Smart Asset: State's most financially healthy county is San Juan

San Juan County is the most financially healthy county in Washington State according to SmartAsset. The scoring is based on debt as a percentage of income, bankruptcies, poverty rate, and unemployment rate. 

Rank County Debt as % of Income Bankruptcies Poverty Rate Unemployment Rate Financial Health Index
1 San Juan, WA 1.50% 1.31 9.90% 3.90% 75.16
2 Asotin, WA 1.18% 1.85 14.60% 4.20% 72.84
3 King, WA 1.75% 1.19 9.30% 3.70% 71.73
4 Okanogan, WA 1.10% 1.14 19.70% 6.90% 69.97
5 Jefferson, WA 1.49% 1.32 12.00% 6.10% 69.47
6 Whitman, WA 1.25% 0.63 25.90% 4.40% 68.38
7 Benton, WA 1.49% 1.86 10.50% 5.50% 68.30
8 Chelan, WA 1.65% 1.40 11.50% 4.90% 68.16
9 Walla Walla, WA 1.38% 2.07 14.20% 4.90% 66.25
10 Island, WA 1.81% 1.44 9.40% 5.20% 66.05
  WA 1.60% 1.92 11.30% 4.76%

Methodology

There’s a lot more to financial health than how much income one earns in a given year. 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, we divided debt per capita by income per capita. To calculate bankruptcies per 1,000 people, we divided total bankruptcies by the population, and multiplied that number by 1,000.

To calculate the Financial Health Index, we weighted debt as a percent of income 25%, bankruptcies 40%, poverty rates 20% and unemployment rates 15%. We ranked the counties on each of the categories and then indexed each category. We then added those indices together and indexed that.

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.

 

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