Metro Phoenix ranks low for household savings
May 14, 2014, 9:06 AM | Updated: 9:06 am
PHOENIX — A financial-news site reported that Phoenix is the worst city in the country when it comes to saving money.
The Valley’s median rate of savings was zero, Interest.com said, meaning over 50 percent of households were in the hole. The average is minus $95.
The report said median-income homes should have nearly $700 a month left after bills were paid.
The numbers for “savings opportunity” were based on 2012 median incomes and expenditures from the Bureau of Labor Statistics.
“Many of us feel like we’re living paycheck-to-paycheck because of how we choose to spend our money,” Mike Sante, the site’s managing editor said in a press release. “It’s not that we can’t save. It’s that we don’t save. It’s something we can control and change.”
The best was Baltimore, which averaged a little over $2,000 in savings a month.
Also ranking low for savings were Detroit at $349 a month, San Diego ($344) and Boston ($240).
