

Questions about our study? Contact press@smartasset.com.

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January 23, 2021

Most In-Demand Jobs for Bachelorâs Degree Holders â 2021 Edition

Most In-Demand Jobs for Bachelor’s Degree Holders – 2021 Edition

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Jobs requiring a bachelor’s degree or higher level of education for entry are often more insulated from unemployment than others. During the COVID-19 pandemic, total unemployment for individuals 25 years and older spiked to 13.1% in April 2020. However, the highest unemployment rate over the past year for bachelor’s degree holders 25 and older was 8.4% in April 2020. As of November 2020, the national unemployment rate was 6.7% – 2.5 percentage points higher than the unemployment rate for bachelor’s degree holders.

Some jobs for bachelor’s degree holders may be even more insulated from economic changes as demand is high. In this study, we investigated the most in-demand jobs for bachelor’s degree holders. We compared a total of 131 occupations across four metrics: percentage change in average earnings from 2018 to 2019, percentage change in employment from 2018 to 2019, projected employment change from 2019 to 2029 and projected percentage change in employment from 2019 to 2029. For details on our data sources or how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s third annual study on the most in-demand jobs for bachelor’s degree holders. Check out the 2020 rankings here.

Key Findings

A list similar to last year. Almost half of the 10 most in-demand jobs for bachelor’s degree holders in 2021 were in our top 10 last year. They are computer and information systems managers, information security analysts, interpreters & translators and medical & health service managers. Of those four occupations, interpreters & translators saw the biggest jump between the two years, moving down five spots from first to sixth.
More than 30% growth expected in two occupations. On average across the 131 occupations in our study, employment is expected to grow by 5.0% between 2019 and 2029. But the expected growth is more than six times higher for two occupations – information security analysts and medical & health service managers. The Bureau of Labor Statistics (BLS) predicts employment increases of 31.2% and 31.5% for those two occupations, respectively, between 2019 and 2029.

1. Producers and Directors

The producer and director occupation ranks in the top quartile of our study for all four metrics we considered. Between 2018 and 2019, employment of producers and directors grew by almost 9%, while average earnings rose by about 5%. Moreover, the BLS projects the occupation will continue to grow. According to their estimates, the number of producers and directors will increase by 16,000, or 10.0%, from 2019 to 2029.

2. Computer and Information Systems Managers (tie)

The computer and information systems manager occupation ranks in the top 15% of occupations for three of the four metrics in our study. The occupation saw the ninth-largest percentage increase in employment from 2018 to 2019, growing by 10.87%. Between 2019 and 2029, the BLS expects it will grow by another 10.4%, adding 48,100 workers. Across all 131 occupations, that is the 19^th-highest percentage increase and ninth-largest gross increase in workers.

2. Agents and Business Managers of Artists, Performers and Athletes (tie)

The occupation of agent and business manager for artists, performers and athletes ties with computer and information systems manager as the No. 2 in-demand job for bachelor’s degree holders. Between 2018 and 2019, average pay for agents and business managers for artists, performers and athletes grew by almost 7%, the seventh-highest rate across all 131 occupations. Over the same time period, employment grew by 15%, second-highest in our study for this metric.

4. Information Security Analysts

Information security analyst is the fourth most in-demand job for bachelor’s degree holders, moving up from fifth place last year. Though average earnings grew at a comparable pace year-over-year, employment increased sharply in this profession. BLS estimates show that information security analyst employment increased by 16.20%. There were about 108,100 information security analysts in 2018 and almost 125,600 in 2019.

5. Actuaries

Most actuaries work for insurance companies, assessing the financial costs of risk and uncertainty. Between 2018 and 2019, average earnings for actuaries grew by 4.06% – the 15^th-highest one-year earnings increase in our study. Additionally, between 2019 and 2029, employment for this occupation is expected to grow by another 17.6%, the seventh-largest percentage change in employment in the study.

6. Interpreters and Translators

According to BLS employment projections, the number of interpreters and translators in the U.S. is expected to increase by 20.0% between 2019 and 2029, a top-five rate in our study. With that projected percentage change, employment will grow by roughly 15,500 workers, a top-30 rate. Most recently, from 2018 to 2019, average earnings for interpreters and translators grew by 3.20%, the 25^th-highest rate for this metric in the study.

