A healthy mind and a healthy body are important, but a healthy wallet is too. According to a recent study, Yates County is one of the healthiest places in New York.
SmartAsset, a New York financial technology company, recently released a study on the most financially healthy places in the U.S. The study analyzed debt, bankruptcy, poverty and unemployment in counties across the country to find where residents were most financially healthy.
Yates County is ranked 5th in New York State behind Saratoga, Ontario, Putnam, and Nassau, and 175th in the nation. The study determined the following statistics for Yates County:
• Debt as percent of income: 0.80
• Bankruptcies: 0.44
• Poverty Rate: 13.60 percent
Unemployment Rate: 4.40 percent
Financial Health Index: 84.79
There’s a lot more to financial health than how much income one earns in a given year. To find the most financially healthy places, SmartAsset took a holistic approach, considering debt as a percent of income, bankruptcies per 1,000 people, poverty rates and unemployment rates in the analysis.
To calculate debt as a percent of income, researchers divided debt per capita by income per capita. To calculate bankruptcies per 1,000 people, they divided total bankruptcies by the population, and multiplied that number by 1,000.
To calculate the Financial Health Index, researchers weighted debt as a percent of income 10 percent, bankruptcies 35 percent, poverty rates 45 percent, and unemployment rates 10 percent. They ranked the counties on each of the categories and then indexed each category. They then added those indices together and indexed that.
In our study, a financially healthy county means people there have low average debt as a percent of income, along with a low chance of being affected by personal bankruptcies, poverty or unemployment.
Sources: Bureau of Labor Statistics, U.S. Census Bureau, 2015 Small Area Income and Poverty Estimates (SAIPE) Program, Federal Reserve Bank of New York, U.S. Bankruptcy Courts