Looking to move in 2024? Louisville among 10 best places to relocate to, ranking says

Kentucky’s largest city got a shout out from Forbes, which called Louisville a top destination for transplants this year due to its lower cost of living compared to other big cities, among other quality of life factors.

In its analysis, Forbes Home looked at 50 of the most populated cities in the country. It compared each city and assigned rankings based on the categories of overall value, quality of life, job market performance and desirability.

Those categories were in turn informed by a dozen different metrics, such as housing and the cost of living, employment rates, commuting times and public safety with data drawn from the U.S. Census Bureau, Bureau of Labor Statistics and other sources.

Here’s a look at what Forbes had to say about Derby City.

Louisville ranks among top 10 ‘best cities’ to move to in 2024

Overall, Louisville took the No. 7 spot in Forbes Home’s analysis of the best destinations for relocators this year, beating significantly larger cities such as Indianapolis and Columbus, Ohio.

Forbes based its rating on how Louisville fared on the following factors, giving it a score of roughly 77 out of a possible 100:

• Total score: 76.81 out of 100

• Median monthly housing costs: $1,060

• Employment rates: 97%

• Median family income: $64,399

• Net migration to the city between 2016 and 2020: -3,541

• Crime rate per 1,000 residents: 37

Louisville ranked just above Tucson, Ariz., Virginia Beach, Va., and Columbus, respectively. Tulsa, Okla., ranked at No. 6 on Forbes’ list.

What are the best cities for movers in 2024?

According to Forbes Homes, the following cities rank among the top 10:

1. Omaha, Neb.

2. Raleigh, N.C.

3. Oklahoma City, Okla.

4. Wichita, Kan.

5. Colorado Springs, Colo.

6. Tulsa, Okla.

7. Louisville, Ky.

8. Tucson, Ariz.

9. Virginia Beach, Va.

10. Columbus, Ohio

What methodology did Forbes use?

Forbes Home looked at 12 different factors across the broad categories of value, quality of life, job market and desirability.

To determine a city’s value for movers, Forbes used median housing cost data provided by the Census Bureau, along with cost of living data from the MIT Living Wage Project. This category made up 30% of a city’s overall score.

Quality of life was weighted at another 30% and considered several data points, such as the crime rate and air quality. The percentage of adults with diplomas and percent of students proficient in reading and math in the city’s primary public school district also factored in.

The quality of the city’s job market (weighted at 25%) was determined by employment rates from the Bureau of Labor Statistics and median income data from the Census Bureau.

Finally, making up the remaining 15% of a city’s score, was its “desirability.” That category took into account factors such as average sunny days per year, arts and entertainment venues per 100,000 residents, average commuting times and net migration to the city.

This isn’t the only recent ranking putting Louisville in the headlines. Earlier this year, the city landed on another Forbes list for places with the worst drivers, and ahead of Feb. 14, popular review site Yelped named one of the Louisville’s restaurants among its most romantic spots for Valentine’s Day.

It also received a recent travel mention from popular magazine Southern Living ahead of the running of the 150th Kentucky Derby May 4.

Got a question about living in Kentucky for our service journalism team? We want to hear it. Tell us what you’d like to see us cover via email at ask@herald-leader.com or submit your comment with the Know Your Kentucky form below.