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For Americans seeking a more affordable and less crowded alternative to the bustle of a big city but not interested in very small towns, a mid-sized city might be the best place to put down roots. But not all of them are equally suited to meet the needs of their inhabitants. Thatâs why SmartAsset crunched the numbers on a variety of financial factors to find the mid-sized cities that are the most livable.
To do so, SmartAsset considered data for 227 cities across the following eight metrics: Gini coefficient, four-year home value change, median monthly housing costs, poverty rate, median household income, July 2020 unemployment rate, percentage of residents without health insurance and average commute time. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAssetâs fourth study on the most livable mid-sized cities. Check out the 2019 edition here.
- Unemployment is on par with the national average. The average unemployment rate for the mid-sized cities in our study was 10.7% in July 2020, just slightly higher than the national unemployment rate of 10.2%. A few cities we analyzed, though, have significantly lower unemployment rates. In Meridian, Idaho, the unemployment rate was just 5.0%, part of the reason it ranks fourth overall. The lowest unemployment rate we found was 3.6% in Provo, Utah.
- Some consistency in the most livable mid-sized cities year over year. Exactly half of the cities in the top 10 of this yearâs study were also in the top 10 last year: Rochester, Minnesota; Overland Park, Kansas; Meridian, Idaho; Centennial, Colorado and Arvada, Colorado. This suggests that while there is some consistency, some of the numbers that varied widely year-to-year, like unemployment and poverty rate, may have had a big impact in the reordering of this list.
1. Rochester, MN
Rochester, Minnesota has an average commute time of just 16.2 minutes â the fifth-lowest in the study â so you donât need to worry about adding on an extra few hours to your work day that youâll have to spend in the car. The city had an unemployment rate of 7.0% in July 2020, the 31st-lowest of the total 227 cities we studied. It also ranked 42nd for its relatively low poverty rate, which comes in at 7.4%.
2. Olathe, KS
Olathe, Kansas ranks 12th-best for the Gini coefficient, a metric that measures income inequality. Olathe has a poverty rate of 6.3%, 24th-best among the 227 cities we analyzed. The cityâs July 2020 unemployment rate is tied for 19th-lowest, at 6.6%. Median household income in Olathe ranks 34th overall and is third-highest in the top 10, at almost $94,300.
3. Overland Park, KS
Overland Park, Kansas ranks within the top 20% of study for four of the eight metrics we considered. The poverty rate in the city is 3.8%, eighth-lowest in the study. Overland Park is tied for 19th in terms of July 2020 unemployment rate, coming in at 6.6%. The city also places 31st for the percentage of residents without health insurance, at 5.2%. Furthermore, the median household income in Overland Park is 39th-highest out of 227, at $91,518.
4. Meridian, ID
Meridian, Idaho saw home values increase by 55.61% from 2015 to 2019, the ninth-highest jump in the study and the highest in the top 10. The July 2020 unemployment rate in the city was a low 5.0%, the second-best rate of all 227 cities that qualified for this study. Meridianâs Gini coefficient is the 14th-best, implying relatively low levels of income inequality.
5. Centennial, CO
Centennial, Colorado is the first of two cities in the Rocky Mountain State to crack the top 10. Centennialâs poverty rate is 3.0%, the second-lowest in the study. Centennial also has the 14th-highest median household income of all 227 cities we analyzed, $111,257. The city ranks 11th in terms of the percentage of residents without health insurance, with just 3.9% of people in Centennial being uninsured.
6. Arvada, CO
The second Colorado city in the top 10 of this study is Arvada, where home values have risen 46.18% over the four-year period from 2015 to 2019 â the 25th-highest jump in the study and third-highest in the top 10. While Arvada doesnât fare as well in terms of commute, coming in 155th out of 227 with an average commute time of 29 minutes, the cityâs unemployment rate in July 2020 was a relatively low 7.2%, ranking 32nd out of 227.
7. Hillsboro, OR
Hillsboro, Oregon has the 17th-best Gini coefficient in this study, indicating relatively low levels of inequality. Hillsboro ranks within the top 50 of the study for median household income ($86,038) and the percentage of residents without health insurance (5.6%). It also ranks within the top 60, or roughly the top quartile of the study, for its relatively high 2015-2019 change in home value and its relatively low poverty rate.
8. Santa Clara, CA
Santa Clara, California has a median household income of $147,507, the third-highest in the study and highest in the top 10. That said, it ranks near the bottom of the study for its relatively high median monthly housing costs, at $2,629. Home values have gone up quickly in Santa Clara, increasing by 47.65% over the past four years, the 18th-highest jump across all 227 the cities we analyzed. The city also ranks 10th out of 227 for its relatively low poverty rate and 14th of 227 for its relatively low percentage of residents without health insurance.
9. Round Rock, TX
Round Rock, Texas has the 15th-lowest July 2020 unemployment rate in the study, at 6.2%. It also has the 23rd-best Gini coefficient and the 20th-lowest poverty rate, at 6.0%. Round Rock does rank in the bottom half of the study for its fairly high percentage of residents who are without health insurance, at 10.4%, but it ranks within the top 50 of the total 227 cities for median household income ($86,145) and 2015-2019 change in home value (40.76%).
