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Thursday, March 13, 2014

Orlando just misses the top 10 cities to save money

Posted By on Thu, Mar 13, 2014 at 1:36 PM

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According to a study conducted by GoBankingRate.com, Orlando is the No. 11 city in the U.S. for saving money. The study took into account things like the average savings account rate, annual income, unemployment rate and median home values. While Orlando's median annual income ($47,965) falls below the nation's median income, which, according to the 2012 United States Census, is $53,046, the median home values in Orlando ($133,700) are well below the nation's median housing cost, $181,400. Theoretically, the low home values, coupled with a lower-than-average sales tax and no state income tax, make Orlando an ideal city to live in to save up for a rainy day, emergencies or retirement.

However, another recent survey stated that Floridians would need to work 98 minimum wage hours per week in order to afford a two-bedroom apartment. Obviously, the minimum-wage workers aren't the ones saving for the future while living in Orlando. At what wage does it become comfortable for people to start saving in Orlando and stop living paycheck to paycheck? According to GoBankingRate.com, Orlando is a prime place to save, but how realistic is it to actually put into action?

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