Ridgewood Ranks in the Top 3% of Small Cities in America

the staff of the Ridgewood blog

Ridgewood NJ, with almost one third of the population saying that they’d prefer to live in a suburban area, the personal-finance website WalletHub today released its report on 2023’s Best Small Cities in America, as well as expert commentary.

To help Americans put down roots in places offering good quality of life and affordability, WalletHub compared more than 1,300 U.S. cities with populations between 25,000 and 100,000 across 45 key indicators of livability. They range from housing costs and school-system quality to restaurants per capita and the crime rate.

Small-City Living in Ridgewood (1=Best; 661=Avg.):

• Overall rank for Ridgewood: 43^rd
• 230^th – Housing Costs
• 120^th – Homeownership Rate
• 17^th – % of Population in Poverty
• 608^th – Income Growth
• 107^th – % of Insured Population
• 42^nd – % of Adults in Fair or Poor Health
• 18^th – Crime Rate

For the full report, please visit:
https://wallethub.com/edu/best-worst-small-cities-to-live-in/16581

What are the most important financial factors to consider when deciding where to live?

“One should consider how much income they can reasonably generate in the new location compared to the cost of living. Costs like housing, transportation, and daycare vary significantly from city to city. While not directly financial, factors like safety, access to amenities, cultural activities, and proximity to friends and family can have an indirect impact on finances as well.”
Victoria Morckel, AICP – Senior Teaching Specialist, Michigan State University

“Perhaps the most important factor to consider in residential location decisions is to change our thinking from optimization to balancing and to change our estimates of the cost of future risks. The traditional way to think about residential location decisions is to think about optimization. For example, one might ask, which labor market provides the highest earning potential for my occupation? However, real-life decisions are less about optimization and more about balancing. For example, a two-earner household might seek a location that provides pretty-good opportunities for both earners rather than a market that provides excellent opportunities for one and terrible opportunities for the second. Another traditional way to think about residential location is to seek the place with the lowest taxes. While this decision-rule may make sense for wealthy households, it may not make sense for the majority of households. The wealthiest households may be able to purchase the goods and services the rest of us rely on the public sector to provide such as good schools, recreation spaces, or clean water. Traditionally we have excluded a whole range of factors from residential decision-making that we now must consider, such as proximity to fire or flood danger.”
Rosalind Greenstein – Lecturer, Tufts University

What can local policymakers do to attract and retain new residents in small cities?

“Make sure your city retains the right amenities for the residents-parks/recreation, performing arts, academically superior public education, are a few that come to mind. People buy a ‘bundle’ when they invest in their home. It starts with the house but it doesn’t end there.”
Georgette Chapman Phillips – Dean, College of Business, Lehigh University

“The city can develop marketing campaigns that showcase the city’s unique features and advantages. If the city is located within driving distance of a larger metropolitan area, it can advertise the lower cost of living to attract residents from more expensive places. If feasible, the city can also establish public transportation that connects residents of the small city to a larger one to reduce the stress of the daily commute. The city should also invest in quality-of-life enhancements such as parks, pedestrian-friendly infrastructure, cultural amenities, and the local art or music scene.”
Victoria Morckel, AICP – Senior Teaching Specialist, Michigan State University

What are the benefits of living in a small city versus a large city? What are the drawbacks?

“The cost of living tends to be lower in a small city compared to a large city. Likewise, there may be greater opportunities to own a home and have discretionary income when living in a smaller place. It may also be easier to build strong relationships with neighbors, local business owners, and community members. Small cities typically have less traffic congestion and less crowded public spaces as well. However, small cities may have fewer amenities, cultural attractions, entertainment options, and restaurants compared to large urban centers. One may need to drive a significant distance to access specialized services, such as healthcare specialists.”
Victoria Morckel, AICP – Senior Teaching Specialist, Michigan State University