Best areas to live in if you work in finance

• Des Moines – West Des Moines, Iowa, is the best place to live if you work in finance. 

• Toledo, Ohio, ranks second.  

• Salisbury, Maryland, in third, has the most firms per 100,000 of the population. 

For many, cities that offer a balanced quality of life are becoming more attractive for finance careers. While major financial centres may offer high salaries, they often have equally high living expenses. The areas mentioned in this study, among others, offer growing financial sectors, lower costs of living, and increasing access to career-building resources, such as professional networks, mentorship programs, and continuing education opportunities, making them great choices for people who work in finance. This new study has found that Des Moines – West Des Moines, Iowa, is the best place for a finance career when considering these factors.  

The study by Journo Research with the help of global fintech group Plus500 analyzed 387 core-based statistical areas (CBSAs) across America to find the best place to live if you work in finance. The study analyzed six metrics, including the average yearly salaries of the areas, how much more a job in finance would earn compared to the average salary (shown as a percentage), the number of financial firms per 100,000 of the population, and the availability of jobs. The study also considered the cost of living in these areas, analyzing the percentage of salary that is likely to be spent on rent and the real value of $100 in each CBSA. The real value of $100 was calculated by analyzing the cost-of-living fluctuations across states, as prices for the same goods may be lower in some areas. This means that the same amount of money can buy comparatively more in a low-price state than in a high-price state. 

Best US areas for finance jobs

Des Moines – West Des Moines, Iowa, is the best place to work in finance with a score of 65.44. The average salary in Des Moines is $62,790; however, for finance jobs in this area, the average salary is $88,715, which is 41% higher. The average number of finance jobs in an area is 15,579; this figure is much higher in Des Moines, with 48,847 jobs available.  

There are also 126 firms per 100,000 of the population; this is once again higher than the average across all other CBSAs (90.94). The average yearly rent is $10,476, 11.8% of the average finance salary. This makes it an affordable place to live and gives people more disposable income.  

Toledo, Ohio, is the second-best place for finance careers, scoring 64.90. The average salary for finance jobs is $99,480, which is 73.2% higher than the average salary in Toledo, which is $57,420. The average rent is $11,688, meaning only 11.7% of a salary will be spent on rent. Across all other areas, on average, 17.61% of a finance salary is spent on rent, so it’s much more affordable in Toledo. Purchasing power is also higher in the area, with $100 having a value closer to $110, meaning money is likely to go further when buying goods.  

Salisbury, Maryland, is the third-best place, scoring 64.77. Salisbury has the most finance firms per 100,000, with 224. The average salary across all industries in the area is $53,830; for finance jobs, this rises by 69.1% to $91,020. This is higher than the average finance salary across all CBSAs, which is $83,972.  

Peoria, Illinois, is the fourth-best place to live in for those in finance , scoring 64.30. There are 111 firms per 100,000 people, above the average of 90.94. The cost of living is also a positive to living in Peoria, as the average finance salary ($91,720) is 52.4% higher than the average salary in Peoria ($60,170). Rent only accounts for 11.4% of the yearly salary. 

Missoula, Montana, is the fifth-best area, scoring 63.74. There are 139 firms per 100,000 people. The average finance salary in Missoula is $105,685. This is 90.5% higher than the average salary ($55,490), the third-highest increase across all states.  

Macon-Bibb County, Georgia, with a score of 61.93, is the sixth-best area for those working in finance. There are 104 firms per 100,000, with 9,787 jobs within the sector. The average finance salary is $89,010, which will go further in Macon-Bibb County as there is higher purchasing power, with $100 having a real value of $114.41. 

Kingsport-Bristol, Tennessee and Virginia, ranks as the seventh-best area, scoring 60.87. The average salary in the area is $52,640; for finance jobs, this increases by 63.5% to $86,090, which is above the average of $83,972. The cost of living is also a benefit for those working in finance, as the average yearly rent ($10,056) is only 11.7% of the average finance salary. 

Bloomington, Illinois, is the eighth-best area, scoring 60.67. There are 116 firms per 100,000 of the population, with 18,551 jobs available, above the average of 15,579. The average salary for a finance job is $92,430, 46.0% higher than the average salary in Bloomington ($63,230).  

The Columbus, Georgia, Alabama, metropolitan statistical area is the ninth-best place for people working in finance, with a score of 60.02. There are 12,142 jobs available, which is slightly below the average across all other CBSAs; however, finance salaries are above average at $84,750, which is 59.9% higher than the average salary ($51,910). 

Sioux Falls, South Dakota and Minnesota, is the tenth-best area for finance jobs, with a score of 59.69. There are 153 finance firms per 100,000 people, and 13,543 jobs are available. The average finance salary is $82,105, with yearly rent averaging $12,012, which equates to 14.6%, leaving plenty of disposable income.