Top 10 Financially Stable Cities in America

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The global economic outlook is strong, according to recent information from Goldman Sachs. The firm predicts that global growth will reach 4 percent in the next year. The U.S. economy as we head into the new year is showing strong momentum and the unemployment rate is already below what the Federal Reserve deems as sustainable. Overall, the current economic environment is about “as good as it gets,” according to Jan Hatzius, Goldman Sachs’ chief economist.

Of course there are U.S. cities that are more financially stable than others. Here, we’ll take a look at 10 that are expected to top the list in 2018 based on growth, employment, and business opportunities. This list can help you gauge where you’ll have the best shot at getting your credit and finances in shape, and ideally, getting ahead with your personal finances.

  1. Provo, Utah

    This city was recently ranked as the best-performing city by the Miliken Institute, thanks to its robust high-tech sector and broad-based job and wage growth. The Provo/Orem region added 5,500 high-tech jobs between 2011 and 2016. San Jose, California-based Adobe has a major presence there and the region’s flagship college, Brigham Young University also accounts for a considerable amount of employment opportunities.

  1. Raleigh, North Carolina 

    Thanks to its low business costs and thriving research and development-driven industries, this city presents those looking for a new place to call home with big opportunities. Job growth over the next 10 years is predicted to be 42.66 percent. Raleigh’s competitive business climate continues to attract employers looking to relocate operations away from rising rents in major metro cities.

  1. Fort Collins, Colorado 

    This northern Colorado city is home to Colorado State University and it’s growing fast with many job opportunities in the tech sector. The average annual salary for one of the city’s major tech companies, Agilent Technologies, is $81,050. In fact, the whole of northern Colorado is growing right along with the rest of the state, with expectations of growing its population an additional 30,000 residents by 2040.

  1. Dallas, Texas 

    There are many Texas cities that could also make the list of financially stable cities, including Austin and San Antonio. But the Dallas/Plano/Irving region ranks in the top 10 thanks to its significant employment gains and overall strong economy. The region added 50,000 jobs in the high-skill professional, scientific, and technical service industries between 2011 and 2016. Dallas also has a stronghold in the housing market and is expected to lead in home sales in 2018. The median home price in the region is $339,950.

  1. San Francisco, California 

    The Golden City ranks high thanks to its steady increase in wages over the past seven years. Not surprisingly, the region’s tech growth continues to far outpace the rest of the country at 60 percent higher than the national average. Despite higher-than-average median salaries, extremely high housing prices make this city out of reach when it comes to a place to call home. In 2016, the median sales price for a single-family home was over $1 million.

  1. Bradenton/Sarasota, Florida 

    If you’re looking exclusively for string job growth, the Brandenton/Sarasota/North Port area is the place to be. It tops the chart in 12-month job growth. Last year the state of Florida’s unemployment fell to 3.7 percent, its lowest level in more than a decade. The current median salary is $40,592 and the median home price is $279,000.

  1. Nashville, Tennessee 

    Music City continues to outpace many other major metros in job and wage growth, with wages growing 36 percent from 2010 to 2015. Some 8,000 jobs were added across the professional, scientific, technical services, administration and support services industries in 2015 and 2016. Home to Vanderbilt University, Nashville also produces a large pool of employment talent and itself employs some 60,000 people. The salary average is $50,913.

  1. Charlotte, North Carolina 

    Like its eastern counterpart Raleigh, low business costs continue to attract employers to the Charlotte region. The professional, scientific, and technical services industries grew about 9 percent from 2015 to 2016, adding some 5,800 jobs. Median housing prices in the region — which was so hard hit in the housing crisis a decade ago — rebounded to $245,000 in 2016.

  1. Atlanta, Georgia 

    Known as the Empire City of the South, Atlanta grew its job economy by 45,000 people in 2016, spanning industries including dining, health, construction, and film and television. While salaries in the region aren’t exceptionally high (averaging $58,899), that is balanced by a lower median home price of $218,350 as compared to booming housing markets like those in Denver, Seattle and San Francisco.

  2. Seattle, Washington 

    While the city has always been a popular tourist destination, it has recently gained attention for a consistently strong job market over the past decade. With both Amazon and Microsoft headquartered in the city, software developers continue to flock there where they can earn an average salary of $132,000. For those looking for tech and software opportunities, Seattle presents a much more affordable option than San Francisco. The median sales price for existing single-family homes at the end of 2016 was $468,785, compared to $1,056,561 in the San Francisco Bay area.

