What does it even mean to be the most prosperous city in America?
Prosperous is defined as “successful in material terms; flourishing financially.” And, while money isn’t everything, it’s safe to say we all want to be successful and wouldn’t mind flourishing financially.
So where in America is the best place to live if you want some prosperity?
Well, the answer might surprise you. That’s because a new study from Rentcafe.com – looking at factors such as population, median income, home values, the share of inhabitants holding higher education degrees, poverty rate, and unemployment – determined that Odessa, Texas was the top city for prosperity. Odessa beat out heavy hitters like Washington DC, New York, Los Angeles, Atlanta, and Charleston.
So what about Odessa makes it the most prosperous city in America? Well, from 2000 to 2016, the city experienced a 38 percent spike in income growth, home values rose 91 percent, and the poverty rate dropped by 36 percent. Those are some impressive numbers, but the story behind the story is that Odessa benefited from a surge in crude oil production, which boosted the city’s fortunes and lifted it to the top spot on the list.