JACKSONVILLE, Fla. – A new WalletHub survey ranks Jacksonville as one of the top three cities where citizens are facing financial distress.
Out of 100 cities surveyed, both Tampa and Miami also made it into the top 10.
Jacksonville placed third on the list, with a score of nearly 67%. The survey evaluated financial hardship across six categories, including credit scores, accounts in distress, bankruptcy filings, and public interest in “debt” and “loans.”
Houston and Atlanta tied for the highest score, each at 76%.
This survey’s findings align with results from a recent University of North Florida study, which shows growing concerns among Florida voters about housing costs and homeowners' insurance.
Housing is now the top concern for 34% of voters, a sharp increase from just 2% in 2022.
Despite these challenges, Jacksonville continues to grow. According to the U.S. Census Bureau, it is one of the fastest-growing cities in the country, with a population increase of 14,000 people between July 2022 and July 2023. That marks the sixth-largest population gain in the U.S.
During that period, the average rent in Jacksonville reached a record high of $1,700 per month. However, rents have since dropped 6% year-over-year, now averaging $1,459 per month, according to Redfin.com.
The surge in Jacksonville’s cost of living is partly driven by newcomers from cities like New York and California. The city’s population is expected to more than double by 2030.