As an entrepreneur, your personal network is one of your most valuable assets. But what exactly are the best U.S cities for young entrepreneurs?These connections can help elevate your business, bring you new opportunities, and develop into long-lasting friendships.And one of the easiest ways to build a great personal network is to live in a city full of other motivated entrepreneurs.We already discussed 5 booming cities for location-independent entrepreneurs – but most of these cities were international, and not all of us are location-independent.
Today, we’ll focus on solely US cities.
But before we get into it, here are some lifestyle factors you should consider before selecting a new city:· Weather. If you hate the cold weather or hate the super hot weather, climate may play a big role in your decision.· Cost of living. If you’re bootstrapping your business, then the lower the cost of living, the better.· Nightlife/Social activities. If you love going out and/or participating in tons of social events, make sure your new city has enough to suit your needs.· Types of entrepreneurs. If you run an e-commerce store, you may not want to be around a bunch of tech entrepreneurs.
With this in mind, here are the 7 best US cities for young entrepreneurs…
(Note: All cost of living expenses are estimated based on data from Nomadlist, and assume you are trying to save a bit of money with your lifestyle.)
1. Austin, Texas
This city made our list of best cities for location-independent entrepreneurs – it was the only US city on the list. So of course, it’s making this list as well!Austin is a big time up and coming city for entrepreneurs. The startup scene is great, and it’s relatively easy to connect with people. There’s always a thriving nightlife scene.What’s more, the weather is good for most of the year. Though it can get cold for a month or two around December/January, the rest of the year is either warm or hot.One downside is that you probably need a car in this city, thanks to the abolishment of Uber and Lyft. But if you can deal with that, then Austin just might be the perfect city for you.Average monthly expenses: $2000 – $2500
2. Boston, Massachusetts
With legendary universities like MIT and Harvard, Boston is home to thousands of brilliant young minds, with more flocking to the city every year.You don’t have to look too hard to come across an entrepreneur in a café or a coworking space. They’re all over the city, and easy to connect with.There’s also a thriving nightlife scene here, and there’s always something to do in terms of social activities.What’s more, you don’t need a car in this city. With a mix of the metro (aka the “T” in Boston), bus, and Uber/Lyft, it’s quite easy to get around. And the downtown section is walkable.It gets cold in the winter, but it’s bearable. Grab a jacket and some boots, and you’ll be alright.Average monthly expenses: $2300 – 2700
3. San Francisco, California
Of course, we had to put San Francisco on this list. It’s been the mecca for entrepreneurs for decades.The tech scene is huge, the weather is beautiful, and there are thousands and thousands of entrepreneurs and thriving startups.Talk to the guy sitting next to you at the bar, and he just might be the CEO or founder of the next big startup.The downside is that the cost of living is extremely high – higher than any other city on this list by far.If you’re okay with spending a bit more, this may be the city for you.Average monthly expenses: $3700 – $5000
4. Seattle, Washington
The northern neighbor of San Francisco, Seattle is far cheaper.That being said, it’s still a great option for young entrepreneurs.It’s been called a hub for social entrepreneurship by Forbes and FastCompany. There are several successful startups focused on social goals, like environmental education, feeding the hungry, general education, and beating poverty.If you’re a socially motivated entrepreneur and/or interested in starting a company like this in the future, Seattle should be at the top of your list!Average monthly expenses: $1500 – $2000
5. Minneapolis, Minnesota
Minneapolis has been named one of the healthiest cities in America. It’s also been rated as one of the best downtown areas for livability.They have successful entrepreneur groups like MN Entrepreneurs, which you can join and plug into when you move to the city.One downside to this city is that it gets very cold in the wintertime. So much so that sky bridges are connecting most of the buildings, so you don’t have to walk around outside.If you can withstand the cold for 5-6 months, then this city might be for you.Average monthly expenses: $1500 – $2000
6. Denver, Colorado
Denver has fairly good weather and a super active community of young people.What’s more, over 40% of the residents have a bachelor’s degree or higher, so the city is well educated.In terms of weather, there are over 300 days of sunshine on average per year, and never gets extremely cold, even from December to February.It’s another city on the rise for entrepreneurs. You might want to keep an eye on its neighbor, Boulder, Colorado, which is on the rise as well!Average monthly expenses: $1800 – $2200
7. Salt Lake City, Utah
Over 16% of the Salt Lake City population falls between 25 and 34 years old. So, there are a lot of potential networking opportunities with other young entrepreneurs.And like Denver, there are plenty of outdoor activities to keep you busy.Though, it is a smaller city (its population doesn’t even put it into the top 100 biggest cities in the country), so that’s something to keep in mind.If you’re more of a small town person, this could be the right city for you.
Average monthly expenses: $1100 – $1400
As an entrepreneur, one of the best things you can do is surround yourself with other motivated entrepreneurs. That’s exactly what you’ll find in all of the cities on this list – thriving entrepreneurial communities that you can plug yourself in.So, do some research, consider which lifestyle factors are most important to you, and consider moving to one of the best U.S cities for young entrepreneurs.