On what the Greater Memphis Chamber clearly viewed as good news day, Forbes ranked Memphis as the 2nd most affordable city in the U.S. and WalletHub ranked Memphis as the 5th best city to start a business.
Chamber officials are spreading the word about the rankings, which both were announced on Tuesday.
2nd most affordable city
Forbes recognized Memphis as America's second most affordable city when surveying the 100 largest Metropolitan Statistical Areas in the country.
Forbes looked at housing affordability, using the Housing Opportunity Index, and then considered the cost-of-living index developed by Sperling's Best Places. Memphis was one of six southern cities to make the list with a Housing Opportunity Index of 78.7 and a Cost-of-living index of 91.8.
2014's Top 10 Most Affordable Cities:
1. Buffalo, NY
2. Memphis, TN
3. Cincinnati, OH
4. Dayton, OH
5. Knoxville, TN
6. Akron, OH
7. Grand Rapids, MI
8. Louisville, KY
9. Oklahoma City, OK
10. Warren, MI
To see the complete methodology and rankings, please visit: http://www.forbes.com/sites/erincarlyle/2014/03/11/americas-most-affordable-cities/
5th Best City To Start A Business
WalletHub compared 150 of the largest cities in the United States in determining Best Cities to Start a Business and placing Memphis fifth.
The study analyzed the relative start-up opportunities in each city, and used 14 metrics to determine which cities were best for aspiring entrepreneurs.
Metrics like industrial variety, the depth of the employee pool and cost of living helped Memphis rise to the top. According to researchers, a great deal of opportunity exists for new companies that enter the Memphis market moving forward.
The Top 10 Best Cities to Start a Business:
1. Jacksonville, FL
2. Fayetteville, NC
3. Augusta, GA
4. Jackson, MS
5. Memphis, TN
6. New Orleans, LA
7. Tulsa, OK
8. Columbus, GA
9. Cape Coral, FL
10. Las Vegas, NV
To see the complete study and rankings, please visit: http://wallethub.com/edu/best-cities-to-start-a-business/2281/