When you're young and hungry for success, the last thing you want to do is work hard for little money. What if we told you there are places where you can earn and save at the same time? In a recent study, financial website Money Under 30 went on a mission to find out where young people are making more money and also keeping more of it. In short, if you want to grow wealth, it's all about location, location, location.
While Silicon Valley seems like the ideal place for aspirational young thought leaders to live, its high rent could cost you more than it's worth. The latest figures from Rent Jungle show an average one-bedroom apartment in Palo Alto rents for about $2600 a month, which is almost double what it was in 2009. The same theory applies for salary. If you can't earn enough to get by, then you can't afford to enjoy the city you live in. Money Under 30 studied various cities across America to find the ideal combination of affordable housing and above average salaries for 18- to 34-year-olds. Scroll down to find out where the best cities are to build wealth and keep it too.
Kansas City, Missouri
This gorgeous little city made the list because of its accessible cost of living, which, according to Sperling’s Best Places, is 15% lower than the U.S. average, with a median age of 32. The rent is around $851 per month, and average yearly income is $50,853 for those who have a bachelor's degree or higher. And if that's not enough, it has the third-best job market in the U.S., according to a study by Headlight Data.
It's possible you had never heard of this town before now, but this gorgeous location is just a hop, skip, and a jump from Salt Lake City. The median rent is $858 per month, the average yearly wage is $47,956, and you have a very high chance of getting a job, with future job growth over the next 10 years forecast to hit 44.8%. Aside from the great job statistics, Ogden-Layton has great weather, with mild winters and hot summers—start packing!
If you're seeking comfortable, government-related work, then this city is for you. Healthcare is the predominant sector here, and there is an extremely low unemployment rate, at just 1%. The average monthly rent is only $742, and annual income is about $65,367.
South Bend, Indiana
This town sits in at number one on the top-10 list, with the potential for young people to earn a whopping $71,829 per year, and the rent is just $720 a month. There is a ton of work in the education sector, with Notre Dame University being the top employer. And let's not forget Chicago is only 90 minutes away for fun weekend trips.
To read where the other six money-making cities are, visit MoneyUnder30.com
Intrigued? Spend a weekend there to get a feel for it—shop a favorite carry-on below.
Would you move to one of these cities to earn more money? Let us know below.