MONEY Savings

If You Lived Here, You Could Be Rich by Now: New Study Shows Top Cities For Savers

Wish you could stash just a little more cash each month? Maybe you should move to one of these nine cities.

Could a move boost your savings account?

A new analysis by Interest.com, based on 2012 data from the Bureau of Labor Statistics, compared median after-tax income with median expenses in 18 major metropolitan areas to see which cities provided the best savings opportunities. The good news is that maintaining an average standard of living and income would afford room for savings in all of them but one. (Phoenix was the outlier, perhaps because the area is still recovering from the housing bust.)

“What this really means is, don’t let your expenditures grow to meet your income,” says Interest.com managing editor Mike Sante said. “You do have some control over those bills. You can still have a solid middle class life and have some money left over to save.”

The nine cities that follow offer the best opportunities to sock away money, with the top one allowing you to bank an impressive $24,250 a year.

 

  • 1.

    Baltimore, Md.

    The Inner Harbor in Baltimore Maryland Office of Tourism

     
    Median after-tax income: $73,816

    Median expenditures: $49,566

    Save $24,250 a year

  • 2.

    Washington, D.C.

    The Metrorail in Washington, D.C. courtesy of Destination DC

     
    Median after-tax income: $85,769

    Median expenditures: $65,802

    Save $19,967 a year

  • 3.

    Cleveland, Ohio

    Skyline of Cleveland, OH.
    A view of Cleveland from North Coast Harbor courtesy of positivelycleveland.

     
    Median after-tax income: $49,772

    Median expenditures: $34,428

    Save $15,524 a year

  • 4.

    Chicago, Ill.

    Southwest view of Navy Pier, Chicago, IL.
    Navy Pier in Chicago, Ill. courtesy Choose Chicago

     
    Median after-tax income: $52,478

    Median expenditures: $41,964

    Save $10,514 a year

  • 5.

    Dallas/Ft. Worth, Texas

    City Hall, Dallas, TX.
    City Hall in Dallas DCVB

     
    Median after-tax income: $50,106

    Median expenditures: $40,843

    Save $9,264 a year

  • 6.

    Houston, Texas

    Revival Market, Houston, TX.
    Revival Market in Houston Julie Soefer

     
    Median after-tax income: $47,904

    Median expenditures: $38,706

    Save $9,198 a year

  • 7.

    Minneapolis/St. Paul, Minn.

    Open Field in Minneapolis, Minn. Cameron Wittig—Walker Art Center

     
    Median after-tax income: $62,134

    Median expenditures: $53,256

    Save $8,878 a year

  • 8.

    Atlanta, Ga.

    140521_FF_Cities_ATL2
    People shopping at the outdoor live, work, play complex, Atlantic Station, Atlanta, GA. courtesy AtlantaPhotos.com

    Median after-tax income: $49,433

    Median expenditures: $41,351

    Save $8,082 a year

  • 9.

    San Francisco/San Jose, Calif.

    140521_FF_Cities_SF2
    Indoor market, San Francisco, CA. Scott Chernis—San Francisco Travel Association

    Median after-tax income: $56,369

    Median expenditures: $49,748

    Save $6,631 a year

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