It can be really tough to get by; those close to retirement are trying to sock away as much as possible against retirement, while millennials are trying to do the same while coping with low salaries and high debt levels.
But it's certainly easier in a place where costs are lower and it's easier to save—and much more difficult where costs are high and what money you have gets eaten up quickly by everyday expenses.
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GoBankingRates took a look at the 60 largest cities in the U.S., for the third year in a row, to see which of them make saving easier and which make it more difficult.
Considering that preretirees will be trying to give an eleventh-hour boost to their retirement dollars, and millennials will be trying to save—perhaps for the first time—while working to pay off student loans, both age groups might be interested in seeing where their tasks will be more or less feasible.
To that end, here are the results of GoBankingRate's efforts, with the top and bottom 5 cities for saving money. Seven factors played into the rankings: median household income; unemployment rate; median home list price; median rent price; average gas price; average monthly cost of groceries; and sales tax.
Whether you're saving for retirement or paying off those pesky loans, here are the 5 best, followed by the 5 worst cities that will either help you toward your goals or make your life a living hell more difficult. Good luck!
5 best cities for saving money:
5. Arlington, Texas
Population: 388,125
Median income: $53,326
Unemployment rate: 4.3 percent
Median home listing price: $199,000
Median monthly rent: $1,495
Average gas price: $2.30
Average cost of groceries: $272.80
Sales tax: 8.0 percent
Some of Arlington's attractions include being comparable with the national median in both cost of living and income, giving residents a chance to stash some of their pay without having to fork it all over just to survive. It also boasts home prices that are just a tad more than half of the prices in nearby Dallas.
4. Omaha, Nebraska
Population: 443,885
Median income: $49,896
Unemployment rate: 3.4 percent
Median home listing price: $214,000
Median monthly rent: $1,200
Average gas price: $2.36
Average cost of groceries: $307.61
Sales tax: 7.0 percent
You might think that if the Sage of Omaha lives here, it'll be too rich for your blood.
But actually the opposite is true: although median incomes here are lower than the national median, the city not only has a low cost of living but also a low unemployment rate, coupled with the lowest home prices in the state.
These all combine to make it a good place to pursue savings goals. Maybe that helped Warren Buffet on the way to billionairehood?
3. Oklahoma City
Population: 631,346
Median income: $47,779
Unemployment rate: 4.3 percent
Median home listing price: $179,900
Median monthly rent: $995
Average gas price: 2.14
Average cost of groceries: $304.24
Sales tax: 8.38 percent
Oklahoma City actually substantially improved its standing as a city where you can save; it was #13 last year, but this year—thanks to decreases in both median home listing price and median monthly rent over the past year, as well as an increase in the median salary—it rose to #3.
2. San Antonio, Texas
Population: 1,469,845
Median income: $46,744
Unemployment rate: 4.2 percent
Median home listing price: $232,443
Median monthly rent: $1,200
Average gas price: $2.21
Average cost of groceries: $238.94
Sales tax: 8.25 percent
With the lowest cost of living among Texas cities and the cheapest average cost of groceries out of all 60 cities surveyed, San Antonio—the second largest city in the state where everything is big—turns out to be the second-best city for savings.
1. Virginia Beach, Virginia
Population: 452,745
Median income: $66,634
Unemployment rate: 4.5 percent
Median home listing price: $279,900
Median monthly rent: $1,600
Average gas price: $2.23
Average cost of groceries: $281.38
Sales tax: 6.0 percent
What's not to like, with beaches Right There in the best city in which to save money?
You can go to the beach instead of the movies, and stay home instead of traveling to take a vacation.
That doesn't mean you can't spend money here, but if you choose to watch those pennies you'll do all right; not only does Virginia Beach have a low cost of living, it has a high median income—the highest among the cheapest cities in which to live.
5 worst cities for saving money:
5. Anaheim, California
Population: 350,742
Median income: $60,752
Unemployment rate: 4.5 percent
Median home listing price: $570,000
Median monthly rent: $2,650
Average gas price: $3.05
Average cost of groceries: $395.45
Sales tax: 8 percent
Okay, so it's got Disneyland. But that doesn't mean you have to go—or that you should be willing to pay the home and rent prices that have risen even since last year, when the city also held the dubious honor of fifth place.
The good thing? The median income also rose, which is one reason the city hasn't risen even higher on the bad-for-saving-money list.
4. New York City
Population: 8,550,405
Median income: $53,373
Unemployment rate: 4.7 percent
Median home listing price: $774,950
Median monthly rent: $2,700
Average gas price: $2.62
Average cost of groceries: $411.57
Sales tax: 8.875 percent
New York, New York—a helluva town, especially when you're trying to pay bills and save money at the same time.
Not only is the median income lower than the national median (and that's despite all the Wall Street types!), but gas, food and home prices are all among the highest out of all the cities surveyed.
3. Oakland
Population: 419,267
Median income: $54,618
Unemployment rate: 3.5 percent
Median home listing price: $589,000
Median monthly rent: $2,750
Average gas price: $3.02
Average cost of groceries: $398.72
Sales tax: 9.5 percent
You'll find it a tall order to survive here, much less save money, especially when you consider that just since last year median home prices in Oakland rose by more than $100,000.
And the median income is just barely above the national median, which means you'll find it a challenge just to survive.
2. Los Angeles
Population: 3,971,883
Median income: $50,205
Unemployment rate: 4.5 percent
Median home listing price: $725,000
Median monthly rent: $3,950
Average gas price: $ 3.05
Average cost of groceries: $341.94
Sales tax: 9 percent
Well, we knew California was expensive, but L.A. can be in a class by itself.
Even staying away from Rodeo Drive won't help all that much, since the city has the second highest median monthly rent and fourth highest median home price of the cities surveyed. To top it off, its median income is lower than most of the other worst places to save money.
1. San Francisco
Population: 864,816
Median income: $81,294
Unemployment rate: 3.5 percent
Median home listing price: $1,195,000
Median monthly rent: $4,500
Average gas price: $3.16
Average cost of groceries: $489.15
Sales tax: 8.75 percent
Don't say we didn't warn you—California's an expensive place. And if you've ever been to San Francisco, you'll understand its attraction despite the costs.
Although the median household income is higher here than any other city than neighboring San Jose, and the unemployment rate is relatively low, the buck just barely starts here. San Francisco has the highest average gas price, median monthly rent and median home listing price of any city surveyed.
Oh, and the second highest average cost of groceries.
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