When you’re considering moving to a new place, how you plan to make money matters. A flourishing job market can easily mean the difference between making it and burning out in a new town. This is why in the overall ranking of the 2016 Best Places to Live, each metro area’s job market — comprised of its unemployment rate and median salary — accounted for 20 percent of the final score. Read on for the country’s 20 strongest job markets within our ranking.
20. San Diego, California
Best Places to Live 2016 Ranking: 16
Metro Population: 3,183,143
Median Home Price: $477,500
Median Annual Salary: $53,020
Unemployment Rate: 4.2 percent
This Southern California city rounds out the top 20 with an above-average salary and below-average unemployment rate. While San Diego is also one of the most expensive places to live in the U.S., with the cost of living at more than 38 percent of the average worker’s income, the area also scores well for college preparedness among high school students, contributing to its No. 16 ranking in the overall Best Places to Live list.
19. Santa Rosa, California
Best Places to Live 2016 Ranking: 62
Metro Population: 491,790
Median Home Price: $495,500
Median Annual Salary: $49,800
Unemployment Rate: 3.5 percent
The second California city on this list is also one of the most expensive, but with an unemployment rate of just 3.5 percent, fewer residents are faced with having to pay for living expenses while out of work. In the heart of California wine country, Santa Rosa sees a high number of its residents working on farms and at wineries and brewpubs, with an additional 9 percent working in tourism.
18. Albany, New York
Best Places to Live 2016 Ranking: 36
Metro Population: 875,567
Median Home Price: $165,050
Median Annual Salary: $49,690
Unemployment Rate: 3.7 percent
Also ranking in the top 20 Best Places to Live in the U.S. for Quality of Life, Albany offers residents ample work opportunities and a decent income. It’s no surprise state government is a leading industry in New York’s capital city, but Albany also has a high percentage of residents working in health care, which accounts for its No. 26 ranking for access to high-quality health care, based on information from U.S. News Best Hospitals.
17. Raleigh-Durham, North Carolina
Best Places to Live 2016 Ranking: 4
Metro Population: 1,714,629
Median Home Price: $215,730
Median Annual Salary: $47,430
Unemployment rate: 4.1 percent
The Raleigh-Durham metro area is home to well-known educational institutions such as Duke University, North Carolina State University and the University of North Carolina–Chapel Hill, so it’s not shocking that major local employers are in the research, education, health care and information technology sectors. But it’s not only schools hiring residents in these fields — large corporations like IBM, Cisco Systems Inc. and GlaxoSmithKline are among the area’s leading employers.
16. Omaha, Nebraska
Best Places to Live 2016 Ranking: 18
Metro Population: 886,157
Median Home Sale Price: $139,000
Median Annual Salary: $43,330
Unemployment Rate: 3 percent
Omaha maintains a low cost of living while also experiencing job growth, with the city’s unemployment rate decreasing 0.6 percent since January, according to the U.S. Bureau of Labor Statistics. Nebraska’s largest city is home to a wide range of industries, from financial institution Berkshire Hathaway to Union Pacific Railroad. It also hosts a developing tech industry as startups seek less-populated cities to base operations and reduce expenses.
15. Salt Lake City, Utah
Best Places to Live 2016 Ranking: 27
Metro Population: 2,288,938
Median Home Price: $250,000
Median Annual Salary: $46,730
Unemployment Rate: 3.6 percent
Salt Lake City makes the list with a low unemployment rate — just 3.6 percent — and significant increases in job opportunities in trade, transportation, technology and utilities, according to the U.S. Bureau of Labor Statistics. The area’s high employment is coupled with very low crime rates — a part of the Quality of Life rankings, where Salt Lake City ranks No. 16. The metro area also offers quality health care, which is another of its top industry employers.
