With the holiday shopping season right around the corner, gift lists and budgets are usually top of mind for families across the country. That’s not the case in Birmingham however, where budgeting and wallet wellness has taken a backseat to carefree spending and debt.
According to a new in-depth analysis of 2015’s Best & Worst Cities for Wallet Wellness by the personal finance website Wallethub, Birmingham ranks the 10th worst city in America for your wallet.
Twelve key metrics were used to compare 150 of the largest U.S. cities to determine each city’s score in two main categories: “Affordability/Budget” and “Livability/Local Environment.” The analysis gauges the responsibility with which people manage both their finances and their lifestyles as well as the extent to which local dynamics promote wealth creation and upward mobility.
Here’s how Birmingham shapes up (1=Best; 75=Avg.):
- 139th: Household income (cost of living-adjusted)
- 27th: Housing affordability
- 125th: “Job seekers” rank
- 51st: Average commute time (in minutes)
- 122nd: Well-being index
- 112th: Average credit score
- 121st: Total non-mortgage debt as a percentage of median income
- 107th: Foreclosure rate
- 118th: Homeownership rate
As for how neighboring cities fared, Birmingham was in good company — Mobile ranked 125th, New Orleans ranked 138th, Miami was the second worst in the analysis at 149th.