04 Aug Austin: 2nd Best City for Young Professionals in the US
In case you’re younger than 34, Austin has been ranked as one of the best urban areas in the country for you to plant roots, as more national surveys confirm. SmartAsset, a leading personal finance site, has ranked Austin as the second-best city for young professionals. With approximately 1 out of 4 individuals in Austin being between the ages of 25 and 34, a generally low median rent record and outstanding salary growth, it was only outranked by one city: Sioux Falls, South Dakota.
Austin, Texas was found to have a notably high percentage of young people in their top-tier workforce. According to Census Bureau estimates, almost one-fourth of the population – specifically 22.52% – was between the ages of 25 and 34 in 2017. Moreover, the unemployment rate is low and the city boasts a high labor force participation for this part of the population. In 2017, the unemployment rate for workers between 25 and 34 was 3.0% and the labor force participation rate was 88.30%.
But the cost of living is not low, folks. The metric for which Austin performed at its poorest mark – however – is median gross rent (ranking 110th). According to Census Bureau estimates, median gross rent in 2017 was $1,244, more than average rent for all cities by $135. However, in general, residents in Austin are earning enough to afford higher rent prices. In 2017, median earnings for full-time workers were $67,755 meaning that residents were spending 22.03% of their pre-tax income on rent, which is below average, and still makes the city a great place to call home.