Burnley fared well on criteria such as employment rates, average wages and cost of living from a financial perspective.
A major factor in Burnley’s high ranking is its low cost of living, coming first in the index according to credit comparison site TotallyMoney.com which conducted the analysis.
Burnley also has the lowest average mortgage repayments in the study and showed 4% year on year job growth.
The study found that Burnley had a median monthly take-home salary of £1,466, and an average monthly mortgage repayment of £344. Unemployment currently stands at 5.5% of the population.
The news was welcomed by the leader of Burnley Borough Council, Coun. Mark Townsend, who said he hoped the figures would attract more people to come and make Burnley their home.
He said: “I think this reinforces some of the things we’ve been saying for a long time now. Burnley offers fantastic opportunities for people.
“I hope that people do understand that Burnley is a place on the up and achieving great things. The findings of this study show that there are not just opportunities for people already living here, but it’s also a great advertisement to attract others to come and settle here with their families and have a great standard of living.”
The research collated cost of living data based on the price of a monthly travel pass, a cinema ticket, monthly gym membership, and a meal for two in a mid-range restaurant; salary and employment data came from official labour market statistics; housing data from gov.uk (UK house price index and UK house price index May 2016).
TotallyMoney.com head of Brand and Communications Joe Gardiner said: “This research shows us the true financial-health of an area, and that a town which offers high-paying jobs and expensive restaurants won’t necessarily be the best place to make a living.”
Burnley MP Julie Cooper welcomed the report but said it was important to ensure the poor and vulnerable were protected from future government cuts.
She said: “I am delighted to see that this research highlights so many positive aspects of living in Burnley. As Burnley’s MP and a resident I feel proud to call this town my home and there is more to be excited about going forward.
“Employers, including several manufacturing companies with international reputations, have in recent years recognised the many benefits that Burnley has to offer business; creating quality employment opportunities for residents reflected in the survey’s 4% job growth.
“Good access to motorways and a new direct rail link to Manchester to complement the existing bus service, has also opened up opportunities for those looking to work or live in our town.
“Our new schools and sixth form centre are working to ensure our young people receive not only the highest standard of education but also to provide the skilled workforce needed for Burnley’s growing economy.
“New homes designed to meet the requirements of modern families are being planned and sit alongside one of the largest heritage regeneration schemes in the country.
“Of course this does not mean that Burnley is a Utopia. Positive though we are, we must acknowledge that there is much still to be done to ensure that everyone benefits from the promise and growing prosperity of our town. The stakeholders of Burnley are working tirelessly to overcome the challenges we face.”