It looks like Santa Claus is going to be competing with residents across Dallas-Fort Worth to see who brings the most lavish holiday gifts this year.

Festive Flower Mound ranked No. 7 in WalletHub's annual report on U.S. cities with the biggest holiday budgets in 2024.

Residents in this well-to-do DFW suburb are expected to spend $3,541 on their Christmas gifts this year. That's up a bit from their projected 2023 spending ($3,485), when the city ranked No. 5.

The U.S. Census Bureau says that Flower Mound's estimated population of 79,445 had a median household income of $154,471 in 2023. No wonder they have the extra cash to spare.

Flower Mound consistently makes the list of the top 10 U.S. cities with the biggest holiday spenders, outshining its nearby neighbor Frisco, which took a precarious drop this year from their previous high ranking of No. 3 in 2023.

Frisco has now fallen off the top-10 list altogether. Their average holiday budget is still an exorbitant amount – $3,412 – but that only garnered the city No. 11 in the overall ranking out of 558 U.S. cities.

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.

Flower Mound put its bigger neighbors to shame: Fort Worth landed at No. 359 this year with an average holiday budget of $1,082, and Dallas ranked No. 213 with a budget of $1,406.

Seven additional North Texas cities landed in this year's top 100 biggest holiday budgets, including:

• No. 18 – Allen ($3,070)
• No. 32 – Plano ($2,658)
• No. 45 – North Richland Hills ($2,484)
• No. 52 – McKinney ($2,386)
• No. 76 – Richardson ($1,980)
• No. 81 – Carrollton ($1,932)
• No. 92 – Lewisville ($1,848)

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 a Fort Worth resident'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. 13 – The Woodlands ($3,395)
• No. 15 – Sugar Land ($3,214)
• No. 23 – Cedar Park ($2,930)
• No. 25 – League City ($2,897)
• No. 39 – Round Rock ($2,538)
• No. 60 – Pearland ($2,223)
• No. 87 – Austin ($1,905)