Paramus NJ Ranked #5 US City for Biggest Savers without Biggest Income

Where do America’s biggest savers live?

Paramus NJ is #5 US City in the Biggest Saving Without Biggest Income ranking.

Using IRS and U.S. Census data, MagnifyMoney.com created a City Saving Score for over 2,000 U.S. cities to explore which cities have the most savers and which cities have the biggest savings accounts. In this report. MagnifyMoney reveals America’s super saving cities, and the forces driving their success as savers.

High saving doesn’t require high income. All cities with average incomes in excess of $250,000 earned a savings score of 90. However, some cities with lower incomes made surprise appearances near the top of the savings ranking.

In fact, 14 cities with incomes under $150,000 a year had scores of 95 or above in our study.

Many of these “thrifty cities” have large retiree populations like The Villages, Fla., and Sun City West, Ariz.

However, other thrifty cities included family-oriented suburbs where average households earned an upper-middle-class income.

Paramus NJ is #5 US City in the Biggest Saving Without Biggest Income ranking.

Table: Top cities at saving without big salaries: https://www.dropbox.com/s/4e4t978m1605qvk/Graphic-table-3.png?dl=0

Table: Top cities at saving without big salaries: https://www.dropbox.com/s/4e4t978m1605qvk/Graphic-table-3.png?dl=0

Read the full report on MagnifyMoney’s Fine Print Blog. MagnifyMoney experts are available to discuss the findings as well as tips for saving. Spokespeople include former banker turned consumer advocate and founder of MagnifyMoney Nick Clements and Executive Editor and voice of the millennial Mandi Woodruff.