Bloomberg just came out with an interesting article listing the 20 healthiest major metropolitan areas in the country. These metropolitan statistical areas (MSA's) had the lowest rates of unemployment, the highest job growth, and the least troubled housing markets.
Many of these markets included two or three large cities located close together that futurists now call mega-cities. The presence of one or two large universities in these areas often serves as a floor to the level of economic activity.
Some of the cities will surprise you, being located in the Rust Belt. The reason why is because homes in these cities never really appreciated, like those of coastal cities, so the locals are not saddled with immense mortgage debt.
- Washington, D.C. - Arlington, VA - Alexandria, VA
- San Antonio, TX
- Rochester, NY (Really? Yup.)
- Pittsburgh, PA
- Omaha, NE - Council Bluffs, IA
- Oklahoma City, OK
- Nashville-Davidson-Murfeesboro-Franklin, TN
- McAllen-Edinburg-Mission, TX
- Madison, WI
- Little Rock, AR
- Knoxville, TN
- Jackson, MS
- Honolulu, HI
- El Paso, TX
- Dallas-Ft. Worth-Arlington, TX
- Columbus, OH
- Buffalo-Niagra Falls, NY
- Boston-Cambridge-Quincy, MA
- Austin-Round Rock, TX
- Augusta, GA
Anyone seeking a commercial mortgage located in one of these areas would be wise to point out the area's relative strength to their commercial lender.