Amid soaring housing costs, rising interest rates and escalating rent prices, a new study finds The best places to live across the country to save money It’s located right next to the state of Michigan.
Finance Buzz The rankings were based on data from the U.S. Census Bureau, TransUnion, the Federal Reserve and other sources and included 125 cities with populations of over 200,000.
After looking at a variety of factors that influence saving money, including average income, cost of living, and taxes, we found that people living in Toledo, Ohio, are more likely to save for the future than any other city in the country.
“Toledo’s cost of living is the second-lowest in this analysis, meaning living in Ohio’s fourth-largest city is very affordable (in relative terms),” Finance Buzz wrote, adding that “Toledo also ranks in the top three for lowest median credit card debt, lowest rent to income and lowest mortgage to income.”
Pittsburgh came in second for its affordable housing.
“Toledo ranks higher on our list than Pittsburgh because of its lower cost of living, but the median income in the Steel City is higher than Toledo’s. Both cities have similar debt-to-income ratios.”
Amarillo, Texas, came in third, followed by Sioux Falls, South Dakota, St. Louis, Missouri, Indianapolis, Madison, Wisconsin, Cincinnati, Irving, Texas, and Frisco, Texas.
When it comes to the hardest places to save money, California is home to nine of the top 10 cities, including Oxnard, Santa Ana, Anaheim, Los Angeles and San Bernardino. Honolulu is also near the bottom.
