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Study: Lexington County among state leaders in savings
Staff Report //October 4, 2018//
Listen to this articleAccording to a new study, regional factors affect how much money an average household is able to save in South Carolina.
Financial technology company SmartAsset ranked Lexington the third-best county in the state for saving money. Factors in the study included median household income, average living expenses and income tax burden.
Lexington’s savings index was calculated at 49.69. The county’s median two-person household income, with one person working, averaged $55,412 and had a purchasing power of 1.69. Cost of living was $32,741 while estimated tax rate was 12.27%.
The purchasing power index reflected highest ratio of household income to cost of living, the study said.
York finished first in the state with an index of 50.31. Other Midlands counties ranked in the top 10 included Richland (eighth), Edgefield (ninth) and Kershaw (10th).
The study assumed an annual income of $50,000 and applied relevant income tax deductions and exemptions.
