Door County among tops in Wisconsin for per capita wealth, purchasing power, study says

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Door County residents have money to spend and the chance to affordably spend more of it compared to much of Wisconsin, a national financial firm says.

The county ranked fourth out of Wisconsin’s 72 counties for greatest per-capita wealth in the state and second for purchasing power, according to two studies by SmartAsset, a New York-based financial technology and advice company.

SmartAsset’s study for wealth compared all counties in the U.S. in three metrics — investment income, median home value value, and per-capita income — and created a Wealth Index based on those rankings to determine overall rankings nationally and for each state. Among all counties in the U.S., Door County ranked 344th for wealth and 186th for purchasing power.

Door County ranked second in Wisconsin for investment income (which evenly weighed ordinary dividends, qualified dividends and net capital gains) at $12,933 a year and third in per-capita income at $66,516, trailing Ozaukee County in both cases ($22,265 and $87,395 respectively) and Waukesha for per-capita income ($75,958). It ranked seventh in home value at $262,772; Ozaukee County again led that category at $360,626. The statewide figures were $8,417 for investment income, $204,266 for home value and $55,593 for per-capita income.

Ozaukee County was ranked first overall in the state (110th nationally), with Waukesha and Dane counties second and third. Brown County was the only one beside Door in northeast Wisconsin to make the top 10.

The annual purchasing power rankings — places with the most affordable cost of living expenses for the people living there, according to SmartAsset — were calculated by determining the weighted cost of living as a percentage of per-capita income. The cost of living numbers used a baseline cost in each location combined with spending typical for someone making the county’s median income, then included income taxes that would be typical for the location.

The calculations showed Door County with a weighted cost of living of $40,454. Given its per-capita income of $66,516, that leaves residents with 39.7% of their income for purchasing. Ozaukee County also led this category in the state at 44.27%. No other county in northeast Wisconsin ranked in the top 10, Brown County being the closest in 15th place. Last year, Door County placed 10th in purchasing power in Wisconsin.

For more on the studies, including interactive maps and a more detailed explanation of the methodology, visit smartasset.com/investing/asset-allocation-calculator#wisconsin/overallWealth-0 and smartasset.com/mortgage/cost-of-living-calculator#wisconsin/purchasingPower-0.

Contact Christopher Clough at 920-741-7952, 920-562-8900 or cclough@doorcountyadvocate.com.

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This article originally appeared on Green Bay Press-Gazette: Door County among tops in Wisconsin for wealth, purchasing power

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