Regional economic factors influence entrepreneurial ages across America, as evident in Ooma’s new graphic, which displays the average age of business owners.
Utah’s economic boom has had a clear impact on entrepreneurs in the region. A low cost of living compared to California and East Coast locations, a family-centric culture, and strong community support have helped boost Utah’s younger-than-average business owners.
The Rockies and Upper Midwest also emerge as hotspots for younger business owners, found in cities like Lincoln, Nebraska, Sioux Falls, South Dakota, and Madison, Wisconsin. University towns also tend to have younger populations and, therefore, younger business owners.
We can see older entrepreneurs flocking to locations popular with retirees, like Honolulu. Hawaii has the highest cost of living in the country, so these conditions favor older business owners with more experience and resources.
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