California is home to three of the top five cities with the best credit scores in the United States, and only one East Coast city cracked the top five, according to a recent report.
And the American city with the best average credit score in the United States is a central Florida community that hosts a large age-restricted development.
The average FICO credit score in The Villages, Fla., is 785, which is considered very good, according to a recent Experian report that analyzed consumer credit and raw data from the second quarter of 2019 to pinpoint the cities with the best scores in the United States.
The Villages is dominated by the baby boomer generation, according to U.S. Census data. More than 79 percent of the population is 65 years and older, and less than 1 percent is 18 or younger. And more than 96 percent of the homes, which have a median value of $269,900, are occupied by the owners.
The city with the second-best average credit score is Los Altos, Calif., a wealthy community near Silicon Valley, has a very different demographics. People 65 and older make up more than 19 percent of the population, and more than 26 percent of the population is 18 or younger. About 82 percent of people own homes that have a median value of $2 million.
A score in the range of 800 to 850 is considered “exceptional”. A score from 740 to 799 is “very good,” a score from 670 to 739 is “good,” and a score from 580 to 699 is “fair.”
Any score ranging from 300 to 579 is considered “very poor.”
The average FICO score in 2019 was 703, and the average VantageScore rating was 682.
Here are the top 5:
1. The Villages, Florida
Average FICO score: 785.
Average household income: $70,837.
Average total debt: $81,558.
2. Los Altos, California
Average FICO score: 777.
Average household income: $174,201.
Average total debt: $370,651.
3. Saratoga, California
Average FICO score: 776.
Average household income: $171,047.
Average total debt: $350,312.
4. Sun City West, Arizona
Average FICO score: 771.
Average household income: $64,157.
Average total debt: $62,654.
5. Danville, California
Average FICO score: 770.
Average household income: $156,824.
Average total debt: $351,812.