These Are the 50 Worst Cities To Live In If You Want To Build Your Savings

October 9, 2024

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Building up your savings is a great financial goal that can be achieved through budgeting smartly, tracking your spending habits and setting up a savings plan. Having a well-established savings account can have many benefits. It can serve as an emergency fund, give you the ability to earn interest and provide financial security.

If building your savings is a top financial goal, you should know that where you live can make a big difference. Research shows that while some U.S. cities make it easier for you to save money, others make it easier to spend your money instead.

GOBankingRates recently found what cities in the U.S. are the worst to live in if you’re looking to build up your savings. Several factors were analyzed, including household median income, monthly total cost of living and monthly mortgage costs, to see what cities will keep you from saving money.

Listed below are the 50 worst cities to live in if you want to work on increasing your savings.

1. Atherton, California

Household median income: $250,000
Mortgage cost monthly: $45,170
Expenditure costs monthly: $2,511
Total cost of living monthly: $47,682
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $485,498

2. Hillsborough, California

Household median income: $250,000
Mortgage cost monthly: $30,324
Expenditure costs monthly: $2,492
Total cost of living monthly: $32,815
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $307,102

3. Portola Valley, California

Household median income: $250,000
Mortgage cost monthly: $23,218
Expenditure costs monthly: $2,532
Total cost of living monthly: $25,750
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $222,319

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4. Jackson, Wyoming

Household median income: $101,477
Mortgage cost monthly: $13,631
Expenditure costs monthly: $2,144
Total cost of living monthly: $15,775
State average total cost of living monthly: $3,960
Difference from state average total cost of living annually: $141,771

5. Burlingame, California

Household median income: $165,940
Mortgage cost monthly: $16,127
Expenditure costs monthly: $2,484
Total cost of living monthly: $18,611
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $136,647

6. Los Gatos, California

Household median income: $198,117
Mortgage cost monthly: $16,063
Expenditure costs monthly: $2,479
Total cost of living monthly: $18,542
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $135,819

7. Emerald Lake Hills, California

Household median income: $250,000
Mortgage cost monthly: $15,510
Expenditure costs monthly: $2,505
Total cost of living monthly: $18,015
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $129,496

8. San Carlos, California

Household median income: $219,413
Mortgage cost monthly: $14,534
Expenditure costs monthly: $2,485
Total cost of living monthly: $17,019
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $117,541

9. Belmont, California

Household median income: $185,944
Mortgage cost monthly: $13,610
Expenditure costs monthly: $2,491
Total cost of living monthly: $16,101
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $106,528

10. Foster City, California

Household median income: $191,267
Mortgage cost monthly: $12,801
Expenditure costs monthly: $2,500
Total cost of living monthly: $15,301
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $96,931

11. Great Falls, Virginia

Household median income: $250,000
Mortgage cost monthly: $9,312
Expenditure costs monthly: $2,340
Total cost of living monthly: $11,652
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $87,782

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12. Brentwood, Tennessee

Household median income: $181,576
Mortgage cost monthly: $7,864
Expenditure costs monthly: $2,049
Total cost of living monthly: $9,914
State average total cost of living monthly: $3,736
Difference from state average total cost of living annually: $74,134

13. Key West, Florida

Household median income: $80,828
Mortgage cost monthly: $7,404
Expenditure costs monthly: $2,204
Total cost of living monthly: $9,608
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $61,246

14. Dunn Loring, Virginia

Household median income: $238,734
Mortgage cost monthly: $7,089
Expenditure costs monthly: $2,266
Total cost of living monthly: $9,354
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $60,206

15. Vienna, Virginia

Household median income: $215,556
Mortgage cost monthly: $6,623
Expenditure costs monthly: $2,248
Total cost of living monthly: $8,870
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $54,402

16. Cedarhurst, New York

Household median income: $102,561
Mortgage cost monthly: $6,482
Expenditure costs monthly: $2,710
Total cost of living monthly: $9,192
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $52,815

17. Key Largo, Florida

Household median income: $74,239
Mortgage cost monthly: $6,319
Expenditure costs monthly: $2,323
Total cost of living monthly: $8,642
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $49,655

