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Americans living in some of the most expensive U.S. cities are actually among the most responsible financially – while residents in more affordable places like San Antonio, Texas and Las Vegas have managed to accumulate significant debt, according to a new report.
For example, San Jose, California is home to America's most budget-conscious residents, despite having one of the most expensive housing markets in the nation, according to a report by LendingTree, an online loan marketplace.
Factor - People - Debt - Kali - McFadden
'Income seems to be the big factor in whether people can manage debt,' said Kali McFadden, senior research analyst for LendingTree. 'It's really obvious, but the more you make the less debt you have to take on and the easier it is to pay your bills.'
The average Millennial in San Jose owes about $18,000 in non-mortgage debt – about $5,000 less than the national average for that generation. In addition, student loans (typically about 40 percent of a young person's total credit and loan balances) in San Jose were the lowest in the nation at 24.1 percent.
San - Francisco - Residents - Credit - Utilization
San Francisco ranked second, with residents' revolving credit utilization (the amount of credit card debt carried over each month as a percentage of total available credit) averaging 27.4 percent. While the city has one of the most expensive costs of living in the nation, its residents have a non-housing debt balance of 27.7 percent of their income – well below the national average of 43.7 percent.
Raleigh residents came in third, with an average revolving credit utilization of 32.9 percent and an average non-mortgage debt of 41.9 percent of income.
Minneapolis - US - Cities - Credit - Utilization
Minneapolis, one of the more affordable U.S. cities, ranked fourth, with a revolving credit utilization of 31.7 percent and non-mortgage debt accounting for...
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