Watching the ball drop from the comfort of your home is a common, cost-effective way to ring in the new year. But plenty of Americans instead choose to get dressed up, attend parties or travel in celebration of New Year's Eve.

You might call New York City the New Year's capital, given the main American symbol of the holiday — the Times Square Ball — lives and drops there. So it's probably no surprise the Big Apple ranks first on WalletHub's survey of the best cities for New Year's:

1. New York
2. Orlando, Fla.
3. Las Vegas
4. San Francisco
5. Atlanta
6. Denver
7. Washington, D.C.
8. Chicago
9. Los Angeles
10. Seattle

WalletHub ranked the largest 100 cities based on a number of factors, including number of events, availability of fireworks, music venues and estimated costs. 

The majority of Americans (70%) plan to spend at least $50 on their New Year's Eve plans, WalletHub found. But those looking to spend the holiday in one of the three largest cities — New York, Los Angeles and Chicago — can expect to pay an average $865 for dinner and a show for two. 

Still, Irvine, California, beats those cities as the most expensive place to spend New Year's Eve:

1. Irvine, Calif.
2. Miami
3. New York
4. Honolulu
5. New Orleans
6. Seattle
7. Oakland, Calif.
8. San Francisco
9. Washington, D.C.
10. Henderson, Nev.

The survey found over 80 million Americans are planning to travel for New Year's Eve, with nearly half expecting to drive.

Budget-conscious partygoers may be headed to one of the least expensive cities to celebrate, led by El Paso, Texas:

1. El Paso, Texas
2. Tulsa, Okla.
3. Durham, N.C.
4. Plano, Texas
5. Stockton, Calif.
6. Glendale, Ariz.
7. Lubbock, Texas
8. Memphis, Tenn.
9. Gilbert, Ariz.
10. Chandler, Ariz.

While several of the best-rated cities also find themselves on the most expensive list, the least expensive cities aren't inherently less fun. El Paso, for example, ranks 19th in the overall rankings.

Regardless of where you're ringing in the New Year, plan to do it safely. New Year's Day is the most dangerous day of the year with a 116% increase in drunk driving-related deaths, according to MoneyGeek. An Uber ride home might hurt your budget, but it could also save a life. 

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