Which Michigan Cities Are Best At Money Management?
Seeking financial stability is a goal for many people. When it comes to money management, some people are better at budgeting and saving. While others tend to struggle with building their savings and getting out of debt. A study by WalletHub.com has ranked over 2,500 cities on how well they are at money management. The study looked at 20 Michigan cities and most of those cities ranked in the top 250.
The study weighed all the cities against ten key metrics and graded them on a 100-point scale. The ten metrics were divided into two categories which include Debt Level and Financial Behavior.
WalletHub also considered the population of each city, breaking them up into large, midsize, and small cities. Detroit ranked low among other large cities, coming in at number 65 out of 66. Ann Arbor ranked number 12 out of 249 among mid-size cities.
Out of all 2,500 cities, Detroit’s overall rank was 2,447 with an average credit score of 601 and a credit card debt-to-income ratio of 5.52 percent. Following Detroit with a better overall rank at 176 is Ann Arbor. Their average credit score is 759 with a credit card debt-to-income ratio of 4.46 percent. The Michigan city with the highest overall rank is Troy in spot number 31 with an average credit score of 763 and a credit card debt-to-income ratio of 3.37 percent.
Michigan’s credit card debt as a whole ranked number 14 with an average credit card debt of $2,457.
Some of the other Michigan cities ranked by WalletHub.com are:
Large City
#65 Detroit
Midsize City
#12 Ann Ann Arbor
#31 Sterling Heights
#73 Grand Rapids
#39 Warren
#135 Lansing
Small City
#30 Troy
#39 Rochester Hills
#42 Plymouth
#45 Northville
#50 Rochester
#58 Okemos
#107 Lake Orion
#147 Birmingham
#178 St. Joseph
#187 Livonia
#189 South Lyon
#193 Jenison
#213 Rockford
#219 Royal Oak
