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Millennial business owners in North Dakota earn the most compared to their employee counterparts
Source: Flippa analysis of U.S. Census Bureau’s American Community Survey data | Image Credit: Flippa
For millennials in some parts of the country, however, business ownership can prove much more lucrative than working as an employee. In North Dakota, the typical millennial business owner earns more than twice what their employee counterparts do, and in other states like Nebraska (+63.6%), Mississippi (+40.4%), and Kansas (+38.9%), business owners maintain a substantial earning premium. But in 16 states, millennial business owners earn less than millennial employees, including Wyoming (-27.3%), Connecticut (-25.3%), and Massachusetts (-16.0%).
One factor that may impact the income differential is the quality of jobs available for employees. At the metro level, some of the locations with the most favorable differential for employees are full of jobs with generous pay, like finance jobs in Bridgeport, CT (-33.5% differential for business owners) or tech jobs in San Francisco (-33.2%). The cities that have the best differential for millennial business owners are locations where higher-paying industries are not as well established, lowering the opportunity costs for potential entrepreneurs.
Below is a complete breakdown of the areas with the most successful millennial business owners across the top 100 metros and all 50 states. The analysis was conducted by researchers at Flippa, a global online marketplace to buy and sell online businesses and digital assets, using data from the U.S. Census Bureau. For more information on how each statistic was computed, refer to the methodology section below.
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