June 29, 2016

50 Worst Cities to Live In

By Thomas C. Frohlich and Samuel Stebbins
24wallst.com


50. Bellingham, Washington
> Population: 83,363
> Median home value: $303,900
> Poverty rate: 21.4%
> Pct. with at least a bachelor’s degree: 43.7%

Based on a range of economic and social factors and outcomes, Bellingham, Washington is among the 50 worst cities to live in. A typical home in the city is valued at more than $300,000, considerably higher than the national median home value of $181,200. While this suggests some level of prosperity among residents, compared to area income levels, area housing is not particularly affordable. The median home value is 7.3 times greater than the median income, making Bellingham one of the least affordable cities in the country.

The city’s population is relatively well educated — 43.7% of adults have at least a bachelor’s degree, compared to a national share of 30.1%. While greater educational attainment typically leads to higher incomes, Bellingham also has a higher than average poverty rate. In Bellingham, 21.4% of residents live in poverty, far more than the national 15.5% poverty rate.

49. Palo Alto, California
> Population: 66,968
> Median home value: 1,000,000+
> Poverty rate: 4.3%
> Pct. with at least a bachelor’s degree: 80.4%

Compared to the average American, Palo Alto residents are exceptionally affluent. The typical area household earns $151,370 a year, nearly three times the corresponding national figure. Additionally, only 4.3% of people live in poverty, one of the smallest such shares of any U.S. city. With such high incomes, it is perhaps not surprising that more than four in every five adults in the city have earned a bachelor’s degree, the highest proportion of all cities and over two and a half times the national bachelor’s attainment rate.

Incomes among Palo Alto households, while high, are likely inadequate for many to afford buying property. The median home value in Palo Alto is at least $1 million, 6.6 times greater than the area’s median household income, nearly double the comparable ratio for the nation.

48. Chico, California
> Population: 89,187
> Median home value: $275,600
> Poverty rate: 24.7%
> Pct. with at least a bachelor’s degree: 38.7%

Nearly 40% of adults in Chico have at least a bachelor’s degree, well above the national attainment rate. The high level of qualification among city residents, however, has not translated to high income. Chico’s median household income of $40,815 a year is well below the median income nationwide, and the area’s roughly 25% poverty rate is one of the highest in the country. Not only are area incomes relatively low, but also housing is relatively more expensive. The typical area home is valued at $275,600, well above the median home value nationwide and is 6.8 times the annual income level in the area. Across the nation, the typical home value is equal to 3.4 times the median income.

47. Boston, Massachusetts
> Population: 656,051
> Median home value: $413,500
> Poverty rate: 22.6%
> Pct. with at least a bachelor’s degree: 46.5%

While not nearly as large as New York City or Los Angeles, Boston is one of the nation’s largest cities. With some of the world’s largest research institutions and universities, which attract top talent from around the world, the city’s population is also very well educated. Close to half of Boston adults have at least a bachelor’s degree, one of the highest college attainment rates of any U.S. city. Despite the high level of education, incomes in Boston are relatively low, especially when the cost of living — including housing — is taken into account. The area’s median household income of $56,902 a year is only slightly higher than the national median income. Housing, however, is much more expensive. So while the typical home value nationwide is equal to 3.4 times the median income nationwide, housing costs in Boston are 7.3 times the area’s median income — one of the least affordable housing markets in the country.

Many of those working in the city’s high paying jobs likely live in Boston’s more prosperous, surrounding suburban areas such as Brookline and Cambridge.

46. Washington D.C.
> Population: 658,893
> Median home value: $486,900
> Poverty rate: 17.7%
> Pct. with at least a bachelor’s degree: 55.0%

The nation’s capital is home to some of the nation’s highest paying jobs — not just in government, but also in large defense companies such as Lockheed Martin and General Dynamics, which thrive on lucrative government contracts. Privately owned food manufacturer Mars is also based in the region. For every 100,000 Washington D.C. residents there are about five universities, and the city’s population is very well educated. More than half of adults have at least a bachelor’s degree. The prosperity is not well distributed, however, and living in D.C. is no guarantee of a high standard of living. The typical home is valued at $486,900, one of the highest median home values of any city in the country. With a poverty rate of 17.7% — higher than the national rate — some in the city struggle to afford housing. Many residents may also lack the peace of mind more common in safer areas. D.C.’s annual violent crime rate of 1,185 incidents per 100,000 people is one of the highest in the nation.