14. Des Moines, Iowa
Best Places to Live 2016 ranking: 11
Metro Population: 590,741
Median Home Sale Price: $169,550
Median Annual Salary: $46,600
Unemployment Rate: 3.2 percent
Iowa’s capital city is another metro area on the prairie that has drawn significant interest from tech companies, although its top employers are in financial services — insurance, in particular — distribution and logistics and publishing. While Des Moines’ median salary is slightly below the national average of $47,230, the cost of living is far lower, as the average resident uses just 26.6 percent of their income on living expenses. It’s cost-effective to do business in Des Moines as well, with expenses at 17 percent below the national average for companies.
13. Dallas-Fort Worth, Texas
Best Places to Live 2016 ranking: 21
Metro Population: 6,703,020
Median Home Sale Price: $202,121
Median Annual Salary: $47,670
Unemployment Rate: 3.5 percent
More than 11 times the size of Des Moines in population, the Dallas-Fort Worth metro area’s top employers come from a wide range of industries — from technology and finance to oil and manufacturing. A big contributor to Dallas’ success is the size of many corporations that call the area home. Major companies located in the area include AT&T, Southwest Airlines, Comerica and Texas Health Resources.
12. Houston, Texas
Best Places to Live 2016 ranking: 17
Metro Population: 6,204,141
Median Home Sale Price: $190,000
Median Annual Salary: $50,830
Unemployment Rate: 4.8 percent
Oil and gas industries also play a significant role in Houston’s job market, but like Dallas, employment opportunities span many industries. In addition to food company Sysco and energy company FMC Technologies, Houston’s job opportunities are abound in the health care industry with Texas Medical Center as well as NASA’s Johnson Space Center.
11. Honolulu, Hawaii
Best Places to Live 2016 ranking: 26
Metro population: 975,690
Median Home Price: $495,000
Median Annual Salary: $47,850
Unemployment Rate: 2.9 percent
Honolulu is tied with the two next places for the lowest unemployment rate of any place on this list, with just 2.9 percent of its residents out of work. With active U.S. Army and Air Force bases on Oahu, Honolulu has a sizable percentage of residents in the defense industry, though it’s no surprise tourism is the leading employer on the island. But the individual companies employing the most Honolulu residents are in the health care industry.
10. Madison, Wisconsin
Best Places to Live 2016 Ranking: 24
Metro Population: 620,368
Median Home Price: $228,350
Median Annual Salary: $47,490
Unemployment Rate: 2.9 percent
Madison is another Midwestern job market heating up due to a growing tech industry. Along with its strong health care industry, Madison has a growing biotechnology market and attracts startups for its low cost of living but close proximity to well-connected corporations like health care software company Epic Systems. Households in the metro area bring in slightly higher than the national average income — $47,230 — but with a lower cost of living than many other cities, that money goes further in Madison.
9. Austin, Texas
Best Places to Live 2016 Ranking: 2
Metro Population: 1,835,016
Median Home Price: $240,000
Median Annual Salary: $48,150
Unemployment Rate: 2.9 percent
It’s no secret Austin’s job market is bustling. And people are already flocking there, as the metro area grew by nearly 9 percent from net migration alone between 2010 and 2014. While Austin attracts a wide variety of businesses, with government and education being major employers in the area, it draws a lot of tech companies as well. Being a less expensive place to set up shop than Silicon Valley, Austin is now largely considered a tech hub.
8. Denver, Colorado
Best Places to Live 2016 ranking: 1
Metro population: 2,651,392
Median Home Price: $301,300
Median Annual Salary: $53,060
Unemployment Rate: 3.3 percent
Ranked No. 1 in the overall Best Places to Live list, Denver ranks No. 8 for its job market, with a low unemployment rate and above-average salary. Educational institutions such as the University of Colorado and the University of Denver create a substantial amount of research roles in the area. Strong business in aerospace, defense and tourism also help fuel Denver’s strong job market, not to mention new jobs from Colorado’s legal marijuana industry.
7. New York City
Best Places to Live 2016 ranking: 96
Metro population: 20,799,260
Median Home Price: $378,190
Median Annual Salary: $59,060
Unemployment Rate: 4.4 percent
Naturally the Big Apple makes the list, with a number of domestic and international businesses calling the area home. New York’s industries range from finance and fashion to shipping and manufacturing, and the city is considered the financial and publishing capital of the U.S. The area’s unemployment rate has also been steadily declining, and at 4.4 percent it is now lower than the national average. The metro area’s above-average annual salary doesn’t quite make up for its high cost of living, with housing consuming more than 50 percent of the average salary.
