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.

    Maryland Office of Tourism The Inner Harbor in Baltimore

     
    Median after-tax income: $73,816

    Median expenditures: $49,566

    Save $24,250 a year

  • 2. Washington, D.C.

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

     
    Median after-tax income: $85,769

    Median expenditures: $65,802

    Save $19,967 a year

  • 3. Cleveland, Ohio

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

     
    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.
    courtesy Choose Chicago Navy Pier in Chicago, Ill.

     
    Median after-tax income: $52,478

    Median expenditures: $41,964

    Save $10,514 a year

  • 5. Dallas/Ft. Worth, Texas

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

     
    Median after-tax income: $50,106

    Median expenditures: $40,843

    Save $9,264 a year

  • 6. Houston, Texas

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

     
    Median after-tax income: $47,904

    Median expenditures: $38,706

    Save $9,198 a year

  • 7. Minneapolis/St. Paul, Minn.

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

     
    Median after-tax income: $62,134

    Median expenditures: $53,256

    Save $8,878 a year

  • 8. Atlanta, Ga.

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

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

    Median after-tax income: $56,369

    Median expenditures: $49,748

    Save $6,631 a year

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