Phoenix-area suburb named best place to live if you’re trying to save money

PHOENIX — If you’re looking to build a healthy nest egg, the Valley of the Sun has a lot to offer.

The number crunchers at finance website GOBankingRates compiled a study to find which U.S. cities are the best (and worst) for people trying to save money. The basic formula for saving is simple: high-paying jobs plus low cost of living equals money in the bank.

GOBankingRates took a look at factors that affect people’s finances the most: median income, median home listing price, median rent, unemployment rate, average gas price and average cost of a basket of 15 common grocery items.

So, how did the Phoenix area do?

Gilbert, Ariz. was named the best city for saving in the country, and Chandler came in fifth.

Once known as the “Hay Shipping Capital of the World,” Gilbert has transformed from a small agricultural community to a suburban boomtown. The population grew 3,922 percent between 1980 and 2013.

Gilbert’s diverse but high-paying jobs are offset by its relatively cheap housing. The median household income in Gilbert is $82,000 according the town’s economic development data, and the median home listing price was $300,000.

Gilbert is known for having high standards in education (public and private) and as being a safe place to live. According to FBI records, Gilbert was the largest town in the United States with zero murders in 2005.

A number of other Arizona cities received honorable mention as great places to live if you’re trying to accumulate wealth. Mesa was 16th, Tucson was 18th, Glendale was 24th and Phoenix came in 31st.

Out of the 15 worst places to save, 13 were located in California.

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