Cities of success
Want to live long and prosper? Then head South to Odessa, Texas. The city was recently named the most prosperous in the nation.Verify your new rate (Oct 14th, 2018)
According to a new ranking from RENTCafe, Odessa, Texas, takes the cake as the single most prosperous city in the U.S. The area has seen a 25 percent jump in population since 2000 and a 38 percent increase in median income. In the same period, poverty dropped 36 percent, while unemployed decreased 24 percent.
Three other Texas cities also made the ranking, which takes into account recent changes in population, income, home values, high education achievements, unemployment and poverty rates. The Lone Star State’s Pearland, Brownsville and Midland took spots 7, 9 and 10, respectively.
According to RENTCafe’s Balazs Szekely, it’s growing crude oil production that’s likely behind the big Texas showing.
“During the time period we analyzed in our study, U.S.-wide crude oil production has seen a 50% upswing,” Szekely said. “And as Texas is responsible for more than one-third of the nation’s total crude oil output, this sudden increase in the petroleum industry’s activity may give a hint to why the Midland-Odessa area, one of the main employment hubs in the Permian Basin had some of the lowest unemployment rates in Texas for years, and how it has put busy metropolises like Los Angeles, Seattle or even New York City to shame in our ranking.”Verify your new rate (Oct 14th, 2018)
More places to prosper
Coming in as the No. 2 most prosperous city was Washington, D.C., where incomes have jumped 38 percent, higher education rates have risen 42 percent, and unemployment has dropped 19 percent.
Charleston and North Charleston, South Carolina, took No. 3 and 5, likely due to the area’s growing aerospace industry, Szekely said.
Fontana, California; Jersey City, New Jersey; and Miami rounded out the top 10.
Get today’s rates
Want to buy a home in one of these prospering markets? Shop around and see what mortgage rates you qualify for today.Verify your new rate (Oct 14th, 2018)