Santa Claus is coming to the Lone Star State in a big way. A new study puts six Texas cities in this year’s top 30 in the U.S. for holiday spending.
To come up with its ranking for holiday spending per person, WalletHub compared 570 U.S. cities across five metrics: income, age, debt-to-income ratio, monthly income-to-expense ratio, and monthly savings-to-expense ratio.
The biggest budget in the state is found in the DFW suburb of Flower Mound. The personal finance website estimates the typical holiday shopping budget in Flower Mound will be $2,937 this year — the third highest sum among U.S. cities.
In terms of income, Flower Mound far exceeds the median amount per household in Texas, meaning there’s presumably more money in the bank to buy holiday gifts. According to the U.S. Census Bureau, the median household income for Flower Mound stood at $128,426 in 2017. By comparison, the median household income in Texas was $57,051.
Texas' other big spenders are:
- No. 6 — Frisco ($2,836)
- No. 7 — The Woodlands ($2,833)
- No. 13 — Sugar Land ($2,386)
- No. 14 — Cedar Park ($2,263)
- No. 17 — Allen ($2,212)
Not surprisingly, a couple of those cities bear some of the state’s highest per-household burdens for credit card debt. According to personal finance website ValuePenguin, the average credit card debt in Flower Mound was $11,715 in 2017, compared with $6,948 statewide, while Allen was at $12,101.