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Topic Score: 32.7
The Financial Health Topic includes three Indicators that consider economic security and stability through measures of banking, income, and poverty. The first Indicator measures disparities in the rate of access to healthy financial institutions in White and non-White zip codes. The second Indicator measures racial and ethnic disparities in median household income, while the third Indicator focuses on poverty.
Financial Health had the lowest score in the Economy Theme, at 32.7. The Indicator scores were relatively similar and low, showing room for improvement across the board. Healthy financial institutions had the lowest score at 31. Poverty scored 33, and median household income scored 34.
Financial Health - Access to Healthy Financial Institutions
The ratio of bad-to-good financial institutions in zip codes that are more than 60% non-White was 0.42, compared to 0.13 in zip codes that are more than 60% White. Zip codes that are racially and ethnically diverse had a ratio of 0.25, which was lower than the citywide ratio of 0.38. Majority non-White zip codes had a bad-to-good financial institutions ratio 3.23 times higher than majority White zip codes.
Financial Health - Median Household Income
The median income for White households was highest ($110,000) and the median income for African American households was lowest ($37,500). The median income for Asian households ($76,000) was similar to the citywide median income ($73,200), while Latino households fell below the citywide median with a median income of $65,000. The median income for White households was 2.93 times the median income of African American households.
Financial Health - Poverty
African Americans were most likely to be living at or below the federal poverty level (26.1%), compared to 21.9% of Latinos, 15.0% of Asians, and 8.4% of Whites. This means that more than one in four African Americans and more than one in five Latinos were living at or below the federal poverty level. African Americans were 3.09 times more likely than Whites to be living at or below the federal poverty level.