7. Fundraisers

The occupation of fundraiser ranks in the top third of all 131 occupations for three of the four metrics we considered. Between 2018 and 2019, employment grew by 7.87%, the 19^th-highest rate. Looking forward, total employment of fundraisers is expected to grow by 14,400, or 14.3%, over the next 10 years – the 30^th-largest gross increase and 11^th-highest percentage increase.

8. Medical and Health Service Managers

Medical and health service managers plan and coordinate the business activities of healthcare providers. Average earnings for medical and health service managers are high and growing. In 2018 and 2019, average earnings for workers in the occupation stood at $113,730 and $115,160, respectively. Additionally, across the 131 occupations in our study, BLS expects the profession to have the third-largest gross employment increase (133,200 workers) and highest percentage employment increase (31.5%) over approximately the next decade.

9. Athletic Trainers

Between 2019 and 2029, the occupation of athletic trainer is expected to grow by 16.2%, the ninth-highest rate for this metric in our study. Athletic trainers may also see their earnings continue to grow over time. Between 2018 and 2019, average earnings for athletic trainers increased by 2.56% from about $49,300 to more than $50,500.

10. Compensation, Benefits and Job Analysis Specialists

Compensation, benefits and job analysis specialist rounds out our list of the top 10 most in-demand jobs for bachelor’s degree holders. Average earnings for compensation, benefits and job analysis specialists grew by 2.84% between 2018 and 2019, 33^rd-highest in our study. The occupation ranks within the top third of the study for the other three metrics as well. It had the 26^th-highest percentage change in employment from 2018 to 2019 (6.88%), the 43^rd-greatest projected gross employment change from 2019 to 2029 (7,500) and the 28^th-highest projected percentage employment change from 2019 to 2029 (7.9%).

Data and Methodology

To find the most in-demand jobs for bachelor’s degree holders, we looked at data for 131 occupations that the BLS classifies as typically requiring a bachelor’s degree for entry. We compared the 131 occupations across four metrics:

Percentage change in average earnings from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Percentage change in employment from 2018 to 2019. Data comes from BLS Occupational Employment Statistics and is for May 2018 and May 2019.
Projected employment change from 2019 to 2029 (gross figure). This is the projected change in the total number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.
Projected employment change from 2019 to 2029 (percentage change). This is the projected percentage change in the number of people employed in an occupation from 2019 to 2029. Data comes from the BLS 2019 Employment Projections.

We ranked each occupation in every metric, giving a full weighting to all metrics. We then found each occupation’s average ranking and used that to determine a final score. The occupation with the best average ranking received a score of 100 while the occupation with the worst average ranking received a score of 0.

Tips for Making Educated Choices With Your Earnings

Invest early. With relatively high income and earnings, many bachelor’s degree workers may be able to have an early retirement. To do this, it is important to take advantage of compound interest by investing early. Take a look at our investment calculator to see how your investment in a savings account can grow over time.
Contribute to a 401(k). A 401(k) is an employer-sponsored defined contribution plan in which you divert pre-tax portions of your monthly paycheck into a retirement account. Some employers will also match your 401(k) contributions up to a certain percentage of your salary, meaning that if you chose not to contribute, you are essentially leaving money on the table. Our 401(k) calculator can help you determine what you saved for retirement so far and how much more you may need.
Consider professional help. A financial advisor can help you make smarter financial decisions to be in better control of your money. Finding the right financial advisor that doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

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January 22, 2021

Hours of Work Needed to Pay Rent in the 25 Largest Cities â 2021 Edition

Hours of Work Needed to Pay Rent in the 25 Largest Cities – 2021 Edition

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According to the Census Bureau, almost 20 million renters allocate at least 30% of their household income towards rent, indicating that they are housing cost-burdened. This can be especially true in larger cities where the cost of living is higher. And if time is money, then many Americans will have to resort to working longer hours to make ends meet without having to use up any existing emergency funds.

