REVEALED: The hardest metro in America to save cash – and it’s NOT New York or Los Angeles
- New research from Forbes Advisor has ranked metros across America
- They analyzed the cost of living, debt-to-income ratios and house prices
A new study has revealed the toughest place in America to save money with skyrocketing home prices, living costs and debt.
Surprisingly, it’s not New York or Los Angeles.
Research by Forbes Advisor The hardest place to save monthly is the Riverside-San Bernardino-Ontario area of California.
An analysis of the cost of living, income taxes, housing costs and debt-to-income ratios placed the metropolitan area in the top spot.
It was closely followed by the Anaheim area of Los Angeles, then Miami and New York.
Forbes Advisor research shows the hardest place to save each month is the Riverside-San Bernardino-Ontario area of California
The area has the highest debt-to-income ratio of the fifteen metros analyzed by Forbes
The The Riverside-San Bernardino-Ontario area is located east of Los Angeles.
Residents have the highest debt-to-income ratio (2.59) of any area Forbes looked at.
On average, residents spend a quarter of their income on housing, while one in three tenants spends more than half of their income on rent.
A shocking 40 percent of residents have recently struggled to pay for usual expenses, while 13 percent have faced food shortages, according to the survey.
Housing is a major burden on Californians, and according to the survey, the state is the most difficult to get by in the United States.
In second place is the Anaheim area of Los Angeles.
The area ranks second in the average percentage of income spent on housing, 26 percent, and the percentage of renters spending at least half their income on rent, 30 percent.
The third and fourth places are occupied by the cities on the east coast, Miami, in third place, followed by New York
New York comes in fourth as one of the most expensive places to live in the country, making it very difficult for residents to save
The third and fourth places are occupied by the cities on the east coast, Miami, in third place, followed by New York.
According to the study, Miami has the highest housing costs of any area overall, with residents spending an average of 30 percent of their income on housing.
New York ranks fourth as one of the most expensive places to live in the country, making it very difficult for residents to save.
Nearly one in three residents spend at least half of their income on rent, while 31 percent have difficulty paying their fixed costs.
In fifth place is Atlanta, Georgia, where residents struggle with high income taxes and home prices.