New study ranks Tallassee Alabama’s most affordable place to live
Nestled beside the Tallapoosa river, just south of Lake Martin and just over half an hour from Montgomery, Tallassee Ala., has been ranked the most affordable place in the state to own a home, according to a recent analysis from the national financial technology firm, SmartAsset. The city jumped from the number 7 spot in 2016, while Atalla, ranked first that same year, dropped to second place in 2018. But there’s a lot more to home affordability than the listing price. Which is why SmartAsset took a holistic approach: considering closing costs, real estate taxes, homeowners insurance and mortgage rates in their analysis. Specifically, they looked at the total cost over five years of these four expenses — closing costs, taxes, insurance and mortgage payments — for the average home in every county and every city with a population greater than 5,000. They then took that five-year cost as a proportion of median household income in each county and city to determine affordability. The most affordable cities and counties were those in which total housing costs on an average house accounted for the smallest proportion of the median income. Here’s SmartAsset’s list of the top 10 most affordable places to live in Alabama:
Here are Alabama’s most paycheck friendly counties
Alabama has relatively low income taxes, but if you’re wondering where your paycheck goes the furthest in the Yellowhammer State — wonder no more. SmartAsset, a financial technology company, recently calculated the most paycheck-friendly places in the state, and ranked each county based on four financial criteria: semi-monthly paycheck, purchasing power, unemployment rate and income growth. Basically paycheck friendliness is how much of a paycheck a worker gets to keep after taxes are paid and required purchases are made, combined with prospects for future growth and job security. “Our study aims to find the most paycheck friendly places in the country. These are places in the country with favorable economic conditions where you get to keep more of the money you make,” said SmartAsset. The Heart of Dixie has a variable income tax rate, in which the amount of tax withheld depends on which of three tax brackets you fall under. This generally means that you’ll be taxed more if you earn more. Residents of Alabama usually have their federal tax, along with their state tax, withheld from each paycheck. Depending on which county you live in, local income taxes are also withheld. Here are the 10 most paycheck-friendly counties in Alabama: Shelby County, Ala. Madison County, Ala. Limestone County, Ala. Tuscaloosa County, Ala. Elmore County, Ala. Saint Clair County, Ala. Henry County, Ala. Bullock County, Ala. Autauga County, Ala. Lee County, Ala. Alabama paycheck quick facts: State income tax rate: 2 percent – 5 percent Median household income: $42,830 in 2014 (US Census Bureau) Number of cities with local income taxes: 4
Alabama metro ranks No. 1 for manufacturing jobs, analysis says
The Talladega-Sylacauga Micropolitan Statistical Area was rated the best place in the U.S. for manufacturing jobs in a detailed analysis by SmartAsset, a financial technology company that studied data on nearly 500 cities. SmartAsset singled out the high concentration of well-paying manufacturing jobs in the Talladega-Sylacauga area in its analysis. Here’s what the firm says about the micropolitan: “A large chunk of the workforce in this Alabama metro area work in manufacturing – just over 39 percent. Only three other metro areas in this study can beat this stat. “Manufacturing jobs here also pay pretty well, especially when you consider the area’s average housing costs. We estimate the average manufacturing worker earns $58,461 after accounting for housing costs.” The Talladega-Sylacauga micropolitan area consists of Talladega and Coosa counties, with a total population of around 93,000. The area’s top employer is Honda Manufacturing of Alabama, which operates an auto assembly plant in Lincoln with more than 4,500 workers. “Alabama has a strong heritage in manufacturing, and it remains an important pillar in the state’s economy,” said Greg Canfield, secretary of the Alabama Department of Commerce. “Alabamians have the expertise to produce top-class products that are in high demand around the world, and