Finding the right job isn’t just about your personal resume, but also heavily influenced by the job market conditions where you live. Different places have varying demands for different career paths and qualifications, usually determined by local economic characteristics including geography, infrastructure, politics, culture, and resources.
Similarly, the attractiveness of one job market over another may also depend on a job seeker’s economic situation and family environment. Beyond just job opportunities and high income, many families rely on factors such as healthcare insurance, potential income growth, reasonable commute times to achieve a work-life balance, and even the ability to work remotely.
Taking this into consideration, SmartAsset conducted a ranking of employment markets for 348 U.S. cities based on six indicators from the latest Census Bureau data (2023), aiming to help families identify which job markets align best with their financial goals. The indicators measured include unemployment rate, wage growth rate, remote work opportunities, income-to-housing payment ratio, healthcare, and commute times.
The results revealed that Bend, Oregon, topped the list as the best employment market. The city boasts a relatively low unemployment rate of 3.1% and a high income growth rate of 44.2% over three years. With convenient and flexible job locations, many residents can find work, with an average commute time of 16 minutes, and 26.9% opting for remote work.
Richmond, Virginia, secured the second spot, with the highest income increase, where median employee income rose by 50% from 2020 to 2023.
SmartAsset also factored healthcare into the equation. Santa Clara, California, offers the most comprehensive medical insurance coverage in its job market. In Santa Clara, 88.6% of employees have private healthcare insurance through their employers.
Olathe, Kansas, holds the lowest unemployment rate. In 2023, Olathe reported an unemployment rate of only 1.27%, compared to the study’s median unemployment rate of 4.45%.
Boulder, Colorado, excels in employee work-life balance. Despite ranking 309th overall in the job market due to relatively lower income, slow income growth, and high unemployment, Boulder ranks second when considering only average commute time (19.3 minutes) and remote work (25.4% of workers).
Based on SmartAsset’s research, here are the top 10 cities in America with the best employment markets, with two in the San Francisco Bay Area: Santa Clara and Sunnyvale.
Unemployment: 3.16%
Median Income: $51,382
Three-Year Income Growth Rate: 44.22%
Remote Work Percentage: 26.89%
Employees with Private Healthcare Insurance through Employers: 75.35%
Unemployment: 3.80%
Median Income: $73,138
Three-Year Income Growth Rate: 49.47%
Remote Work Percentage: 15.81%
Employees with Private Healthcare Insurance through Employers: 77.40%
Unemployment: 4.17%
Median Income: $46,443
Three-Year Income Growth Rate: 35.99%
Remote Work Percentage: 26.87%
Employees with Private Healthcare Insurance through Employers: 85.49%
Unemployment: 4.29%
Median Income: $76,228
Three-Year Income Growth Rate: 32.43%
Remote Work Percentage: 24.59%
Employees with Private Healthcare Insurance through Employers: 87.08%
Unemployment: 2.27%
Median Income: $101,038
Three-Year Income Growth Rate: 21.49%
Remote Work Percentage: 27.75%
Employees with Private Healthcare Insurance through Employers: 86.21%
Unemployment: 4.24%
Median Income: $90,384
Three-Year Income Growth Rate: 40.97%
Remote Work Percentage: 16.51%
Employees with Private Healthcare Insurance through Employers: 88.63%
Unemployment: 3.50%
Median Income: $47,203
Three-Year Income Growth Rate: 23.13%
Remote Work Percentage: 27.96%
Employees with Private Healthcare Insurance through Employers: 86.63%
Unemployment: 2.36%
Median Income: $56,858
Three-Year Income Growth Rate: 29.89%
Remote Work Percentage: 9.26%
Employees with Private Healthcare Insurance through Employers: 81.36%
Unemployment: 1.69%
Median Income: $70,711
Three-Year Income Growth Rate: 37.73%
Remote Work Percentage: 19.35%
Employees with Private Healthcare Insurance through Employers: 80.50%
Unemployment: 3.45%
Median Income: $111,905
Three-Year Income Growth Rate: 31.12%
Remote Work Percentage: 15.33%
Employees with Private Healthcare Insurance through Employers: 86.92%