• The millennial homeownership rate in 2016 was compared to the change between the millennial homeownership rate from 2007 t0 2016.
• We discovered that millennials are not moving to big cities, and that homeownership among this generation is dropping.
• Kansas and Virginia are the major states that millennials are moving to in droves.

Millennials, for the most part, are a generation of renters. Only 34.7% of Americans under the age of 35 owned their homes as of 2016, according to a Census Bureau survey. But that's not always by choice. According to a Pew survey, 72% of renters hope to become homeowners one day. One big hurdle, especially for millennials, is that they are unable to buy affordable homes.

This is especially true in cities like New York or San Francisco. There are some cities however where millennials are overcoming mortgage costs and buying homes. Below we look through the data to find the cities where millennials are buying homes.

For this study, we looked at two factors: the 2016 millennial homeownership rate and the change between the millennial homeownership rate from 2007 to 2016. We defined millennials as those under the age of 35. Check out our data and methodology below to see where we got our data and how we put it together to create our final ranking.

This is the third annual edition of this study. Read the 2017 version of Where Are Millennials Buying Homes? here.

Key findings

• No big cities – No big city cracks our top 10. The biggest city to crack our top 25 was Las Vegas at 22. In fact, seven of the top 10 largest cities are ranked in the bottom half. New York and L.A. in particular score poorly, ranking 148th and 153rd, respectively.
• Millennial homeownership dropping – Across the largest 200 cities, only 18 saw millennial homeownership rates increase from 2007. This means in many cities homeownership rates have not fully recovered from the recession.

SEE ALSO: Forget New York — millennials are flocking to these 11 US cities in droves

1. Olathe, Kansas

Last year Kansas had two cities ranked in our top 25, neither of which were Olathe. In fact Olathe was not included in the study due to population filters. But this year it comes out on top.

Our data shows that over 50% of millennial households in Olathe own their homes, the fourth-highest rate in our study. That is an increase of 4.8% from 2007, the second-largest change in our study.

2. Chesapeake, Virginia

Chesapeake, Virginia has a high millennial homeownership rate. As of 2016, 54.4% of millennial households own their homes. What kept Chesapeake from taking the no. 1 spot is the fact that the millennial homeownership rate is down from 10 years ago. In 2007, 55% of Millennial households owned their homes.

3. Bakersfield, California

For the second year in a row, Bakersfield takes the third spot. Bakersfield scores better than 85% of cities in both of our metrics. Our data shows that in 2016, 36.7% of millennial households are homeowners. That is a decrease of 1.3% from 2007.

For millennials who can afford it, buying a home in Bakersfield may not be a bad idea, California has below-average property tax rates.

• New York real estate has seen huge increases in property prices — particularly in the area known as Williamsburg.
• The median home value in the North Side-South Side of Brooklyn rose 41% between 2012 and 2016.
• Six of the top ten New York neighborhoods with rising prices are in Brooklyn. 

New York real estate has an estimated market value around $1.26 trillion as of 2018, according to the New York Department of Finance. Some New York neighborhoods are more popular than others, putting upward pressure on home values and mortgage costs. Below we look into the phenomenon to find the New York City neighborhoods with the fastest-growing home values.

We looked at 2012 and 2016 data on median home values for New York City neighborhoods. Check out our data and methodology below to see where we got our data and how we put it together.

Key findings

• Brooklyn homes are the hottest — According to our data, homes in Brooklyn are appreciating the fastest. In total six of our top 10 neighborhoods with the fastest growing home values are in Brooklyn.
• Staten Island falls behind — Staten Island's highest scoring neighborhood was Grymes Hill-Clifton-Fox Hills which ranked 70th and had an 5.8% increase in median home value.

1. North Side-South Side, Brooklyn

North Side-South Side refers to a portion of Brooklyn's famously gentrified neighborhood of Williamsburg. Located just across the East River from Manhattan, this neighborhood has seen the fastest-growing home values in New York.

According to our data, the median home value shot up over 41% in the five years between 2012 and 2016. In total the median home was worth $688,433 in 2012 and grew to $971,633 by 2016 — an increase of nearly $300,000 in value.

2. DUMBO-Vinegar Hill-Downtown Brooklyn-Boerum Hill, Brooklyn

Another Brooklyn neighborhood takes second. Like North Side-South Side this neighborhood is located on the water facing Manhattan. In 2012, the median home was worth just under $594,000. By 2016 that figure had risen to just shy of $809,300. That is equivalent to an increase of over 36%.

According to our data, this neighborhood went from having the 50th-highest median home value in 2012 to the 13th-highest in 2016.

3. East Harlem North, Manhattan

East Harlem covers the northeastern quadrant of Manhattan running north to south from 96th Street to 140th Street and west to east from 5th Ave to the East River. Residents who have lived in northern part of this area recently will have seen a remarkable increase in property values.

Census Bureau data shows the median value of homes in this neighborhood increased by about $30,000 per year from 2012 — 2016, for a total increase of $150,000 or 30%.

4. Ocean Parkway South, Brooklyn

Located in southern Brooklyn, Ocean Parkway South has seen the fourth-highest increase in median home values. Homeowners should be happy to hear the median home has seen its value increase by $180,000 in this neighborhood. That is equivalent to a 26% increase.

If you are looking to buy a home here to take advantage of rising property values you will need some serious savings. The median home here is now worth $863,000, meaning for a 20% down payment, you'll need $172,500.

5. Carroll Gardens-Columbia Street-Red Hook, Brooklyn

South of the DUMBO-Vinegar Hill-Downtown Brooklyn-Boerum Hill neighborhood is fifth-place Carroll Gardens-Columbia Street-Red Hook. Homes here even in 2012 were pricey. According to Census Bureau data, the median home in this neighborhood was worth $781,300 in 2012. By 2016, our data shows that figure moved up to $978,000.

That's an increase of over 25% — not a bad return for people who bought a home in 2012, but probably bad news for the area's renters.

6. Gravesend, Brooklyn

If you are looking for an affordable home with potential to grow, Gravesend may be your best bet. The average home in this south-central Brooklyn neighborhood was worth $632,500 in 2016.

However if you bought a home here in 2012, you would have gotten a better deal. Census Bureau data shows the median home was worth $515,000 in 2012. That means from 2012 — 2016 the median home's value increased by 23%.

7. Midtown-Midtown South, Manhattan

One of the most touristy and commercial parts of New York, Midtown-Midtown South takes the seventh spot. In total the median home saw its value increase by 23% from 2012 to 2016. The most recent data shows the median home here is now worth $813,600, which would make it the 11th-most expensive neighborhood in the data set.

