Small town life may mean big money
Plano, Texas, beats New York City if building wealth is your goal, according to a new survey.
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.