THE 15 BEST AND WORST PLACES TO LIVE IF YOU’RE TRYING TO SAVE MONEY
Virginia Beach, Va., and San Antonio, Texas, top GOBankingRates' list of cheapest places to live in.
by Cameron Huddleston, GoBankingRates.com, May 22, 2017
Where you live can have a big impact on your wallet. You can get ahead financially in some cities where the cost of living is low but wages are high enough to leave you with extra money to set aside in savings after covering your costs. On the other hand, you might struggle to put money away even if you’re making big bucks if you’re in an expensive city.
For the third consecutive year, GOBankingRates set out to find out which cities are the best and worst places to live to save money. We looked at the 60 largest U.S. cities and ranked them based on seven factors that affect people’s finances the most:
- Median household income
- Unemployment rate
- Median home list price
- Median rent price
- Average gas price
- Average monthly cost of groceries
- Sales tax
Click through to see 15 cities that are the best for saving money and 15 cities where knowing how to survive paycheck to paycheck is essential.
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15. URBAN HONOLULU
- Population: 352,769
- Median income: $74,460
- Unemployment rate: 2.5%
- Median home listing price: $639,000
- Median monthly rent: $2,373
- Average gas price: $2.91
- Average cost of groceries: $490.53
- Sales tax: 4.5%
It’s hard to save money if you live in this island paradise. Although the median income in Urban Honolulu is the third highest of the cities surveyed and the unemployment rate is the lowest, the cost of living is high. Grocery costs are more expensive here than in any other city in the rankings. And only a handful of cities have higher median home listing prices.
KITV: Urban Honolulu among the worst places to live if you're trying to save money