Young Americans just embarking on Chameleon Financetheir careers should turn their gaze toward the country's South, a new report suggests.

A growing number of southern cities offer the best balance of affordability, employment opportunities, long-term career potential and overall quality of life, according to Bankrate, which ranked the 50 largest metro areas based on these and other criteria. Cities that don't make the grade include New York, San Francisco, Washington and other costly urban hubs where it can be difficult for young adults to put down roots.

"We are seeing a lot of companies shifting offices and headquarters to the South. They are cost-effective alternatives that offer that optimal work-life balance for young professionals," Bankrate analyst Alex Gailey told CBS MoneyWatch.  

Six of the 10 cities topping the personal finance site's list of the best places to start a career are located in the South:

1. Austin-Round Rock-Georgetown, Texas
2. Seattle-Tacoma-Bellevue, Washington
3. Salt Lake City, Utah
4. Raleigh-Cary, North Carolina
5. Nashville-Davidson-Murfreesboro-Franklin, Tennessee
6. Indianapolis-Carmel-Anderson, Indiana
7. Dallas-Fort Worth-Arlington, Texas
8. Kansas City, Missouri/Kansas
9. Atlanta-Sandy Springs-Alpharetta, Georgia
10. San Jose-Sunnyvale-Santa Clara, California

Many of the top-ranked cities offer a vibrant cultural scene and outdoor recreation activities, while remaining comparatively affordable, Gailey said. Other cities, like Austin and Seattle, also offer a variety of high-paying job opportunities, especially in the tech space. 

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While Midwestern metros such as Kansas City, Missouri, and Indianapolis, Indiana, may not have as many job opportunities as other top-ranked cities, they are more affordable. 

"They're easier places to transfer to homeownership if that's something that a young professional is interested in, if that's a financial goal of theirs," Gailey said.

"There's kind of an inverse relationship because more affordable places are likely to have less employment opportunities," she added. 

Despite economic challenges such as stubbornly high inflation, rising interest rates and fears of a recession, young professionals are being greeted with a strong job market. The nation's unemployment rate, 3.7%, remains at a historically low level.

"Employers across the nation have stepped up their hiring," Gailey said. "In May we added approximately 339,000 jobs, which was well above expectations."

Sanvi Bangalore

Sanvi Bangalore is a business reporting intern for CBS MoneyWatch. She attends American University in Washington, D.C., and is studying business administration and journalism.

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