Johnson County, where the Leathermans live, is adding 851 jobs a month, said Dennis McKee, president of the County Economic Research Institute. Many of the new jobs attract technologically astute people from the West Coast who find Johnson County hospitable to wealth. This is true even though local home prices are rising. Values in older area neighborhoods, such as Brookside, also have soared. As a further incentive, wages and salaries here are becoming competitive with those in larger cities where living costs are higher.
Consumer confidence is at a record high.
As a result, he said, people in Kansas City are spending more and investing more, and many are paying off their debts. In doing that, they sidestepped conventional wisdom. Many experts say a homeowner should not pay off a mortgage early, especially a low-interest one. Instead, the homeowner should take advantage of the tax deduction and use any extra money to invest in stocks. Janice Newberry, president of the Financial Planning Association of Greater Kansas City, cautions that tying up too much equity in one's house can create problems.