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10 Cities Primed for Foreclosures

detroitDetroit is the worst city to live in, according to recent rankings released by WalletHub. Considering the factors the list takes into account, it’s also likely the worse place to invest, too.

In determining its rankings, WalletHub considered 50 metrics under five categories—affordability, safety, education/health, economy, and quality of life. With the lowest number of weekly work hours, a large percentage of residents below the poverty line, and the worst-ranked economy on the list, it’s no surprise Detroit is currently in the midst of a foreclosure crisis. More than 160,000 Detroit homes have been foreclosed on since 2002 alone.

But Detroit wasn’t the only city to rank high on WalletHub’s worst list. Other cities with conditions prime for foreclosure include Long Beach, California, and Miami, where housing costs were the highest out of all cities on the list. Miami ranked low on affordability, economy, education/health, and safety; the only metric is ranked highly on was quality of life, where it took the No. 12 spot.

Miami residents also came in with the second-lowest median household income—just $31,051 per year. For many, this puts a monthly mortgage payment not just out of reach—but downright impossible. WalletHub Analyst Jill Gonzalez says the city has the lowest homeownership rate on its list, with just 31 percent of Miami residents owning a home.

Long Beach is in the same boat, mostly due to its high costs of living.

“The city has the second-highest cost of living index among the cities we analyzed and the seventh-lowest homeownership rate at just 40 percent,” Gonzalez said. “It’s not surprising housing costs are so high.”

Long Beach also came in at the bottom for affordability, economy, and quality of life. It did, however, rank in the top third for safety and education/health.

Other cities ranking on WalletHub’s 10 Worst Cities to Live In list included Memphis, Tennessee; St. Louis; Baltimore; Fresno, California; Indianapolis; Santa Ana, California; and Cleveland. St. Louis came in last for education/health and safety.

See the full ranking at WalletHub.com.

About Author: Aly J. Yale

Aly J. Yale is a longtime writer and editor from Texas. Her resume boasts positions with The Dallas Morning News, NBC, PBS, and various other regional and national publications. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.
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