8. Prospect Heights, Brooklyn

The median home in Prospect Heights was worth about $7,000 more than the median home in Midtown-Midtown South (the No. 7 neighborhood) in 2012 and by 2016 the median home in Prospect Heights was worth $6,000 more than the median home in Midtown-Midtown South. In total, the median home in Prospect Heights has seen its value increase by 22% from 2012 to 2016.

9. East Concourse-Concourse Village, Bronx

The only Bronx neighborhood to occupy this top 10 is East Concourse-Concourse Village. The median home here was worth $70,000 more in 2016 than it was in 2012, for a total increase of 20%. That is roughly an increase in home values of $14,000 per year.

The most recent Census Bureau shows that the median home in this Bronx neighborhood is worth $433,300.

10. Kew Gardens, Queens

Our list ends in Kew Gardens, Queens. The median home here is worth 20% more in 2016 than in 2012. In total the median home in this neighborhood went from being worth $260,000 to being worth $312,000. That is great news for most homeowners. However an increase in property values comes with an increase in property taxes.

Data and methodology

In order to rank the New York City neighborhoods with the fastest-growing home values, we looked at data for 174 neighborhoods. We came up with the list of neighborhoods by mapping Census Tract data from the 2010 New York City Census. We ranked the neighborhoods using the following two data points.

• 2012 median home value. Data comes from the Census Bureau's 2012 5-year American Community Survey.
• 2016 median home value. Data comes from the Census Bureau's 2016 5-Year American Community Survey.

We found the percent change in median home values for every Census Tract in the city. To ensure the quality of our data, we excluded any Census Tract which had a standard error above 20%. Then we found the change in median home values in each neighborhood by finding the average percent change in home values for all the Census Tracts in that neighborhood. We ranked the neighborhoods from highest to lowest based on median home value change.

SEE ALSO: 5 things I wish someone had told me before I took out student loans

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• The American Dream includes homeownership, economic opportunity and diverse communities.
• To find US cities with these characteristics, SmartAsset used five metrics to rank over 200 cities: homeownership rate, diversity rate, upward mobility rate, median home value and unemployment rate.
• Key findings include the fact that six of the 10 cities remain the same as the 2017 ranking, and half of the cities in the top 10 are in Texas.

It is difficult to come up with any one definition for the American Dream that every American will agree on.

But certainly for many people, it includes homeownership, economic opportunity and diverse communities. For these people, they need to live in a city where homes, and mortgages, are affordable and where it’s possible to climb the economic ladder. Below we look at this special combination of traits to rank the best places for living the American Dream.

In order to rank the best places for living the American Dream, we looked at data on five metrics. Specifically we looked at the homeownership rate, diversity rate, upward mobility rate, median home value and unemployment rate.

See the methodology for this ranking.

Key Findings

• The dream endures. Six of last year’s top 10 found themselves in the top 10 again this year. Those repeat cities are: West Valley City, Utah; Midland, Texas; Aurora Illinois; Round Rock, Texas; Aurora, Colorado and Rochester, Minnesota.
• Texas is where the dream lives. Half of the cities in our top 10 are located in Texas. Cities in Texas tend to have affordable homes and plenty of good jobs, driving down the unemployment rate and improving upward economic mobility.

This is the 2018 edition of this study. Check out our 2017 version here.

Read on for the 10 cities where the American dream is still alive and well:

SEE ALSO: 16 signs you've 'made it' in America

10. Rochester, Minnesota

Our list ends in Rochester, Minnesota, one of the best cities for working women. Rochester ranks well thanks to high upward mobility and high homeownership rates. In those metrics, Rochester ranks 11th and 22nd, respectively.

In fact, if it weren’t for the lack of diversity (Rochester ranks 235 out of 256 in diversity), this city would rank higher.

9. Amarillo, Texas

Amarillo jumped up nine spots from last year’s study to take ninth this year. Like other Texas cities, Amarillo residents enjoy a plethora of available jobs. The city has an overall unemployment rate of only 3.2%.

It is also one of the friendliest home-buying markets in the country, judging by the homeownership rate. Over 60% of households in Amarillo own home. For most residents, homeownership should not be an unattainable goal, either. The median home in Amarillo is worth less than $127,000.

8. San Jose, California

San Jose scores very well in all metrics bar two — both related to housing. Unfortunately the majority of residents in San Jose are largely unable to afford the median home. According to our data, the median home in San Jose is worth over $800,000 by far the most in our top 10 and one of the highest in the study.

Balancing out those unaffordable homes however are a low unemployment rate, high amounts of diversity, a lot of economic upward mobility and rising incomes.

• More than 80% of millennials say buying a home is a priority for them.
• Homeownership is more attainable in some cities than others, especially if you're a first-time buyer.
• Texas is home to six of the top-20 best cities to buy your first home, while Pittsburgh, Pennsylvania, took the No. 1 spot.

Home prices are up and supply is down across the US, but buying a house isn't as tough as it may seem. You just have to know where to look.

More than 80% of millennials say becoming a homeowner is a priority for them, according to NerdWallet's latest homebuyer report. Many are considering it "the next step in my life" and plan to buy within the next five years.

Affordable real estate is hard to come by in America's coastal cities. Migrating to the Midwest or the South is a smart bet if you're looking to put down roots at an affordable cost.

That's evidenced by SmartAsset's annual list of the best places for first-time homebuyers. SmartAsset gathered housing data for 64 metros (the US cities with a population over 300,000) related to securing a loan, the value of the average home, stability of the housing market, and affordability.

Each city was ranked in seven categories, and then given an average score. We narrowed down the list to feature the cities with a total score of 55 or higher, out of a possible 100. 

Below, check out the top 17 best places for first-time homebuyers.

SEE ALSO: Forget San Francisco and New York: These are the 19 best places to live where the typical home costs less than $260,000 and monthly rent is under $1,000

DON'T MISS: Millennials love this new housing community in a forgotten stretch of California thanks to its ultrafast internet and dirt-cheap home prices

17. Raleigh, North Carolina

Loan funding rate: 76%

Value per square foot: $128.67

Median listing price: $347,248

16. Corpus Christi, Texas

Loan funding rate: 67%

Value per square foot: $90.33

Median listing price: $209,900

15. Denver, Colorado

Loan funding rate: 76%

Value per square foot: $322.33

Median listing price: $485,000

• A recent report from SmartAsset reveals the 25 best American cities for recent college graduates to live.
• These cities are affordable, have good job opportunities, and are fun for new college grads.
• Three Ohio cities made the list, including Columbus and Cincinnati in the top two spots.

Graduation is coming up and many college students may find themselves asking, Where do I go from here?

