A recent study from financial company SmartAsset lists Prince William County as one of the counties with the best cost of living and purchasing power.
According to a release, Prince William County ranked fourth behind Fairfax, Falls Church, and Loudoun.
“The study compares median income and cost of living data nationwide to find the counties where people hold the most purchasing power,” stated a release.
More on SmartAsset’s methodology:
First, we calculated two different cost of living numbers for a household with one adult and no dependents. One reflected the baseline cost of living in each area and the other was based on expenditures typical to someone making the county’s median income.
We combined the two cost of living numbers using a weighted average based on how close each county’s median income was to the minimal livable income in that area. We then subtracted income taxes paid in that area.
Finally, we calculated purchasing power by determining the weighted cost of living as a percentage of median income.
Their findings show that the average cost of living in Prince William is $58,672 and the median income is $98,657 – giving county residents the purchasing power index of 76.14 out of 100.
Here’s the top 10 ranking:
|Rank||County, State||Cost of Living||Median Income||Purchasing Power Index|
|2||Falls Church City, VA||$68,185||$120,522||80.04|
|4||Prince William, VA||$58,672||$98,657||76.14|
|5||Fairfax City, VA||$62,815||$105,297||75.90|
|7||King George, VA||$49,381||$81,688||74.90|