People looking to improve their financial well-being might need to move across the country. In a new report on where people should live if they want to save money, personal finance website GOBankingRates.com ranks the 100 largest U.S. cities by population from best to worst on seven essential factors affecting people's ability to save.
For its second annual Best and Worst Cities for Saving Money report, the seven factors GOBankingRates assessed include:
For its second annual Best and Worst Cities for Saving Money report, the seven factors GOBankingRates assessed include: sales tax; median home list price; median rent price; median household income; unemployment rate; average reported gas prices; and grocery costs.
"If you're looking for an affordable place to live that will leave enough money in your budget to stash in savings, consider the South, Southwest or Midwest," said Cameron Huddleston, Life + Money columnist for GOBankingRates. "Most of the best cities for savers are in these regions, where housing costs and everyday expenses are relatively low."
The median list price of a home in San Francisco, the No. 1 worst city for saving money, is over three times more than the median list price in Gilbert, Ariz., the No. 1 best city for saving money.
The difference between the highest median income ― found in Fremont, Calif. ― and the lowest median income ― found in Detroit ― is $77,496.
The range of median monthly rent extends by a whopping $4,000 ― it is $650 in Fort Wayne, Ind., and $4,650 in San Francisco.
Sources used to compile the ranking include Census Bureau, TaxFoundation.org, Zillow, U.S. Census QuickFacts, Bureau of Labor Statistics, GasBuddy and Numbeo. All seven factors were weighted equally.