SmartAsset recently released a list of the best cities for new college grads — places with ample jobs for college-educated people, affordable housing, and a fun atmosphere.

To determine the ranking, SmartAsset looked at 10 metrics including the number of Indeed job listings, cost of living in the city, and concentration of entertainment and dining establishments.

Ohio may be the best state for recent college grads; three Ohio cities make the top 25, including the top two spots. The Midwest is responsible for six of the 10 best cities for college grads. Meanwhile, coastal cities like New York, Los Angeles, and Miami didn't make the top 25.

Take a look at the 25 best cities for new college graduates, along with each city's unemployment rate for people with bachelor's degrees, median rent, and the percentage of the city's population that is in their 20s.

SEE ALSO: Many millennials are itching to become homeowners — here are the 17 best cities to put down roots

DON'T MISS: The 50 best college majors for finding the highest-paying jobs after graduation

25. Atlanta, Georgia

Unemployment rate for bachelor's degree holders: 2.6%

Median rent: $904

Population aged 20-29: 20.1%

24. Seattle, Washington

Unemployment rate for bachelor's degree holders: 2.8%

Median rent: $1,360

Population aged 20-29: 21.3%

23. Boston, Massachusetts

Unemployment rate for bachelor's degree holders: 3.3%

Median rent: $1,369

Population aged 20-29: 24.1%

• Renters have more than high rent costs to think about when finding a place to live.
• SmartAsset recently released a report on the best places to live in the US for renters based on seven metrics, from unemployment rate to average commute time.
• The Midwest is a great area for renters — four cities made it into the top 10.

In a time when the cost of rent is so high that a minimum-wage worker needs 2.5 full-time jobs to afford rent for a one-bedroom apartment in most of the US, finding an affordable place to live can seem like an endless game. 

But renters, who spent a record amount of money on housing in 2017, don't have just costs to worry about — they also need to look at factors like distance to work and safety.

SmartAsset took all of this into consideration in its recent report on the best cities for renters. They looked at data for 96 cities, comparing them across seven different metrics: rent-to-income ratio, percent of housing stock dedicated to renting, eviction rate, density of entertainment establishments, crime rate, unemployment rate, and average commute time.

SmartAsset ranked each city in every metric, then weighted all metrics equally to calculate each city's average ranking, which determined the final list.

Turns out, the Midwest is a great area for renters, with four cities making the top 10.

Below, see the best 25 places to live for renters, ranked. All rent prices are sourced from Zillow and are the median for all rentals in the metro area.

SEE ALSO: The 25 best places to live if you want to save a lot of money

DON'T MISS: How much renters pay to live in the most expensive neighborhoods in 9 major US cities — and in the most affordable

25. Pittsburgh, Pennsylvania

Median rent: $1,350

Renters who spend 30% of income or less on rent: 58%

Unemployment rate: 5.5%

24. Los Angeles, California

Median rent: $3,500

Renters who spend 30% of income or less on rent: 42%

Unemployment rate: 5%

23. Irvine, California

Median rent: $3,350

Renters who spend 30% of income or less on rent: 46%

Unemployment rate: 3.8%

• Smart homeowners should take out an affordable mortgage on an undervalued home, according to economists at SmartAsset.
• SmartAsset recently found the most undervalued cities to buy a home in the US, based on value per square foot.
• It looks like the eastern side of the US is the most undervalued area to buy a home — more than half of the top 10 cities are located there.

Becoming a homeowner is often more complicated than one expects. It's also more expensive — millennials buying their first home today will pay 39% more than baby boomers who bought their first home in the 1980s.

In today's homebuying climate, it's important to take out an affordable mortgage— and even better to do so on an undervalued home. That's according to SmartAsset, which recently released a report on the most underrated cities in the US to live in based on current vs. potential housing values.

SmartAsset created a statistical model for 200 cities investigating how housing values, represented by price per square foot, were affected by eight quality of life metrics: unemployment rates, high school graduation rates, percent of residents with a college degree, crime rate, entertainment establishment density, average days of rain, average days of bad weather, and walk score.

The model (formally, a linear regression model) shows the positive or negative impact each of those eight measures had on housing prices. To determine how overvalued or undervalued a particular city was, SmartAsset compared the model's prediction for housing prices in that city based on how the city fared on the eight quality of life measures to the actual price per square foot in the city. SmartAsset ranked undervalued cities based on how much lower their actual housing prices were than the prices projected by the model.

For example, the average home in Los Angeles, California, is worth nearly $425 per square foot, according to Zillow. But according to SmartAsset's model, it should be worth nearly $525 per square foot — so residents are saving almost $100.

More than half of top 10 undervalued cities are located on the eastern side of the US.

Below, see the best places to buy a home where the average property is worth at least $80 less than what it should to worth. 

SEE ALSO: The salary you need to afford rent in every state, ranked

DON'T MISS: What a $250,000 home looks like in the biggest city in every state

31. Columbia, Missouri

Projected value per square foot: $178.08

Actual value per square foot: $98

Savings: $80.08

30. Santa Ana, California

Projected value per square foot: $447.13

Actual value per square foot: $366.75

Savings: $80.38

29. Omaha, Nebraska

Projected value per square foot: $196.89

Actual value per square foot: $115.17

Savings: $81.72

• The cost to buy a home is more expensive than it's ever been.
• SmartAsset recently released a new report ranking the US cities with the most severely cost-burdened households — households who spend at least half of their income on housing.
• In 34 cities, at least 13% of households are severely cost-burdened — almost half of the cities are in California.

The housing market is on the climb.

The value of homes has increased by 73% since the 1960s, when adjusted for inflation, Business Insider previously reported, citing a Student Loan Hero report.

It's so expensive that, in some cities, the average home outweighs the average income by so much that it can take nearly a decade to save for a 20% down payment, according to a SmartAsset report released earlier this year.

Now, SmartAsset is back with new data that highlights the high cost of homeownership: the US cities with the most severely housing cost-burdened households (defined as households who spend more than 50% of their income on housing).

To determine this list, SmartAsset gathered US Census Bureau data for the percentage of severely housing-cost burdened households among homeowners in 167 cities, ranking each city by the amount of people spending at least half of their income on housing.

In 34 cities, 13% or more households spend at least half of their income on housing. Of these cities, 15 are in California, making it the state with the most severely housing-cost burdened cities. Florida ranks second, home to four of the most severely housing cost-burdened cities.

See which other cities made the ranks below.

SEE ALSO: Millennials are waiting longer than ever to buy homes — here's how many years it takes to save for a down payment in 25 major US cities

DON'T MISS: The salary you need to afford rent in every state, ranked

34. Detroit, Michigan

Percentage of severely housing cost-burdened households: 13.06%

33. Shreveport, Louisiana

Percentage of severely housing cost-burdened households: 13.12%

32. West Covina, California

Percentage of severely housing cost-burdened households: 13.17%

• It is getting harder to retire with only $1 million saved up.
• SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 cities.
• Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.

