Philly Among Worst Cities for Saving Money
Via Philadelphia Business Journal, GoBankingRates.com reports that Philadelphia ranks 92 out of the nation’s 100 most-populated cities for how easy it is to save money. Basically, low local savings account interest rates and the relative cheapness of housing do us in.
The study looked at several factors among America’s 100 biggest cities, including sales tax, unemployment rate, median household income, median home price and average savings account rate, which were then scored and ranked according to the GOBankingRates indicator from best to worst cities for saving.
Although Philadelphia’s 8 percent sales tax ranks well among other similar cities nationwide, the region falls short of Pittsburgh’s lower 7 percent sales tax. Nevertheless, Philadelphia’s median household income of $59,748 and average unemployment rate both rank in the top best rates on the list.
Even so, a less favorable average savings account rate of just 0.05% APY and median home price of $221,300 bring the city’s overall standing down to 92 out of 100.