• 72°

Recent study ranks Madison County second in state for best places to save money

MADISON COUNTY — SmartAsset recently named Madison County as the second-best place in the state of Alabama to save money for the second year in a row.

According to SmartAsset’s website, the study examines and compares each county in the following categories: income, cost of living, purchasing power and taxes. This information helps determine which counties are the best places for people looking to save more money.

The results of the study show Madison County ranked second behind Shelby County. Nearby Limestone and Morgan counties ranked sixth and eighth, respectively.

The average cost of living was calculated first in the study. This component was calculated for households with two adults, one of them working. SmartAsset then used the ratio of household income to cost of living to create a purchasing power index for each county.

To determine the estimated tax rate, SmartAsset “applied relevant deductions and exemptions” before they calculated federal, state and local income taxes for a family in each location that was making $50,000 in annual income.

The overall “best places to save” score reflects the weighted average of the indexes. SmartAsset said they used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. The final number is indexed to reflect which places are the best for saving money.

Nationally, Madison County was ranked the 429th best place to save money for 2018, dropping five spots from 2017.

Here’s how the top five counties in Alabama compare, data courtesy of SmartAsset:

To view an interactive map of both the state and national results of the study, visit smartasset.com/checking-account/bank-reviews. SmartAsset calculated results using data from the U.S. Census Bureau 2016 5-Year American Community Survey and the MIT Living Wage Study.

Madison

Madison Fire & Rescue responds to second baby surrender through Safe Haven Baby Box

Bob Jones High School

Robertson finds ‘perfect fit’ as Special Education Coordinator

Liberty Middle School

Liberty’s Mardi Paws Parade raises funds for shelter animals

James Clemens High School

11-day tour to Korea, Japan in summer 2025 open to Madison teens

James Clemens High School

Players eager for 2024 Grade-Level City Chess Championship

Harvest

‘Brews for Enable’ at Yellowhammer to benefit Enable Madison County

Bob Jones High School

MCCL members, teams grab awards at Rookie Rally

Madison

State board lauds Heritage in ‘Top 25 Percent Schools’ for Alabama

Harvest

Parker composes, performs and mentors songwriters in lifetime of music

Bob Jones High School

Bob Jones AFJROTC named Grand Champions at Hoover

Bob Jones High School

TVA’s School Uplift grants can reduce energy costs and improve campus

Bob Jones High School

Warm-up Quads on Feb. 24 to prepare players for City Chess Championship

Liberty Middle School

Chander, Grieve, Rajput win national awards in PTA Reflections

Bob Jones High School

Knights of Columbus’ donations buy pods for MCS Special Education

Madison

Love is alive and well in the heart of this special artist

Love is alive and well in the heart of this special artist

Digital Version

Digital version of The Madison Record – Feb. 14, 2024

Bob Jones High School

Bob Jones, JC girls gear up for region play today at Wallace State

Business

Billboard selects Orion Amphitheater as “Top East Coast Amphitheater”

Madison

School choice: Is there really choice?

School choice: Is there really choice?

Bob Jones High School

Lady Patriota best James Clemens again to win Area 8 crown

Lady Patriota best James Clemens again to win Area 8 crown

Harvest

Triana chosen for Smithsonian’s ‘Crossroads: Change in Rural America’ exhibit

Bob Jones High School

Madison Street Festival grants reach $20K for 35 school projects

Harvest

Senior center members launch Arise2Read at Harvest elementary

Madison

MVP to promote Monarch butterfly survival with mural, contests

x