Salary.com has released its 2008 salary value index ranking of 69 U.S. cities with at least 250,000 residents. The index measured local salaries, the cost of living and unemployment rates to come up with the communities with the most favorable combinations. The top five and bottom five cities are shown below in the table. The top five offer the largest difference between pay and costs providing the best opportunity to build wealth.
It’s no surprise that New York city or Honolulu are expensive places to reside, but I didn’t expect to see Washington DC so high up on this list at #2.
As for the top five, I can attest that as a whole, Texas has an inexpensive cost of living. Eight other Texas cities made the best cities list as well. Of course, just being a cheap place to live is not enough to rate highly in this index, it’s also important to have good paying jobs. And that combination does not seem to lend itself to some of the prime real estate locations in this country.