When considering where Black women will have financial success and do the best economically, there are some crucial factors to consider: local income levels, poverty rates, crime and potential for homeownership, to name a few.
MoneyGeek used that criteria to narrow down the best cities for Black women, examining data from 200 cities with total populations ranging from 30,000 to 1,000,000. The result? A list that reveals where Black women may feel more economically empowered and are better able to take meaningful steps towards financial independence — from the waterfront suburb of New Rochelle, New York, where Black women are earning 24% above the median wage of $37,402, to Missouri City, Texas, where 98% of Black women live above the poverty level.
Cities were scored in each category and were combined to determine a ranking for each area. High scores are good indicators that it is a city where Black women tend to prosper more. Some places scored much higher in some areas, such as higher income in big cities, but ranked low in the cost of crime.
Black Women’s Equal Pay Day this year is Aug. 3, 2021, and according to Equal Pay Today, it marks “the approximate day a Black woman must work into the new year to make what a white, non-Hispanic man made at the end of the previous year.” Equal Pay Day is different in cities across the country.
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25. Miramar, Florida
- Final MoneyGeek Score: 70.3
- Black Population: 66,435
- Median Adjusted Income for Black Women: $32,282
- Cost of Crime per Capita: $563
- Percentage of Black Women Above Poverty Level: 92%
- Local Black Women’s Equal Pay Day: 5/23/2021
24. Chesapeake, Virginia
- Final MoneyGeek Score: 70.7
- Black Population: 73,569
- Median Adjusted Income for Black Women: $39,438
- Cost of Crime per Capita: $1,021
- Percentage of Black Women Above Poverty Level: 88%
- Local Black Women’s Equal Pay Day: 8/17/2021
23. Riverside, California
- Final MoneyGeek Score: 70.8
- Black Population: 17,525
- Median Adjusted Income for Black Women: $51,879
- Cost of Crime per Capita: $1,304
- Percentage of Black Women Above Poverty Level: 92%
- Local Black Women’s Equal Pay Day: Equal or better
22. Elk Grove, California
- Final MoneyGeek Score: 70.8
- Black Population: 16,212
- Median Adjusted Income for Black Women: $49,482
- Cost of Crime per Capita: $327
- Percentage of Black Women Above Poverty Level: 86%
- Local Black Women’s Equal Pay Day: 7/20/2021
21. Norwalk, Connecticut
- Final MoneyGeek Score: 71.3
- Black Population: 15,040
- Median Adjusted Income for Black Women: $41,902
- Cost of Crime per Capita: $440
- Percentage of Black Women Above Poverty Level: 85%
- Local Black Women’s Equal Pay Day: 11/14/2021
20. Tyler, Texas
- Final MoneyGeek Score: 71.3
- Black Population: 26,827
- Median Adjusted Income for Black Women: $34,010
- Cost of Crime per Capita: $691
- Percentage of Black Women Above Poverty Level: 83%
- Local Black Women’s Equal Pay Day: 8/10/2021
19. Hawthorne, California
- Final MoneyGeek Score: 72.3
- Black Population: 18,505
- Median Adjusted Income for Black Women: $40,371
- Cost of Crime per Capita: $1,288
- Percentage of Black Women Above Poverty Level: 93%
- Local Black Women’s Equal Pay Day: 4/2/2021
18. Springfield, Massachusetts
- Final MoneyGeek Score: 72.8
- Black Population: 29,399
- Median Adjusted Income for Black Women: $40,855
- Cost of Crime per Capita: $2,558
- Percentage of Black Women Above Poverty Level: 81%
- Local Black Women’s Equal Pay Day: 6/22/2021
17. Palmdale, California
- Final MoneyGeek Score: 73.2
- Black Population: 24,708
- Median Adjusted Income for Black Women: $33,442
- Cost of Crime per Capita: $1,113
