Saving & Spending Budgeting & Expenses

The U.S. Cities Where It’s Easiest To Save Money [2024]

FinanceBuzz assessed the financial realities of 125 of the biggest cities in the U.S. to find out where it is easiest and hardest to save money across the country.

A landscape photo showing the Toledo, Ohio, skyline.
Updated Sept. 24, 2024
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Between skyrocketing home and rent prices and high interest rates, it can be tough to save money in this economy. But a dollar goes farther in some places than in others, and we wanted to find out which of America’s biggest cities make it easier or harder to save.

Our team at FinanceBuzz looked at a number of factors related to saving money, such as median income, cost of living, taxes, and more to find out how big city life affects residents who are trying to save for the future.

Key findings

  • Toledo, Ohio; Pittsburgh, Pennsylvania; and Amarillo, Texas, are the top cities where it’s easiest to save money.
  • Residents in Texas will be happy to know that three Lone Star cities (Amarillo, Irving, and Frisco) rank among the leading U.S. metros for cost-cutting.
  • California is home to nine out of the top 10 cities where it’s hardest to put away money.

How we chose these cities

FinanceBuzz analyzed U.S. cities with populations in excess of 200,000 (125 total cities) using the most up-to-date data from sources such as the United States Census Bureau, Transunion, and the Federal Reserve.

We looked at these specific metrics:

  • Cost of living: An all-encompassing number that tracks how much essentials cost (such as housing, transportation, and food) relative to the rest of the country. Cities where daily life is more expensive make it harder to build up savings.
  • Median income: How much money an average person makes annually in each city. Higher incomes can stretch farther, including when it comes to the amount that people can save.
  • Median monthly rent payment as a percentage of median income: How much of their annual income an average person has to spend to afford the median rent payment in each city for one year. Expensive housing makes it harder to save money.
  • Median monthly mortgage costs as a percentage of median income: How much of their annual income an average homeowner has to spend to afford the median mortgage payment in each city for one year. Expensive housing makes it hard to save money.
  • Average effective tax burden: The amount that someone making the median income in each city will have to pay in combined federal and state taxes based on current tax laws. People that have to pay the government a larger portion of their annual pay have less money that they can save for the future.
  • Debt-to-income ratio: A statistic that looks at the average amount of debt compared to income that people in each city have. People with high amounts of debt relative to their income may have to spend excess money paying down existing debt instead of building savings for the future.
  • Median amount of credit card debt: How much credit card debt people have in each city. Having to pay off high-interest credit card balances prevents cardholders from putting money into savings.

The easiest cities to save money

It’s time to reveal which cities across the country make it the easiest to save money.

A map of the United States showing the top 10 cities where it's easiest to save money.


1. Toledo, OH

Toledo’s cost of living is the second-lowest of any city in this analysis, meaning life is extremely affordable (relatively speaking) in Ohio’s fourth-largest city. Toledo also ranks in the top three in terms of lowest median credit card debt, lowest rent costs relative to income, and lowest mortgage costs relative to income.

2. Pittsburgh, PA

Affordable housing, particularly for homeowners with mortgages, is a major reason that Pittsburgh finished so high on this list. While Toledo’s cheaper cost of living pushed it ahead of Pittsburgh on our list, the average income in the Steel City is higher than Toledo's. Both cities have the same debt-to-income ratio.

3. Amarillo, TX

Amarillo has the lowest cost of living of any city in the country. By virtue of being located in Texas, tax burdens are also very low in Amarillo, though housing costs and credit card debt are higher here than in the two cities that finished first and second.

4. Sioux Falls, SD

South Dakota is one of a handful of states that do not have any state income tax, making the average tax burden in the state quite manageable. Affordable rent and a below-average cost of living also helped land Sioux Falls in the top five when it comes to ease of saving money.

5. St. Louis, MO

St. Louis has an even lower cost of living than Sioux Falls, and it has the lowest average rent cost relative to income of any city in the country. But higher tax rates and average credit card debt keep St. Louis from climbing even higher.

6. Indianapolis, IN

Despite a relatively low median income amount of just $51,461, Indianapolis ranks relatively high in a number of areas important for saving money, including cost of living and housing costs.

7. Madison, WI

The median person in Madison has $2,181 in credit card debt,which is the lowest figure of any city in the country. That amount is nearly $800 less than the 125-city average of $2,930.

8. Cincinnati, OH

Cincinnati’s median rent costs relative to income are the second-lowest of any city, behind only St. Louis. That fact, along with a below-average cost of living, helped land the Queen City in the top 10.

