As young people start their careers, many want to know where they should live to make good money and, just as important, what areas will allow them to keep the largest share of what they earn.
Money Under 30, a resource on financial matters for young people, has named the best places in the United States that provide a combination of decent salaries and modest expenses to find out where people age 18 to 34 can earn and save at the same time.
Metropolitan areas were graded on the availability of jobs, on income level for those with a bachelor’s degree or higher, and on how much young people 18 to 34 years of age are earning. Small metropolitan areas and the Midwest come out on top in this comparison. Following are the best places for young people to make and keep their money, listed in reverse order.
No. 10 Kansas City, Mo./Kansas City, Kan.
The metropolitan area has a median age of 32 and a cost of living that is 15 percent lower than the U.S. average. It also has the third-best job market with opportunities in health care, banking and software development. Median rent is $851 a month.
No. 9 Lancaster, Pa.
Median income for people with a bachelor’s degree or higher in Lancaster is $50,057 and median rent is $892 a month. The area is ripe with agricultural and trucking industry jobs. Turkey Hill Dairy and R.R. Donnelly and Sons printing are based here.
No. 8 Cincinnati, Ohio/Covington, Ken.
Job growth in this area is on the upswing, with median income for those with a bachelor’s degree or higher coming in at $51,455. Median rents are among the lowest at $753 a month.
No. 7 Ogden/Layton, Utah
Ogden/Layton is near the Great Salt Lake and about an hour north of Salt Lake City. The IRS has a headquarters here and job growth overall is expected to grow by 44.8 percent over the next decade.
No. 6 Harrisburg, Pa.
Jobs abound here in state government and Harrisburg also has opportunities in health care, technology and education. Forbes ranks Harrisburg as number 150 in its list of Best Places for Business and Careers.
No. 5 Cedar Rapids, Iowa
The median income level for Cedar Rapids is $50,675 for those with a college degree, and half of the young people in the area make $35,000 or more. Unemployment among millennials stands at just three in 1,000 and jobs are predicted to grow 38.6 percent over the next 10 years.
No. 4 Des Moines, Iowa
Fifty-two percent of young people in Des Moines make $35,000 a year or more, as unemployment hovers at under 2 percent. It has a low commute time of less than 19 minutes on average, and is a national hub for the insurance industry and a center for agriculture-related industries.
No. 3 Shreveport, La.
Median income for college educated people is a high $60,331 and 53 percent of young people make at least $35,000 a year. The area has made a comeback since the oil industry took a hit in the 1980s and there is now a strong gaming industry and tourist trade. It is also the home of Barksdale Air Force Base.
No. 2 Springfield, Ill.
Springfield ranks high on the income scale with median salaries for those with a bachelor’s degree or higher being $65,367 and 59 percent of young people making $35,000 or more. It also has abundant jobs in government, tourism and health care.
No. 1 South Bend, Ind.
A happy haven for young people, South Bend comes in at the number one spot. It has a median income for college educated people of $71,829 and 65 percent of its young people make $35,000 a year or more. Median rent is a low $720 a month. The University of Notre Dame is the top employer and South Bend also is the home of AM General, which produced the Hummer and now makes heavy-duty vehicles for the military.