Blog City Study
by Joanie Wang
When it comes to planning your future (either personally or for your business), taking finances into account is a must — especially when deciding where to move next. Did you know that some cities are better positioned than others to help you meet your financial and work efficiency needs?
To get a better idea of the biggest financial hub cities in the U.S., we conducted a study to gauge the financial temperature of the 100 most populated cities across the country.
If you’re interested in what data we pulled and how it was calculated, check out our methodology section below for more information. Now, on to the results!
Drumroll, please…
Sign up today to get started
1. Dallas, Texas
The biggest financial city in the United States is none other than Dallas, Texas. Surprised? You shouldn’t be! There’s a reason so many people have been packing up their bags and moving to the Lone Star State over the past few years. With no personal or corporate income taxes and the highest number of Fortune 500 companies in the country, Texas is primed to help its residents meet their financial goals.
Dallas, in particular, takes the number one spot due to its relatively low cost of living, high personal income per capita, and high GDP. This means that not only is it relatively cheap to live there, but the economy and its residents are both thriving.
And if you’re looking to snag a new gig in D-Town, you’ll be in a good spot. Dallas had the ninth-highest number of finance jobs available out of all 100 cities studied, making it a great place to climb the corporate ladder or switch lanes into the finance space.
| Cost of living (national average is 100): | 101 |
| Personal income per capita: | $66,727 |
| Total GDP: | $598,333,263 |
| Median credit score: | 663 |
| Average number of late credit card payments: | 3.69 |
| Number of Fortune 500 companies in the state: | 55 |
| Finance jobs available: | 55 |
| Income tax rate: | 1,853 |
| Corporate income tax rate: | 0% |
2. Arlington, Texas
The second biggest finance city in the United States is Arlington, Texas. Nestled next to the number one city on this list, Arlington boasts many of the same credentials as Dallas that help make it a financial hotspot.
One thing that Arlington excels at is having high credit scores. Arlington residents have a slightly higher median credit score than their Dallas counterparts, likely because living outside of Dallas is cheaper than in the city center. And with practically the same number of finance jobs, Arlington has proven itself to be a financial force to be reckoned with.
| Cost of living (national average is 100): | 100.8 |
| Personal income per capita: | $66,727 |
| Total GDP: | $598,333,263 |
| Median credit score: | 670 |
| Average number of late credit card payments: | 4.17 |
| Number of Fortune 500 companies in the state: | 55 |
| Finance jobs available: | 1,712 |
| Income tax rate: | 0% |
| Corporate income tax rate: | 0% |
3. Chicago, Illinois
Moving on from the southern belles of the financial market, the third biggest financial city in the U.S. is Chicago, Illinois. While Chicago residents do have to deal with high personal income and corporate taxes, there’s no denying that Chicago is financially viable. The city has the seventh-highest GDP of all those we studied and the 19th-highest personal income per capita.
In addition, residents can expect a plethora of options when searching for a finance job, some of which include posts in Fortune 500 companies (note: Illinois has a lot of them).
| Cost of living (national average is 100): | 98.6 |
| Personal income per capita: | $71,912 |
| Total GDP: | $296,969,112 |
| Median credit score: | 735 |
| Average number of late credit card payments: | 2.49 |
| Number of Fortune 500 companies in the state: | 15 |
| Finance jobs available: | 951 |
| Income tax rate: | 9.85% |
| Corporate income tax rate: | 9.80% |
4. Seattle, Washington
If you want to settle down in one of the biggest financial cities in America but have a soft spot for the Pacific Northwest, Seattle might be the place for you.
Seattle residents know a thing or two about keeping their finances in good health. The city is home to the fifth highest personal income of all cities studied (second on this top eight list) and the 16th highest GDP. And even though the city is relatively expensive, its residents also boast a high median credit score and a low number of late payments.
| Cost of living (national average is 100): | 167.8 |
| Personal income per capita: | $89,274 |
| Total GDP: | $479,966,484 |
| Median credit score: | 754 |
| Average number of late credit card payments: | 1.32 |
| Number of Fortune 500 companies in the state: | 12 |
| Finance jobs available: | 721 |
| Income tax rate: | 0% |
| Corporate income tax rate: | 0% |
5. New York City
Now we move onto a city you may have expected to see higher on this list — New York City. While still a major international financial juggernaut, NYC takes the fifth spot on our domestic list due to its higher-than-average cost of living, number of late credit card payments, and tax rates.
That said, the Big Apple still reigns supreme when it comes to personal income levels, overall GDP, number of Fortune 500 companies, and number of available finance jobs. The city scored in the top 10 out of 100 cities studied for every category, which is what helped it beat out the cities below that are much cheaper to live in.
| Cost of living (national average is 100): | 168.6 |
| Personal income per capita: | $85,136 |
| Total GDP: | $1,992,779,274 |
| Median credit score: | 728 |
| Average number of late credit card payments: | 2.36 |
| Number of Fortune 500 companies in the state: | 50 |
| Finance jobs available: | 4,889 |
| Income tax rate: | 10.90% |
| Corporate income tax rate: | 7.25% |
6. St. Paul, Minnesota
Has the Midwest been making a splash in the financial industry? You betcha!
St. Paul takes the number six spot on this list due to its low cost of living, relatively high personal income per capita and GDP, high credit scores, and low number of late payments. But the city does have pretty high tax rates for personal and corporate income, so future residents should consider that when planning out how they will manage their money.
| Cost of living (national average is 100): | 98.6 |
| Personal income per capita: | $71,912 |
| Total GDP: | $296,969,112 |
| Median credit score: | 735 |
| Average number of late credit card payments: | 2.49 |
| Number of Fortune 500 companies in the state: | 15 |
| Finance jobs available: | 951 |
| Income tax rate: | 9.85% |
| Corporate income tax rate: | 9.80% |
7. Houston, Texas
Coming in hot at spot number seven is Houston, Texas. Houston is the third Texas city to make our list, and it’s clear why. In addition to Texas’ stellar reputation in terms of taxes and Fortune 500 companies, Houston also has a low cost of living, a higher number of finance jobs available, and a relatively high personal income per capita.
