Are you interested in starting a new insurance agency? Or, if you’re already an insurance agent, are you interested in adding young entrepreneurs to your client base? Well, some cities are friendlier — and cheaper — than others to launch a business, especially if you’re just starting out in your career.

To find the best places to start a small businessNerdWallet recently analyzed 181 metropolitan areas in the United States — each area for which cost of living information was available. Researchers analyzed data on the local business environment and economy from sources including the U.S. Bureau of Labor Statistics, U.S. Census Bureau, and the U.S. Small Business Administration.

Because a young, local entrepreneurial community is most likely to flourish with networking and knowledge-sharing opportunities, NerdWallet factored in the population ages 25-34, as well as the education level of each city.

Many top cities for young entrepreneurs are on the expensive side, but three of the top 10 cities offer costs of living below the national average. By reducing living and office space costs, entrepreneurs have more cash to invest in their growing businesses. The good news is that you can find small-business loans in any city. 

Here are the top 25 cities in America for young entrepreneurs, including ambitious insurance professionals interested in opening a new insurance agency:

Lincoln is the capital of the state of Nebraska and the second-most populous city in Nebraska. (Photo: Wikipedia)

25. Lincoln, Neb.

Overall score: 59.41

Median earnings: $39,110

Population age 25-34: 14.20%

Population with a bachelor’s degree or higher: 35.60%

Unemployment rate as of Sept. 2015: 2.20%

Small businesses per 100 residents: 2.51

SBA loans per 100,000 residents: $7,959,760 

Downtown Cedar Rapids, Iowa. (Photo: Wikipedia)

24. Cedar Rapids, Iowa

Overall score: 59.48

Median earnings: $45,007

Population age 25-34: 13.10%

Population with a bachelor’s degree or higher: 30.60%

Unemployment rate as of Sept. 2015: 3.50%

Small businesses per 100 residents: 2.3

SBA loans per 100,000 residents: $15,121,625 

St. George is a city located in the southwestern part of the state of Utah on the Utah-Arizona border. (Photo: Nick Christensen via Wikipedia)

23. St. George, Utah

Overall score: 59.5

Median earnings: $36,762

Population age 25-34: 12.80%

Population with a bachelor’s degree or higher: 25.40%

Unemployment rate as of Sept. 2015: 3.70%

Small businesses per 100 residents: 2.67

SBA loans per 100,000 residents: $18,785,769

The Pappajohn Sculpture Park, in Des Moines’s downtown Western Gateway Park, plays host to the Des Moines Arts Festival. (Photo: Wikipedia)

22. Des Moines-West De Moines, Iowa

Overall score: 59.9

Median earnings: $47,904

Population age 25-34: 14.90%

Population with a bachelor’s degree or higher: 36.10%

Unemployment rate as of Sept. 2015: 3.10%

Small businesses per 100 residents: 2.31

SBA loans per 100,000 residents: $5,264,811 

Manhattan is a city in northeastern Kansas, located at the junction of the Kansas River and Big Blue River. (Photo: Manhattan Convention and Visitors Bureau)

21. Manhattan, Kan.

Overall score: 59.95

Median earnings: $38,454

Population age 25-34: 16.80%

Population with a bachelor’s degree or higher: 45.80%

Unemployment rate as of Sept. 2015: 2.90%

Small businesses per 100 residents: 2.06

SBA loans per 100,000 residents: $4,762,516

Downtown New York is seen at top in this view from the air approaching Newark Liberty International Airport, Jan. 30, 2014, in Newark, N.J. (AP Photo)

20. New York City-Newark-Jersey City

Overall score: 60.76

Median earnings: $52,252

Population age 25-34: 14.50%

Population with a bachelor’s degree or higher: 37.90%

Unemployment rate as of Sept. 2015: 4.90%

Small businesses per 100 residents: 2.68

SBA loans per 100,000 residents: $10,243,343 

The “Super Duck II” cruises Portland Harbor Oct. 1, 2002, during an amphibious tour of Portland, Maine. The tour, which lasts over an hour, takes passengers through downtown Portland and along the working waterfront. (Photo: Joel Page/AP Photo)

