The Best And Worst Cities To Save Money In America

Everyone has trouble saving these days, but some cities make it easier than others.

Cities with high yields, low taxes, more jobs, affordable homes and higher incomes are advantageous for people looking to save money.

GoBankingRates.com, a personal finance and consumer banking website, studied the 100 most populous cities in the United States to determine which were the best and worst for saving money, and released the results in its new report

Georgia's capital city, and its most populous, Atlanta, took the top spot. The median home value is $101,300 and median household income is $56,024. This, plus an unemployment rate of 6.8 percent and 8 percent sales tax makes it the easiest city to save in. The average savings account in Atlanta returned about 0.14 percent every year.

Jacksonville, Honolulu, Houston and Anchorage were also in the top five, thanks largely to low taxes and low unemployment rates.

New York came in 44th place, and Chicago ranked 76th.

The lowest-ranking of the 100 cities surveyed were Mesa, Ariz., Riverside, Calif., and Long Beach, Calif.

In fact, four of the bottom 10 cities were in California, while six of the top 10 were in Texas.

Here’s a detailed list of the top five cities.

Atlanta skyline downtown 2013 The downtown Atlanta skyline  Reuters

1. Atlanta, Georgia

Average Savings Account Rate: 0.14% APY  Sales Tax: 8%  Unemployment Rate: 6.8%  Median Household Income: $56,024  Median Home Value: $101,300

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2. Jacksonville, Florida

Average Savings Account Rate: 0.09% APY Sales Tax: 7%  Unemployment Rate: 5.6%  Median Household Income: $53,082  Median Home Value: $127,100

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3. Honolulu, Hawaii

Average Savings Account Rate: 0.12% APY  Sales Tax: 4.5%  Unemployment Rate: 3.8%  Median Household Income: $66,639  Median Home Value: $627,900

Houston, Texas Houston, Texas  Reuters

4. Houston, Texas

Average Savings Account Rate: 0.12% APY  Sales Tax: 8.25%  Unemployment Rate: 5.5%  Median Household Income: $58,567  Median Home Value: $163,800

Dallas Seavey's team, from Willow, Alaska, races down the 4th Avenue during the ceremonial start of the 40th Iditarod Trail Sled Dog Race in downtown Anchorage Dallas Seavey's team, from Willow, Alaska, races down the 4th Avenue during the ceremonial start of the 40th Iditarod Trail Sled Dog Race in downtown Anchorage March 3, 2012. This race event has grown from an obscure contest many considered a one-time lark into a world-famous, big-money sports extravaganza.  Reuters

 

5. Anchorage, Alaska

Average Savings Account Rate: 0.08% APY  Sales Tax: None  Unemployment Rate: 5.2%  Median Household Income: $72,555  Median Home Value: $200,600

Here are all 100 cities by rank: 

Best Cities To Save In This list ranks the best and worst cities to save money in the United States.  GoBankingRates.com

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