Just in time for the new year, BusinessStudent.com has compiled a listing for business professionals of the most affordable places to live and work in the coming year.
Gathering employment data of the hottest jobs from Indeed.com and the average rent for a two-bedroom apartment from Rentjungle.com, the list estimates what your savings may be to live in these cities.
For this ranking, the highest paying job was $187,000 on average in the United States (medical director). A security supervisor, which pays $31,000 per year, was tracked as the lowest paying job. The average pay for a business related job was $75,000 per year.
Cities in some states, like Texas and Nevada, benefited from the lack of a state personal income tax.
These are the top 10 most affordable cities, in ascending order, to live and work:
10. Omaha, Nebr.
With a population of 466,893, Omaha has plenty to offer for employment, education and entertainment. A recent college graduate or professional has an average salary of $65,089 and an average monthly rent of $1,009.
9. Grand Rapids, Mich.
An average salary in Grand Rapids would be $68,546, with an average rent of $1,048. The largest employers in the city are Amway Corporation, Herman Miller, and Grand Valley State University.
8. Birmingham, Ala.
The most populated city in the state has an average salary of $73,758. The average monthly rent is $1,200, which leaves $60,318 left over for food, savings and insurance.
7. Fort Worth, Texas
Top employers in Fort Worth include American Airlines, JP Morgan Chase and GM Financial. With an average salary of $75,797, a newcomer can afford a two-bedroom apartment at $1,100 and have over $60,000 remaining.
6. Columbia, S.C.
UPA and The University of South Carolina are both major employers in the state. The average monthly rent for a two-bedroom apartment is $999 and the average salary is $68,541.
5. Memphis, Tenn.
FedEx and AutoZone have headquarters in Memphis. The average salary is $69,866 and the area’s average rent is $984.
4. Las Vegas
Casinos are not the only employer in this city, but you may have some extra money to splurge with the average rent at $1,038 and an average salary of $74,199. The lack of a personal income tax is an added benefit.
3. Oklahoma City
Major companies based in Oklahoma City include OGE Energy and Paycom, both listed on the Fortune 100. Rent for a two-bedroom apartment will cost an average of $958 a month. With an average salary reported at $73,132, that leaves over $61,000 a year for other expenses.
2. Lexington, Ky.
The University of Kentucky is the largest employer in Lexington. An average salary is $69,917 in the metro-area. The average rent is listed at $889 for a two-bedroom apartment. After paying rent, $59.249 remains for savings or other bills.
1. Tulsa, Okla.
In Tulsa, the average rent is $863. An average salary in the metro-area averages $68,147. Employment opportunities include Oklahoma State University, American Airlines and QuickTrip.
The full report can be viewed here.