#TopCities

Tower Bridge in Sacramento, California
by David Klemt David Klemt No Comments

Top 10 US Metro Areas by Inflow, Q3 2022

US Metro Areas with Greatest Outflow and Inflow, Q3 2022

by David Klemt

Tower Bridge in Sacramento, California

Real estate brokerage Redfin identifies the top ten American cities in terms of inflow and outflow, according to Q3 data.

Interestingly, a quarter of people appear to be searching for homes in cities different from where they currently live. Also compelling: one state, per the brokerage’s data ending in the month of October, is a clear favorite.

Obviously, this is important data for operators to have. When it comes to labor and guest pool changes, inflow and outflow information can be quite useful.

Top Inflow Cities: August to October 2022

Review the list below to see the metro areas experiencing the greatest inflow.

  1. Orlando, Florida
  2. Dallas, Texas
  3. North Port, Florida
  4. Cape Coral, Florida
  5. Phoenix, Arizona
  6. Tampa, Florida
  7. San Diego, California
  8. Miami, Florida
  9. Las Vegas, Nevada
  10. Sacramento, California

Did you spot the big trend? The state of Florida represents 50 percent of the list. Per Redfin‘s interpretation of the data, home buyers want leave expensive coastal cities behind.

Interesting to us in particular, two cities—Las Vegas and Orlando—are key KRG Hospitality markets. Also interesting is that Nevada and Florida are on the back half of Forbes’ best cities for starting a business in 2023.

However, we’ve seen strong hospitality industry recovery in Las Vegas this year. In fact, even the entertainment industry in Las Vegas is exploding. Additionally, we continue to gain clients in Orlando.

Top Outlow Cities: August to October 2022

Below are the metro areas seeing the greatest outflow.

  1. Philadelphia, Pennsylvania
  2. Seattle, Washington
  3. Denver, Colorado
  4. Detroit, Michigan
  5. Chicago, Illinois
  6. Boston, Massachusetts
  7. Washington, DC
  8. New York, New York
  9. Los Angeles, California
  10. San Francisco, California

If we compare Redfin’s Q2 data to the list above, it’s mostly the same. In fact, the top four outflow cities are identical. Spots five through nine are simply a reshuffling of Q2 and Q3 data.

However, Minneapolis, number ten in Q2, is replaced by Philadelphia in Q3. According to Redfin data, those Philly residents searching for homes elsewhere are showing interest in Salisbury, Maryland.

Consider how expensive it can be to move to and live in LA and San Francisco. It makes sense that California is the only state with two cities on the list above, doesn’t it?

Per Redfin, San Francisco residents are searching Sacramento and Seattle. Those in LA are looking at San Diego and Las Vegas.

Takeaway

It’s important to know where people are moving to and what cities they’re leaving behind. And it’s interesting to get a data-driven view of which states may be best for starting a business.

However, it’s far more useful to know how feasible a given ZIP code may be for a specific concept. So, while these types of lists are helpful, they’re not as practical as a targeted feasibility study.

Moreover, the dust doesn’t appear to have settled when it comes to migratory patterns of home buyers. It’s quite possible that Redfin’s 2023 inflow and outflow data will change once again in Q1 and Q2.

Image: Stephen Leonardi on Unsplash

Bridge in City Park in New Orleans
by David Klemt David Klemt No Comments

Clever Ranks the Top US Retirement Cities

Clever Ranks the Top US Retirement Cities

by David Klemt

Bridge in City Park in New Orleans

Real estate brokerage Clever, known for transparency and affordability, has identified the top cities for people to retire to in the United States of America.

Over the past few weeks we’ve examined an array of city rankings. For example, last month we took a look at Time Out’s top 53 cities in the world for 2022. Out of those 53 cities, six are in the US and two are in Canada. Both countries have one city in the top ten.

Also in July of this year, we learned from Redfin which US cities are experiencing the greatest outflow and inflow. Spoiler: The top outflow city is San Francisco. Also, the number one inflow city is Miami.

Then this month we checked in on a very specific demographic: “high earners.” For this report, SmartAsset Advisors labeled high-earner households as those earning $200,000 or more per year. If you want to know which states are attracting the most high earners, click here. Conversely, you’ll see which states are seeing the greatest outflow of high earners.

Now, we know the top cities in which Baby Boomers should retire, according to Clever.

Retirement

It’s wise for operators to know everything they can about the markets in which the operate. Is it attracting or losing high earners? Are people clamoring to live in a particular city, driving up home, rental, and other costs?

