Austin rocks the entrepreneurs

Nerdwallet staffer Jonathan Todd presents the best cities for young entrepreneurs in the upcoming year. In some of the nation's hot spots that attract millennials, it's cheaper and easier to start a new business than others. By looking at the education level of populations aged 25 to 34, economic conditions, and small business loan lending rules, Nerdwallet found the top 10 cities where young start-up enthusiasts will thrive in 2016. 

The five cities to top the list's first five spots included Austin, Texas, San Francisco, Salt Lake City, Denver, and Minneapolis. 

Salt Lake City and Austin, Texas ranked second and fifth (respectively) for markets with the most small business loans, surpassing eighth-ranked San Francisco and 52nd-ranked New York which are commonly assumed to be start-up hubs. Boston and Madison, Wisconsin were two cities that ranked highly for the most educated young populations in the country. Austin, Texas, Salt Lake City, and Midland, Texas, all have costs of living that are below the national average, which leaves entrepreneurs with more cash to invest in their growing businesses.

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