Ten of the Best US Cities to be Self-Employed

It is a long-held aspiration for many Americans to become self-employed. Nevertheless, striking out solely on individual efforts can be challenging and risky. Many factors can add potential roadblocks to people hoping to start their own businesses. Unfavorable income tax rates, for instance, as well as local costs of living, will come into play. Our experts have put into consideration tax rates and other metrics to find the best cities to be self-employed. Below are the ten best cities to be self-employed.

Amarillo, Texas

According to our study, self-employed Amarillo residents earn some of the highest wages. On average, their annual earning is about $89,000. That income may go even further when you consider the affordability of life in Amarillo. The city is among the cities in the US with a relatively low tax burden.

Most notably, the important thing that most people note when talking about Amarillo is that homes are very affordable. The average monthly housing cost is about $840 per month. This implies that an average self-employed worker will only use about 10% of their income on housing.

Little Rock, Arkansas

This city is highly rated because of how affordable it is, relative to other cities we analyzed. Remarkably, the low costs of living reduce the risks of starting your own business. The monthly housing cost is affordable a high of $880 per month. The average self-employed person in Little Rock takes home $62,000 per year.

Shreveport, Louisiana

Shreveport is an affordable locale with lots of opportunities for self-employed workers. According to our study, the average self-employed person in this city has an annual income of about $77,000. While this amount is a decent income in most places, it is a significant sum in Shreveport. An average home costs about $740 per month. This is only around 10% of the average income to cover housing costs.

Scottsdale, Arizona

This is one of the pricier cities ion our study. An average home costs to a high of about $1,237 per month. The best thing about this city is that it has a very low unemployment rate, of about 3%. Scottsdale shines when it comes to giving favorable terms and business environment to self-employed residents. There is less risk of being self-employed since there is a huge market, which makes selling home produce easier. With the current unemployment rate, one can exploit other opportunities.

Lubbock, Texas

Being self-employed is a relatively lucrative and one of the most attractive gigs in Lubbock, Texas. Here, an average self-employed worker earns not less than $75,000 per year. Reminiscent of Amarillo, Lubbock ranks highly because of its affordability. For many home-based entrepreneurs, affordability is a vital concern. For instance, the city has a relatively low local tax burden and an average home cost of about $860 per month.

Overland Park, Kansas

Regardless of what you do in your self-employed venture, Overland Park is a great place for work. The process of owning your own business in this city is low, especially for entrepreneurs who may have sufficient funds. Notably, an average self-employed individual obtains over $75,000 in income per year. Over 5% of the residents here are self-employed and find it satisfying.

Salt Lake City, Utah

The major plus for anyone planning about self-employment in Salt Lake City is the potential for huge earnings. Self-employed workers manage to earn not less than $67,000 per year. The local community is very receptive of the products made at home. Moreover, the city offers a tranquil environment for individuals to work online.

Dallas, Texas

Self-employed workers in Dallas obtain a relatively huge earning as compared to other cities in this study. According to our findings, a self-employed individual earns just shy of $85,000 per year. $85,000 goes pretty far in supporting a person to afford basic and secondary needs, thanks to low costs of living in Dallas.

For instance, the average self-employed person would only need 13.5% of their income to pay for a Dallas home. Dallas city has a relatively low tax burden. This implies average self-employed earners keep a larger fraction of what they earn.

Lexington, Kentucky

Recent data from the US Census Bureau shows that the Lexington residents have chosen self-employment at above-average rates. Over 5% of the residents in this city are self-employed. A low cost of living is one of the attractive factors that make self-employment thrive. Furthermore, housing costs in the city do not go beyond $900 within a month.

Knoxville, Tennessee

Most of the self-employed workers in Knoxville bag quite a lot at the end of the month. Data from the Census Bureau indicates that an average self-employed worker in Knoxville earns over $70,000 per year. In addition, the city has a very low tax burden and has affordable housing costs. The average housing cost is about $780. This makes Knoxville a great city for self-employed workers.