Lexington Residents Among Most Frugal Car Buyers

LEXINGTON, MA—Car payments can often be an engine of stress on one’s wallet and personal happiness, but it seems that Lexington residents have evaded much of the stress felt by other Americans.

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Data recently released by WalletHub from the Federal Reserve Bank of New York’s latest report on household indebtedness shows that Lexington residents have the fifth-lowest debt-to-income ratio when it comes to auto loans. Lexington residents on average have a 19 percent debt-to-income ratio on their car loans.

Look below to see the debt-to-income ratio of other areas.

According to WalletHub’s research, the average auto-loan debt of Lexington residents totals $15,355, with a median income of $80,033. Scarsdale, NY currently has the lowest debt-to-income ratio at 15 percent.

The data shows that Lexington residents may have been able to avoid a growing trend of over-borrowing.

“Although Americans’ heightened appetite for auto debt suggests a strengthening economy, the share of car loans originated by subprime borrowers with credit scores below 620 — $33 billion of the $151 billion total — stands near its peak in a decade, giving reason to pause for concern,” WalletHub writes.