In today’s world of sky high cost of living in cities like New York, San Francisco and Los Angeles there are still options that are affordable for working class families. If you are struggling to have money left over after paying for bills, then you may want to move to one of these cities.
19 major US cities where you can actually save money after rent, taxes, and other day-to-day expenses.
Tulsa Oklahoma is No. 3 on that list:
- Tulsa, Oklahoma
Average biweekly pre-tax income: $2,110.23
Income tax: $152.97
Average biweekly expenses: $1,250.56
Average left over money: $706.70
Clever Real Estate calculated how much money the average American in several major metro areas spends on different necessities after receiving their biweekly paycheck.
The real estate referral site subtracted living expenses and income tax from the city’s average pre-tax income using Bureau of Economic Analysis spending and income data and IRS state tax data to calculate the amount of money leftover from a biweekly paycheck.
After paying housing and utility bills, buying food, and covering other living expenses, the typical American only has about $136.39 left over every two weeks.
Some cities have higher rent or more expensive prices for goods and services, which makes it more difficult to have money left over after these purchases and bills. Clever Real Estate noted in their spending analysis that residents in cities with expensive products aren’t necessarily buying more things, but instead have to spend more money on these items. However, the company also wrote that people in expensive places often look for ways to save some extra money, such as living with a roommate.
Although 18 cities are below the national average, residents living in 57 major cities have more money from their paychecks after income tax and bills than the typical American. Of the 57 cities, 19 of them have over $400 left over from their biweekly paycheck.
Average workers in San Jose, California, and Bridgeport, Connecticut have over $1,000 left over to freely use on other purchases or to reserve for their savings. However, both these cities fall in the top three cities that spend the most of their biweekly paycheck on housing and utilities. It may help that employees in San Jose and Bridgeport tend to make a larger income than the other major cities on Clever Real Estate’s list.
To read entire article referenced here in Business Insider, to discuss financing a commercial real estate property contact us at Liberty Realty Capital Group