19. Portland-South Portland, Maine

Overall score: 61

Median earnings: $45,836

Population age 25-34: 12.20%

Population with a bachelor’s degree or higher: 38.60%

Unemployment rate as of Sept. 2015: 3.00%

Small businesses per 100 residents: 3.16

SBA loans per 100,000 residents: $11,634,852

In this Nov. 25, 2009 file photo, The BMW Oracle trimaran sails past the San Diego skyline during testing in San Diego. (Photo: Lenny Ignelzi/AP Photo)

18. San Diego-Carlsbad, Calif.

Overall score: 62.61

Median earnings: $50,392

Population age 25-34: 16.20%

Population with a bachelor’s degree or higher: 37.10%

Unemployment rate as of Sept. 2015: 4.60%

Small businesses per 100 residents: 2.68

SBA loans per 100,000 residents: $12,970,276

In this June, 17, 2015 photo, vehicles travel along Williston Road during the afternoon rush hour in Burlington, Vt., Despite having minor traffic congestion problems when compared with other parts of the country, Vermont officials continue to encourage commuters to share rides and take public transportation. (Photo: Wilson Ring/AP Photo)

17. Burlington-South Burlington, Vt.

Overall score: 62.95

Median earnings: $47,268

Population age 25-34: 13.6%

Population with a bachelor’s degree or higher: 41.7%

Unemployment rate as of Sept. 2015: 3.2%

Small businesses per 100 residents: 2.96

SBA loans per 100,000 residents: $10,030,766

Raleigh is the capital of North Carolina and the second most populous city in the state. (Photo: Gerry Broome/AP Photo)

16. Raleigh, N.C.

Overall score: 63.05

Median earnings: $47,618

Population age 25-34: 13.9%

Population with a bachelor’s degree or higher: 43.4%

Unemployment rate as of Sept. 2015: 4.6%

Small businesses per 100 residents: 2.28

SBA loans per 100,000 residents: $10,020,435 

A Washington Metro train crosses the Potomac River with the skyline of Roslyn, Va., in the distance, Sept. 25, 2014. (Photo: J. Scott Applewhite/AP Photo)

15. Washington, D.C.-Arlington-Alexandria

Overall score: 63.1

Median earnings: $62,172

Population age 25-34: 15.5%

Population with a bachelor’s degree or higher: 49.3%

Unemployment rate as of Sept. 2015: 4.3%

Small businesses per 100 residents: 2.26

SBA loans per 100,000 residents: $7,364,348 

The North Dakota State Capitol, a 21 story tower, is located in Bismarck. (Photo: iStock)

14. Bismarck, N.D.

Overall score: 63.99

Median earnings: $42,655

Population age 25-34: 14.5%

Population with a bachelor’s degree or higher: 32.2%

Unemployment rate as of Sept. 2015: 2%

Small businesses per 100 residents: 2.89

SBA loans per 100,000 residents: $10,720,089 

Anchorage, Alaska’s largest city, is in the south-central part of the state on the Cook Inlet. (Photo: iStock)

13. Anchorage, Alaska

Overall score: 64.76

Median earnings: $55,009

Population age 25-34: 16.2%

Population with a bachelor’s degree or higher: 29.7%

Unemployment rate as of Sept. 2015: 5.1%

Small businesses per 100 residents: 2.53

SBA loans per 100,000 residents: $14,424,330

Columbia is the county seat of Boone County, Mo., and home to the University of Missouri. (Photo:Wikipedia)

12. Columbia, Mo.

Overall score: 65 

Median earnings: $41,235

Population age 25-34: 14.80%

Population with a bachelor’s degree or higher: 44.7%

Unemployment rate as of Sept. 2015: 3.1%

Small businesses per 100 residents: 2.44

SBA loans per 100,000 residents: $10,513,209 

Downtown Fairbanks, Alaska, along the Chena River(Photo: iStock)

11. Fairbanks, Alaska

Overall score: 65.82

Median earnings: $56,653

Population age 25-34: 17.3%

Population with a bachelor’s degree or higher: 34.4%

Unemployment rate as of Sept. 2015: 4.7%

Small businesses per 100 residents: 2.4

SBA loans per 100,000 residents: $11,505,078

The Fargo Theatre in Fargo, N.D. (Photo: iStock)

