Tyler ranked "21st Brokest City in America" - KLTV.com - Tyler, Longview, Jacksonville |ETX News

Tyler ranked "21st Brokest City in America"

TYLER, TX (KLTV) - A new study by The Daily Beast and Newsweek Magazine said Tyler is the 21st "Brokest City in America".

The study was based on Tyler's unemployment rate, median household income, personal debt and credit score.

"Very surprising" is what some Tylerites are calling that new study.

"It's surprising to me because of the amount of new businesses that are coming here, the number of people that are eating out on a regular basis, the number of traffic up and down the streets, around the loop. People aren't staying at home. They're out spending money," said Tylerite Gilbert Rowe.

Spending money in a packed shopping center on a weekday afternoon.
Something Tyler Chamber of Commerce President Tom Mullins said just doesn't add up.

"People see new restaurants opening up, they see new stores, they see new subdivisions, they see development among major corridors," said Mullins

All things he said wouldn't be happening if Tylerites were broke. The study was conducted by a national credit rating service. They said:

-Tyler's unemployment rate is 8.3 percent

-Median household income is $43,209 per year.
-Personal debt is $26,048
-Average credit score is 710

While that unemployment rate is better than the U.S. average, household income is not. But, Mullins said that reflects cost of living.

"The cost of labor, utilities, land, everything is cheaper in this part of the country," he said.

He said, if anything, the article sheds light on how people in Tyler manage their debt.

"This study really looks at individual finances, apparently they're saying or they're seeing that people have more debt individually than what their household income can support," he said.

Something Tylerite Cayce Holmes said she has seen happen in Smith County.

"I read the legal news and there are a tremendous amount of foreclosures that are filed each week, so really that doesn't surprise me at all," Holmes said.

And as Tylerites continue to spend, it could be how they're spending that's giving them the title of "21st Brokest City in America".

You can see a full list of the article's "brokest" cities by clicking HERE.

Copyright 2011 KLTV. All rights reserved.

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