Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Small town life may mean big money

Plano, Texas, beats New York City if building wealth is your goal, according to a new survey.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

If I lost my job today, I would have enough savings for:
  • 3-6 months
  • 6-12 months
  • At least one year
  • I don't have any savings
Mortgage Rates
30 yr fixed 3.84%
15 yr fixed 3.02%
5/1 ARM 3.19%
30 yr refi 3.82%
15 yr refi 3.01%

Find personalized rates:
 

Rates provided by Bankrate.com.

NEW YORK (CNNMoney.com) -- 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. To top of page

Find mortgage rates in your area


Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More
The best gadgets for your next business trip Hotels often lack the resources business travelers need to work efficiently. But fear not: These six gadgets will turn any hotel room into a temporary office. More
Must-have gadgets for business travelers For many business travelers, commuting through airports and enduring flights is the worst part of any trip. Thankfully, these seven gadgets help make life on the road -- and in the air -- much easier. More