MIAMI
01/17/2013 03:49 pm ET Updated Jan 17, 2013

Miami, Hialeah Ranked On 'Worst Run Cities In America' By 24/7 Wall St.

To the folks at 24/7 Wall St., Magic City politicians are spending a bit too much time at the golf course -- or dipping in the public coffers, or sipping a cortadito, or whatever the heck our leaders are actually up to.

In fact, Miami is the second-worst run city in America, according to the website, which ranks cities by local economy, fiscal (mis)management, and quality of life.

Believe it or not, the horrible showing is actually an improvement: in 2012, Miami ranked as the number one worst city in the whole U.S.A.

Noting that Miami's credit rating bears a "negative outlook," 24/7 Wall Street says the less-than-stellar ranking is attributed in part to the city's terrible poverty statistics and the notoriously bad Marlins Park deal:

Between 2007 and 2011, the median home value in Miami fell by 43.5%. Additionally, the city had one of the nation’s lowest median household incomes, at under $29,000, while 31% of residents lived below the poverty line — nearly twice the U.S. rate of 15.9%. Despite the difficult economic conditions Miamians faced, the city joined with Miami-Dade County to pay for almost 80% of the more-than $600 million cost of building a new baseball stadium for the Miami Marlins... In 2011, the SEC launched an investigation into the agreement.

Unfortunately, misery has company: nearby Hialeah also sits high on the list at number five, with a lower median household income than Miami and a higher unemployment rate.

Check out the full list of cities -- and find out which metro is the absolute worst -- at 247wallst.com.

Hat tip: Miami New Times

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