Stessa, a rental real estate money management and reporting company, has turned its analytics prowess on the labor market to come up with the top metros for high-paying job growth. Nashville, Phoenix and Las Vegas take the top three spots for large cities. Lansing-East Lansing, Michigan took the top spot for mid-sized metro, and Gettysburg, Pennsylvania scored highest among small cities.
Nashville takes the top spot in large cities for six-figure job growth
My primary residence is in Florida, and I was bummed to see it was one of the slowest growing states for six-figure jobs. Check out the full post to see how your state fares, more high-growth cities and which professions boast the most six-figure salaries. I’m not moving from Florida just because of one survey, but it’s still helpful to know where most of the high-paying jobs are. Here are five ways this information can help you optimize your career plans:
1 — Move where the six-figure jobs are
If you’re flexible in where you live and what you do, if you’re starting a business that caters to high wage-earners, or if you’re a consultant or freelancer whose rate is tied to what full-timers earn, then positioning yourself in a growth market will help your salary (or revenue) growth prospects. Of course, there are high wage-earners in every state. Salary is influenced by more than a state’s economy or labor market. But strong growth overall helps your individual case.
2 — Target your remote job search where employers expect to pay more
With the pandemic forcing companies to be more flexible about remote work policies, some of that flexibility has remained, even when offices have reopened. If your skills and expertise lends itself to remote work, you don’t have to move your residence. Just move your job search so that it focuses on companies in the high-paying regions that advertise remote jobs or where you can negotiate for location flexibility. Keep in mind when you select your target geographies that it still can be helpful to make an in-person appearance, even if your work is otherwise remote. It can also be helpful for your job search to offer in-person availability for interviews. Therefore, you might want to cluster target geographies together, pick places that are close to or easily visited from your intended residence or pick places you like to visit.
3 — Develop consulting services that can be delivered to clients in high-paying cities
Just like you can target a job search for remote jobs in high-paying cities, you can also look for consulting or freelancing projects in high-paying cities. If you have been focused on your hometown but have capacity to deliver your service anywhere (e.g., digital marketing, research, writing, analysis), identify your target geographies, target companies within those areas and specific pain points you can help assuage for those companies. Local markets vary. Your competition will also be different. Don’t assume that what works where you are will work everywhere. Having a track record serving geographies outside your own will definitely help.
4 — Consider investing in rental property or businesses that caters to these six-figure earners
Your day job or business isn’t the only way to earn. Now that you know which cities are showing strong growth of people who can afford higher rents and higher prices, you might direct your investing dollars to these areas. Rental real estate was something I started just over 15 years ago as a supplement and diversification to paper asset investing, but it has turned into its own reliable income stream.
5 — Stay where you are, but use the data to make a case for a raise
The best market data to share with your employer as you negotiate for your raise is local data – similar geography, similar industry, similar size and history of company. However, if you’re a PR professional or accountant or supply chain analyst who works on clients nationwide, then you’re competing with PR professionals or accountants or supply chain analysts nationwide, including those in high-paying cities. Your employer therefore is also competing with those high-paying companies when it comes to hiring talent and may agree to a raise to retain you.
It’s helpful to know what is trending in your market
This post happened to use a salary analysis as the basis for showing how job market trends can inform your career planning. However, reports showing where the most remote jobs are going or which industries are thriving where or what companies are most innovative can all give you ideas about new places to research, new roles or paths to consider and new ideas to share as you network with other professionals. Force yourself to come up with at least three ways your career plans could change given the new information. It will help you think more creatively and expansively about what your next career move could be.
