Today there are more people in the U.S. over 50 than there are under 18, and the number of business owners in the country over 50 is increasing.
As the boomer generation moves toward retirement age, many are choosing to use their hard-earned experience to work for themselves.
LendingTree, an online loan broker, analyzed data from 50 U.S. metro areas to find the best places for these older entrepreneurs to start and run a business.
To determine the best places for boomer entrepreneurs, LendingTree analysts used census data to calculate the median and average earnings of boomer-owned businesses, as well as the share of businesses founded by boomers. They scored each city (up to 100) based on these elements.
LendingTree defines boomer entrepreneurs as those born between 1946 and 1964 who reported being self-employed and actively engaged in the workforce in 2016.
Median business income indicates how much most people are earning, while the average business income indicates how much income there is overall. A bigger gap between median and average signals that there is a lot of money to be made, but fewer people are earning it.
The rate of businesses founded by boomers in the past five years is based on those seeking loans on LendingTree's business loan platform. This is an indication of how attractive and hospitable metros are to entrepreneurs in that age bracket.
Here are the best metros for boomer entrepreneurs.