If a new study from personal finance website WalletHub is an accurate gauge, Santa will be stuffing a lot of stockings in Flower Mound this holiday season.
The study pegs Flower Mound as the No. 1 city in the U.S. for the fattest holiday shopping budgets — $2,761 per person, an amount sure to be the envy of any elf. That’s nearly 175 percent above the projected U.S. average, $1,007, for per-person spending this holiday season.
It should come as no surprise, then, that Flower Mound sat among the top 2 percent of U.S. cities for the rise in credit card debt from the first quarter of 2018 to the second quarter of 2018, according to a separate WalletHub study. Between the two periods, the average credit card debt for a Flower Mound household grew by $676, winding up at $22,456.
For the holiday shopping study, WalletHub looked at several key metrics, such as income and savings-to-expense ratio, to estimate the upper-limit holiday spending tab for consumers in 570 U.S. cities.
Flower Mound is one of six Texas cities appearing in the top 20 for holiday shopping budgets. Two more in DFW made the cut: Allen, $2,244 (No. 8); and Plano, $2,006 (No. 13).
Also on WalletHub’s list (and presumably Santa’s) are:
- The Woodlands, $2,444 (No. 5)
- Sugar Land, $2,321 (No. 7)
- Pearland, $2,238 (No. 9)
WalletHub analyst Jill Gonzalez tells CultureMap that Flower Mound and The Woodlands are the holiday-budget havens of Texas thanks to their high household incomes and low debt-to-income ratios.
For Flower Mound, the median annual household income is $133,521, and the debt-to-income ratio is 33.8 percent. For The Woodlands, the median annual household income is $117,180 and the debt-to-income ratio is 34.4 percent.