1 Of The Best Small Cities for Starting a Business Is In North Carolina
Are you an entrepreneur? Or perhaps a wanna-be business owner. Maybe you have the idea but just haven’t found the perfect place to implement it yet. If this sounds like…
Are you an entrepreneur? Or perhaps a wanna-be business owner. Maybe you have the idea but just haven't found the perfect place to implement it yet. If this sounds like you then I've got good news. According to a recent study by WalletHub Morrisville is the best small city for starting a business in North Carolina. And it's one of the 10 best nationwide as well.
Starting A Business
While you may have big city dreams and aspirations often starting small offers new business owners a better chance of success. And small also means the city not just the size of the business. Of course this depends on the type of business as well as other factors, but smaller cities and or suburbs are locations that should certainly be considered.
Location, location, location is so important and according to WalletHub the best cities for that new business can even help you potentially "survive economic shocks such as pandemics or inflation". And everyone is having to deal with inflation now.
So with that in mind, WalletHub set out to determine the best small cities to start a business. To do this they analyzed the "business-friendliness" of more than 1,300 small-sized cities across the nation. They compared each of these cities using a data set of 18 key metrics. Some of these metrics range from the increase in the number of small businesses to investor access, and labor costs.
The Best Small City For Starting A Business In North Carolina
And coming in 7th on the list was Morrisville North Carolina. Morrisville is a suburb of Raleigh located in Wake County east of the state's capital city. It's very near the Raleigh Durham International Airport which makes it extremely convenient for travelers.
Morrisville was the highest-ranking city in the state making it the best small city for starting a business in North Carolina. The only other Carolina city to rank in the top 30 of this study was Greenville, South Carolina which came in at number 30.
Not too far from Morrisville, Holly Springs came in at number 49, Asheville at 55, and Mooresville and Apex at 58 and 59 respectively. So keep this in mind if you're thinking of starting a business in North Carolina! You can read the full WalletHub study here.
These North Carolina Cities Are The Best For Buying Starter Homes
It's the American Dream to buy a home. For many people, a starter home is the way they first accomplish this goal. And we've got all the info you need if you're looking at starter homes in North Carolina. The Oxford Dictionary defines a starter home as "a relatively small, economical house or condominium that meets the requirements of young people buying their first home".
Starter Homes In North Carolina
Owning a home has a number of benefits including a permanent living space, roots, the opportunity to build equity, and financial security. But that dream is getting harder and harder to achieve for a number of people. Prices have skyrocketed and finding affordable starter homes in North Carolina and beyond can be a struggle.
Especially when there is low inventory which is common in markets across the country. Researchers at ConstructionCoverage.com determined the best US Cities to Buy A Starter Home. To do this they looked at 330 metro areas across the United States. They calculated and assigned each city a composite score.
This score was based on the percentage of homes with three or fewer bedrooms, the monthly starter-size home mortgage payment as a percentage of median renter income, the median sale price of homes with three or fewer bedrooms, the supply of homes, and the homeownership rate for under-35 householders.
Overall North Carolina ranked in the bottom half of states qualifying as one of the worst though just by a hair. It ranked 26th out of the 50 states. In contrast, South Carolina ranked 17th.
When it comes to cities they were ranked overall as well as separated by size- large, midsize, and small metro areas. Keep reading to see how each of the NC/SC cities scored in each of these categories. Or you can view the full study here.
Large Cities
Kruck20/Getty Images Royalty Free30. Charlotte, NC
45. Raleigh, NC
Neither major city in North Carolina faired particularly well. Charlotte did rank a little higher than Raleigh which I would guess would have been reversed. Only 55 large metros were ranked however so both cities are among the worst. Great news, not!
Midsize Cities
Jeff Yount/Getty Images Royalty Free9. Hickory, NC
18. Myrtle Beach, SC
23. Winston-Salem, NC
28. Greensboro, NC
31. Asheville, NC
32. Fayetteville, NC
42. Greenville, SC
69. Durham/Chapel Hill, NC
72. Charleston, SC
If you're looking to purchase a starter home in North Carolina then the midsize cities are your best bet. Cities like Hickory, Myrtle Beach, and Winston-Salem are where you'll fair the best. The worst midsize cities are Durham/Chapel Hill and Charleston.
Small Cities
Darwin Brandis/Getty Images Royalty Free20. Rocky Mount, NC
23. New Bern, NC
37. Sumter, SC
47. Goldsboro, NC
48. Spartanburg, SC
80. Florence, SC
81. Burlington, NC
118. Jacksonville, FL
121. Greenville, SC
154. Hilton, Head, SC
159. Wilmington, SC
There is a lot of variation in the small cities, the more desirable waterfront locations are going to cost you more than smaller towns. But if you are willing to forgo city life these places can be a great place to put down roots.
