In a recent study completed by LendingTree, focusing on the 50 largest US cities, Salt Lake City, UT came out above the rest when accounting for American cities with the youngest average business founder. Salt Lake City was followed by Buffalo, NY and New Orleans, LA respectively. “On average the founders in these cities were younger than 38 years old when they started their businesses.” Oklahoma City, OK and Charlotte, N.C. round out the top five.
The information for the study came from anonymized data of borrowers seeking business loans on the LendingTree platform over the last five years. The information was gathered from the LendingTree Small Business Marketplace and results were compiled based on the ages of founders in the cities at the time their businesses were founded.
The makeup of business owners included individuals from five generations including the Silent Generation (born between 1928 and 1945), Baby Boomers (born between 1946 and 1964), Generation X (born between 1965 and 1980), Millennials (born between 1981 and 1996), and Generation Z (born after 1996). According to LendingTree, millennials and Gen Xers “were responsible for founding the most businesses”, accounting for “more than 70 to 80+ percent of the entrepreneurs establishing new companies.” Generation Z highest percentage came in Charlotte with 5%, Baby Boomers saw their high point come in Portland, OR with 18% and the Silent Generation had its highest number in Austin, TX at 1.9%