These Are the 50 Worst Cities To Live In If You Want To Build Your Savings
By Deborah Sabinus,
2024-08-15
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 .
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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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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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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
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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
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
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
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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