Report: Boston is the 11th best city for building wealth
You’re more likely to get rich in Houston, Washington, D.C., or New York City, according to bankrate.com.
Want to become wealthy? A new report says Bostonians may have a better shot in places like Houston, Washington, D.C., or New York City.
Boston fell just shy of the top 10 list of cities best for building wealth in a new ranking by bankrate.com. We placed at No. 11 among the 18 largest metro areas in the U.S.
What factors were taken into consideration?
Bankrate looked at saveable income (what’s left after taxes and necessary expenses), the job market, human capital (access to educational opportunities), access to financial services, and the housing market. Participation rates for retirement plans was also included.
Why didn’t we crack the top 10? Our low saveable income and high consumer debt had something to do with it.
Houston took the top spot due to its high saveable income, strong job market, and low average consumer debt. But rest assured, Bostonians. Our chances of building wealth are still better than folks in Seattle, San Francisco, and Philadelphia.
See the rankings at bankrate.com.
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