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Study: Atlanta a top 20 market for building wealth

by Chip Bell

best-cities-build-wealth-bankrate-real-estate-home-buyer1

Atlanta residents average more than $2,500 in savable income, helping make it one of the best cities in the country for building wealth, an analysis from Bankrate found.

In its analysis, Bankrate weighed a variety of local indicators, including: average income and expenditures; the unemployment rate; educational opportunities; access to retirement plans; homeownership rates and price appreciation; and the prevalence of non-mortgage debt, among other factors.

Bankrate found that in Atlanta, the debt burden is $28,259 while the average savable income is $2,503 – which bodes well for home buyers in the area considering a recent survey that found 62 percent of Americans admitted to having in inadequate savings.

See how Atlanta compares below:

Rank City Savable Income Homeownership Rate Debt Burden
1 San Francisco $16,657 53% $25,941
2 Minneapolis $6,557 68.60% $26,877
3 Washington, D.C. $15,246 64.20% $28,914
4 St. Louis $10,451 66.20% $27,486
5 Detroit $12,513 71% $23,610
6 Seattle $10,381 55.40% $27,691
7 Boston $5,115 55.10% $26,318
8 Denver $13,099 61.10% $28,007
9 Phoenix $14,828 63.20% $27,811
10 Baltimore $9,303 66.90% $27,917
11 Philadelphia $9,714 65.20% $26,822
12 Chicago $11,966 62.70% $27,594
13 New York $11,981 49.50% $25,687
14 Dallas $9,177 59.10% $29,204
15 San Diego $2,692 52.10% $26,266
16 Los Angeles $7,246 46.50% $25,147
17 Houston $6,117 59.10% $29,571
18 Atlanta $2,503 62.10% $28,259
19 Tampa, FL $3,437 62.70% $27,015
20 Miami -$3,613 58% $25,645
21 San Bernardino, CA $9,790 62.6%% $27,682

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