Building up your savings is a great financial goal that can be achieved through budgeting smartly, tracking your spending habits and setting up a savings plan. Having a well-established savings account can have many benefits. It can serve as an emergency fund, give you the ability to earn interest and provide financial security.
If building your savings is a top financial goal, you should know that where you live can make a big difference. Research shows that while some U.S. cities make it easier for you to save money, others make it easier to spend your money instead.
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GOBankingRates recently found what cities in the U.S. are the worst to live in if you’re looking to build up your savings. Several factors were analyzed, including household median income, monthly total cost of living and monthly mortgage costs, to see what cities will keep you from saving money.
Listed below are the 50 worst cities to live in if you want to work on increasing your savings .
LPS.1 / Wikimedia Commons 1. Atherton, California Household median income: $250,000 Mortgage cost monthly: $45,170 Expenditure costs monthly: $2,511 Total cost of living monthly: $47,682 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $485,498
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Sanfranman59 / Wikimedia Commons 2. Hillsborough, California Household median income: $250,000 Mortgage cost monthly: $30,324 Expenditure costs monthly: $2,492 Total cost of living monthly: $32,815 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $307,102
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Don Owens / Flickr.com 3. Portola Valley, California Household median income: $250,000 Mortgage cost monthly : $23,218 Expenditure costs monthly : $2,532 Total cost of living monthly: $25,750 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $222,319
Paola Giannoni / Getty Images/iStockphoto 4. Jackson, Wyoming Household median income: $101,477 Mortgage cost monthly : $13,631 Expenditure costs monthly : $2,144 Total cost of living monthly: $15,775 State average total cost of living monthly: $3,960 Difference from state average total cost of living annually: $141,771 DianeBentleyRaymond / Getty Images/iStockphoto
5. Burlingame, California Household median income: $165,940 Mortgage cost monthly : $16,127 Expenditure costs monthly : $2,484 Total cost of living monthly: $18,611 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $136,647 Andrei Stanescu / Getty Images 6. Los Gatos, California
Household median income: $198,117 Mortgage cost monthly : $16,063 Expenditure costs monthly : $2,479 Total cost of living monthly: $18,542 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $135,819 Read More: States Whose Economies Are Failing vs. States Whose Economies Are Thriving
DenisTangneyJr / Getty Images/iStockphoto 7. Emerald Lake Hills, California Household median income: $250,000 Mortgage cost monthly : $15,510 Expenditure costs monthly : $2,505 Total cost of living monthly: $18,015 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $129,496 Andrei Stanescu / Getty Images/iStockphoto 8. San Carlos, California Household median income: $219,413 Mortgage cost monthly : $14,534 Expenditure costs monthly : $2,485 Total cost of living monthly: $17,019 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $117,541 Mike Liu / Getty Images 9. Belmont, California Household median income: $185,944 Mortgage cost monthly : $13,610 Expenditure costs monthly : $2,491 Total cost of living monthly: $16,101 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $106,528 Sundry Photography / Getty Images/iStockphoto 10. Foster City, California Household median income: $191,267 Mortgage cost monthly : $12,801 Expenditure costs monthly : $2,500 Total cost of living monthly: $15,301 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $96,931 Be Aware: 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents
Ron Cogswell / Flickr.com 11. Great Falls, Virginia Household median income: $250,000 Mortgage cost monthly : $9,312 Expenditure costs monthly : $2,340 Total cost of living monthly: $11,652 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $87,782 Purdue9394 / Getty Images/iStockphoto 12. Brentwood, Tennessee Household median income: $181,576 Mortgage cost monthly : $7,864 Expenditure costs monthly : $2,049 Total cost of living monthly: $9,914 State average total cost of living monthly: $3,736 Difference from state average total cost of living annually: $74,134 NAPA74 / Getty Images/iStockphoto 13. Key West, Florida Household median income: $80,828 Mortgage cost monthly : $7,404 Expenditure costs monthly : $2,204 Total cost of living monthly: $9,608 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $61,246 Pgiam / Getty Images 14. Dunn Loring, Virginia Household median income: $238,734 Mortgage cost monthly : $7,089 Expenditure costs monthly : $2,266 Total cost of living monthly: $9,354 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $60,206 Discover More: 8 Places Where Houses Are Suddenly Major Bargains
drnadig / Getty Images/iStockphoto 15. Vienna, Virginia Household median income: $215,556 Mortgage cost monthly : $6,623 Expenditure costs monthly : $2,248 Total cost of living monthly: $8,870 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $54,402 Steve Cukrov / Shutterstock.com 16. Cedarhurst, New York Household median income: $102,561 Mortgage cost monthly : $6,482 Expenditure costs monthly : $2,710 Total cost of living monthly: $9,192 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $52,815 alex grichenko / Getty Images/iStockphoto 17. Key Largo, Florida Household median income: $74,239 Mortgage cost monthly : $6,319 Expenditure costs monthly : $2,323 Total cost of living monthly: $8,642 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $49,655 f11photo / Getty Images/iStockphoto 18. Arlington, Virginia Household median income: $137,387 Mortgage cost monthly : $5,979 Expenditure costs monthly : $2,244 Total cost of living monthly: $8,223 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $46,629 For You: I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
