Best Value Cities 2011:9. Cedar Rapids, Iowa
From grains to planes, a diverse economy attracts a high-tech workforce.
Cedar Rapids has soared from a sleepy (and sometimes stinky) grain-processing town to a midwestern hub for the high-tech, health care and financial sectors. The city caps one end of the Cedar Rapids/Iowa City Tech Corridor, home to nearly 30 Fortune 500 companies and more than a dozen foreign corporations. Local business is solid, with enzyme manufacturer Genencor wrapping up a $39 million expansion this year and proposing another. Cedar Rapids’ largest employer, aircraft systems designer Rockwell Collins, is adding 400 local jobs to its payroll. “We’re constantly hiring the best and the brightest engineers,” says Stephen Schulz, director of talent acquisition for Rockwell Collins. “We need those types of people as much as Silicon Valley or Seattle does.”
VIDEO: Take a virtual walking tour of Cedar Rapids.
In 2008, the Cedar River spilled over its banks, sweeping through downtown and submerging offices and restaurants. It left a ghost town in its wake. Today, money is pouring into the city center. Cedar Rapids recently broke ground on a $100 million convention complex and is planning a $50 million library, both slated for completion in 2013. Rockwell Collins relocated 400 employees to a downtown office, an investment in the area’s future. “There’s growth coming back to downtown,” says Chris Burhans, who runs a classic downtown eatery, Gringo’s Mexican Restaurant. “People want to support local businesses.”
Why It's Affordable
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
While Cedar Rapids recovers from the flood, it has weathered another disaster, the housing bubble, quite well. The average home costs $155,000, just $2,000 less than in 2007. That price can land you a four-bedroom, one-and-a-half bath residence with a large backyard in a nice neighborhood. For $500,000, you can come home to a countryside mansion, with seven bedrooms, three fireplaces, hardwood floors and an exercise studio. And property taxes are notably cheap. Homeowners pay taxes on about half of their home’s value due to state-mandated rollbacks.
Why It's Fun
With the University of Iowa nearby, Cedar Rapids residents have access to Big Ten sports and college nightlife. Locally, they enjoy an opera company, a symphony orchestra and a minor-league baseball team named the Kernels, in reference to the city’s agricultural roots. The city is crisscrossed with bike trails and rich with parks -- about 4,000 acres altogether. With four public golf courses, residents can play an 18-hole weekend evening round for less than $20.
SLIDE SHOW: See the Top 10 Best Value Cities
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Visa Is the Worst Dow Stock Wednesday. Here's Why
Visa stock is down sharply Wednesday after the credit card company came up short of revenue expectations for its fiscal Q3.
By Joey Solitro Published
-
Another Analyst Moves to the Sidelines on Tesla Stock After Earnings
Tesla stock is spiraling Wednesday after the EV maker's big earnings miss and Wall Street has been quick to weigh in. Here's what you need to know.
By Joey Solitro Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
Best Foreclosure Listing Sites for Finding Properties
Making Your Money Last Wondering how to find foreclosed homes for sale for your next residence or to flip for a profit? These websites will guide you to foreclosures and real estate-owned properties to buy.
By Bob Niedt Last updated
-
Luxury Home Prices Rise as the Rich Dodge High Mortgage Rates
Luxury home prices rose 9% to the highest third-quarter level on record, Redfin reports, growing nearly three times faster than non-luxury prices.
By Kathryn Pomroy Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
When Is Amazon Prime Day?
Amazon Prime Amazon Prime Day 2024 runs Tuesday July 16 and Wednesday July 17, marking the 10th Prime Day event.
By Bob Niedt Last updated