Largest US Cities Ranked by Wealth Accumulation Ease
In a recent report, online personal finance consultant Bankrate.com ranked the 21 largest metropolitan areas in the United States based on their potential for residents to build wealth. The ranking was determined by considering factors such as savable income, human capital, debt burden, homeownership, and access to financial services.
The top spot goes to San Francisco, California. With higher-than-average salaries, residents in this bustling city have the opportunity to stash more money away in tax-advantaged retirement accounts.
Following closely behind is Austin, Texas, which was ranked as the best city in the USA for building wealth. The city's attractive combination of affordability and a recovering real estate market offers opportunities to build wealth over the long term through home equity.
Minneapolis, Minnesota, comes in at number two, thanks in part to affordable housing and a recovering real estate market. This provides residents with the potential to accumulate wealth through home equity.
Washington, D.C., rounds out the top three. The report did not provide specific details about each city, but it did consider factors such as homeownership cost, the average annual change in home prices, foreclosure actions, and homeownership rate for each metro area.
The report also took into account the percentage of workers with access to retirement plans as a factor in determining the best metro areas for building wealth. However, the article does not provide any new information about this aspect.
The ranking is based on the report's findings, but the article does not provide the specific ranking of the cities beyond the top three. The report ranked the 21 largest metro areas in five categories: savable income, human capital, debt burden, homeownership, and access to financial services.
While the report provides valuable insights into the best metro areas for building wealth, it's important to remember that individual circumstances can greatly impact one's ability to accumulate wealth. It's always a good idea to consult with a financial advisor to create a personalised plan for building wealth.
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