Nevada
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Have you ever wondered where in Tennessee you get the most bang for your buck?
SmartAsset, a New York-based financial advising company, looked for the most economical or “paycheck friendly” places to live across the United States and in Tennessee.
The Volunteer State is home to two of the most economical counties nationwide.
To determine where paychecks stretch the farthest, SmartAsset looked at four variables: Semi-monthly paycheck averages, purchasing power, unemployment rate and income growth. The study measured each county’s income to cost of living ratio, in addition to the unemployment rate, income growth and tax rates.
Across the Volunteer State, the results were surprising. None of the counties that house the state’s four major cities, Nashville, Knoxville, Chattanooga and Memphis, topped the list. Rather, their neighboring counties were deemed more paycheck-friendly.
Here’s how the rankings panned out in Tennessee.
No. 1: Williamson County
Williamson County, located in Middle Tennessee just south of Nashville, took the top rank of the most paycheck-friendly county in the state. The county ranked No. 17 nationally, according to SmartAsset research.
What makes Williamson so economical? According to SmartAsset, it’s the country’s high purchasing power, which is the value of how many goods or services one dollar can buy. Williamson County has a purchasing power of 1.70, meaning money stretches farther here compared to the state average of 1.25.
Additionally, the county has an unemployment rate of just 2.7% and an income growth rate of 4%. The county scored 93.77 on Smart Asset’s most paycheck-friendly index.
No. 2: Moore County
Moore County ranked No. 2 in Tennessee for being the most “paycheck friendly” and No. 25 nationally. Moore County is located in Middle Tennessee and has a population of about 6,500 people, according to the most recent census data.
This county has an even lower unemployment rate than the first: 2.6%. The state average unemployment rate is 3.8%, according to SmartAsset. Additionally, Moore County boasts a 1.56 purchasing power.
No. 3: Wilson County
Wilson County rounded out the top three most paycheck-friendly counties in the Volunteer State, also ranking No. 29 across the nation. The Middle Tennessee county has an income growth rate of 6.8% compared to the statewide average of 5.6%, according to SmartAsset.
The county scored 92.75 on Smart Asset’s most paycheck-friendly index, which accounts for the 2.8% unemployment rate and purchasing power of 1.55.
Top 10 paycheck-friendly counties in Tennessee
- Williamson County
- Moore County
- Wilson County
- Dickson County
- Fayette County
- Roane County
- Perry County
- Trousdale County
- Marshall County
- Sumner County