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Clay County’s cost of living and demographics are very much a best of both worlds scenario. Located in a state with one of the lowest costs of living in the country, Clay County benefits from the resulting affordability combined with locally excellent features such as economic development, job growth and wages. In simple terms, costs here are low while earnings are relatively high. Residents can purchase homes that average as little as one-third the cost of similar housing on the East or West Coast, while still accessing high paying job and business opportunities. In numerical terms, Clay County’s average annual wage of $36,535 ranked fourth highest in the Missouri, behind only powerhouse regions such as St. Louis, and ahead even of growing areas such as St. Charles County. With population growth averaging 20 percent annually for nearly 15 years, Clay County passed the 200,000-population mark in mid-2005 and appeared likely to exceed that growth rate in 2006. For both residents and businesses, the economic outlook was equally positive. Clay County residents enjoy a median household income of more than $50,000 in with one of the lowest costs of living in the country. As a result of the positive income-to-cost comparison, approximately 70 percent of the residents own their homes. In another statistic, nearly 80 percent of area residents could afford an average home in Clay County, compared to as few as 20 percent in areas such as California or New York. Forecasting a continuation of this scenario, Clay County’s single-family housing starts increased in 2005 by more than 20 percent. While construction in the affordable housing market was relatively moderate in Clay County as in other areas, this region has aggressively targeted reconstruction in its older areas. One project had already addressed nearly 300 homes. Another contrasting low, property taxes, assists Clay County’s relatively high rate of home ownership. Rental property prospers as well, with units near the Highway 152 and I-35 exchange enjoying occupancy rates of more than 95 percent.
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