TheMReport

TH E M R EP O RT | 9 MDWELL Lenders Should Reach for Market Data on This Key Metric Before Reaching Out to Their Client Base W e've all heard the old adage "Buyer, beware," a cautionary heads-up to heed before exchanging cash for a commod- ity of any kind—and most especially for big-ticket items like cars, electronics, and (you guessed it) houses. These days, those doling out home loans would be remiss not to note a slightly different (but no less important) twist on that axiom: "Lender, be aware." Prime example: A market's economic class diversity (essentially, how wealth is distributed amongst inhabitants) gives huge clues to its over - all health and, likewise, residents' propensity to purchase property. What's particularly notewor- thy is this, says WalletHub in a recent report: Although wealth disparity has bumped the U.S. back to 1920s economic conditions, uneven in - come distribution isn't all that bad. In fact, it can be pretty good. "The closest we can achieve in terms of an economically healthy society is one with a balanced diversity of people from all socioeconomic back - grounds who can happily coexist," the report said. To pinpoint the places with the healthiest levels of economic class diversity, WalletHub compared 313 of the most populated U.S. cit - ies based on income diversity and educational- attainment diversity. Each metric was assigned a value between 0 and 100 (where 100 represents the most diversity and 0 the least). In the interest of space, we've included the top and bottom five U.S. locales here, but you can access the entire list on WalletHub.com. MOST ECONOMIC CLASS DIVERSITY 1. SILVER SPRING, MARYLAND Nabbing the No. 1 spot is Silver Spring, Maryland, with a total score of 79.34. The fourth most populous city in the Old Line State. Income diversity rank: 10 Educational-attainment diversity rank: 2 2. GAITHERSBURG, MARYLAND Just a 30-minute hop from Silver Spring and also a stone's throw from Washington, D.C., Gaithersburg, Maryland, lays claim to the No. 2 slot, pulling down a robust 79.25. Income diversity rank: 20 Educational-attainment diversity rank: 1 3. ALEXANDRIA, VIRGINIA Continuing the Northeast trend, Alexandria, Virginia, came in at No. 3, securing a score of 78.6. Located on the Potomac River's west bank, the historic colonial city sits six miles from downtown D.C. Income diversity rank: 21 Educational-attainment diversity rank: 8 4. TROY, MICHIGAN Situated in Metro Detroit's northern 'burbs, Troy, Michigan, earned the No. 4 position at 78.24. Troy touts an award-winning school system and has been crowned the safest city in the state and one of the safest in the country. Income diversity rank: 14 Educational-attainment diversity rank: 20 5. NEW ROCHELLE, NEW YORK Nicknamed "The Home Town" for its abundance of single-family abodes, New Rochelle, New York, rounds out our list at 78.06 points. The pictur- esque city is roughly 20 miles from the Big Apple. Income diversity rank: 53 Educational-attainment diversity rank: 9 Economic Class Diversity CLEVELAND, OHIO FLINT, MICHIGAN ALEXANDRIA, VIRGINIA GAITHERSBURG, MARYLAND LEAST ECONOMIC CLASS DIVERSITY 1. YOUNGSTOWN, OHIO Fetching the dubious distinction of least diverse, Youngstown, Ohio, managed a 49.64 score. Once an epicenter of steel production, the Rust Belt City is taking steps to diversify economically but still has its work cut out. Income diversity rank: 313 Educational-attainment diversity rank: 311 2. FLINT, MICHIGAN Maligned for its inferior local water supply and high crime rate, Flint, Michigan, takes it on the chin again with a 54.4 score. Income diversity rank: 310 Educational-attainment diversity rank: 312 3. DETROIT, MICHIGAN Suffering from a stalled auto sector and post- recessionary troubles, Detroit, Michigan, is parked at No. 3 with a score of 56.18. Income diversity rank: 311 Educational-attainment diversity rank: 283 4. CLEVELAND, OHIO Although its economy is split into several sec- tors, that fact alone wasn't enough to garner Cleveland, Ohio, a score higher than 56.77. Income diversity rank: 312 Educational-attainment diversity rank: 242 5. DAYTON, OHIO Nicknamed "Gem City" and also the birth- place of aviation pioneers the Wright brothers, Dayton, Ohio, landed with a not-so-lofty overall score of 56.83. Income diversity rank: 308 Educational-attainment diversity rank: 299 Source: WalletHub's Cities with Most and Least Economic Class Diversity

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