- Percentage of Black Women Above Poverty Level: 86%
- Local Black Women’s Equal Pay Day: 7/6/2021
16. Hampton, Virginia
- Final MoneyGeek Score: 73.2
- Black Population: 67,315
- Median Adjusted Income for Black Women: $39,697
- Cost of Crime per Capita: $1,682
- Percentage of Black Women Above Poverty Level: 85%
- Local Black Women’s Equal Pay Day: 6/28/2021
15. Aurora, Illinois
- Final MoneyGeek Score: 77.7
- Black Population: 21,403
- Median Adjusted Income for Black Women: $40,493
- Cost of Crime per Capita: $1,020
- Percentage of Black Women Above Poverty Level: 92%
- Local Black Women’s Equal Pay Day: 8/16/2021
14. Virginia Beach, Virginia
- Final MoneyGeek Score: 77.7
- Black Population: 85,176
- Median Adjusted Income for Black Women: $40,522
- Cost of Crime per Capita: $946
- Percentage of Black Women Above Poverty Level: 91%
- Local Black Women’s Equal Pay Day: 7/24/2021
13. Compton, California
- Final MoneyGeek Score: 78.2
- Black Population: 21,659
- Median Adjusted Income for Black Women: $46,691
- Cost of Crime per Capita: $3,298
- Percentage of Black Women Above Poverty Level: 88%
- Local Black Women’s Equal Pay Day: 1/30/2021
12. Moreno Valley, California
- Final MoneyGeek Score: 79.4
- Black Population: 40,111
- Median Adjusted Income for Black Women: $46,699
- Cost of Crime per Capita: $1,329
- Percentage of Black Women Above Poverty Level: 81%
- Local Black Women’s Equal Pay Day: 1/21/2021
11. Irving, Texas
- Final MoneyGeek Score: 80.8
- Black Population: 33,906
- Median Adjusted Income for Black Women: $41,484
- Cost of Crime per Capita: $612
- Percentage of Black Women Above Poverty Level: 85%
- Local Black Women’s Equal Pay Day: 3/7/2021
10. Grand Prairie, Texas
- Final MoneyGeek Score: 80.8
- Black Population: 40,009
- Median Adjusted Income for Black Women: $43,383
- Cost of Crime per Capita: $642
- Percentage of Black Women Above Poverty Level: 96%
- Local Black Women’s Equal Pay Day: 4/27/2021
9. Rancho Cucamonga, California
- Final MoneyGeek Score: 82.2
- Black Population: 14,331
- Median Adjusted Income for Black Women: $61,193
- Cost of Crime per Capita: $680
- Percentage of Black Women Above Poverty Level: 87%
- Local Black Women’s Equal Pay Day: 3/4/2021
8. Sandy Springs, Georgia
- Final MoneyGeek Score: 82.4
- Black Population: 24,523
- Median Adjusted Income for Black Women: $47,552
- Cost of Crime per Capita: $342
- Percentage of Black Women Above Poverty Level: 95%
- Local Black Women’s Equal Pay Day: 12/31/2021
7. Fairfield, California
- Final MoneyGeek Score: 85.2
- Black Population: 16,993
- Median Adjusted Income for Black Women: $43,394
- Cost of Crime per Capita: $1,063
- Percentage of Black Women Above Poverty Level: 88%
- Local Black Women’s Equal Pay Day: 3/18/2021
6. Inglewood, California
- Final MoneyGeek Score: 85.4
- Black Population: 43,590
- Median Adjusted Income for Black Women: $45,883
- Cost of Crime per Capita: $939
- Percentage of Black Women Above Poverty Level: 85%
- Local Black Women’s Equal Pay Day: 2/6/2021
5. Pembroke Pines, Florida
- Final MoneyGeek Score: 85.6
- Black Population: 40,152
- Median Adjusted Income for Black Women: $41,490
- Cost of Crime per Capita: $775
- Percentage of Black Women Above Poverty Level: 88%
- Local Black Women’s Equal Pay Day: 1/10/2021
4. Alexandria, Virginia
- Final MoneyGeek Score: 86.6
- Black Population: 33,266
- Median Adjusted Income for Black Women: $55,713
- Cost of Crime per Capita: $422
- Percentage of Black Women Above Poverty Level: 92%
- Local Black Women’s Equal Pay Day: 6/26/2021
3. Missouri City, Texas
- Final MoneyGeek Score: 90.6
- Black Population: 31,765
- Median Adjusted Income for Black Women: $46,594
- Cost of Crime per Capita: $373