It is getting harder to retire with only $1 million saved up. Ten years ago, $1 million had the same buying power of just under $1.2 million, according to the Bureau of Labor Statistics inflation calculator.

In a new study, SmartAsset calculated the average cost of living for retirees to see how many years $1 million would last in over 250 big and mid-sized US cities. SmartAsset looked at average annual expenses for seniors throughout the country and applied cost of living data on housing, food, healthcare, transportation, and utilities. 

To determine how long $1 million would last in each city, SmartAsset assumed $1 million would grow at 2% rate of return (that's interest minus inflation). The sum of each annual number was divided by $1 million to calculate how many years it would last retirees. 

Southern states dominated the list, with Texas claiming the most spots. Major cities in Texas have affordable housing markets and the state is home to many of the best places to live in 2018, according to US News.

Below, check out the top 22 cities where $1 million would last retirees 28 years or more, along with the average annual expenses for housing, food, and healthcare.

SEE ALSO: How much money you need to retire early depends almost entirely on 2 factors

SEE ALSO: 5 small changes to your retirement savings that get big results

22. Salina, Kansas — 28.16 years

Housing expenses: $6,463

Food expenses: $5,214

Healthcare expenses: $5,839

21. Burlington, Iowa — 28.20 years

Housing expenses: $5,936

Food expenses: $5,493

Healthcare expenses: $6,222

20. Oklahoma City, Oklahoma — 28.24 years

Housing expenses: $6,599

Food expenses: $5,426

Healthcare expenses: $5,789

• Retiring early requires planning and preparation, and sometimes even a move across the country. 
• Retiring somewhere tax-friendly with a low cost of living can stretch your earnings. 
• SmartAsset compiled a list of the 10 best US cities to retire early, based on a combination of costs of living and quality of living factors.
• Four of cities are in the South, including Lexington, Kentucky, which won the top spot. 

Who doesn't want to retire early. Getting to retire in your 50s or early 60s can mean being able to do some of the things you've always dreamed of while you still have some youthful energy. But retiring early requires a ton of planning and preparation. One great strategy for retiring early, that many financial advisors would recommend, is to retire somewhere affordable. Retiring somewhere tax-friendly with a low cost of living can stretch your earnings enough that you can retire a few years early. 

Below we look at a number of factors to rank the cities where you can retire early. In total, we compare cities across 10 factors looking at a combination of costs of living and quality of living factors. Check out our data and methodology below to see where we got our data and how we put it together to create our final rankings.

Key findings

• The South is a good landing spot – Four of the top 10 cities where you can afford to retire early are in the South. In particular Kentucky scores well with two top 10 cities. Texas has the other two Southern cities in the top 10.
• Retirees are making smart decisions – In past analysis we have seen that retirees are flocking to Arizona and Florida for their retirement. One positive coming out of this analysis is that it would appear retirees are getting good financial advice. Mesa, one of the most popular spots for retirees scores in the top 10, and two Florida cities also take top 15 spots.

SEE ALSO: I retired early and the freedom is priceless, but there are some downsides to early retirement that nobody likes to talk about

1. Lexington, Kentucky

Lexington, Kentucky takes the top spot where it's possible to retire early. This city ranks in the top 10 for cost of living, health care costs and housing costs as a percent of income. This city also has a fairly low rate of violent crime, a sign of how livable the city is. If you find you need to supplement your income in retirement, it should be possible to do so in Lexington. This city scores in the top 20 for unemployment.

2. Plano, Texas

Even the best retirement plans can go wrong somewhere down the line. Maybe the stock market didn't go as well as planned or maybe you couldn't save enough to contribute to your long-term investment portfolios. Because of these risks, it is a great idea to retire somewhere with a low cost of living where padding your retirement income is possible. Plano has some of the lowest housing costs relative to local income in the study. Jobs here are also plentiful: Plano ranks fourth in unemployment. Perhaps best of all, Texas is a tax-friendly retirement state and taxes no retirement income.

3. Boise, Idaho

If you are moving to a new city, it is important you can feel comfortable there. Boise scores high on livability and affordability to claim the third spot. Specifically Boise boasts some of the lowest crime rates in our study, scoring 11th and seventh in property crime and violent crime, respectively. Housing here is also affordable relative to local income. This city ranks sixth for percent of median income needed to pay for the average home. Boise is not just affordable for locals either, just about everyone should be able to afford Boise. This city has the third-lowest cost of living in our study.

• The American Dream is more achievable in some states than others.
• SmartAsset recently released a report on the best states to live for the middle class, defined as households with an income between $35,000 and $100,000.
• Western and Midwestern states are the best places to live the American Dream, while northeastern states are the toughest.

With the cost of buying a home higher than it's ever been, it may seem like the American Dream is endangered. But in some states, it's closer within reach than it seems. 

SmartAsset recently took a look at the best states for the middle class to live by examining seven metrics related to owning a home and retiring — two classic components of the American Dream. Specifically, they looked at SmartAsset and US Census Bureau data connected to income, homeownership, and taxes across all 50 states, plus Washington DC. This included the percentage of middle-class households in each state, which are defined as households with an income between $35,000 and $100,000.

SmartAsset then ranked each state in each metric and averaged each state's ranking, giving double weight to the percentage of middle-class households.

Turns out, the best states for Americans to live out the American Dream are located in the west, closely followed by states in the Midwest. The northeast is the toughest area for the American Dream to become a reality.

"With high tax burdens, low homeownership rates, and unaffordable housing, it is not too surprising that states in the Northeast tumble down the ranks," states the report. Only two states in the northeast — New Hampshire and Maine — made the top 25.

Below, see the top 25 states for the middle class to live the American Dream.

SEE ALSO: The 31 most underrated American cities to live in

DON'T MISS: 34 US cities where people can barely afford homes

25. Colorado

Percentage of middle-class households: 44.7%

Income tax rate: 19.9%

Median home value: $314,200

24. South Carolina

Percentage of middle-class households: 44.7%

Income tax rate: 18.7%

Median home value: $153,900

23. Ohio

Percentage of middle-class households: 45.2%

Income tax rate: 18.6%

Median home value: $140,100

• The median household in America earns $55,000 a year, which can go far depending on where you live.
• SmartAsset recently released a list of the best places to live on a $55,000 salary.
• Some of the best places to live on the typical American salary are located in the Midwest or are capital cities.

How far your paycheck can really go is often dependent on your geography.

