Charlotte Ranked The 5th Best City in America for “Spending Within Their Means”

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LendingTree just released their findings from a new study on how well residents in the top 50 U.S. metropolitan areas are spending within their means – or not.

The company analyzed the average number of credit inquiries, use of revolving credit, non-housing debt balances as a percentage of income and mortgage balances (also as a percentage of income). The study then combined these factors to create a “Spending Within Your Means Score” of 0 to 100, with a higher score designating the cities where residents are more likely to be living within their means.

Greenville, SC took the top score, despite having the second-lowest average income among the 50 cities ranked at $65,503 per household. Greensboro, NC, came in at the #2, Charlotte came in at #5, and Raleigh was ranked #10 – proving that Carolina residents are by far the wisest credit users in the country; 

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Among the 50 ranked metro areas, residents are, on average, using 30 percent of their revolving credit lines — such as credit cards and home equity lines of credit, or HELOCs. They also have mortgage balances averaging 79 percent of their annual income and non-housing debt balances averaging 44 percent of annual income, and have had five credit inquiries in the last two years.

Rank Metro Spending Within Their Means Score Inquiries (last 2 years) Revolving Credit Utilization Non-Housing Debt % of Income Mortgage Debt % of Income
1 Greenville, SC 71 4.0 27.6% 47.3% 61.6%
2 Greensboro, NC 65 3.8 28.9% 48.5% 63.9%
3 Kansas City, MO 64 5.9 28.4% 42.8% 65.0%
4 Buffalo, NY 64 4.0 29.0% 50.5% 55.2%
5 Charlotte, NC 64 3.8 28.2% 43.2% 84.9%
6 Milwaukee, WI 64 7.1 28.4% 39.7% 65.8%
7 San Francisco, CA 63 3.9 28.9% 28.4% 109.1%
8 Boston, MA 62 4.6 29.0% 35.7% 86.9%
9 New York, NY 62 4.4 30.5% 34.7% 77.6%
10 Raleigh, NC 61 3.8 27.6% 45.2% 85.6%
11 Pittsburgh, PA 60 5.1 28.0% 51.2% 49.3%
12 Nashville, TN 59 4.4 27.8% 43.9% 80.4%
13 Hartford, CT 58 5.5 30.0% 38.1% 76.8%
14 Oklahoma City, OK 58 6.0 28.3% 47.8% 60.7%
15 Portland 56 3.5 30.0% 40.2% 90.8%
16 Grand Rapids, MI 56 6.8 29.4% 43.3% 59.8%
17 Detroit, MI 56 5.9 30.1% 41.0% 65.0%
18 Louisville, KY 56 6.8 28.3% 43.0% 68.4%
19 Washington, DC 55 4.0 30.1% 37.1% 102.8%
20 Richmond, VA 55 4.0 29.8% 41.2% 87.5%
21 Denver, CO 55 3.1 29.2% 39.9% 108.0%
22 St. Louis, MO 53 7.7 29.0% 42.8% 67.0%
23 Philadelphia, PA 53 5.6 28.9% 43.0% 79.4%
24 Minneapolis, MN 53 4.3 30.5% 39.5% 83.6%
25 Birmingham, AL 53 5.6 29.2% 47.3% 62.5%
26 Cincinnati, OH 53 5.7 29.1% 44.9% 68.0%
27 Cleveland, OH 52 6.6 28.9% 49.4% 58.9%
28 Austin, TX 52 4.9 30.0% 42.5% 78.2%
29 Dallas – Fort Worth, TX 52 5.1 29.5% 44.3% 69.9%
30 Indianapolis, IN 51 6.6 28.4% 46.1% 68.3%
31 Atlanta, GA 51 4.3 29.2% 45.0% 81.2%
32 Columbus, OH 49 6.2 30.6% 45.9% 57.4%
33 Salt Lake City, UT 48 4.2 30.2% 39.7% 98.2%
34 Chicago, IL 46 7.2 30.1% 39.5% 80.1%
35 Seattle, WA 46 4.6 30.6% 37.6% 98.7%
36 Memphis, TN 45 5.1 29.7% 51.2% 64.9%
37 New Orleans, LA 43 4.2 30.8% 50.8% 66.9%
38 Miami, FL 43 4.1 29.0% 48.7% 89.5%
39 Harrisburg, PA 42 6.2 29.1% 47.8% 70.1%
40 Sacramento, CA 42 4.4 32.0% 38.5% 103.2%
41 San Diego, CA 41 4.3 32.8% 37.2% 118.2%
42 Los Angeles, CA 39 4.6 32.0% 38.6% 108.3%
43 Houston, TX 39 5.3 31.4% 46.8% 70.3%
44 Tampa, FL 38 4.2 29.9% 51.6% 80.7%
45 Virginia Beach, VA 36 3.8 33.2% 46.8% 95.4%
46 Orlando, FL 31 4.3 30.7% 51.0% 82.1%
47 Jacksonville, FL 25 4.1 32.3% 51.8% 87.9%
48 Phoenix, AZ 25 5.1 30.4% 48.1% 102.7%
49 Las Vegas, NV 20 5.1 31.8% 50.6% 96.6%
50 San Antonio, TX 19 7.3 32.1% 54.7% 72.2%

 

For more information on the study visit www.lendingtree.com/finance/cities-spending-within-their-means.

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