While LA is known for being home to the rich and famous, a new ranking suggests that Southern California is far from the best place to bank on making a fortune.
Bankrate, a financial publication, ranked the 18 largest metro areas in the country according to how likely they are to provide an environment for making and saving money, and LA and San Diego came in 16th and 18th, respectively.
The methodology is kind of complicated, but basically they created the list by consulting with financial experts and using metrics like after-tax savable income, the job market, human capital, access to financial services, the local housing market and participation rates for retirement plans. You can read more details about the list on their website.
Houston came in the top spot, but the list comes with the disclaimer that ranking high does not mean wealth is imminent. The author advises to take into account what types of industries are present in each location before making any moves.
Read the complete list below:
1. Houston
2. Washington D.C.
3. Cleveland
4. Detroit
5. New York
6. Dallas-Fort Worth
7. Baltimore
8. Miami
9. Minneapolis-St. Paul
10. Chicago
11. Boston
12. Seattle
13. San Francisco
14. Atlanta
15. Philadelphia
16. Los Angeles
17. Phoenix
18. San Diego