Trying to save? Move here
Milwaukee, WI
If you’ve been trying your best to build up savings, but despite your best efforts you just can’t meet your goal, the answer might be location, location, location.
That is, where you live could be affecting the speed at which you can save.
GoBankingRate.com recently ranked the 60 largest U.S. cities to discover which are the best and worst for those trying to save money. The study was based on factors ranging from median household income, unemployment rate and median home list price, to average gas price, average monthly cost of groceries and sales tax.
Some of the best cities for savers offer not only a low cost of living but also higher-than-average wages. However, before you pack up your bags, see if these top five cities will offer the quality of life and lifestyle you’ve craved, while also building your savings.
- Virginia Beach, Va.
- Population: 452,745
- Median income: $67,719
- Unemployment rate: 3.7%
- Median home listing price: $280,000
- Median monthly rent: $1,548
- Average gas price: $2.48 per gallon
- Average cost of groceries: $300.73 per month
- Sales tax: 6%
- Louisville, Ky.
- Population: 615,366
- Median income: $46,881
- Unemployment rate: 3.9%
- Median home listing price: $189,900
- Median monthly rent: $1,016
- Average gas price: $2.58 per gallon
- Average cost of groceries: $266.91 per month
- Sales tax: 6%
- Oklahoma City
- Population: 631,346
- Median income: $50,070
- Unemployment rate: 3.6%
- Median home listing price: $181,530
- Median monthly rent: $1,064
- Average gas price: $2.34 per gallon
- Average cost of groceries: $290.38 per month
- Sales tax: 8.375%
- Milwaukee
- Population: 600,155
- Median income: $36,801
- Unemployment rate: 3.2%
- Median home listing price: $117,000
- Median monthly rent: $1,033
- Average gas price: $2.54 per gallon
- Average cost of groceries: $304.66 per month
- Sales tax: 5.6%
- Wichita, Kan.
- Population: 389,965
- Median income: $46,775
- Unemployment rate: 4.1%
- Median home listing price: $149,900
- Median monthly rent: $903
- Average gas price: $2.45 per gallon
- Average cost of groceries: $290.32 per month
- Sales tax: 7.5%
