What does it signify when a city is in a state of decline?
In a recent analysis conducted by FinanceBuzz, efforts were made to monitor the trajectory of growth or decline in various U.S. metropolitan areas from 2019 to the conclusion of 2022. The approach involved focusing on cities with populations exceeding 200,000 as of 2019. FinanceBuzz analysts took into consideration a range of factors, including changes in population, unemployment rates, income levels, the percentage of vacant homes, and the number of residents with collections debt.
In total, 117 U.S. cities underwent a ranking on a 100-point scale, where higher scores indicated a more pronounced decline. The following are the three cities in Florida experiencing the most rapid decline.
Fastest-declining Florida cities
Hialeah – Experiencing a population decline of -5.59%, this city in Miami-Dade County achieved an overall Decline Score of 45.9. Noteworthy factors include a minimal 1% increase in unemployment, a 6.9% growth rate in home values, and 27% of residents grappling with debt in collections.
St. Petersburg – Witnessing a population change of -1.54%, St. Petersburg garnered a Decline Score of 45.2.
Jacksonville – Demonstrating a positive population change of 6.56%, Jacksonville’s overall score of 44.6 is influenced by factors such as a -0.60% change in unemployment rate and a -0.2% per capita income change compared to other cities.
For more detailed statistics on these cities, visit FinanceBuzz.
Regarding the fastest-declining cities, FinanceBuzz’s top 10 is predominantly occupied by some of the largest cities in the U.S.
Notably, San Francisco claims the top spot with a population change of -8.29% from 2019 to 2022 and a home value growth rate nearly 73% slower than the national average. The City by the Bay secured the highest Decline Score of 73.9, followed by New Orleans, New York City, Boston, and others.
Overall, Florida showcased a commendable performance in the analysis. Despite being the top declining city in FinanceBuzz’s ranking, Hialeah only appears at the 84th position nationally.
Several Florida cities secured spots among FinanceBuzz’s 10 fastest-rising cities, including Orlando, Port St. Lucie, and Miami.
Orlando claimed the sixth position overall, boasting a 9.96% population increase and a home value rise 24% faster than the national average. Meanwhile, Port St. Lucie stood out with the highest 3-year population increase among all cities on the list, registering a remarkable 14.84% change and offering a substantial number of new homes.
Notably, Port St. Lucie was also recognized by financial tech company SmartAsset in a recent list of the fastest-growing U.S. cities with populations exceeding 100,000. Analyzing a five-year period, SmartAsset reported a 22.4% population growth for Port St. Lucie, securing the city the 11th position in the national ranking.
Meanwhile, Riverview achieved an even higher ranking on SmartAsset’s list, securing the 7th position. According to the data, Riverview experienced an impressive 26.4% population growth over a span of five years.