We recently compiled a report on the 30 Most Livable Cities in the US in 2024 and in this article, we will look at the most livable city.
Factors Gauging Livability Around the US
The decision to call a new place home is influenced by several factors including the cost of living, career prospects, quality of healthcare, crime rate, climate, preferred lifestyle, and proximity to work, family, and friends. Movement patterns of Americans across the US revealed by the US Census Bureau indicate that the most general reason for choosing a new destination for living among Americans was related to housing, for instance wanting a better house or apartment, the need for home ownership, or cheaper housing. Housing reasons accounted for 41.6% of the movers. Simultaneously, 26.5% of Americans moved due to family reasons, 16.1% shifted for employment, and 15.9% changed their place of living for other reasons like attending or leaving college, relationship with an unmarried partner, health, or change of climate. You can also view some of the best places to live in the US for quality of life.
Real Estate in the Most Desirable NYC
NYC is one of the most sought-after living destinations which heeds the attention of many Americans. AvalonBay Communities, Inc. (NYSE:AVB) serves as a leading real estate investment trust that has a strong presence in the New York City metropolitan area. The company develops, redevelops, acquires, and manages apartment communities across 12 US states and Washington, DC. Based on the different needs of the US renter market, the company has four apartment community brands including Avalon, AVA, eaves by Avalon, and Kanso.
Through its rental apartments for tenants, the company tends to focus on some of the leading US metropolitan areas with high-wage employment and a thriving quality of life including New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. Thus, it attracts quality renters to these desirable locations thereby enabling a stable rental income. With the rising demand for rental properties, the company’s emphasis on rental properties emerges as its strength.
As of March 31, the REIT owns or has interest in 299 apartment communities comprising 90,673 apartment homes. 17 development communities with 6,064 apartment homes and 59,000 square feet of commercial space remained under construction which gives the company an additional opportunity for generating rents. During the first quarter of 2024, the company’s robust financial performance was backed up by the strong Same Store total revenue climbed 4.3% as compared to the prior year period. Simultaneously, Same Store Residential revenue grew by 4.2% to $669.227 million.
AvalonBay Communities, Inc. (NYSE:AVB) is well positioned as it moves into the prime leasing season while home prices remain high. The National Association of Realtors revealed that the national median existing-home price hit a record high of $419,300 in May which has restricted home sales in the busiest spring homebuying season. With expensive homes, tenants continue choosing to live in apartments. Given the dynamics of the current US housing market where homeownership is out of sight for many, the company strengthens upon this difference between the high cost of owning versus relatively affordable renting in its markets. During Q1 2024, only 7% of the residents moved out of the firm’s communities to buy a home which is far lower than the long-term average of 16% to 17%. The company expects to achieve higher rental rates after successfully accomplishing higher occupancy in the year’s beginning. Strong revenue performance has also been projected for Seattle, New England, and Metro New York.
Without further ado, let’s rank the most livable city in the US in 2024. Meanwhile, you can view the best residential real estate stocks to buy.
The Most Livable City in the US in 2024
Our Methodology:
In order to compile a list of the 30 most livable cities in the US in 2024, we did a sentiment analysis on Reddit. First, we aggregated the list of the most livable US cities by sifting through 5 online rankings. Next, we used Reddit to find 15 threads that asked people about the best cities to live in the world. We read and analyzed all the comments and added the upvotes for each city on our list. Lastly, we shortlisted the cities that had at least a total of 150 upvotes and ranked those on our list in ascending order of the total upvotes on Reddit.
Note: This list is not exhaustive and does not reflect our opinion. The ranking is solely based on the opinions of Reddit users.
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The Most Livable City in the US in 2024
1. New York City
Upvotes: 456
New York City ranks at the top of the most livable cities in the US in 2024. The five boroughs composing the city include Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. New York City serves as the largest economy in New York while being one of the largest global economies. Apart from the city’s robust economy with limitless opportunities, Reddit users have mentioned it as a place where everybody is free to dream. While young professionals move to NYC to strive amidst abundant employment options, others seek comfort in the cultural diversity it has to offer as compared to the rest of America. Endless access to food, recreation, and entertainment also makes NYC a place to call home for many. At the same time, several residents regard the city’s spontaneity and fast pace as a reason to keep them inspired.
To explore other livable American cities, you can view our free report on the 30 Most Livable Cities in the US in 2024.
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