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Lexington County ranks 2nd in 'paycheck friendliness'

Banking & Finance
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According to a new study, favorable economic conditions allow workers in Lexington County to keep more of the money they make.

Financial technology company SmartAsset ranked Lexington the second-best county in the state for paycheck friendliness. Factors in the study included semi-monthly paycheck amount, purchasing power, unemployment rate and income growth.

Lexington’s paycheck friendliness index was calculated at 33.13. The county’s semi-monthly paycheck amount averaged $1,630 with a purchasing power of 1.78x. Unemployment rate was at 3.4% while income growth was at 0.9%.

The purchasing power index reflected the ratio of household income to cost of living, the study said.

Charleston finished first in the state with an index of 33.64. Other Midlands counties ranked in the top 10 included Edgefield (ninth) and Richland (10th).

The study assumed an annual income of $50,000 and applied relevant income tax deductions and exemptions.

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