When your career and your life seem to be stalled out, it can be a good time to consider a fresh start in a new city. Especially if the city in which you live has a limited job market and unsustainable housing and lifestyle expenses. LendingTree, an online lending exchange, recently published the results of a study that assessed the best U.S. cities for making a fresh start. Austin ranked as one of the top cities on the list.
To create the list, LendingTree analyzed the largest 50 metros in the U.S. based on eight key metrics. Analysts measured aspects of a city that would most likely give someone the boost they need to start a career or build their finances from scratch.
As the first step in a fresh start is financial recovery, one should consider a city with accommodating local median income and rents, whether the state has laws to protect debtors from aggressive collections and penalties. That, of course, is in case methods like debt consolidation or refinancing to lower rates aren’t enough to manage liabilities.
The study next assessed each city based on opportunities to start a new career with a favorable income. To determine this, the study analysts looked at the percentage of people in each metro between the ages of 35 and 64 who were single, employed, have health insurance and are currently enrolled in school.
Finally, the study analysts wanted to determine how well people in each city are recovering from financial crisis. To determine this, LendingTree calculated how quickly credit scores are rising after a bankruptcy by using “proprietary data on the average credit score, on a geographic basis, of LendingTree customers who declared bankruptcy between three to four years earlier.”
The score for each city was calculated by taking the sum of the inverse rankings and dividing each by eight for a highest possible score of 100 and a lowest possible score of zero. The actual highest score was 67.6, and the lowest was 32.9. Austin placed fourth on the list, with a score of 61.4.
Austin Continues to Attract Newcomers
Along with scoring highly for being an ideal city for a financial recovery and career move, the Austin-Round Rock metro is one of the fastest-growing metros in the U.S. because of its desirable and affordable lifestyle options. Austin offers a variety of outdoor activities. The Live Music Capital of the World also has the most music venues per capita of any city in the world. There are also a growing number of festivals in addition to the SXSW festival and Austin City Limits (ACL).
For more information about Austin and the neighborhoods throughout the metro, request a free Austin Relocation Guide. You can also reach out to one of our relocation experts for a free phone consultation and assistance with your relocation. Our assistance is free and will be invaluable for a stress-free move to the Austin area!
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