By Kara Brandeisky
May 31, 2014

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

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.

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 in Dallas
DCVB

 
Median after-tax income: $50,106

Median expenditures: $40,843

Save $9,264 a year


6. Houston, Texas

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.

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.

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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