In this study, SmartAsset measured the hours of work needed to pay rent in the 25 largest cities in the U.S. To determine our estimates, we considered data on the following metrics: average annual take-home pay, average hours worked per year and median monthly rent. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s fourth annual study on the hours of work needed to pay rent. Check out the 2020 version here.

Key Findings

56.6 hours. The average number of work hours needed to pay rent across the largest 25 U.S. cities is 56.6. In the six cities at the top of our list, renters must work at least 6% longer to pay rent alone. It takes more than 60 hours of work in all six cities to cover average rental costs.
California cities stay at the very top, but Los Angeles drops for the first time in recent years. In every version of this study since 2018, the three cities where the average worker needs to work the most to pay rent have been as follows: San Jose, Los Angeles and San Diego, California – in that order. In this year’s study, however, San Diego jumps to the No. 2 spot and Los Angeles drops to No. 3.

1. San Jose, CA

In San Jose, California, it takes more than 76 hours of work on average to pay median monthly rent, which is $2,223 or almost $26,700 per year. The median worker earns $41,419 after taxes, with an estimated hourly wage of about $29.

2. San Diego, CA

The average annual take-home pay in San Diego, California is $34,157, or an hourly wage of less than $25. According to our estimates, the average worker in this city would need to work almost 74 hours to be able to pay a month’s rent, which is $1,806.

3. Los Angeles, CA

In Los Angeles, California, the average worker needs to clock almost 73 hours to cover median monthly rent, which is $1,554. The average number of hours worked in the city is about 38 hours per week, which means that it would take this person almost two weeks to cover that total amount of time. The average worker in Los Angeles earns $34,669 before taxes and takes home about $28,815 – or a little more than $21 per hour.

4. Boston, MA

In Boston, Massachusetts, the average worker earns $35,800 after taxes, or about $25 an hour. The median monthly rent in Boston is $1,735, which means residents there will have to work more than 69 hours to pay for a month’s rent. At an average of about 38 hours worked per week in Boston, it would take nearly 13 days for a worker to cover this amount.

5. New York, NY

New York City has the fifth-highest number of hours needed to pay rent across the 25 largest cities in this study. With a median monthly rent in the city of $1,483, a worker person would have to work 62.0 hours to cover rent. The average worker in New York earns $42,326 and takes home $32,608 after taxes, or $23.90 per hour.

6. San Francisco, CA

In San Francisco, California the median monthly rent is $1,959. This is the second-highest monthly rent amount across all 25 cities in our study, following only San Jose, California. The average worker in the city earns about $32 per hour, or $51,548 after taxes. This means that the worker would have to work 61.2 hours to cover rental costs. At an average of 40.2 hours worked per week in San Francisco, it would take this worker about a week and a half to do so.

7. Denver, CO

In order to cover the costs of the average rental apartment or home in Denver, Colorado, the average worker would need to work almost 60 hours. The median monthly rent in Denver is $1,433. The average worker in Denver earns $47,146 before taxes, with a take-home pay of $37,922 or $23.92 an hour.

8. Nashville, TN

The median monthly rent in Nashville, Tennessee is $1,191 or $14,292 per year. With the average worker there earning $31,889 after taxes or $20.77 per hour, it would take him or her approximately 57 hours of work to cover the cost of rent each month.

9. Austin, TX

The average worker in Austin, Texas earns $42,416 and takes home $35,739 or $23.34 per hour. Monthly rent costs in Austin reach $1,334 per month, or $16,008 per year. At that rate, it would take this worker more than 57 hours to cover rental costs.

10. Charlotte, NC

Median earnings for a worker in Charlotte, North Carolina are $38,528. This worker would take home $31,118 or $20.61 an hour. Charlotte has the lowest median monthly rent across the 10 cities on this list, at $1,174, resulting in a total annual rent of $14,088. To be able to pay for a month’s rent in Charlotte, the average worker would have to work 57 hours.

