Morgan County is one Utah’s top counties when measuring the best places to save money, according to a recently released study by SmartAsset, a New York financial technology company. The study compared each county’s income, cost of living, purchasing power and taxes to determine the places where it is easiest to save money.
In Utah, Morgan is second only to Summit County. Coming in third is Davis County.
Nationally, Williamson, Tenn., holds the top spot, with Los Alamos, New Mexico, and Delaware, Ohio, coming in second and third. The U.S. generally has a household median income of $53,889, cost of living of $30,007, purchasing power of 1.80, and estimated tax rate of 15.02 percent.
The study calculated the average cost of living in each county for a household with two adults, one working, and then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living. To better compare income tax burdens across counties, the study applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. The effective tax rate index for each county reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income. The study drew on sources including the U.S. Census Bureau 2015 five-year American Community Survey, as well as the MIT Living Wage Study.
For more details, visit https://smartasset.com/checking-account/best-savings-accounts#Utah.
A look at the MIT Living Wage Calculator shows that in a household with two working adults with three children, each working adult would have to earn $19.22 per hour to support their family in Morgan County. A sole provider living in Morgan and working full-time would have to earn $37.59 in a household with one working adult and three children.
These figures take into account typical expenses such as food, child care, medical, housing, transportation and annual taxes.
See the living wage calculator for Morgan County at http://livingwage.mit.edu/counties/49029.