An interesting study was broadcast on Fox News this past weekend–the high school graduation rate in the top 50 metro cities, according to a study done by America’s Promise Alliance.
What was most staggering to me is the incredible overlap between high school grad rates and foreclosure rates!
The lowest graduation rates in order were:
- Detroit
- Indianapolis
- Cleveland
- Baltimore
- Columbus, Ohio
- Minneapolis
Let’s look first at riskiest areas to buy, compliments of Forbes (March 31, 2008):
Cleveland and Detroit. Coincidence?
Now let’s look at the top 10 foreclosure rates by metro area that overlap:
- Detroit –exact match
- Cleveland — number 6
- Other areas of Ohio, including Columbus — in the top 20
- Indianapolis - number 18
Coincidence? I don’t think so. Perhaps one of the leading reasons we have high foreclosure rates in these areas is lack of education–lack of education about how to handle one’s money and how to make financial decisions.
I find the results pretty staggering.
Dani
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