For many entrepreneurs, the big city lights and glamour of New York, Los Angeles and San Francisco are not a priority. The cost of doing business and quality of life are, which makes smaller cities like New Orleans (NOLA) appealing.
New Orleans is attempting to put Katrina behind it. And it is succeeding to a degree. Under Mayor C. Ray Nagin, NOLA has begun a program of attracting entrepreneurs to a city known for fine dining, major sports events and of course, Mardi Gras. Since Hurricane Katrina, four entrepreneurial hubs have been established: Entrepreneur’s Row, the Icehouse, the I.P., (an acronym for Intellectual Property) and the Entergy Innovation Center.
Still, problems remain. They include a police force still recovering from major job defections, a school system that was decimated, and health care facilities still in flux.
However, the cost of living in New Orleans is 43.1% lower than in New York, NY. A person earning $50,000 in NYC would have to earn a salary of $28,437 in NOLA to maintain that standard of living. But employers in New Orleans typically pay 13.5% less than employers in New York. Therefore, if you take the same type of job in the same type of company in New Orleans, you are likely to earn $43,241.
New Orleans
Photographers - $25,730
Software Developers - $77,050
Programmers - $56,170
Graphic Designer - $37,780
Management Analyst - $72,660
New York
Photographers - $43,090
Software Developers - $92,520
Programmers - $80,390
Graphic Designers - $56,090
Management Analyst - $93,350
Los Angeles
Photographers - $51,730
Software Developers - $92,770
Programmers - $75,200
Graphic Designers - $53,370
Management Analyst - $81,950
San Francisco
Photographers - $55,100
Software Developers - $100,050
Programmers - $81,490
Graphic Designers - $60,070
Management Analyst - $98,310
(source- U S Bureau of Labor)
Office space in New Orleans is also cheaper than in larger cities. Full-service downtown space ranges from $17.50 - $21.00 per sq. ft., and Suburban rates average $23 to $24 per sq. ft, (source- Greater New Orleans Inc). That compares with the Grand Central area of Manhattan where 2,000 sq ft, is $47 psf or $7,833 per month. (source- officespaceleader.com).
In places like New Orleans, quality of life is cheaper to come by and, despite the struggles NOLA is trying to overcome, many are finding it to be a good move financially.
For more information: GNO Inc. and Startup New Orleans.