Hispanic American women represented the second-largest group of female workers in the U.S. (12.8 million) in 2022, about 17% of the women's labor force. And yet, they still make at least $20,000 less than white women and men, according to national averages.
MoneyGeek analyzed 133 cities to find where Hispanic American women are prospering financially using data from the U.S. Census Bureau's American Community Survey (ACS) and Annual Business Survey (ABS), as well as MIT's Living Wage Calculator. Variables analyzed included income, cost of living, education, entrepreneurship, and home and business ownership.
Doral, Florida, and Downey, California, are the top U.S. cities for Hispanic American women pursuing financial growth. Doral stands out for being a city where 51% have at least a bachelor's degree and 8% are business owners, ranking No. 1 for both metrics. The No. 2 city, Downey, ranked in the top 30 across three metrics: 14th-lowest poverty level, 15th-highest number of homeowners, and 26th-highest median earnings for this demographic.
Two other California cities — Chula Vista and Santa Clarita — favorably stand out for Hispanic American women. Chula Vista has the 20th-highest population of Hispanic American women and the 13th-highest percentage of business owners in this demographic. Roughly three hours by car is Santa Clarita, with the fifth-lowest poverty rate and 13th-highest median earnings.
Breaking down financial growth indicators by category gives a more nuanced picture of the U.S. cities where Hispanic American women are economically thriving. Florida cities and the nation's capital excel in education and income growth. Hispanic American women homeowners concentrate in the Northeast, while entrepreneurs find fertile ground in the South and West.
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1 / 4Regarding education, Doral, Florida, ranks first, with nearly 51% of Hispanic American women holding a bachelor's or more advanced degree. Washington D.C., ranks second in educational attainment, where 48% of Hispanic American women are four-year degree graduates.
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2 / 4The nation's capital also leads in median earnings for Hispanic American women ($79,391), followed closely by San Francisco ($70,498). Both cities are hubs for specialized, high-paying industries such as government in Washington D.C., and tech in San Francisco. But if you're seeking dynamic growth in earnings, look to Carson, California, and Portland, Oregon. Carson leads with an 84% growth rate over two years, and Portland isn't far behind at 66%.
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3 / 4Two New Jersey cities (Passaic and Camden) and Lawrence, Massachusetts, stand out for homeownership. Passaic has the highest percentage of Hispanic American women homeowners (30%), followed by Lawrence (28%). The other Garden State city, Camden, takes the third spot, with 24% of homeowners who are Hispanic American women.
We also considered poverty rates to measure economic stability. The lowest percentages of Hispanic American women living at or below the poverty line are in Gilbert, Arizona (7%), and two Florida cities — Doral (8%) and Pembroke Pines (9%).
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4 / 4Entrepreneurs may find their niche in the Miami metro area, where approximately 8% of business owners are Hispanic American women. Three Florida cities included here (Doral, Pembroke Pines, and Hollywood) ranked in the top 10 overall, top 10 for educational attainment, and in the top half of all considered cities for median earnings for this demographic.
The nation's financial landscape offers both challenges and opportunities for Hispanic American women. These strategies can help optimize one's financial position:
Prioritize skill development: Take advantage of upskilling opportunities in your industry to make yourself a more valuable asset. Better skills often translate to better pay.
Diversify income streams: Consider creating multiple income streams, such as a side gig or investment income, to supplement your primary earnings. Diversification often provides a financial safety net.
Become mortgage-savvy: Understanding how best to leverage mortgages and credit can put you in a solid position to own a home. Homeownership is not just a milestone but an appreciating asset.
Strategize for business ownership: If entrepreneurship interests you, start by doing market research and crafting a solid business plan. Owning a business can offer financial freedom and opportunities for wealth generation.
Invest in assets that create generational wealth: Spend your money wisely. Avoiding going into too much debt and planning for retirement are the first steps toward a better financial future for yourself and building generational wealth for your loved ones.
MoneyGeek evaluated 133 cities to spotlight where Hispanic American women are economically thriving. We excluded cities that lacked specific data for this demographic. We considered the following points:
All data except cost of living came from the Census Bureau's 2021 and 2019 1-Year American Community Survey and 2020 Annual Business Survey (at the metro level). Post-tax cost of living figures were pulled from the MIT Living Wage Calculator. We equally weighted each city and ranked them in every metric to create a weighted average that determined the final ranking. The city with the highest score emerged as the top place for Hispanic American women to prosper financially.
This story was produced by MoneyGeek and reviewed and distributed by Stacker Media.