18. Arlington, Virginia

Household median income: $137,387
Mortgage cost monthly: $5,979
Expenditure costs monthly: $2,244
Total cost of living monthly: $8,223
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $46,629

19. Niwot, Colorado

Household median income: $135,758
Mortgage cost monthly: $7,079
Expenditure costs monthly: $2,013
Total cost of living monthly: $9,092
State average total cost of living monthly: $5,266
Difference from state average total cost of living annually: $45,906

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20. Marathon, Florida

Household median income: $70,313
Mortgage cost monthly: $6,067
Expenditure costs monthly: $2,235
Total cost of living monthly: $8,302
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $45,579

21. San Francisco

Household median income: $136,689
Mortgage cost monthly: $8,430
Expenditure costs monthly: $2,537
Total cost of living monthly: $10,967
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $44,920

22. Morgan Hill, California

Household median income: $152,199
Mortgage cost monthly: $8,462
Expenditure costs monthly: $2,491
Total cost of living monthly: $10,954
State average total cost of living monthly: $7,224
Difference from state average total cost of living annually: $44,762

23. Fort Hunt, Virginia

Household median income: $209,135
Mortgage cost monthly: $5,698
Expenditure costs monthly: $2,303
Total cost of living monthly: $8,001
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $43,967

24. Franklin, Tennessee

Household median income: $106,592
Mortgage cost monthly: $5,353
Expenditure costs monthly: $2,036
Total cost of living monthly: $7,388
State average total cost of living monthly: $3,736
Difference from state average total cost of living annually: $43,832

25. Rockville Centre, New York

Household median income: $147,361
Mortgage cost monthly: $5,448
Expenditure costs monthly: $2,744
Total cost of living monthly: $8,192
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $40,816

26. Hewlett, New York

Household median income: $138,971
Mortgage cost monthly: $5,269
Expenditure costs monthly: $2,696
Total cost of living monthly: $7,965
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $38,099

27. Nolensville, Tennessee

Household median income: $158,266
Mortgage cost monthly: $4,787
Expenditure costs monthly: $2,098
Total cost of living monthly: $6,885
State average total cost of living monthly: $3,736
Difference from state average total cost of living annually: $37,788

Today’s Top Offers

28. Plainview, New York

Household median income: $181,423
Mortgage cost monthly: $5,164
Expenditure costs monthly: $2,733
Total cost of living monthly: $7,897
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $37,274

29. Purcellville, Virginia

Household median income: $150,333
Mortgage cost monthly: $5,006
Expenditure costs monthly: $2,306
Total cost of living monthly: $7,311
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $35,693

30. Tavernier, Florida

Household median income: $47,820
Mortgage cost monthly: $5,157
Expenditure costs monthly: $2,303
Total cost of living monthly: $7,460
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $35,474

31. Falls Church, Virginia

Household median income: $164,536
Mortgage cost monthly: $5,015
Expenditure costs monthly: $2,257
Total cost of living monthly: $7,272
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $35,224

32. Leesburg, Virginia

Household median income: $132,298
Mortgage cost monthly: $4,985
Expenditure costs monthly: $2,262
Total cost of living monthly: $7,247
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $34,925

33. Chantilly, Virginia

Household median income: $137,722
Mortgage cost monthly: $4,866
Expenditure costs monthly: $2,283
Total cost of living monthly: $7,149
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $33,748

34. Ashburn, Virginia

Household median income: $147,192
Mortgage cost monthly: $4,849
Expenditure costs monthly: $2,264
Total cost of living monthly: $7,113
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $33,311

35. New York

Household median income: $76,607
Mortgage cost monthly: $4,603
Expenditure costs monthly: $2,911
Total cost of living monthly: $7,514
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $32,681

Today’s Top Offers

36. Fairfax, Virginia

Household median income: $128,708
Mortgage cost monthly: $4,679
Expenditure costs monthly: $2,274
Total cost of living monthly: $6,953
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $31,398

37. Big Coppitt Key, Florida

Household median income: $102,943
Mortgage cost monthly: $4,869
Expenditure costs monthly: $2,249
Total cost of living monthly: $7,118
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $31,368

