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.
