Some cities have it rougher than others.
Forbes magazines examined the overall economic conditions in the 50 largest U.S. metropolitan statistical areas to identify places where the cost of living and unemployment are highest and median income is lowest. It concludes that these cities are the places whose residents are feeling the worst effects of the recession.
Observers say that in the most down-at-the-heels cities, residents have the feeling that there isn’t much good about anything. But Dean Baker, an economist and co-director for the Center for Economic and Policy Research based in Washington, D.C., says one result of the declining economy that’s good news in the long run for residents is lower home prices.
“You’re going to see these prices stay down,” Baker says.
Here are the 10 cities where the over all conditions look the worst:
- Providence, R.I.
- Los Angeles
- Riverside, Calif.
- Buffalo, NY
- Portland, Ore.
Source: Forbes, Lauren Sherman (04/14/2009)