A $55,000 salary — what the median American family earns, according to SmartAsset, citing US Census Bureau data from the 2016 American Community Survey 5-year estimates— may not get you very far in a big city with a high cost of living like New York or San Francisco. But it could stretch for miles elsewhere.

SmartAsset recently released a list of the best places to live on $55,000 a year. To determine this list, it found the cities with a median household income range of $50,000 to $60,000 — 126 cities, to be exact. It then ranked each city based on nine metrics with equal ranking, which it then averaged. This was the foundation for the final score.

Turns out, some of the best places to live on the typical American salary are located in the Midwest — four of the top 10 cities are located in this region. Capital cities also take up four of the top 10 spots; they have strong economies thanks to state government employment opportunities, according to SmartAsset.

Below, see the top 25 places to live in the US on the typical American salary.

SEE ALSO: 20 of the best places in the US to save up and buy your first home

DON'T MISS: The 25 best places to live if you want to save a lot of money

25. Springdale, Arkansas

Median household income: $51,152

Percent of income spent on housing: 18.2%

Average commute time: 20.1 minutes

24. New Braunfels, Texas

Median household income: $58,814

Percent of income spent on housing: 24.4%

Average commute time: 23.6 minutes

23. St. George, Utah

Median household income: $54,210

Percent of income spent on housing: 21.2%

Average commute time: 16.8 minutes

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

• When you're planning to retire, it's smart to think about the most strategic way to withdraw money from your savings, to make sure you're optimizing your withdrawals.
• Generally, it's a good idea to start withdrawing money from your investments, move on to your retirement accounts, and delay taking Social Security as long as possible.
• For help crafting your own retirement plan, you might want to work with a professional. Use SmartAsset's free tool to find a financial planner near you »

If you’re planning to retire within the next few years, you need to consider when you should start making withdrawals from your retirement accounts.

The order in which you withdraw from your accounts is extremely important — it could let your tax-advantaged accounts grow to their full potential, make your savings last and even save you money on taxes.

1. Start with your investments

Withdrawing from your investments first gives your retirement accounts more time to compound interest.

Whether you have mutual funds, a brokerage account, ETFs, stocks or bonds, they’re all taxable, so you’ll have to pay capital gains taxes on withdrawals. Some investments also require you to pay taxes on distributions each year, like some mutual funds.

2. Move on to your 401(k) and IRA

Once you’ve exhausted your investment portfolio, move on to your tax-deferred retirement savings accounts: your traditional 401(k) or IRA.

Unlike taxable investment accounts, you won’t be charged income tax or capital gains tax as your 401(k) account grows each year.

However, you’ll owe income taxes on withdrawals. Some 401(k) plans will automatically withhold 20% or so of your account to pay for taxes. Check with your plan provider to see how your particular 401(k) works.

Are you on track to retire when you want? Find out with this calculator from our partners:

3. Wait to tap into your Roth

Put off withdrawing money from your Roth IRA as long as possible.

You paid taxes up front so you can take money out of your Roth IRA and it won’t count as taxable income.

Your Roth IRA also will continue to grow tax-free as you tap into your other accounts. Since a Roth IRA holds after-tax funds and the IRS doesn’t need to tax it again, you also don’t need to take Required Minimum Distributions.

4. Stall on accepting Social Security benefits

If you want your maximum Social Security benefits, you’ll need to work until your “full retirement” age.

Benefits at age 62, 66 or 67 are not your maximum benefits. The maximum Social Security retirement benefit kicks in at age 70.

Each year after full retirement, your payout increases by a certain percentage based on specific criteria. To maximize on this strategy, we recommend holding off until you are 70 — payments will be the highest possible, increasing by 8% each year you wait.

When should you start taking Social Security? Use this calculator from our partners to find out:

SEE ALSO: 5 dumb decisions that put you at risk of going broke in retirement

Join the conversation about this story »

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

• When you need help with your money, it's tempting to hire the first financial advisor you meet.
• But the smarter move is to choose someone who's aligned with you on your goals and priorities, and who can help you achieve what you need in the way you want to do it.
• Looking for someone you can trust? Use SmartAsset's free tool to find a financial planner near you »

Choosing a financial advisor is a big decision. 

Being aware of these seven common blunders when choosing an advisor can help you find peace of mind, and avoid years of stress. 

1. Hiring the first advisor you meet

While it’s tempting to hire the advisor closest to home or the first advisor in the yellow pages, this decision requires more time. Take the time to interview at least a few advisors before picking the best match for you. 

2. Choosing an advisor with the wrong specialty

Some financial advisors specialize in retirement planning, while others are best for business owners or those with a high net worth. Some might be best for young professionals starting a family. Be sure to understand an advisor’s strengths and weaknesses — before signing the dotted line. 

3. Picking an advisor with an incompatible strategy

Each advisor has a unique strategy. Some advisors may suggest aggressive investments, while others are more conservative. If you prefer to go all in on stocks, an advisor that prefers bonds and index funds is not a great match for your style. 

4. Not checking references

Most advisors are happy to offer references to prospective clients. Calling references only takes a couple of minutes, and it can help put you at ease when handing over the keys to your bank account. 

Use SmartAsset's free tool to find a financial planner near you »

5. Not asking about credentials

To give investment advice, financial advisors are required to pass a test. Ask your advisor about their licenses, tests, and credentials. Financial advisors tests include the Series 7, and Series 66 or Series 65. Some advisors go a step further and become a Certified Financial Planner, or CFP.  

6. Making assumptions when they are affiliated with a reputable brand

An advisor might appear qualified and professional due to an association with a major firm like J.P. Morgan or Morgan Stanley. Working with an advisor from a reputable firm can lead to stability and better tools and information. However, choose an advisor because they are the best fit, not because of their branding. 

7. Not understanding how they are paid

Some advisors are "fee only" and charge you a flat rate no matter what. Others charge a percentage of your assets under management. Some advisors are paid commissions by mutual funds, a serious conflict of interest. If the advisor earns more by ignoring your best interests, do not hire them. 

Looking for someone you can trust? Use SmartAsset's free tool to find a financial planner near you »

SEE ALSO: 4 ways to get the most money from your savings in retirement

Join the conversation about this story »

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• Rich American millennials are making moves. 
• SmartAsset recently ranked the top states rich millennials are moving to.
• As it turns out, rich millennials favor coastal states but aren't fans of Northeastern states.
• Visit Business Insider's homepage for more stories.

Rich millennials are on the move.

SmartAsset recently used IRS data from the 2015 to 2016 tax year to take a look at the states wealthy millennials are moving to. It defined rich millennials as those younger than 35 who have an adjusted gross income of $100,000 or more. SmartAsset ranked each state by net migration, which it determined by subtracting the number of millennials moving out of the state from the number of millennials moving into the state.

