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Everyone needs an emergency savings account, but not everyone can afford to have one. According to a recent Forbes Advisor study, "The nationwide personal savings rate has recently dropped from record highs of over 20% in 2020 and 2021 to 3.8% as of January 2024." "Various factors may affect a person's ability to save, but location can have a considerable impact. To determine where it's easiest and most difficult to save, Forbes Advisor compared all 50 states and the District of Columbia across 10 metrics spanning four key categories: income and debt, cost of living, taxes and housing." Florida ranked in the top 10 states where it's hardest for residents to save money. And the Miami metropolitan area ranked in the top three most difficult metros to save money in. Here's why. According to Forbes Advisor's study, the most difficult state to save money in is California. Hawaii, Nevada, Oregon and Maryland take the second through fifth rankings and Florida slides in sixth place. The easiest states for people looking to hit their savings goals are North Dakota, South Dakota, Kansas, Missouri and Iowa. According to Forbes' findings, 31.16% of Florida's households have trouble paying their usual expenses and the average Floridian spends 26.41% of their income on housing alone. Here's Forbes Advisor's list of the top 10 states where it's hardest for residents to save money: Of the 15 largest metropolitan areas in the country, the Miami area placed third on Forbes Advisor's list of the most difficult regions to save money nationally. "Housing costs in the Miami metro area are staggeringly high, ranking first for the percentage of income residents spend on housing (29.03%) and the percentage of renters who put at least half their income toward rent (33.01%)," the study said. "Adding to the financial strain, this Florida metro has the second-highest rate of households struggling to pay regular expenses (34.98%). Miami area residents also carry the sixth-highest debt-to-income ratio as of Q3 2023." Here's Forbes Advisor's list of the top five metro areas where it's hardest for residents to save money:What is the hardest state to live in financially?
What is the hardest U.S. city to live in financially?
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