Ranking Iowa Towns and Cities By Credit Score
- July 11, 2017
- Posted by: Mike Brown
- Category: Credit Scores
Located in the heart of the Midwest, the state of Iowa is a unique blend of a modernized economy and an Americana culture rooted in agriculture.
The Hawkeye State is not overly imposing; it ranks as the 26th largest state in the Union by size and it is the 30th most populous. Major cities in Iowa include the capital Des Moines (featured above), Cedar Rapids, Davenport, and Sioux City.
Iowa is squarely in the middle of the Corn Belt, a region in the U.S. that has been dominated by farmers and corn fields for some time. In fact, 60% of the rolling hills and prairies of Iowa are covered by agricultural crops.
The advent of the railroad system pushed Iowa to become a major agricultural producer that shipped goods from coast to coast. Agriculture continued to be the staple of the Iowa economy until the Farm Crisis of the 1980s transformed their economy.
Starting in the 1980s, Iowa’s economy began a process of diversification that continues to this day. The economy of Iowa now includes manufacturing, biotechnology, finance and insurance services, and government services.
Agriculture is still prevalent in the Hawkeye State, albeit a much smaller presence now. Responsible for $20.3 billion of the gross state product, manufacturing has become the driving force behind Iowa’s economy.
Iowa has become one of the very best states to start a business in the U.S. The Hawkeye State’s low taxes, low cost of living, high quality of life, strong workforce, high level of technology and innovation, and friendliness to businesses have all made it a great area to launch a business or start a career.
LendEDU sought to quantify just how much of an impact the diversification of Iowa’s economy has had on those who call the state home. With the help of Experian’s Premier Aggregated Credit StatisticsSM dataset, we were able to do just that.
Experian’s data has provided the average VantageScore 3.0®1 credit score of every city and town in Iowa. Using this information, LendEDU has ranked 432 Iowa towns based on their average credit score. For reference, you can find out what is a good credit score here.
Average credit score provides as good an economic indicator as any. Cities with a high average credit score usually experience high incomes, low unemployment, and a low number of defaults on mortgages and loans.
Complete Rankings of Iowa Cities By Credit Score
All data that was used in this study is under license from Onboard Informatics and Experian. Onboard Informatics' dataset was used for the most recent population figures and location purposes. Experian's Premier Aggregated Credit StatisticsSM dataset was used to find the average VantageScore 3.0® credit score of every town and city in Iowa.
Only Iowa towns and cities that had a population above 1,000 were analyzed further. Some of the larger cities in Iowa, like Des Moines, had multiple ZIPTM2 codes and thus multiple average credit scores. In order to have only one average credit score for these larger cities, ZIPTM codes and their respective average credit score were consolidated into one statistic. To do this, ZIPTM codes and their respective average credit scores were weighted according to the population of that given ZIP CodeTM. ZIPTM codes with a greater population were weighted more heavily when calculating the average VantageScore 3.0® credit score of a city with multiple ZIPTM codes and multiple average credit scores.
Once this was completed, we were able to rank all Iowa cities and towns according to their average VantageScore 3.0® credit score. Experian's dataset lists the average VantageScore 3.0® credit score as a stand alone statistic. Cities and towns with a higher average credit score were ranked higher in the rankings and vice versa.
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.