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Where are the cheapest and priciest areas located in the U.S.? Where do people make the most money? Some of the answers might surprise you.
The edited excerpts above and those below come from a post* by MotifInvesting.com originally entitled Is Your City Hurting Or Helping Your Chances At Getting Rich?.
The Top 10 Most & Least Expensive Urban Areas in the U.S.
The Council for Community and Economic Research reported the top 10 most and least expensive urban areas in the US as seen HERE based on the cost of housing, utilities, food, transportation, healthcare, and other goods and services.
The Areas in the U.S. With the Highest Incomes
Perhaps moving to a new location could help you earn a higher salary and increase your chances at getting rich. This chart (HERE) highlights how much the top 5 percent richest households compare across many U.S. cities.
How Far Your Money Goes May Depend On Where You Live
These studies may make you wonder if people get more bang for their buck in some cities rather than others. In 2014, the Bureau of Economic Analysis released a comparison of 2012 prices of the same types of goods and services in a local area versus the average national price level in different metropolitan areas…HERE are some of their findings.
What Median Incomes Actually Feel Like In Different Cities
Additional data sourced from the U.S. Bureau of Economic Analysis as seen HERE shows examples of median incomes of workers in cities across America, illustrating how far that money effectively goes based on the local cost of living.
Think Twice Before Packing Your Bags
Relocating is not a decision to take too lightly. You’ll want to closely weigh the pros and cons. HERE are some things to consider before packing your bags and fleeing from an expensive area.
Conclusion
…Whether or not you get rich is determined by much more than where you live. The truth is that your ability to grow your assets is impacted by:
- how responsible you are with the money that you have now,
- how much you’re able to earn in the future,
- how much you save, and
- how you choose to invest.
*https://www.motifinvesting.com/blog/city-hurting-or-helping?
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