COUNTY News:SmartAsset, a personal-finance advice platform, recently released data comparing 1,800 U.S. counties according to highest potential for homeowners to save money in.
Counties were evaluated based on income and costs of living including taxes, home value, health care, food, transportation costs and energy to see how the counties stacked up against each other.
In the study, conducted by SmartAsset, Los Alamos County ranked as the second best place for homeowners to save money. The county’s ranking was dependent on its ability for residents to save given the median household-income and cost of living, with resident’s being able to potentially save $55,062 a year.
Nine other counties rounded out the top 10 list:
- Loudoun County, Va.
- Los Alamos County, N.M.
- Falls Church County, Va.
- Howard County, Md.
- Fairfax County, Va.
- Hunterdon County, N.J.
- Fort Bend County, Texas
- Collin County, Texas
- Delaware County, Ohio
- Rockwall County, Texas
Methodology
In order to determine the savings potential for residents, the median household income for each county was taken, and the basic expenses were subtracted. These costs included food, healthcare, vehicle insurance, gasoline, electrical energy, income taxes, property taxes and median yearly mortgage payments. The number left is the potential savings. Counties were ranked by potential savings to determine the counties where someone making the median income for that county would be able to save the most and least money.