Data and Methodology

To find out how many hours of work are needed to pay rent in the 25 largest cities in the U.S., we looked at data on the following three metrics:

Average annual take-home pay. This is the average worker’s earnings after accounting for income taxes. To find out how much each worker would pay in income taxes, we ran median worker’s earnings data through our income tax calculator. We assumed the average worker would contribute nothing to an IRA or 401(k), take the standard deduction and file as a single filer. Earnings data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
Average hours worked per year. This is the number of weeks worked per year multiplied by the number of hours worked per week. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.
Median monthly rent. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.

First, we found the average hourly wage for each worker by dividing average annual take-home pay by average hours worked per year. Then we divided the monthly median monthly rent by the average hourly wage. This resulted in the average hours of work needed to pay a month’s rent. Finally, we ordered the cities from highest to lowest based on the average number of hours needed to pay rent.

Tips for Managing Your Savings

How much are you really taking home? When budgeting how much to allocate to needs, wants and savings, it’s important to know how much you’re actually starting with. Use SmartAsset’s paycheck calculator to find out your post-tax earnings.
Budgeting is key. If the cost of living in an area is high and moving is not an option, consider using our online budget tool to make sure your expenses are all covered.
401(k) matching. Taking advantage of a 401(k) employer match program is an ideal way to build your retirement savings faster. When considering a new job always review the retirement plan offerings to be sure that it’s the right one for your needs.
Expert financial advice. You already work hard to make ends meet, so why put in any more hours than you need to in order to get expert help with your assets? Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact press@smartasset.com.

Nadia Ahmad, CEPF® Nadia Ahmad is a Certified Educator in Personal Finance (CEPF®) and a member of the Society for Advancing Business Editing and Writing (SABEW). Her interest in taxes and grammar makes writing about personal finance a perfect fit! Nadia has spent ten years working as a seasonal income tax assistant, researching federal, state and local tax code and assisting in preparing tax returns. Nadia has a degree in English and American Literature from New York University and has served as an instructor/facilitator for a variety of writing workshops in the NYC area.

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January 22, 2021

Best Places for Women Entrepreneurs â 2020 Edition

Best Places for Women Entrepreneurs – 2020 Edition – SmartAsset

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While women have certainly made strides in many areas of the business world, when it comes to entrepreneurship, a significant gender gap remains. Around 10.2% of women between ages 18 and 64 are new entrepreneurs, a rate around three-quarters that of men, according to the 2018-2019 Women’s Report from The Global Entrepreneurship Monitor. Though there’s clearly still room for growth, women who are starting their own businesses have the opportunity to take ownership of their long-term financial goals, including how much they sock away in a savings account. But not all locales are equally conducive to their success. As such, SmartAsset sought to uncover which metro areas are best for women entrepreneurs.

To do this, we compared 50 of the largest metro areas across the following metrics: number of female-owned businesses, percentage of businesses owned by women, women-owned businesses as a percentage of businesses with greater than 500 employees, new businesses as a percentage of total businesses, new business applications in 2020 relative to previous years, percentage of businesses that had profits or broke even, startup survival rate, women-to-men pay ratio, 2019 female unemployment rate and September 2020 unemployment rate. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s second study on the best places for women entrepreneurs. Read the 2019 version here.

Key Findings

The percentage of women-owned businesses is paltry, but especially so for large companies. Five metros in our top 10 — Los Angeles, Atlanta, Denver, Seattle and Miami — rank in the top 10 for our metric tracking the percentage of businesses owned by women, with Atlanta leading that pack at 21.92%. Though women-owned businesses only constitute about a fifth of all business at the top, the numbers are even more meager for women-owned businesses with greater than 500 employees: in New York, which ranks first for this metric, women own only 3.56% of all businesses of this size.
Despite the pandemic, new businesses are still being formed. While the COVID-19 pandemic has had major impacts on the fortunes of many businesses, entrepreneurs in the U.S. are still founding new companies. Data from the Census Bureau shows that the number of new business applications in 2020 thus far is up 5% compared to the average over the past few years, indicating that amid this crisis, increasingly more entrepreneurs still want to form new firms.

