ALBANY, N.Y. (NEWS10) — The Albany, Schenectady, Troy metropolitan area placed 12th in a ranking of places where residents invest the most. The new study analyzed data from the largest metro areas in the country to pinpoint where residents invest the most.
Active investors make money through dividends—earned through company ownership in the form of stocks—and capital gains— earned by selling property, stocks, and bonds. Whether lacking savings or information, according to financial servicer SmartAsset, the majority of Americans do not actively invest.
Compiling data from the IRS and the Census Bureau, the study measured income from investments as a percentage of total income, the percentage of tax returns that reported income from capital gains, and investment income as a percentage of annual housing costs.
Residents in the county seats of Albany, Rensselaer, and Schenectady reported that 11.7% of their income comes from selling investments and capital assets.
In and around Albany, around one-fifth (19.7%) of tax returns showed capital gains income. Yet only about one-sixth of all Americans reported this income.
Finally, the average area resident, through investments, makes back more than two-thirds (67.1%) of what they spend on housing.
Nearby cities that outranked us in the study include Boston, New York, and Stamford, Connecticut.
Last year, the Capital Region placed 21st in the same study.