Massachusetts Town Has the Biggest Holiday Budget in the US

The holidays are here and they can be stressful – particularly on the wallet. With Black Friday and Cyber Monday behind us, shoppers will continue to find the best deals in order to keep their finances in check. 

Some cities are better off than others when it comes to splurging on the holidays. According to a recent study done by Wallethub, Newton, Massachusetts residents have the highest holiday spending budget in the U.S., with a maximum of over $4,000.

Although it’s hard for me to imagine spending that much money on gifts, this apparently isn’t too surprising for a city known for its high median household income and rich vibe. Newton, often called “The Garden City,” is a picturesque Boston suburb with nice villages, high-ranked schools, and a reputation for… yup, big spending.

WalletHub analyzed over 550 U.S. cities, factoring in income levels, savings ratios, and the cost of living, to determine how much residents can comfortably allocate for holiday cheer without going into financial distress. Newton’s well-off population, coupled with relatively high savings and manageable debt levels, shot it up to the top of the list.

Meanwhile, the rest of us might be juggling last year’s credit card bills along with this season’s shopping sprees. Even with many people struggling with their finances, Wallethub says holiday sales are still expected to top $980 billion—a 2.5% to 3.5% increase from last year—which in result will leave households stretching their budgets even thinner. 

If you’re from Newton, congratulations—you’ve hit the holiday jackpot. For the rest of us, the season might mean dusting off those "homemade gift" skills or looking around the house for some re-gifting ideas. Whether you're splurging or scrounging, they always say the best gifts don't come from a store—unless it’s a PS5, because good luck convincing your kid that love trumps gaming.