It looks like Santa Claus is going to be competing with residents in Cedar Park to see who brings the most lavish holiday gifts this year.

This festive Austin neighbor ranked No. 23 in WalletHub's annual report of U.S. cities with the biggest holiday budgets in 2024.

Residents in this well-to-do suburb are expected to spend $2,930 on their Christmas gifts this year. That's up $576 from the $2,354 they were ready to shell out in the 2023 ranking — and it bumped them up 21 spots from their previous ranking at No. 44.

The U.S. Census Bureau says that Cedar Park's estimated population of 77,516 had a median household income of $118,903 in 2023. No wonder they have the extra cash to spare.

Cedar Park consistently makes the list of the top U.S. cities with the biggest holiday spenders, and now Round Rock is also climbing up the list, landing at No. 39 this year, up significantly from its previous low ranking of No. 283 in 2023.

The average holiday budget in Round Rock skyrocketed from $1,148 last year to $2,538 this year in an eyewatering $1,390 increase. You gotta spend to stay on top.

The No. 1 city in the U.S. for biggest holiday spenders in 2024 is Newton, Massachusetts, a wealthy suburb right outside of Boston, where the median income measured in 2022 was $176,373. Slots 2 through 5 were all cities in California's Silicon Valley: Sunnyvale, Palo Alto, Mountain View, and Milpitas.

Meanwhile, Austin proper landed at No. 87 in 2024 with an average holiday budget of $1,905.

Each year, WalletHub calculates the maximum holiday budget for over 550 U.S. cities "to help consumers avoid post-holiday regret," the website says. The study factors in income, age of the population, and other financial indicators such as debt-to-income ratio, monthly-income-to monthly-expenses ratio, and savings-to-monthly-expenses ratio.

Whether an Austinite's holiday budget is under $200 or more than $1,000, it's better to prioritize remaining within that budget instead of racking up the credit card bill, according to WalletHub analyst Chip Lupo.

"There are plenty of ways to enjoy the holidays and show you care without spending much money, like hosting potlucks or giving handmade gifts," said Lupo.

Other Texas cities that made it into the top 100 are:

• No. 7 – Flower Mound ($3,541)
• No. 11 – Frisco ($3,412)
• No. 13 – The Woodlands ($3,395)
• No. 15 – Sugar Land ($3,214)
• No. 18 – Allen ($3,070)
• No. 25 – League City ($2,897)
• No. 32 – Plano ($2,658)
• No. 45 – North Richland Hills ($2,484)
• No. 52 – McKinney ($2,386)
• No. 60 – Pearland ($2,223)
• No. 76 – Richardson ($1,980)
• No. 81 – Carrollton ($1,932)
• No. 92 – Lewisville ($1,848)