45. Davis, California
> Population: 66,733
> Median home value: $527,000
> Poverty rate: 28.5%
> Pct. with at least a bachelor’s degree: 72.2%

In Davis, California, 72.2% of area adults have at least a bachelor’s degree, more than double the nationwide college attainment rate. The city is home to UC Davis, one of the largest universities in California’s public school system, which may explain the area’s high college attainment rate. High educational attainment rates typically accompany low poverty rates. In Davis, however, 28.5% of the population lives below the poverty line, nearly double the nationwide poverty rate. For many residents, owning property in the city may be too expensive. The median home value in Davis of $527,000 is more than $100,000 greater than the value of a typical California home and close to 10 times the city’s median household income. This means housing in the area is about three times less affordable than it is across the nation.

44. New York, New York
> Population: 8,491,079
> Median home value: $496,200
> Poverty rate: 20.9%
> Pct. with at least a bachelor’s degree: 35.9%

New York City is home to some of the wealthiest and most financially successful people in the world. It is also home to some of the poorest. More than one in every five people live in poverty in New York City, which also happens to be one of the most expensive cities in the country to live. A recent report from left-leaning non-profit think tank Economic Policy Institute identified the New York metro area as one of the most unequal U.S. cities. The average income among the top 1% of earners is approximately $2.2 million a year, dwarfing the average of $54,895 for the remaining 99% of New York City workers. Like most of the worst cities to live in, sky-high housing prices make New York City one of the least affordable in the country. The typical home value is nearly 10 times the median household income. Nationwide, a typical home costs 3.4 times the national median income, by contrast. Virtually all living costs — housing, groceries, utilities, transportation, etc. — are more expensive in NYC than across the country.

43. Newark, New Jersey
> Population: 280,577
> Median home value: $216,200
> Poverty rate: 28.2%
> Pct. with at least a bachelor’s degree: 13.7%

New York is the most populous, economically robust metropolitan area in the country. Not all parts of the metro area are especially great places to live. Located roughly 15 miles from midtown Manhattan, goods and services are pricey in Newark. As a whole, the cost of living in Newark is 21.6% higher than it is across the country as a whole. Housing is particularly expensive, costing about 50% more than housing costs nationwide. Not only does a dollar not go as far in the New Jersey city, the median household income in Newark is about $17,700 lower than the national median income.

Newark is not particularly affordable, nor is it especially safe. There are 1,078 violent crimes a year in Newark for every 100,000 residents, far more than the national violent crime rate of 366 incidents per 100,000 people.

42. San Francisco, California
> Population: 852,469
> Median home value: $846,800
> Poverty rate: 12.0%
> Pct. with at least a bachelor’s degree: 54.2%

San Francisco has some of the most expensive properties in the country. A typical home in the city is worth $846,800, more than double the value of a typical California home and more than three times the cost of a typical American home. Housing costs are likely driven up by rapid population growth. In the last 10 years, the San Francisco population has expanded 18.6%.

Higher incomes in the area are not enough to compensate for the higher costs. The typical San Francisco household earns $85,070 a year, far more than most American households. However, goods and services cost over 60% more in San Francisco than they do across the nation as a whole, the highest cost of living of any U.S. city. In addition, a typical area home costs 10 times more than what a typical area household earns each year.


41. Santa Barbara, California
> Population: 91,208
> Median home value: $883,600
> Poverty rate: 15.8%
> Pct. with at least a bachelor’s degree: 46.9%

Located along the Pacific Coast in Southern California, for some residents Santa Barbara might be considered a paradise. Also, a number of the city’s economic and social measures are better than national averages. For example, 46.9% of area adults have at least a bachelor’s degree, a far greater share than the 30.1% of American adults with similar educational attainment. With more college educated adults, incomes are also higher than average in Santa Barbara. The area’s median household income of $62,340 a year is higher than both the state and national figures.