the workers in the Talladega-Sylacauga area are especially good at it.” Manufacturing workers in Alabama total more than 260,000, representing more than 13 percent of the state’s workforce. That’s the fifth-highest concentration among the states, according to data from the National Association of Manufacturers. Rising incomes To identify the best places to work in manufacturing, New York-based SmartAsset looked at data for 483 metro areas in the United States. Specifically, the firm looked at data on employment growth in manufacturing, income growth in manufacturing, density of manufacturing jobs and housing costs. The number of manufacturing jobs in the Talladega-Sylacauga micropolitan area expanded by 3.4 percent in the past year, reaching 39.4 percent of total jobs, according to SmartAsset’s data. Incomes, meanwhile, climbed 6.2 percent over the year. The area’s annual income after housing figure of $58,461 was second-highest among cities making the list’s Top 25, and it was more than $10,000 higher than the city ranking just behind it on the overall list. “Manufacturers rely on the skills of their workers for success, and the talents of manufacturing workers in the Talladega-Sylacauga region are highlighted by this impressive ranking,” said Ed Castile, deputy Commerce secretary and director of AIDT, the state’s primary job training agency. After the Talladega-Sylacauga micropolitan, other areas rounding out the Top 5 on SmartAsset’s list of the top places for manufacturing were: Greenville-Anderson-Mauldin, South Carolina Ogden-Clearfield, Utah Rockford, Illinois Elizabethtown-Fort Knox, Kentucky The Talladega-Sylacauga area ranked No. 11 in the 2016 installment of the SmartAsset analysis. This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website. Republished with permission from the Alabama NewsCenter.
Study reveals best Alabama cities to get a mortgage
Considering buying a house in the Yellowhammer State? A new study on local mortgage markets ranked the best cities across the state to buy a home. SmartAsset, a financial technology company, recently released its third annual study on the “Best Places to Get a Mortgage.” The study determined the top markets to secure a home loan in the state by analyzing data on mortgage approval rates, in addition to mortgage interest rates, average five-year borrowing costs and property taxes. The company based the overall borrowing costs by examining the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. Here are Alabama’s top cities to get a mortgage:
Montgomery, Birmingham ranked among America’s most affordable big cities
Alabama boasts two of the most affordable big cities America according to a new study by financial technology company SmartAsset. Their latest study ranks more than 150 of America’s biggest cities to find the most affordable. Montgomery comes in at the number six spot, meanwhile Birmingham ranks as the 15th most affordable. These cities are measured on factors including property taxes, homeowners’ insurance and mortgage payments relative to median income. Specifically, SmartAsset found the total cost over five years of these four expenses—closing costs, taxes, insurance and mortgage payments—for the average home in every city in the U.S. with a population greater than 200,000. Then they took that five-year cost as a proportion of median household income in each city to determine affordability.
New study ranks Alabama as the #9 state with worst drivers
Alabama drivers have been accused of being among the worst in the nation for years, and a findings from a new study reveal the accusations may be true. SmartAsset, a New York-based financial technology company, uncovered the states with the worst drivers in a recent study, and Alabama took home the ninth spot. According to the findings, the Yellowhammer State has the 18th-highest fatality rate per 100 million vehicle miles driven and the 12th-highest rate of using Google to search “speeding ticket” and “traffic ticket.” You’re also more likely to come across a driver without auto insurance in Alabama than you are in 43 other states across the country. Translation: roughly 20% of Alabama drivers are uninsured. Alabama’s in good company though, every single border state also made the top 10 worst drivers list. The silver lining? Alabama’s up three spots from its #6 ranking last year.
