Miami Named Top 20 City for Building Wealth

Miami has been named one of the top cities in the United States for building wealth. According to Bankrate, Miami residents have an average debt burden of $25,644 and a 58% home ownership rate. While the chart below shows Miami as the only ranked city with a negative ratio of savable income, Bankrate highlights that Miami was adversely effected by a high population of retirees and older residents who are spending their retirement savings. The rankings also considered average income and expenditures, unemployment rate, education, retirement plans, homeownership rates, price appreciation and non-mortgage debt. Miami continues to be a hotspot for new development and continues to attract new residents and jobs.