24/7 Wall Street bestows honor as city continues economic and civic renaissance
CRANSTON, RI—For the third year in a row, Cranston has been named one of America’s 50 “best cities to live” by 24/7 Wall Street.
Calling Cranston “the most livable city in Rhode Island and one of the most livable in New England,” the editors of 24/7 Wall Street noted Cranston’s quality of life, strong finances and low crime rate as some of the key factors used to determine this year’s ranking.
This year, Cranston climbed up the list from No. 41 to No. 34, ahead of Boca Raton, FL, and just below Charleston, SC.
“I am extremely pleased to announce that Cranston has once again received national recognition for being a great place to live and work by 24/7 Wall Street,” commented Mayor Allan W. Fung. “We are the only city in Rhode Island to earn this distinction and one of the few cities in the country to make the list for three years in a row.”
Mayor Fung said the ranking reflects the remarkable progress Cranston has made in recent years as his administration has worked to improve the city’s finances, promote an attractive business climate and enhance quality of life for all Cranston residents.
“We’ve held the line on taxes and attracted businesses, both big and small. Our rainy day fund is more than $20 million and the largest of any community in Rhode Island. We have quality schools, an accredited and accomplished police department and a diverse and growing business community,” Mayor Fung said. “I am proud that Cranston is being nationally recognized as a great place to live and work and wish to thank everyone in the community who have helped make this happen.”
According to 24/7 Wall Street, “city residents can take advantage of cultural venues in neighboring Providence, the largest city in the state, while enjoying some better living conditions in their home city.”
The report also noted Cranston’s violent crime rate is 75 percent lower than the capital city. It boasts a lower unemployment rate and working-age adults are more likely to be gainfully employed, too.
The website also noted that Cranston residents have relatively high salaries as compared to the rest of the state and the real estate market has bounced back in a big way. The median home value in the city is pegged at $223,300—a whopping $23,100 increase from 2015.
The rankings were based on a methodology that factored in raw data about crime rates, employment growth, access to restaurants and attractions, education, environment, health and housing affordability, among others.
All 50 cities reported job growth at or better than the national growth rate and household incomes that exceed the national annual household income of $55,775.
Cranston is one of 550 cities with populations of more than 65,000 that were considered for the ranking.
Mayor Fung noted that the ranking shows that Cranston’s turnaround, which began when he first was elected in 2008, is in full force.
“When I first came into office, the city was reeling from being slapped with junk bond status, huge deficits and structural problems that nobody thought could be fixed,” Mayor Fung said. “Today, we have the highest bond rating the city has seen in more than 20 years and people are flocking to the city to live and work.”