When all the experts starts yelling that we’re in for another recession then I guess it ‘s really time to get worried. We need to worry about our jobs, our way of life and what we can do in order to stay afloat. The good news is that there are certain things that can be done in order to ensure that we can ride out the coming recession in the most comfortable way for us. One of the things that you have to realize is that some places will be able to handle the recession a lot better than other places. That does not mean that you have to up and go once the recession kicks in. That might not be a practical thing to do for some who have their families rooted in their community, but for some who have little left to lose moving on over to any of these 6 cities might improve their chances of handling the recession better.
There has been research that was conducted to find the best cities to live in during recession. Here is part of the results and hopefully this can help guide your decision in the right direction:
1. Arlington, Virginia
Being very near the Washington D.C. area has its advantages. Arlington is home to many who work for the Federal government, and those who are into the legal and lobbying fields. Needless to say the population of this city is highly educated and in some ways affluent.
2. District of Columbia
If a city like Arlington becomes relatively safe from recession because of its nearness to the capital then Washington D.C. it self should be able to weather the financial storm very well. Most of its population works in the government or as journalists, lobbyists, lawyers. The place is also a tourist attraction and a weakened economy can actually draw some visitors because of cheaper prices.
3. Durham, North Carolina
This city is home to Duke University and is part of the Research Triangle. There are several factors for it being insulated from the effects of recession: The main reason is that it is a large university town, which is close to two other university towns, and finally it is near the state capital which offers employment opportunities. As you know, both local, state and the federal government are becoming bigger employers recently.
4. Madison, Wisconsin
This city depends on two large employers, the state government and the University of Wisconsin. Both of these employers are not likely to be affected by the recession to any great degree. The other industries there are biotechnology and the medical fields, both of which can handle the effects of recession quite well.
5. Boston, Massachusetts
The city is home to two financial institutions that receive large endowments. Its residents are mostly employed in fields like law, medicine, and education which are not the first fields affected by a recession. The downside is that it is home to many financial institutions which can be bad news. However, you don’t have to work in finance if you don’t want to
As you can see, none of these cites are dependent on the retail, manufacturing, construction or real estate sectors which have been hugely hit by this ongoing recession. The best cities to live in during a recession are those that are dependent on the government for employment or those with large educational institutions. These 6 offer a mix of both those options. Plus these kinds of cities generally have lower crime, corruption and horrible sever weather.