New Study Says New Orleans Is One Of The 6 Large Cities In US Where Homeowners Cannot Save Money
NEW ORLEANS — With burdensome living costs and a massive shortage of affordable housing in the U.S. on everybody’s lips these days, money saving sounds like a foreign concept to many. Are there any people out there who still manage to put money in their piggy bank after paying all their living expenses? If the answer is yes, where do these people live? How much money do they manage to save monthly?
With these questions in mind, PropertyShark teamed up with RENTCafé for a joint study, looking at the top 50 largest cities in which homeowners and renters can save the most money after paying their living expenses.
It turns out that U.S. homeowners in 44 out of the 50 cities we analyzed can put some money aside at the end of the month. New Orleans is not among the 44 cities where homeowners can save money at the end of the month. After covering housing and living costs each month, homeowners in New Orleans are left with a $67 hole in their pockets.
Here are some of the other key takeaways:
- Besides New Orleans, the other cities where homeowners cannot save money are Miami, Detroit, Cleveland, Philadelphia, and Memphis.
- Renters in New Orleans fare worse than homeowners – after rent payment and covering living costs they’re left with $1,087 in debt
- You can save more than 4.5k/month in Manhattan, $3.5k in San Jose and $2.6k in San Francisco if you’re a homeowner. On the other hand, Miami proves to be the least favorable city you could live in as an owner.
- Renters in Virginia Beach can save the most money ($883), while renters in Brooklyn and Boston have the hardest time out of the batch, with a $2k+ debt/month.
Read the complete study here.
- by Alexa Renée Harrison, associate news editor