One Of The Ten Most Financially Stressed Cites Is In North Carolina
If you aren’t feeling financially stressed then I want to be in the tax bracket that you are in. With surging prices on seemingly everything from groceries to rent to everyday necessities many Americans are struggling to make ends meet. Signs and some experts are predicting a recession coming soon. (Because I needed more stress in my daily life). And I’m not alone many of us are experiencing financial stress. New research from our friends at Raisin’s’ Financial Health study delved into American finances and American’s knowledge of the topic. An interesting fact that they shared with us is that a quarter of Americans identify themselves as “financially unstable”.
Financial Stress Is Impacting America
Nearly half of Americans report cutting costs as a way to improve their financial health in 2023. Data comes from a Raisin study of around 4,000 people in the United States. The purpose of the study was to “explore people’s relationships with money, including habits, financial knowledge, and emotional connection.” Many Americans are less than educated on this matter. This absolutely should concern you. The findings show that 51% of those surveyed are “clueless” when it comes to inflation. Additionally, 58% reported a lack of knowledge regarding what a recession entails while 55% do not understand interest rates.
They also created a ranking of cities that reported they were the most financially stressed. And it was Charlotte, NC that ranked 10th on this list. The irony of Charlotte being a banking/finance hub (the second largest in the country outside of NYC) is not lost on me. Not only are Charlotte residents’ finances impacted by financial stress, but many of their careers are tied to a healthy economy. Financial struggles can also lead to significant emotional and physical distress for many adults. 50% of survey respondents said that they “frequently experience hopelessness, despair, and physical symptoms like headaches” due to financial stress.
I wish that things were different and that these struggles were not ones that anyone had to endure. But at least we aren’t alone Charlotte. I’d just like to be in a tax bracket where my living expenses are only 50% of even better a third of my income. And I can not feel bad about buying fresh flowers at the grocery store. Is that too much to ask? You can see a map of the most financially stressed cities below. Get more info from Raisin’s study here.
This North Carolina City Is The Number 2 City People Are Dreaming Of Moving To
7. Raleigh, NC
The North Carolina capital city ranks 7th on this list. I know there is a bit of a rivalry between Charlotte and Raleigh but as someone who loves both dearly, I will fiercely defend Raleigh even living in the Queen City. Plus it’s great for our state that both cities are thriving and desirable places to relocate to.
3. New York, NY
Daydreaming about moving to New York? It’s a common occurrence and no surprise to see the city that never sleeps on this list. I love to visit New York, but the only way I could live in New York is in areas and in a way that in this lifetime I will never be able to afford to. If it’s not in the Upper East Side I don’t want it. But I do have several friends and even a family member who have moved there permanently or temporarily. I’ll stick to visiting!
2. Charlotte, NC
While I don’t quite understand the why, I definitely see the people coming. More and more everyday. I know it’s good for the economy and the city, but it’s not good for rent prices, the housing market (if you’re a potential buyer), and traffic. So while I’d try and convince people we are full, I guess it’s a good thing our city is one people want to move to. As someone who was born and raised here, I do question what is so tempting. I love Charlotte and have no intention of leaving, but really the second most desirable place?
1. Austin, TX
Austin is certainly one of the trendiest cities right now. It’s pretty high on my list of places I want to visit, but until I have I can’t say whether or not I’d like to move there. But a thriving music and cultural scene are enticing and I’ve heard the food is incredible as well. Maybe in 2024 I’ll finally check this off the bucket list!
The Full Top 10
- Austin, TX
- Charlotte, NC
- New York, NY
- Los Angeles, CA
- Nashville, TN
- Tampa, FL
- Raleigh, NC
- Seattle, WA
- Atlanta, GA
- San Diego, CA
The top 10 is filled with some pretty great cities. Outside of the ones discussed above it was my dream to relocate to Nashville several years ago. Music City has seen a similar growth at the Queen City in the same time period so it makes sense it is on this list as well. While I personally couldn’t live in Atlanta (that traffic) it’s an enticing destination for sure. And I have good friends who just moved to the Tampa area. Is your dream city on this list?
You can read the full Coldwell Banker study and results here.
