WORCESTER – The data experts at Wallethub have calculated the maximum holiday spending budget for residents in 570 cities and have ranked Worcester residents at the tail end of the list.
Wallethub used five key characteristics of the population: income, age, debt-to-income ratio, monthly income to monthly spending ratio and savings-to-monthly expenses ratio to determine the rankings. Additionally, WalletHub used a proprietary algorithm, which takes into account the aforementioned five factors to determine the holiday budget for a particular city.
According to Wallethub, Worcester residents’ average maximum budget for holiday spending is just $134 — good for #565 on the financial website’s list.
Worcester ranks only ahead of Glendale, CA ($131), Springfield, MA ($125), New Haven, CT ($115), Miami, FL ($81) and Cleveland, OH ($64).
To see how Worcester compares to the rest of the country, please scroll the map below: