The 11 Best Cities for Latinas to Thrive Financially, According to MoneyGeek
Photo via Joe Parks / Flickr, Creative Commons
The Latina wealth gap is very real and it affects millions of Latinas across the United States every day. According to LeanIn.org, Latinas earn $ 0.55 for the white man’s dollar. They earn 30% less than the average white American woman. There are many reasons for this wealth gap, but they all relate to societal and structural factors. This is why the Latina Equal Pay Day has become a topic of discussion in recent years, because something needs to change.
Culturally, many Latinos are hyper-segregated in low-paying jobs in career fields such as hotels and restaurants. Latinas are also more heavily burdened with household chores like babysitting, cleaning and cooking, a phenomenon sociologist Arlie Hochschild has dubbed the “second shift”. Latinas are also more likely to be the first in their family to attend college, a statistic that also means they’re less likely to have access to generational wealth.
Due to racial and gender barriers, Latinas have historically struggled to create wealth. But there are places in the United States that are more financially accommodating to Latinas than others. In light of this, personal finance tech site MoneyGeek has compiled a list of cities that are financially best for Latinas.
Using data from the U.S. Census Department’s U.S. Community Survey, MoneyGeek ranked these cities based on factors such as education, poverty rates, income, and home ownership. They also took into account social welfare, crime, and Latin American business ownership. Here are the 11 best cities in MoneyGeek where Latinas are most likely to be financially successful.
Latinos are Gilbert’s second largest ethnic population, accounting for 17% of the population. Not only that, but 26.4% of the city’s college graduates are Latin American, making it a highly educated subgroup. In this desert city, 93% of Latinas live above the poverty line.
Washington DC is a great city to live in for Latinas. Not only does a large portion of the Latin American population have health insurance, the city also has an excellent public transportation system. In this east coast city, 86% of Latinas live above the poverty line.
Torrance, California has the highest adjusted income for Latinas in the country. At $ 56,413, Latinas earn almost $ 30,000 more per year than the worst city for Latinas to live (Salinas, California).
Seattle scores 97 out of 100 in MoneyGeek’s rating system. There are 49,979 Latinos living in Seattle, and the average adjusted income for Latinas is $ 52,345.
Once again, Arizona comes for the win. A total of 21% of the population is Latino. Arizona State University’s main campus is in Tempe, and the university is the largest employer of the city’s population. The whole region is steeped in Latin culture and history.
Home to the University of California at Berkeley, the city of Berkeley is widely known as one of the socially progressive cities in the United States, if not the most. At 14,869, the Latino population is small, but the median income of Latinas is high, $ 50,738. Crime, it should be noted, is also very low here.
Rancho Cucamonga, California
Formerly the land of Mexico, nearly 38% of the population of Rancho Cucamonga is Hispanic or Latino. And 91% of Latinas live above the poverty line and crime is very low.
Burbank has one of the highest rates of Latinas living above the 95% poverty line. A suburb of Los Angeles, there is also wide access to events, a wide range of restaurants, and a vibrant nightlife scene.
Henderson has a very large Latino population, at 51,601. Henderson also has zero income tax, year-round sunshine, and is minutes from the Las Vegas Strip.
At $ 44,500, Arlington’s median adjusted income rate for Latinas is one of the highest on this list. Arlington also has the lowest entry rate on this list, with a crime rate 61% below the national average. They also have a stellar unemployment rate of 2.8%.
Albuquerque, New Mexico
Albuquerque boasts the highest Latino population on this list, with a whopping 276,358 Latinos living in the Burque. Albuquerque also has the highest Latina homeownership rate on this list because house prices are affordable.
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