![]() ![]() ![]() Louis was named the most dangerous city in America two years in a row. “People can disagree on the exact value of a life, but the important part here is to understand the proportionality from this research: murder is 2,571 times worse than larceny,” says Milnes.ĭepending on the total budgets of each local area, Milnes says that understanding the cost of crime is important in both how well each state or municipality is managing their crime-stopping efforts.Īnother result: “Aside from the imminent danger of crime, people living in higher crime areas see depressed home values and pay higher prices for crucial needs, including home insurance, renters insurance and auto insurance,” says Deb Gordon, a writer for MoneyGeek. For instance, the academic research MoneyGeek relied upon uses a cost of crime of about $9 million for murder while larceny is estimated to be around $3,500. In other words, if MoneyGeek had simply used crime rates, it’s likely they would have arrived at different results due to these differences in weight between the crime rates that the methodology solves for. “The cost of crime methodology we’ve utilized takes a cost by each type of crime so that when we report the one number (cost of crime) on a per capita basis, it provides a weighting backed up by academic research on these different crimes,” explains Milnes. The economic impact also paints a clearer picture of the dangers in a certain place than just looking at crime rates, which suffer from a grouping problem-since the overall crime rate treats property and violent crime the same. ![]() By aggregating each crime into an easily readable stat based on population, we can make broad comparisons about which are the most dangerous cities in the country.” “For example, murders and high-level assaults have higher costs than larceny or simple theft. “The cost of crime per capita is not only a data point about how much crime happens in a given population, but it also demonstrates the severity of the crimes happening,” says Milnes. So why should people care about the cost of crime? ![]()
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