Jim Glab / iStock.com 19. Niwot, Colorado Household median income: $135,758 Mortgage cost monthly : $7,079 Expenditure costs monthly : $2,013 Total cost of living monthly: $9,092 State average total cost of living monthly: $5,266 Difference from state average total cost of living annually: $45,906 TriggerPhoto / Getty Images/iStockphoto 20. Marathon, Florida Household median income: $70,313 Mortgage cost monthly : $6,067 Expenditure costs monthly : $2,235 Total cost of living monthly: $8,302 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $45,579 batuhanozdel / Getty Images/iStockphoto 21. San Francisco Household median income: $136,689 Mortgage cost monthly : $8,430 Expenditure costs monthly : $2,537 Total cost of living monthly: $10,967 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $44,920 ©Zillow 22. Morgan Hill, California Household median income: $152,199 Mortgage cost monthly : $8,462 Expenditure costs monthly : $2,491 Total cost of living monthly: $10,954 State average total cost of living monthly: $7,224 Difference from state average total cost of living annually: $44,762 Learn More: 20 Best Cities Where You Can Buy a House for Under $100K
amedved / Getty Images/iStockphoto 23. Fort Hunt, Virginia Household median income: $209,135 Mortgage cost monthly : $5,698 Expenditure costs monthly : $2,303 Total cost of living monthly: $8,001 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $43,967 DenisTangneyJr / iStock.com 24. Franklin, Tennessee Household median income: $106,592 Mortgage cost monthly : $5,353 Expenditure costs monthly : $2,036 Total cost of living monthly: $7,388 State average total cost of living monthly: $3,736 Difference from state average total cost of living annually: $43,832 HaizhanZheng / Getty Images/iStockphoto 25. Rockville Centre, New York Household median income: $147,361 Mortgage cost monthly : $5,448 Expenditure costs monthly : $2,744 Total cost of living monthly: $8,192 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $40,816 ©Google Street View 26. Hewlett, New York Household median income: $138,971 Mortgage cost monthly : $5,269 Expenditure costs monthly : $2,696 Total cost of living monthly: $7,965 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $38,099 Try This: How I Went From Middle Class to Upper Middle Class
Lorraine Boogich / Getty Images 27. Nolensville, Tennessee Household median income: $158,266 Mortgage cost monthly : $4,787 Expenditure costs monthly : $2,098 Total cost of living monthly: $6,885 State average total cost of living monthly: $3,736 Difference from state average total cost of living annually: $37,788 Joan D Squared / Getty Images/iStockphoto 28. Plainview, New York Household median income: $181,423 Mortgage cost monthly : $5,164 Expenditure costs monthly : $2,733 Total cost of living monthly: $7,897 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $37,274 AgnosticPreachersKid / Wikimedia Commons 29. Purcellville, Virginia Household median income: $150,333 Mortgage cost monthly : $5,006 Expenditure costs monthly : $2,306 Total cost of living monthly: $7,311 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $35,693 ©Ocean Sotheby's International Realty 30. Tavernier, Florida Household median income: $47,820 Mortgage cost monthly : $5,157 Expenditure costs monthly : $2,303 Total cost of living monthly: $7,460 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $35,474 Be Aware: 5 Worst Florida Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
31. Falls Church, Virginia Household median income: $164,536 Mortgage cost monthly : $5,015 Expenditure costs monthly : $2,257 Total cost of living monthly: $7,272 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $35,224 ivanastar / Getty Images 32. Leesburg, Virginia Household median income: $132,298 Mortgage cost monthly : $4,985 Expenditure costs monthly : $2,262 Total cost of living monthly: $7,247 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $34,925 DenisTangneyJr / Getty Images 33. Chantilly, Virginia Household median income: $137,722 Mortgage cost monthly : $4,866 Expenditure costs monthly : $2,283 Total cost of living monthly: $7,149 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $33,748 James H Dunning / Wikimedia Commons CC-BY-SA 3 34. Ashburn, Virginia Household median income: $147,192 Mortgage cost monthly : $4,849 Expenditure costs monthly : $2,264 Total cost of living monthly: $7,113 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $33,311 Check Out: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
miromiro / Getty Images 35. New York Household median income: $76,607 Mortgage cost monthly : $4,603 Expenditure costs monthly : $2,911 Total cost of living monthly: $7,514 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $32,681 Idawriter / Wikimedia Commons CC-BY-SA 3 36. Fairfax, Virginia Household median income: $128,708 Mortgage cost monthly : $4,679 Expenditure costs monthly : $2,274 Total cost of living monthly: $6,953 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $31,398 Boogich / Getty Images 37. Big Coppitt Key, Florida Household median income: $102,943 Mortgage cost monthly : $4,869 Expenditure costs monthly : $2,249 Total cost of living monthly: $7,118 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $31,368 milehightraveler / Getty Images/iStockphoto 38. Lone Tree, Colorado Household median income: $121,066 Mortgage cost monthly : $5,832 Expenditure costs monthly : $2,024 Total cost of living monthly: $7,856 State average total cost of living monthly: $5,266 Difference from state average total cost of living annually: $31,080 Read Next: 6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