1. Minneapolis-St. Paul-Bloomington, MN-WI

For the second consecutive year, the Twin Cities metro area of Minnesota-Wisconsin is the best place in the country for women entrepreneurs. The unemployment rate for women in this area was 1.8% in 2019, the lowest rate for this metric in the study. Furthermore, 84.49% of businesses in the Minneapolis area had a profit or broke even in 2017, the second-highest percentage across all metro areas we analyzed. Women-owned businesses make up a little less than 3% of all businesses with greater than 500 employees in this metro area. While relatively low, that figure is actually the eighth-highest percentage for this metric in the study.

2. Los Angeles-Long Beach-Anaheim, CA

The Los Angeles-Long Beach-Anaheim, California metro area, which includes parts of Orange County, is the No. 2 place in the nation for women entrepreneurs. Due in part to its large population, Los Angeles area has 64,632 women-owned businesses overall, the second-highest number for this metric in the study (behind only the New York City metro area). Los Angeles also ranks ninth out of 50 in terms of the percentage of businesses that are owned by women, at 20.99%, and third out of 50 in terms of women-owned businesses as a percentage of businesses with greater than 500 employees, at 3.20%.

3. Atlanta-Sandy Springs-Alpharetta, GA

There are also a substantial number of women-owned businesses in the Atlanta metro area. The raw total is 24,130, sixth-highest in the study, and that represents 21.92% of all businesses, the fourth-highest in the study. Women in the Atlanta area earn 76.79% as much as men, the 12^th-best rate for this metric across all 50 metro areas we analyzed. The metro area also benefits from the fact that Georgia ranks first for the number of new state-wide business applications in 2020 relative to the previous five years, at 142.77%.

4. Denver-Aurora-Lakewood, CO

New businesses represent 10.22% of all establishments in the Denver-Aurora-Lakewood, Colorado metro area, the third-highest percentage for this metric in our study. A lot of the establishments in the area at least break even, too – 83.90% to be specific, the seventh-highest percentage we observed for this metric in the study. The Denver area also ranks seventh-best for the percentage of businesses that are owned by women, 21.78%.

5. Sacramento-Roseville-Folsom, CA

Sacramento is the capital of California, and the metro area around the city takes the No. 5 spot in terms of the best places to be a woman entrepreneur. The Sacramento-Roseville-Folsom metropolitan area saw 84.70% of businesses either turn a profit or break even in 2017, the highest percentage we observed. The startup survival rate in California is 81.33%, placing the Sacramento area fifth in that metric. New businesses in the area represent 9.10% of all businesses, good for 12^th overall.

6. Tampa-St. Petersburg-Clearwater, FL

Women in the Tampa-St. Petersburg-Clearwater, Florida metro area earn 79.68% as much as men, the sixth-best ratio of the metro areas included in this study. Tampa also benefits from the fact that Florida fares well in terms of new businesses created in 2020 (a state-wide metric): The total new business applications filed this year is 113.42% of the average filed over the past five years, the ninth-highest rate. Tampa also finishes in 11^th place out of 50 for both unemployment metrics we measured. The unemployment rate for women in 2019 was 2.4%, and the overall unemployment rate in September 2020 was 6.1%.

7. Seattle-Tacoma-Bellevue, WA

There are 17,724 businesses owned by women in Seattle-Tacoma-Bellevue, Washington metro area, ranking 10^th of 50. That figure represents 21.25% of all businesses in the Seattle metro area, the eighth-highest percentage in the study. The pay gap in Seattle, though, remains large. Women earn just 68.21% as much as men there, placing the area 46^th out of 50 for this metric.

8. Charlotte-Concord-Gastonia, NC-SC

The Charlotte-Concord-Gastonia, North Carolina-South Carolina metro area comes in at No. 8. Women-owned businesses make up 3.26% of all businesses with greater than 500 employees. The only other metric for which the Charlotte area finishes in the top 10 is the percentage of businesses that broke even or turned a profit, coming in ninth at 83.14%. The area has just 8,581 female-owned businesses, putting it near the middle of this list at 24^th out of 50.

