Miami, the most miserable city in the U.S.
From Reuters
Warm sun, white beaches, and million-dollar mansions notwithstanding, Miami has captured the dubious distinction of being the most miserable city in the United States, according to a new poll published by Forbes magazine [last week].
The playground of the rich and famous is in the middle of a crippling housing crisis that has cost thousands of residents their homes and jobs. The metropolitan area has one of the highest crime rates in the country, and lengthy daily commutes for workers, all of which have propelled it to the No. 1 position in the Forbes.com list of most miserable cities.
"Miami has sun and beautiful weather but other things make people miserable. You have this two-tier society: glitzy South Beach attracts celebrities, but the income inequality has skyrocketed in recent years," explained Forbes senior editor Kurt Badenhausen.
The rankings are based on several factors including jobless rates, violent crime, foreclosures, income and property taxes, as well as considerations like weather, commute time and political corruption.
Miami’s charms remain undiminished.
"The 1 percent in Miami is doing fantastic. But for the vast majority […] Miami can be a challenging place," Badenhausen explained. "Forty-seven percent of homeowners sit on underwater mortgages. That’s tough."
In Miami there is a growing divide between the top 1 percent and the rest of the metro area. Life is good for the likes of LeBron James and Latin pop crooner Enrique Iglesias, who’s building a $20 million compound on a private island with girlfriend Anna Kournikova.
But if you’re among the 75 percent of households with an annual income under $75,000, it can be a hard place. The median home price is down 41 percent the past three years, sixth worst in the country, to $169,000. It’s great news for first-time homebuyers; not so great for the 47 percent of homeowners in Miami sitting on underwater mortgages, Badenhausen wrote.
Reeling for decades due to the decline of the U.S. auto industry, Michigan’s troubled duo of Detroit and Flint clock in at No. 2 and No. 3 among the most miserable cities.
"Detroit and Flint are struggling," Badenhausen said. Detroit has the highest rate of violent crime in the nation; the prices of homes have dropped 55 percent and the city is closing schools and firing policemen. In recent years, Detroit has demolished houses to change the city landscapes.
Unemployment over the past three years in both communities has also been among the worst in the U.S., he said.
