After crunching various data on households, analysts from credit ratings firm WalletHub determined the highest holiday spending amounts for each of the top 570 U.S. cities. Topping the list with the largest budgets were Palo Alto, Calif., League City, Tex., and Sugar Land, Tex.
And those cities with the lowest, maximum holiday spending budgets were Brockton, Mass., Springfield, Mass., and Rochester, N.Y. The analysis was done to “help consumers with their holiday-budget planning” and included metrics such as age to debt-to-income ratios.
For example, the analysts found that the average New York consumer had monthly income of $4,646 and total expenses of $4,080 with savings coming in at $7,047. The debt-to-income ratio for the average New York consumer was 46.7 percent and the monthly income-to-monthly expenses ratio was 114 percent. The analysts then calculated the average, maximum holiday budget to be $654.
Of the 570 cities tracked, the average budget came in at $714.
This compares to $2,821 for households in Palo Alto — home of Hewlett-Packard and Tesla Motors. In League City, which is part of the Houston and Sugar Land metropolitan area, the holiday spending budget came in at $2,362. Sugar Land’s maximum was $2,362. Of the top 20 cities with the largest holiday budgets, eight were cities in Texas.
At the lower end of the spectrum was Brockton, Mass., with a maximum holiday budget of $71. Brockton, the state’s seventh largest city, has a median income of about $35,000 and is known as the “City of Champions” with both boxers Rocky Marciano and Marvin Hagler haling from Brockton. At Springfield, Mass., the maximum holiday budget came in at $72, and was followed by Rochester with $90.
WalletHub also said today that will “calculate custom holiday budgets for all WalletHub members between now and Dec. 25. This can be especially helpful to consumers already in danger of wrecking their Black Friday spending plans.”
Top 10 U.S. Cities With Largest Holiday Spending Budgets
- Palo Alto, Calif.: $2,821
- League City, Tex.: $2,362
- Sugar Land, Tex.: $2,334
- Sunnyvale, Calif.: $2,203
- Pearland, Tex.: $2,080
- Missouri City, Tex.: $1,985
- Cary, N.C.: $1,948
- Mountain View, Calif.: $1,914
- Shawnee, Kan.: $1,843
- Troy, Mich.: $1,809
U.S. Cities With the Lowest Holiday Budgets
- Brockton, Mass.: $71
- Springfield, Mass.: $72
- Missoula, Mont.: $92
- Lynn, Mass.: $116
- Cincinnati: $122
- Los Angeles: $150
- Miami Gardens, Fla.: $150
- Merced, Calif.: $154
- Albany, N.Y.: $170