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Right from the start, the Commonwealth of Massachusetts has played a pivotal role in the economy of the United States.
During the colonial era, Boston’s strategic location and natural harbor made it an ideal operational base for trans-Atlantic commerce.
In the 19th-century, Massachusetts was among the select states that spearheaded the Industrial Revolution, with major textile factories in cities like Lowell, Springfield, and Boston.
In the modern-era, The Bay State’s economy is as robust and vital as ever. Massachusetts’ gross state product hovers near $450 billion, which is the twelfth-highest in the U.S. The Commonwealth’s per capita personal income is right around $53,200 – the third-highest in the country.
12 Fortune 500 companies call the state of Massachusetts their home, including Staples, Biogen, and Liberty Mutual. A recent study found that Massachusetts has the sixth-largest number of millionaires per capita, while a plethora of billionaires from companies such as Fidelity Investments and the Kraft Group also reside in the state.
Amongst the most vibrant economic sectors in the Commonwealth of Massachusetts include higher education, biotechnology, information technology, finance, healthcare, and tourism. Popular travel destinations like Cape Cod and the Berkshires anchor Massachusetts’ tourism industry, while prestigious institutions like Harvard and the Massachusetts Institute of Technology hold down the higher education fort.
Recently, US News & World Report ranked Massachusetts as the best state in the U.S. according to metrics including opportunity and economy. The same report found The Bay State to be ranked fifth in terms of handling the economy.
Already with a deeply rooted history, Massachusetts’ economy continues to lead by example, while also doing its part to keep the American economy propped up and running. Surely, the residents of Massachusetts must be prospering off of such a potent economy, right?
To answer that question, LendEDU licensed data from Experian, one of the three major credit bureaus in the U.S., to evaluate the average credit score of every single community in the Commonwealth. While not the end-all-be-all, the average credit score of a town or city is a good gauge to evaluate economic performance.
Communities with high average credit scores have fiscally responsible residents that are bringing in high incomes and successfully repaying any and all loans and mortgages. The 150 Massachusetts communities you will find below have posted the highest average credit scores in the entire state.
>> Read More: What is a good credit score?
Keep reading to see which towns and cities in Massachusetts have been recognized by LendEDU as being fiscally healthy and responsible, as indicated by their average credit score.
Interactive Map and Table Featuring the Highest Credit Scores in Massachusetts
The data that can be seen in this report was licensed by LendEDU from two resources, Onboard Informatics and Experian. The dataset provided by Onboard Informatics was used for the most recent population figures and the locations of Massachusetts towns and cities. Experian’s Premier Aggregated Credit StatisticsSM dataset was put to use to find the average VantageScore 3.0®1 credit score of each and every community in Massachusetts.
An arbitrary population cutoff was established at 3,000, meaning any town or city in Massachusetts that had a population below that number was eliminated from further analysis. Larger cities in the Commonwealth of Massachusetts, like Boston, had multiple ZIPTM2 codes and thus multiple average credit scores. To ensure each large city only had one ZIP CodeTM and one average credit score, ZIP codes and their corresponding credit scores were weighted according to their respective population and then averaged together. A ZIP Code with a greater population was given more weight during the averaging process.
After each and every community in Massachusetts was listed with one ZIP Code and one average VantageScore 3.0® credit score, LendEDU ranked the towns and cities accordingly. Experian’s dataset lists the average VantageScore 3.0® credit score as a stand-alone statistic. Communities with a higher average credit score were ranked higher and vice versa.
See more of LendEDU’s Research
1. VantageScore is a registered trademark of VantageScore Solutions , LLC.
2. Experian is a nonexclusive full-service provider licensee of the United States Postal Service. The following trademarks are owned by the United States Postal Service: ZIP and ZIP Code. The price for Experian’s services is not established, controlled or approved by the United States Postal Service.
Author: Mike Brown