Once you complete your graduation, you’re probably all set to start a new career and looking for a place to settle in. You may either want to hunt for a job in your hometown or somewhere near your university or college. But remember that the location you choose is very important because it can pretty much influence your career in the long run. You may have so many cities on your list that you want to explore to start your new career.
Is the list getting too long making you more confused to choose a specific city? One of the things that will help you pick a city are the kind of jobs and prospering industries that interest you. So keep reading as we have compiled a list of the best cities for business graduates to move to after your graduation.
Top 10 Cities For Business Graduates To Move To In U.S:
1. Washington DC
Being the capital of the United States, Washington DC has much more than exceptionally prominent historical buildings. It won’t come to you as a surprise that the Washington Metropolitan Area has a diverse economy and an increasing number of business services. As a matter of fact, Washington DC was ranked 2nd in the country for its three times higher GDP per capita of $160,472, giving a strong competition to Massachuestts in the year 2016. What’s more, the city’s gross state product increased to $141 billion in the year 2018.
Let’s not forget that Washington is also home to different organizations like various law firms, trade unions and groups, civilian contractors, nonprofit organizations and professional associations. Whether it’s the educational, scientific, business, finance or research sectors, this place is filled with prospering industries. To name some, the most prominent businesses and institutes in the district are the Howard University, World Bank and the International Monetary Fund (IMF). No wonder that Washington has had a growth in the job market by 1.8% over the last year, with a current unemployment rate of 5.9% as per the data shared by Best Places. All of this makes Washington DC one of the best places for an educational investment or to start a new career.
Advantages Of Moving To Washington DC:
There is an increase in the job markets by 1.8% over the past year.
Disadvantages Of Moving To Washington DC:
Unfortunately, your cost of living in Washington DC will be 52.1% higher than the national average.
Population: 705,709
Median Home Value: $672,910
Median Home Rent: $2,042
Median Household Income: $69,235
Crime Rate (per 1000 residents): 10.49 for Violent Crime and 43.67 for Property Crime (More than National Median of 4 and 21 respectively).
Also Read: 10 Best Cities For 20 Somethings | Top Moving Companies in Washington DC
2. Boston
You may recognize Boston as the capital and one of the most popular cities of Massachusetts. It would be a mistake not to mention Greater Boston which is the growing economic and cultural metropolitan area of the city. No wonder it’s called ‘Greater Boston’, the GDP of the area in 2019 was around $423.73 billion as stated by the Statista Research Department.
The city is also thriving with leading industries of technology, business services, finance, and education. To name a few, the Boston University, Boston Medical Center and the Milken Institute which is a hub for biotechnology are some of the prominent educational institutions recognized nationwide. If you want to start your career in business, the city’s MIT Sloan School of Management and Harvard Business School offer the best MBA programs. Are you a fan of the world famous athletic and footwear companies Reebok and Puma? Well, if you want to explore any job opportunities there, you’ll be glad to know that the headquarters of these companies are located just outside the city. That’s not all, the city is also home to many finance and capital firms which you definitely wouldn’t want to miss out on!
Advantages Of Moving To Boston:
The unemployment rate in Boston is only 2.8% which is less than the national average of 3.7% (as per the data shared by Best Places).
Disadvantages Of Moving To Boston:
The Income Tax rate of Boston is 5.1% which is higher than the U.S national average of 4.6% (as per the data shared by Best Places).
Population: 617,494
Median Home Value: $665,985
Median Home Rent: $3,057
Median Household Income: $63,876
Crime Rate (per 1000 residents): 6.60 for Violent Crime and 19.58 for Property Crime (Violent crime is more than the National Median of 4 while Property Crime is less than the National Median of 11.8).
Also Read: Moving to Boston – Relocation Guide for 2021
3. Minneapolis
This ‘City of Lakes’ is much more than just beautiful creeks and waterfalls. Along with St. Paul, Minneapolis has been recognized as the second largest economic sector in the Midwest region during the present times. If you’re a business graduate and interested in finance, then you better note that Minneapolis is also a major financial center. So it won’t come to you as a surprise that around 74% of the gross state product is contributed by the metropolitan areas of the city.
