Buzz
Your location could play a bigger role in your ability to save money than you might realize. So, which states offer the best opportunities for building your savings? A new analysis by Forbes Advisor sheds light on this.
The study not only evaluated states based on how easy it is for residents to save, but also pointed out certain regional patterns. For example, states in the Northeast tend to be among the toughest when it comes to saving, while the Midwest offers more favorable conditions for building wealth. Here’s a quick summary of the report’s key insights.
What factors make a state ideal for saving money?
To determine the rankings of the states, Forbes Advisor evaluated data from all 50 states and Washington, D.C. in four key areas: income and debt, cost of living, housing expenses, and taxes. Each category contributed 25% to the state's overall score out of 100.
Remember, in this report, a score of 0 indicates that a state is the most favorable for saving money, while a score of 100 means that saving money is more challenging than in any other state.
Top States for Saving Money
If your goal is to maximize savings, these states provide the best opportunities, according to Forbes Advisor:
North Dakota
South Dakota
West Virginia
Missouri
Ohio
Indiana
Kansas
Tennessee
Wisconsin
Arkansas
The states where saving money is the most difficult
Due to high living costs and wages that don’t keep pace, these states present the toughest environment for saving money:
Hawaii
California
Maryland
New York
New Jersey
Oregon
Connecticut
Rhode Island
Massachusetts
Nevada
For additional details, feel free to read the complete report on Forbes Advisor.
