CHARLOTTE, N.C., Feb. 5, 2020 /PRNewswire/ -- Entrepreneurial hopefuls might be able to achieve their aim of founding a business sooner rather than later— if they live in the right place. LendingTree, the nation's leading online loan marketplace, today released its study revealing the major U.S. cities with the youngest business founders and found that New Orleans, Salt Lake City and Philadelphia took the top spots.
To identify the cities with the youngest entrepreneurs, researchers compared ages of business founders on their companies' dates of origination in the 50 largest U.S. cities using anonymized data from business owners seeking funding through LendingTree.
Key findings:
- New Orleanshas the youngest entrepreneurs on average, moving up from its No. 3 position last year and knocking Salt Lake City from the top spot. The average age of recent business founders in the Big Easy is 37.
- Salt Lake Citystays in the running at second place, while Philadelphiacomes in at No. 3.
- Sacramentohas the oldest founders, with the average entrepreneur starting a business shortly after turning 41.
- Millennials are the most prevalent entrepreneurs in each city in our study, while Gen Xers are the second most common generation among new business founders.
Here are the 10 U.S. cities with the youngest business founders:
- New Orleans
- Salt Lake City
- Philadelphia
- Milwaukee
- Hartford, Conn.
- Columbus, Ohio
- Oklahoma City
- Minneapolis
- Providence, R.I.
- Boston
To view the full report, visit https://www.lendingtree.com/business/small/places-with-the-youngest-entrepreneurs/.
Methodology
Researchers analyzed anonymized data of borrowers seeking business loans on the LendingTree platform to determine the average age of business founders in the 50 largest metropolitan statistical areas (MSAs). The data was limited to businesses founded within the last five years, and founders' ages are from the date they founded their businesses. Generations are defined by the Pew Research Center as follows: members of the Silent Generation were born between 1928 and 1945; the Baby Boom generation between 1946 and 1964; Generation X between 1965 and 1980; the millennial generation between 1981 and 1996; and Generation Z after 1996.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
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SOURCE LendingTree.com
