If you’re looking to start a new business, step one might be memorizing the lyrics to Oklahoma! That’s because Oklahoma, where the wind comes sweepin’ down the plain, is the best large city to start a new business, according to a new study from WalletHub.
To figure out which cities will help a new business start on firm footing, they looked at a variety of metrics, from five-year business-survival rate to office-space affordability. If you want to keep overhead down, head North: Lewiston, Maine, has the lowest average annual rent for office space, $10.19 per square foot, which is 7.9 times cheaper than in San Francisco, the city with the highest at $80.22 per square foot.
Detroit has the lowest labor costs (median annual income), $26,249 and those looking for work, should head to Fremont, Calif., the city with the highest cost at $111,613. Of course, San Francisco is the city with the highest cost of living index at 193. At 77, Laredo, Texas’s cost-of-living index is 2.5 times lower.
While Silicon Valley gets all the attention, according to WalletHub’s research, Miami, Hialeah, Fort Lauderdale, and Pembroke Pines, Fla. have the most startups per 100,000 residents, 234.72. If you’re looking to be a big fish in a small pond, head to Columbus, Ga., the city with the fewest startups at just 18.56 per 100,000 residents. As for San Francisco, it’s way down at no. 72 on the list due to the cost of living, high rents, and being the frontline of the raging scooter war.
|Best Large Cities to Start a Business|
|1||Oklahoma City, OK||11||Salt Lake City, UT|
|2||Austin, TX||12||Denver, CO|
|3||Sioux Falls, SD||13||Grand Rapids, MI|
|4||Missoula, MT||14||Miami, FL|
|5||Durham, NC||15||Orlando, FL|
|6||Bismarck, ND||16||Springfield, MO|
|7||Cheyenne, WY||17||Casper, WY|
|8||Billings, MT||18||Laredo, TX|
|9||Charlotte, NC||19||Atlanta, GA|
|10||Raleigh, NC||20||Fort Worth, TX|