10. Fargo, N.D.

Overall score: 66.4

Median earnings: $42,704

Population age 25-34: 16.3%

Population with a bachelor’s degree or higher: 36.7%

Unemployment rate as of Sept. 2015: 2.1%

Small businesses per 100 residents: 2.61

SBA loans per 100,000 residents: $10,303,954 

U.S. Coast Guard boats patrol the Boston Harbor, Jan. 5, 2015. (Photo: Michael Dwyer/AP Photo)

9. Boston-Cambridge-Newton, Mass.

Overall score: 66.64 

Median earnings: $60,168

Population age 25-34: 14.5%

Population with a bachelor’s degree or higher: 45.2%

Unemployment rate as of Sept. 2015: 4.1%

Small businesses per 100 residents: 2.47

SBA loans per 100,000 residents: $11,384,097

Midland is located in southwest Texas. (Photo: iStock)

8. Midland, Texas

Overall score: 66.79

Median earnings: $52,261

Population age 25-34: 16.9%

Population with a bachelor’s degree or higher: 25.5%

Unemployment rate as of Sept. 2015: 3.3%

Small businesses per 100 residents: 2.9

SBA loans per 100,000 residents: $6,707,714 

Downtown Madison, Wis. (Photo: iStock)

7. Madison, Wis.

Overall score: 67.45

Median earnings: $48,194

Population age 25-34: 14.9%

Population with a bachelor’s degree or higher: 44.7%

Unemployment rate as of Sept. 2015: 2.7%

Small businesses per 100 residents: 2.4

SBA loans per 100,000 residents: $11,354,367

Downtown Seattle with Mount Rainier in the background. (Photo: iStock)

6. Seattle-Tacoma-Bellevue, Wash.

Overall score:  69.57

Median earnings: $55,123

Population age 25-34: 16%

Population with a bachelor’s degree or higher: 39.4%

Unemployment rate as of Sept. 2015: 4.3%

Small businesses per 100 residents: 2.53

SBA loans per 100,000 residents: $13,807,823 

View of downtown Minneapolis, Minnesota. (Photo: iStock)

5. Minneapolis-St. Paul-Bloomington, Minn.

Overall score: 71.56

Median earnings: $51,496

Population age 25-34: 14.8%

Population with a bachelor’s degree or higher: 40%

Unemployment rate as of Sept. 2015: 3.1%

Small businesses per 100 residents: 2.48

SBA loans per 100,000 residents: $15,957,600

Downtown Denver skyscrapers with the Rocky Mountains in the background. (Photo: iStock)

4. Denver-Aurora-Lakewood, Colo.

Overall score: 71.75 

Median earnings: $49,713

Population age 25-34: 15.9%

Population with a bachelor’s degree or higher: 40.8%

Unemployment rate as of Sept. 2015: 3.20%

Small businesses per 100 residents: 2.62

SBA loans per 100,000 residents: $14,648,482

Downtown Salt Lake City, Utah. (Photo: iStock)

3. Salt Lake City, Utah

Overall score: 72.03

Median earnings: $41,915

Population age 25-34: 16.3%

Population with a bachelor’s degree or higher: 31.3%

Unemployment rate as of Sept. 2015: 3.1%

Small businesses per 100 residents: 2.5

SBA loans per 100,000 residents: $21,590,164

The San Francisco-Oakland Bay bridge. (Photo: iStock)

2. San Francisco-Oakland-Hayward, Calif.

Overall score: 74.88

Median earnings: $61,810

Population age 25-34: 15.7%

Population with a bachelor’s degree or higher: 45.9%

Unemployment rate as of Sept. 2015: 3.8%

Small businesses per 100 residents: 2.51

SBA loans per 100,000 residents: $15,826,472

Downtown Austin, with a view of the Texas State Capitol. (Photo: iStock)

1. Austin-Round Rock, Texas

Overall score: 75.67

Median earnings: $45,649

Population age 25-34: 17.5%

Population with a bachelor’s degree or higher: 41.5%

Unemployment rate as of Sept. 2015: 3.3%

Small businesses per 100 residents: 2.2

SBA loans per 100,000 residents: $17,692,769

 

See also:

The top 25 business jobs for 2016

What’s next for the life insurance industry?