GRAND RAPIDS, MI - Being broke isn't ideal, but unfortunately for people between the ages of 18 and 24, its often a reality.

Fortunately, young people in Michigan live in a state home to one of the best cities for it, at least according to one study. According to the personal finance website Magnify Money, Grand Rapids is the second-best city in America to be "young and broke."

Which is a good thing considering Grand Rapids is home to several schools including Grand Valley State, Calvin, Aquinas, Davenport, Grand Rapids Community College, Cornerstone and others.

Magnify Money analyzed more than 100 U.S. cities to find the most favorable and affordable places for people between the ages of 18 and 24. Expenses like housing and food, unemployment rates, income taxes and the rate of young adults who are living in poverty were among the data points considered.

Grand Rapids, which received a cumulative score of 72.4 out of 100, trailed only Madison, Wisc, which received a score of 73.2 out of 100. Des Moines (6) and Akron (8) were also Midwest cities that made the Top 10.

"It's not that these cities necessarily scored the highest on all the features we analyzed, but when we weighted those features according to what the young adults we surveyed said mattered the most, the lower-than-typical rents and price combined with modest commute times to bring Midwestern cities to the top of the list," said MagnifyMoney Senior Research Analyst Kali McFadden.

According to Magnify Money, the price of goods in almost 5 percent less when compared to the rest of the country, its average commute is about 21 minutes and Grand Rapids has a low youth unemployment rate of 6.7 percent.

More than 10 percent of Grand Rapids' population is between 18 and 24 and 59 percent of those young people are either college graduates or in school.

Fewer than 2 percent of people use public transportation and statewide and income taxes are lower than most, ranking 42nd and 44th out of the 107 big cities.

Grand Rapids exceeds Madison in a few areas, such as median rent at $812, fewer young people in poverty and there are twice as many pizza joints per capita.

Syracuse (4), Durham, N.C. (5), Provo, Utah (7), Chattanooga, Tenn. (9) and Lexington, Kent. (10) rounded out the top 10.

Eight of the 10 worst cities to live in if you're "young and broke" are in California. Tampa and New York City are also in the bottom 10.