GoBankingRates’ report show Lincoln/Omaha one of best cities to save money
POSTED BY: KLKN Newsroom
When it comes to saving money, residents of Portland, Ore., will have the easiest time, while people in Los Angeles will have the hardest, according to a new GOBankingRates study that assessed the best and worst cities for saving money in 2015.
GOBankingRates’ report, which shows how much of an impact geography can have on personal finances, investigated and ranked the 100 most populous cities in the United States on the factors that affect savers most: sales tax, home values, monthly rent, income, unemployment rate and gas prices.
SEE THE STUDY’S KEY FINDINGS HERE: http://www.gobankingrates.com/personal-finance/best-worst-cities-saving-money/
“If the last decade has shown us anything, it’s that saving money is hard work – even when you’re motivated to do it,” said Casey Bond, GOBankingRates’ managing editor. “And our study proves that it’s even harder in some places than others. Living expenses, taxes and the local job market have a huge impact on how much money you’ll be able to keep in your savings account — if you’re ignoring these factors, you’re not giving yourself the best chance to be financially healthy.”
|10 Best Cities for Saving Money:||10 Worst Cities for Saving Money:|
|1. Portland, OR||1. San Francisco, CA|
|2. Anchorage, AK||2. Los Angeles, CA|
|3. Lincoln, NE||3. Irvine, CA|
|4. Boise, ID||4. New York|
|5. Madison, WI||5. Oakland, CA|
|6. Omaha, NE||6. San Jose, CA|
|7. Wichita, KS||7. Long Beach, CA|
|8. Fort Wayne, IN||8. Fremont, CA|
|9. Arlington, TX||9. Stockton, CA|
|10. Corpus Christi, TX||10. Santa Ana, CA|
- The Not-So-Golden State: Nine out of the 10 worst cities for saving are in New York City, came in at No. 4.
- High Cost of Living: San Francisco (No. 1 worst city for saving) had the highest housing costs of the 20 cities the study showcased, with a median home value of $727,600. Fort Wayne, Ind., (No. 8 best city for saving) offered the cheapest housing options, with a median home value of $98,900.
- Taxes: The average sales tax for the 10 worst cities for saving money is 8.74%, while the average for the 10 best cities is 5.59%.
Additional survey details: Each criterion was weighted equally and scores in each category were combined to calculate the final rankings.
GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Business Insider, Daily Finance, Huffington Post and more. It also specializes in connecting consumers with the best financial institutions and interest rates nationwide.