Lubbock is among the top 10 cities for saving money - KCBD NewsChannel 11 Lubbock

Lubbock is among the top 10 cities for saving money

Provided by GoBankingRates

Due to its high average savings account yields, low unemployment rate and low median home price, Lubbock ranked No. 6 on GOBankingRates' list of the best and worst cities for saving money.

The study surveyed the 100 most populated cities in America on five key factors: unemployment rate, sales tax, median household income, median home price and the city's average savings account rate.

"The ability to stop living paycheck-to-paycheck and start saving has a lot to do with circumstance and environment," said GOBankingRates managing editor Casey Bond. "No one can take advantage of even the best interest rates if taxes are through the roof, homes are unaffordable and there aren't any jobs."

The following factors determined Lubbock's ranking:

• Unemployment rate: 4.3%

• Sales tax: 8.25%

• Median household income: $45,171

• Median home price: $90,100

• Average savings account rate: 0.106% APY

Lubbock beat out Dallas, Austin and San Antonio which ranked No. 12, 27 and 51, respectively.

The five best cities for saving money are Atlanta, Jacksonville, Honolulu, Houston and Anchorage.

Mesa, Riverside, Long Beach, Stockton and North Las Vegas are the five worst cities for saving money.

Study Details

Information was obtained from the following sources:

• Bureau of Labor Statistics' unemployment data (February 2014)

• Municipal website's city sales tax information (current)

• Forbes' and City-Data.com's median household income figures (August 2013; 2011)

• Forbes' and City-Data.com's median home price figures (August 2013; 2011)

• GOBankingRates' interest rate database, which is powered by Informa Research Services Inc.

Each criterion was weighted equally and cities were ranked by overall score.

To see the complete rankings you can visit http://www.gobankingrates.com/savings-account/best-cities-saving-money-2014/

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