Best Cities To Build Wealth? No Need To Look Further Than Detroit

DETROIT (WWJ) - If you're looking looking to build wealth - there's no place like home. Detroit is among the best U.S. cities for building wealth according to a new Bankrate online report.

San Francisco topped the list -- Detroit was fifth.

Bankrate's Claes Bell says access to home ownership is allowing Detroit to thrive.

"Seventy one percent of people in that metro are live in a home that they own - which is the highest of any city we looked at," said Bell. "Partially because those prices are low, but also those prices have been recovering in recent years, so you've got a market for homes that's accessible that values are moving in the right direction," said Bell.

Other factors include the ability to make a better than average salary enabling one to buy a home.

Bankrate also took into account unemployment rates -- although Michigan recently showed the first sign of an uptick in years.

Also ahead of Detroit were Minneapolis, Washington, and St. Louis. Conversely, Riverside and San Bernardino, California were at the bottom.