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Vast changes within industries often leave huge swathes of people without jobs or struggling to look for work. These changes have also decimated whole towns and major cities, breaking down their local economies and negatively affecting both workers and residents.
That's why 24/7 Wall St found the poorest city in every state. The website states:
"These cities have often been devastated for decades by deindustrialization and job losses. In these places, incomes are generally low, poverty rates are high, and many residents depend on government assistance to afford basic necessities. Using median annual household income data from the Census Bureau’s 2019 American Community Survey for all municipalities with populations greater than 25,000, 24/7 Wall St. identified the poorest city in every state."
According to the data, Colorado's poorest city is Pueblo! This well-known destination is one of the country's largest steel-producing cities and has very cheap real estate. Experts have also called it one of the most affordable places to live in the country.
Researchers also provided stats to back up its place on the list:
- Median household income: $40,450 (Colorado: $72,331)
- Adults with at least a bachelor’s degree: 18.9% (Colorado: 40.9%)
- Poverty rate: 23.5% (Colorado: 10.3%)
- Median home value: $141,000 (Colorado: $343,300)
- Population: 110,841
If you're curious about other states' poorest city, check out the full report on 24/7 Wall St's website.