Charlevoix County has been found to be among the most financially healthy places in Michigan, according to a new study by SmartAsset.
“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,” says SmartAsset.
Charlevoix County Financial Health By the Numbers
• Cvx County’s state rank is 10
• National rank is 468
• Debt as a % of income 1.12
• Bankruptcies per 1,000 ppl is 1.15
• Poverty rate 11.5 percent
• Unemployment rate 5.7 percent
• Financial health index is 79.39
Go online to see the interactive map which shows the most financially healthy counties by state.
“There’s a lot more to financial health than how much income one earns in a given year,” SmartAsset says. “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 our analysis.”
To calculate debt as a percent of income, they 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, they weighted debt as a percent of income 25 percent, bankruptcies 40 percent, poverty rates percent and unemployment rates 15 percent.