9. Irving, TX

The first of two Dallas suburbs that round out the top 10, Irving is tied for the lowest debt-to-income ratio of any city in the country while also having one of the lowest effective tax burdens in the country.

10. Frisco, TX

The final city in the top 10, Frisco has the fifth-highest median income of any city. Frisco also boasts the same low tax burden as nearby Irving, but it has a much higher debt-to-income ratio.

The hardest cities to save money

Now let’s talk about the cities where saving is the hardest. Spoiler alert: there’s a reason lots of people are moving away from California.

A graphic showing the states of California and Hawaii and the cities from those states that constitute the 10 worst cities for saving money.


1. Oxnard, CA

Oxnard is the first of an astounding nine different cities on our top 10 that are located in Southern California. This Ventura County city ranked the worst of all thanks to a high cost of living, as well as rent- and mortgage-to-income ratios that are among the five worst in the nation. Oxnard also has one of the five highest debt-to-income ratios of any city.

2. Santa Ana, CA

Many of the same factors that propelled Oxnard to the top spot on this list also apply to Santa Ana, though the city has a lower debt-to-income ratio and lower median credit card debt amount.

3. Moreno Valley, CA

While Moreno Valley is a slightly more affordable place to live than Oxnard and Santa Ana, the city has the worst debt-to-income ratio of any city we looked at.

4. Riverside, CA

Riverside has a higher median income and more affordable rent costs than every city that finished higher on this list, which are big reasons why it isn’t ranked higher.

5. San Bernardino, CA

While San Bernardino has the lowest median income of any city in the bottom ten when it comes to saving money, it also has the lowest cost of living (tied with Fontana, CA) of any city on this ignominious list. However, San Bernardino cost of living is still higher than the average cost of living we found across all 125 cities.

6. Anaheim, CA

The hometown of Mickey Mouse has some of the most expensive housing costs in the country. Anaheim’s median monthly mortgage costs as a percentage of median income are the second-highest of any city (behind Miami, FL).

7. Chula Vista, CA

This is the only California city on the list that is located away from Greater Los Angeles. The median amount of credit card debt people have in Chula Vista is among the 15 highest in the country.

8. Honolulu, HI

The capital of Hawaii is the only city located outside of California in the top 10. Due to the difficulty of transporting goods to the island, Hawaii as a whole has a high cost of living. It comes as no surprise that Honolulu’s cost of living score is among the 10 highest of any city in the country. Hawaiians also pay some of the highest taxes in the country.

9. Los Angeles, CA

Despite higher housing costs, Los Angeles finishes slightly lower than Honolulu, in large part thanks to a better debt-to-income ratio and a lower cost of living.

10. Fontana, CA

Fontana rounds out our list of cities where saving money is the hardest. Fontana has slightly lower housing costs relative to income compared to nearby cities in the top 10, as well as a lower cost of living.

Other notable cities where it’s hard to save money

Looking just a little bit beyond the top 10 reveals a number of cities outside of California where it can be difficult to save money.

For example, a trio of cities near NYC, including the Big Apple itself, all rank in the top 20. Newark is 13th while Yonkers is 14th, and New York City proper comes in at 16th. All three cities feature high costs of living and housing costs relative to income that are among the highest in the country. Notably, the median credit card debt in Newark is the second-lowest of any city, making the city’s high ranking in terms of savings difficulty even more interesting.

New York isn’t the only non-California state with multiple cities in the top 25. Two different Colorado cities — Colorado Springs (17th) and Aurora (19th) — are both in the top 20. Additionally, four different cities in the Sunshine State of Florida are among the top 25 cities where saving money is hardest. That’s notable given that Florida has no state income tax at all, and Floridians have the lowest average tax burden of any state. The Florida cities in the top 25 are Miami (18th), Port St. Lucie (22nd), Hialeah (23rd), and Cape Coral (25th).

A city-by-city breakdown of America’s easiest and hardest cities for saving money

