DELAWARE - The First State is one of the easiest places in the nation for residents to reach their financial goals. In a recent report by the financial website Moneywise, Delaware ranks third overall.
Maryland on the other hand was much further down the list coming in at 40th overall.
The report cites a number of key metrics. Delaware was ranked number one for lowest personal bankruptcy rate in America. The First State is third overall when it comes to homeownership.
Moneywise utilized a comprehensive scoring system, evaluating each state based on seven major factors:
- Average Consumption: Examined as a percentage of personal income.
- Household Debt to Income Ratio: Assessed the financial leverage of households.
- Rate of Homeownership: Reflective of the state's housing market stability.
- Unemployment Rates: Considered for evaluating economic stability.
- Personal Bankruptcy Rates: Reflecting financial health and stability.
- Unbanked Rates: Examined the percentage of the population without a bank account.
- Google Searches: Average monthly searches related to savings and investments, indicating public interest and behavior.
Delaware scored 72.19 out of 100 to earn their third place ranking. Maryland earned a score of 44.91.