These Alabama colleges give you the best bang for your buck
Wondering where you can get a good college education for a decent price? SmartAsset, a New York-based financial technology company, may be able to help. They recently released the 2017 Best Value Colleges list for the state of Alabama. So which Alabama college gives you the best bang for your buck? That would be the University of Alabama in Huntsville. For the second year in a row, the Rocket City college comes in the top spot in the state. With an average starting salary of $55,000, average tuition of $9,158 per year and 80 percent retention rate, the Huntsville-based university ranks 62 nationally. Earning a college degree can increase your skill set, job prospects and net worth. But with rising college costs, where you choose to get that degree from can make a big difference. SmartAsset analysts looked at five factors to determine the best value colleges and universities: tuition, student living costs, scholarship and grant offerings, retention rate and starting salary. To capture the true cost of attending a school, the rankings included tuition (using in-state tuition for public schools where applicable), student living costs (including room and board, books, supplies, transportation and other personal expenses), and the average scholarships and grants offered to students of the school. Here’s a look at the top 10 best-value colleges in Alabama in 2017:
Study reveals most tax-friendly retirement spots in Alabama
If you’re planning on spending your golden years in the Yellowhammer State, you may want to consider settling down in Tallassee, Wetumpka or Attalla. A new study by financial technology company SmartAsset ranked the top 10 cities across Alabama and these three were deemed the top three best places in for those looking to avoid the pressure of the taxman. For the most part, Alabama is fairly tax-friendly. The study highlights that retirees who own a home in Alabama benefit from some of the lowest property tax rates in the country. On the other hand, sales taxes in Alabama rank as the third highest in the U.S. While that could hurt a senior’s budget, in general retirees in Alabama should have more money to spend as the cost of living in Alabama is about 10% lower than the national average and the state does not tax most types of retirement income. In order to find the most tax-friendly spots to retire, the study compared a fixed income against an array of tax expenses, including income taxes, property taxes, and sales and fuel taxes, to calculate how much of that money would go to paying tax bills. According to SmartAsset, the goal was “to find the areas with the most tax-friendly policies for retirees.” “To do that,” the study says. “We looked at how the tax policies of each city would impact a retiree with a $50,000 income, with a hypothetical retiree getting $15,000 from Social Security benefits, $10,000 from a private pension, $15,000 from retirement savings like a 401(k) or IRA and $10,000 in wages.” Here’s a look at how the top ten tax-friendly retirements spots in Alabama compare: Rank City Income Tax Paid Property Tax Rate Sales Tax Paid Fuel Tax Paid Social Security Taxed? Retirement Tax Friendliness Index 1 Tallassee, AL $6,256 0.29% $766 $291 No 70 2 Wetumpka, AL $6,256 0.29% $880 $274 No 56.28 3 Attalla, AL $6,256 0.51% $766 $306 No 55.08 4 Greenville, AL $6,256 0.42% $842 $313 No 54.43 5 Harvest, AL $6,256 0.33% $842 $377 No 53.92 6 Roanoke, AL $6,256 0.39% $919 $304 No 53.46 7 Meridianville, AL $6,256 0.37% $842 $398 No 52.85 8 Boaz, AL $6,256 0.47% $995 $283 No 51.46 9 Fort Payne, AL $6,256 0.40% $995 $321 No 45 10 Guntersville, AL $6,256 0.38% $1,072 $277 No 51.15
Birmingham residents rank among nation’s savviest investors
When it comes to making investments, Birmingham residents are among the nation’s most savvy. That’s according to New York City financial technology company, SmartAsset and its review of investment for various cities across the country. Its list of “Places with the Savviest Investors” ranks the Birmingham region No. 1 in state and No. 17 nationally out of 129 cities included in the study. Here is a look at how Birmingham performed in each category of the study: Annual Return: -5.7% Volatility: 24.8% Post Tax Return: -5.7% Savviest Investors Index: 84.52 SmartAsset analysts endeavored to find where people are not only seeing good returns on their investments but where they are doing so without taking too much risk. The report examined annual investment returns, as well as portfolio volatility and post-tax returns. In order to find the places with the savviest investors SmartAsset calculated investment returns and portfolio volatility over the last year, focusing on data of user portfolios provided by our partner Openfolio. They then calculated the risk-adjusted return of the stocks using the Sharpe Ratio, which is the stock return minus the risk-free rate divided by volatility. After that they indexed and ranked each of the locations based on this risk-adjusted return to find the places where people were seeing the best returns for the least risk. And finally the company calculated the amount of money investors were taking home after paying both federal and state capital gains taxes. The report found the savviest investors in Reston, Va., followed by Renton, Wash., and White Plains, N.Y.