How can one forget about the Twin Cities while talking about Minneapolis? This metropolitan area is home to several corporate headquarters. Along with finance, healthcare, insurance, commerce, technology and education are other prospering sectors in Minneapolis. To name a few, Accenture, Voya Financial and the Federal Reserve Bank of Minneapolis are some of the renowned companies in the city. The city is also thriving with great educational institutes like the University of Minnesota and St. Mary’s University of Minnesota that provide you with various professional programs.
Advantages Of Moving To Minneapolis:
Minneapolis has an unemployment rate of just 3.2% which is less than the U.S national average of 3.7% (as per the data shared by Best Places).
Disadvantages Of Moving To Minneapolis:
The Sales and Income Tax Rates of the city are 8.0% and 7.1% which is higher than the U.S national average of 7.3% and 4.6% respectively (as per the data shared by Best Places).
Population: 382,578
Median Home Value: $311,977
Median Home Rent: $1,556
Median Household Income: $50,767
Crime Rate (per 1000 residents): 9.56 for Violent Crime and 47.52 for Property Crime (More than theNational Median of 4 and 21 respectively).
See Also: Top 5 Moving Companies In Minneapolis
4. Denver
This ‘Mile High City’ has much more to offer you than just the Rocky Mountains and the beautiful Cherry Creek. Because of the geographical location of the city, you will find various federal agencies here. The city is also home to the headquarter of the world’s second largest gold production, the Newmont Mining Corporation. Whether it’s transportation systems, telecommunications or technology, Denver’s economy comes from various sectors. No wonder that this city was recognized as the best place to live in by the U.S News and World Report in 2016. Not just that, the Globalization and World Cities Research Network has ranked Denver as a Beta World City.
Let’s not forget the city’s diverse economy that comes from various sectors including aerospace, financial services, bioscience, energy and information technology. The best thing about moving to Denver is that the city has an unemployment rate of just 2.7% which is less than the U.S national average of around 3.75.
Advantages Of Moving To Denver:
The city has had an increase in the job market by 2.8% in the past year. Not just that, compared to the U.S average for future job growth of 35.5%, Denver has a future job growth prediction of around 45.0% (as per the data shared by Best Places).
Disadvantages Of Moving To Denver:
Your Sales and Income Taxes will be around 7.7% and 4.8% which is higher than the U.S national average of 7.3% and 4.6% respectively (as per the data shared by Best Places).
Population: 600,158
Median Home Value: $505,516
Median Home Rent: $1,646
Median Household Income: 51,800
Crime Rate (per 1000 residents): 7.52 for Violent Crime and 37.85 for Property Crime (More than the National Median of 4 and 21 respectively).
Read Also: Moving To Denver | 10 Largest Cities In Colorado
5. Salt Lake City
Also known as ‘Crossroads of the West’, Salt Lake City is the capital of the state of Utah. The city can seem very promising to young graduates as it is home to several health, educational, professional and business services that significantly contribute to the city’s economy. One such service provider for healthcare enthusiasts is Intermountain Healthcare. If you are a business graduate, you will be glad to know that the city is also home to other employers namely Sinclair Oil Corporation and the prestigious University of Utah. As a matter of fact, the Globalization and World Cities Research Network has recognized the city as ‘Gamma’ which means global city.
Speaking about some progressing industries, the city is also home to Zions Bancorporation and Questar Corporation which are two of the renowned Fortune Companies. The best thing about living in Salt Lake City is that it has an unemployment rate of only 2.9% as compared to the U.S national average of 3.7% according to the data shared by Best Places.
Advantages Of Moving To Salt Lake City:
The city has had a job growth of 1.5% over the past year. Not just that, the estimated future job growth is around 39.9% which is higher than the national average of 33.5% (as per the data shared by Best Places).
Disadvantages Of Moving To Salt Lake City:
Your Sales and Income Taxes in the city will be around 7.6% and 5.0% which is higher than the national average of 6.2% and 4.2% respectively (as per the data shared by Best Places).
Population: 186,440
Median Home Value: $477,165
Median Home Rent: $1,263
Median Household Income: $54,009
Crime Rate (per 1000 residents): 7.42 for Violent Crime and 59.42 for Property Crime (More than the National Average of 4 and 21 respectively).
