America has experienced multiple waves of rising inflation rates, high unemployment rates, and rumors of recession in recent years. For some individuals, they are now feeling the impact on their personal finances.
WalletHub recently published a study analyzing the financial challenges faced by the 100 largest cities in the U.S. in 2024. One Florida city ranked among the top 10 American towns where residents are facing significant financial challenges.
“Despite significant improvements in conditions, a considerable number of individuals continue to experience financial difficulties,” according to the study. According to WalletHub, a credit account in forbearance or with deferred payments means the account holder can temporarily skip payments due to financial challenges.
The Biggest Financial Stress in the U.S.
WalletHub determined rankings by analyzing factors such as the average credit score of residents, number of bank accounts in distress, bankruptcy filings, and Google searches related to debt and loans.
Chicago, Los Angeles, New York, and Houston are the top four cities with the highest number of financially struggling residents due to their dense populations. However, a Florida city ranked last in the top 10 list. Jacksonville ranked 10th in cities experiencing the highest financial stress. WalletHub has compiled a list of the top 10 U.S. cities with the highest number of financially struggling residents:
- Chicago, Illinois
- Houston, Texas
- New York, New York
- Los Angeles, California
- Dallas, Texas
- Las Vegas, Nevada
- San Antonio, Texas
- Atlanta, Georgia
- Riverside, California
- Jacksonville, Florida
Also Read: These 5 Texas Cities Has the Highest Divorce Rate in Entire State
Is Jacksonville and Florida Expensive for Living?
Based on RentCafe, the cost of living in Jacksonville is 5% below the state average and 7% below the national average… Housing costs 10% less than the U.S average, while utilities are similar to the national average.
In the past year, the average home price in Jacksonville has decreased by nearly 1.5%, now standing at approximately $290,910 as reported by Zillow. Why are Jacksonville residents facing financial difficulties despite the decreasing housing costs? Based on WalletHub’s metrics, it appears that debt and low credit scores are the probable reasons. Jacksonville was among the top 10 cities where residents frequently search for phrases containing the word “debt.”
Where Jacksonville Ranked in Largest Cities?
One possible reason for Jacksonville’s high ranking on this list might be its size. As per the city’s tourism experts, Jacksonville spans over 840 square miles, making it the largest city in the continental U.S. by landmass. In July 2022, the U.S. Census Bureau reported a population count of 971,319 residents in Jacksonville, which is an increase of over 21,000 residents compared to 2020. Jacksonville is ranked as the 10th largest city in the U.S. by population according to World Population Review. The population estimate indicates that Jacksonville has slightly over 1 million residents.
Conclusion
WalletHub’s 2024 study reveals that despite improvements in living conditions, many Americans continue to face financial difficulties. Jacksonville, Florida, ranked 10th in the list of cities experiencing the highest financial stress. Despite being the largest city in the continental U.S. by landmass, Jacksonville’s high ranking may be due to its large population and high debt levels. Despite the decreasing housing costs, Jacksonville remains a significant financial stressor.
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