Regardless of where you live, saving money is not easy. But a lot of times our location and the cost of living plays a major role in just how much money we are able to put away.
GOBankingRates.com recently released a report of the best and worst places to save in the United States. To no surprise, popular cities like San Francisco, Los Angeles and New York came in the top 10 worst places for saving money. Meanwhile, many cities located in the South and West, including cities in Arizona, Texas, and Oklahoma, came in the top spots for saving money.
“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.”
Using information from the Census Bureau, Bureau of Labor Statistics, TaxFoundation.org, Zillow, GasBuddy and Numbeo, the financial website used seven factors when ranking the cities, including sales tax, median home list price, median rent price, median household income, unemployment rate, average reported gas prices and grocery costs.
According to the results, the median list price of a home in San Francisco, which is the No.1 worst city for saving, is more than three times the median list price in Gilbert, Ariz., which is the No.1 best city for saving.
To see the full list of top 15 worst and best cities for saving your coins check the chart below.