A city that is wealthy overall doesn't necessarily mean that the average household has the tools it needs to get ahead financially, according to a new Bankrate.com report.
The report ranked 21 large metro areas in five categories – savable income, human capital, debt burden, homeownership and access to financial services – to determine which is best or worst for building wealth.
"The New York metro area – a place that many people think of as a great place to build wealth, and where you're likely to make a higher salary than the rest of the country – didn't make our top 5 this year," of best places to build wealth, the report states.
In fact, the New York area is among the worst 10 metro areas that Bankrate ranked. According to Bankrate, this is in part to the difficulty of buying a home there and lack of access to workplace retirement plans for many workers.
The stress of not having that cushion can have "far-reaching implications" that can even extend to your physical well-being, according to Sheng Guo, an economics instructor and researcher at Florida International University.
"There's this feedback loop from wealth to health," Guo said in the report. "If you have little wealth, then uncertainty about what will happen to your household – to your kids, to yourself – will actually put a drag on your own health."
Here are the 10 worst metro areas for building wealth, according to Bankrate.
10. Chicago
Savable income: $11,966
Homeownership rate: 62.7%
Debt burden: $27,594
9. New York
Savable income: $11,981
Homeownership rate: 49.5%
Debt burden: $25,687
8. Dallas
Savable income: $9,177
Homeownership rate: 59.1%
Debt burden: $29,204
7. San Diego
Savable income: $2,692
Homeownership rate: 52.1%
Debt burden: $26,266
6. Los Angeles
Savable income: $7,246
Homeownership rate: 46.5%
Debt burden: $25,147
5. Houston
Savable income: $6,117
Homeownership rate: 59.1%
Debt burden: $29,571
4. Atlanta
Savable income: $2,503
Homeownership rate: 62.1%
Debt burden: $28,259
3. Tampa, FL
Savable income: $3,437
Homeownership rate: 62.7%
Debt burden: $27,015
2. Miami
Savable income: -$3,613*
Homeownership rate: 58%
Debt burden: $25,645
*Analysis showed a negative average savable income for the Miami metro area, which may be attributable to the high population of retirees in the area that are likely spending more than their income as they spend through their retirement savings.
1. San Bernardino, CA
Savable income: $9,790
Homeownership rate: 62.6%
Debt burden: $27,682
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