Forbes: Metro area most affordable

Omahans, you live in the best “bang-for-the-buck” housing city in the country.

Forbes.com this week named Omaha the top city in the nation when comparing affordable homes, stable housing markets, fair property taxes and low unemployment, or what Forbes calls “the new definition of bang for the buck.”

Earlier this decade, housing value was seen in cities like Orlando, Fla., and Las Vegas, where properties abounded and home values were expected to grow. That was before the housing bubble popped and recession struck.

For the Omaha-Council Bluffs metro area, having the lowest unemployment of any U.S. city, 5 percent; a low home foreclosure rate; and a solid three-year job outlook helped propel the city to the top of Forbes’ list of 100 largest cities for budget-conscious homeowners.

To local officials who understand the way Omaha has traversed the recession and housing crisis the No. 1 ranking was no surprise.

“We’ve been saying all along that Omaha is unique with its economy, low unemployment and housing market,” said David Brown, president of the Greater Omaha Chamber of Commerce. “We’ve created a place where people can afford to live with high quality.”

The top billing from Forbes was the second recent No. 1 ranking Omaha recorded. Earlier, the metro area was identified as the city fastest recovering from recession, led by strong agricultural and biofuels sectors, stable financial businesses and an economy that doesn’t rely too heavily on manufacturing like other Midwest cities.

“We’re all about trying to convince people to bring businesses here and keep existing businesses in place,” Brown said. “Having an unbiased third party making this claim certainly helps our cause.”

The article was short on details about why exactly Forbes chose Omaha for the top spot. It was one of a number of Great Plains cities like Wichita, Kan. (No. 6) and Tulsa, Okla. (No. 19), to place favorably.

“This swath of prairie in the center of the country was somewhat buffered from the disastrous effect on coastal markets of the housing crisis, enabling it to emerge solidly from the recession,” the article said. “Housing sales here kept a steady, if slow, pace during the boom.”

Des Moines also placed well, at No. 4, with a strong 6 percent unemployment rate, few housing vacancies and a promising job forecast, according to the article.

Little Rock, Ark., placed second; Jackson, Miss., was No. 3; and Augusta, Ga., rounded out the top five.

Forbes said the cities now struggling from high foreclosure rates and crippled housing markets should take a lesson from those that passed on the housing boom earlier this decade. They “suddenly look more attractive,” the Web site said.

Contact the writer:

444-1414, ross.boettcher@owh.com

« Money

Share