Whether you end up living inside or outside “The Loop,” Houston is a great place to kickstart your career (or business) in finance.
Fun fact: Expensify is the official accounting partner of the Texas CPA State Societies, so you can rest easy knowing that you’re in the best hands when you sign up with us.
| Cost of living (national average is 100): | 95.5 |
| Personal income per capita: | $64,837 |
| Total GDP: | $537,066,232 |
| Median credit score: | 663 |
| Average number of late credit card payments: | 4.18 |
| Number of Fortune 500 companies in the state: | 55 |
| Finance jobs available: | 1,357 |
| Income tax rate: | 0% |
| Corporate income tax rate: | 0% |
8. Boston, Massachusetts
Last but certainly not least is Boston, Massachusetts. With an abundance of finance jobs, a low average number of late payments, and the highest personal income per capita on this list, Boston stands out as an up-and-coming finance hub that is worth keeping an eye on.
| Cost of living (national average is 100): | 153.4 |
| Personal income per capita: | $92,290 |
| Total GDP: | $531,671,846 |
| Median credit score: | 733 |
| Average number of late credit card payments: | 1.58 |
| Number of Fortune 500 companies in the state: | 17 |
| Finance jobs available: | 1,847 |
| Income tax rate: | 9% |
| Corporate income tax rate: | 8% |
Least financially viable cities
Now that you’ve gotten a look into the biggest financial cities in the United States, let’s take a moment to check out the cities that didn’t make the cut. Of the 100 cities we studied, Stockton, Santa Ana, and Bakersfield, California, are the least financially viable cities.
While California is known for its tech valley and Hollywood hills, there are a few reasons why these cities ended up at the bottom. Not only does California have inordinately high personal and corporate income tax rates, but the cost of living is really high too. Plus, these three cities have limited finance job opportunities, lower-end median credit scores, and a high number of average late payments.
| Stockton, CA | Santa Ana, CA | Bakersfield, CA | |
|---|---|---|---|
| Cost of living (national average is 100): | 115.6 | 144.8 | 103.4 |
| Personal income per capita: | $57,783 | N/A | $45,961 |
| Total GDP: | $36,790,065 | N/A | $52,239,044 |
| Median credit score: | 674 | 689 | 675 |
| Average number of late credit card payments: | 3.55 | 2.91 | 3.47 |
| Number of Fortune 500 companies in the state: | 53 | 53 | 53 |
| Finance jobs available: | 85 | 972 | 82 |
| Income tax rate: | 13.30% | 13.30% | 13.30% |
| Corporate income tax rate: | 8.84% | 8.84% | 8.84% |
This is not to say that moving to California is a bad idea — but maybe consider some different cities! And no matter what, make sure you have a plan to keep track of your company (or personal) spend.
Other cities of note
If you have a favorite city you didn’t see on this list, there’s no need to panic. Every city has its own pros and cons, even when it comes to finances. The following locations are worth noting in terms of high GDP, personal income, finance jobs, and Fortune 500 companies.
Cities with the highest GDP: Newark, New York City, Jersey City, Los Angeles, Long Beach, and Anaheim.
Best cities for finance jobs: Jersey City, New York City, Newark, and Washington, D.C.
Cities with the highest personal income per capita: San Jose, San Francisco, Oakland, Boston, and Seattle.
Cities with the most Fortune 500 companies: New York City, Houston, Atlanta, and Chicago.
Trust your finances to Expensify
Bottom line: where you live will only have so much impact on your finances. While your location and its financial viability are important to keep in mind, at the end of the day, your organization and decision-making will have the most impact on your finances. One great way to ensure you’re on track is by working with a financial management super app (like Expensify).
From Dallas to Boston and everywhere in between, Expensify is here to help you streamline your finances, manage your spend, and submit expense reports with ease. Get started today to learn more about what we offer.
No matter where you’re based, Expensify makes operations simple.
Or sign up with
Expensify values your privacy. We’ll never sell your personal information to others.
Methodology
To determine the biggest financial cities in the United States, the team at Expensify analyzed several different sets of external data for the top 100 most populated cities in the country. Each data was then assigned a weight based on importance, and the total score for each city was given a ranking. The cities with the highest scores were deemed the biggest financial cities.
Cost of Living (Source: BestPlaces)
Weight: .14
Personal Income Per Capita (Source: SmartestDollar)
Weight: .15
Total GDP (Source: Visual Capitalist)
Weight: .21
Median Credit Score (Source: WalletHub)
Weight: .07
Average Number of Late Credit Card Payments: (Source: WalletHub)
Weight: .05
Number of Fortune 500 Companies in the State (Source: 50Pros)
Weight: .06
Number of Finance Jobs Available Within 25 Miles (Glassdoor listings) (Source: Glassdoor)
Weight: .09
Income Tax Rate - Single, Highest Bracket (Source: Tax Foundation)
Weight: .12
Corporate Income Tax Rate - Highest Bracket (Source: Tax Foundation)
Weight: .11
This study was conducted in August 2023. Note that not all cities had complete data sets.
Joanie Wang
Joanie is the Director of Marketing and Brand at Expensify, and possibly the only Bahhston native who doesn't run on Dunkin’. She is "outside-y," enjoys food-based travel, and loves John Mayer maybe a little too much.
