(NEXSTAR) – Are you saving as much as you would like? Keeping extra money in the bank for emergencies or expenses is one of the smartest things you can do, but depending on where you live, it can be difficult.
Recently, personal finance outlet FinanceBuzz analyzed data from 125 US cities with populations over 200,000 to rank them based on several metrics, including cost of living, median income, and debt-to-income ratio. Cities were then ranked from ease of saving to difficulty, with three Texas cities making the national top 10.
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Amarillo, Texas, ranks number three on FinanceBuzz’s ranking of U.S. cities where it’s easiest to save money. The Potter County seat is known for having the lowest cost of living of any city in the country. What’s more, FinanceBuzz explains that because of Texas’ low tax burden compared to other states, Amarillo may rank high even if housing costs and credit card debt are higher there than in other major cities.
Here’s a look at the full top 10.
Range | City | Average income | Rent as % of income | Debt-to-income ratio | Median credit card debt |
1. | Toledo (Ohio) | $46,637 | 22% | 1.08 | $2,220 |
2. | Pittsburgh, Pennsylvania | $60,084 | 24% | 1.08 | $2,685 |
3. | Amarillo, Texas | $48,994 | 25% | 1,195 | $2,739 |
4. | Sioux Falls, South Dakota | $52,051 | 22% | 1,195 | $2,781 |
5. | St. Louis, Missouri | $53,839 | twenty% | 1.3 | $2,858 |
6. | Indianapolis, Indiana | $51,461 | 24% | 1,195 | $2,507 |
7. | Madison (Wisconsin) | $61,942 | 24% | 1,195 | $2,181 |
8. | Cincinnati, Ohio | $51,668 | 22% | 1,195 | $2,761 |
9. | Irving, Texas | $54,251 | 33% | 0.601 | $2,545 |
10. | Frisco, Texas | $93,894 | 24% | 1.67 | $3,366 |
As you’ll see, two other Texas cities, Irving and Frisco, round out the national top 10 ranking.
While Irving’s low debt-to-income ratio (the lowest of any city except another with the same ratio) helps its ranking, Frisco’s high median income (the fifth highest of any city) helps its ranking. overcome some high debt-to-income. -City income figures.
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Nationally, Toledo, Ohio and Pittsburgh, Pennsylvania, earned the no. 1 and no. 2 seats, respectively. FinanceBuzz found that Toledo has the second-lowest cost of living of all cities, not to mention that rent and mortgage costs are low compared to income.
Although Texas cities ranked well overall, Dallas was the lowest-ranking city in the Lone Star State. The analysis found that Dallas rent and mortgage costs compared to income are quite high; In fact, median mortgage costs account for 52% of Dallas residents’ income.
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