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The Top 3 Affordable Cities for Millennial Entrepreneurs

It’s never been easier to start a business and become an entrepreneur. For millennials, access to technology and multiple social media platforms have made launching and growing your business more cost-effective than ever before.

Whether you are just launching your business or are a seasoned entrepreneur, cutting expenses will always be an important ingredient to your business’s longevity. One of the biggest costs in any budget is your living expenses. As an entrepreneur, being savvy about where you choose to live can not only help your business thrive but also give your wallet a bit of a reprieve.

Below are the top three affordable cities for millennial entrepreneurs to live and work.

Raleigh-Durham, NC

Not only is RaleighDurham a great college town, but it is also becoming a formidable force to be reckoned with for millennial entrepreneurs. Raleigh-Durham is home to an innovative tech hub, American Underground, which is one of just nine Google Tech Hubs in North America.

The American Underground has four locations around Raleigh-Durham and is jammed packed with all the goodies millennial entrepreneurs could ask for: co-working spaces, community events, flexible lease terms, conference rooms, and, of course, a complimentary coffee bar. Located in the Research Triangle, American Underground is helping to put Raleigh-Durham on the map for entrepreneurs

Coupled with the low cost of living that North Carolina offers, many millennial entrepreneurs are fleeing more expensive states like New York and California to have a chance to focus on the growth of their business and not the growth of their living expenses.

The median earnings in Raleigh/Durham are $47,618 and the city also enjoys a low unemployment rate of 4.6%, ranking it 16th in Best Cities for Young Entrepreneurs, according to NerdWallet.

Denver, CO

Denver and its surrounding cities are fast becoming a millennial entrepreneur favorite. Denver offers some amazing seasonal activities like skiing in the winter and hiking in the summer, as well as a thriving food scene.  Denver also offers a low cost of living with a median house price of $300,000 and a steady increase in home appreciation each year. Whether you are looking for suburban living or funky downtown living, Denver has something for every millennial.

Entrepreneurs have fallen in love with Denver thanks in part to Startup Colorado, a regional initiative to increase the breadth and depth of entrepreneurialism across Colorado’s Front Range. Startup Colorado is a movement created by entrepreneurs for entrepreneurs that offer education, networking, classes and numerous resources to support all types of business ventures.

Denver also offers a host of collaborative workspaces for millennial entrepreneurs. Denver Coworks, WeWork, and Shift Workspaces are home to many of the startup ventures in the Denver area.

Detroit, MI

Forget what you read online or see on TV. Detroit is in a serious entrepreneurial boom, and it has the millennials that call Detroit home to thank for much of the revitalization effort.

Historically known as the car capital of America, Detroit has been through its fair share of highs and lows over the last few decades. In 2008, Detroit had the highest murder rate in the US, was bankrupt, and many of the houses that dotted downtown were abandoned and destroyed. However, what some saw as trash, young entrepreneurs saw as an opportunity to create a city vibrant with opportunity, thus truly earning the title of “America’s Comeback City.”

Detroit Soup is one of the organizations leading the way. For a $5 donation, you can dine on soup, salad, bread and have the chance to hear from four entrepreneurs in an innovative four-minute pitch presentation. The winner walks away with the total pot for donations that evening, contributing some seed funds for their entrepreneurial venture.

Workspaces like Ponyride have also helped Detroit land a real spot on the millennial entrepreneur map. Ponyride is a unique work share community that offers affordable spaces for what they call, “socially responsible entrepreneurs,” to work and knowledge-share with other startups.

Many cities are realizing that the future lies in the hands of millennial entrepreneurs and are creating organizations, housing, and workspaces to match their needs. For millennials looking for originality, low-cost living, and access to networks and shared knowledge, Raleigh/Durham, Denver, and Detroit are affordable cities with a lot to offer.