- New research from Forbes Advisor has ranked metropolitan areas across the United States
- They looked at the cost of living, debt-to-income ratio, and home prices.
A new study has revealed the hardest place in America to save money, with house prices, cost of living and debt soaring.
Surprisingly it’s not New York or Los Angeles.
Forbes Advisor Research He found that the hardest place to save each month is the Riverside-San Bernardino-Ontario area in California.
An analysis of cost of living, income tax, housing costs and debt-to-income ratio puts the metro area in first place.
It was closely followed by the Anaheim area of Los Angeles, then Miami and New York.
Research by Forbes Advisor found that the hardest place to save each month is the Riverside-San Bernardino-Ontario area in California.
The area has the highest debt-to-income ratio of the 15 metropolitan areas analyzed by Forbes.
He The Riverside-San Bernardino-Ontario area is located east of Los Angeles.
Residents have the highest debt-to-income ratio (2.59) of all areas analyzed by Forbes.
On average, residents spend a quarter of their income on housing, while one in three renters spend more than half of their income on rent.
According to the study, a surprising 40 percent of residents have recently had difficulty paying regular expenses, while 13 percent have experienced food shortages.
Housing is a major drain on Californians, and the study ranked the state as the hardest to save in the entire United States.
In second place is the Anaheim area of Los Angeles.
The area ranks second for the average percentage of income spent on housing, 26 percent, and the percentage of renters who spend at least half of their income on rent, 30 percent.
Third and fourth place are occupied by East Coast cities, with Miami in third place, followed by New York.
New York ranks fourth as one of the most expensive places to live in the country, making it very difficult for residents to save.
Third and fourth place are occupied by East Coast cities, with Miami in third place, followed by New York.
Miami has the highest housing costs of all areas overall, according to the study, 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 find it difficult to pay their usual expenses.
In fifth place is Atlanta, Georgia, where residents struggle with high income taxes and high housing prices.