by Jenniffer WARDELL
If you’re looking to improve your financial health, Davis County might be the best place to do it.
The county recently ranked third place in two financial studies by a New York financial technology company, one that determined the financially healthiest counties in Utah and another that determined the best places in Utah to save money. Both studies looked at factors such as income, cost of living, unemployment and more.
“It’s not surprising that Davis County ranks high, given the fact that we have a very educated population and a strong economy,” said Davis County Commissioner Bret Millburn. “Our low unemployment rate also helps us be financially stable.”
The studies, done by SmartAsset, looked at a variety of factors to determine each of their rankings. In determining the best places to save money, the company calculated the average cost of living in each county for a household with two adults (one working). Then they compared the counties with the highest ratio of household income to cost of living. Then they calculated income tax burdens.
According to the study, Davis County’s median household income is $71,112, and the cost of living is $30,750. The purchasing power for residents was determined to be 2.30. Their income tax rate is 16.10 percent, the same rate as all other counties on the top 10 list.
“Generally speaking, Davis County residents are prudent with their finances,” said Millburn. “Our residents aren’t known for living beyond their means.”
In the study on financial health, the study looked for counties that had a low average debt as percentage of income, along with a low chance of being affected by things like personal bankruptcies, poverty and unemployment. In the last three categories, the study determined the number of occurrences of each per 1,000 people.
In Davis County, debt is on average 2.12 percent of income. The study found 3.75 bankruptcies per 1,000 people in the county, and the poverty rate is 6.9 percent. The unemployment rate, as determined by the study, is 3.10 percent.
“We have great employers throughout the county, and in adjacent counties,” said Millburn. “We have a very diversified workforce and employment opportunities.”
In both studies, Summit County ranked highest among all Utah counties. Morgan County ranked second among the study’s list of the best places to save money, and Wasatch County ranked second among the most financially healthy counties in Utah.
All total, 16 Utah counties were measured in the study determining the most financially healthy counties. In the study about best places to save, 29 Utah counties were studied. For more information about the studies, visit smartasset.com/checking-account/best-checking-accounts#utah and smartasset.com/retirement/financial-advisor#utah.