LANHAM, Md. (WNEW/CBS News) — Baltimore is one of the poorest cities in the nation, according to a report.
Charm City ranked as the sixth poorest city in the United States. The CBS Money Watch report gathered 33 of the country’s poorest cities from data compiled by California-based online research group findthebest.com.
U.S. Census Bureau data found the 50 largest American cities that had significantly higher income gaps between rich and poor when compared to the cities overall.
Data shows that 6.4 percent of Baltimore’s 621,445 total population make over $150,000 a year and 26.8 percent have a bachelor’s degree. 33.2 percent of the population earns an income under $25,000.
Baltimore also lost around 5 percent of its population between 2000 and 2010, as people went elsewhere for work.
According to the report, Charm City is also dealing with a relatively high cost of living and a low job growth rate, causing residents who were once getting by economically, to fall below the poverty line. Baltimore’s unemployment rate stood at nearly 10 percent last summer.
Detroit, Michigan was ranked as the poorest city in America.
Click here for the complete list of the 11 poorest cities.
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