Stockton, a mid-sized city in California, took second place in a national list of financially healthy governments, according to the California Policy Center. That achievement is even more remarkable since Stockton used to be bankrupt. Now, however, it’s so well managed that it has a surplus of $3,000 for every taxpayer.
Although Stockton is currently excelling in its economic recovery, the unemployment rate — which stood at 5.7% in August 2019– has yet to match the wider California rate, which was 4.1% during the same month. Fortunately, the estimates for employment, hours, and earnings of workers have increased significantly since 2011.
Another unique characteristic of Stockton is that the city has a lower house ownership rate compared to the rest of California, despite having lower housing costs. Stockton has a 47.8% homeownership rate, with a median home value of $220,600. On the other hand, California as a whole has a 54.5% homeownership rate, with a $443,400 home median value. And the median household income in Stockton is $48,396, compared to California’s $67,169.
The economics of Stockton are highly nuanced, so if you are a resident of the city and in need of financial assistance, CreditNinja offers personal loans that could potentially be helpful in a wide variety of financial situations.