9. Miami-Fort Lauderdale-Pompano Beach, FL

In the Miami-Fort Lauderdale-Pompano Beach, Florida metro area, there are 36,496 businesses owned by women, representing 21.88% of all the businesses in the metro area. That places Miami in fourth and fifth in those two metrics, respectively. The Miami area hasn’t been doing well in terms of employment lately, though. The unemployment rate in September 2020 was 10.1%, in the bottom five of this study. That said, the metro area ranks fifth out of 50 for women-owned businesses as a percentage of businesses with greater than 500 employees (3.17%). Furthermore, it ranks ninth overall for the statewide metric of new business applications in 2020 relative to previous years (113.42%) and third overall for women-to-men pay ratio (81.19%).

10. Dallas-Fort Worth-Arlington, TX

The final area in the top 10 of this study is Dallas-Fort-Worth-Arlington, Texas. There are 24,383 businesses in the area owned by women, the fifth-highest rate for this metric in the study. Of the businesses in the metro area with more than 500 employees, 3.19% of them are owned by women, which is the fourth-highest percentage for this metric across the 50 areas we analyzed. A lot of businesses in the area don’t fare as well as they would probably like, though: Only 79.42% break even or turn a profit, 44^th out of 50 in the study. However, the metro area ranks sixth overall for the statewide metric of new businesses as a percentage of total businesses, at 9.54%.

Data and Methodology

To find the best metro areas for women to be entrepreneurs we compared 50 of the largest metropolitan areas in the country across a number of metrics. Though we’ve done this study in previous years, we added two metrics this year to give more timeliness to our results: new business applications in 2020 compared with the average of the previous five years, and the unemployment rate in September 2020. Here are all the metrics we used:

Number of women-owned businesses. Data is for businesses with paid employees and comes from the Census Bureau’s 2018 Annual Business Survey.
Percentage of women-owned businesses. Data is for businesses with paid employees and comes from the Census Bureau’s 2018 Annual Business Survey.
Percentage of businesses with at least 500 paid employees that are women owned. Data comes from the Census Bureau’s 2018 Annual Business Survey.
New businesses as a percentage of total businesses. This includes businesses established in 2015, 2016 and 2017 as a percentage of all businesses. Data is for businesses with paid employees and comes from the Census Bureau’s 2018 Annual Business Survey.
New business applications in 2020 relative to the 2015-2019 average by state. Figures for new business applications are not seasonally adjusted and include only those with planned wages for workers. We compared the number of new business applications from Week 1 of 2020 through Week 42 of 2020 (i.e. December 30, 2019 through October 24, 2020) to the average number of applications filed during those first 43 weeks of the year for the five-year period spanning from 2015 through 2019. Data comes from the Census Bureau’s Business Formation Statistics.
Percentage of all businesses that had profits or broke even. Data is for businesses with paid employees and comes from the Census Bureau’s 2017 Annual Business Survey.
Startup early survival rate (by state). This is the percentage of startups that are still active after one year. Data comes from the Kauffman Indicators of Entrepreneurship report and is for 2019.
Women-to-men pay ratio. Data comes from the Census Bureau’s 1-year American Community Survey and is for 2019. It accounts for both part-time and full-time workers.
Unemployment rate for women. Data comes from the Census Bureau’s 1-year American Community Survey and is for 2019.
Overall unemployment rate for September 2020. Data comes from the Bureau of Labor Statistics.

First, we ranked each metro area in every metric. We then found the average ranking for each metro area, giving a full weight to all metrics except for the two new business metrics and the two unemployment metrics, all of which received a half-weight. We then came to a final ranking based on these averages, with the top metro area receiving an index score of 100 and the bottom metro area receiving an index score of 0.

Tips for Entrepreneurs

Invest in professional advice. If you are looking for help with your money or your business, consider finding a financial advisor to help you. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool connects you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors, get started now.
Taxes don’t always have to be taxing. Knowing your tax burden is key to a successful financial life and running your business efficiently. Use SmartAsset’s free tax calculator to see what you might owe.
Nail down your elevator pitch. Want to make sure you are a successful entrepreneur? Make sure you know what your product is and what your audience is before you even actually start the business.

Questions about our study? Contact press@smartasset.com.

