Princeton Among Best In The Country For Money Management: Study

PRINCETON, NJ — When it comes to money management, Princeton residents seem to know what they are doing.

Personal finance company WalletHub recently released their list of best and worst cities at money management. And Princeton was ranked No. 6 across the country.

To determine where Americans are best at handling their finances, WalletHub compared more than 2,500 cities based on 10 key indicators. They include median credit score, mortgage debt-to-income ratio, the average percent of credit used, student and car loans.

Princeton was ranked among small cities, with a population of fewer than 100,000 people.

Here’s what the study found about Princeton:

• Percentile rank: 99
• Median credit score: 765
• Credit card debt-to-income ratio: 2.52 percent
• Mortgage debt-to-income ratio: 318.87 percent
• Car loan debt-to-income ratio: 11.49 percent
• Student loan debt-to-income ratio: 19.61 percent
• Average number of late payments: 0.65 percent

The top 10 cities in the country with the best money management skills are:

1. Scarsdale, NY
2. Cupertino, CA
3. Los Altos, CA
4. Bronxville, NY
5. Saratoga, CA
6. Princeton, NJ
7. Mountain View, CA
8. Palo Alto, CA
9. Sunnyvale, CA
10. Lexington, MA

Other findings:

Lafayette, Indiana, has the lowest mortgage debt-to-income ratio, 87.21 percent, which is 12.2 times lower than in Ewa Beach, Hawaii, the city with the highest at 1,061.26 percent.

Darien, Connecticut, has the lowest student-loan debt-to-income ratio, 9.08 percent, which is 14.2 times lower than in Morrow, Georgia, the city with the highest at 129.18 percent.

To check out the complete ranking and methodology, click here.

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