As it turns out, rich millennials crave a coastal lifestyle — seven of the top 10 states millennials are moving to are on the East Coast or West Coast. And the Northeast isn't popular among rich millennials: Only four states in the region — New Jersey, New Hampshire, Maine, and Vermont — rank among the top states rich millennials are moving to.

Below, see the top 18 states attracting rich millennials. We arrived at this list by including all states in SmartAsset's findings that have a positive net migration — the states more rich millennials are moving into than out of.

SEE ALSO: 25 of the top ZIP codes where rich millennials are snapping up homes across the US

DON'T MISS: Here's exactly what millennials should be doing every five years to become rich, according to a financial planner

18. Kansas — Wichita has been undergoing a downtown renovation over the past decade, attracting urban-dwelling millennials.

Number of millennials moved in: 1,201

Number of millennials moved out: 1,195

Net migration: 6

Source: Smart Growth America, The Wichita Eagle

17. Vermont — Vermont recently offered Americans up to $10,000 to move to the state and work remotely.

Number of millennials moved in: 232

Number of millennials moved out: 200

Net migration: 32

Source: CNN

16. Hawaii — The Aloha State is a science hub, conducting much of the nation's climate and astronomy research.

Number of millennials moved in: 647

Number of millennials moved out: 605

Net migration: 42

Source: SmartAsset

15. Montana — Montana yields many opportunities for entrepreneurs and is close to nature, providing a lifestyle many can't find in big cities.

Number of millennials moved in: 371

Number of millennials moved out: 312

Net migration: 59

Source: ABC Fox Montana

14. Maine — Through its Educational Opportunity Tax Credit program, Maine helps college-graduate residents pay off their student debt.

Number of millennials moved in: 361

Number of millennials moved out: 264

Net migration: 97

Source: Bustle

13. New Hampshire — New Hampshire is in part attractive to young adults because of its low unemployment rates.

Number of millennials moved in: 913

Number of millennials moved out: 747

Net migration: 166

Source: New Hampshire Union Leader

12. Idaho — Idaho Falls is attracting millennials with its restaurant scene and recreational activities.

Number of millennials moved in: 614

Number of millennials moved out: 398

Net migration: 216

Source: Local News 8

11. Georgia — Atlanta has a strong startup scene, and the city has the third-largest concentration of Fortune 500 companies in the country, from Coca Cola and Delta to Home Depot and Porsche.

Number of millennials moved in: 3,834

Number of millennials moved out: 3,525

Net migration: 309

Source: Inc

10. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.

Number of millennials moved in: 6,543

Number of millennials moved out: 6,197

Net migration: 346

Source: App

9. Tennessee — Nashville has become a top city for recent college grads, thanks to its growing tech industry and affordable cost of living.

Number of millennials moved in: 2,423

Number of millennials moved out: 2,033

Net migration: 390

Source: Biz Journals, WKRN

8. South Carolina — Charleston was hailed as a "millennial magnet" by USA Today because of its startup economy and arts and restaurant scene.

Number of millennials moved in: 1,695

Number of millennials moved out: 1,392

Net migration: 573

Source: USA Today

7. North Carolina — Raleigh and Charlotte, with their plentiful job opportunities and high pay, are major attractions for millennials.

Number of millennials moved in: 4,572

Number of millennials moved out: 3,786

Net migration: 786

Source: The News & Observer

6. Oregon — Portland has many neighborhoods, a relatively affordable cost of living, and a booming economy. The city offers plenty of jobs with high salaries away from the competition elsewhere on the West Coast.

Number of millennials moved in: 2,190

Number of millennials moved out: 1,304

Net migration: 886

Source: Business Insider

5. Florida — Miami, Jacksonville, and Tampa are hot cities for millennials; the latter has been dubbed a "city-on-the-rise" for its beach proximity, low unemployment rate, and beer scene.

Number of millennials moved in: 6,014

Number of millennials moved out: 5,114

Net migration: 900

Source: 10 News, Curbed, Jacksonville.com

4. Colorado — Millennials have been flocking to Denver for its numerous high-paying jobs, reasonable commutes, and activities. It also gets 300 days of sunshine a year.

Number of millennials moved in: 4,369

Number of millennials moved out: 2,863

Net migration: 1,506

Source: Denver Post, SmartAsset

3. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.

Number of millennials moved in: 10,890

Number of millennials moved out: 9,012

Net migration: 1,878

Source: Chron

2. Washington — Home to the headquarters of Amazon and Microsoft, the Seattle metro area is a thriving tech center.

Number of millennials moved in: 5,729

Number of millennials moved out: 3,809

Net migration: 1,920

Source: The New York Times

1. California — Silicon Valley draws millennials looking to work in the tech industry. And with plenty of national parks and beaches, California has plenty to offer outdoors.

Number of millennials moved in: 17,245

Number of millennials moved out: 13,648

Net migration: 3,597

Source: SmartAsset

• Rich millennials are abandoning New York.
• It's the top state they're moving from, according to a new SmartAsset study citing data from 2015-2016.
• They're not the only ones — wealthy bankers in New York City are also fleeing the city's high cost of living in search of more affordable housing.
• Visit Business Insider's homepage for more stories.

Rich millennials are over New York.

According to a new SmartAsset study, New York is the No. 1 state rich millennials are moving from. The report used data from the IRS' 2015-2016 tax year to take a look at the states wealthy millennials were moving to and from.

It defined rich millennials as people younger than 35 with an adjusted gross income of at least $100,000. SmartAsset ranked states by net migration, which it determined by subtracting the number of millennials moving out of the state from the number of millennials moving into the state.

It found that a net 4,867 rich millennials left New York during the one-year period — 10,048 moved into the state, while 14,915 moved out.

That's more than twice the number of rich millennials who, in the same time period, left Illinois, the state that saw the second-largest net decline in rich millennials (2,248). About 35% more rich millennials left New York than moved to California, which ranks as the state attracting the most rich millennials, AJ Smith, SmartAsset's vice president of Financial Education, told Business Insider.

Even their less affluent generational peers aren't drawn to New York — or at least not to New York City. A previous SmartAsset report tracked the top cities millennials were settling in, and New York City didn't even make the top 25.

Read more: New York is getting so expensive that even Wall Street bankers are bolting — and it's not the only major city the wealthy are abandoning

Rich millennials aren't the only wealthy demographic abandoning the state. New York City's high cost of living is causing multimillionaires — particularly wealthy bankers — to flee to more affordable states, John Aidan Byrne of the New York Post reported. In 2016, New York lost $8.4 billion because of residents moving to other states, according to Byrne.

