Forbes Advisor has ranked the Twin Cities metropolitan area among the top 10 places in the country for young professionals to start growing their careers.
Forbes compared the 100 most populous metropolitan areas in the U.S. and made its determination based on accessibility to homeownership, employment, median salary, lifestyle and cost of living.
“For young professionals starting to grow their careers and incomes, navigating the uncertainty and volatility of the current economy can feel like an uphill battle—especially for those hoping to make the leap from renting to homeownership,” the magazine said.
Forbes only included metro areas with median home prices below $400,000 for their top 10 list.Ranked at No. 6, the Twin Cities and surrounding areas’ median home price is $361,500 with an estimated monthly mortgage payment of $2,056, Forbes said.
Minnesota’s low unemployment rate (2.9% is among the lowest in the U.S.) and high number of Fortune 500 companies were also noted by Forbes. (Minnesota is home to 15 Fortune 500 companies.) The Twin Cities also has a good variety of industries, Forbes mentioned, such as healthcare, retail, finance and insurance.
“Workers can expect to earn a higher-than-average income compared to many other places,” Forbes said about the Twin Cities. The median income is $52,273.
Finally, the Twin Cities’ quality of life was a determining factor for Forbes.
“Despite the notoriously cold winters, Minneapolis is renowned for a large urban park system that allows for a wide range of outdoor activities,” Forbes said. Minnesota also ranked at No. 16 for number of art and entertainment establishments and No. 20 for number of restaurants per 100,000 residents.
The Twin Cities was one of six Midwestern metro areas that were included in Forbes’ top 10 list. Read the full article from Minneapolis/St. Paul Business Journal.