Posted on June - 30 - 2011

The 5 Best U.S. Cities for Saving Money

Do you find yourself feeling anxious a couple of days before payday? Are you hopeless when it comes to keeping a positive balance in your savings account? Maybe it’s not you, but where you live. Okay, it is you, but a change in scenery might be the jump start you need to get on track to better savings habits.

Parenting.com researched various economic factors in cities across the country, like unemployment rates and property values, crunched the numbers and came up with a list of cities with the strongest economies in 2010. The people in these locations have it the easiest when it comes to holding onto their paychecks. So to help you do the same, here’s a list of the top 5 highest rated U.S. cities where saving money is easiest:

#1 Little Rock, Arkansas

You probably wouldn’t guess Little Rock to have the most thriving economy in the country, but as the hub of business, government and healthcare in Arkansas, this town stands out as the top savings destination. Residents spend little on gas as the average commute to work is a mere 17 minutes, and the unemployment rate sits below the national average at 7.4 percent.

#2 Billings, Montana

Billings businesses enjoy plenty of revenue from tourism as a stop along the way to Yellowstone National Park, Glacier National Park, Grand Teton National Park and the Little Bighorn National Monument. Plus, homes average a sweet $200,000 value.

#3 Sioux Falls, South Dakota

With an excelling education system in which students enjoy a 13 to 1 pupil to teacher ratio, kids are graduating ready to earn the big bucks. Luckily for them, there are plenty of jobs available with a super low 5.5 percent unemployment rate.

#4 Salt Lake City, Utah

While home values took a hit here, it was far less that in other major metro areas. Residents also save on travel with an airport 10 minutes away from downtown, plenty of public transportation and a short commute time.

#5 Tulsa, Oklahoma

Rounding out the top five is Tulsa. Amazingly, home values actually rose here, which is no doubt a help to sellers looking to make a profit on their homes.

Avoid These “Most Miserable” Cities

Unfortunately, the rest of the cities in the country aren’t all doing as well as those above. According to Forbes.com, there are also a few locales that fall on the other end of the spectrum. Calculating factors like foreclosure, taxes and unemployment, the following are the top 5 most miserable cities in the U.S. you should probably steer clear of if you’re trying to save money (hint: The Golden State apparently wasn’t named so for it’s thriving economy):

#1 Stockton, California: Stockton ranks as the most miserable city in the whole country. It has the third worst unemployment rate of the 200 largest metro areas in the nation at 14.3 percent. The housing market is also severely struggling as home prices are down 58 percent.

#2 Miami, Florida: Luckily, residents of this state don’t have to pay state income tax. The bad news is one in every 14 homes was foreclosed upon last year.

#3 Merced, California: Not only did median home prices fall a staggering 68 percent, but this city’s unemployment rate is the highest in the country at 16.2 percent.

#4 Modesto, California: Modesto has it pretty bad–it’s home to the second-highest auto theft rate in the country and is where the average home value dropped by $180,000.

#5 Sacramento, California: Anyone making money in this city is quickly paying it right back. Single filers who make over $50,000 pay a 9.55 percent income tax on it.

Of course, it’s really about your own individual willpower when it comes to saving money, though it probably doesn’t hurt to live in a city where the economy is flourishing. If you’re struggling to grow a safety net of extra cash, consider relocating to a place where you’ll at least have a better chance.

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