The 21 largest US cities ranked by ease of building wealth

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The best way to build wealth is to prioritize assets over income. But ensuring that your assets outweigh your liabilities can be impacted greatly by the city you call home.

This week, online personal finance consultant Bankrate.com released a report ranking America's best and worst metro areas for building wealth.

To create the list, Bankrate.com ranked the 21 largest metro areas in five categories that contribute directly to an individual's ability to build their wealth:

  • Savable income: average income after taxes and expenditures
  • Human capital: unemployment rate, educational opportunities, and productivity
  • Debt burden: non-mortgage debt per capita and average credit score
  • Homeownership: average annual change in home prices, foreclosure actions, and homeownership rate
  • Access to financial services: Percentage of workers with access to retirement plans

San Francisco came out on top as the best place to build wealth, followed by Minneapolis and Washington, DC.

"In some metro areas, like San Francisco, homeownership can be prohibitively expensive, but higher-than-average salaries can help residents stash more money away in tax-advantaged retirement accounts," wrote Claes Bell, a Bankrate.com analyst and the author of the study. "On the other hand, Minneapolis-area residents don't earn as much, but the area's affordable housing and recovering real estate market provide opportunities to build wealth over the long term through home equity."

Read on to see how the 21 largest US cities stack up for building wealth, as well as the average savable income, homeownership rate, and non-mortgage debt per capita for each city.

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Best US cities for building wealth
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Best US cities for building wealth

21. Riverside-San Bernardino, California

Savable income: $9,790

Homeownership rate: 62.6%

Debt burden: $27,682

(brians101 via Getty Images)

20. Miami

Savable income: -$3,613*

Homeownership rate: 58%

Debt burden: $25,645

*Analysis showed a negative average savable income for the Miami metro area. This may be attributable to the high population of retirees in the area who are spending more of their savings than they're earning.

(Lisa-Blue via Getty Images)

19. Tampa-St. Petersburg, Florida

Savable income: $3,437

Homeownership rate: 62.7%

Debt burden: $27,015

(Dennis Macdonald via Getty Images)

18. Atlanta

Savable income: $2,503

Homeownership rate: 62.1%

Debt burden: $28,259

(Tetra Images via Getty Images)

17. Houston

Savable income: $6,117

Homeownership rate: 59.1%

Debt burden: $29,571

(joe daniel price via Getty Images)

16. Los Angeles

Savable income: $7,246

Homeownership rate: 46.5%

Debt burden: $25,147

(Paul Giamou via Getty Images)

15. San Diego

Savable income: $2,692

Homeownership rate: 52.1%

Debt burden: $26,266

(Ron Chapple Stock via Getty Images)

14. Dallas

Savable income: $9,177

Homeownership rate: 59.1%

Debt burden: $29,204

(Dan Huntley Photography via Getty Images)

13. New York

Savable income: $11,981

Homeownership rate: 49.5%

Debt burden: $25,687

(David Henderson via Getty Images)

12. Chicago

Savable income: $11,966

Homeownership rate: 62.7%

Debt burden: $27,594

(marchello74 via Getty Images)

11. Philadelphia

Savable income: $9,714

Homeownership rate: 65.2%

Debt burden: $26,822

(Tony Shi Photography via Getty Images)

10. Baltimore

Savable income: $9,303

Homeownership rate: 66.9%

Debt burden: $27,917

(Hisham Ibrahim via Getty Images)

9. Phoenix

Savable income: $14,828

Homeownership rate: 63.2%

Debt burden: $27,811

(Dreamframer via Getty Images)

8. Denver

Savable income: $13,099

Homeownership rate: 61.1%

Debt burden: $28,007

(photoquest7 via Getty Images)

7. Boston

Savable income: $5,115

Homeownership rate: 55.1%

Debt burden: $26,318

(Jean-Pierre Lescourret via Getty Images)

6. Seattle

Savable income: $10,381

Homeownership rate: 55.4%

Debt burden: $27,691

(aiisha5 via Getty Images)

5. Detroit

Savable income: $12,513

Homeownership rate: 71%

Debt burden: $23,610

(Steven_Kriemadis via Getty Images)

4. St. Louis

Savable income: $10,451

Homeownership rate: 66.2%

Debt burden: $27,486

(Jeremy Woodhouse via Getty Images)

3. Washington, DC

Savable income: $15,246

Homeownership rate: 64.2%

Debt burden: $28,914

(Dennis Flaherty via Getty Images)

2. Minneapolis

Savable income: $6,557

Homeownership rate: 68.6%

Debt burden: $26,877

(John Elk via Getty Images)

1. San Francisco

Savable income: $16,657

Homeownership rate: 53%

Debt burden: $25,941

(Visuals Unlimited, Inc./Patrick Smith via Getty Images)

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See Also:

SEE ALSO: 10 of the best American cities to live comfortably on $40,000 a year

SEE ALSO: The most expensive housing market in every state


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