Best Cities to Build Wealth and Raise a Family
From Homescape
written by Amy Le on Thursday, July 3, 9:14AM
When I graduated college, many of my friends packed up a moving van and headed to big cities. From New York City to Los Angeles to Washington, DC, they crammed into their tiny new apartments and started their post-collegiate careers. Now six years later, and a few job changes along the way, many of them are once again heading cross country. But this time around, with their significant others in tow, they’re on a search for the white-picket-fence wonderland.
While there’s something to be said about living in a bustling metropolis (great bars and always something to do), the cost of living can sometimes take its financial toll. A recent survey published by Salary.com ranked 69 U.S. cities where wages are high and cost of living is low.
New York City came in last, behind Washington, DC and Los Angeles. These big -name cities may have some of the highest average wages in the country, but when it comes to stretching your dollar and saving up for a rainy day, it’s much more difficult to do. The average rent in New York City is $2,400, and you’re talking about an apartment that’s 900 square feet — if you’re lucky. And forget about buying a 3-bedroom home for under $600,000 in Manhattan, that’s a fairytale in itself.
According to the Salary.com survey, the top cities that were ideal for building personal wealth and raising a family are also home to some of the nation’s largest companies. The cities that topped the survey were mostly in the West and Midwest regions of the country.
The No. 1 ranked city in the poll was Plano, TX. It’s the ninth-largest metropolis in Texas and home to corporate headquarters of soft drink giant Dr. Pepper Snapple Group, PepsiCo’s snack food company Frito-Lay, and movie theater company Cinemark. Plano also has a nationally acclaimed public education system.
The No. 2 city was Aurora, CO. As Colorado’s third-most populous city, Aurora is experiencing an economic boom through its biotechnology, aerospace and high technology industry. The median home price in this city is $204,000 and $365,000 for a new construction.
View homes for sale in Aurora.
The No. 3 city was Omaha, NE. Today’s Omaha offers more than just sprawling farmland and roaming cows. This fast growing Midwest city offers a nationally recognized public school system and affordable housing. It should tell you something when Warren Buffet, the wealthiest man in the world calls this city home. You can get a 3,000-square-foot, 4-bedroom home for about $350,000.
Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.
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