10 Best Cities for Young People to Get Rich

Source: iStock

Young person trying to get rich | Source: iStock

Getting ahead in today’s economy can feel like a never-ending journey, especially when you’re taking the first few steps. The path to financial stability is often paved with student loans, a sluggish job market, and a rental market that will have you considering living out of a car. Where young adults begin the journey can make all the difference.

Achieving the American Dream and more has increasingly become an uphill battle in the wake of the Great Recession. A study from Sentier Research finds the median annual household income totals $54,578, lower than the median of $55,179 in June 2009, when the recession ended and the so-called “economic recovery” began. Adding insult to injury, separate research from the Economic Policy Institute shows the greatest real wage losses over the past two years come from workers with a college or advanced degree. Workers with a four-year college degree saw their hourly wages fall 1.3% from 2013 to 2014. Those with an advanced degree saw an hourly wage decline of 2.2%.

On a positive note, wage growth recently hit its best level in six years, and fewer employed Americans are worried about wage reduction. According to Gallup, only one in five employed workers say they are worried their wages will be cut in the near future, the lowest number since 2008. Nonetheless, location plays a significant factor in your finances and how you feel about them.

Money Under 30 analyzed cities across the United States to find the ideal combinations of modest expenses and decent salaries. The site looked at these two factors to find which locations allow young adults to earn and save at the same time. After all, it’s not how much you make, it’s how much you keep.

Let’s take a look at the 10 best cities in America for young adults to get rich.

10. Kansas City, Mo.

  • Metro population: 1,552,939
  • Median income (with a bachelor’s or higher): $50,853
  • Young people making more than $35,000 per year: 46%
  • Median rent per month: $851

9. Lancaster, Pa.

  • Metro population: 395,988
  • Median income (with a bachelor’s or higher): $50,057
  • Young people making more than $35,000 per year: 46%
  • Median rent per month: $892

8. Cincinnati, Ohio/Covington, Ky. area

  • Metro population: 1,616,183
  • Median income (with a bachelor’s or higher): $51,455
  • Young people making more than $35,000 per year: 47%
  • Median rent per month: $753

7. Ogden-Layton, Utah

  • Metro population: 574,291
  • Median income (with a bachelor’s or higher): $47,956
  • Young people making more than $35,000 per year: 48%
  • Median rent per month: $858

6. Harrisburg, Pa.

  • Metro population: 441,902
  • Median income (with a bachelor’s or higher): $47,211
  • Young people making more than $35,000 per year: 49%
  • Median rent per month: $862

5. Cedar Rapids, Iowa

  • Metro population: 177,529
  • Median income (with a bachelor’s or higher): $50,675
  • Young people making more than $35,000 per year: 50%
  • Median rent per month: $711

4. Des Moines, Iowa

  • Metro population: 475,796
  • Median income (with a bachelor’s or higher): $56,113
  • Young people making more than $35,000 per year: 52%
  • Median rent per month: $824

3. Shreveport, La.

  • Metro population: 297,931
  • Median income (with a bachelor’s or higher): $60,331
  • Young people making more than $35,000 per year: 53%
  • Median rent per month: $841

2. Springfield, Ill.

  • Metro population: 158,529
  • Median income (with a bachelor’s or higher): $65,367
  • Young people making more than $35,000 per year: 59%
  • Median rent per month: $742

1. South Bend, Ind.

  • Metro population: 268,291
  • Median income (with a bachelor’s or higher): $71,829
  • Young people making more than $35,000 per year: 65%
  • Median rent per month: $720

Follow Eric on Facebook and Twitter