Hey Sacramento – what’s in YOUR wallet? Examining the average credit score, debt, and consumer spending in Sactown.

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We regularly hear about financial statistics like national debt, unemployment rates, and even homeownership levels in the U.S. Whether it’s on the TV news, in the newspaper, or via news reports online, it seems like we can’t escape data about our economy – and the individual consumers in it. However, there is one aspect of financial news that’s trumpeted far less often: how we’re doing in the wallet department on a local level in Sacramento.

Luckily, we scoured the Internet for the most accurate and up-to-date financial data on everything (and everyone) Sacramento – including credit scores! We’ll present them here, also adding context with data from neighboring cities, California averages, or U.S. medians.

In this two-part series, we’ll cover just about every financial ranking, metric, and data point for the average Sacramentan. We’ll start today with credit scores, debt, and consumer spending.

In part two, we’ll delve into income, employment (and unemployment), housing, real estate, and other consumer statistics.

Credit scores in Sacramento:

According to current data, the average VantageScore 3.0 credit score (with a range from 300 to 850) in Sacramento and surrounding cities:

 

City: Sacramento

Zip Code: 95611, etc.

Average Vantage Score: 668

 

City: West Sacramento

Zip Code: 95605

Average Vantage Score: 686

 

City: Folsom

Zip Code: 95630

Average Vantage Score: 741

 

City: Antelope

Zip Code: 95843

Average Vantage Score: 684

 

City: Elk Grove

Zip Code: 95624, etc.

Average Vantage Score: 704

 

City: Carmichael

Zip Code: 95608

Average Vantage Score:  690

 

City: Citrus Heights

Zip Code: 95610

Average Vantage Score: 673

 

City: Davis

Zip Code: 95616

Average Vantage Score: 742

 

City: West Sacramento

Zip Code: 95605

Average Vantage Score: 686

 

For purposes of comparison, the average VantageScore in California is 680.

 

Credit cards and consumer debt in Sacramento:

The average adult Sacramentan now carries 3.1 credit cards.

That’s actually lower than the average California consumer, who has 3.23 credit cards,

Likewise, the average Sacramentan owes $6,354 in total credit card debt, while the California average is

$6,481 of credit card debt.

But Sacramento consumers have 2.5 retail credit cards on average – which is higher than the California average.

In fact, the average Sacramento consumer uses retail cards more, to the tune of $1,841 in average debt on those cards and accounts.

Meanwhile, the median credit card debt load across the U.S. is $2,300 (although the average debt load may be higher).

Another common way to measure credit card debt is by household, as there may be two or more people with credit card debt in a single home.

According to one study, the average household credit card debt in California is now $8,917.

This same study measured average household credit card debt, but in relation to the average household income in that area. (Following the theory that $5,000 of credit card debt is actually nominal in a high-income area like San Francisco, but far more significant in West Sacramento, for example.)

Next, they computed a ranking system based on credit card debt-to-income (CDTI).

So, we can take a look at average household credit card totals for Sacramento and surrounding communities, and then determine whether their CDTI is higher or lower than the average California score (higher is good)

Davis fares the best of Sacramento’s neighbors, with an average household credit card debt total of $7,679, which is 13% better than the California average.

 

City: Rocklin

Average household credit card debt: $9,472

CDTI: -7% (better than the CA average)

 

City: Roseville

Average household credit card debt: $9,416

CDTI: -1% (better than the CA average)

 

City: Elk Grove

Average household credit card debt: $9,921

CDTI: +3% (worse than the CA average)

 

City: Sacramento

Average household credit card debt: $7,461

CDTI: +9% (worse than the CA average)

 

City: Citrus Heights

Average household credit card debt: $6,999

CDTI: +12% (worse than the CA average)

 

City: Rancho Cordova

Average household credit card debt: $8,359

CDTI: +19% (worse than the CA average)

 

By the way, Palo Alto is the California city with the lowest CDTI at -51% (better than the CA average). In Pal Alto, the average household credit card debt is a sizable $9,415, but with an astronomical average household income of $206,325, that city’s CTDI leads the state!

 

Consumer spending:

According to financial surveys, the average Sacramento consumer spends $64,833 every year. Here is how that breaks down:

 

Housing

33.8% of total budget

$21,944 spent yearly

 

Transportation

15.2% of total budget

$9,855 spent yearly

 

Food

12.6% of total budget

$8,173 spent yearly

 

Personal insurance, pensions, utilities, etc.

12.2% of total budget

$7,906 spent yearly

 

Healthcare

7.4% of total budget

$4,823 spent yearly

 

Entertainment, clothing, personal spending, and other

18.7% of total budget

$12,132 spent yearly

***

Look for part two of this blog coming soon, with information on average income, employment (including unemployment), housing, and real estate in Sacramento.

 

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