Akron is a good place for Gen Xers, according to a recent story in Grow, an online personal finance magazine.
The magazine ranked the Rubber City seventh among the 100 largest metro areas in the country where Gen Xers, those born between 1965 and 1980, are doing the best financially.
While Gen Xers, who have a median household income of $85,000, might be more established in their careers, they still have to contend with the financial responsibilities of raising children, taking care of aging parents and saving for retirement, the magazine says.
But in Grow's top 10 metro areas, financially speaking, "Gen Xers enjoy a mix of strong pay and ample job opportunities, as well as more reasonable housing costs, particularly for metro areas," the story says.
The magazine said it used data from Credit Karma, the Federal Reserve Bank of New York, the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, ValuePenguin and Zillow "to find the top 10 metros where Gen Xers are best positioned to earn above-average salaries, pay down debt and buy homes."
Helping to land Akron in the top 10 were these statistics, according to the magazine:
- Median household income: $62,882 (2.5% above the national median)
- Median home price: $168,000 (26% below national median)
- Share of Gen X household income that goes to housing: 15.8%
Des Moines, Iowa, ranked first on Grow's list. Others in the top 10 were Madison, Wis.; Minneapolis; Omaha, Neb.; Milwaukee; Cincinnati; St. Louis; Indianapolis; and Pittsburgh.
The common denominator of the top 10? Yep, they're all in in the Midwest, where cost of living and homes are more affordable and where the job opportunities are growing, the magazine said.
"I have quite a few clients that live in California," says Katie Brewer, a Dallas-based certified financial planner who runs Your Richest Life, a financial firm focused on Gen X clients. "I always say that if they moved, they'd be swimming in money," as the cost of living in the Midwest is lower than in many coastal cities.
Crain's Cleveland Business, September 19, 2019