December 6 — With holiday shopping sure to increase America’s already heavy credit card debt (and with New Year’s resolutions right around the corner), personal-finance website WalletHub has released its report on 2018’s Best and Worst Cities for WalletFitness.
WalletFitness, per the site’s definition, means a consumer is in a stable financial position, able to comfortably meet existing obligations as well as plan for the future. Based on this definition, WalletHub compared more than 180 U.S. cities across 32 key metrics, ranging from unemployment, poverty and foreclosure rates to income volatility and savings habits.
Based on the report’s findings, the 10 BEST cities for WalletFitness are:
- Fremont, Calif.
- Seattle, Wash.
- San Francisco, Calif.
- San Jose, Calif.
- Madison. Wisc.
- Boise, Idaho
- Minneapolis, Minn.
- Overland Park, Kan.
- Orlando, Fla.
- Pearl City, Hawaii
The 10 WORST cities for WalletFitness are:
- Shreveport, La.
- Fayetteville, N.C.
- El Paso, Texas
- Columbus, Ga.
- Newark, N.J.
- Laredo, Texas
- Cleveland, Ohio
- Gulfport, Miss.
- Brownsville, Texas
- Hialeah, Fla.
Other interesting facts concluded from the report are:
- Gilbert, Ariz., has the highest median household income (adjusted for cost of living) at $90,085, which is 3.5 times higher than Hialeah, Fla.’s $25,474, the city with the lowest median household income.
- Detroit has the lowest median credit card debt per person, $1,690, which is 2.5 times lower than Juneau, Alaska, the city with the highest median credit card debt per person at $4,166.
- Pearl City, Hawaii, has the lowest share of uninsured residents, 3.3 percent, while Brownsville, Texas, has the highest share at 33.4 percent. This amounts to a 10.1 times difference between the Hawaiian and Texan cities.
- Fargo, N.D., has the lowest foreclosure rate, 0.0077 percent, which is 18.2 times lower than Baltimore’s, at 0.1401 percent.
To view the full report and find your city’s rank, click here.