When It Comes to Holiday Gifts, Angelenos Are Serious Cheapskates
Oh, Los Angeles. You're beautiful, but you're cheap.
Maybe it's your miserly Midwestern influence, or maybe it's just your immigrant frugality. Whatever is, when it comes to the holidays, you're not in a giving mood.
The personal finance website WalletHub recently conducted an in-depth analysis of holiday shopping budgets in 563 American map points for its Holiday Budgets by City list.
Of those 563 places, Los Angeles ranked near the bottom (421st) when it comes to gift budgets. WalletHub says the average Angeleno plans to spend $664.
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For comparison, take a look at No. 1 Palo Alto, which is swimming in all that Silicon Valley cash. The average holiday budget there is a whopping $2,886.
L.A. isn't the only SoCal town that's holiday ballin' on a budget.
West Covina's $674 put it in 413th place. Whittier's $667 put it in 418th place. Pomona ranked 434th with its $647 average.
Riverside ($609, 448th place), Compton ($604, 449th), Palmdale ($592, 455th), Inglewood ($576, 462th), El Monte ($498, 497th), Lancaster, ($446, 517th), South Gate ($374, 539th) and San Bernardino ($311, 549th) also held it down for regional cheapskates.
No. 19 Redondo Beach ($1,771) was the highest-ranked SoCal city.
How'd they do the math here?
"Our analysts compiled data from a number of sources, including WalletHub partner TransUnion, to calculate the maximum holiday budgets for each of 563 U.S. cities, giving consumers a better sense of their spending range," the site said.
Why does SoCal rank so low? We don't know for sure, but we can make an educated guess: cost of living.
We live with some of the highest housing costs in the nation. Many Angelenos are going to have to decide between that drone for dad or a roof over their head for another month.
Choose the roof. It's the gift that keeps on giving.
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