A financial news website has ranked a Passaic County city as one of the worst places to live in the United States.

The website 247wallst.com says that Paterson ranks as the third worst place to live in the country. The site looked at data such as poverty rate, affordable housing, crimes and economic growth. Paterson was found to have a poverty rate nearly double the national average, according to the site.

Paterson Mayor Jose Torres says that the statistics used were based on old data. He says that in the last two years there has been a sizeable decrease in crimes and homicides in Paterson. He also says that there have been major road repairs and the graduation rate has gone from 40 percent to over 70 percent.

Some residents tell News 12 New Jersey that the city still has a long way to go to improve itself.

"It's been known to have a bad reputation," says resident Efrain Ramirez. "Gang violence, the streets are filled with homeless people that are on drugs."

Paterson is also known as the "Silk City" because it once had a dominant role in the country's silk production in the late 19th century. According to the 2010 Census, nearly 150,000 people live in the city.

Mayor Torres disputes the website's ranking and says that he will issue an official statement Friday.

The website ranked Miami, Florida as No. 1 on the list.