City Overall Savings Score Median Income Cost of Living Rent as % of Income Mortgage as % of Income Average Effective Tax Burden Debt-to-Income Ratio Median Credit Card Debt
Toledo, Ohio 73.7 $46,637 77.4 22% 27% 18.05% 1.08 $2,220
Pittsburgh, Pennsylvania 71.6 $60,084 91.8 24% 27% 19.34% 1.08 $2,685
Amarillo, Texas 69.6 $48,994 73.6 25% 38% 15.99% 1.195 $2,739
Sioux Falls, South Dakota 68.8 $52,051 90.7 22% 36% 15.78% 1.195 $2,781
St. Louis, Missouri 68.0 $53,839 84.1 20% 31% 18.67% 1.3 $2,858
Indianapolis, Indiana 67.2 $51,461 85.7 24% 31% 19.01% 1.195 $2,507
Madison, Wisconsin 67.0 $61,942 103.4 24% 38% 19.91% 1.195 $2,181
Cincinnati, Ohio 66.7 $51,668 88.3 22% 34% 18.05% 1.195 $2,761
Irving, Texas 66.1 $54,251 100.2 33% 46% 15.99% 0.601 $2,545
Frisco, Texas 66.1 $93,894 111.7 24% 40% 15.99% 1.67 $3,366
Fort Wayne, Indiana 65.2 $46,763 82 25% 29% 19.01% 1.3 $2,479
Columbus, Ohio 65.1 $53,135 91.4 27% 33% 18.05% 1.3 $2,483
Huntsville, Alabama 65.0 $56,095 94.2 23% 30% 19.79% 1.3 $2,694
Durham, North Carolina 64.9 $60,230 98.8 28% 31% 19.60% 1.08 $2,869
Minneapolis, Minnesota 64.8 $69,096 107.2 22% 33% 21.51% 1.41 $2,743
Des Moines, Iowa 64.7 $50,712 86.6 23% 32% 20.68% 1.195 $2,406
Memphis, Tennessee 64.6 $44,425 85.8 30% 36% 15.77% 1.08 $2,574
Louisville, Kentucky 64.4 $51,617 89.8 24% 33% 19.94% 1.195 $2,481
Lexington, Kentucky 63.9 $54,375 90.8 23% 34% 19.94% 1.195 $2,785
Cleveland, Ohio 63.7 $44,937 83 24% 30% 18.05% 1.7 $2,256
McKinney, Texas 63.2 $75,746 111.7 30% 39% 15.99% 1.67 $3,366
Omaha, Nebraska 63.0 $55,150 90.8 24% 36% 19.72% 1.3 $2,698
Milwaukee, Wisconsin 63.0 $47,261 88 24% 36% 19.91% 1.195 $2,227
Buffalo, New York 62.7 $47,395 92.1 25% 26% 21.97% 1.08 $2,401
Albuquerque, New Mexico 62.5 $54,274 92 23% 32% 18.60% 1.7 $2,730
Lubbock, Texas 62.3 $48,322 81.1 27% 41% 15.99% 1.3 $2,943
Kansas City, Missouri 62.1 $52,842 88.4 26% 36% 18.67% 1.3 $2,811
Lincoln, Nebraska 61.9 $51,380 92.6 23% 37% 19.72% 1.3 $2,452
Grand Prairie, Texas 61.5 $50,467 100.2 34% 45% 15.99% 0.601 $2,903
Little Rock, Arkansas 61.4 $49,142 80.7 23% 35% 18.54% 1.41 $3,080
Oklahoma City, Oklahoma 61.4 $49,542 85.5 25% 39% 19.13% 1.3 $2,616
Wichita, Kansas 61.4 $46,087 82.8 23% 36% 20.06% 1.195 $2,611
Philadelphia, Pennsylvania 60.7 $55,977 104.3 27% 32% 19.34% 1.41 $2,467
Plano, Texas 60.0 $70,805 111.7 29% 42% 15.99% 1.67 $3,498
Garland, Texas 59.7 $45,434 100.2 39% 46% 15.99% 0.601 $2,451
Greensboro, North Carolina 59.2 $45,917 84.2 28% 32% 19.60% 1.3 $2,668
Rochester, New York 59.0 $45,843 88.6 27% 30% 21.97% 1.195 $2,401
Corpus Christi, Texas 58.9 $48,676 83.5 29% 43% 15.99% 1.41 $3,043
Tulsa, Oklahoma 58.6 $46,313 85.3 25% 37% 19.13% 1.3 $2,837
Gilbert, Arizona 58.3 $73,898 113 34% 31% 17.84% 1.726 $3,819
Jersey City, New Jersey 58.1 $80,486 139.5 27% 43% 21.71% 1.195 $2,531
St. Paul, Minnesota 58.1 $58,155 102.3 25% 36% 21.51% 1.41 $2,661
Fort Worth, Texas 58.0 $53,500 101.5 30% 45% 15.99% 1.3 $2,888
Houston, Texas 57.9 $51,174 96.9 29% 47% 15.99% 1.195 $2,961
Tampa, Florida 57.9 $59,718 104.2 33% 40% 15.75% 1.7 $2,978
Chicago, Illinois 57.8 $63,046 105.7 25% 40% 21.32% 1.3 $2,963
Scottsdale, Arizona 57.5 $82,396 113 28% 33% 17.84% 1.925 $4,449
Tallahassee, Florida 57.5 $46,146 91.2 30% 42% 15.75% 1.195 $3,058
