—Small Business Saturday gives entrepreneurs an opportunity to build
wealth on Main Street and at home—
SANTA ANA, Calif., November 18, 2019—Today Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, reviewed home price appreciation in 10 markets across the United States where small businesses are thriving. According to the Q3 2019 VeroFORECASTSM home prices in the largest 100 markets should increase an average of 3.7% by Q3 2020. As the country prepares for Small Business Saturday, where consumers are encouraged to shop locally on the Saturday after Thanksgiving, the 10 cities identified by Small Business Trends, as the most favorable in the nation to have a small business are also locations where home prices are expected to increase.
These 10 metropolitan areas were identified by the online publication for small business owners as having favorable infrastructure, strong workforce availability with a thriving entrepreneurial community nearby and populations of more than 50,000 people. These cities also have savvy homeowners and investors that should see home values increase during the next year.
The VeroFORECAST of 10 Cities Where Small Businesses Thrive
|Rank||Small-Business-Friendly Cities||Number of Small Business Owners*||Home Price Increase 2019-2020|
|2||New York, NY||411,323||2.5%|
|4||Los Angeles, CA||243,461||3.2%|
|5||San Francisco, CA||84,324||3.0%|
|8||Salt Lake City, UT||20,320||5.2%|
|10||Oklahoma City, OK||22,969||3.8%|
*Small Business Owners per capita according to Small Business Trends online publication, September 2019
“These cities are well-positioned for small businesses to build wealth on Main Street and in the community as a result of rising home values,” said Eric Fox, Veros vice president of Statistical and Economic Modeling. “While most of the country will see home price increases over the next year, these locales have the added benefit of a thriving small business environment.”
Miami, Florida, claims the top spot on the Small Business Trends list and VerosFORECAST predicts appreciation of 3.3% there by Q3 2020. One of the advantages of owning a small business in Miami is the growing population, which impacts home prices, as well. Florida is the third most populated state, and both business and real estate growth should be strong through 2020. Additionally, home prices in Miami dropped sharply during the Great Recession and have steadily rebounded since the recovery began in 2012.
Other cities that made the shortlist for a favorable business environment have prices that are forecasted to exceed the national average of 3.7%. Cities such as Salt Lake City should see prices rise by 5.2%. Boston real estate should experience an increase of 4.7% and, a bit of a surprise on the list, Oklahoma City, is poised to see home prices increase by 3.8% by Q3 2020.
For more information about the VeroFORECAST, visit VeroFORECAST.
The quarterly VeroFORECAST reports to clients by subscription and to industry media in a summary overview. The report is a projected increase 12-months forward. The current report is based on data from 344 Metropolitan Statistical Areas (MSAs) that include 13,801 zip codes, 1,002 counties, and represent 82% of U.S. residents.
Source: Veros Real Estate Solutions
This information is intended for use by the media for economic reporting and should only be used for physical or digital publication or broadcast, in whole or in part, must be sourced as coming from Veros Real Estate Solutions. The company name should appear with the first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the company name must be visible on screen or website. For questions, analysis, interpretation of the data or permission to reproduce, contact Brian Fluhr at BFluhr@veros.com.
About Veros Real Estate Solutions
A mortgage technology innovator since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection; portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. For more information, visit www.veros.com or call 866-458-3767.