- Percentage of Black Women Above Poverty Level: 98%
- Local Black Women’s Equal Pay Day: 6/25/2021
2. New Rochelle, New York
- Final MoneyGeek Score: 97.4
- Black Population: 13,510
- Median Adjusted Income for Black Women: $58,563
- Cost of Crime per Capita: $187
- Percentage of Black Women Above Poverty Level: 82%
- Local Black Women’s Equal Pay Day: 3/28/2021
1. Southfield, Michigan
- Final MoneyGeek Score: 100.0
- Black Population: 45,167
- Median Adjusted Income for Black Women: $52,601
- Cost of Crime per Capita: $643
- Percentage of Black Women Above Poverty Level: 89%
- Local Black Women’s Equal Pay Day: 3/31/2021
Erin Perkins is a longtime writer and editor who lives in charming North Carolina. She loves simplifying complex issues into easy-to-read stories that empower readers.
Sources
- The Status of Women in the United States. “The Status of Black Women in the United States.” Accessed January 12, 2021.
- Anna Gifty Opoku-Agyeman. “Black women best: Why putting Black women first may save us from economic disaster.” Accessed January 15, 2020.
- Brentin Mock. “What ‘Livability’ Looks Like for Black Women.” Accessed January 12, 2021.
- Center for American Progress. “Ensuring an Economy That Works for Black Women.” Accessed January 21, 2021.
- National Partnership for Women and Families. “Black Women and the Wage Gap.” Accessed January 22, 2021.
- Catalyst. “Buying Power: Quick Take.” Accessed January 22, 2021.
- U.S. Bureau of Labor Statistics. “Labor Force Statistics from the Current Population Survey.” Accessed January 20, 2021.
- AAUW. “Black Women and the Pay Gap.” Accessed January 22, 2021.
- Equal Pay Day. “Black Women’s Equal Pay Day.” Accessed January 21, 2021.
- SCORE. “State of African-American Business.” Accessed January 18, 2021.
This article originally appeared on MoneyGeek.com and was syndicated by MediaFeed.org.
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50 things you probably don’t know about Americans’ finances
Americans were already struggling with their personal finances, and then COVID-19 hit.
According to the Pew Research Center, 44% think it will take three or more years to recoup their losses for those financially impacted by the pandemic. In comparison, 10% believe their personal finances will never recover.
There’s a good chance that you might be facing some difficult financial situations yourself. If not, you most likely know someone struggling to pay their bills, save money or reach retirement.
Whether you’re trying to improve your own financial situation or your loved one’s, we’ve compiled insightful personal finance facts from several sources like Forbes, USA Today, and Savology’s recent report, The State of Personal Finances.
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Let’s start by reviewing some basics around personal finance planning, its benefits and common practices.
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Financial planning exists to help people improve their personal finances. In fact, Savology found that households with financial plans are 2.5 times more likely to save enough for retirement compared to those without any plan in place.
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Having a financial plan makes individuals feel 83% better about their financial decisions and their overall financial situation after just one year.
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Research from Charles Schwab, among other sources, indicates that somewhere around 72% of households do not have a written financial plan.
According to Nefe, an outstanding 76% of millennials lack even the most basic financial literacy to make informed decisions about their money.
