Credit card search site CardHub.com is out with its Best & Worst Cities for Wallet Wellness study, in which it features places where consumers aren't just financially fit but mentally fit as well.
"You’re obviously not going to feel your best if you can’t find a job or you get stuck in traffic for hours on end every day" explains Card Hub CEO Odysseas Papadimitriou.
For that reason, Papadimitriou and his team rated* cites based not only income and cost of living, but factors that can cost consumers in other ways –– namely, transportation, commute times and stress levels. Almost every city on the list has a commute time of less than 15 minutes, but keep in mind we're talking about residents living within city limits.
*Annual income is based on the Bureau of Economic Analysis 2011 data. Cost of living is based on the 2013 ACCRA Cost of Living Index, which measures regional differences in the cost of consumer goods and services. Stress and transportation rankings based on the American Psychological Association data and information from the Center for Neighborhood Technology’s Housing and Transportation Affordability Index.
11. Detroit, Mich.
Average annual personal income: $40,009
Cost of living index: 97
Stress scale (1-10 scale): 5.1
Rate of annual job growth: 0.72%
The average commute time in Detroit is quite low at just 10.5 minutes, but transportation costs are high at 34% of annual income.
10. Atlanta, Ga.
Average annual personal income: $39,713
Cost of living index: 97
Stress scale (1-10 scale): 5
Rate of annual job growth: 2.28%
Atlanta's commute time is just under 13 minutes, and transportation costs make up a hefty 36% of annual income.
8. Cincinnati, Ohio (tie)
Average annual personal income: $40,918
Cost of living index: 89
Stress scale (1-10 scale): 4.7
Rate of annual job growth: -0.35%
Cincinnati's average commute time is one of the lowest at 10.7 minutes. Transportation costs account for close to 35% of residents' income.
See the rest of the story at Business Insider
Please follow Your Money on Twitter and Facebook.
     |