What to Know
- WalletHub looked at the best and worst cities in the United States for a Hispanic-owned enterprise by analyzing 182 US cities
- Compared to last year’s ranking, not much has changed. According to WalletHub’s study, the tri-state area did not fare well
- The highest ranking city in the tri-state is Yonkers, New York, which came in at No. 137
The Hispanic and Latino community has made significant contributions to not only the local economy, but national one as well — and there are no signs this will cease.
As this demographic is expected to grow and comprise more than 25 percent of the country’s population by 2050, it is creating businesses at 15 times the national rate, according to Forbes.
With this in mind, the financial website WalletHub looked at the best and worst cities in the United States for a Hispanic-owned enterprise by analyzing 182 cities across 24 key metrics from Hispanic entrepreneurship rates to median annual income of Hispanics to the share of Hispanics with at least a bachelor’s degree.
Compared to last year’s ranking, not much has changed. According to WalletHub’s study, the tri-state area did not fare well, with all cities in the region placing in the bottom half of the ranking.
Three cities in New York state formed part of the study with Yonkers obtaining the best rank in, not only New York, but across the tri-state region, by placing in the 137th spot. Last year it came in at No. 157 and was also the highest-scoring city in the tri-state area.
The Big Apple came in at No. 160, while Buffalo was No. 173.
Buffalo also received a low ranking in a key metric as WalletHub determined it has one of the lowest median annual income of Hispanics adjusted for cost of living. New York City had the lowest among all the cities analyzed.
Although New York City and Buffalo were in the bottom half of the ranking, overall they did gain a few spots compared to last year when they ranked at No. 166 and 177, respectively.
Two cities in New Jersey — the only cities in the Garden State to make an appearance in the ranking — also placed low in the ranking.
Jersey City came in 169th place, while the state’s largest city, Newark, came in at No. 176. Jersey City's ranking was up four spots from last year's placement, while Newark's ranking remained the same.
Unfortunately for Connecticut, its only cities in the study performed worse than any in New York or New Jersey as New Haven and Bridgeport came in at No. 179 and 180, respectively.
Bridgeport also tied in last place with five other cities, including Rochester, New York, as having the highest Hispanic unemployment rate, according to one of the key metrics used in WalletHub’s study.
Though not necessarily in the tri-state region, a city in Northeast was determined to be the worst for Hispanic entrepreneurs. Providence, Rhode Island, placed in last place in the ranking.
Which city was crowned the best for Hispanic entrepreneurs by WalletHub? Laredo, Texas, received that honor once again.
To see the complete list and the methodology used, click here.