Unlike doctors and lawyers who are required to earn advanced degrees, among other rigorous requirements, financial advisors and coaches in the U.S. are not uniformly required to complete higher education coursework. Many financial professionals choose to earn one or more financial certifications to distinguish themselves.
Americans are known as being some of the worst savers in the world. Let’s a look at some stats that illustrate the savings rate in the United States.
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Americans, on average, are savings 13.8% of their monthly income. However, while that may sound like a reasonable number, it doesn’t tell us how much they need to be saving to reach their financial goals and reach retirement.
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Regardless of the current savings rate, households are still falling short on saving enough to reach their goals. While most reports and findings publish this number, it actually isn’t the most important one to pay attention to.
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This finding published by CNBC is quite alarming. As we’ve seen in recent months, and for the better part of 2020, having no liquid savings can be extremely detrimental to your financial future and living conditions.
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A significant portion of Millennials continues to push back saving for retirement. While many think time is still on their side, many millennials turned 40 this past year.
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In fact, according to the National Institute on Retirement Security (NIRS), of the millennials that are actually saving money, 95% of them are saving less than the recommended amount.
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When it comes to various accounts, most Americans seem well poised with how they’re structuring their accounts. Here’s what we know, thanks to Savology’s recent The State of Personal Finances Report.
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When 2/3 of America’s largest generation (Millenials) have no retirement savings, a high number like this is actually a pleasant surprise.
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While many Americans have a checking account, some people don’t open one because they can’t meet the banks’ minimum balance requirements.
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Considering that 1/3 of Americans have no savings, fewer people have a savings account than a checking account. Perhaps not a surprise, but Americans aged 65-74 have the most money in a savings account.
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Despite the ability to use an HSA account as a long-term vehicle for healthcare-related savings, most Americans are spending all of the money they are putting aside in these types of accounts for yearly healthcare expenses.
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Considering the number of adults with personal finance struggles, it’s not a surprise that only a small number of Americans are saving for their kid’s college in a 529 account.
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If there’s anything the pandemic and recession has taught us, it’s that having an emergency fund isn’t a nice-to-have financial tool. It’s a must.
Emergency savings help us protect our lifestyles from unexpected expenses and financial emergencies, such as losing employment. Here’s what we know about emergency savings.
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Most American households have recognized the importance of having emergency savings to draw from when needed.
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While it’s great to see that many households have what they call a dedicated emergency fund, according to the Associated Press, it isn’t enough as 69% of households have less than $1,000 in their emergency savings.
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According to CNBC, more than 14% of households have wiped their emergency savings because of financial emergencies due to the pandemic.
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When done right, debt can be a useful financial tool to gain leverage, make smart financial moves, and build credit. However, the reality is that far too often, debt gets in the way of financial goals and becomes detrimental to retirement and other goals.
Here’s what we know about debt and liabilities across the United States.
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There are nearly 100 million Americans that collectively owe $1.3 trillion on existing automotive loans. When you consider the other types of loans and credit accounts that everyday consumers have access to, it starts to paint a clear picture of how severe the debt problem is.
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According to Forbes, nearly 45 million Americans are burdened with outstanding student debts.
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The average household has more than $50,000 in current student loan debts, giving context to millenials and other younger generations’ low savings rate.
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According to The Wall Street Journal, getting a post-secondary education leaves households in a very vulnerable situation where almost half of the households with active student debt cannot make their payments.
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According to USA Today, 38% of households have revolving credit debt that they are carrying monthly.
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The average amount of credit card balance that households carry monthly is around $10.3K, meaning that most are stuck paying large amounts of interest, interfering with other savings goals.
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People don’t necessarily see insurance as part of overall personal finance, but the lack of insurance coverage has potentially large financial consequences.
Here’s what we know about insurance across the United States.
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One of the many factors driving underinsurance is life insurance coverage. As many as 9 million people only have group life insurance with a coverage gap of $225,000.
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For those who don’t have health insurance, the main reason is cost. Interestingly, women are more likely than men to lack health insurance.
