Here's How Much NYC Spends On The Holidays

NEW YORK CITY – It's the most wonderfully expensive time of the year. As holiday spending gets into full swing, a new study reports that the average New Yorker will come out of the holidays having spent $753.

That's just a fraction of what some other cities spend during the season though. The study by personal finance website WalletHub showed that Palo Alto in California is home to the nation's biggest holiday spenders, with a jaw-dropping $3,160 being the norm.

WalletHub ranked the maximum holiday budget for residents in 570 cities across the country. NYC took the 233rd spot.

“To avoid overspending during the holidays, have a realistic budget and plan with a maximum cap that you share with a spending partner, do not be guilted by yourself or others into overspending, and shop year-round early to get both the best prices and the greatest number of options,” said Scott Swan, a professor of innovation and marketing at the College of William & Mary who commented on the study.

Shop Patch’s 2019 Holiday Gift Guide Here

Residents of Providence, Rhode Island, have the lowest holiday budget in the country at just $111.

Americans are projected to spend between $727 and $730 billion during the 2019 holiday shopping season, which runs from Nov. 13 to Dec. 25.

To determine the ranking, WalletHub looked at five key characteristics of holiday spending, including income, age, debt-to-income ratio, monthly income-to-monthly expense ratio and savings-to-monthly spending ratio.

Here are the 10 cities with the highest holiday budgets:

1. Palo Alto, California: $3,160
2. Sunnyvale, California: $2,971
3. Flower Mound, Texas: $2,937
4. Newton, Massachusetts: $2,888
5. Mountain View, California: $2,877
6. Frisco, Texas: $2,836
7. The Woodlands, Texas: $2,833
8. Carmel, Indiana: $2,632
9. Naperville, Illinois: $2,566
10. Milpitas, California: $2,549

The full rankings are available at WalletHub.

Reported by Gus Saltonstall/Patch