Laredo, Texas 57.5 $38,776 82.2 30% 47% 15.99% 1.195 $2,524
Winston-Salem, North Carolina 56.9 $45,557 84.3 27% 34% 19.60% 1.54 $2,617
Detroit, Michigan 56.6 $41,797 91.8 28% 33% 19.78% 1.3 $2,299
Chandler, Arizona 56.5 $66,770 113 33% 33% 17.84% 1.726 $3,221
Austin, Texas 56.2 $68,801 129.1 28% 43% 15.99% 1.41 $3,730
Seattle, Washington 55.9 $99,707 158.1 23% 39% 18.27% 1.54 $3,350
Richmond, Virginia 55.8 $56,977 95.2 25% 37% 21.80% 1.54 $2,908
El Paso, Texas 55.8 $42,797 81.9 28% 41% 15.99% 1.54 $3,097
Charlotte, North Carolina 54.9 $58,920 102.5 30% 34% 19.60% 1.54 $3,133
Nashville, Tennessee 54.8 $55,978 104.7 31% 38% 15.77% 1.54 $3,450
Baton Rouge, Louisiana 54.8 $46,062 93.2 26% 40% 18.62% 1.41 $2,834
Columbus, Georgia 54.5 $44,955 78 28% 36% 20.49% 1.7 $2,694
St. Petersburg, Florida 54.1 $55,036 102.8 34% 39% 15.75% 1.7 $3,089
Raleigh, North Carolina 53.8 $60,353 105.8 29% 36% 19.60% 1.7 $3,212
Washington, District of Columbia 53.7 $93,749 151.9 24% 37% 19.36% 1.7 $3,676
Augusta, Georgia 53.5 $41,356 80 29% 34% 20.49% 1.7 $2,523
Spokane, Washington 53.5 $54,609 103.1 25% 35% 18.27% 1.925 $3,029
Baltimore, Maryland 53.3 $53,836 92.6 28% 36% 22.58% 1.7 $2,775
Tacoma, Washington 52.6 $63,858 122.7 30% 40% 18.27% 1.54 $3,132
Jacksonville, Florida 52.4 $51,170 95.7 33% 37% 15.75% 1.925 $3,054
Henderson, Nevada 52.3 $62,709 110.6 33% 36% 15.78% 1.925 $3,691
San Jose, California 52.3 $84,457 231 34% 53% 20.63% 0.765 $2,692
Orlando, Florida 52.1 $52,612 106 36% 43% 15.75% 1.54 $2,805
Boston, Massachusetts 52.0 $77,771 150.8 30% 44% 23.67% 1.195 $2,866
Arlington, Texas 51.4 $48,309 101.5 33% 45% 15.99% 1.7 $2,751
Anchorage, Alaska 51.3 $63,959 115.5 26% 41% 17.02% 1.925 $3,800
San Francisco, California 51.3 $106,793 245.5 26% 45% 20.63% 1.3 $3,007
Tucson, Arizona 51.1 $45,632 97 28% 36% 17.84% 1.925 $2,705
Fremont, California 50.4 $110,100 195.5 30% 42% 20.63% 1.759 $2,511
San Antonio, Texas 50.3 $45,209 91.3 33% 44% 15.99% 1.7 $3,102
Denver, Colorado 50.2 $70,950 127.6 29% 37% 20.66% 1.7 $3,589
Dallas, Texas 50.2 $51,020 100.2 32% 52% 15.99% 1.3 $3,366
New Orleans, Louisiana 49.6 $51,584 101.6 27% 46% 18.62% 1.41 $3,484
Santa Clarita, California 48.8 $73,714 161.7 24% 33% 20.63% 1.767 $4,239
Oakland, California 48.7 $79,304 195.5 28% 51% 20.63% 1.3 $3,046
Salt Lake City, Utah 48.2 $55,475 121.3 28% 42% 20.90% 1.3 $2,903
Portland, Oregon 48.0 $67,965 127.7 26% 41% 23.37% 1.7 $3,255
Mesa, Arizona 47.0 $53,516 113 34% 38% 17.84% 1.925 $2,807
Worcester, Massachusetts 46.2 $54,287 111.5 30% 46% 23.67% 1.7 $2,363
Glendale, Arizona 46.1 $47,831 113 35% 37% 17.84% 1.726 $2,799
Fresno, California 45.9 $50,750 103.7 32% 44% 20.63% 1.7 $2,797
Bakersfield, California 45.8 $50,776 99.8 32% 44% 20.63% 1.7 $2,887
Phoenix, Arizona 45.4 $52,510 113 34% 38% 17.84% 1.925 $2,947
Boise, Idaho 44.5 $57,458 119.6 28% 36% 19.92% 2.285 $2,747
Irvine, California 44.4 $105,004 164.9 31% 41% 20.63% 1.966 $3,037
Las Vegas, Nevada 44.3 $49,238 110.6 35% 43% 15.78% 1.925 $3,078
Modesto, California 43.9 $56,172 116.3 32% 41% 20.63% 1.925 $2,656
North Las Vegas, Nevada 43.0 $47,463 110.6 40% 43% 15.78% 1.852 $3,061
Reno, Nevada 42.6 $51,894 118.6 33% 42% 15.78% 1.925 $3,506