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Despite affordable options out there, many people think they can’t afford life insurance coverage.
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While more people with dependents have life insurance, it’s only a small increase.
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Alaska has the highest average life insurance gap at a $310,000 difference, and Louisana has the lowest gap, but it’s still a difference of $118,000 in coverage.
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Millennials are considered the most underinsured generation in America. Despite nearing middle age, planning is still a driving factor when many are saddled with student loan debt.
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Estate planning is one of the most neglected areas of personal finance. While it’s hard to think about death, having your affairs in order is a gift you give to your family.
Here’s what we know about the state of estate planning across the United States.
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While it’s a good start, it’s still alarming that only 4 out 10 older Americans have a will, advance healthcare directive, healthcare power of attorney and financial power of attorney documents in place.
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Two-thirds of Americans are concerned about their families’ long-term financial well-being. While Americans know the value of having these plans in place, it isn’t translating to finalizing estate plan documents.
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Considering that 71% of Americans say that having a well-established estate plan would help them feel like a good spouse or parent, many aren’t completing the legal paperwork needed.
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When asked why people don’t have a will, the most common answers are that they haven’t gotten around to it, believe they don’t have enough assets to be relevant, or it’s too difficult to find a professional to create the necessary plans.
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Retirement planning is often synonymous with financial planning. It’s typically the major area of a financial plan that most Americans focus on. The reality is that all of the other financial plan areas influence what our retirement often looks like.
Here’s what retirement looks like across the United States.
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The average desired retirement age for Americans is 62, yet many have to spend many more years working to retire.
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Retirement income replacement is essentially the amount of income you’ll need in retirement to sustain a living as a percentage of your current income. An income replacement of 80% means that the average American wants to retire with about the same lifestyle as they currently have.
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Based on current financial situations, the average realistic retirement age is 72.6, ten years later than the average desired retirement age of 62.
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If people made personal finance adjustments, the average realistic retirement age would be 64.7, which is only three years later than the desired retirement age of 62.
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On average, only 28% of households are on track to reach their retirement goals. This means that most households will have to work long past the desired age they’d like to retire.
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The average number of retirement years that Americans will not have enough savings to cover their living costs. It’s scary to think that it’s a difference of time of a complete decade.
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Financial planning in the workplace is a big topic these days. As an employer, investing in your employees’ financial wellness benefits is one perk to draw your business’s best employees.
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On average, employers lose $1,900 per employee annually due to financial stress and total an estimated annual loss of $1 million for mid-sized employers and $19 million for large employers.
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It’s also important to note that the recent COVID-19 pandemic has had a serious impact on American’s financial stress levels. Surveys show that 62% of workers feel financially stressed, an increase of 23% since the pandemic began.
Building loyalty in the workplace isn’t easy to achieve. It usually comes down to providing the right resources, tools, and benefits for employees. 59% of workers say that financial wellness benefits improve loyalty and the likelihood of recommending their employer.
In the past year, the COVID pandemic has challenged many American’s mental health while increasing their concern for their current financial situation. In fact, having financial difficulties is top of mind for 64% of individuals in America.
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On average, financially stressed employees miss 3.5 more workdays each year than their colleagues who are comfortable with their financial well-being.
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In fact, 58% of employees experience financial stress that impacts their work. Meaning that employees who face financial stress are often less productive and struggle with focusing on their day-to-day work activities.
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90% of employees actually want some form of employer-provided financial wellness benefits from their employer. Ask your HR department what your current company offers.
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More than 50% of employees are living paycheck-to-paycheck. Financial wellness and planning can make a big impact to help individuals better prioritize their finances, improve their lives and their productivity on the job.
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In fact, 63% of employees are unable to handle an unexpected expense of $500.
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In a study about financial wellness in the workplace, 75% of respondents admitted to being more likely to consider a job that offered free financial advice as part of a benefits package.
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syndicated by MediaFeed.org.
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