The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.
To learn more about how much a pediatrician makes a year, keep reading.
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What Are Pediatricians?
A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.
The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.
Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Pediatricians Make a Year?
While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.
What is the Average Salary for a Pediatrician?
On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:
• Offices of physicians: $203,690
• General medical and surgical hospitals: $180,790
• Outpatient care centers: $232,420
• Colleges, universities, and professional schools: $84,810
• Specialty (except psychiatric and substance abuse) hospitals: $201,100.
Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.
In addition, it shares how much a pediatrician’s hourly pay vs, salary is.
What is the Average Pediatrician Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$222,171
$18,514
$4,272
$106.81
Alaska
$221,079
$18,423
$4,251
$106.29
North Dakota
$221,044
$18,420
$4,250
$106.27
Massachusetts
$218,405
$18,200
$4,200
$105.00
Hawaii
$216,375
$18,031
$4,161
$104.03
Washington
$211,404
$17,617
$4,065
$101.64
Nevada
$209,030
$17,419
$4,019
$100.50
South Dakota
$208,910
$17,409
$4,017
$100.44
Colorado
$206,290
$17,190
$3,967
$99.18
Rhode Island
$205,782
$17,148
$3,957
$98.93
New York
$196,083
$16,340
$3,770
$94.27
Delaware
$193,921
$16,160
$3,729
$93.23
Vermont
$191,477
$15,956
$3,682
$92.06
Virginia
$191,115
$15,926
$3,675
$91.88
Illinois
$191,057
$15,921
$3,674
$91.85
Maryland
$187,806
$15,650
$3,611
$90.29
Nebraska
$183,797
$15,316
$3,534
$88.36
Missouri
$182,659
$15,221
$3,512
$87.82
California
$182,152
$15,179
$3,502
$87.57
South Carolina
$181,082
$15,090
$3,482
$87.06
Pennsylvania
$179,627
$14,968
$3,454
$86.36
New Jersey
$179,258
$14,938
$3,447
$86.18
Oklahoma
$177,994
$14,832
$3,422
$85.57
Maine
$177,900
$14,825
$3,421
$85.53
Wisconsin
$177,526
$14,793
$3,413
$85.35
North Carolina
$177,345
$14,778
$3,410
$85.26
New Hampshire
$174,681
$14,556
$3,359
$83.98
Idaho
$174,250
$14,520
$3,350
$83.77
Texas
$173,077
$14,423
$3,328
$83.21
Kentucky
$172,518
$14,376
$3,317
$82.94
Wyoming
$171,910
$14,325
$3,305
$82.65
Minnesota
$171,467
$14,288
$3,297
$82.44
Michigan
$170,777
$14,231
$3,284
$82.10
New Mexico
$170,501
$14,208
$3,278
$81.97
Indiana
$169,638
$14,136
$3,262
$81.56
Ohio
$166,670
$13,889
$3,205
$80.13
Arizona
$166,130
$13,844
$3,194
$79.87
Connecticut
$165,286
$13,773
$3,178
$79.46
Mississippi
$164,126
$13,677
$3,156
$78.91
Iowa
$163,921
$13,660
$3,152
$78.81
Montana
$163,627
$13,635
$3,146
$78.67
Arkansas
$163,030
$13,585
$3,135
$78.38
Alabama
$161,584
$13,465
$3,107
$77.68
Utah
$159,236
$13,269
$3,062
$76.56
Tennessee
$159,121
$13,260
$3,060
$76.50
Kansas
$154,538
$12,878
$2,971
$74.30
Georgia
$150,529
$12,544
$2,894
$72.37
Louisiana
$149,706
$12,475
$2,878
$71.97
West Virginia
$138,728
$11,560
$2,667
$66.70
Florida
$133,219
$11,101
$2,561
$64.05
Source: ZipRecruiter
Pediatrician Job Considerations for Pay & Benefits
Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.
Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Pediatrician Salary
The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.
However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.
It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.
Recommended: How Much House Can I Afford?
The Takeaway
Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.
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FAQ
Can you make 100k a year as a pediatrician?
Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.
Do people like being a pediatrician?
Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.
Is it hard to get hired as a pediatrician?
The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.
Photo credit: iStock/alvarez
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As we head into peak home-buying season, signs of life have begun to spring up in the housing market.
Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Moreover, the National Association of Realtors agreed to a monumental $418 million settlement on March 15 following a verdict favoring home sellers in a class action lawsuit. Still subject to court approval, the settlement requires changes to broker commissions that will upend the buying and selling model that has been in place for years.
Housing Market Forecast for 2024
Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond.
“The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.
U.S. home prices declined in January for the third consecutive month due to high borrowing costs, according to the latest S&P CoreLogic Case-Shiller Home Price Index. But prices year-over-year jumped 6%—the fastest annual rate since 2022.
Chief economist at First American Financial Corporation Mark Fleming predicts a “flat stretch” ahead.
“If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Will the Housing Market Finally Recover in 2024?
For a housing recovery to occur, several conditions must unfold.
“For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
And, of course, mortgage rates would need to cool off—which experts say is imminent despite rates edging back up toward 7%. For the week ending April 11, the 30-year fixed mortgage rate stood at 6.88%, according to Freddie Mac.
However, when mortgage rates finally go on the descent, Gumbinger says don’t hope they cool too quickly. Rapidly falling rates could create a surge of demand that wipes away any inventory gains, causing home prices to rebound.
“Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once,” Gumbinger says.
He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year.
“[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.
