Study: Philly Residents Not The Best At Saving Money
PHILADELPHIA (CBS) — Philly, you’re good at a lot of things, but according to a new study, saving money may not be one of them.
According to GoBankingRates’ list, the City of Brotherly Love ranks a lowly number 92 of the best and worst cities for saving money.
GoBankingRates is a personal finance website. It observed several factors among 100 of America’s biggest cities, including sales tax, unemployment rates, median household income, median price of homes and average savings account rates.
Philadelphia’s median household income of $59,748 and unemployment rate both rank in the top rates on the list. However, an unfavorable savings account rate of .05 percent APY and average home price of $221,300 brings the city’s standing all the way down to 92 out of 100.
Wondering who rounds out the top five for saving? That would be:
1.) Atlanta, Georgia
2.) Jacksonville, Florida
3.) Honolulu, Hawaii
4.) Houston, Texas
5.) Anchorage, Alaska