In 10 major US cities, financially insecure families are prevalent, and residents’ financial insecurity affects city budgets. Families with less than $2,000 in savings ranged from 46 percent of residents (Seattle) to 73 percent of residents (Miami), compared with 52 percent of families nationally. The costs to cities range from between $8 and $18 million in New Orleans to between $280 and $646 million in New York City. In Chicago, the costs range from $68 to $157 million, suggesting that Chicago, like other cities, has an economic interest in helping to improve their residents’ financial health.
The full collection of factsheets can be found here.
The technical appendix that describes the data and methods can be found here.