Forbes ranks Austin best city for value
Posted by: gardnergroup in property values on Oct 22, 2008
When it comes to getting the most for your money, Texas appears to have a lock on the country.
The state's four biggest cities are among the top 10 on Forbes magazine's list of the best bang-for-your-buck places in the United States. And garnering the top spot-where the magazine says one's money goes the farthest-is Austin.
San Antonio is ranked No. 2 on the list and Houston and Dallas rank 4th and 7th respectively.
According to Forbes, "residents of both [Austin and San Antonio] enjoy affordable housing and promising prospects for job growth in coming years."
Andrew Gledhill, an economist at Moody's Economy.com told Forbes that "Texas, as a whole, is one of the few economies that's performing extremely well because of the energy and technology sectors."
The worst city for the value this year was Los Angeles, followed by Providence, R.I.; New Orleans; Philadelphia; and Cleveland.
To rank the list, Forbes looked at projected job growth through 2012 in the 40 largest metro areas. Researches then calculated the ratios between each city's median home price and median income and compared that to Moody's cost of living index. Other factors included gas prices in each city and year-over-year inflation growth.
From the Austin Business Journal
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