However, the median home value in the city of $883,600 is more than double the value of a typical California home and 14.2 times the city’s median household income. As a result, Santa Barbara’s housing market is the least affordable in the United States.

40. Oakland, California
> Population: 413,782
> Median home value: $499,400
> Poverty rate: 20.1%
> Pct. with at least a bachelor’s degree: 39.3%

The typical Oakland household earns $56,188 a year, slightly more than the $53,657 the typical American household earns. However, the benefits that come with higher incomes are largely offset by a high cost of living. The cost of goods and services in Oakland is 27.4% higher than it is across the country on average. The area’s higher cost of living only increases the economic woes of the most vulnerable city residents. Slightly more than 20% of Oakland residents live below the poverty line, a considerably higher share than the 15.5% national poverty rate.

As in many cities with higher than average poverty, crime is a major problem in Oakland. There are 1,685 violent crimes a year in the city for every 100,000 residents, one of the highest violent crime rates of any U.S. city.

39. Toledo, Ohio
> Population: 281,014
> Median home value: $80,700
> Poverty rate: 26.8%
> Pct. with at least a bachelor’s degree: 20.1%

Individual prosperity is relatively uncommon in Toledo. More than one in four city residents live in poverty, one of the highest poverty rates of any U.S. city. On top of its economic woes, Toledo is also a relatively dangerous place to live. There are 1,091 violent crimes a year for every 100,000 city residents, roughly three times the national violent crime rate of 366 incidents per 100,000 people. The city’s population has shrunk by 11.1% over the last five years, yet another indication of economic and social problems.

One positive aspect of living in Toledo is the city’s relatively low cost of living. Area residents pay roughly 9% less for goods and services than the typical American.

38. Cincinnati, Ohio
> Population: 298,162
> Median home value: $116,200
> Poverty rate: 30.0%
> Pct. with at least a bachelor’s degree: 34.6%

Educational attainment is considerably higher in Cincinnati than it is across the country as a whole. Nearly 35% of area adults have at least a bachelor’s degree compared to only 30% of American adults. While higher educational attainment typically leads to higher incomes, incomes in Cincinnati are strikingly low. The typical city household earns only $32,688 a year, roughly $21,000 less than the typical American household.

Cincinnati’s birth rate has slowed, and people have left the city in droves. The Ohio city’s population dropped by 10.5% in the last five years.

37. Tucson, Arizona
> Population: 527,948
> Median home value: $126,500
> Poverty rate: 25.3%
> Pct. with at least a bachelor’s degree: 25.6%

For desert lovers, outdoor adventurers, and natural art enthusiasts, Tucson may be an ideal city. Looking at economic and social measures, however, Tucson’s population is worse off than those in most American cities. More than 25% of the population lives in poverty, for example, well above the national poverty rate of 15.5%.

Property crimes, such as auto theft and burglary, are relatively common in Tucson. The city’s property crime rate of 6,582 reported incidents per 100,000 people is more than double the national property crime rate and higher than in all but five other U.S. cities.

36. Peoria, Illinois
> Population: 117,288
> Median home value: $124,300
> Poverty rate: 21.3%
> Pct. with at least a bachelor’s degree: 37.0%

Like a number of the worst cities to live in, Peoria’s workforce once relied heavily on manufacturing. As early as 1990, 37,000 area workers were employed in the industry. As of April 2016, the industry employee count was 23,700. Despite its decline, the city still relies on the industry for employment. The sector still employs 13.9% of the workforce, a higher proportion than the national share of 10.3%. Like other cities with relatively large manufacturing industries, Peoria’s economy is struggling. The unemployment rate peaked at 13.7% in July 2009. Still at 7.4% as of this past April, the city’s job market has not completely recovered.

