BALTIMORE, MD—One Maryland town has been named one of the best in the nation at money management.
With 44% of U.S. adults grading their knowledge of personal finance a C or lower and good financial skills being essential during this time of high inflation, the free credit score website WalletHub this week released its report on 2023’s Best & Worst Cities at Money Management.
Chevy Chase cracked the top ten, coming in at No. 5 on this year’s list. Cupertino, CA was ranked No. 1 while Canton, MS came in last.
In order to determine where Americans are best at handling their finances, WalletHub compared more than 2,500 cities based on 10 key indicators of money-management skills. The data set ranges from the median credit score to average number of late payments to mortgage debt-to-income ratio.
| Cities with Best Money-Management Skills | Cities with Worst Money-Management Skills |
| 1. Cupertino, CA | 2549. Conyers, GA |
| 2. Lexington, MA | 2550. Jacksonville, NC |
| 3. Scarsdale, NY | 2551. Columbus, MS |
| 4. Los Altos, CA | 2552. Troy, AL |
| 5. Chevy Chase, MD | 2553. Austell, GA |
| 6. Redmond, WA | 2554. Walterboro, SC |
| 7. Deerfield, IL | 2555. Miami Gardens, FL |
| 8. Bronxville, NY | 2556. Rio Grande City, TX |
| 9. McLean, VA | 2557. Covington, GA |
| 10. Chesterfield, MO | 2558. Hope Mills, NC |
| 11. Palo Alto, CA | 2559. Dolton, IL |
| 12. Leawood, KS | 2560. Hampton, GA |
| 13. Sammamish, WA | 2561. Lithonia, GA |
| 14. Libertyville, IL | 2562. Jonesboro, GA |
| 15. Northbrook, IL | 2563. College Park, GA |
| 16. Needham, MA | 2564. Ruston, LA |
| 17. Saratoga, CA | 2565. Fairburn, GA |
| 18. Powell, OH | 2566. Maple Heights, OH |
| 19. San Carlos, CA | 2567. Bastrop, LA |
| 20. Sunnyvale, CA | 2568. Canton, MS |
Best vs. Worst
- East St. Louis, Illinois, has the lowest mortgage debt-to-income ratio, 121.14 percent, which is 8.9 times lower than in Ewa Beach, Hawaii, the city with the highest at 1,083.35 percent.
- Deer Park, New York, has the lowest student-loan debt-to-income ratio, 6.95 percent, which is 14.2 times lower than in Carbondale, Illinois, the city with the highest at 98.37 percent.
- Mercer Island, Washington, has the lowest share of people delinquent on their debt, 0.16 percent, which is 81.1 times lower than in Jackson, Mississippi, the city with the highest at 12.98 percent.
The full report can be viewed online at WalletHub here.
More in the video below.
Photo via Pixabay
