Portland Named Best City to Live In for Saving Money

Thursday, February 26, 2015

Kemea Smith, GoLocalPDX Contributor

A GOBankingRates study finds Portland to be the best city to live in for saving money in 2015.

According to GOBankingRates, Portland aka “the hipster capital” is their number one pick because of the comparatively low rent rates and no sales tax.

The study also acknowledges Portland’s bike-friendly roads, easy access to outdoor activities, and lively art scene. Their only warning, is not to spend all your money on the many breweries in the metro area.

Factors like sales tax, home values, monthly rent, income, unemployment rate, and gas prices are all considered. While food, entertainment, and nightlife expenses are not taken into account.

Nine of the best ten cities for saving money have median incomes between $42,540 and $51,285 with Portland’s median income listed as $52,158. Anchorage, Alaska has the highest median income of $72,575.

5 Best Cities for Saving Money:

1. Portland, OR
2. Anchorage, AK
3. Lincoln, NE
4. Boise, ID
5. Madison, WI

“Stay far away from California” is GOBankingRates central message, as nine of the top ten worst cities for saving money are in California.

San Francisco is the worst city for saving, with a median house value at $727,600 compared to Portland’s median house value at $268,800.

GOBankingRates cites apartment rental website Zumper’s finding that San Francisco has earned the title of most expensive city, passing New York City for the first time ever.

New York City ends up being the fourth worst place for saving, because of its high sales tax, rent, and unemployment rate.

5 Worst Cities for Saving Money:

1. San Francisco, CA
2. Los Angeles, CA
3. Irvine, CA
4. New York
5. Oakland, CA

To see a full list of the ten best and worst cities for saving money, click HERE.