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Strong Housing Market In Urban Areas Drives More Positive Outlook on Local Economies

home-protectionMinorities were found to generally have a more positive outlook toward their local economy and job situation than Whites across all income brackets, according to a survey released this week byNeighborWorks America, a Washington, D.C.-based community development non-profit and grant maker.
The differences in attitudes were generally split regionally, with those who live in urban areas responding more positively toward their local economies and job situations and those who live in rural areas responding more negatively, according to NeighborWorks. About 48 percent of those living in suburban areas and 57 percent living in urban areas said they thought their local economy was performing better overall than the national economy, compared to just 33 percent who live in rural areas.
“Given the strength of the housing market in most urban and suburban areas, and the connection many make to home prices and a strong economy, it’s not too surprising that people living in those areas have a more positive economic outlook as reported by our survey,” said Doug Robinson of NeighborWorks. “Moreover, job growth is a key driver of home prices, so it also makes sense that people who are seeing strong home price growth also would say that their local job outlook is strong.”
Overall, about 50 percent of adults surveyed nationwide said their local economy was doing better than the national economy. About 32 percent said their local economy was doing worse than the national economy, according to NeighborWorks.
The survey found that 68 percent of Hispanics and 54 percent of African-Americans said their local economy is performing better than the national economy compared to 45 percent of Whites. NeighborWorks reported that the marked difference in the assessment of the local economy and job situation by region was driving the results. A larger percentage of African-Americans and Hispanics live in urban and suburban areas, where the attitudes are generally more positive toward the local economy and job situation. About 82 percent of rural residents are White, where the attitudes are generally more negative.
NeighborWorks also reported that the majority of those in higher income brackets were more positive toward their local economy; 64 percent of Americans with a household income of more than $100,000 per year believed that the local economy was doing better than that of the nation overall. For those with incomes between $75,000 and $100,000, the number dropped to 55 percent; it fell to 45 percent for Americans with a household income below $75,000, according to NeighborWorks.
For this survey, Anderson Robbins Research interviewed 1,308 adults living in the United States between April 30 and May 11, 2015.  The sample polled included 1,005 adults and 303 interviews with Gulf Coast residents in Mississippi and Louisiana.

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