Watertown- Fort Drum among worst cities for saving money in U.S.

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WATERTOWN, N.Y. (WWTI) – The coronavirus pandemic has created financial hardships for families across the country.

New data has found that prior to the pandemic, less than half of Americans had enough money to cover three months of expenses and only 37 percent were able to cover a $400 emergency expense.

Following this, a recent study determined which metropolitan areas were best for saving money. In this study, only areas with a population of at least 100,000 people were included, and then were grouped into cohorts based on population size.

Watertown-Fort Drum fell into a small metro, having a population of 111,755.

With a score of 68.31, Watertown-Fort Drum ranks among the worst small metro areas for saving money in the U.S.  Here is a summary of the data for the Watertown-Fort Drum, NY metro

  • Composite score: 68.31
  • Real per capita personal income: $44,545
  • Median housing costs as a percentage of household income: 20.6%
  • Historical unemployment rate: Above average
  • Median home price: N/A
  • Fair market rent (2br): $1,099

For reference, here are the statistics for the entire United States:

  • Composite score: N/A
  • Real per capita personal income: $50,372
  • Median housing costs as a percentage of household income: 21.0%
  • Historical unemployment rate: 5.3%
  • Median home price: $242,141
  • Fair market rent (2br): $1,204

For more information and the original report: https://www.self.inc/blog/best-cities-to-save-money

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