6.20.2009

The Top 5 Places in America for a Fresh Start

The Mortgage Pulse
Looking to start over? Find a new job and new house? Here are 20 U.S. markets where jobs are available and real estate is affordable.
Thousands of Americans across the U.S. are wondering if they would be better off somewhere else. But where?
As unemployment and foreclosures continue to rise, stocks keep fluctuating, and cash-strapped state and city governments move to increase taxes and trim services, many people are finding that careers and communities they once believed secure are no longer dependable. Either they have lost jobs, are in fear of losing a job, are stuck paying more mortgage balance than their homes are currently worth, or have seen their family's quality of life evaporate. For those troubled Americans who are willing to relocate, the U.S. can still be a land of opportunity.
No state is totally buffered from the downturn, but several have gotten a boost from energy, military, and agricultural sectors. The healthiest states include Alaska, Nebraska, North Dakota, Oklahoma, South Dakota, Texas, and Wyoming. In the Washington area, federal government and defense jobs have given the economy a boost. And Iowa, which has seen its economy somewhat deteriorate, has also benefited from agricultural and alternative-energy jobs.
Looking for a fresh start? Read on to find the best places to start over.
Top 5 Best Places to Start Over
1. Anchorage, AlaskaCompanies planning to hire in next quarter: 28%Best job prospects: Construction, Durable Goods Manufacturing, Nondurable Goods Manufacturing, Wholesale & Retail Trade, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & Hospitality, Other Services, GovernmentPopulation: 279,243Average home price in January: $313,796Unemployment rate: 8.1%. Anchorage has been somewhat buffered from the recession, but it has been hit by low oil prices. The local economy benefits from the state's rich oil and natural gas supplies, tourism, and U.S. military presence.
2. Provo-Orem, Utah Companies planning to hire in next quarter: 24%Best job prospects: Construction, Transportation & Utilities, Information, Financial Activities, Education & Health Services, Other Services, GovernmentPopulation: 90,857Average home price in January: $195,333, Unemployment rate: 5.1%. The Utah Valley economy has weakened in recent months but the area has benefitted from its technology jobs and jobs at Brigham Young University, and Utah Valley University.
3. Kennewick-Richland-Pasco, Wash.Companies planning to hire in next quarter: 24%Best job prospects: Nondurable Goods Manufacturing, Transportation & Utilities, Wholesale & Retail Trade, Professional & Business Services, Education & Health Services, Leisure & Hospitality, GovernmentPopulation: 794,555Average home price in January: $133,134Unemployment rate: 8.8% The Tri-Cities metro area is made up of the principal cities of Kennewick, Richland, and Pasco. Kennewick, the largest of the three, has a strong manufacturing, food processing, retail trade, and services economy. Fast-growing Pasco's economy is based around food processing, and Richland is home to Washington State University-Tri-Cities and the Energy Dept.'s Pacific Northwest National Laboratory.
4. Yakima, Wash. Companies planning to hire in next quarter: 24%Best job prospects: Construction, Nondurable Goods Manufacturing, Transportation & Utilities, Financial Activities, Professional & Business Services, Leisure & Hospitality, Other ServicesPopulation: 82,805Average home price in January: $125,231 Unemployment rate: 10.4%. About 75% of all hops are grown in the sunny Yakima metro, which is a rich agricultural area that also produces apples and wines.
5. Omaha, Neb.-Council Bluffs, Iowa Companies planning to hire in next quarter: 22%Best job prospects: Construction, Durable Goods Manufacturing, Nondurable Goods Manufacturing, Wholesale & Retail Trade, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & HospitalityPopulation: 419,545Average home price in January: $114,977 Unemployment rate: 5.1%. The Omaha-area economy is one of the nation's bright spots. It's home to a number of large corporations including Berkshire Hathaway (BRKA), Union Pacific (UNP), ConAgra Foods (CAG), and Kiewit. It also has a low cost of living, low pollution, and museums, theaters, and other entertainment.
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