Cheatham among Tennessee counties with highest net worth, study finds

Cheatham ranked near the top of the list of Tennessee counties with the highest net worth, according to a recent study by a financial and technology hub.

Smart Asset sought to measure net worth, income and debt in each county in the U.S. in 2016 and 2017. Findings show that in Tennessee, Cheatham County rings in at No. 5 with a net worth index of 34.29 in 2017.

That’s behind Wilson, Loudon, Williamson and Cumberland counties, with indexes spanning 35.27 to 39.74, respectively.

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Cheatham maintained the No. 5 spot last year, when its highest net worth index was 32.77.

Researchers used information from the U.S. Census Bureau 2015 American Community Survey, ESRI and Federal Reserve Bank of New York.

County Mayor Kerry McCarver said the result “speaks volumes for Cheatham.”

Business owners looking to relocate, for example, will aim for areas with a “strong economy” to “keep (the) business alive…(They) want to make sure (it’s a) stable community (and) strong community financially,” the county mayor said.

It also indicates, McCarver said, that people with the means to live where they would like to live choose Cheatham County over other locations.

A total of 623 new and existing homes were sold in Cheatham County last year, with an average price of $194,259, according to an August report by the Tennessee Housing Development Agency.

►Report: A county by county look Tennessee 2016 home sales

Smart Asset researchers calculated the ratio of net worth to per capita income for each county in the country, which “can serve as insight into how much people have saved or invested relative to their income level,” as well as the county’s net worth to debt per capita, which “incorporates a view of a county’s debt burden relative to net worth.”

Finally, they calculated an overall index using a weighted average.

Cheatham County’s income was set at $23,922 in 2017 with a debt of $32,710 and a net worth of $34,806. As percentages, net worth as a percent of income is 145.5 percent, while net worth as a percent of debt is 106.4 percent.

For the state as a whole, those percentages ring in at 84.7 percent and 56.7 percent, respectively.

McCarver said the study results “absolutely” show good signs for future growth in Cheatham County.

The county “must be doing something right,” McCarver said, crediting “more positive marks across the board (for) everybody in the long haul.”

Kelly Fisher, reporter for the Ashland City Times, can be reached at KPFisher@gannett.com, 615-801-3866 or on Twitter at @KellyPFisher.