Phoenix named one of the top cities to build wealth
Now that the temperatures are dropping and the fall season is upon us, those living in the Phoenix area probably won’t be complaining about much. According to a new study, Phoenix-area citizens will instead be rejoicing for a completely different reason.
Bankrate surveyed 21 cities in the United States, and Phoenix was named the ninth best city for people to build wealth.
The results were based upon five different categories; savable income, human capital, debt burden, home ownership and access to financial services.
According to Katie Yates of Bankrate, Phoenix’s biggest strength is human capital, and has the country’s best access to higher education per 1,000 residents.
Phoenix also ranked high in savable after-tax income, getting $14,828 per year, which is third highest among all of the surveyed areas.
Access to financial services is Phoenix’s biggest weakness, as its metro area has the third fewest bank branches per 100,000 residents.
Out of the 21 cities surveyed, San Francisco was named the best place to build wealth.
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