Cedar Rapidians Have a Really High Holiday Budget
A new study found that the average person will spend $805.65 this holiday season, but Cedar Rapids residents may have an even HIGHER budget than that!
WalletHub's analysts decided to predict the average maximum holiday budget for over 500 cities in the US, and the results range anywhere from $68 (Albany, GA) to almost $3,000 (Palo Alto, CA)! The results were based off of several factors, like average income, age, debt-to-income ratio, savings-to-monthly expenses ratio, and monthly income-to-monthly expenses ratio.
Out of the 563 cities surveyed, Cedar Rapids came in at number 133, with an estimated budget of $1,050! Now, I think this number is pretty high, but maybe that's because I'm a single woman with no children. For people with very large families and lots of people to buy for, I'm sure this isn't too far off. I consider myself lucky that I currently only have to buy for 3-5 people (and 2 dogs), because I definitely do NOT have a grand to spend on Christmas presents.
Does this number seem too high to you? How many people do you typically buy for and what's your average budget? Share your response with us in the comments.