Largest U.S. Cities Ranked by Wealth Accumulation Ease
In a recent report, online personal finance consultant Bankrate.com ranked the 21 largest metro areas in the United States for building wealth. The report considered various factors, including savable income, human capital, debt burden, homeownership, and access to financial services.
San Francisco topped the list as the best place to build wealth. The report highlighted the city's high average savable income and homeownership rate as key factors. However, it also noted that San Francisco's non-mortgage debt per capita is relatively high.
Minneapolis followed closely as the second-best place to build wealth. While residents in Minneapolis may not earn as much as those in San Francisco, the report noted that the area's affordable housing and recovering real estate market provide opportunities to build wealth over the long term through home equity.
Washington, D.C., came in third place. The report stated that while homeownership can be expensive in some metro areas like San Francisco, higher-than-average salaries can help residents save more money.
The report also looked at non-mortgage debt per capita and average credit score (debt burden) for each city. The largest US city with the lowest average debt burden per capita and rated by Bankrate.com as one of the 21 largest metropolitan areas for building wealth was not explicitly named in the provided search results.
The report examined the average annual change in home prices, foreclosure actions, and homeownership rate (homeownership) for each city. The ranking considers factors such as savable income, homeownership rate, and non-mortgage debt per capita for each city.
The report did not repeat earlier facts about the reasons for San Francisco and Minneapolis's rankings or provide new facts about the average income after taxes and expenditures, educational opportunities, productivity, non-mortgage debt per capita, average credit score, average annual change in home prices, foreclosure actions, and homeownership rate for each city.
The report did not provide new facts about the report's methodology or other cities' rankings. It is important to note that building wealth involves many factors, and this report provides a useful starting point for those looking to make informed decisions about where to live and invest.
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