LOS ANGELES, May 22, 2017 /PRNewswire/ -- A new study shows where you live can have a major impact on your wallet.
Conducted by personal finance news and features website GOBankingRates, the study set out to determine which cities are the best places for people to save money — and which are the worst. Researchers examined the following seven factors that affect financial well being in the 60 most populous U.S. cities:
- Median household income
- Unemployment rate
- Median home list price
- Median rent price
- Average gas price
- Average monthly cost of groceries
- Sales tax
All factors were weighted equally, and each factor was given a rank on a scale from 0 to 1, with 0 being the best and 1 being the worst. A city's total score is the sum of the scores for all seven factors. This is the third consecutive year GOBankingRates has conducted this study.
For full study results and more details on methodology, visit: The 15 Best and Worst Places to Live if You're Trying to Save Money
Top 5 Cheapest Places to Live
- Virginia Beach, Va.
- San Antonio, Texas
- Oklahoma City, Okla.
- Omaha, Neb.
- Arlington, Texas
Top 5 Most Expensive Places to Live
- San Francisco
- Los Angeles
- Oakland, Calif.
- New York City
- Anaheim, Calif.
Additional Study Insights
- Virginia Beach, Va., has the highest median income ($66,634) of the 15 best cities for saving money.
- Of the cheapest cities to live, Wichita, Kan., has the lowest median list price ($137,250).
- Average gas prices are lowest in Tulsa, Okla., at $2.10 per gallon.
- At $4,500, San Francisco, the worst city for saving money, has the highest median monthly rent of any city included in the study. San Francisco also has the highest average gas price ($3.16) and highest medium home listing price ($1,195,000).
- Bakersfield, Calif., has a 10.9 percent unemployment rate, the highest of any city in the study.
- Of all the cities examined, Urban Honolulu, Hawaii, has the highest average monthly cost of groceries ($490.53).
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.
Kim Dahlgren, Media Relations
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