Big cities are becoming bigger in the U.S. at a quicker pace as they hit a 21st Century growth spurt. Not surprising, given the vast array of opportunities, entertainment, activities, economic growth, economies of scale and infrastructure possible with larger populations. At the same time, however, larger cities bring with them some negatives including higher cost of living, crime, commute times, delays, and pollution — to name but a few.
For those wanting to live in large cities, which ones make the most sense in a cost-benefit analysis framework? To answer that, WalletHub examined and compared the 62 largest cities in the U.S. with a minimum 300,000 population.
Affordability – 20 Points
- Housing Costs — 2.86 points
- Median Annual Property Taxes – 2.86 points
- Cost of Living – 8.57 points
- Median Annual Household Income – 2.86 points
- Homeownership Rate – 2.86 points
Economy – 20 Points (each 2.22 points)
- Unemployment Rate
- Underemployment Rate
- Percent of Population Living Below Poverty Level
- Debt per Median Earnings
- Population Growth (2015 vs 2011)
- Income Growth (2015 vs 2011)
- Residential Building Permit Growth (2016 vs 2015 & 2015 v 2014)
- Wealth Gap
- Job Opportunities
Education & Health – 20 Points (each 1.82 points)
- Quality of Public School System Uses WalletHub’s Best & Worst School Systems ranks
- High School Graduation Rate
- Percent of Population Aged 25 and Up With a High School Diploma or Higher
- Percent of Population with Insurance
- Quality of Public Hospital System Centers for Medicare & Medicaid Services ranks
- Premature death Rate Average Years of Potential Life Lost rate
- Poor or Fair Health
- Life Expectancy
- Percent of Births with Low Birthweight
- Percent of Obese Adults
- Percent of Physically Inactive Adults
Quality of Life – 20 Points (each 0.95 points)
- Average Number of Hours Worked Per Week
- Average Commute Time (Minutes)
- Walk Score
- Bike Score
- Access to Public Transportation Percent of commuters using public transportation
- Parkland as a Percent of City
- Playgrounds per Capita *
- Restaurants per Capita*
- Bars per Capita*
- Dance Clubs per Capita*
- Coffee Shops per Capita*
- Museums per Capita*
- Performing Art Centers per Capita*
- Movie Theaters per Capita*
- Music Venues per Capita*
- Fitness Centers per Capita*
- Shopping centers per Capita*
- Beaches per Capita*
- Sports Fan-Friendliness
- Weather WalletHub’s Cities with the Best & Worst Weather ranks
- Air Quality
Safety – 20 Points (5.00 points each)
- Violent-Crime Rate
- Property Crime Rate
- Fatalities per Capita
- Total Law Enforcement Employees per Capita
The findings, given these factors indicates the top-10 large cities in which to reside are in following table. Only the city itself is included in the population and not the surrounding Metropolitan Statistical Area. While the Orlando, Florida MSA, for example, had an estimated population of more than 2.1 million in the 2010 Census, the City of Orlando, Florida had less than 260,000 in the U.S. Census Bureau’s 2013 American Community Survey. Hence Orlando did not make the cut. No doubt there are cities across the country that, unless there was a sign stating you are entering another city, appears seamless as a place to live.
To read the entire WalletHub study and findings including rankings of the 62 cities click https://wallethub.com/edu/best-worst-large-cities-to-live-in/14358/
Do I agree with these findings? Once again no. Emphasize the word NO! 50 metrics is lot of variability potential within a ranking framework. In my opinion, a few of the most important factors to consider include:
- Median Household Income
- Job Growth Rate
- Housing Costs
Not certain if job growth rates are included. I do find it incomprehensible that Median Household Income and Job Growth Rates can be commutatively trumped by factors such as walk and bike scores, the number of dance clubs, bars, fitness centers, coffee shops and museums, restaurants and movie theatres.
As with any ranking framework and methodology, the selected metrics and assigned point system will determine the outcome. If you agree with the assumptions you must agree with the conclusions. I disagree with both. Your thoughts?
That said, there are some attractive cities in which to live in the top 10-rankings. I could not, however, live in all but three of these given my rule of only living in a state with no income tax. That may whittle down to just two, Austin and Las Vegas, with the just-approved income tax by the Seattle City Council. While that tax is 2.25 percent of income greater than $250,000 for single individuals and $500,000 for married-filing-jointly, these are merely the start of the proverbial camel getting its nose into the tent. Many would disagree, however.
Some of my favorites of these 62 cities outside of Texas include those in Florida and Tennessee (both states free of income taxes).
What is your favorite?
Ted