5 Benefits of Moving to Wabash County During the Potential Recession
28 Feb 2023
Inflation is impacting everything from gas prices to rent costs. The U.S. is currently experiencing its worst inflation period in 40 years. Consumer prices in May of last year increased by 8.6 percent from the year before, the highest annual increase since the 1980s. This combined with the Federal Reserve continuing to raise interest rates is thought to be a typical predecessor for a recession.
While inflation has been on the rise, employee pay rates are barely keeping up. The decrease in real average earnings year over year is alarming. From January 2022 to January 2023, real average hourly earnings had a 1.8 percent decrease.
As companies watch their cost of goods soar, consumers are paying for it at the store checkout and in their bills, wondering how to save money. A move to Wabash County, Indiana could be the solution.
Save Money by Relocating to Wabash County
There are multiple reasons why individuals and families choose to live in Wabash County. Here are five ways that you can save money and combat inflation by moving to the area.
1. Lower your individual taxes by moving to Wabash County.
With a 3.23 percent individual income tax, Indiana is ranked the 9th best tax structure on the 2023 State Business Tax Climate Index. Indiana employees make more each paycheck, even if their salary does not increase. Even when the inflation dust finally settles, having lower tax rates will still be a huge advantage for Indiana residents.
2. Reduce corporate income tax with a Wabash County-based business.
At 4.90 percent in 2023, Indiana has one of the top ten lowest corporate income tax rates in the U.S. Only eleven other states have a 5 percent rate or lower.
3. Lower your cost of living in Wabash County.
Individuals, families, and businesses will find that it is more affordable to live in Wabash County than in the majority of states. The overall cost of living in Wabash County is almost 30 percent lower than the cost of living in the entire U.S. Wabash County housing prices contribute greatly to this. The most recent data shows the County has a median home cost of $122,900, compared to $186,100 in the state of Indiana and $291,700 in the U.S.
4. Wabash County offers incentives for new business and business expansion.
When businesses move to or expand in Wabash County, they can qualify for financial incentives that will either finance an entire project or reduce the price tag through grants and tax credits. For example, for almost two decades the Grow Wabash County Revolving Loan Fund has used funds from the USDA Rural Development to support a multitude of Wabash County projects. Other incentives include workforce training assistance, County Economic Development Income Tax (CEDIT) assistance, Tax Increment Financing (TIF) Districts, and more.
5. Wabash County has affordable land.
Wabash County has four business parks with hundreds of available acres for businesses in need of a home. These parks have affordable shovel-ready sites available with full utilities such as high-speed fiber.
Combat Inflation by Moving to Wabash County
The high inflation we’re experiencing doesn’t have to have such a weighty impact on your business. While moving to Wabash County will require a significant amount of time and energy, the long-term financial gain will outweigh that. Contact Grow Wabash County at (260) 563-5258 or firstname.lastname@example.org to learn more about the perks of living in Wabash County and for help with relocation.