Due to its low unemployment rate and low sales tax, Omaha ranked 22nd on GoBankingRates.com’s list of the top cities for saving money.
The study surveyed the 100 most populated cities in America on five key factors: unemployment rate, sales tax, median household income, median home price and the city’s average savings account rate.
“The ability to stop living paycheck-to-paycheck and start saving has a lot to do with circumstance and environment,” said GOBankingRates managing editor Casey Bond. “No one can take advantage of even the best interest rates if taxes are through the roof, homes are unaffordable and there aren’t any jobs.”
Lincoln ranked 52nd due to its lower average savings account rate and lower median household income. Omaha tied with Charlotte for 22nd place. The following factors determined Omaha’s ranking:
-Unemployment rate: 3.9 percent
-Sales tax: 7.0 percent
-Median household income: $55,698
-Median home price: $138,700
-Average savings account rate: 0.055 percent APY
The five best cities for saving money are Atlanta, Jacksonville, Honolulu, Houston and Anchorage. Mesa, Riverside, Long Beach and Stockton in California and North Las Vegas are the five worst cities for saving money.
Click here to view the entire list.