According to Zillow, the city's median rent of $3,400 is twice the national median rent. The city's real-estate market has gotten so expensive that residents are living in vans or houseboats instead of traditional homes. And those who can buy are forgoing apartments in the sky for basements, where they can get more space for their money, reported Stefanos Chen for The New York Times.

SEE ALSO: The top 18 states rich millennials are moving to

DON'T MISS: Forget New York — these are the 10 surprising cities millennials are moving to

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• Brent Sutherland is a certified financial planner and real-estate investor.
• In an article published on CoachCarson.com, Sutherland explains why he recommends real estate investing as a tool for building wealth— and why most financial advisers don't.
• He says real estate can diversify your income, produce near-immediate results, and help you become financially independent sooner.
• Need help with your investments? SmartAsset's free tool can help find a licensed professional near you »

Making money in real estate isn't for everyone. It takes grit, time, and most importantly, cash.

According to Brent Sutherland, a certified financial planner, real-estate investing is a decidedly "non-traditional" method for building wealth, but a powerful one nonetheless, he wrote in an article published on CoachCarson.com.

When he was 35, Sutherland bought his first single-family home to rent out for income. Now, less than five years later, he owns eight additional properties, plus part of a commercial real-estate project that involves four apartments, a garage, and 10 mobile homes.

After becoming a real-estate investor himself, Sutherland left traditional financial advising to coach clients on his own. The reason why, he says, is that the way advisers are paid, trained, and regulated generally inhibits them from recommending a non-licensed product like physical real estate to clients.

"How could I sit across the table from someone and talk to them about a financial roadmap and investment strategy that I was not following myself? I became professionally and morally conflicted. And that is why I ultimately branched out," he writes.

Here's why Sutherland believes real-estate investing is a valuable tool for building wealth:

1. Real estate diversifies your income

It's a common habit among financially successful people to develop and maintain multiple income streams.

"While it is certainly important to be properly diversified with your investments, it is even more important to be diversified with your income," Sutherland writes. "This is because the largest financial risk for most of you is the loss of your primary source of income, which is typically in the form of a day job."

Setting up and managing a rental property can open up a stream of steady income that doesn't require the time commitment of a full-time job.

"If you continue to expand your income streams, you eventually reach a point where you no longer need to rely on a day job (and someone else being in charge of your well-being). This is the point of financial freedom; the ultimate form of financial security!" Sutherland writes.

Need help with your investments? SmartAsset's free tool can help find a licensed professional near you »

2. Real estate produces near-immediate results

When managed correctly, rental properties can produce income quickly and consistently, he says.

"You can achieve and feel the results almost immediately. Property improvements are visible and tangible. You can cash, spend, and invest rent payments. Today! Not 30 years in the future," Sutherland writes.

"I've found that investing with near-immediate results usually generates energy and enthusiasm in a person that cannot be achieved through traditional means. Positive financial behaviors unearth themselves," he writes.

3. Passive income can help you become financially independent sooner

According to experts, a person is considered financially independent when they have 25 times their annual expenses saved. With this amount, they would be able to withdraw 4% of their investments each year and live comfortably without ever running out of money, assuming they earn the average return.

With passive income from real-estate investments, Sutherland says you can halve the amount you need invested to become financially independent. 

He explains: "If you need $40,000 a year to live, you could alternatively invest in assets that generate an 8% cash-on-cash return. This is a very reasonable assumption. And it means you would only need to save a total of $500,000 (instead of $1 million). Yet, your investments would still meet your annual household living needs." 

While returns, taxes, and inflation can, of course, affect your timeline, he says, cash-flowing real-estate is a clear asset.

Need help with your investments? SmartAsset's free tool can help find a licensed professional near you »

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• According to a survey by Credit Karma, just 25% of Americans have a high-yield savings account.  
• Most Americans are missing out on growing their savings through earning interest, sometimes at rates as high as 2%, or 20 times more than the typical savings account.
• Many respondents said they didn't have one because they think they need to put a lot of money down. But, that's not true — some of the best accounts can be opened for $10 or less.
• Read more personal finance coverage. 

New data shows the vast majority of Americans don't have a high yield savings account — and they're leaving free money on the table.

As part of the launch of its own high-yield savings account, Credit Karma surveyed 1,050 American adults about their savings habits and goals in August 2019. About 75% of people surveyed said that they don't have a high-yield savings account — a type of savings account with a much higher interest rate than a traditional savings account — and that means that their money isn't working as hard as it could be. 

Even for people who have a savings account, traditional savings accounts don't earn much interest: an average of .09%, according to the FDIC in November 2019.

That's nothing compared to high-yield savings.

A high-yield savings account earns up to 20 times more money than a traditional savings account

Only 25% of Americans are taking advantage of the benefits of a high-yield savings account, which offer interest rates 20 times higher than a traditional savings account, with some as high as 2%. While experts advise investing money in the stock market to get the best return over time, high-yield savings accounts are a better option for money you want to keep close, but growing, to use within the next few years.

High-yield savings accounts are not investments. They're liquid, making them great options for relatively short-term goals like saving for a down payment on a home or a car. High-yield savings accounts are also a great way to keep growing an emergency fund that you won't be touching on a daily basis, but could need at any moment. If you're saving large chunks of money for these purposes, that money could be earning hundreds of dollars in interest over time. 

The 75% of Americans who don't have one are missing out: High-yield savings accounts can grow your savings without any more effort than it takes to set up an account and initiate a transfer.

Most people think high-yield savings is more complicated than it is

According to Credit Karma's data, there's a big reason why people don't have one yet — and it's a huge misconception.

Of people who don't have a high-yield savings account, 44% said that the minimum deposit was too high. But, many high yield savings accounts actually have a very accessible minimum deposit. Two of the major players in the high-yield savings space don't require even $20 to get started. Wealthfront requires a minimum deposit of $1 to use its cash account, while Betterment requires a $10 minimum deposit. Credit Karma's own account has no minimum deposit, and requires only one cent to start earning interest.

Other reasons people chose not to open a high-yield savings account is not knowing what it is (21%), being happy with their current savings account (19%), and not wanting to switch banks (17%). And 9% said they felt that it was too good to be true, not realizing that in this case, at least, high-yield savings live up to the hype.

On the heels of a series of rate cuts by the Fed, interest rates have lowered and high-yield savings accounts are offering rates more like 1.6% to 1.9%, down from the 2% or more we saw over the summer. But as Business Insider's Tanza Loudenback reports, it's an excellent time to open a high-yield savings account for two reasons: First, 1.9% is still 19 times more interest than you'd earn in a traditional savings account, and second, interest rates fluctuate — when they go up again, you'll already have a nice chunk of cash ready and waiting to take advantage.