10. Sparks, NV
The final city in the top 10 is Sparks, Nevada, where home value increased by 44.85% from 2015 to 2019, the 30th-highest increase for this metric in the study. Sparks ranks 50th-best for its July 2020 unemployment rate overall, 8.1%. While Sparks ranks within the bottom half of the study for median monthly housing costs, which amount to $1,354, the city has a Gini coefficient of approximately 0.39, indicating relatively low income inequality.
Data and Methodology
To find the most livable mid-sized cities, SmartAsset first compiled a list of all the cities with at least 100,000 residents, excluding the 100 most populous cities. Note: Some cities that have appeared in past studies may not be in this yearâs version because of shifting population totals. We compared all of the cities across the following eight metrics:
- Gini coefficient. This is a statistical measurement of income inequality. A Gini coefficient of zero indicates total equality of wealth distribution, while a coefficient of one indicates total inequality of wealth distribution across groups. Data comes from the U.S. Census Bureauâs 2019 1-Year American Community Survey.
- Median home value change. This is the percentage change in median home values from 2015 through 2019. Data comes from the U.S. Census Bureauâs 2015 and 2019 1-year American Community Surveys.
- Median monthly housing costs. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Percentage of residents below the poverty line. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Median household income. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Unemployment rate. Data comes from the Bureau of Labor Statistics and is for July 2020.
- Percentage of residents without health insurance. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Average commute time. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
First, we ranked each city in every metric. We then found each cityâs average ranking, giving each metric an equal weighting. We used this average ranking to determine a final score. The city with the best average ranking received a score of 100, and the city with the worst average ranking received a score of 0.
Tips for Managing Your Money
- Seek professional financial advice. Regardless of where you live, if you want to make your money work harder for you, consider finding a financial advisor. Finding a financial advisor doesnât have to be hard. SmartAssetâs free tool connects you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors, get started now.
- Look into the future of your mortgage payments. If youâre considering moving to one of these mid-sized cities, use SmartAssetâs mortgage calculator to see what youâll be paying each month before your deal is even finalized.
- Take every advantage that helps you save more towards retirement. Some people move to smaller cities to relax after theyâve retired. To make sure youâre able to afford that, start thinking about retirement early, and use a 401(k) or other workplace retirement plan if that is available to you.
Questions about our study? Contact email@example.com.
Photo credit: Â©iStock.com/jhorrocks
The post Most Livable Mid-Sized Cities â 2020 Edition appeared first on SmartAsset Blog.
When we think of Las Vegas, it often has a connotation of big parties, gambling and expensive fun. Most people who go to the Entertainment Capital of the World are there for a good time and want to experience the food, shows and casinos. But what’s it like for the locals who are working and living in Las Vegas?
It’s a fairly big city, and residents have access to all of the fun and excitement as other out-of-town visitors. But every day isn’t a party when you’re living there â people have homes, families and careers to think about.
There are lots of surprising aspects of living in Sin City, and it just might be the kind of scene you’re looking for.
1. Get ready for discounts
In the Entertainment Capital of the World, many hotels, casinos and even restaurants give discounts to those who live locally. That means you’ll get discounts on Las Vegas attractions, spas and even shows, such as Cirque du Soleil, so you can enjoy the perks of the city without draining your bank account.
2. There are lots of pools â and you’ll be grateful for them
Since it can get pretty hot and be fairly warm for eight or nine months out of the year, many residents in Las Vegas have pools. Most apartment complexes have pools, but if yours doesn’t have one, you’ll inevitably have friends with access to a pool. Or, you can head to one of the hotels with a luxury pool for a little weekend staycation.
Whatever pools you can access, you’ll be glad you have them. There are plenty of days when it’s too hot to do much else outdoors and slipping into the cool water might be the only thing that keeps you sane.
3. The heat is extreme
Most people haven’t experienced Vegas-style heat â we’re talking 120 degrees Fahrenheit or more on some days during the summer. That might sound bearable when you can hang out in the pool all day, but at temperatures climb that high, even a pool will feel like a hot tub.
When it gets unbearably hot, you can plan on hanging out inside with the air conditioner cranked up and eating popsicles all day long to stay cool.
4. Grocery stores are extra convenient
Being known as one of the cities that never sleeps, most Las Vegas grocery and convenience stores are open 24/7, so you can head out and get what you need without checking the time and worrying that stores will be closed. Plus, wine, beer and spirits are sold in the majority of grocery stores.
5. It’s surprisingly affordable
Most larger, well-known cities are quite expensive when you take housing, transportation and food into account. But living in Las Vegas is surprisingly affordable â it’s actually one of the most inexpensive places to live in Nevada. The cost of living in most categories is quite close to the national average, which is surprising for a larger city.
It has a thriving housing market, where there are plenty of homes available for fairly reasonable prices, and rent isn’t sky-high. The average rent in 2020 for a one-bedroom apartment is a little more than $1,200 a month â well below the national average of $1,600. And because there are plenty of quiet suburbs outside of the Strip and downtown areas, there are lots of supermarkets, restaurants and shopping malls readily available.