35. Lorain, Ohio
> Population: 63,774
> Median home value: $84,600
> Poverty rate: 25.6%
> Pct. with at least a bachelor’s degree: 12.1%

High paying jobs typically require some post secondary education. In Lorain, Ohio, only 12.1% of adults have a bachelor’s degree, a considerably smaller share than the national 30.1% college attainment rate. Perhaps not surprisingly, Lorain residents earn far less than most Americans. The typical area household makes just $36,266 annually, roughly $17,400 less than the typical American household. In addition, more than one-quarter of Lorain residents live below the poverty line, a much larger share than the 15.5% national poverty rate.

Like many other cities that have been struggling economically, Lorain’s population has dwindled, falling 9.2% in the last five years.

34. Racine, Wisconsin
> Population: 78,054
> Median home value: $104,400
> Poverty rate: 21.3%
> Pct. with at least a bachelor’s degree: 18.8%

Racine lags behind Wisconsin in several key social and economic measures. More than one in five area residents live in poverty, a much higher poverty rate that Wisconsin’s 13.2% rate. Additionally, the city’s median household income of $40,378 a year is about $12,000 less than the state’s annual median household income, and about $13,000 less than a typical American household income. Adding to the difficulty of living in the city is Racine’s relatively high crime rate. Violent crimes such as rape and assault, as well as property crimes, including burglary and motor vehicle theft, are more common in Racine than they are across the state and the country as a whole.

Many Racine residents also pay more in taxes than most Americans. The typical homeowner in the city pays 2.9% of their total home value in taxes each year, more than double the rate the typical American pays.


33. Akron, Ohio
> Population: 197,846
> Median home value: $80,300
> Poverty rate: 22.7%
> Pct. with at least a bachelor’s degree: 19.8%

The typical Akron household earns $34,781 a year, nearly $19,000 less than the typical American household. Property values in the city are also far lower than average. The typical Akron home is worth $80,300, less than the $129,100 value of a typical Ohio home and far less than the $181,200 value of a typical American home. Akron is also relatively dangerous. Violent crime is more than twice as common in the city as it is across the state as a whole.

Despite certain shortcomings, Akron has plenty of venues for socializing. There are 61 bars for every 100,000 city residents, more than triple the number of bars per capita nationwide. In addition, there are about 306 restaurants and cafes for every 100,000 people, far more than than the concentration nationwide of 238 such establishments per 100,000 people.

32. South Bend, Indiana
> Population: 103,019
> Median home value: $79,100
> Poverty rate: 26.5%
> Pct. with at least a bachelor’s degree: 24.6%

Once home to a vibrant car manufacturing industry, specifically home to Studebaker’s headquarters and manufacturing, South Bend is now among America’s old, economically depressed industrial towns. South Bend’s manufacturing industry still employs 17.0% of the city’s workforce, in contrast with the national share of 10.3% employed in the industry. But like many other cities with large manufacturing sectors, the city is not wealthy. More than one-quarter of South Bend residents live in poverty, one of the highest rates of any city. The typical home in the area is worth $79,100, less than half the national median of $181,200.

The city is recovering relatively rapidly, however. Employment rose by 7% over the past several years, considerably faster than the national employment growth rate of 4.1%.

31. Kansas City, Missouri
> Population: 470,816
> Median home value: $132,300
> Poverty rate: 17.8%
> Pct. with at least a bachelor’s degree: 31.7%

While higher educational attainment often accompanies higher incomes and lower crime rates in many U.S. cities, Kansas City is an exception. Nearly 32% of adults in Kansas City have a bachelor’s degree, a slightly higher share than the national 30% college attainment rate. Despite a more educated population, the typical Kansas City household earns only $44,173 a year, roughly $9,500 less than the typical American household. However, lower incomes are offset by a lower cost of living. Goods and services are about 5% cheaper in Kansas City than they are on average across the United States.

Crime is a major detriment to quality of life in Kansas City. There are 1,251 violent crimes a year for every 100,000 people in the area, a higher violent crime rate than those in only a couple dozen other U.S. cities.

