Santa Claus is coming to two Houston suburbs in a big way. A new study by personal finance website WalletHub estimates the typical holiday shopping budgets in The Woodlands and Sugar Land will be some of the highest among U.S. cities.
To come up with its ranking for holiday spending per person, WalletHub compared 570 U.S. cities across five metrics: income, age, debt-to-income ratio, monthly income-to-expense ratio, and monthly savings-to-expense ratio.
The Woodlands ranks seventh in the U.S. with a budget of $2,833; Sugar Land, with a budget of $2,386, comes in 13th.
In terms of income, the suburbs far exceed the median amount per household in Texas, meaning there’s presumably more money in the bank to buy holiday gifts. According to the U.S. Census Bureau, the median household income for The Woodlands stood at $115,083 in 2017, and Sugar Land stood at $108,994. By comparison, the median household income in Texas was $57,051.
Four other Texas cities are in this year’s top 30 for holiday spending:
- No. 3 — Flower Mound ($2,937)
- No. 6 — Frisco ($2,836)
- No. 14 — Cedar Park ($2,263)
- No. 17 — Allen ($2,212)
Not surprisingly, a couple of those cities bear some of the state’s highest per-household burdens for credit card debt. According to personal finance website ValuePenguin, the average credit card debt in Flower Mound was $11,715 in 2017, compared with $6,948 statewide, while Allen was at $12,101.