Where you live can have a big impact on how easy it is to save money based on several regional factors. A recent study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.
If you want to save money in Montana, the best county in which to live is Richland, followed by Jefferson and Stillwater, according to smartasset.com, a New York financial technology company.
Yellowstone County comes in as the eighth best county following Gallatin County.
Smartasset.com determined the best counties in which to save by calculating the average cost of living in each county for a household with two adults (one working). They then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.
Richland County’s index was 52.78 based on a median household income of $65,638 and a cost of living of $31.943. Jefferson’s index was 49.13, Stillwater’s 48.13; with Lewis & Clark following with an index of 45.86; Dawson, 44.18; Rosebud, 41.91; Gallatin 41.56, Yellowstone 39.94; Sheridan 38.13; and Daniels 37.86.
Yellowstone County had a household income of $55,032 and the cost of living is $32.387.
Montana’s average household income is $48,389 and the average cost of living is $31,544.