Amid higher housing costs, rising interest rates and skyrocketing rent prices, a new study finds the best place to live in the entire country to save money is located right next to Michigan.
Finance Buzz ranked 125 cities with populations of at least 200,000 people on data pulled from sources such as the United States Census Bureau, Transunion and the Federal Reserve.
It looked at a number of factors related to saving money, like median income, cost of living and taxes and found people living in Toledo, Ohio have the easiest time trying to save money for the future than any other city in the country.
“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,” Finance Buzz wrote, adding, “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.”
Coming in second is Pittsburgh, citing its affordable housing.
“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.”
Amarillo, TX comes in at No. 3, followed by Sioux Falls, SD, St. Louis, MO, Indianapolis, Madison, WI, Cincinnati, Irving, TX, and Frisco, TX.
When it comes to hardest places to save money, California is home to nine out of those top 10 cities, including Oxnard, Santa Ana, Anaheim, Los Angeles and San Bernardino. Honolulu was also near the bottom.
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