When you're in the process of negotiating a raise or evaluating a job offer, it makes sense to take a look at the amount of money needed to live comfortably in your particular city. Cost of living varies wildly across the country, so if a potential relocation is in the cards, it's even more crucial to do your research first.
If you're just getting started with your career, you have a lot of decisions to make. The process of deciding what you'd like to do and how to do it can be tricky. It's important to keep in mind throughout this process that not all areas of the country are the same when it comes to starting a career. For this reason, the folks at WalletHub recently released a new report that analyzes, across 17 metrics, the best and worst cities to start a career among the 150 most populated cities in the United States. Let's take a look at the five cities that topped the list.
Americans work hard. Actually, we work more than anyone else in the industrialized world, we're terrible about taking our vacation time, and we retire later too. But, some parts of the country are a little extra into hard work. In order to determine the hardest working cities in America for 2016, WalletHub analyzed the 116 largest cities in the country along six metrics. Let's take a look at their top five.
The unemployment rate has been steadily improving for a few years now. The latest data from the Bureau of Labor Statistics shows an unemployment rate of 4.9 percent, a figure we haven't seen since 2008. Although there are still some concerns about whether or not pay is also on the rise, the job market seems to be improving – but not everywhere. When it comes to finding a job, some cities offer more opportunity than others.
A variety of factors contribute to our understanding regarding the current state of the economy. It's not a simple issue. One indicator stands out though as especially significant, at least as far as many working Americans are concerned: unemployment rates. And, this fall, it seems we've been getting some good news.
Although the economy (and the job market) have improved in recent years, the progress has been spotty. Some regions are in much better financial positions than others. For example, the unemployment rate varies widely state to state. For recent college grads, choosing where to launch a career is an important decision with potentially far-reaching consequences.
To sum up the current unemployment status with just one number would be unfair. (Although, if we did, it would be 5.5 percent. Things are definitely looking up!) But unemployment data can't be boiled down quite that easily. Unemployment may be the lowest it's been in quite some time, overall, but the rate varies so widely that one number alone can't tell the tale. States and regions experience different economic realities, and the unemployment rate varies greatly by ethnicity as well.
Buying a new home is exciting, but it can be difficult to determine how much you can afford to spend, or, whether or not you can afford to buy at all. Through analyzing how much it would cost to pay a median-priced home's mortgage principal, taxes, and insurance, the mortgage website HSH.com has determined how much a family would have to earn to afford to buy a home in many major US cities.
Younger workers often flock to urban centers, trading the lower housing costs of the suburbs for the excitement (and easier commutes) of city life. But, which cities millennial workers are choosing may surprise you.