Boulder leads the nation for the most positive economic outlook, followed by two other Colorado cities in the top 10 — No. 3 Fort Collins and No. 9 Denver. According to the recent survey by Indeed.com, a positive economic outlook is driven largely by where you live more than by a national or political view of a national economy.
Colorado is the only state with three cities in Indeed’s top 10. Smaller mountain-state metro area residents performed well when surveyed about the economy and their personal outlook. Tech hubs also fared well, such as the San Francisco Bay Area, Austin, and Raleigh.
The following 10 U.S. cities have the highest economic confidence, according to Indeed.com:
- Boulder, CO
- Provo-Orem, UT
- Fort Collins, CO
- San Jose-Sunnyvale-Santa Clara, CA
- Boise, ID
- Ann Arbor, MI
- San Francisco-Oakland-Hayward, CA
- Austin, Round Rock, TX
- Denver-Aurora-Lakewood, CO
- Raleigh, NC
For the 2,000 American adults nationwide surveyed on politics and attitudes about the economy, local economic conditions such as lower unemployment, faster job growth, and a more educated workforce correlate with local economic confidence.
Nine percent describe their regional economic conditions as excellent and 51 percent say their economies are good. To analyze the local influence on economic perspective, Indeed combined answers to survey questions with data on local job markets. Five factors were found to drive local economic confidence:
- Personal finances – 81 percent of respondents rate their personal financial situation as excellent or good and say the same about local economic conditions.
- National economic view – 83 percent who rate national economics as excellent or good say the same about local economic conditions. The survey found that views of the national economic situation are also strongly influenced by politics, with 73 percent of Republicans and 43 percent of Democrats rating national economic conditions excellent or good.
- Local unemployment rate – Respondents in areas with lower unemployment rates have a more positive economic outlook. The outlook is likely driven by the view that a lower unemployment rate results in more job opportunities and bargaining power for workers, which should translate into faster wage growth.
- Higher local job growth – Job growth where you live means expanding opportunities and rising home prices. The majority of homeowners like this combined dynamic.
- Highly educated populations – For those who live in areas where a larger percentage of adults have a college degree – such as the Denver-metro area – there is a correlation with higher earnings and more spending power.
People are more optimistic when they live in places that are doing well economically. That holds true for those who live in Colorado where unemployment rates continue to be among the lowest in the nation and job growth remains strong.
Yahoo Finance article: https://finance.yahoo.com/news/10-u-s-cities-highest-economic-confidence-170140863.html
Indeed’s full report at: https://www.hiringlab.org/2018/11/27/local-economic-confidence/
The usual story of ever-rising Boulder rents took a new turn this month. Data for August 2018 shows Boulder rents fell slightly by 0.1 percent last month and by 0.1 percent year-over-year, according to the latest report from rental site Apartment List.
That translates into median apartment rent of $1,150 for a one-bedroom and $1,410 for two-bedrooms. But even with the minor dip, Boulder’s median two-bedroom rent is above the national average of $1,180.
Nationwide rental rates went up about 1.5 percent, which the report found is down from a high of 3.6 percent in 2015.
Compared to the state and nation, Boulder’s rental price growth is below average. The city lags the state average of 0.4 percent rent growth year-over-year.
Rent also decreased in Colorado’s City of Aurora with a reduction of 0.8 percent year-over-year. A two-bedroom apartment in Aurora rents for $1,560.
But statewide, rental prices continue to trend upward. Colorado’s rental prices rose 0.4 percent over the past year. Eight of Colorado’s ten largest cities show rising rents.
Loveland, Thornton, and Westminster all have year-over-year growth above the state average with rent increases of 2.8 percent, 2.6 percent, and 1.9 percent, respectively.
Thornton is the most expensive of all Colorado’s major cities with a median two-bedroom rent of $1,860.
Many cities nationwide saw increases, including Phoenix, Atlanta, and San Francisco, rising 2.5, 1.5 and 1.1 percent, respectively.
Orlando has the fastest rent growth in the nation with an increase of 5.3 percent over last year. Second in the nation is Riverside, CA with 4.1 percent year-over-year growth, followed in third place by Anaheim at 3.6 percent.
The state of Nevada leads the country for the fastest rent growth at 3 percent, followed by Arizona at 2.2 percent.
