4. Arizona Debt per capita
: $2,188 (12th lowest) Budget deficit
: 39.0% (3rd largest) Unemployment
: 9.5% (tied-13th highest) Median household income
: $46,709 (21st lowest) Pct. below poverty line
: 19.0% (tied-8th highest)
Between 2006 and 2011, the value of homes in Arizona tumbled by 35%, more than every state except for Nevada. The state also had the nation’s second-highest foreclosure rate in 2011, with one in every 24 homes in foreclosure. In the aftermath of the financial crisis, Arizona had some of the nation’s largest budget shortfalls. In fiscal 2010, the state had a shortfall of $5.1 billion, equal to 65% of its general fund. In fiscal 2011, Arizona’s budget deficit was 39.0% of its general fund, the third-highest in the nation. In the recent state elections, residents voted on several measures intended to shore up the state’s finances. Voters rejected the continuation of a sales tax hike, while approving the restructuring of the state’s property tax assessment system.
(AP Photo/ Ross D. Franklin) More From 24/7 Wall St.
: Interactive Tool of All 50 States States with the Most Unemployment Insurance Losses The 12 Companies Paying Americans the Least The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.