Most of the expensive places, whether they’re high-end stores or five-star restaurants, are located on the Strip or in downtown Vegas. Outside of that, most stores and restaurants in the valley are affordable and easily accessible to the locals.
You’ll rarely have to pay for parking, which is uncommon in a big city. Since hotels often have stores and attractions within them and casinos want people to come inside and play, they often will have free parking garages to attract potential customers.
6. There’s unique outdoor recreation
Las Vegas isn’t usually known for its camping and hiking scene, but there are some fun and different places to explore in the area. Some of the best spots are Valley of Fire and Red Rock Canyon. You can even go skiing during the winter months at Mt. Charleston, which is a reasonably short drive from the city.
And if that’s not enough for you, you’ll only be a few hours away from the state and national parks of Utah and California.
7. It’s best to have a car
In many bigger cities, there’s great public transportation, and it’s often preferred by the locals because of high parking costs and traffic congestion. But most Las Vegas residents don’t rely on public transportation to get around, and many people own cars.
Although there’s some public transportation, it’s mostly buses â the city is quite sprawling, making public transportation an extremely time-consuming option, especially if you’re going from one end to the other.
As far as driving goes, the most traffic-heavy places in the city are downtown and the Strip, and most other places aren’t too bad. Just beware of the Spaghetti Bowl, which is where multiple freeways merge together near downtown â traffic can get pretty congested there during rush hour.
8. No more state income tax
Unless you’re moving to Las Vegas from one of the other few states that doesn’t have an income tax, this will be a happy surprise. Nevada doesn’t have a personal income tax or corporate income tax.
9. Major league sports are coming in hot
In just the last few years, Sin City has become home to two major-league sports teams. The Raiders football team relocated there from Oakland earlier this year, giving residents something to be happy about, despite the other events of 2020.
But perhaps the most exciting thing was the creation of the Golden Knights, an NHL team that now plays in Vegas. When the team was first created, many people had low expectations â but the team ended up getting within only a few games of winning the Stanley Cup in its very first season. So, even if you’re not a hockey fan now, you’ll definitely become one when you move to Vegas.
10. Watch out for desert critters
Most of us have had spiders or ants get in the house â that’s going to happen no matter where you live in the U.S. But have you dealt with cockroaches, lizards and scorpions?
While scorpions aren’t an everyday thing, you should still be aware of them and know that they could show up in your yard. And although most of the lizards are harmless, it can still be unsettling to see them basking in the sun all over the rocks around your home. But the cockroaches are something else. You’ll want to invest in good pest controlÂ because they’ll find a way to sneak into your bathroom and kitchen, even if you live on the fifth floor of a building.
If you have a pet, keep in mind that their food will attract more roaches, so keep their bowl in a high-traffic area of your house to ward off the pesky little critters. And make sure you seal the excess food in a container or bag so you don’t reach in and scoop up a handful of cockroaches when your pet is hungry.
Living in Las Vegas is full of surprises
In spite of its nickname being “Sin City,” living in Las Vegas can be a great experience. It’s a diverse place and contains all of the perks of a big city without the cost and without feeling like such a busy, overcrowded place all the time. The longer you live in Vegas, the more the city will surprise you.
The post 10 Things to Know About Living in Las Vegas appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Utahâs real estate market has been hot nearly the whole year. How did it perform in November? Homie has your update!
Data from Utah MLS from November 1, 2020 to November 30, 2020.
According to data from the Utah MLS, Utah had 4,335 sales from November 1, 2020 to November 30, 2020. Of those sales, 75.6% were single-family homes, while 24.4% were multi-family residences.
The sales this month are slightly lower than the 5,602 sales in October of this year, but itâs a +18% increase from November 2019, which is an even larger percentage increase than the year-over-year comparison we saw in October. This means the market is following the usual end-of-year slowdown, but the market is still quite strong compared to a year ago.
Even though monthly sales saw the usual end-of-year slow-down, sale prices continued to rise. At $379K, Utahâs median sale price rose +2.4% from October of this year and 16.8% from November 2019.
List Price (Per Square Foot)
List prices in Utah rose during November along with sales prices. Novemberâs median list price per square foot was $175.92, which is up from the previous monthsâ median of $170.25 per square foot.
Days on Market (DOM)
Homes in Utah continue to sell quickly. The Average Cumulative Days on Market (DOM) during November was 9. This is a 72% decrease from November of last year. Prospective Utah homeowners will need to act quickly to get the homes theyâre interested in.
Number of Homes Listed With Homie
A total of 182 homies listed their homes with Homie during the month of November. This number is up from 154 during the same time period last year.
Turn to a Homie
Homieâs local real estate agents can help you navigate Utahâs hot housing market and find your ideal home. Work with a Homie to get an amazing deal whether youâre buying or selling. Click the links to get in touch with your dedicated agent.
The post Homieâs Utah Housing Market Update November 2020 appeared first on Homie Blog.