Solon Ranked 12th-Best Money Managers in Ohio

Managing one’s funds is one of the great struggles of the modern human condition, but Solon residents are above-average in taking care of their finances compared to the rest of the country.

According to a recent study by WalletHub, Solon residents are one of the better in the state at managing their finances. The city's residents rank at No. 185, and were in the 93rd 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, Solon residents have an average credit score of 723.02. Residents also had solid debt-to-income ratios on their debts, with average credit card ratios totaling 15.32 percent, mortgage ratios totaling 406.06 percent, car loan ratios totaling 75.49 percent and student loan ratios totaling 68.44 percent.

Solon residents generally have just under two late payments to their name, with an average of 1.85 late payments on debt.

Solon residents were ranked 12th among money managers in the Buckeye State, behind the likes of Hudson (No. 49), Westlake (No. 59) and Avon Lake (No. 98).

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