Residents of this Triangle town could have among the highest holiday spending budgets in US

Local News

Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, fell 1% in September the biggest decline in four months. (Getty Images)

RALEIGH, N.C. (WNCN) — Some of the biggest spenders this holiday season might call the Triangle home.

Personal finance website Wallethub on Tuesday estimated the top level of holiday spending for consumers in nearly 600 U.S. towns and cities.

Cary ranks 15th on that list, with the company estimating that consumers who live there could comfortably spend up to $2,541 during the holidays.

It was the only North Carolina city in the top 200, followed by No. 235 Concord ($954), No. 240 Raleigh ($952) and No. 281 Charlotte ($891).

Source: WalletHub

Texas and California combine to hold the top five spots. 

Flower Mound, Texas, was at No. 1 with residents’ estimated top budget set at $3,427.

The study derived its rankings from income, age and three ratios: debt-to-income, savings-to-monthly expenses and income-to-expenses.

The company says its program considers someone comfortable enough to spend if they have six months of emergency savings, and a debt-to-income ratio smaller than 22 percent for a renter or 43 percent for a homeowner.

Its data came from the U.S. Census Bureau and Bureau of Labor Statistics, along with SimpleTuition, Tax Foundation, IRS.com, SlickDeals and TransUnion.

The company is also providing personalized budget estimates for its members.

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