Also See: 5 Best Moving Companies in Salt Lake City
6. Seattle
‘The Emerald City’ or Seattle is the largest city in the state of Washington. Because of the growing population that grew up to 3.98 million as per the U.S census of 2019, Seattle is the fastest growing metropolitan city. Whether it’s technology, manufacturing, retail, business or healthcare, this city offers you some of the largest companies to start a career. Recognized as the 11th largest metropolitan economy in the U.S, this city’s GMP hit around $231 billion in the year 2010.
Let’s not forget the city’s prominent businesses and leading companies. Amazon and Starbucks may be your everyday spots, right? Well, these renowned companies have their headquarters in Seattle. Not just them, but various internet, technology and service sectors are located in the city.
Advantages Of Moving To Seattle:
The city has an unemployment rate of only 2.9% which is lower than the U.S national average of 3.7%. Also, the city does not have any Income Tax (as per the data shared by Best Places).
Disadvantages Of Living In Seattle:
The Sales Tax Rate in Seattle is a staggering 10.1% which is higher than the U.S national average of 7.3%.
Population: 608,660
Median Home Value: $816,718
Median Home Rent: $1,873
Crime Rate (per 1000 residents): 5.96 for Violent Crime and 46.9 for Property Crime (More than the National Median of 4 and 21 respectively).
Related: Relocating to Seattle: A Complete Guide
7. Baltimore
You may recognize this place as ‘The Charm City’ because of its charming historic neighborhoods like Fell’s Point, Federal Hill and Mount Vernon. Just 40 miles away from northeast Washington, Baltimore is one of the largest metropolitan areas in the United States. You will see a diverse economy here as the city boasts various industries of steel, shipping, manufacturing, transportation and technology. And here’s the best part, this city has a cost of living of around 11.8% lower than the U.S national average as per the data shared by Best Places.
Speaking of the best economic asset of the city, Downtown Baltimore definitely cannot be forgotten. You will be astounded by the 29.1 million square feet office space available in that area where the tech sector is growing rapidly. No wonder that this city has earned the 4th rank for America’s ‘new tech hot spot’ by Forbes.
Advantages Of Moving To Baltimore:
The cost of living in Baltimore is around 11.8% lower than the U.S national average (as per the data shared by Best Places).
Disadvantages Of Moving To Baltimore:
Your Income Tax Rate in the city will be 11.0% which is higher than the U.S national average of 4.6% (as per the data shared by Best Places).
Population: 620,961
Median Home Value: $169,327
Median Home Rent: $1,325
Median Household Income: $41,819
Crime Rate (per 1000 residents): 18.76 for Violent Crime and 43.95 for Property Crime (More than the National Median of 4 and 21 respectively).
Also Read: Moving to Baltimore – Relocation Guide for 2021
8. Charlotte
Charlotte or ‘The Queen City’ is located on the southern border of North Carolina. The city boasts in its nationwide largest financial institution as it’s home to Bank of America. That’s not all, Wells Fargo also calls Charlotte as its home, since the sales and trading, equity research and investment banking services are carried out in the headquarters here. So if you’re a business graduate and interested in finance, you can consider the different financial service companies near the headquarters of Bank of America in the Uptown business district.
Let’s not forget some major companies operate through their businesses in Charlotte. The city is also home to the headquarters of Microsoft and Centene Corporation. That’s not all, the city is also a growing hub to various transportation and energy companies. No wonder that Charlotte has earned its place in the ‘Best Places For Business and Careers’ by Forbes.
Advantages To Move To Charlotte:
There has been an increase in the job market of 2.7% in the past year. Not just that, the city’s future job growth is estimated to be around 45.2% which is higher than the national average of 33.5% (as per the data shared by Best Places).
Disadvantages Of Moving To Charlotte:
Your Income Tax Rate in Charlotte will be around 5.5% which is higher than the U.S national average of around 4.6% (as per the data shared by Best Places).
Population: 731,424
Median Home Value: $287,022
Median Home Rent: $1,293
Median Household Income: $53,274
Crime Rate (per 1000 residents): 6.76 for Violent Crime and 34.85 for Property Crime (More than the National Median of 4 and 21 respectively).
