10 Best Cities for Money Saving Millennials
January 31, 2019 by Lily Wright
If you’re a millennial in a city, you know the financial dilemma well. Generally speaking, city jobs offer higher salaries than in the suburbs, but the cost of the living in a bustling metropolis doesn’t come cheap. If you’ve lived in any of the top cities in the U.S. (think Los Angeles, San Francisco, New York), you’ve probably already experienced the hardship.
According to a 2018 report, the cost of living in Manhattan is 138.6% of the U.S. average, making it the most expensive city in the country. Brooklyn is the fourth most expensive city, with the cost of living coming in at 82% above the average cost. According to a report from myapartmentmap.com, the average rent on a one-bedroom LA apartment is $1,949, making it almost twice the national average rent for a one-bedroom ($977). While these cities come with hundreds if not thousands of benefits, these benefits are expensive and may not be worth the expense.
If you’re a young millennial with little savings and haven’t quite hit the salary range you’ve been hoping for, there are several cities that provide a bit more bang for your buck. In a list compiled by Business Insider, the following cities offered the best saving potential for young people. While these cities would require a move into several Red States, the saving potential might be worth it if you’re willing to endure a shift in political climate.
- Kansas City, Missouri: Annual savings potential: $12,191
- Cincinnati, Ohio: Annual savings potential: $11,231
- Memphis, Tennessee: Annual savings potential: $9,348
- Columbus, Ohio: Annual savings potential: $10,431
- St. Louis, Missouri: Annual savings potential: $10,054
- Baltimore, Maryland: Annual savings potential: $13,127
- Pittsburgh, Pennsylvania: Annual savings potential: $8,894
- Indianapolis, Indiana: Annual savings potential: $8,789
- Raleigh, North Carolina: Annual savings potential: $10,675
- Oklahoma City, Oklahoma: Annual savings potential: $7,787
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