Toledo is a low-income city. More than 30% of the population lived below the poverty line in the past 12 months, the 10th-highest percentage of all cities. The median household income was $31,090 in 2011, the eighth-lowest among major U.S. cities. Home values in the Toledo area plummeted by nearly 20% between 2007 and 2011 to reach a median of under $82,000. Although Toledo’s credit rating of A2 from Moody’s is still considered investment grade, it is far from pristine. Moody’s noted that while its finances are improving, the city continues to suffer from high unemployment and a declining population.
Cleveland has been widely affected by the struggles America’s manufacturing sector faced during the preceding decade. Total employment in the city’s manufacturing sector fell consistently between 2002 and 2010. Despite the slight improvement in manufacturing, the city’s residents have struggled in recent years. Cleveland’s median household income in 2011 was just $25,371 — barely half the national median of $50,502. Also that year, the city had a poverty rate of 34.3%, more than double the U.S. rate. Violent crime also remained an issue, with 13.66 violent crimes per 1,000 residents — significantly higher than the national rate of just 3.86.