A press release in last week’s e-mail box really had nothing to do with Forest nor Scott County, but it did appear in my mailbox so I did, as I do everyday, proceeded to read it to see why, perhaps, it was sent to me, the newspaper editor. Having done my due diligence, I’m sure I still have no clue.
“A new report ranks two Mississippi cities among the top 10 best places to live on a six-figure salary,” it begins. MagnifyMoney’s Best and Worst Cities To Live on a Six-Figure Income Report analyzed 381 metros across the U.S. to see where a family earning $100,000 can live most (and least) comfortably. MagnifyMoney’s analysis found that — after factoring in basic budget items like taxes, housing and transportation — six-figure families can easily struggle to make ends meet. But not in Mississippi.”
Wait, what? And, no municipality in Scott County made the list? I don’t understand. Oh, wait, maybe it’s because most of the families in Scott county don’t make six figures. Ya reckon?
“The Southeast is by far the best region to move to if you want to stretch your six-figure income,” the release continues, “and two out of the top 10 best places to earn six figures belong to Mississippi metros.”
Can you guess which two they are?
I couldn’t and still don’t believe one of them.
Here you go. Hattiesburg ranks fourth on the list. I might go with that.
The other one? Jackson, Mississippi at number nine. No way! It costs six figures just to keep your car in running order on the streets over there. New rims every week. That is if you don’t lose the entire car in one of those sink holes.
My daughter works in downtown Jackson. She drives the same little Nissan Altima we bought her in the ninth grade back in 2008. It’s got to last her, so I warn her every time we see each other to dodge those potholes. And, she does!
Here’s how MagnifyMoney — whomever they may be — did their analysis. Remember, this is their work, I’m just sharing it with you.
• In 11 of the areas analyzed, households earning six figures spend more than 90 percent of their total take-home pay on basic monthly expenses. The average across all of those analyzed showed 75 percent of take-home pay is spent on monthly expenses.
• In 71 of those areas, households earning six figures are spending more than 75 percent of their budget on basic monthly expenses.
These folks are living high on the hog by my standards!
• Housing is a budget buster, MagnifyMoney says. In 64 of the areas analyzed, six-figure households are spending more than one-quarter of their monthly income on housing. In 18 of them six-figure households are spending more than one-third on housing.
So, they got nice homes too!
This is what they say is the “best bang for your buck.”
The Southeast and Southwest tied as the best region; six-figure families in both these areas use an average of just 70 percent of their income on basic expenses (the national average is 75 percent).
The three best metros for six-figure households are in Tennessee, and five of the top 10 are from that state, including Johnson City, Cleveland, and Chattanooga.
The best metro area for a family earning $100,000 is Johnson City, Tenn., where families only spend 62 percent of their household budgets on basic expenses. After factoring in monthly expenses, families would have a surplus of over $2,400 each month.
The worst metro area for a family earning $100,000 is Washington, D.C. and neighboring cities Arlington and Alexandria, Va. I already knew that. My daughter looked there post graduation and said she just didn’t think she could afford a social life!
As far a geographical areas go, the Northeast and West ranked the worst: on average, six-figure households in these regions spend 80 percent of their earnings on basic living expenses.
And then there is California. California is home to nine of the 20 worst metros for six-figure families.
I probably could have guessed that one too.
Oh well, we may not be on the six-figure list here in Scott County, but, we are getting some of our roadways paved. That’s better than in Jackson. Matter of fact, they finished Highway 21 last week. Thank God! It has been a total disaster the way traffic has been being directed out there with all the little side roads. It sure is smooth sailing now, but, and this is a big but, that does not mean to speed up!
And finally, I still do not know why they sent me that press release.