30. Knoxville, Tennessee
> Population: 184,292
> Median home value: $119,500
> Poverty rate: 31.2%
> Pct. with at least a bachelor’s degree: 28.8%

Knoxville is a city full of social amenities. There are about 406 restaurants, cafes, and eateries for every 100,000 people, far more than the national rate of 238 such establishments per 100,000 Americans. In addition, the city has far more museums, movie theatres, and fitness and recreation centers per capita than the nationwide average concentration. However, such entertainment and cultural venues may be too costly to enjoy for many Knoxville residents’ budgets. The typical area household earns only $31,048 a year, about $22,600 less than the typical American household. In addition, the city’s 31.2% poverty rate is more than double the national poverty rate.

Knoxville residents also have to worry about property crime such as burglary and arson more often than the typical American. There are 6,524 property crimes a year for every 100,000 city residents, more than double both the statewide and national property crime rates.

29. Springfield, Illinois
> Population: 116,649
> Median home value: $117,700
> Poverty rate: 20.4%
> Pct. with at least a bachelor’s degree: 34.5%

Cities with a more educated population typically have higher incomes and a lower violent crime rate. However, this is not the case in Springfield, Illinois. In Springfield, 34.5% of adults have a bachelor’s degree, a larger share than the 30.1% of American adults. Despite the larger share of educated residents, the typical area household earns only $48,896 a year, less than the $53,657 the typical American household earns. In addition, more than a fifth of the city’s population lives below the poverty line, a larger share than the 15.5% national poverty rate.

Violent crime is also far more common in Springfield than it is across the United States. There are 1,065 violent crimes in the city for every 100,000 residents, nearly three times the national violent crime rate.

28. Lansing, Michigan
> Population: 113,659
> Median home value: $75,700
> Poverty rate: 26.2%
> Pct. with at least a bachelor’s degree: 27.3%

The median household income in Lansing is nearly the lowest in the country. The typical area household earns only $36,567 a year, far less than the $53,657 the typical American household earns. With lower-than-average incomes, the city also has a high poverty rate. More than one quarter of area residents live below the poverty line, well above the 15.5% national poverty rate.

While the U.S. population has grown by 10.6% in the last decade, Lansing’s population has actually declined by 5.0%. A likely consequence of a shrinking population is declining property values. The median home value in Lansing is only $75,700, less than half the $181,200 the typical American home is worth.

27. Lawrence, Massachusetts
> Population: 78,192
> Median home value: $221,900
> Poverty rate: 26.9%
> Pct. with at least a bachelor’s degree: 12.6%

Lawrence’s economy is dominated by industries that tend to pay low wages — industries such as manufacturing, social assistance, and retail trade. As a result, the city’s median household income is only $38,186 a year, far less than the $53,657 median income nationwide and even further from the $69,160 statewide median income. A high cost of living further exacerbates residents’ financial challenges. Located in the Boston metro area, goods and services are roughly 25% costlier in Lawrence than they are on average across the country.

Lawrence also has a problem with violent crime. While the city’s property crime rate is roughly in line with the national rate, the violent crime rate is far higher. There are 1,094 violent crimes in Lawrence for every 100,000 residents, far more than the national violent crime rate of 366 reported incidents per 100,000 people.

26. Baltimore, Maryland
> Population: 622,793
> Median home value: $150,800
> Poverty rate: 23.6%
> Pct. with at least a bachelor’s degree: 30.0%

Baltimore residents struggle with several negative economic and social conditions. While the cost of living is close to 12% higher in Baltimore than it is on average across the country, incomes are not high enough to offset the higher cost of living. In fact, a typical household in the city earns only $42,665 a year, roughly $11,000 less than the national median income. Baltimore has a higher than average poverty rate of 23.6%, more than double the corresponding statewide rate.

A high violent crime rate also significantly detracts from quality of life in Baltimore. There are 1,339 violent crimes for every 100,000 residents a year, more than three times the national violent crime rate.

Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months