Virginia Beach, Virginia 42.1 $58,138 104.8 32% 39% 21.80% 1.925 $3,638
Fayetteville, North Carolina 41.8 $40,861 81.4 34% 38% 19.60% 2.285 $2,731
Chesapeake, Virginia 41.3 $60,225 103.5 29% 39% 21.80% 2.378 $3,723
Cape Coral, Florida 41.0 $50,451 104.2 43% 40% 15.75% 2.285 $3,271
Norfolk, Virginia 40.9 $46,819 91.4 31% 45% 21.80% 1.925 $2,995
Hialeah, Florida 40.9 $38,860 118.9 47% 60% 15.75% 1.427 $2,372
Port St. Lucie, Florida 40.8 $49,684 98.6 39% 43% 15.75% 2.51 $3,235
Sacramento, California 40.6 $59,217 127.2 33% 44% 20.63% 1.925 $2,745
Santa Clarita, California 40.0 $79,159 161.7 37% 50% 20.49% 1.54 $3,980
Aurora, Colorado 40.0 $56,021 123.7 37% 42% 20.66% 1.7 $3,043
Miami, Florida 38.8 $46,632 118.9 41% 71% 15.75% 1.54 $3,106
Colorado Springs, Colorado 38.3 $55,917 110.3 33% 40% 20.66% 2.285 $3,158
New York City, New York 38.2 $65,673 172.5 31% 55% 21.97% 1.195 $3,752
San Diego, California 37.5 $70,698 154.9 36% 49% 20.63% 1.925 $3,142
Yonkers, New York 34.5 $63,014 157 30% 54% 21.97% 1.833 $3,075
Newark, New Jersey 34.2 $42,121 135 37% 60% 21.71% 1.195 $2,192
Stockton, California 32.8 $51,252 124.7 34% 46% 20.63% 2.285 $2,664
Long Beach, California 30.0 $59,049 161.7 35% 56% 20.63% 1.925 $3,083
Fontana, California 28.8 $51,037 118.6 39% 56% 20.63% 2.226 $3,010
Los Angeles, California 27.5 $56,769 161.7 38% 68% 20.63% 1.925 $3,068
Honolulu, Hawaii 27.0 $59,735 171.5 34% 55% 22.79% 2.285 $2,826
Chula Vista, California 26.6 $60,153 154.9 40% 57% 20.63% 2.042 $3,508
Anaheim, California 24.9 $49,467 164.9 47% 70% 20.63% 1.925 $2,665
San Bernardino, California 23.7 $40,119 118.6 40% 59% 20.63% 2.51 $2,500
Riverside, California 23.6 $50,648 131.2 41% 52% 20.63% 2.51 $2,998
Moreno Valley, California 21.7 $47,898 131.2 49% 50% 20.63% 3.124 $2,816
Santa Ana, California 21.1 $41,861 164.9 54% 65% 20.63% 1.966 $2,480
Oxnard, California 18.8 $46,191 154 51% 63% 20.63% 2.51 $2,684
125 City Average 50.1 $56,996 112.7 30% 41% 18.98% 1.60 $2,930

Advice from our experts

While our study helped us better understand what makes up an affordable town, we also had our own questions about what types of things can lead to metropolitan areas having a higher cost of living. To find out, we asked a panel of experts.

Some responses may have been edited for punctuation, clarity, and brevity.

Easy ways to cut back on your spending

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Methodology

FinanceBuzz collected data on 125 of America's biggest cities with populations in excess of 200,000, according to the most recent U.S. Census (125 total cities).

Metrics were compared against each other using a dynamic formula that assigned each city a score of 0 to five relative to every other city. Those scores were then weighted to assign each city a final value out of 100, with higher scores indicating cities where saving money is easier and lower scores indicating cities where saving money is harder.

For each factor, a weight of 2.0 serves as the baseline, with weights above 3.0 having a more significant impact on a city’s total score and those below 3.0 having a lesser impact. The weights and sources for the individual metrics used are as follows:

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