Key Financial Insights From North Dakota's WalletHub Ranking

North Dakotans are proving to be some of the nation’s most disciplined budgeters, according to a new WalletHub study that ranked the state 7th best in the country for financial management.

The ranking was based on a dozen key factors, from credit scores and debt levels to foreclosure rates and household expenses. North Dakota scored especially well on foreclosure prevention, landing 4th best in the nation, a sign that most residents are managing to hold on to their homes even in uncertain economic times.

The state’s median credit score also sits among the strongest in the country, placing North Dakota in the top 10. Only a few neighbors, including Minnesota (5th overall) and Wisconsin (4th), posted slightly higher credit averages. South Dakota, another regional peer, ranked 13th overall despite topping the nation with the lowest foreclosure rate. Montana came in at 17th, edging out Nebraska (20th) and Iowa (19th).

North Dakotans still face challenges, ranking 18th in non-mortgage debt as a share of income and 28th in credit utilization. Housing affordability also weighed down the score, with North Dakota landing 18th for housing costs compared to income.

Financial experts say the data reflects both strengths and room for growth.

Source: WalletHub

“Not having a budget sets you up for financial failure. If you don’t carefully plan out and track how much of your income you can dedicate toward each of your expenses and other financial priorities each month, it’s easy for frivolous spending to get out of hand and prevent you from saving money, investing, or even keeping up with your bills. Said WalletHub Analyst Chip Lupo. "Unfortunately, many people were never taught how to budget, so states should strongly consider requiring instruction on budgeting in schools.”

Complete List Of States With the Best & Worst Budgeters

Overall Rank	State	Total Score	Spending & Debt Rank	Credit Rank	Savings Rank
1	Hawaii	77.94	1	9	2
2	Washington	75.93	3	7	3
3	Massachusetts	75.72	2	10	9
4	Wisconsin	72.48	7	4	8
5	Minnesota	72.20	11	2	5
6	Vermont	72.12	9	5	7
7	North Dakota	70.49	12	3	13
8	New Hampshire	70.09	10	16	10
9	Rhode Island	69.78	8	20	11
10	Colorado	67.83	22	14	1
11	Connecticut	67.39	17	17	6
12	California	67.24	5	24	19
13	South Dakota	66.71	6	11	28
14	Oregon	66.29	16	6	18
15	New York	66.12	4	32	25
16	Virginia	65.67	23	18	4
17	Montana	65.65	19	1	21
18	Alaska	65.09	14	21	17
19	Iowa	64.40	21	15	14
20	Nebraska	64.19	15	19	22
21	New Jersey	62.93	13	25	26
22	Utah	61.15	28	13	15
23	Maine	59.89	24	12	29
24	Pennsylvania	59.81	18	28	30
25	Wyoming	59.25	25	22	23
26	Kansas	58.71	20	27	33
27	Maryland	58.50	26	37	16
28	Idaho	57.34	31	8	31
29	Delaware	56.76	33	40	12
30	Missouri	55.52	27	30	32
31	Michigan	55.03	29	31	27
32	Illinois	52.20	30	23	40
33	Arizona	51.32	36	36	24
34	North Carolina	48.59	37	34	34
35	Florida	48.43	43	43	20
36	Ohio	47.86	39	26	36
37	New Mexico	47.39	34	29	41
38	West Virginia	47.07	32	33	46
39	Kentucky	45.54	35	39	43
40	Indiana	45.43	40	38	39
41	Texas	43.99	41	46	37
42	South Carolina	43.77	46	41	35
43	Tennessee	43.70	38	35	45
44	Nevada	43.20	45	44	38
45	Arkansas	38.54	42	42	48
46	Georgia	37.77	48	48	44
47	Alabama	37.47	49	45	42
48	Oklahoma	37.26	44	47	47
49	Louisiana	33.16	47	50	49
50	Mississippi	25.04	50	49	50

Filed Under: North Dakota

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North Dakota Ranks Among Nation’s Best Budgeters

Complete List Of States With the Best & Worst Budgeters