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• A brokerage account allows you to buy and sell stocks, bonds, and other investments through a trusted brokerage firm.
• Brokerage accounts come in different styles for different purposes. For example, retirement investing.
• Different types of accounts have different tax implications, so it is important to understand the type of brokerage account you have and any restrictions or requirements it includes.
• The brokerage account you choose is important to your finances, so take the time to research the best account for your needs before opening one. However, you are allowed to have as many brokerage accounts as you want as long as you follow the brokerage and government rules.
• Visit Business Insider's homepage for more stories.

A brokerage account is a type of financial account you can use to buy and sell stocks, bonds, funds, and other securities. Brokerage accounts typically come from a bank or stock brokerage firm that keeps your money and investments safe while enabling you to buy and sell supported assets.

If you want to invest in the stock market, you'll need an investment account. But these types of accounts come in different forms. You may have multiple brokerage accounts for different purposes, including retirement.

Adulting means managing your finances for both short and long-term goals. For your long-term financial goals, a brokerage account is a key account alongside checking, savings, and credit card accounts that belong in your financial toolbox.

What is a brokerage account?

A brokerage account is a financial account that holds cash, stocks, mutual funds, ETFs, bonds, and other assets.

Brokerage accounts work a lot like a bank account. You can deposit and withdraw funds, and your account is most likely insured by a government entity if it is located in the United States. But unlike a bank account, you can put a lot more than cash in a brokerage account.

Passive investors are likely to want a brokerage account for buy-and-hold investing. This investment strategy generally relies on stocks, bonds, and funds as underlying assets. Active investors use brokerage accounts to buy and sell on a faster cadence. Experts employ options, futures, foreign exchange, and other securities in their accounts.

Taxes and brokerage accounts: What you need to know

A standard brokerage account is taxable. This means you have to pay taxes on any qualifying investment gains in the account when a gain is realized — i.e. when you sell stocks or other assets. You can offset these taxes with losses, though hopefully you don't have too many of those.

Some brokerage accounts give you special tax rules that give you an advantage over a regular, taxable brokerage account. Examples include IRA, Roth IRA, SEP IRA, 401(k), 403(b), and other retirement accounts.

With 401(k), traditional IRA, and some other accounts, your contributions to the account are made pre-tax and you only pay taxes on withdrawals in the future, potentially at a lower tax rate.

Roth IRA and other Roth-style accounts take after-tax contributions, but you don't have to pay any taxes on capital gains when you withdraw in retirement.

If you withdraw early from a tax-advantaged account, taxes and penalties may apply. Health savings accounts (HSAs) may also feature a brokerage component with a tax benefit.

There are many popular brokerage firms to choose from, including Vanguard, Charles Schwab, and Fidelity, and you can open an account online.

Before opening an account, look for any fees and minimum balance requirements before signing up. Once your account is open, you may also have access to a suite of research and education materials, as well as mobile and desktop trading apps, to enhance your experience.

If you plan to invest, you need a brokerage account. Now that you know what a brokerage account is, you are ready to research the best brokerage for your unique needs. It only takes a few minutes to get started and a day or two to fund your account. You could be investing in no time.

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• Coronavirus is causing stocks to tumble, sparking fears of a US recession.
• A recent SmartAsset report looked at the most recession-resistant cities in the US.
• Texas seems well equipped to handle a recession — 8 cities made the top 25, more than any other state.
• Visit Business Insider's homepage for more stories.

Coronavirus has prompted new fears of a recession in the US.

The Dow plunged as much as 8% on Monday — it's biggest intraday drop since 2010. But how well you'll be able to handle a downturn partly depends on where you live.

A recent SmartAsset report determined the most recession-resistant cities in the US by looking at government data for 264 of the largest cities in the country across 3 categories: employment, housing, and social assistance. It ranked each city across 3 different metrics in each of these categories for a total of 9 metrics, then averaged the metric rankings of each category, giving each an equal weighting.

It then determined the final ranking by averaging each city's score in the 3 categories. Those with the highest ranking (close to 100) are most recession-resistant, while those with the lowest average ranking (close to 0) are the least.

Turns out, Texas is pretty recession-proof — 5 cities in the state made the top 10, including the top spot, and 3 more made the top 25.

Here are the top 25 most recession-proof cities in the US, according to the SmartAsset report.

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25. West Valley City, Utah

Employment ranking: 65.45

Housing ranking: 74.34

24. Fargo, North Dakota

Employment ranking: 97.38

Housing ranking: 93.67

23. Alexandria, Virginia

Employment ranking: 100

Housing ranking: 81.37

22. Fort Collins, Colorado

Employment ranking: 76.96

Housing ranking: 79.61

21. Oklahoma City, Oklahoma

Employment ranking: 81.68

Housing ranking: 82.07

20. Killeen, Texas

Employment ranking: 56.94

Housing ranking: 61.86

19. Arlington, Texas

Employment ranking: 76.31

Housing ranking: 59.05

18. Durham, North Carolina

Employment ranking: 75.52

Housing ranking: 76.27

17. Madison, Wisconsin

Employment ranking: 94.90

Housing ranking: 88.75

16. Omaha, Nebraska

Employment ranking: 81.28

Housing ranking: 85.59

15. Arlington, Virginia

Employment ranking: 99.74

Housing ranking: 94.73

14. Lincoln, Nebraska

Employment ranking: 92.02

Housing ranking: 86.29

13. Rochester, Minnesota

Employment ranking: 89.40

Housing ranking: 84.53

12. Boise, Idaho

Employment ranking: 80.63

Housing ranking: 69.77

11. Round Rock, Texas

Employment ranking: 85.34

Housing ranking: 74.69

10. Sioux Falls, South Dakota

Employment ranking: 96.99

Housing ranking: 84.01

9. Raleigh, North Carolina

Employment ranking: 73.04

Housing ranking: 90.33

8. Cary, North Carolina

Employment ranking: 91.23

Housing ranking: 95.25

7. Lubbock, Texas

Employment ranking: 80.37

Housing ranking: 67.49

6. Sunnyvale, California

Employment ranking: 76.18

Housing ranking: 94.02

5. Austin, Texas

Employment ranking: 86.26

Housing ranking: 79.26

4. Denton, Texas

Employment ranking: 78.4

Housing ranking: 71.18

3. Plano, Texas

Employment ranking: 81.41

Housing ranking: 92.27

2. Cedar Rapids, Iowa

Employment ranking: 94.76

Housing ranking: 86.29

1. Frisco, Texas

Employment ranking: 87.3

Housing ranking: 92.27