Bonus: Moving to Charlotte NC – Relocation Guide for 2021
9. New York City
New York City or as you may know it, ‘The City That Never Sleeps’, rests at the southern tip of the state of New York. It’s considered the world’s most popular megacities – a clear reason why it gets the nickname. The city thrives in the various financial, media capital, commerce, technology, research and tourism sectors. New York City’s metropolitan area hit a GMP of as much as $2.0 trillion in the year 2019. No wonder that people also call it as ‘the capital of the world’.
Let’s not forget, the world’s leading financial centers, The New York Stock Exchange and NASDAQ that reside in New York, making it the world’s leading financial center. That’s not all, Wall Street surely cannot be forgotten if we’re talking about business and finance as it serves the basis for the U.S financial industry. So it shouldn’t really come as a surprise that the mighty New York City is the commercial banking center of the U.S.
Advantages Of Moving To New York City:
There has been an increase of 0.5% in the job market over the past year (as per the data shared by Best Places).
Disadvantages Of Moving To New York City:
Your Sales and Income Tax rates in the city will be 8.9% and 10.3% which is higher than the U.S national average of 7.3% and 4.6% respectively (as per the data shared by Best Places).
Population: 8,336,817
Median Home Value: $652,012
Median Home Rent: $3,615
Median Household Income: $52,737
Crime Rate (per 1000 residents): 5.31 for Violent Crime and 16.06 for Property Crime (Violent Crime is more than the National Median of 4 and Property Crime is less than the National Median of 21).
10. Dallas
Dallas or ‘D-Town’, as you may recognize it, is one of the largest metropolitan cities in the state of Texas. The city is also very promising especially if you are a new graduate as it thrives in its various sectors of financial services, information technology, telecommunications and transportation. It just goes to show why Dallas was dubbed as the most diverse city in 2018 by WalletHub.
The city is also home to 10 Fortune 500 companies including the headquarters of Energy Transfer Equity, Southwest Airlines and Jacobs Engineering. Oh but there’s more, Downtown Dallas is a major economic hub to many corporate headquarters. All of this has earned Dallas the 2nd rank for ‘The Best Place For Business and Careers’ in the Forbes Magazine in 2020.
Advantages Of Moving To Dallas:
Dallas has an unemployment rate of only 3.5% compared to the U.S national average of 3.7%.
Disadvantages Of Moving To Dallas:
Your Sales Tax Rate in Dallas is 8.3% which is higher than the U.S national average of 7.3%.
Population: 1,343,573
Median Home Value: $247,947
Median Home Rent: $1,254
Median Household Income: $43,359
Crime Rate (per 1000 residents): 8.78 for Property Crime and 34.39 for Property Crime (More than the National Median of 4 and 21 respectively).
See Also: Moving to Dallas – Relocation Guide for 2021
Conclusion
Knowing which city will best suit your interests or career can get difficult, especially if you’ve just graduated and looking for a new place to settle in. It’s always good to check the different aspects of a city like the different employment opportunities, cost of living, economic assets and median cost of living and income. So carefully analyze each of the aspects for the cities mentioned above and then decide which city will best suit your career.
FAQs
Where do most business graduates work?
If you are a business graduate, you can work in the following fields with your critical thinking and analytical skills:
Accountant: Work for government or finance organizations in making investments, tax planning services, etc.
Management Consultant: Use your presentation and analytical skills to manage spreadsheets and databases for different companies.
Financial Analyst: You can evaluate a company’s growth by studying its investments, accounting and finance.
Business Reporter: With the help of your business and analytical skills, you can create content for the business world.
Apart from these, you could also consider fields of interest like Business Teacher or Social Media Manager, etc.
Where should I move after graduation?
Choose a city that will not just suit the occupation you’re interested in, but also other aspects like cost of living, employment opportunities, economy, median income, etc. Following are some best cities for young graduates to move to:
- Washington DC
- Boston
- Minneapolis
- Denver
- Salt Lake City
- Seattle
- Baltimore
- Charlotte
- New York City
- Dallas
Also See: Affordable Moving Companies in the US | Top Affordable Cities of America
