Tega Cay named ‘Smartest City’
Tega Cay is South Carolina’s best city to call home, according to 24/7 Wall St., a Delaware-based corporation that runs an online financial news and opinion company.
24/7 Wall St. articles have been published on news sites such as USA Today, The Huffington Post, Yahoo! Finance, MarketWatch and Time.com, according to the company.
Tega Cay was chosen for South Carolina, in part, due to the city’s median household income of $120,346, which is more than double that of the country’s, according to 24/7 Wall St. In Tega Cay, according to the study, less than 1% of residents live in poverty.
Tega Cay has a population of about 9,026 and a median home value of $301,200, according to 24/7 Wall St.
“Tega Cay ranks as one of the best cities to live in part because of its relatively high income and the many associated benefits that come with affluence,” reads 24/7 Wall St.’s list.
To form the organization’s “Best City to Live in Every State” list, published July 22, 24/7 Wall St. created a weighted index measuring more than two dozen attributes communities share that make them “almost universally desirable,” according to the company.
These measures include affordability, safe streets, a strong economy and a variety of options for entertainment, according to 24/7 Wall St. The company used information from the U.S. Census Bureau and the FBI to judge cities, towns, villages and boroughs with at least 8,000 residents.
Tega Cay’s access to Lake Wiley and nearby bars and restaurants also made it stand out, according to 24/7 Wall St.
“The water access gives residents a chance to swim, boat, and fish,” reads the list.
The town of Morrisville was chosen in North Carolina due to its location near scientific research universities such as Duke and UNC-Chapel Hill, and companies near the institutes, according to 24/7 Wall St.
With a population of 22,600, Morrisville also is “one of the fastest-growing communities in the entire country,” reads 24/7 Wall St.’s list. 24/7 Wall St. lists the town’s median household income as $92,769 and median home value as $291,400.
24/7 Wall St,’s weighted index included 26 measures in four categories: quality of life, affordability, economy and community, according to the company.
Quality of life factored poverty rate and the city’s mortality rate, according to 24/7 Wall St. The drug overdose mortality rate was also factored.
Measures such as the ratio of median home value to median income, cost of living and property taxes were used to determine affordability, according to 24/7 Wall St. Economy measured median household income, unemployment rate and employment growth over two years.
Measures included in the community category are average travel time to work, violent crime rate, property crime rate and the share of people who travel by walking, cycling or using public transit. Also factored were the number of restaurants and bars, libraries, movie theaters and museums per capita.
24/7 Wall St. found that the chosen cities were often near large metropolitan areas providing job opportunities and are home to more residents who completed higher education.