It would take the average family living in metro Buffalo 14.1 months to stash enough cash for their recommended emergency fund, and that's one of the quickest rates among the 50 largest metro areas in the country, according to a new Bankrate report.
In fact, the Buffalo-Cheektowaga-Niagara Falls region ranks No. 8 on Bankrate's "2019 Best Metros for Savers" report."
Those living in the market should have an emergency fund of $16,710 to cover six months of expenses including housing, taxes, groceries, transportation, health care and utilities. The average annual savings potential is $14,267, the report said.
That's the amount a family could theoretically save from its yearly take-home pay if it watched its expenses very closely.
What's factors into the ranking? Buffalo's low cost of living.
The area is repeatedly cited as one of the cheapest places to live in the U.S.
Last year, the Economic Policy Institute in Washington, D.C. said Buffalo has the lowest cost of living among Upstate New York cities. The EPI's report said the average family of four – two adults and two children – could live modestly, yet adequately, on $7,339 per month or $88,071 annually.
Earlier this year, a LendingTree report said it's easier to pay down debt in Buffalo compared to other cities, based on factors such as the average monthly rent-to-income ratio, regional prices on goods and services and the local unemployment rate.
The Buffalo market is one of two major metro areas in New York state included on Bankrate's list. The other – New York City – is one of the hardest places to build a six-month emergency fund, which should total $30,136, according to the report.
In New York City, the annual savings potential for the average family is $695.
Source:
https://www.bizjournals.com/buffalo/..._news_headline
Original article:
https://www.bankrate.com/banking/sav...r-savers-2019/
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