The 15 worst places to live in the US if you want to save money
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Some cities offer higher-paying jobs, but if the cost of living is also higher, a big paycheck still might not go that far.
The best combination for your budget would be a city with plenty of high-wage employment opportunities and a low cost of living so you can have enough money after expenses to save for the future. GOBankingRates' study breaks down essential cost-of-living factors to show you the best places to live if you want to save money — and which cities make it almost impossible to save.
The study looked at factors that affect people’s finances the most: median income, median home listing price, median rent, unemployment rate, average gas price and average cost of a basket of 15 common grocery items.
All but two of the worst cities for saving money are in California. "California is notorious for being one of the most expensive places to live in the U.S.," said Kristen Bonner, the GOBankingRates research lead for this study. "Expensive housing, higher-than-average taxes, and one of the most expensive states to fill up your gas tank make it very difficult to have leftover income after the necessities are paid."
Scroll down to see why these cities are the 15 worst places to live if you're trying to save money.
Read: 10 Rules for Living in a Rising-Rate World
Shutterstock15. Sacramento, Calif.
Population: 485,199
Median income: $50,013
Unemployment rate: 5.5%
Median home listing price: $530,000
Median monthly rent: $1,395
Average gas price: $2.223
Average cost of groceries: $42.94
Sales tax: 8.5%
The capital of California is more affordable than most of the states' major cities. But that doesn't make it an ideal place for savers. Home prices still are high, and the median income in Sacramento is lower than the national median income of $53,482, leaving residents without a lot of wiggle room in their budgets to set aside money in savings.
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14. Bakersfield, Calif.
Population: 368,759
Median income: $56,842
Unemployment rate: 10.2%
Median home listing price: $245,000
Median monthly rent: $1,395
Average gas price: $2.35
Average cost of groceries: $35.68
Sales tax: 7.5%
The unemployment rate in Bakersfield is the second highest among the worst cities for savers. However, the median income of those who are employed is higher than many of the other cities on this list. Housing costs also are more affordable, which is why Bakersfield ranks lower than most of the other California cities that are the worst places for savers.
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13. San Jose, Calif.
Population: 1,015,785
Median income: $83,787
Unemployment rate: 3.8%
Median home listing price: $725,000
Median monthly rent: $3,300
Average gas price: $2.38
Average cost of groceries: $40.95
Sales tax: 8.75%
The median home listing price in San Jose is the second highest among the worst cities to save. It’s also one of America’s most expensive rental markets, according to CNN. But a high median income — as a result of its booming tech industry — helps offset the high housing costs somewhat and doesn’t make it quite as hard to save in San Jose as it is in other places on this list.
See the rest of the story at Business Insider