6. Minneapolis-St. Paul, Minnesota
Best Places to Live 2016 ranking: 12
Metro Population: 3,424,786
Median Home Sale Price: $218,250
Median Annual Salary: $52,080
Unemployment Rate: 3.1 percent
The highest-ranked Midwestern metro area on the list, Minneapolis residents enjoy a fairly high median annual salary and very low unemployment — just 3.1 percent. Like other noncoastal places on the list, the relatively low cost of living serves as a big incentive for many companies looking for a new base of operations. Minneapolis boasts strong life science, biotechnology and health tech industries. Of course, major corporations outside the science and tech fields are also based here — Target, Best Buy and General Mills, to name a few.
5. Seattle, Washington
Best Places to Live 2016 ranking: 7
Metro population: 3,557,037
Median Home Price: $362,468
Median Annual Salary: $57,370
Unemployment Rate: 4.8 percent
Seattle’s job market has an enviable reputation, with the likes of Amazon, Starbucks and Microsoft calling the area home, and major offices for corporations like Google offering highly desired job opportunities as well. But even with so many corporations based in the area and a port perfect for a large shipping industry, Seattle’s unemployment rate of 4.8 percent is tied with Houston as the highest out of the top 20 places on this list.
4. Boston, Massachusetts
Best Places to Live 2016 ranking: 30
Metro Population: 4,650,876
Median Home Sale Price: $332,042
Median Annual Salary: $60,540
Unemployment Rate: 3.5 percent
With a high median annual salary at $60,540 and an unemployment rate of just 4.1 percent, Boston takes the No. 4 spot as a prime place for workers in education, tourism and hospitality. The Boston metro area has more than 100 colleges and universities, including the likes of Harvard University, Massachusetts Institute of Technology and Boston College. These institutions guarantee the area extensive opportunities in the education and research field and a young workforce to take advantage of them.
3. Washington, District of Columbia
Best Places to Live 2016 ranking: 8
Metro Population: 5,863,608
Median Home Sale Price: $375,700
Median Annual Salary: $64,930
Unemployment Rate: 3.6 percent
The nation’s capital naturally offers a significant amount of work in the public sector and many positions with government contractors, but it also has a steadily growing number of private-sector companies with major operations in the area. Hotel and resort company Marriott International is located just outside the District of Columbia in suburban Bethesda, Maryland, and food company Mars Inc. is based on the Virginia side of the District’s metro area, in McLean.
2. San Francisco, California
Best Places to Live 2016 ranking: 9
Metro population: 4,466,251
Median Home Price: $646,250
Median Annual Salary: $64,990
Unemployment Rate: 3.4 percent
With an unemployment rate under 3.5 percent, San Francisco residents enjoy a strong job market that especially thrives in tourism, technology, finance and business. While San Francisco is well-known for its tech industry and close proximity to Silicon Valley, its largest industry is tourism, where it attracts millions of visitors each year from the U.S. and abroad. San Francisco residents also enjoy a high median annual salary at nearly $65,000, which almost helps offset the fact that it has the second-highest cost of living in the country following New York.
1. San Jose, California
Best Places to Live 2016 Ranking: 10
Metro Population: 1,898,457
Median Home Price: $777,600
Median Annual Salary: $75,770
Unemployment Rate: 3.4 percent
Despite other cities gaining ground in the technological field, the capital of Silicon Valley continues to reign supreme. San Jose has the highest average salary out of the 100 largest metro areas in the country, and combined with its below-average unemployment rate, the area is a great place to find work — especially if you’re looking in the tech field. Earning the No. 10 spot in the overall Best Places to Live ranking, it’s not a bad place to enjoy on your time off, either.
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The 20 Best Places to Live in the U.S. for Quality of Life
The 20 Best Places to Find a Job in the U.S. originally appeared on usnews.com
