Looking to start a new business? A new nationwide study reveals that the most affordable place to do it is right here in Michigan.

The personal finance website WalletHub compared data from 100 of America's biggest cities to determine the "Best Large Cities to Start a Business".

SEE ALSO: 9 Michigan Businesses That Should Think About Changing Their Name

After crunching the numbers, some encouraging takeaways emerged for one Michigan city in particular.

What Makes a City a Good Place to Start a New Business?

WalletHub looked at a variety of metrics to identify America's best places to start up a new business.

A new study says Michigan is home to America's most affordable place to start a new business. (Photos via Canva)
A new study says Michigan is home to America's most affordable place to start a new business. (Photos via Canva)
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The study looked at the overall business environment, access to resources and business costs for 100 of the nation's biggest cities.

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The five-year business survival rate was considered for each location, along with startups per capita, job growth, financing accessibility, office space affordability, labor costs, corporate tax rates, and a dozen other metrics.

Detroit Is the Most Affordable Place in America to Start a New Business

WalletHub determined that - all things considered - Orlando, Florida, is the best place in America to start a new business.

However, when the focus is narrowed to business costs - things like office space affordability, labor costs, corporate taxes and cost of living - Detroit's the place to be.

SEE ALSO: This Michigan City Has the Lowest Cost of Living in America

Detroit ranks 46th in the nation when every metric is considered. Not shabby, but the city shines bright when it comes to labor costs (2nd lowest in the nation), the availability of workers (1st in the nation), and venture investment per capita (1st in the nation).

Curious how Detroit fares in other ways? Want to know what other cities are competitive in the startup space? You can see the full study here.

Michigan Businesses On The Fortune 500 List 2024

Every year, the financial magazine Fortune releases its list of the top 500 companies in the United States based on revenue earned that year. This year, 18 companies based in Michigan made the list. This is each company that made the list, and where they rank in the list.

Gallery Credit: Tommy McNeill

Michigan's Top 20 Counties for Small Businesses

According to altLINE via Slacker, these are the top 20 Michigan counties for small businesses.

Gallery Credit: Jacob Harrison

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