Maryland has been named the No. 1 region in the United States for saving money, according to a new data study documented by the consumer finance startup Pheabs.com.
The report analyzed federal data that included the average monthly costs of rent, food and health care against the median salary to determine which states were the best for saving money.
This data was used to create a ranking list, which saw average disposable income in Maryland be ranked first at $55,618.96.
Maryland was also closely followed by New Jersey, the District of Colombia and Massachusetts.
The data was compiled and analyzed by Pheabs, an independent consumer-finance intermediary, which uses more than 8,000 data points in a single loan application to connect borrowers with the best loan or source of finance for them.
Daniel Tannenbaum, founder at Pheabs, noted that “with high rates of inflation across the globe, it’s no surprise that saving is becoming more difficult for Americans across the country.”
“Choosing where you live,” he said, “can have a big impact on how much you’re able to save. We are delighted to see Maryland ranked as one of the top places in America for saving money. This makes it an incredibly appealing place for people to move to, especially if they want to keep more money in the bank.”
Key Findings
- Hawaii had the highest monthly food costs at $556.76 on average, with New Hampshire being the most affordable at $183.
- Hawaii also had the highest cost of rent, with the median rent coming in at $1,651 per month. West Virginia had the most affordable rent, with median rent costing $732.
- The District of Columbia had the highest health-care spending per person at $13,934, with Utah at the lowest coming in at $7,241.
