CEDAR RAPIDS — Millennials could find riches in Cedar Rapids, according to a recent analysis.
Cedar Rapids ranks as the No. 5 best city in the nation for young adults to get rich, according to Money Under 30, a financial blog focused on financial advice and product choices. Des Moines ranks No. 4.
“To not get a job in Cedar Rapids, you’d have to make a living at it: the astoundingly low unemployment rate amounts to just three millennials in 1000 out of work,” the blog states. “What’s more, future job growth over the next ten years is predicted to hit 38.6 percent, so go ahead: We dare you not to find work here.”
The analysis is based on per capita income, housing prices, unemployment rates for 18-to-34-year-olds, with data from 2014 Census Bureau projections. The analysis identified cities that had the trifecta of affordable housing, decent wages, and good job prospects.
The blog advises millennials save their way to riches.
“Most of us will have a better shot at becoming a millionaire by finding good-paying work in an affordable city,” the blog states.
For Cedar Rapids job growth is expected to grow 38.6 percent in the next 10 years, according to the blog. Top job prospects include sales, office, and administrative support; production, transportation, and material moving; and management, business, and finance, according to the analysis.
Other findings include:
— Median rent is $711.
— 50 percent of millennial make more than $35,000 per year.
— Median income is $50,675. Des Moines was credited for low unemployment, low commute times (19 minute average), and a young population (33.6 median age), as well as being an insurance industry hub. South Bend, Ind. came in as the No. 1 city.
The full report is available at moneyunder30.com/best-cities-to-get-rich.