If you’re concerned about your credit, you can check your three credit reports for free once a year. To track your credit more regularly, Credit.com’s free Credit Report Card is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get two free credit scores updated each month.

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16 Cities Where it’s Cheaper to Buy than it is to Rent

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January is a natural time to take stock of your financial life, and to dream big dreams about 2018. Could this be the year you make the leap to homeownership? Or will you make a big change and trade in your mortgage payment for a landlord? While the housing market has slowly recovered from its dip in the 2000s, blind faith in housing gains has not. Home ownership rates hit a 50-year low in 2015, and first-time home buyers are now waiting a record six years to move from renting to buying. In fact, young adults looking to upgrade out of their one-bedroom apartments are increasingly renting single-family homes rather than buying. Single-family rentals — either detached homes or townhomes — make up the fastest-growing segment of the housing market, according to the Urban Institute.

In the complex calculus that’s required for the renting vs. buying decision, one variable stands out: Which is cheaper? If that seems like a tough question to answer, there’s a good reason: crunch the data from America’s largest cities, and you’ll learn it’s a perfectly split decision. Home buying is a better option for those who plan to stay in one place for 3-5 years or more. It’s also a good investment in many housing markets. According to an Urban Institute analysis, among 33 top metropolitan areas in the U.S., there are 16 where buying is cheaper.

  1. Miami

    While it’s cheaper to buy than rent there, it would be a stretch to call the Miami housing market a bargain. A median-priced home still consumes 32 percent of a median earner income, above the recommended 30 percent.

  2. Detroit

    Not long ago, it was possible to buy a home in Detroit for well below the median home price in the U.S. The Detroit area has seen some revitalization in recent years, however, and while housing prices have gone up, it’s still a better value to buy a home there than it is to rent one.

  3. Chicago

    Rent in Chicago is on the rise faster than home prices. While they may level out in the near future, it’s a good time to buy while you still can.

  4. Philadelphia

    Renting is significantly more expensive than buying in the City of Brotherly Love. In fact, the average wage-earner would need a 36 percent raise to afford the average rent there. Buying, however, is more affordable.

  5. Tampa, Florida

    For roughly 90 percent of Tampa communities, renting is more expensive than buying.

  6. Pittsburgh

    The average rent in Pittsburgh is $1250 per month, whereas the average home price is just over $145,000. Broken down, it’s cheaper to buy in Pittsburgh, as your monthly mortgage will be much less expensive than the average rent.

  7. Cleveland

    In this popular college town, a homebuyer will save an average of $200 a month if they pay a mortgage instead of rent.

  8. Cincinnati

    Historically speaking, it’s been cheaper to rent than buy in Cincinnati based on the percentage of a person’s income that went to housing costs. That number is now lower for buyers and higher for renters.

  9. Orlando

    In the home of Disneyworld, the average monthly rent will will cost you roughly double what the average comparable monthly mortgage payment will.

  10. Houston

    Even though median rents are falling in Houston, it’s still cheaper to buy, especially if you plan on staying in your home for three years or more.

  11. San Antonio

    Average monthly rent for an apartment in San Antonio will run you $1,226 (estimated as recently as December 2017). The price of a home in the area is $232,000. While the housing market is trending upward, it’s still more advantageous to buy a home, especially if you plan to stay in the area for a long period of time.

  12. New York

    It’s no secret that home prices in the New York City area (including Newark and Jersey City) are well above the national average. However, rental prices are even higher, so if you can afford to buy property here, you’d be better off doing so rather than renting.

  13. Minneapolis/St. Paul

    The Twin Cities are becoming an increasingly popular to destination for young families to move, so it’s a good time to invest in property here instead of renting it.

  14. Kansas City, MO/KS

    Both rents and housing prices are low in the Kansas City area (average rent will cost just under a thousand dollars, while the average home price is $126,100), but buying is better long-term, as it offers more benefits, including potential tax write-offs.

  15. Columbus, Ohio

    Many market experts consider Columbus a “no-brainer” metro area as far as buying over renting. With affordable housing on both sides, the advantage goes to buying.

  16. Boston

    While a buyer may need a large income (or two above-average incomes) to buy here, they’ll need a slightly larger one to rent long-term.

If you’re looking to rent or by and are concerned about your credit, you can check your three credit reports for free once a year. To track your credit more regularly, Credit.com’s free Credit Report Card is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get two free credit scores updated each month.

You can also carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.

 

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10 Cities Where Families Are Better Off Moving to the ‘Burbs (& 10 Where They’re Not)

The choice between living in the city and the suburbs can save families a lot of money. Here are the cities where that decision is easy.

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