Recently, we received an email from WalletHub about the best and worst cities for wallet health and thought to share it with our audience.
With the biggest shopping events of the year fast approaching and only two in five American adults keeping track of their spending, WalletHub conducted an in-depth analysis of 2015’s Best & Worst Cities for Wallet Wellness.
To identify the U.S. cities that are altogether most conducive to wallet wellness, WalletHub compared the 150 largest U.S. cities across 12 key metrics designed to gauge the responsibility with which people manage both their finances and their lifestyles as well as the extent to which local dynamics promote wealth creation and upward mobility. Our data set ranges from median household income to average credit score.
| Best Cities for Wallet Wellness | Worst Cities for Wallet Wellness | |||
| 1 | Gilbert, AZ | 141 | Birmingham, AL | |
| 2 | Fremont, CA | 142 | Fresno, CA | |
| 3 | Plano, TX | 143 | Columbus, GA | |
| 4 | Chandler, AZ | 144 | Tallahassee, FL | |
| 5 | Overland Park, KS | 145 | Cleveland, OH | |
| 6 | Sioux Falls, SD | 146 | Stockton, CA | |
| 7 | Scottsdale, AZ | 147 | San Bernardino, CA | |
| 8 | Lincoln, NE | 148 | Brownsville, TX | |
| 9 | Peoria, AZ | 149 | Miami, FL | |
| 10 | Austin, TX | 150 | Hialeah, FL | |
Key Stats
- The median annual income (adjusted for cost of living) in Gilbert, Ariz., is four times higher than in Cleveland.
- The housing affordability in Detroit is eight times higher than in Glendale, Calif.
- The total non-mortgage debt as a percentage of median income in Brownsville, Texas is three times higher than in San Francisco.
- The foreclosure rate in North Las Vegas, Nev., is 37 times higher than in New York.
- The average commute time in New York is three times higher than in Lubbock, Texas.
- The homeownership rate in Port St. Lucie, Fla., is three times higher than in Newark, N.J.
For the full report and to see where your city ranks, please visit:
https://wallethub.com/edu/
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