The D.C. metropolitan area is known for its high cost of living, and isn’t commonly thought of as a place where a person can generate a dollar out of fifth-teen cents.
Yet according to a recent Bankrate survey, it ranks the Washington DC area among best cities for building wealth in the United States.
Overall, D.C. came in third place — San Francisco topped the chart while Minneapolis came in second.
“So how did so many cities that aren’t exactly known as millionaire factories make it to the top of our list?” Claes Bell of Bankrate wrote. “The answer comes down to understanding how the average U.S. household builds wealth — and why that matters.”
Bankrate analyzed five factors: savable income (the difference between what people earn and what they spend), human capital (the value of skills, knowledge and experience), access to financial services, homeownership benefits (how rewarding and easy it is to buy a home), and debt burden.
D.C. residents had a homeownership rate of 64 percent and average savable income of more than $15,000. Take a look at the complete list below.
[h/t] Washington Post
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