The 20th-best U.S. market for a woman to start a business in, is Honolulu.

The average revenue for a woman-owned business in Honolulu is $146,024, and there are 2.62 woman-owned businesses for every 100 people in the market, according to personal finance website Nerdwallet.com.

Womens’ median annual income in Honolulu is $41,161, which the study found is 81 percent of men’s income.

The study calculated scores for 174 U.S. cities with populations of 250,000 or more, using various data points, many gathered by the U.S. Census Bureau for different studies.

Business climate comprises 45 percent of the total Nerdwallet score, while local economic health is 25 percent of the score, and financing opportunities makes up the final 30 percent.

The top-rated city in the Nerdwallet study is Boulder, Colo., with women-owned businesses generating $91,050 in average revenue, much lower than the Honolulu number, however, there are 4.42 woman-owned businesses per 100 people. While women’s median annual income in Boulder is greater than Honolulu at $48,223, the figure is only 77 percent of men’s income in the area.

In Honolulu, there are 30.55 U.S. Small Business Administration-backed loans per 100,000 residents, but in Boulder that figure jumps to 41.17.

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