Phototreat / Getty Images/iStockphoto 39. Annandale, Virginia Household median income: $109,221 Mortgage cost monthly : $4,627 Expenditure costs monthly : $2,277 Total cost of living monthly: $6,904 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $30,811 ©Private Islands Inc. 40. Big Pine Key, Florida Household median income: $74,375 Mortgage cost monthly : $4,723 Expenditure costs monthly : $2,281 Total cost of living monthly: $7,004 State average total cost of living monthly: $4,504 Difference from state average total cost of living annually: $29,997 Norm Lane / Getty Images/iStockphoto 41. Fort Belvoir, Virginia Household median income: $97,290 Mortgage cost monthly : $4,567 Expenditure costs monthly : $2,244 Total cost of living monthly: $6,810 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $29,682 Jacob Boomsma / Getty Images/iStockphoto 42. Larkspur, Colorado Household median income: $62,679 Mortgage cost monthly : $5,567 Expenditure costs monthly : $2,081 Total cost of living monthly: $7,648 State average total cost of living monthly: $5,266 Difference from state average total cost of living annually: $28,578 Discover More: 3 Things To Do This Week If You Have Debt
Davel5957 / Getty Images/iStockphoto 43. Lovettsville, Virginia Household median income: $137,411 Mortgage cost monthly : $4,293 Expenditure costs monthly : $2,396 Total cost of living monthly: $6,689 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $28,223 ©Zillow 44. Herndon, Virginia Household median income: $133,403 Mortgage cost monthly : $4,422 Expenditure costs monthly : $2,228 Total cost of living monthly: $6,650 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $27,761 halbergman / Getty Images/iStockphoto 45. Hybla Valley, Virginia Household median income: $65,843 Mortgage cost monthly : $4,348 Expenditure costs monthly : $2,295 Total cost of living monthly: $6,643 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $27,671 Kirkikis / Getty Images 46. Burke, Virginia Household median income: $172,432 Mortgage cost monthly : $4,322 Expenditure costs monthly : $2,288 Total cost of living monthly: $6,610 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $27,282 Try This: Mortgage Rates Are Dropping: 20 Housing Markets With the Most Affordable Home Prices
Davel5957 / Getty Images/iStockphoto 47. Alexandria, Virginia Household median income: $113,179 Mortgage cost monthly : $4,275 Expenditure costs monthly : $2,267 Total cost of living monthly: $6,542 State average total cost of living monthly: $4,337 Difference from state average total cost of living annually: $26,465 Alex Potemkin / Getty Images/iStockphoto 48. Oceanside, New York Household median income: $136,997 Mortgage cost monthly : $4,270 Expenditure costs monthly : $2,721 Total cost of living monthly: $6,992 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $26,412 HaizhanZheng / Getty Images/iStockphoto 49. East Meadow, New York Household median income: $129,268 Mortgage cost monthly : $4,326 Expenditure costs monthly : $2,658 Total cost of living monthly: $6,983 State average total cost of living monthly: $4,791 Difference from state average total cost of living annually: $26,313 Sean Pavone / Getty Images/iStockphoto 50. Castle Pines, Colorado Household median income: $189,280 Mortgage cost monthly: $5,377 Expenditure costs monthly : $2,069 Total cost of living monthly: $7,445 State average total cost of living monthly: $5,266 Difference from state average total cost of living annually: $26,153 Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
Methodology: For this study, GOBankingRates analyzed cities to find the worst cities to live in to build your savings. First, GOBankingRates found the cost-of-living indexes for each state as sourced from the Missouri Economic and Research Information Center. The average national expenditure costs were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents and used to calculate the average expenditure cost. The average single-family value from June 2024 was sourced from Zillow Home Value Index for each state. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Research, the average mortgage cost can be calculated. Using the average mortgage and average expenditure costs, the monthly and annual average cost of living for each state can be calculated. For each city, the cost-of-living indexes were sourced from Sperling’s BestPlaces, and using the same national average expenditure cost as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents, the average monthly and annual expenditure costs can be calculated. Using the Zillow Home Value Index for single-family homes from June 2024, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Reserve, the average mortgage cost can be calculated. Using the average mortgage and average expenditure cost, the average monthly and annual cost of living can be calculated. The livability index was sourced from AreaVibes and included as supplemental information. Each city can be compared with its statewide average to determine the worst places to build your savings. To qualify for this study, the average expenditure and mortgage had to be more expensive than the statewide average. The cities were sorted to show the worst places to build savings. All data was collected on and is up to date as of July 29, 2024.
This article originally appeared on GOBankingRates.com : These Are the 50 Worst Cities To Live In If You Want To Build Your Savings
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