July 24, 2024
This Ohio city is the 'easiest' to save money in, data shows

(NEXSTAR) — Are you saving as much as you’d like? Keeping extra money in the bank for emergencies or expenses is one of the wisest things you can do but depending on where you live, it can be more difficult.

Recently, personal finance outlet FinanceBuzz analyzed data for 125 U.S. cities with populations greater than 200,000 to rank them based on several metrics, including cost of living, median income and debt-to-income ratios. The cities were then ranked based on ease of saving to difficulty — and one Ohio city came out on top of the whole list as the city where it’s easiest to save.

FinanceBuzz found Toledo to have the second-lowest cost of living of all cities, not to mention having low rent and mortgage costs compared to income. The outlet also found that Toledo ranks among the lowest median credit card debt for residents, and placed in the top three nationally in terms of favorable rent/mortgage costs-compared-to-income ratios.

Here’s a look at the full top 10.

Rank City Median 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 20% 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

You may also notice that another Ohio city came in eighth place in the ranking, with Cincinnati earning points for its below-average cost of living and rent-compared-to-income costs that are the second-lowest of any city nationwide.

Cleveland missed the top 10 but placed 20th nationally, with a median income of $44,937 and rent/mortgage-to-income ratios of 24% and 30%, respectively. The median credit card debt in Cleveland was determined to be $2,256.

Nationally, Pittsburgh, Pennsylvania, nabbed the No. 2 spot, just slightly behind Toledo.

As FinanceBuzz explains, though Toledo has a lower cost of living, average incomes in Pittsburgh are higher than Toledo’s. The median income in Pittsburgh is $60,084 compared to Toledo’s median income of $46,637.

For the full list and rankings, visit FinanceBuzz’s ranking of the U.S. Cities Where It’s Hardest To Save Money.

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