3 North Carolina Cities Named Top 5 Least Risky For Small Business Owners
With great risk comes the potential for great reward. This is especially true when it comes to starting a business and being your own boss. You take on the entirety…
So which cities? Coming in at number three (behind Plano, TX- 1st, and Laredo, TX- 2nd) is Raleigh. This ranking was elevated by Raleigh’s low property crime rate (22 crimes per 1,000 residents) and positive rates of economic growth (3.4%). Raleigh is also experiencing population growth at a rate of 2.64%. And a growing number of potential customers is always helpful when starting a business!
Taking the number four spot for the least risky city to run a business is Durham. The city does have a slightly higher property crime rate (35 crimes per 1,000 residents) as well as a lower median household income- $71,343 per year. It's still a wonderful place to own a business. And you can easily get a customer base from nearby Raleigh as well.
Rounding out the top 5 is Charlotte. The Queen City ranked as the 5th least-risky city to run a small business. This ranking was fueled by strong GPD and population growth at a rate of 2.5% and 2.58% respectively. Each North Carolina city benefited from a low corporate income tax rate of 2.5%. And while it's not good for workers, having the minimum wage at just $7.25 does keep costs low for employers. However you'll have a hard time hiring any workforce at that rate, and certainly not a competent dedicated one.
Thanks to our friends at Forbes Advisor for sharing this research with us. You can read more on this study where 3 North Carolina cities were included in the top 5 least risky places to start a small business here.
This Is Where The Money Is – The Richest Cities And Towns In North Carolina
What are the richest cities and towns in North Carolina? There is a lot of money in the state between the major cities, the mountains, the coast, and in between. The financial experts at Forbes recently conducted an analysis to determine the richest places in the state of North Carolina. To do this they looked at over 400 cities aka census-designated places in NC. Cities were ranked on four metrics including median household income, mean household income, median home value, and median property taxes paid.
So which cities made the cut? There are several cities that are around a major lake. As well as some on the coast and the mountains in the top 5. Below you'll find detailed info about each of the top 5 cities and towns that are the richest places in North Carolina in 2023 according to Forbes. You'll also find info on the other cities that made the top 50 list that are in the vicinity of Charlotte.
If you live in any of these cities and towns and have some extra cash to share just let me know! Looking for more detailed information? You can get that directly from Forbes and can read more here.
Curious about the richest cities in South Carolina? You can find those here (hint it's a lot of coastal towns)
40. Huntersville
Total Household: 22,351
Median Household Income: $102,335
Mean Household Income: $129,418
I'm actually a little surprised Huntersville didn't rank higher on this list. The town on the southern end of Lake Norman is home to shopping areas like Birkdale Village and is growing rapidly.
37. Lake Norman of Catawba
Total Households: 3,459
Median Household Income: $89,004
Mean Household Income: $135,356
The Catawba side of Lake Norman is the second location on this list to be situated at "the lake". Lake Norman of Catawba is on the western side of the lake just north of Denver.
32. Cornelius
Total Household: 12,913
Median Household Income: $95,147
Mean Household Income: $147,864
Staying at the lake this time the charming town of Cornelius. You'll find it just north of Huntersville right off I-77.
31. Harrisburg
Total Household: 5,171
Median Household Income: $124,716
Mean Household Income: $130,724
Harrisburg is located in Cabarrus County North Carolina right on the border with Mecklenburg. The town is celebrating its 50th anniversary this fall.
29. Wesley Chapel
Total Household: 2,707
Median Household Income: $124,716
Mean Household Income: $145,122
Wesley Chapel is a village located in Union County, NC.
24. Waxhaw
Total Household: 5,930
Median Household Income: $123,370
Mean Household Income: $142,610
Staying in Union County next on this list is Waxhaw. Downtown is quaint and full of restaurants you're sure to love.
10. Davidson
Total Household: 5,292
Median Household Income: $141,845
Mean Household Income: $183,102
The town of of Davidson is a small college town about 20 miles north of Charlotte.
8. Weddington
Total Households: 4,179
Median Household Income: $152,377
Mean Household Income: $194,027
Union County is no stranger to this list, and Weddington makes the top 10 but it's not the highest ranking town from the county.
6. Lake Norman of Iredell
Total Household: 4,248
Median Household Income: $162,143
Mean Household Income: $224,096
Now we hop to the other side of Lake Norman to Iredell County. Guess there is a little more money on the northeast side.
5. Bald Head Island
Total Households: 89
Median Household Income: $121,458
Mean Household Income: $205,078
Bald Head Island only has 89 year-round residents, but it still ranks 5th on the list.
4. Marvin
Total Households: 1,815
Median Household Income: $221,350
Mean Household Income: $255, 494
The highest ranking Union County town is Marvin. Marvin is a village that is recognized as a Community Wildlife Habitat.
3. Governors Club
Total Households: 858
Median Household Income: $195,682
Mean Household Income: $274,104
Governor's Club is a neighborhood in Chapel Hill with panoramic views of the lake & golf course.
2. Grandfather Village
Total Household: 36
Median Household Income: $173,750
Mean Household Income: $329,828
Grandfather is a village in Avery County named after Grandfather Mountain. It's a fully gated community within Grandfather Golf and Country Club.
1. Biltmore Forest
Total Household:
Median Household Income:
Mean Household Income:
