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.
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.
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.
Easy ways to cut back on your spending
- Try out a budgeting app. Platforms like Rocket Money are useful for lowering your monthly bills and even offer expense tracking.
- Park away your cash. Earn some interest and safely store your money with one of our recommended savings accounts.
- Earn rewards on big expenses. Read more about the best credit cards for gas and groceries so that you can get cash back and travel rewards when you shop.
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:
- Median income: Full-time, year-round workers with earnings (2022) - U.S. Census - Weight: 4.0
- Cost of living: BestPlaces - Weight: 4.0
- Rent as a percentage of annual income: Calculation based on median income and median monthly rent costs sourced from the U.S. Census - Weight: 2.0
- Mortgage costs as a percentage of annual income: Calculation based on median income and median monthly mortgage costs for homeowners sourced from the U.S. Census - Weight: 2.0
- Average effective tax burden: FinanceBuzz Research based on current state and federal tax codes - Weight: 2.0
- Debt-to-income ratio: The Federal Reserve - Weight: 4.0
- Median credit card debt: Transunion - Weight: 2.0.