Tampa ranks among the top 10 cities with the most people in financial distress: Study

Tampa residents feeling financial stress

FOX 13's Jordan Bowen reports on a WalletHub study that says Tampa ranks as the eighth-highest city in the nation where residents are burdened with rising financial stress.

TAMPA, Fla. - From egg prices to interest rates, financial distress is being felt across the board.

City of Tampa.

WalletHub ranked the places where it's the worst. Florida cities make up four of the top 10 spots, including Tampa at number eight on the list.

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What they're saying:

When it comes to financial distress, those in the Sunshine State may be the ones sweating it the most.

"Florida is a hot destination now. People are fleeing high-tax states like New York, New Jersey, and Illinois to Florida, because it's a business-friendly climate. There's no state income tax, and the weather's great, but too many people, when they relocate, don't look at the bigger picture," WalletHub Analyst Chip Lupo said.

WalletHub's study of U.S. cities under biggest financial distress.

That's according to a new study from WalletHub, which ranked the top 10 U.S. cities with the most people in financial distress.

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Florida holds four of the top ten spots, with Jacksonville at number three, Orlando at number six, Tampa at number eight and Miami at number nine.

"They move there, and then they find out that way. The housing is ridiculously high. The cost of living is ridiculously high, and in some areas the job market isn't as robust as they had maybe projected. So sometimes people find themselves falling behind pretty quickly," Lupo said.

Dig deeper:

The study calculated the rankings using nine key metrics, including the average credit score, the share of people with distressed bank accounts, and the change in bankruptcy filings from 2023 to 2024.

WalletHub has Tampa ranked as the 8th highest city where residents are feeling the effects of economic strain.

For people feeling the financial strain, Lupo says to budget each paycheck as best you can. There are options for people with loans or high credit balances with high interest rates.

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"There are a number of nonprofit firms out there, debt management firms that you can that would negotiate on your behalf with your creditors," Lupo said. "Look into consolidation loans. You can combine all your debts into one loan. Just make one monthly payment, usually at a lower interest rate than your credit cards."

The Source: FOX 13's Jordan Bowen collected the information in this story.

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