2022's Cities that Overspend on Cars
from Wallet Hub, Feb 9, 2022
Due to the COVID-19 pandemic, U.S. auto sales had a lackluster year in 2021, up only 2.5% from 2020. Luckily, early forecasts predict that the market will continue to grow during 2022, with the biggest growth coming during the second half of the year. Typically, we see an increase in auto purchases after tax season, especially on Presidents’ Day weekend.
Despite the low growth in the auto market last year, consumer auto debt still increased significantly. According to the Federal Reserve Bank of New York’s latest report on household indebtedness, auto-loan balances have grown over the past nine years, increasing by another $28 billion in Q3 2020.
But not every city is alike. In order to determine where Americans overspend on their set of wheels, WalletHub compared the median auto-loan balance of more than 2,500 U.S. cities….
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| Percentile Rank* |
City |
Median Auto-Loan Debt |
Income |
Debt-to-Income Ratio |
| 18 |
Waipahu, HI |
$16,863 |
$36,731 |
46% |
| 19 |
Ewa Beach, HI |
$18,341 |
$40,636 |
45% |
| 22 |
Waianae, HI |
$17,483 |
$40,202 |
43% |
| 23 |
Kailua, HI |
$17,673 |
$40,911 |
43% |
| 24 |
Kahului, HI |
$16,985 |
$39,691 |
43% |
| 38 |
Wahiawa, HI |
$16,817 |
$44,030 |
38% |
| 39 |
Lahaina, HI |
$16,075 |
$42,356 |
38% |
| 49 |
Hilo, HI |
$16,281 |
$46,675 |
35% |
| 51 |
Kapolei, HI |
$18,181 |
$52,969 |
34% |
| 54 |
Wailuku, HI |
$17,144 |
$51,167 |
34% |
| 55 |
Kaneohe, HI |
$17,962 |
$54,348 |
33% |
| 57 |
Kihei, HI |
$15,334 |
$47,250 |
32% |
| 58 |
Pearl City, HI |
$17,383 |
$53,692 |
32% |
| 66 |
Honolulu, HI |
$14,658 |
$49,162 |
30% |
| 67 |
Mililani Town, HI |
$16,099 |
$54,588 |
29% |
| 75 |
Aiea, HI |
$14,458 |
$54,207 |
27% |
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