But there's more to Forbes' analysis than just arts and culture. Atlanta, like several Southern cities on the list, have become the primary landing spot for career-driven people of color. The city has also become an incubator for entrepreneurs.
“Entrepreneurship is strong, with some 20% of the metro area’s black working population self-employed, the highest proportion in the nation, and though median black household income is quite a bit lower than in the D.C. area at $48,161, costs are lower too. In-migration has slowed since the financial crisis, but the black population is still up 14.7% since 2010.”
The Forbes article notes that many areas across the country are beginning to make strides economically overall, so African-Americans have been able to ride that "economic tide.' The African-American unemployment rate dropped to 5.5% in September, which was the lowest level since the government labor report was established in 1972, according to a CNBC report.
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To come up with the ranking of where African-Americans are most financially affluent, Forbes evaluated 53 of the largest U.S. metropolitan statistical areas based on three critical indicators of middle-class success: the home ownership rate as of 2016; entrepreneurship, as measured by the self-employment rate in 2017; and 2016 median household income. In addition, the publication added a fourth category, demographic trends, measuring the change in the African-American population from 2010 to 2016 in these metro areas, to judge how the community is “voting with its feet.” Each factor was given equal weight.
Take a look at the magazine’s 2018 list of cities where African-Americans are doing the best economically
8. San Antonio, Texas (tie)
Median household income: $46,754
Home ownership rate: 44.3 percent
8. Houston (tie)
Median household income: $47,588
Home ownership rate: 41.4 percent
6. Charlotte, North Carolina, South Carolina
Median household income: $42,108
Home ownership rate: 41.6 percent
5.Raleigh, North Carolina
Median household income: $49, 433
Home ownership rate: 41.3 percent
Median household income: $53,231
Home ownership rate: 44.6 percent
3. Austin, Texas
Median household income: $49,871
Home ownership rate: 42.5 percent
1. Washington, D.C.-VA-MD-WV (tie)
Median household income: $69,246
Home ownership rate: 48.3 percent
1. Atlanta (tie)
Median household income: $48,161
Home ownership rate: 44.7 percent
Read more about how Forbes came up with the list here.