New York is worst city to build wealth - survey
If you'd like to build a nest egg with your paycheck, it may be time to give up
New York and head for Plano, Texas.
A survey by pay experts at Salary.com evaluated 69 cities with more than 250,000
people and ranked the Big Apple last. Plano came in first among American cities
in which to build personal wealth.
The survey, based on census data and Salary.com analysis, focused on local
salaries, the cost of living and unemployment. Secondary factors, such as
diversity of the local economy, residents' education, percentage of population
below poverty level and commute time were also measured.
According to the survey, the top five cities are home to some of the nation's
largest companies and have recorded strong periods of growth. Following
first-place Plano came Aurora, Colo., Omaha, Neb., Minneapolis and Albuquerque
N.M.
New York's diverse economy and highly-educated residents couldn't save it from
sinking to the bottom due to its high cost of living and paychecks that just
aren't "inflated" enough to make up the difference, the report stated.
Following last-ranked New York were Washington, D.C., Los Angeles, Honolulu and
San Francisco.
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