38. Lone Tree, Colorado

Household median income: $121,066
Mortgage cost monthly: $5,832
Expenditure costs monthly: $2,024
Total cost of living monthly: $7,856
State average total cost of living monthly: $5,266
Difference from state average total cost of living annually: $31,080

39. Annandale, Virginia

Household median income: $109,221
Mortgage cost monthly: $4,627
Expenditure costs monthly: $2,277
Total cost of living monthly: $6,904
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $30,811

40. Big Pine Key, Florida

Household median income: $74,375
Mortgage cost monthly: $4,723
Expenditure costs monthly: $2,281
Total cost of living monthly: $7,004
State average total cost of living monthly: $4,504
Difference from state average total cost of living annually: $29,997

41. Fort Belvoir, Virginia

Household median income: $97,290
Mortgage cost monthly: $4,567
Expenditure costs monthly: $2,244
Total cost of living monthly: $6,810
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $29,682

42. Larkspur, Colorado

Household median income: $62,679
Mortgage cost monthly: $5,567
Expenditure costs monthly: $2,081
Total cost of living monthly: $7,648
State average total cost of living monthly: $5,266
Difference from state average total cost of living annually: $28,578

Today’s Top Offers

43. Lovettsville, Virginia

Household median income: $137,411
Mortgage cost monthly: $4,293
Expenditure costs monthly: $2,396
Total cost of living monthly: $6,689
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $28,223

44. Herndon, Virginia

Household median income: $133,403
Mortgage cost monthly: $4,422
Expenditure costs monthly: $2,228
Total cost of living monthly: $6,650
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $27,761

45. Hybla Valley, Virginia

Household median income: $65,843
Mortgage cost monthly: $4,348
Expenditure costs monthly: $2,295
Total cost of living monthly: $6,643
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $27,671

46. Burke, Virginia

Household median income: $172,432
Mortgage cost monthly: $4,322
Expenditure costs monthly: $2,288
Total cost of living monthly: $6,610
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $27,282

47. Alexandria, Virginia

Household median income: $113,179
Mortgage cost monthly: $4,275
Expenditure costs monthly: $2,267
Total cost of living monthly: $6,542
State average total cost of living monthly: $4,337
Difference from state average total cost of living annually: $26,465

48. Oceanside, New York

Household median income: $136,997
Mortgage cost monthly: $4,270
Expenditure costs monthly: $2,721
Total cost of living monthly: $6,992
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $26,412

49. East Meadow, New York

Household median income: $129,268
Mortgage cost monthly: $4,326
Expenditure costs monthly: $2,658
Total cost of living monthly: $6,983
State average total cost of living monthly: $4,791
Difference from state average total cost of living annually: $26,313

50. Castle Pines, Colorado

Household median income: $189,280
Mortgage cost monthly: $5,377
Expenditure costs monthly: $2,069
Total cost of living monthly: $7,445
State average total cost of living monthly: $5,266
Difference from state average total cost of living annually: $26,153

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.

Methodology: For this study, GOBankingRates analyzed cities to find the worst cities to live in to build your savings. First, GOBankingRates found the cost-of-living indexes for each state as sourced from the Missouri Economic and Research Information Center. The average national expenditure costs were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents and used to calculate the average expenditure cost. The average single-family value from June 2024 was sourced from Zillow Home Value Index for each state. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Research, the average mortgage cost can be calculated. Using the average mortgage and average expenditure costs, the monthly and annual average cost of living for each state can be calculated. For each city, the cost-of-living indexes were sourced from Sperling’s BestPlaces, and using the same national average expenditure cost as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents, the average monthly and annual expenditure costs can be calculated. Using the Zillow Home Value Index for single-family homes from June 2024, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Reserve, the average mortgage cost can be calculated. Using the average mortgage and average expenditure cost, the average monthly and annual cost of living can be calculated. The livability index was sourced from AreaVibes and included as supplemental information. Each city can be compared with its statewide average to determine the worst places to build your savings. To qualify for this study, the average expenditure and mortgage had to be more expensive than the statewide average. The cities were sorted to show the worst places to build savings. All data was collected on and is up to date as of July 29, 2024.

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