It’s no secret that most folks would like to be able to say they are well off or wealthy, and where you live may play a big role as to whether you’ll ever be able to do that.
Well, a new BankRate.com report looked at 21 metropolitan areas in categories like savable income, human capital, debt burden, homeownership and access to financial services to find the cities where it’s easiest to build wealth, and San Francisco earns top honors.
True, San Francisco is one of the most expensive places to live in the country, but that is outweighed by the high paying jobs offered in the area. In fact, the report found that those living in the City by the Bay can put away about $16,657 a year, which is twice the national average.
On the flipside, the worst metropolitan area for building wealth is San Bernardino, California, which comes in last place in four categories, GDP per capita, average unemployment rate, average credit score and bank branches per 100,000 residents. The second worst is Miami, where the average income results in residents losing $3,613 per year, which is the worst in the nation.
The Best Cities For Building Wealth
- San Francisco (savable income $16,657)
- Minneapolis ($6,557)
- Washington, D.C. ($15,246)
- St. Louis ($10,451)
- Detroit ($12,513)
- Seattle ($10,381)
- Boston ($5,115)
- Denver ($13,099)
- Phoenix ($14,828)
- Baltimore ($9,303)