Westlake Residents Ranked Ohio's Second Best Money Managers

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

According to a recent study by WalletHub, Westlake residents are among some of the best in the country at managing their finances. The city's residents rank at No. 59, and were in the 98th 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, Westlake residents have an average credit score of 724.77. Residents also had excellent debt-to-income ratios on their debts, with average credit card ratios totaling 14.22 percent, mortgage ratios totaling 398.21 percent, car loan ratios totaling 31.27 percent and student loan ratios totaling 85.52 percent.

Westlake residents generally have just over one late payment to their name, with an average of 1.1 late payments on debt.

Westlake residents were ranked as the second best money managers in the Buckeye State, behind only Hudson (No. 49).

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