According to a study of a variety of conditions that help people build wealth in 18 large cities, Washington, D.C., comes in second only to Houston. Bankrate ranked the largest metro areas in the U.S. according to how strong of an environment they provide for making and saving money. The group said that the key criteria for creating and maintaining a nest egg in a worker’s prime earning years include: After-tax, savable income The job market Residents' debt Human capital Access to financial services The local housing market The Houston metro area came out on top for its excellent job market, lowest consumer debt and high savable income. But, according to Bankrate’s Claes Bell, it was a close contest for the top two spots on the list. “Washington was pushed out of first place by debt,” said Bell, a banking analyst. “They never really experienced a housing crisis to recover from, but people who live in D.C. are weighed down by student loans and mortg...
- Washington, DC is the second-best place to build wealth, says Bankrate.com.
- Consumer debt was the deciding factor between DC and first-place finisher Houston.
- Strong job market helped DC into a top spot.