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Source: smartasset.com

January 21, 2021

Best Cities to Work From Home in 2021

Best Cities to Work From Home in 2021 – SmartAsset

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Since the onset of COVID-19, remote work has become the norm for many Americans, allowing them to continue to meet some of their expenses while saving where possible. In the late spring of 2020, about half of American workers were working from home, according to two surveys conducted by the National Bureau of Economic Research. Many researchers believe that increased work flexibility and work-from-home opportunities may continue even after the pandemic is over. With that in mind, SmartAsset looked at the best cities to work from home in 2021.

To determine our rankings, we compared 100 of the largest U.S. cities across seven metrics. They span work-from-home flexibility prior to and during COVID-19, along with employment opportunities, poverty rates and housing affordability. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s third annual study on the best cities to work from home. Our 2020 edition can be found here. Note: This year’s methodology was adjusted to account for COVID-19 and its impact.

Key Findings

A strong showing from North Carolina. Three cities in North Carolina rank in our top 10: Raleigh, Durham and Charlotte, taking second, sixth and seventh place, respectively. In all three cities, the percentage of people working from home grew by more than 3% between 2014 and 2019, so that even prior to the onset of the COVID-19 pandemic, more than 7% of all three cities’ workforces worked remotely.
Mid-sized cities also rank well. With the exceptions of Charlotte, North Carolina and Austin, Texas, all other cities in our top 10 have populations between 240,000 and 500,000. These cities potentially offer residents larger homes and apartments better suited to working from home. In all eight cities, more than 80% of residences have two or more bedrooms and workforces of which more than 7% were remote in 2019.

1. Scottsdale, AZ

Scottsdale, Arizona ranks in the top five cities for four of the seven metrics we considered. Census Bureau data shows that in 2019 about 17.9% of workers did work from home, a 6.7% increase from 2014. Additionally, Scottsdale has the fourth-highest estimated percentage of the workforce who can work from home – at about 37% – and third-lowest 2019 poverty rate – at 6.0%.

2. Raleigh, NC

Like Scottsdale, a high proportion of the workforce in Raleigh, North Carolina worked from home prior to the COVID-19 pandemic. In total, 10.5% of the workforce worked remotely in 2019 – the fourth-highest rate for this metric in our study. Raleigh also ranks in the top quartile of our study for four other metrics: It has the 21^st-highest estimated percentage of the workforce that can work from home (31.79%), fourth-largest five-year change in workers working from home (4.3%), 18^th-lowest October 2020 unemployment rate (5.3%) and 21^st-lowest poverty rate (10.9%).

3. Plano, TX

North of Dallas, Plano, Texas ranks as the No. 3 city to work from home in 2021. It ranks in the top 10% of the study for three metrics: percentage of the workforce who did work from home in 2019 (9.6%), estimated percentage of the workforce who are able to work from home (35.44%) and 2019 poverty rate (7.5%). Additionally, Plano has the 14^th-lowest October 2020 unemployment rate, at 5.2%.

4. Gilbert, AZ

Working from home often requires more space, whether that’s a dedicated room or section of a room where one sets up shop. Gilbert, Arizona – one of our best cities to buy an affordable home – has the potential for just that, with a high percentage of residences that have two or more bedrooms. Census Bureau data shows that 96.3% of Gilbert apartments and homes have two or more bedrooms, the highest percentage for this metric in our study. Gilbert also ranks well in our study due to its high percentage of the workforce that worked from home in 2019 (9.5%) and relatively low poverty rate (4.6%).

5. St. Petersburg, FL

With particularly strong low unemployment numbers, St. Petersburg, Florida takes the No. 5 spot. As of October 2020, the greater Pinellas County unemployment rate was just 5.2%, which is 1.5 percentage points below the national average. Remote work has also grown more popular here over the years: The percentage of the workforce working from home grew by 4.6% in St. Petersburg from 2014 to 2019, the third-highest increase in the study.

6. Durham, NC

Durham, North Carolina ranks in the top third of cities across six of the seven metrics we considered, only falling behind for its high poverty rate (15.2%). Durham had the 10^th-highest 2014-2019 increase in the study of the percentage of the workforce working from home – and as of 2019, more than 7% of the city’s workforce worked remotely. Taking into account recent changes during COVID-19, we estimate that an additional roughly 25% of the workforce could have telework flexibility.

