The 10 Cities In The United States With The Highest Levels Of Financial Stress

Shutterstock insta_photos

Editor’s Note: This article first appeared on SmartAsset.com

Even before the COVID-19 pandemic, the majority of Americans expressed concern and anxiety about their financial situation.

According to researchers from the George Washington University’s Global Financial Literacy Excellence Center and the FINRA Investor Education Foundation, 60% of Americans in 2021 expressed anxiety when thinking about their personal finances, and half said money causes them outright stress.

A person may be financially stressed for a variety of reasons.Unemployment and high housing costs are two obvious factors, but there are a variety of other factors to consider.With this in mind, SmartAsset set out to determine which cities in the United States were the most prosperous.Sin 2021 will be the most financially stressedThis is a report from SmartAssets for the year 2021 on the cities with the most financial stress.Here’s the link to the 2021 version.

We compared data from 86 of the largest U.S. corporations.Scities based on eight criteriaRead the Data and Methodology section at the end for more information on our data sources and how we put everything together to create our final rankings.

The large U comes next.Scities with the highest levels of financial stress

New Orleans, Louisiana

New Orleans

Shutterstock/Sean Pavone

Not only does New Orleans have the highest unemployment rate in our study (12%) in June 2021.The state of Louisiana has the highest rate of food insecurity (13%) (0%).3%)

This metric calculates the percentage of adults in households who did not have enough food at least once in the previous seven days.

In the meantime, 23New Orleans has 2% of the population living in poverty (the fifth highest), and nearly 14% of households spend 50% or more of their income on housing (also the fifth highest).

TX Corpus Christi

Corpus Christi Texas

Shutterstock/Sean Pavone

Corpus Christi, on Texas’ Gulf Coast, has the fifth-worst four-year change in median household income, at just 8 percent.41%

In addition, the city has the 11th highest divorce rate (13).9%) and the 14th-highest unemployment rate (8%) in the country.1%)

It has the 11th highest rate of recent housing insecurity in the country.6% on a state-by-state basis

Houston, Texas (TX)

Houston, Texas

Shutterstock/Sean Pavone

Houston, like Corpus Christi, has a meager four-year change in median household income (9%).The sixth-worst overall (13%)

Houstonians account for nearly one-fifth of the city’s population (19).7% of the population lives in poverty, which is the 13th highest percentage for this metric.

Meanwhile, the city had a 7 percent unemployment rate.In June 2021, the unemployment rate was 4%, which was higher than 75% of the cities in the study.

TX El Paso

El Paso, Texas

Shutterstock/BrianWancho

Located on the U.S. HighwayS-El Paso, Texas, on the border with Mexico, has the fourth-worst change in four-year median income (7 percent).71%)

El Paso has a higher poverty rate than the other 65 cities in the study, with over 18% of the population living in poverty.

There were 7 people unemployed.3% in June 2021 was the 24th highest figure in this study.

Miami, Florida

Miami, Florida

Shutterstock/littleny

Miami has the second-highest percentage of severely housing cost-burdened households (18%).They spend 50% or more of their income on housing (45%).

Florida has the third-highest percentage (9%) in the country.2% of adults have missed a previous month’s rent or mortgage payment, or have little or no confidence that their household will be able to pay the next month’s rent or mortgage on time.

In the meantime, 20Miami has the tenth-highest poverty rate in the study, with 3% of the population living in poverty.

Baltimore, Maryland

Baltimore, Maryland

Shutterstock user sean-pavone

Baltimore Maryland has the 11th highest percentage of people living in poverty (20%).2%) and the 13th highest unemployment rate (8%) in the country.4% across the board in the research

Baltimore also has the 17th-lowest four-year growth rate for median household income, rising only 13 percent over the last four years.61%

Maryland has the 15th highest rate of recent food insecurity in the country (10).5%)

TX, San Antonio

San Antonio at night.

Shutterstock photo f11

For its four-year change in median household incomes, San Antonio, Texas ranks 10th from the bottom of the study (9).99%)

The state of Texas has the highest percentage of people who say they can’t afford to see a doctor (18%).8%) and the 11th-highest rate of recent housing insecurity (7%) in the country.6%)

San Antonio has the 29th highest poverty rate in this study, with just under 17% of the population living in poverty.

Dallas, Texas

Shutterstock/Aneese

The 18th-highest percentage of severely housing cost-burdened households (11%) is found in Dallas, the fifth and final Texas city in the top ten.28%)

In the meantime, 11In Texas, 4% of adults live in households where there was not enough food to eat in the previous week.

Cleveland is a city in Ohio.

Cleveland

Shutterstock/Henryk Sadura

Cleveland, Ohio, is located on the shores of Lake Erie and has a higher percentage of residents living in poverty (30%).8%) than any other city in our research

Cleveland has the 11th highest divorce rate in the country (13).9%) and the 13th-lowest change in median household income over four years (11%)18%)

Housing cost-burdened households account for 11 percent of all households.26% of all Cleveland households

Albuquerque, New Mexico

Albuquerque, New Mexico

Shutterstock BrigitteT

Albuquerque, New Mexico’s largest city, has the third-highest divorce rate in our study (14).9%)

Albuquerque’s unemployment rate was 7% in June 2021.9% is the 16th highest out of 86 cities.

New Mexico has the tenth-highest rate of recent housing insecurity in the country (8).4%)

Methodology and Data

Man analyzing data on a laptop

Shutterstock fizkes

We compared data for 86 of the largest U.S. cities to find the ones with the most financial stress.Scities based on the eight metrics listed below

  • The data comes from the Bureau of Labor Statistics and is for the month of June 2021.The information is presented on a county-by-county basis.
  • Number of people living in poverty as a percentage of the total populationThe data comes from the 2021 American Community Survey, which is a one-year survey conducted by the Census Bureau.
  • Households with a high housing cost burden as a percentageThis is the percentage of families who spent 50% or more of their income on housing.The Census Bureau provided the information.
  • In recent years, there has been an increase in housing insecurity.This is the percentage of adults who have missed a rent or mortgage payment in the previous month, or who have little or no confidence that their household will be able to pay the next month’s rent or mortgage on time.The Census Bureau collected the data in July and August of 2021.Data is reported on a state-by-state basis.
  • In recent years, there has been a scarcity of food.This is the percentage of adults in households who did not have enough food at least once in the previous seven days.The Census Bureau collected the data in July and August of 2021.Data is reported on a state-by-state basis.
  • The percentage of people who say they don’t go to the doctor because it’s too expensive.The information is from the Kaiser Family Foundation and is for the year 2021.Data is reported on a state-by-state basis.
  • Change in median household income over four yearsThe data comes from the 1-year American Community Surveys conducted by the Census Bureau in 2015 and 2021.
  • The divorce rate is high.The data comes from the 2021 American Community Survey, which is a one-year survey conducted by the Census Bureau.

To begin, we ranked each city according to each metric.Then we calculated the average ranking for each city, giving equal weight to each metric except unemployment, which received a two-fold weighting.

Our final score was calculated using this average ranking.The city with the highest average was given a score of 100, while the city with the lowest average was given a zero.

The information you’ll find on this site is always objective.However, we may be compensated if you click on links within our stories.

Latest news
Related news
© 2021 All Rights Reserved | Free Download Theme Nulled in TaiNguyenWordPress