America’s hottest job markets are no longer exclusive to the expensive coastal cities of California, new research revealed.
According to the latest annual rankings by the Wall Street Journal and Moody’s Analytics, the top 10 best cities to land a new job are now in far more affordable cities scattered around the U.S.
Around 380 metropolitan areas were evaluated to determine the strongest labor markets and rankings were based on five factors: unemployment rate, labor force participation rate, employment level changes, labor force size and wages.
Larger areas with over a million residents were assessed separately from smaller ones, Realtor.com reported.
The results show ‘traditional tech and financial hubs’ in the San Francisco Bay Area or Los Angeles are being taken over by a list of more surprising metros with lower price tags and more versatile industries.
1. Salt Lake City, Utah
The affordability index for Salt Lake City, which has a population of 204,657, was determined to be a 0.49 and the median home list price was $570,000
‘Many of the workers have taken jobs in Salt Lake City’s tech hub, aptly referred to as “Silicon Slopes,” according to the Journal.
The Silicon Slopes in Utah is a reference to the area surrounding Lehi – where tech start-ups are centralized.
Companies like eBay, Intel/Micron Technology and Adobe Systems are all based in the area – which is a two hour flight from California’s Silicon Valley.
To help job hunters narrow down their search, Realtor.com compiled ‘affordability indexes’ to measure how many homes on the market are within financial reach for people at different income levels by comparing salaries with local living expenses.
Scores ranged from 0 to 2 – with a higher score meaning that the home prices are affordable for typical incomes in the area.
The affordability index for Salt Lake City, which has a population of 204,657, was determined to be an average score of 0.49 – compared to 0.3 in Los Angeles and 0.43 in New York.
Meanwhile, the median home list price was $570,000 – compared to $1.2 million in Los Angeles and $1.2 million in San Francisco.
2. Jacksonville, Florida
Jacksonville’s affordability index is a 0.62 and the median home list price is $415,000
The coastal city of Jacksonville, Florida, has a population of just under one million and the local economy includes services such as banking, insurance and healthcare.
Jacksonville has been climbing the rankings for several years now – being ranked fifth hottest job market in 2021 and third in 2022.
The sales industry offers 69,300 jobs while there are 106,720 jobs in the office and administration sector.
Jacksonville’s affordability index is on the higher end at 0.62, and the median home list price is $415,000.
3. Orlando, Florida
Orlando’s labor force increased by 2.4 percent over the year in January 2024, with 34,716 new jobs being filled
Another Floridian city takes third place, with an affordability index of 0.53 and a median home list price of $439,000.
Orlando’s labor force increased by 2.4 percent over the year in January 2024, with 34,716 new jobs being filled.
Tourism and hospitality accounted for 43 percent of the jobs in Orange County, Orlando, in 2022.
But besides being known for its famous theme parks, like Disney World and Universal Studios, Orlando is a leading city for advanced manufacturing, bio tech, aerospace, defense and simulation.
4. Tampa, Florida
Tampa has a population of almost 400,000 and is a major business center also known for tourism – including museums and other cultural offerings
Yet another city in Florida claims fourth place, with an affordability index of 0.56 and a median home list price of $419,000.
Tampa has a population of almost 400,000 and is a major business center also known for tourism – including museums and other cultural offerings.
On top of tourism, Tampa also offers a bustling job market for health care workers, finance, insurance, technology, construction and the maritime industry.
Tampa’s port is the largest in the state and is responsible for over $15 billon in economic impact.
5. Oklahoma City, Oklahoma
Oklahoma City has a population of almost 700,000 and boasts an increasingly diversified economy – with aviation and aerospace making up the largest sector in employment
Oklahoma City has a population of almost 700,000 and boasts an increasingly diversified economy – with aviation and aerospace making up the largest sector in employment.
It is the home to the headquarters of Fortune 500 energy companies and has abundant opportunities for workers in the oil, natural gas reserves and wind power industry.
The city has a strong affordability index of 0.77 and a median home list price of $321,000.
6. Miami, Florida
Miami has a population of 450,000, as of 2022, and is a major center and leader in finance, commerce, culture, arts and international trade
Miami has a population of 450,000, as of 2022, and is a major center and leader in finance, commerce, culture, arts and international trade.
Over 1,100 multinational corporations operate in Miami-Dade County – and the city’s job market is expanding at the fastest rate in Florida.
Trade, transportation and utilities saw 13,400 new jobs in 2023 compared to 2022. There were 5,400 more government jobs, 3,600 more jobs for financial activities and 3,300 for the manufacturing industry.
The Floridian city has an affordability index of 0.49 and a median home list price of $549,000.
7. Austin, Texas
Austin is the state capital of Texas and the inland city has a population of just under one million people, as of 2022. The city is a hub for financial services and business operations
Austin is the state capital of Texas and the inland city has a population of just under one million people, as of 2022.
The city’s population is growing by 33 percent each decade and is a hub for financial services and business operations.
The Texan city has an affordability index of 0.51 and a median home list price of $550,000.
8. Nashville, Tennessee
Nashville is the capital city of Tennessee and boasts a population of around 692,587, as of 2022. The city is infamous for its culture and arts – particularly the country music industry
Nashville is the capital city of Tennessee and boasts a population of around 692,587, as of 2022. The city is famous for its culture and arts – particularly the country music industry.
As well as entertainment, Nashville is home to major industries such as health care management, automobile production, finance, higher education, insurance, technology manufacturing and tourism.
The affordability index in Nashville is a 0.46 and the median home list price is $559,000.
9. Seattle, Washington
The Pacific Northwestern city of Seattle has a population of around 749,256, as of 2022, and is home to a large tech industry – with Microsoft and Amazon headquarters
The Pacific Northwestern city of Seattle has a population of around 749,256, as of 2022, and is home to a large tech industry – with Microsoft and Amazon headquarters.
Seattle is also a hub for aerospace, information and retail – as well as a center for interactive media, music and clean technology.
Seattle has an affordability index of 0.55 and a median home list price of $768,000.
10. Dallas, Texas
Dallas is a modern metropolis in north Texas which is a cultural hub in the region – which boasts a population of 1.3 million. The city’s top industries include technology, financial services and defense
Dallas is a modern metropolis in north Texas which is a cultural hub in the region – and boasts a population of 1.3 million. The city’s top industries include technology, financial services and defense.
The Texan city has an affordability index of 0.56 and a median home list price of $440,000.