The October 2020 employment rate in Durham stood at 5.7%. Furthermore, housing costs make up less than 36% of earnings and 86.3% of residences have two or more bedrooms.

7. Charlotte, NC

Charlotte, North Carolina saw the second-largest 2014-2019 increase in the study of the percentage of its workforce working from home, at 4.8%, such that in 2019, 10.0% of workers were remote. Charlotte ranks 23^rd-lowest out of all 100 cities for its relatively low poverty rate, at 11.2%.

8. Colorado Springs, CO

Though housing costs as a percentage of earnings are high in Colorado Springs, Colorado, the city ranks in the top quartile of cities for four metrics. It saw the seventh-largest 2014-2019 increase in percentage of workers reporting they worked remotely (3.6%), and it had the 13^th-highest percentage of 2019 remote workers (8.5%). Moreover, the city’s 2019 poverty rate is the 12^th-lowest overall (9.3%), and it has the 17^th-highest percentage of homes and apartments with two or more bedrooms (87.3%).

9. Austin, TX

Working from home was on the rise in Austin, Texas prior to COVID-19. The percentage of workers reporting they worked from home increased by 3.7% over five years, from 7.1% in 2014 to 10.8% in 2019. With that increase, Austin had the third-highest 2019 percentage of the workforce who worked from home across all 100 cities. Employment in Austin has remained strong during COVID-19 relative to other cities. As of October 2020, its unemployment rate was 5.2% – the 14^th-lowest of 100 of the largest cities and 1.5 percentage points lower than the national average.

10. Fremont, CA

Fremont, California rounds out our list of the 10 best cities to work from home in 2021. Based on the occupational breakdown of workers, we found that upwards of 35% of Fremont’s workforce could work from home if necessary – a top-10 rate. Apartments and homes in Fremont also generally have the space for working from home. Census Bureau data shows that 87.7% of residences in Fremont have two or more bedrooms – the 13^th-highest percentage in our study.

Data and Methodology

To find the best cities to work from home in 2021, we examined data for the 100 largest U.S. cities. We compared those cities across seven metrics:

Percentage of the workforce who worked from home in 2019. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Estimated percentage of the workforce who can work from home. This metric was calculated using data from the Bureau of Labor Statistics’ 2017-2018 Job Flexibilities and Work Schedules Survey and the Census Bureau’s 2019 1-year American Community Survey.
Five-year change in percentage of the workers reporting they work from home. This is the difference between the percentage of the workforce who worked from home in 2014 and 2019. Data comes from the Census Bureau’s 2014 and 2019 1-year American Community Surveys.
October 2020 unemployment rate. Data comes from the Bureau of Labor Statistics and is at the county level.
Poverty rate. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Housing costs as a percentage of earnings. This is median annual housing costs divided by median earnings for workers 16 years and older. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Percentage of residences with two or more bedrooms. This includes both owned and rented apartments and houses. Data comes from the Census Bureau’s 2019 1-year American Community Survey.

We ranked each city in every metric, giving a double weighting to one metric – the estimated percentage of the workforce who can work from home – and a full weighting to all other metrics. We then found each city’s average ranking and used that average to determine a final score. The city with the best average ranking received a score of 100. The city with the lowest average ranking received a score of 0.

Deciding Where to Live?

Buy or rent? Even if you have the savings to buy a first home, be sure the switch makes sense. If you are coming to a city and plan to stay for the long haul, buying may be the better option for you. Additionally, a home may offer more space for people who do regularly work from home. However, if your stop in a new city will be a short one, renting may make the most sense. SmartAsset’s rent vs. buy calculator can help you see the cost differential between purchasing a home or apartment and renting.
Mortgage management. It is important when purchasing a home to know what you’ll pay each month and for how long. To get a sense of what that might look like, check out SmartAsset’s free mortgage calculator.
Seek out trusted advice. No matter where you live, a financial advisor can help you get your financial life in order. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

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Source: smartasset.com

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