visimoney
TLDR:
- Four Arizona cities rank among the least financially distressed in the US.
- Major economic hubs like NYC, Chicago, and Houston are the most financially distressed cities.
A recent study by WalletHub analyzed the financial stress levels of the 100 largest US cities, highlighting the financial stability of Arizona cities compared to major economic hubs like New York, Chicago, and Houston. The study considered various data points, including credit scores, debt accounts in distress, and bankruptcy filings to calculate a “financial distress” score for each city. Arizona cities, including Scottsdale, Gilbert, Chandler, and Glendale, emerged as some of the least financially stressed, with Scottsdale ranking second overall. On the contrary, cities like Chicago, Houston, and New York faced significant financial distress issues, with Chicago being the most distressed city. These findings shed light on the economic challenges faced by residents in different metropolitan areas and the impact of factors like living costs, unemployment, and high levels of debt on financial distress levels.
The study also pointed out the proactive steps taken by Arizona cities to address financial hardships, such as eliminating city tax on rental properties in Scottsdale and offering incentives for small businesses in Gilbert. WalletHub analyst Cassandra Happe suggested promoting debt management and better budgeting practices as ways to alleviate financial distress. These findings serve as a reminder for cities looking to improve the financial conditions of their residents to adopt similar measures and policies.
