15 US cities where it can feel like saving money is nearly impossible

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15 US cities where it can feel like saving money is nearly impossible

San Francisco

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San Francisco, California.

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  • GOBankingRates recently released data on the cities that are the worst for people who want to save money, looking at incomes and costs of housing, food, and transportation.
  • Of the cities in the top 15, only six are outside of California, including New York City, Boston, Washington DC, and Seattle.
  • The least savings-friendly city is San Francisco, where residents face high rents and incomes don't quite keep up.
  • Visit Business Insider's homepage for more stories.

For those wanting to bolster their savings, California isn't the ideal place to be.

GOBankingRates compiled a ranking of the cities where residents will have the hardest time saving, based on housing, food, and transportation costs.

And California turns up on the list quite a few times - nine of the 15 cities on the list are in California, and San Francisco takes the top spot. In many of the cities on the list, a family making the median household salary will spend over half of their income on rent for a median-priced home.

Income data was sourced through the Census Bureau's community survey, while home listing prices and single-family home rent prices were sourced through Zillow. The list also considers AAA gas prices from 2019 and the costs of public transportation, as well as costs of groceries and dining out from Numbeo. Each city was assigned a score based on their costs, and the scores were added to rank this list.

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Here are the 15 US cities where it feels like saving money is nearly impossible.

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15. Anaheim, California

15. Anaheim, California

Anaheim, California's median household income isn't all that high, and with median rents being more than half of median household incomes, it's not a city that will leave the typical family with much left over.

Median household income: $65,313

Median rent for a single-family home: $2,993

14. San Diego, California

14. San Diego, California

With median rents exceeding half of monthly median take-home incomes, this is a city where savers will have a tough time having much left over.

Median household income: $71,353

Median rent for a single-family home: $3,095

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13. Stockton, California

13. Stockton, California

In Stockton, California, affordable housing doesn't even out the fact that median household incomes fall below $50,000 per year.

Median household income: $48,396

Median rent for a single-family home: $1,595

12. Miami, Florida

12. Miami, Florida

Miami is anything but budget friendly — if a family made the median income and paid the median rent, they'd have just $433.25 left over per month for all other expenses.

Median household income: $33,999

Median rent for a single-family home: $2,400

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11. Irvine, California

11. Irvine, California

Irvine, California is south of Los Angeles, and while it might have a high median income, high costs of living prevent many from saving too much of it.

Median household income: $95,573

Median rent for a single-family home: $3,800

10. Boston, Massachusetts

10. Boston, Massachusetts

In Boston, high rents won't be your only concern. Food and eating out is rather expensive in this city, and for those looking to buy a home, a median price of $749,000 isn't friendly to the typical family's income.

Median household income: $62,021

Median rent for a single-family home: $3,000

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9. Fremont, California

9. Fremont, California

Even though median incomes cross the six-figure mark, it's not easy to save with high rents. For those making less than the median income, homeownership is a tough dream, with median home prices at $999,999.

Median household income: $122,191

Median rent for a single-family home: $3,500

8. Oakland, California

8. Oakland, California

Across the bay from incredibly expensive San Francisco, California, Oakland is slightly less expensive, though it will still be a tough city to save in.

Median household income: $63,251

Median rent for a single-family home: $3,000

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7. Seattle

7. Seattle

While incomes tend to keep up with housing costs, other costs like dining out, groceries and transportation make this a very unfriendly city for savers.

Median household income: $79,596

Median rent for a single-family home: $2,950

6. Honolulu, Hawaii

6. Honolulu, Hawaii

The Aloha State's capitol is a very expensive place to live in terms of both housing costs and everyday expenses.

Median household income: $65,707

Median rent for a single-family home: $2,500

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5. San Jose, California

5. San Jose, California

San Jose, California has the third highest rent and housing costs in the United States, according to GOBankingRates' data. Just because salaries are high doesn't mean that it's good for those looking to build their savings accounts.

Median household income: $96,662

Median rent for a single-family home: $3,700

4. Washington DC

4. Washington DC

The nation's capital isn't friendly to those who want to save. From food to dining out to taking public transportation, it will cost more in DC.

Median household income: $77,649

Median rent for a single-family home: $3,400

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3. Los Angeles, California

3. Los Angeles, California

In Los Angeles, incomes don't quite keep up with housing costs — a family earning the median income and paying median rent costs will spend over half of their income on housing alone.

Median household income: $54,501

Median rent for a single-family home: $3,800

2. New York, New York

2. New York, New York

New York residents pay much less in rent than Los Angeles residents, but the typical family will still spend about half their income on rent if they earn and spend the median amounts.

Median household income: $57,782

Median rent for a single-family home: $2,400

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1. San Francisco, California

1. San Francisco, California

San Francisco's median income doesn't even cross the six-figure mark, and a family with median incomes and rent costs will also spend over half their income on rent. But with the median home cost at $1,295,000, homeownership could be difficult.

Median household income: $96,265

Median rent for a single-family home: $4,650