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LENDINGTREE INC (TREE)
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Lendingtree : San Jose, San Francisco and Boston are the Best Places for Boomer Entrepreneurs

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10/03/2018 | 04:01pm CET

CHARLOTTE, N.C., Oct. 3, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study on the best places for boomer entrepreneurs, those born between 1946 and 1964 who reported being self-employed and actively engaged in the workforce in 2016.

LendingTree logo (PRNewsfoto/LendingTree)

To determine the best places for boomer entrepreneurs, LendingTree analysts created a final score based on three elements: median and average earnings of boomer-owned businesses (using census data) and the share of businesses founded by baby boomers.

Key findings

  • San Jose – the seat of the Silicon Valley – is by far the best place for boomer entrepreneurs, with a final score of 93.6. In addition to representing high business income, San Jose boasts the largest share of boomer business founders.
  • San Francisco comes in second with a score of 86.5, thanks to remarkable earnings potential, relative to the other metros on the list, indicating that boomers are sharing in the general prosperity of self-employed entrepreneurs there.
  • Boston earned the third place on the list, with a score of 74.1.
  • New Orleans, Miami and Orlando ranked last on the list, with scores of 16.4, 20.5 and 21.1, respectively.

Here's a closer look at the best U.S. cities for boomer entrepreneurs out of 50 metros reviewed:

1. San Jose, Calif.

San Jose tops the list largely due to the high business incomes boomer entrepreneurs earn there. The average business income is $47,401 among baby boomers in this city, the highest amount among all cities examined. The boomer entrepreneurs' annual median business income is $13,602, ranking fifth in that category.

Boomer entrepreneurs are also more common in San Jose. More than 24 percent of San Jose's new businesses founded in the last five years were run by baby boomers, the highest percentage among all cities.

2. San Francisco

San Francisco stands out with the highest annual median income for business owners who are baby boomers, at $16,827. This means that earnings of most boomer entrepreneurs in the Bay Area are on the higher end. The city comes at No. 2 in terms of the average business income, at $45,505 a year.

San Francisco also has a large share of entrepreneurial boomers. One in every five new business founders are people born between 1946 and 1964.

3. Boston

Though on the opposite side of Silicon Valley, Boston is a similarly ideal place for boomer entrepreneurs. Boomer Bostonians have a medium business earning of $14,106, one of the highest figures for boomer entrepreneurs across the country.

The New England metro also has the second-highest rate of new businesses founded by baby boomers — 20.3 percent — tied with Memphis, Tenn.

4. Sacramento, Calif.

The capital of California placed second for median earnings among self-employed baby boomers — $15,114. The average business income boomers earn is also on the higher end, at $37,314. The share of new businesses owned by boomers in the city 19.3 percent.

5. Nashville, Tenn.

Nashville ranks No. 5 in terms of the percentage of new businesses opened by boomers, at 19.1 percent. Nashville shares second place with Sacramento for the median business earnings for baby boomers.

To view the full report, visit: https://www.lendingtree.com/business/small/best-places-for-boomer-entrepreneurs/

Best Places for Baby Boomer Entrepreneurs

Rank

Metro

Final Score

Median Business Income

Average Business Income

% of New Businesses Founded by Boomers

1

San Jose, Calif.

93.6

$13,602

$47,401

24.1%

2

San Francisco

86.5

$16,827

$45,505

20.0%

3

Boston

74.1

$14,106

$38,543

20.3%

4

Sacramento, Calif.

72.0

$15,114

$37,314

19.3%

5

Nashville, Tenn.

69.0

$15,114

$35,251

19.1%

6

Hartford, Conn.

61.9

$11,688

$38,973

17.4%

7

Houston

60.9

$12,091

$34,236

18.7%

8

Austin, Texas

60.6

$12,192

$38,927

16.6%

9

Los Angeles

60.2

$12,091

$32,567

19.1%

10

Memphis, Tenn.

59.1

$9,068

$34,091

20.3%

11

San Antonio

58.8

$10,076

$37,930

17.9%

12

Pittsburgh

58.5

$10,076

$28,375

21.6%

13

Washington

58.0

$10,076

$32,443

19.8%

14

Buffalo, N.Y.

54.9

$9,673

$37,672

16.9%

15

Cincinnati

54.4

$10,076

$31,249

19.0%

16

Riverside, Calif.

54.0

$12,091

$28,538

18.5%

17

Louisville, Ky.

53.7

$4,433

$29,565

23.4%

18

New York

52.6

$6,751

$38,000

18.0%

19

Dallas

51.5

$11,184

$33,391

16.3%

20

San Diego

50.5

$11,083

$31,560

16.7%

21

Kansas City, Mo.

50.4

$9,572

$31,751

17.7%

22

Seattle

49.8

$9,068

$32,565

17.5%

23

Providence, R.I.

48.9

$8,464

$33,355

17.3%

24

Columbus, Ohio

47.7

$11,083

$28,734

16.9%

25

Denver

47.2

$6,449

$29,523

19.7%

26

Phoenix

44.7

$7,557

$27,546

18.8%

27

Richmond, Va.

44.4

$6,046

$30,266

18.7%

28

Las Vegas

43.5

$7,053

$25,861

19.4%

29

Birmingham, Ala.

43.0

$5,038

$28,677

19.5%

30

Baltimore

39.9

$6,046

$27,665

18.1%

31

Milwaukee

39.8

$6,046

$30,426

17.0%

32

Philadelphia

39.3

$6,549

$34,575

14.8%

33

Oklahoma City

38.9

$10,076

$25,916

15.6%

34

Portland, Ore.

38.4

$5,038

$28,369

18.0%

35

Indianapolis

35.0

$5,844

$27,436

16.6%

36

St.Louis

34.8

$5,139

$29,982

16.0%

37

Virginia Beach, Va.

33.7

$7,658

$22,334

16.9%

38

Detroit

33.6

$3,124

$25,885

18.6%

39

Charlotte, N.C.

32.5

$7,355

$26,957

14.8%

40

Raleigh, N.C.

32.3

$5,038

$28,966

15.5%

41

Chicago

31.2

$2,015

$25,643

18.7%

42

Minneapolis

29.0

$5,038

$27,268

15.1%

43

Jacksonville, Fla.

28.8

$5,830

$21,931

16.5%

44

Cleveland

25.5

$302

$22,207

19.2%

45

Atlanta

24.3

$4,030

$22,317

16.1%

46

Tampa, Fla.

23.9

$0

$17,854

20.6%

47

Salt Lake City

22.2

$8,061

$23,106

12.1%

48

Orlando, Fla.

21.1

$0

$17,543

19.7%

49

Miami

20.5

$1,108

$20,456

17.5%

50

New Orleans

16.4

$1,008

$20,562

16.1%


Average

46.1

$7,861

$30,144

18.0%

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
press@lendingtree.com

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/san-jose-san-francisco-and-boston-are-the-best-places-for-boomer-entrepreneurs-300723678.html

SOURCE LendingTree


© PRNewswire 2018
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