Alabama is home to some of America’s worst drivers, study says
Cut off on your way to the office this morning? Saw someone get pulled for speeding over the weekend? As you shake your head and fists at other Alabama drivers in disapproval, know you’re not alone. A new study has revealed Alabama is home to some of America’s worst drivers. Recently, New York City financial technology company SmartAsset identified the states with the worst drivers, and Alabama took the sixth spot. Turns out, relatively few people are insured in Alabama. The state ranks seventh-worst in that category with just 80.40 percent insured. And, Alabama had the 12th-highest number of deaths per thousand drivers. There was one bright spot for Alabama, however — the state has the fourth-best score with only 1.42 DUI arrests per thousand drivers. That statistic does not tell the whole story, though, as 33 percent of deaths in Alabama resulted from a driver being over the legal alcohol limit. Here’s how Alabama ranks by the numbers: Percentage of driver’s insured: 80.4 percent DUI arrests per 1,000 drivers: 1.43 Vehicular related deaths per 1,000 drivers: 0.2 Google Trend “driving tickets:” 67.88 Index: 55.57 Check out the country’s top 10 states with the worst drivers below: In order to find out which state had the worst drivers, SmartAsset collected data across four metrics, then indexed each factor for every state giving equal weighting, and then finding the average score per state to create the final index. Percentage insured: data is taken from the Insurance Research Council. DUI per thousand drivers: number of drivers is taken from the Federal Highway Administration. Number of DUIs is taken from the State Justice Department. Deaths per thousand drivers: data is taken from the Fatality Analysis Reporting System, which is part of the National Highway Traffic Safety Administration. Google trends on driving tickets: the average of the scores each state received in Google Trends for the eight phrases: speeding ticket, “speeding ticket,” speeding tickets, “speeding tickets,” traffic ticket, “traffic ticket,” traffic tickets and “traffic tickets.”
New study ranks Attalla most affordable place to live in Alabama
Nestled along I-59, not quite an hour outside of Birmingham, Attalla, Ala., has been ranked the most affordable place in the state to own a home for the second year in a row, according to a recent analysis from the national financial technology firm, SmartAsset. But there’s a lot more to home affordability than the listing price. Which is why SmartAsset took a holistic approach: considering closing costs, real estate taxes, homeowners insurance and mortgage rates in their analysis. Specifically, they looked at the total cost over five years of these four expenses — closing costs, taxes, insurance and mortgage payments — for the average home in every county and every city with a population greater than 5,000. They then took that five-year cost as a proportion of median household income in each county and city to determine affordability. The most affordable cities and counties were those in which total housing costs on an average house accounted for the smallest proportion of the median income. Here’s SmartAsset’s list of the top 10 most affordable places to live in Alabama:
Survey rates DeKalb as best Alabama city for living on fixed income
A new survey lists DeKalb, AL as the best city in the Yellowhammer State for older Americans living on Social Security. The financial services firm SmartAsset on Monday released the results of its second annual study of where Social Security checks go furthest, based on purchasing power, state SSA rules and local taxes. DeKalb scored an 80.25 on the firm’s index, where 100 represents stretching Social Security funds the furthest. Rounding out the top 10 were Morgan (78.61), Shelby (77.98), Lauderdale (77.55), Etowah (76.12), Baldwin (75.42), Washington (74.26), Chilton (73.91), Henry (73.64), and Bibb (73.59). The firm’s methodology took the average Social Security payment amount in each city, factored in what retirees would typically pay on that income based on the state tax rules, and subtracted based on local cost of living and municipal taxes. Unlike many other states, Alabamians pay no taxes on Social Security income in all 67 counties. The cities of DeKalb and Etowah were among the most affordable places in the country to live on a fixed income, No. 75 and No. 239 respectively. They are the only cities were the average SSA benefit levels are higher than the projected cost of living. A typical DeKalb resident on Social Security receives $17,069 while it costs some $16,337 to live annually. In Etowah, those figures are $16,724 and $16,626.
