Jackson No. 3 'Best Bang-for-the-Buck' City | Jackson Free Press | Jackson, MS

Jackson No. 3 'Best Bang-for-the-Buck' City

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The unemployment rate in Hinds County was 8.8 percent in November.

Americans are thinking differently when evaluating cities where they might settle down and raise a family. In the wake of the real-estate bubble and in the midst of major unemployment, places like Jackson are looking darn good. So good, in fact, that Forbes.com has rated Jackson the third best "bang-for-the-buck" city out of the 100 largest metropolitan areas in the country.

"[W]ith home prices nationwide down 29 percent from their 2006 peak, according to Case Schiller, areas that were left behind during the home-building and home-buying craze suddenly look more attractive," Forbes states. "Buying an affordable home in a city with a stable housing market, among other pluses like reasonable property taxes and minimal travel time to work, is the new definition of bang for the buck."

John Jenkins, president of the Jackson Association of Realtors, said the ranking reflects Jackson's successful weathering of the global economic recession. "We've had a stable economy, but that really speaks for our home prices—our recovery and the fact that we didn't decline as much as some other areas of the country," Jenkins said.

Low real-estate taxes, an affordable, stable housing market, commuting time, unemployment rates and foreclosure rates were among the nine factors Forbes looked at to determine their rankings. At No. 3, Jackson joins five other southern cities in the top 10, and nine in the top 20: Little Rock, Ark. (2); Augusta, Ga. (5); McAllen, Texas (7); Chattanooga, Tenn. (8); Columbia, S.C. (12); Baton Rouge, La. (16); Palm Bay, Fla. (18); and Greenville, S.C. (20).

Leading the country on Forbes' list is Omaha, Neb., which has the lowest unemployment rate in the country at 4.9 percent. Little Rock, No. 2, ranks higher than Jackson on a few indices, including housing affordability, unemployment and job forecast. Rounding out the top five cities is Des Moines, Iowa, at No. 4.

Ben Allen, president of Downtown Jackson partners, said that the Forbes ranking adds to Jackson's growing pile of good news.

"When Katrina hit, all these developers came here because of all the tax breaks and incentives," Allen said. "Well, when they got here they saw that it's a very attractive area. This is the same thing the market research people for these major companies—major developers—have been saying for years. I'm just glad it's becoming public knowledge. Of course we're thrilled with it, but it doesn't surprise me at all."

At the other end of the spectrum, Los Angeles comes in dead last. The five least "desirable" areas in the country (from best to worst) are: Riverside-San Bernardino, Calif.; Chicago; New York City; Miami; and Los Angeles.

"This further emboldens us to be proud of ourselves and understand that we are on the rebound," Allen said.

Read the whole story here.

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