WalletHub, a leading personal finance social network has issued an in-depth analysis of 2014’s States with the Biggest Spenders and ranks New Mexico as number three.
On the heels of its recent report on the Best & Worst Retailers for Black Friday Deals, the group sought to identify the states where Americans are spending the most cash. They did so by examining 10 key metrics such as personal spending on various categories, the number of cars per household, and auto and credit card debt.
Spending in New Mexico (1=Biggest; 25=Average)
- 3rd in Personal Expenditure on Food & Beverages;
- 6th in Personal Expenditure on Gasoline & Other Energy Goods;
- 1st in Personal Expenditure on Housing & Utilities;
- 11th in Personal Expenditure on Health Care;
- 1st in Personal Expenditure on All Other Consumption;
- 14th in Number of Cars per Household;
- 1st in Auto & Credit Card Debt; and
- 15th in Average Home Square Footage.
Note: Spending, savings and debt figures are adjusted by income and cost of living.