February 1, 2021
MoneyGeek Lists the Best and Worst Cities For Black Women To Flourish Financially
With Black History Month around the corner, MoneyGeek, a personal finance and analytics website has listed the 15 best and worst for Black women to feel supported and flourish financially.
According to the report, Black women contribute $3.8 billion to the gross domestic product annually and make up 21% of all female-owned businesses. However, Black women still face more barriers than most due to the combined effect of racial and gender bias.
To come up with the lists, MoneyGeek analyzed data on income, the cost of crime, homeownership, and poverty level from 200 cities across the U.S. with populations larger than 65,000 residents. The rankings include analysis of income, poverty rate, homeownership, educational attainment, and health insurance gaps between Black women and the entire population locally and nationally.
The 15 best cities are: Southfield, MI; New Rochelle, NY; Missouri City, TX; Alexandria, VA; Pembroke Pines, FL; Inglewood, CA; Fairfield, CA; Sandy Springs, GA; Rancho Cucamonga, CA; Grand Prairie, TX; Irving, TX; Moreno Valley. CA; Compton, CA; Virginia Beach, VA; and Aurora, IL.
“A livable place for Black women is safe, and for women with children, it is home to schools where all students have access to an excellent education. It would also be diverse, with a visible and thriving Black community, including Black businesses,” Dr. Lori Martin, a professor of African and African American studies and sociology at Louisiana State University told MoneyGeek.
The 15 worst cities for Black women to live in are: Corpus Christi, TX; Miami, FL; Gulfport, MS; Fort Lauderdale, FL; Pompano Beach, FL; Allentown, PA; Boynton Beach, FL; North Little Rock, AR; Kalamazoo, MI; Abilene, TX; Waukegan, IL; Canton, OH; Erie, PA; Des Moines, IA; and Springfield, IL.
The quickest takeaway from both lists is how many cities on both lists are in the same state. Of the 15 best cities five are in California and of the 15 worst, four are in Florida. Additionally, Texas and Florida have at least one city on both lists.
The lack of economic opportunities puts both Black men and women at a disadvantage when it comes to building wealth. A survey by the Federal Deposit Insurance Corporation shows that less than 15% are unbanked versus less than 3% of households. The coronavirus pandemic has also increased the wealth gap between Black and white Americans.