Young Professionals Thrive In Hotspots Throughout The Country
By ERIN FLYNN JAY
Young professionals hoping to build their careers and live comfortably can do so in many areas throughout the country.
A recent study by real estate company OhioRealEstateSource.com identified Peoria, Illinois as the most affordable city in the U.S. for young professionals, with the average salary about 52% of the cost of a three-bedroom home. The study analyzed property and salary data for nearly 200 U.S. cities with high employment rates.
By comparing census data for the average annual salary in each city to Zillow data on the cost of a three-bedroom family home, a ranking was produced wherein each city was given a score out of 100 to reflect their affordability.
Peoria, Illinois, took the top spot, as the average annual salary equates to 51.9% of the value of a three-bedroom home. Across all the cities in the ranking, a typical yearly salary only amounts to 22.4% of the cost of a home, making Peoria 132% more affordable than the average U.S. city.
In second place was Beaumont, Texas, with an average salary equating to 36.8% of the cost of a home. This makes Beaumont 64% more affordable than the average U.S. city.
In third was Midland, Texas, which is 62% more affordable than the average city. An annual salary in Midland typically equals 36.3% of the value of a three-bedroom home.
So where should young professionals consider moving to? Industry leaders say that the states of Texas and Ohio have a lot to offer them right now.
Samantha Odo, Real Estate Sales Representative and Montreal Division Manager at Precondo, said Texas and Ohio are attractive for young professionals because of their affordability and job opportunities.
“Cities like Austin, Dallas, and Houston boast a strong job market, particularly in technology, energy, and healthcare, along with a lower cost of living compared to places like New York or California,” said Odo. “Cities like Columbus, Cincinnati, and Cleveland offer affordable housing options, a lower cost of living, and diverse job markets in growing industries like tech, healthcare, and finance.”
Mike Roberts, co-founder of City Creek Mortgage, said in cities like Austin and Columbus the salaries are decent so young people can live comfortably without breaking the bank.
“Austin has seen some cooling from its pandemic boom, but the job market remains strong. The average rent is around $1,800, which can be steep, but salaries often compensate for that,” said Roberts. “The average rent in Columbus is about $1,111, which is 29% lower than the national average.”
These cities also have job markets that offer opportunities to climb the corporate ladder with big companies and startups, he said.
Daniel Cabrera, Founder and CEO of Fire Damage House Buyer, agreed Texas and Ohio are good places for a young professional to live.
“Most of the cities in these two states have very affordable housing markets compared to their income levels,” he said. “This provides an opportunity for the average, even younger professional, to attain homeownership that eludes many elsewhere. Cities such as Columbus, OH, and San Antonio, TX, normally make the cut for just about the ideal salary-to-housing-costs ratio.”
Cabera said Texas and Ohio also top the list when it comes to job opportunities in technology, healthcare, finance, and manufacturing.
“These two states act as attractive career hubs. For example, Austin, TX, has become a tech hotbed, while Cleveland, OH, has a mixture of healthcare and biotech opportunities,” Cabera said.
Cabera said that while Dallas gets much of the attention in Texas, Fort Worth is cheaper and has all the same big-city perks.
“It’s a great choice for professionals who want a growing economy without as much competition for housing,” he said.
In Cleveland, Ohio, Cabrera said affordability combines with major employers like the Cleveland Clinic and Case Western Reserve University, and its renewed downtown and cultural attractions.
Cabrera said the general cost of living in these states is relatively inexpensive — from transportation to utilities and groceries — hence attracting young professionals.
Other emerging places for young professionals to live?
As for up-and-coming cities, Odo said places like Nashville, Tennessee, and Raleigh, North Carolina, are gaining traction.
“Nashville has a thriving music industry, growing tech scene, and a relatively affordable cost of living, making it an attractive option for younger professionals,” she said. “Raleigh, with its focus on education, tech, and healthcare, offers a blend of career opportunities and affordable housing, making it another top pick for those just starting out in their careers.”
Fort Wayne, Indiana, and Huntsville, Alabama, are up-and-coming, Roberts said.
“Fort Wayne is getting pretty popular,” said Roberts. “It’s got affordable housing and a growing downtown scene that’s attracting younger crowds. Huntsville, on the other hand, is known as ‘Rocket City’ because of its ties to NASA and the booming tech scene. It’s got a Southern charm mixed with innovation which is exactly what a lot of the younger generation is looking for.”
Cabera said Chattanooga, Tennessee, is fast becoming popular due to its growing tech scene, affordable housing, and outdoor lifestyle.
“With a supportive entrepreneurial ecosystem, it’s ideal for professionals seeking innovation and work-life balance,” said Cabera.
He also mentioned the Raleigh area in North Carolina.
“Raleigh-Durham, North Carolina has a very strong job market in technology, research, and healthcare, with relatively affordable housing compared to other tech hubs,” Cabrera said.
Also relatively affordable, Cabrera said Boise, Idaho’s growing tech industry, desirable outdoor lifestyle, and friendly vibe are luring young professionals in droves.