If you could work from anywhere, where would it be? A new analysis showed the top 10 U.S. cities for freelancers in 2022.
Many of the top 10 cities for freelancers had relatively low housing costs. According to the Census Bureau data, 51.6% of U.S. renters paid rent that was less than the . And some metro areas were well over that average, meaning they had higher proportions of people with relatively feasible rent expenses. Rent can make or break some freelancers.
In top cities for freelancers, unemployment was often relatively low and jobs were being added. A good job market and inflow of workers can signal growing demand for goods and services from freelancers. The top 10 metro areas tended to be high performers in these areas, and all saw net increases in the number of people hired there in 2020.
The size of the self-employed community is notable in many of the top metro areas. Nationally, 5.8% of workers were self-employed in a nonincorporated business , according to 2019 data from the U.S. Census Bureau. Several of the metro areas on our list exceeded this percentage, suggesting they had rich, active environments for gig workers, independent contractors and freelancers.
Minimum state tax rates are relatively low in many of the top cities. Though deductions, credits, filing status options and tax rules make it hard to predict what any freelancer's tax will be, minimum state income tax rates can hint at whether freelancer tax bills could be higher or lower in certain locations.Moving isn't easy or cheap, so deciding when to take your freelancing life to another town can be tricky. Business experts say to keep three things in mind when contemplating a move.The bigger the city, the more it costs to live, said Jonathan Medows, a certified public accountant at Medows CPA in New York City.
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