What to Know
- WalletHub looked into the cities with the best conditions for an enterprise owned by a Hispanic or Latino entrepreneur
- Surprisingly, out of the 182 cities analyzed, all of the tri-state locations that WalletHub looked into were ranked among the worst cities
- The highest ranking city in the tri-state is Yonkers, New York, which came in at No. 157
The contributions of the Hispanic and Latino community in the United States are numerous and will continue to grow since this demographic is expected to make up more than 25 percent of the country’s population by 2050.
With a community growth this significant, it’s expected that more Hispanic- and Latino-owned companies will open up. WalletHub looked into the cities with the best conditions for an enterprise owned by a Hispanic or Latino entrepreneur. Surprisingly, out of the 182 cities analyzed, which included 150 of the most populated cities in the United States, all of the tri-state locations that WalletHub looked into were deemed to be among the worst cities for Hispanic and Latino entrepreneurs.
The highest ranking city in the tri-state is Yonkers, New York. Using 23 key indicators of business friendliness toward Hispanic entrepreneurs, WalletHub determined that Yonkers was the 157th best city for Hispanic and Latino business owners.
New York City (No. 166), Rochester (No. 174) and Buffalo (No. 177) are the only other cities in New York that made the list.
WalletHub’s report also found that New York City and Buffalo had the lowest and second to lowest median annual income among Hispanics.
Some good news did come out of New York, Rochester has the lowest Hispanic unemployment rate among all the cities analyzed for the study. The city of Bridgeport, Connecticut, also tied with Rochester in this category.
Jersey City and Newark were the only two cities in New Jersey that made an appearance on WalletHub’s list. They came in at No. 173 and 176, respectively.
The city of Bridgeport, Connecticut, ranked No. 180, while another Connecticut location had the terrible honors of being the worst state for Hispanic business owners.
So what city came out on top? Loredo, Texas, was crowned the best city for Hispanic entrepreneurs.