Apartment List determines rent standings using reliable median rent statistics from the Census Bureau and extrapolates forward to the current month using a growth rate calculated from Apartment List listing data.
You can read the full report at https://www.apartmentlist.com/co/boulder#rent-report, see the national rental statistics at https://www.apartmentlist.com/rentonomics/national-rent-data/. If you want to know where rents are growing fastest, visit https://www.apartmentlist.com/rentonomics/rents-growing-fastest/.
Nine Colorado cities rank in the top 50 best cities for first-time home buyers, according to recent analysis by WalletHub, a personal finance website. Four of those made the top 20 – Centennial, Thornton, Arvada and Greeley, coming in at Nos. 3, 6, 17, and 20, respectively.
With home prices rising in Colorado and across the nation, buying a first home is challenging. Potential buyers need to develop a realistic perspective on market prices, their financing options, and neighborhoods that have a good reputation and appeal to their lifestyle.
To help potential buyers target possible locations, WalletHub compared 300 cities of varying sizes across 27 key indicators of market attractiveness, affordability, and quality of life. Data includes important factors like cost of living, real-estate taxes, and property-crime rate.
Here are the rankings of the Colorado cities reported:
25. Fort Collins
27. Colorado Springs
Among those cities, Colorado Springs has the fourth-lowest real estate tax rate in the nation.
First-time home buyers are often in the millennial generation. As it turns out, Colorado is the ninth-best state for millennials, according to a separate WalletHub report.
Millennials – those born between 1981 and 1997 – make up over 35% of the workforce. While often thought of as “kids,” the oldest are 37 years old.
In addition to a total score of 9, Colorado ranks high for quality of life (7), economic health (3) and civic engagement (10). No. 1 ranked District of Columbia also ranked first in the nation for quality of life and civic engagement.
Colorado was evaluated along with all 50 states and the District of Columbia across 30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.
Here’s a look at the top 10 states for millennials:
For more information, see the full reports at https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/#methodology and https://wallethub.com/edu/best-states-for-millennials/33371/ .
Posted by Tom Kalinski Founder RE/MAX of Boulder on Friday, August 24th, 2018 at 10:36am.
More highly skilled workers are moving to Denver than any other U.S. city, according to a new study by JLL Research.
The number of 25-year-olds and older with a bachelor’s degree or higher increased in Denver by 22.5 percent from 2012-2016, leading the nation’s growth rate for that demographic, reports JLL based on analysis of U.S. Census Bureau estimates.
Among cities ranked, Denver took No. 1 followed by Washington, D.C. at 19.9 percent; Philadelphia, 19.7 percent; Boston, 19.1 percent; Portland, 18.4 percent; and Fort Worth, 17.9 percent.
Here’s a look at the top 10 cities for worker growth rate in that demographic:
Cities emerged as the residential location of choice, JLL Research says but “not all cities were created equal in their ability to attract talent.”
Denver led the pack bolstered by high wages and low unemployment. Even with the influx of workers, Colorado’s unemployment rate is at a historic low, clocking in at 3 percent, according to Colorado Department of Labor and Statistics March 2018 data.
In 2017, our state boasted the lowest unemployment in the nation at 2.3 percent, which is the lowest the state has seen since data were recorded in 1976, reports the CU Leeds Business Research Division at CU-Boulder.
CU Leeds School reports cities across the state with the lowest unemployment rates:
– Fort Collins-Loveland, 2.1 percent
– Boulder, 2.3 percent
– Greeley, 2.5 percent
– Denver-Aurora-Broomfield, 2.5 percent
Unemployment in the U.S. is 4.1 percent, with unemployment for those holding a bachelor’s degree or higher is roughly 2.1 percent nationwide.
“In a full employment economy, talent becomes increasingly difficult to attract as competition for available workers increases. As a function of demand for talent outstripping supply, wages naturally rise as employers offer higher compensation to compete,” reports JLL Research.
See the full list of cities at http://www.jll.com/philadelphia/en-us/research/snapshots/839/philadelphia-4-9-18-war-for-talent
Read more on the CU Leeds Economic Report at http://www.boulderco.com/blog/colorado-outperforms-us-economy-state-outlook-strong.html