In expensive U.S. cities like and San Francisco, you may need to make well above the in order to . But in other places, like Fargo, North Dakota, for example, the average American family can thrive on a lot less.
That's according to personal-finance website SmartAsset, which conducted a study to find the best cities in which you can live well on $55,000 a year. Researchers used nine metrics to assemble the ranking, including average commute time, median housing costs, and the overall unemployment rate.
The city with the best average ranking in each category received an overall score of 100 and the city with the worst ranking received a 0. Capital cities are a good bet, the site concludes, and California is not.
Here are the five best U.S. cities to live on $55,000 a year:
Fargo, North Dakota
Average travel-to-work time (in minutes): 14.9
Housing cost (as percent of $55,000 annual income): 18.8
Median household income: $59,542
Unemployment rate: 2.9
Overall score: 100
Billings, Montana
Average travel-to-work time (in minutes): 15.2
Housing cost (as percent of $55,000 annual income): 20.8
Median household income: $57,527
Unemployment rate: 3.3
Overall score: 96.1
Appleton, Wisconsin
Average travel-to-work time (in minutes): 18.6
Housing cost (as percent of $55,000 annual income): 19.8
Median household income: $58,374
Unemployment rate: 3.1
Overall score: 93.79
Santa Fe, New Mexico
Average travel-to-work time (in minutes): 18.7
Housing cost (as percent of $55,000 annual income): 22.4
Median household income: $57,022
Unemployment rate: 4.9
Overall score: 88.67
Lincoln, Nebraska
Average travel-to-work time (in minutes): 19
Housing cost (as percent of $55,000 annual income): 20.2
Median household income: $56,160
Unemployment rate: 3.9
Overall score: 84.65
These cities "offer long-term financial stability by allowing average households to work and save for their future," says SmartAsset. Lincoln and Fargo also hold the distinction of being named among the best cities to start a career and to find a job.
SmartAsset: Top U.S. cities to live on $55,000 a year
Housing prices and the cost of living can vary widely no matter . Whether you're in a big city or a small town, much of the way you save and spend is up to you.
Looking to save? and employing can help.
Start by re-evaluating how you spend and by putting away small amounts of money with each paycheck. If you set realistic goals and are proactive about reaching it, you're more likely to succeed in the long run.
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