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Oklahomans as "big spenders"?

Oklahomans are apparently the “bigger spenders” among the states in the HPPR region.  That distinction is based on analysis by economists for the website wallethub.com, which ranked Oklahoma as 17th among the fifty states for personal spending level, adjusted for income and the costs of living.  Other area states are close by, although Colorado lags in the spending ranking:

  • Kansas             19th
  • Texas               22nd
  • Nebraska        24th
  • Colorado         33rd

The states topping the adjusted personal spending rankings are Mississippi (1st), Idaho (2nd) and New Mexico (3rd).

The rankings are based on 10 measures, including spending on several categories of goods, auto and credit cards debt, cars per household and home sizes.  Also included is the percentage of the population spending more than they make.  Kansans have the distinction of tying for fourth place in the state rankings for the highest percentage, along with Alaska, Connecticut, Rhode Island and Vermont.  The top states for living beyond one’s means are Hawaii (1st), Nevada (2nd) and Mississippi (3rd).

The analysis also ranked states on the absolute level of personal spending, unadjusted for income and the cost of living.  Here Colorado tops the list of states in the region and Oklahoma lags:

  • Colorado         14th
  • Nebraska        16th
  • Kansas             23rd
  • Texas               25th (tie)
  • Oklahoma       32nd

The state topping the unadjusted, absolute personal spending ranking is North Dakota, reflecting the oil boom there.  It’s followed by the northeastern states of Vermont (2nd) and New Hampshire (93rd).