With last year’s holiday spending having increased 8.3% despite the COVID-19 pandemic, the personal-finance website WalletHub released its 2021 Holiday Budgets by City report, as well as accompanying videos and expert commentary. It also released its free tool that calculates personalized holiday budgets for all WalletHub members between now and Dec. 25.
To help consumers avoid post-holiday regret, WalletHub used several key metrics, such as income, age and savings-to-monthly expenses ratio, to estimate the maximum spending amounts for consumers in each of 570 U.S. cities.
The following are some highlights from the report:
|Cities with the Biggest Holiday Budgets
|1. Flower Mound, TX ($3,427)||11. Milpitas, CA ($2,710)|
|2. Sunnyvale, CA ($3,085)||12. Allen, TX ($2,688)|
|3. The Woodlands, TX ($3,073)||13. Pearland, TX ($2,669)|
|4. Sugar Land, TX ($3,029)||14. Maple Grove, MN ($2,577)|
|5. Mountain View, CA ($2,959)||15. Cary, NC ($2,541)|
|6. Ellicott City, MD ($2,950)||16. Troy, MI ($2,524)|
|7. Naperville, IL ($2,941)||17. Plymouth, MN ($2,499)|
|8. Bellevue, WA ($2,927)||18. Arlington, VA ($2,434)|
|9. Carmel, IN ($2,806)||19. Newton, MA ($2,399)|
|10. League City, TX ($2,778)||20. Columbia, MD ($2,379)|
- Highlands Ranch, Colorado, has the lowest expenses-to-income ratio, 59.47 percent, which is 1.7 times lower than in Miami, Florida, the city with the highest at 99.55 percent.
- Sioux Falls, South Dakota, has the highest savings-to-monthly expenses ratio, 689.29 percent, which is 3.4 times higher than in Waterbury, Connecticut, the city with the lowest at 200.44 percent.
To view the full report and your city’s rank, please visit: