Avon Lake Residents Ranked Ohio's Fifth-Best Money Managers

Managing one’s funds is one of the great struggles of the modern human condition, but Avon Lake residents have seemingly mastered that struggle better than the rest of the country.

According to a recent study by WalletHub, Avon Lake residents are among some of the best in the state at managing their finances. The city's residents rank at No. 98, and were in the 96th percentile of the study.

The rankings were based on based on credit scores, the debt-to-income ratios of credit cards, mortgages, car loans and student debt loans and the average number of late payments for residents of a given city. The methodology isn't perfect, but at least provides a superficial look at how people best manage their finances. If someone can avoiding debt and overdue credit card payments, chances are they know their way around a checkbook.

According to the data, Avon Lake residents have an average credit score of 728.44. Residents also had excellent debt-to-income ratios on their debts, with average credit card ratios totaling 15.26 percent, mortgage ratios totaling 410.41 percent, car loan ratios totaling 37.34 percent and student loan ratios totaling 82.89 percent.

Avon Lake residents generally have just over one late payment to their name, with an average of 1.45 late payments on debt.

Avon Lake residents were ranked as the fourth best money managers in the Buckeye State, behind Hudson (No. 49), Westlake (No. 59), Rocky River (No. 77) and Strongsville (No. 84).

Click here to view the study’s methodology. WalletHub collected data from TransUnion and Renwood RealtyTrac.