(KTLA) — It’s no secret that Colorado is one of the most expensive places to live in the U.S., but a new report shows there are other spots that can be hard on your wallet.
In a recent analysis, Forbes Advisor ranked the best – and worst – places for those trying to save money.
The state of Colorado finished ninth, with researchers ranking it among the highest percentage of income spent on housing (just over 22%) in addition to the debt-to-income ratio of 1.81.
Notably, however, the Denver metro area was not one of the top 15 “Major Metro Areas Where Residents Are Struggling Most to Save.”
When it comes to the hardest metro area in the United States to save money in, coastal cities top the list.
The five metro areas where residents are struggling to save the most, according to Forbes Advisor, are:
- Riverside-San Bernardino-Ontario, California
- Los Angeles-Long Beach-Anaheim, California
- Miami-Fort Lauderdale-Pompano Beach, Florida
- New York-Newark-Jersey City, New York-New Jersey-Pennsylvania
- Atlanta-Sandy Springs-Alpharetta, Georgia
Alternatively, Detroit-Warren-Dearborn ranked as the best metro area for those trying to save money. There, researchers determined residents spend the lowest percentage of their income on housing – but residents there also have the lowest hourly living wage of the 15 cities analyzed.
The five best cities on Forbes Advisor’s list were:
- Detroit-Warren-Dearborn, Michigan
- Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
- District of Columbia-Arlington-Alexandria, Virginia-Maryland-West Virginia
- Dallas-Fort Worth-Arlington, Texas
- Seattle-Tacoma-Bellevue, Washington
On the statewide level, the Golden State ranked as the hardest state to save money in, having the fourth-highest cost of living index in America, according to data from the Missouri Economic Research and Information Center obtained by Forbes Advisor.
Housing is a “major drain” for Californians, the study noted, adding that many residents struggle with other everyday bills.
Three nearby states were close behind on the list: Hawaii, Nevada, and Oregon. Rounding out the top five was Maryland.
The five states where Forbes Advisor determined residents have a better chance at saving money were within the central U.S. At the top of the list was North Dakota, where less than 15% of income earned is used on housing, on average.
The best saver-states, according to Forbes Advisor, were:
- North Dakota
- South Dakota
- Kansas
- Missouri
- Iowa
The full study, including the methodology used by the researchers, can be found here.
These rankings may not come as much of a surprise. Maryland, Hawaii, and California have among the highest income thresholds to be considered “middle class,” a study released last month determined. Colorado came in at No. 8 on that list.
Your financial experience in each state will likely vary based on your career. California, for example, has the highest average teacher salary in the country, an analysis by the National Education Association reports. Colorado came in below average for this, at No. 29 on the list
A review of the cost of living for nurses across some of the nation’s largest cities recently found that those in the District of Columbia and Chicago – ranked among the best cities for savers by Forbes Advisor – have some of the lowest take-home pay. Alternatively, the report determined that nurses in cities primarily in California and Texas had the highest take-home pay.
