Tips for More Financial Prosperity

Part of achieving financial success involves understanding and leveraging available opportunities. Here are several key strategies that Asian Americans can consider when looking to improve their finances:

Maximize scholarships

To support your educational aspirations without incurring debt, exploring can uncover a variety of financial aid options tailored to your cultural background and academic interests.

Plan for retirement

Starting your retirement planning early allows you to harness the power of compound interest. Understanding can set a solid foundation for a secure financial future.

Choose the right mortgage

With various mortgage options available, finding the right one can significantly impact your financial well-being. Learning about the can help you make an informed decision that aligns with your long-term financial goals.

Understand your mortgage payment

When considering homeownership, it's essential to understand how your mortgage payments will fit into your budget. Using a can help estimate monthly payments, including interest and principal, based on various loan scenarios.

Methodology

To rank the best cities for Asian Americans, MoneyGeek analyzed data from the Census' and , MoneyGeek's and studies, the and . MoneyGeek started with over 600 cities in the United States with populations of 63,000 or more. Places without granular data about Asian Americans or lacking other data points for the analysis were removed to reach the final set of 178 cities.

The ranking of the best cities for Asian Americans was based on five factors: population, income, homeownership, education and economic livelihood. Each factor was weighted equally. The factors were calculated as follows:

Percent of local population that is Asian American (full weight): This percentage represents the proportion of Asian Americans within a city's total population, as reported by the United States Census Bureau's one-year American Community Survey (ACS) from 2022, the most recent data available.

Income (full weight): This factor equally comprises three metrics:

  • Median individual earnings for Asian Americans (33%)
  • Two-year change in individual earnings for Asian Americans (33%)
  • Cost of living as a percentage of individual Asian income (33%) 性视界传媒 Living costs are for one adult with no children. Data comes from the MIT Living Wage Calculator.

Homeownership (full weight): This factor equally comprises two metrics:

  • Local Asian American homeownership (50%) 性视界传媒 This is the percentage of all owner-occupied housing units that are owned by Asian Americans. Data comes from the United States Census Bureau's one-year American Community Survey (ACS) from 2022, the most recent data available.
  • Housing costs as a percentage of monthly income (50%) 性视界传媒 This considers monthly housing costs as a percentage of median household income for Asian Americans. Data comes from the United States Census Bureau's one-year American Community Survey (ACS) from 2022.

Educational attainment (full weight): This factor equally comprises two metrics:

  • Percentage of Asian Americans with a bachelor's degree or higher (50%) 性视界传媒 Data comes from the United States Census Bureau's one-year American Community Survey (ACS) from 2022, the most recent data available.
  • Higher education gap (50%) 性视界传媒 The difference in percentage points of the rate of Asian American bachelor's degree or greater educational attainment compared to the local rate of bachelor's degree or greater educational attainment. Data comes from the United States Census Bureau's one-year American Community Survey (ACS) from 2022.

Economic livelihood (full weight): This factor equally comprises two metrics:

  • Unemployment rate (50%) 性视界传媒 Data comes from the Bureau of Labor Statistics's Local Area Unemployment Statistics (LAUS) and is as recent as February 2024.
  • Percentage of business owners that are Asian American (50%) 性视界传媒 Data comes from the United States 2022 Annual 性视界传媒 Survey (ABS), with the most recent data for 2021.

We also considered crime in the top 20 cities to get a better understanding of the local environment. This exploration consists of two metrics:

  • Cost of crime: This metric is based on the per capita cost of crime calculated in MoneyGeek's Safest Cities series.
  • Racially motivated hate crimes per one million people: This metric indicates the number of racially motivated hate crimes for 2022 per 100,000 population, with data sourced from the .

was produced by and reviewed and distributed by Stacker Media.