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Want to make more money? You may think larger, more powerful cities are where you need to go, but that may not be the case. Birmingham may actually be your best bet!
Birmingham, huh? I know, you may be a bit skeptical. But according to a recent study performed by Trulia and Indeed, your skepticism may be for naught.
Trulia teamed up with the job site Indeed to find out where salaries are the highest in the United States once you adjust for cost of living.
Each city was evaluated based on two categories:
- How the economy is doing.
- Where the largest job opportunities are.
Based on the findings of the study, Birmingham, AL landed in the top spot for the nation’s most flush-with-cash cities.
Here’s a breakdown of the findings:
- Average salary: $76,886
- Adjusted cost of living: $86,196
It was also noted that once you adjust for cost of living, the average salary is $10,000 more than in San Francisco and a mighty $17,000 more than in New York City.
Some reasons why
Birmingham has been gaining steady momentum for some time. It has now diversified to become a leader in banking, insurance, healthcare, education, manufacturing and the arts.
Birmingham’s three largest employers are:
- The University of Alabama at Birmingham (23,000 employees)
- Regions Financial Corp. (7,100)
- Honda (4,800)
Other major employers include Mercedes-Benz U.S., U.S. Steel and Wells Fargo.
Where in Birmingham can you get the most bang for your buck?
According to Trulia, it’s in Irondale. Here’s why:
- Affordability. The median home price is $147K, which is well below the metro area’s medium of $195,000. The average rent in Irondale stands around $1,249 a month.
- New construction. Homes also have larger lots, which can be hard to find.
- Convenience. Irondale is just 15 minutes from downtown and the airport.
Who trailed Birmingham on Trulia’s list of America’s highest paying cities? Click here to find out!