On the flip side, is a city an operating is running a business in seeing an exodus? Obviously, if a significant number of people are leaving, traffic and revenue can see a negative impact.

Another important factor impacting a given market? The number of retirees who want to move there.

Generally speaking, many retirees have disposable income and time on their hands. Both of which, of course, they can spend at restaurants, bars, and hotels.

For their report, Clever considered healthcare, cost of living, and quality of life. On the topic of healthcare, Clever points out that retirees need to consider affordable care costs and quality of care.

Overall, Clever examined 18 metrics to come up with their lists, including how states tax Social Security and a 401(k).

American Cities 50 to 11

Unsurprisingly, there’s crossover between the top inflow and outflow cities and the top retirement cities.

  1. Minneapolis, Minnesota
  2. Riverside, California
  3. Sacramento, California
  4. Detroit, Michigan
  5. Seattle, Washington
  6. San Diego, California
  7. Phoenix, Arizona
  8. Buffalo, New York
  9. Boston, Massachusetts
  10. Salt Lake City, Utah
  11. Columbus, Ohio
  12. New York, New York
  13. Los Angeles, Calfornia
  14. Dallas, Texas
  15. Charlotte, North Carolina
  16. Las Vegas, Nevada
  17. Raleigh, North Carolina
  18. San Jose, California
  19. Washington, DC
  20. Atlanta, Georgia
  21. Portland, Oregon
  22. Houston, Texas
  23. San Antonio, Texas
  24. Austin, Texas
  25. San Francisco, California
  26. Baltimore, Maryland
  27. Orlando, Florida
  28. Philadelphia, Pennsylvania
  29. Cincinnati, Ohio
  30. Cleveland, Ohio
  31. Chicago, Illinois
  32. Virginia Beach, Virginia
  33. Jacksonville, Florida
  34. Hartford, Connecticut
  35. Memphis, Tennessee
  36. Pittsburgh, Pennsylvania
  37. Providence, Rhode Island
  38. Kansas City, Missouri
  39. Milwaukee, Wisconsin
  40. Indianapolis, Indiana

American Cities 10 to 1

Below, the top ten retirement cities according to Clever.

  1. Nashville, Tennessee
  2. Miami, Florida
  3. Oklahoma City, Oklahoma
  4. Tampa, Florida
  5. Richmond, Virginia
  6. Denver, Colorado
  7. St. Louis, Missouri
  8. Louisville, Kentucky
  9. Birmingham, Alabama
  10. New Orleans, LA

Per Clever, New Orleans clinches the top spot for the following reasons:

  • Affordability.
  • The state of Louisiana doesn’t tax Social Security benefits.
  • Income-level limits on 401(k), IRA, and pension distribution tax rates.

Image: Susan Q Yin on Unsplash

The Florida Theater in Jacksonville, Florida
by David Klemt David Klemt No Comments

Top 10 States Attracting High Earners

Top 10 States Attracting High Earners

by David Klemt

The Florida Theater in Jacksonville, Florida

Using the inflow and outflow data of tax filers earning $200,000 or more, SmartAsset identifies the top ten states attracting high earners.

When it comes to the number-one state, “it’s not even close,” says SmartAsset Advisors. Not surprisingly, several top inflow cities (according to Redfin data) line up with SmartAsset’s top inflow state list.

So, why should this information matter to operators? Plainly, it’s important market information. Population, household income, and age information are crucial considerations when opening any business.

In fact, KRG Hospitality includes such data (and much, much more) when conducting research for our proprietary feasibility, business, and concept plans. Among many elements of opening a restaurant, bar, hotel, or entertainment venue, the income of one’s target audience is crucial.

Knowing where high-income households are leaving and moving to can inform many operator decisions. Where should one open their first concept? Which markets should one consider for expansion? What type of concept will work in a market? What are the threshold price points for menu items? How will this information help inform design choices?

Operators need to recoup their outlay. The income of a concept’s ideal guest should be as important to an operator as knowing their costs.

Top Ten Inflow States

Interestingly, the top state on this list did experience significant outflow in 2020. In fact, the state lost 11,756 high-earning households in 2020.

However, the state also added 32,019 such households, netting 20,263 high earners.

  1. Utah
  2. Idaho
  3. Nevada
  4. Colorado
  5. Tennessee
  6. South Carolina
  7. North Carolina
  8. Arizona
  9. Texas
  10. Florida

Another compelling detail of the states on this list pertains to income tax. In short, three of the states don’t levy personal income tax.

Above, they’re the states in bold: Florida, Nevada, and Texas.

