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Wed Jan 7, 2015, 12:55 PM

 

5 Cities Where Poverty is Soaring

5. Salisbury, N.C.
> Poverty increase: 12.4 ppt
> 2010-2012 Poverty rate: 28.4%

4. College Park, Md
> Poverty increase: 13.0 ppt
> 2010-2012 Poverty rate: 32.0%

3. Goshen, Ind.
> Poverty increase: 13.3 ppt
> 2010-2012 Poverty rate: 27.0%

2. Cookeville, Tenn.
> Poverty increase: 13.4 ppt
> 2010-2012 Poverty rate: 35.2%

1. Eastpointe, Mich.
> Poverty increase: 14.9 ppt
> 2010-2012 Poverty rate: 27.1%


Despite signs of economic recovery, the number of U.S. residents living in poverty remains stubbornly high. An average of 15.7% of the U.S. population lived below the poverty line during the three-year period of 2010-2012, a considerable increase from an average of 13.6% during the previous three-year period of 2007-2009.

In some of the nationís smaller cities, poverty is an even more severe problem. In Eastpointe, Michigan, the poverty rate rose from 12.2% during 2007-2009, slightly below the U.S. average rate, to a 27.1% average rate during 2010-2012. According to the latest data provided by the U.S. Census Bureau, the poverty rate in more than 20 cities with populations of 25,000 or more increased by at least 10 percentage points between those two three-year periods...

Nationally, the average home value during the three-year period of 2010-2012 was down by 9% compared to the previous three-year period. In eight of the 10 cities with soaring poverty rates, property values fell by at least 10%. Homes in Eastpointe lost nearly half of their value. In Inkster, Michigan, another city where poverty grew substantially, an average of 43.3% of homes were worth less than $50,000 between 2010 and 2012, compared to just 11.8% of homes during the 2007-2009 period.

Job losses also hit these cities hard. Nationally, unemployment rose from 4.6% in 2007 to 8.1% last year. In the majority of these cities, unemployment increased, and remained above the national rate. In North Chicago, which had one of the largest increases in poverty, unemployment rose from 10.5% in 2007 to 15.4% in 2012.


http://www.msn.com/en-us/money/savingandinvesting/5-cities-where-poverty-is-soaring/ss-BBgQiAv?ocid=iehp#image=6

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