Garden City Residents Are The Country's Best Savers

MagnifyMoney recently compiled a report of the communities where residents earned the most interest on their savings, and Garden City tied with Scarsdale as the best in the nation.

The report was compiled using data from the Census and IRS data. According to the report, 29 percent of Americans who filed tax returns last year earned income on their savings, with an average interest of $530. However, in Garden City, the interest income was an average of $5,520 — ten times the national average.

To rank cities, MagnifyMoney created a City Saving Score based on three factors:

• Breadth of community savings (measured by the percentage of all tax returns that declared interest income, ranked by percentile).
• Dedication to savings relative to income levels (measured by the percentage of total income that came from interest, ranked by percentile).
• Magnitude of savings in the community (measured by the average interest income per tax return, ranked by percentile).

On that scale, both Garden City and Scarsdale had a Saving Score of 99.6 out of 100. Residents of Garden City and Scarsdale are also among the highest income earners in the country. The average income was just over $247,000 on average, putting the village in the top 5 percent of earners. And 64 percent of residents reported income from interest.

For more info on the MagnifyMoney report, click here.

Photo: MagnifyMoney