Top 10 Outflow States

So, above are the ten states are seeing the greatest an inflow of high-earning households. Which means, of course, there’s an inverse.

Below, the ten states experiencing the greatest outflow of high earners. Unsurprisingly, SmartAsset deems several entries on the list high-tax states. Also, Washington, DC, is a high-tax area.

Moreover, the list below includes five of the top ten high personal income tax jurisdictions (in bold).

  1. Ohio
  2. Minnesota
  3. Washington, DC
  4. Maryland
  5. New Jersey
  6. Virigina
  7. Massachusetts
  8. Illinois
  9. California
  10. New York

However, it’s not as though these states are seeing a massive exodus of high-earning households. In fact, per SmartAsset, these states have more high-income households than the national average.

Nationally, high-earning households account for less than seven percent of all tax filers. According to SmartAsset, nearly nine percent of tax filers are high-income households in the top ten outflow states.

Image: Trevor Neely on Unsplash

The Bean a.k.a. Cloud Gate in Chicago
by David Klemt David Klemt No Comments

Is Your Business in a Top Time Out City?

Is Your Business in a Top Time Out City?

by David Klemt

The Bean aka Cloud Gate in Chicago

Hot off the presses, Time Out is now revealing the results of their Time Out Index 2022, an annual list identifying the world’s top cities.

The global publication, founded in the late 1960s, surveyed 20,000 “city dwellers.” Time Out focuses on cities’ restaurant, bar, nightlife, entertainment, and art scenes.

For 2020 and 2021, Time Out put emphasis on the pandemic and how cities maintained resiliency and kept communities together. In 2022, priority is given to flourishing nightlife, dining, and drinking, along with culture.

Additionally, Time Out gives weight to a city’s sustainability, safety, walkability, and affordability. To learn more about how Time Out analyzes data, click here.

Compelling Rankings

Below, you’ll find Time Out’s ranking of the best 53 cities in the world for 2022. I’ve broken the list into sections: 53 to 11, and ten to number one.

Interestingly, the 20,000 survey respondents note the dining, drinking, and nightlife of the top five cities. In fact, the nightlife scene of number three is “the world’s best.”

And city number two? Survey takers think it’s the most fun—”funnest,” according to Time Out—in the world.

Now, I know our audience is largely American and Canadian, so I’ll get to how both rank. Six cities—the usual suspects, basically—in the US are on the list. Only one American city is in the top ten, and it’s likely not the one you think. As for Canada, one city claims the 27 spot, another is number nine.

You’ll find the Canadian and American cities in bold below. Champing at the bit to see the results? Scroll down!

Time Out Cities 53 to 11

  1. Doha, Qatar
  2. Hong Kong
  3. Bangkok, Thailand
  4. Istanbul, Turkey
  5. Johannesburg, South Africa
  6. Rio de Janeiro, Brazil
  7. Auckland, New Zealand
  8. Sydney, Australia
  9. Abu Dhabi, United Arab Emirates
  10. Singapore
  11. Accra, Ghana
  12. Los Angeles, California, USA
  13. Rome, Italy
  14. Dubai, United Arab Emirates
  15. Barcelona, Spain
  16. Miami, Florida, USA
  17. São Paulo, Brazil
  18. Dublin, Ireland
  19. Athens, Greece
  20. Manila, Philippines
  21. Kuala Lumpur, Malaysia
  22. Paris, France
  23. Tel Aviv, Israel
  24. Mexico City, Mexico
  25. Boston, Massachusetts, USA
  26. Lisbon, Portugal
  27. Toronto, Ontario, Canada
  28. Delhi, India
  29. San Francisco, California, USA
  30. Tokyo, Japan
  31. Stockholm, Sweden
  32. Birmingham, England
  33. Buenos Aires, Argentina
  34. New York, New York, USA
  35. Lyon, France
  36. Porto, Portugal
  37. London, England
  38. Taipei, Taiwan
  39. Melbourne, Victoria, Australia
  40. Mumbai, India
  41. Manchester, England
  42. Madrid, Spain
  43. Cape Town, South Africa

The Top Ten Time Out Cities

  1. Copenhagen, Denmark
  2. Montréal, Québec, Canada
  3. Berlin, Germany
  4. Marrakech, Morocco
  5. Prague, Czech Republic
  6. Amsterdam, Netherlands
  7. Glasgow, Scotland
  8. Medellín, Colombia
  9. Chicago, Illinois, USA
  10. Edinburgh, Scotland

Congratulations to the top 53 cities in the world! We expect big things from their dining, drinking, and nightlife moving forward.

Image: Christopher Alvarenga on Unsplash

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