SALT LAKE CITY — Salt Lake City is one of the best cities for people to move to if they struggling financially, according to a new list released Tuesday.

Salt Lake City was ranked No. 5 on the "Best Cities for the Broke" list compiled by financial website CreditDonkey. Researchers decided which cities offer the best opportunity for people looking to improve their financial situation by looking at cities' consumer price index, CPI-household income ratio and unemployment rates.

Researchers noted Salt Lake City was the most expensive city on their list with an index score of 100.6, compared to the top city's rating of 88.3, but thought the city's other qualities still made it a good option.

"The good news for residents is that they also have the highest household income at over $60,000 and the lowest unemployment at just 3.5 percent," researchers wrote. "That means if you relocate to Salt Lake City, you should be able to find a reasonably paying job."

Related Story

SLC No. 1 city to achieve American dream, study says

Children born to low income families are more likely to achieve the American dream in Salt Lake City than anywhere else in the United States, according to a recent study.

The No. 1 city on the list is Omaha, Neb. The report said Omaha offered the perfect combination of low unemployment, reasonable wages and cheap living. Salt Lake City was the only city from the western U.S. to make the list.

Salt Lake City has recently been recognized on other lists promoting it as a good place for people to improve their financial situation. The Equality of Opportunity Project named it the best place in the U.S. for children born into low-income families to achieve the American dream.

10 Best Cities for the Broke:

1. Omaha, Neb.
2. Des Moines, Iowa
3. Cedar Rapids, Iowa
4. Huntsville, Ala.
5. Salt Lake City
6. Austin
7. Dallas
8. Tulsa, Okla.
9. Oklahoma City
10. Springfield, Mont.

Related topics