AUSTIN, Texas — If you are considering starting a small business, Austin is one of the top places to start.
According to a new study by LendingTree, Austin ranked second among the top cities in the U.S. for starting a small business. The study used metrics to determine which cities were best, including the entrepreneurship rate and the rate at which businesses survive in the first year of launching.
Austin has a business survival rate of nearly 80%, according to the study. The study also found that 21.4% of Austinites' income goes toward housing costs "so there may be more opportunities to invest in creating a new business."
Out of 100 metros, Austin ranks 16th for its proportion of self-employed residents, which LendingTree says can indicate a good culture of entrepreneurship.
In general, cities in the South are better for starting a small business, according to the study.
Raleigh, North Carolina, is the best place to start a small business, and the study found that California cities are the worst places to start a small business.
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