NAR Settlement Rocks the Residential Real Estate Industry
Following years of litigation, the National Association of Realtors (NAR) has agreed to pay $418 million to settle a series of antitrust lawsuits filed in 2019 on behalf of home sellers.
The plaintiffs claimed that the leading national trade association for real estate brokers and agents “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
Though the landmark settlement is subject to court approval, most consider it a done deal.
The settlement requires NAR to enact new rules, including prohibiting offers of broker compensation on multiple listing services (MLS), the private databases that allow local real estate brokers to publish and share information about residential property listings. The rule is set to take effect in mid-July, once the settlement receives judge approval.
Moreover, sellers will no longer be required to pay buyer broker commissions and real estate agents participating in the MLS must establish written representation agreements with their buyer clients.
NAR denies any wrongdoing and maintains that its current policies benefit buyers and sellers. The organization believes it’s not liable for seller claims related to broker commissions, stating that it has never set commissions and that commissions have always been negotiable.
How Will the New Rules Impact the Buying and Selling Process?
Per the settlement’s terms, the costs associated with buying and selling a home are set to change dramatically.
“The primary things that will change are the decoupling of the seller commission and the buyer commission in the MLS,” says Rita Gibbs, a Realtor at Realty One Group Integrity in Tucson. “It’s gonna cause some chaos.”
While sellers will no longer be able to offer broker compensation in the MLS, there’s no rule prohibiting off-MLS negotiations. Because of this, Gibbs suspects buyers and sellers will continue offering broker compensation off the MLS.
The Department of Justice confirmed it will permit listing brokers to display compensation details on their websites. However, buyer agents will need to undergo the tedious task of visiting countless broker websites to find who’s offering what.
Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling.
“We often work with buyers for many months and sometimes years before they find exactly what they’re looking for,” Gorkowski says. “So in a case where a seller isn’t offering a co-broker commission, we will have to negotiate that the buyer pays an agreed-upon commission prior to starting their search.”
The Changes Will Impact These Home Buyers Most
“In the short term, it is absolutely going to injure buyers, especially FHA and VA buyers,” Gibbs says. “With rare exception, these buyers are not in a position to pay for their own agent.”
Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented.
Gorkowski notes that veterans taking out VA loans face a unique challenge under the new rules. “[P]er the VA requirements, buyers cannot pay so it must be negotiated with the seller for now.”
As a result, NAR is calling on the U.S. Department of Veterans Affairs to revise its policies prohibiting VA buyers from paying broker commissions. Even so, there’s skepticism that the federal government will be able to implement changes in time for the July deadline.
Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so.
In this situation, agents would likely only show buyers homes where sellers are offering compensation.
“This is a very troubling situation,” Gorkowski says.
Housing Inventory Forecast for 2024
With many homeowners “locked in” at ultra-low interest rates or unwilling to sell due to high home prices, demand continues to outpace housing supply—and likely will for a while—even as some homeowners may finally be forced to sell due to major life events such as divorce, job changes or a growing family.
“I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024,” says Rick Sharga, founder and CEO of CJ Patrick Company, a market intelligence and business advisory firm.
Housing stock remains near historic lows—especially entry-level supply—which has propped up demand and sustained ultra-high home prices. Here’s what the latest home values look like around the country.
Yet, some hopeful housing stock signs have begun to sprout:
Existing inventory is showing signs of loosening as impatient buyers and sellers have begun to accept the reality of mortgage rates oscillating between 6% and 7%.
Home-builder outlook also continues to get sunnier, trending back up amid declining mortgage rates and better building conditions.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, saw a fourth consecutive monthly rise, surpassing a crucial threshold with an increase from 48 to 51 in March. A reading of 50 or above means more builders see good conditions ahead for new construction.
At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
Residential Real Estate Stats: Existing, New and Pending Home Sales
Though some housing market data indicates signs of growth are in store this spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.
Here’s what the latest home sales data has to say.
Existing-Home Sales
Existing-home sales came to life in February, shooting up 9.5% from the month before, according to the latest data from the NAR. Sales dipped 3.3% from a year ago.
Experts attribute the monthly jump to a bump in inventory.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, chief economist at NAR, in the report.
Existing inventory rose 5.9%—logging 1.07 million unsold homes at the end of February. However, there are still only 2.9 months of inventory at the current sales pace. Most experts consider a balanced market falling between four and six months.
Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record.
New Home Sales
Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Census Bureau and HUD data.
Amid a high percentage of homeowners still locked in to low mortgage rates, home builders have been picking up the slack.
“New construction continues to be an outsized share of the housing inventory,” said Dr. Lisa Sturtevant, chief economist at Bright MLS, in an emailed statement.
Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.
The median price for a new home in February was $400,500, down 7.6% from a year ago.
Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development
Pending Home Sales
NAR’s Pending Homes Sales Index rose 1.6% in February from the month prior even as mortgage rates approached 7% by the end of the month. Pending transactions declined 7% year-over-year.
A pending home sale marks the point in the home sales transaction when the buyer and seller agree on price and terms. Pending home sales are considered a leading indicator of future closed sales.
The Midwest and South saw monthly transaction gains while the Northeast and West saw declines due to affordability challenges in those higher-cost regions.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said Yun, in the report.
Ongoing Affordability Challenges Could Throw Cold Water on Spring Home-Buying Hopes
Though down from its 2023 high of 7.79%, the average 30-year fixed mortgage rate in 2024 remains well over 6% amid rising home values. As a result, home buyers continue to face affordability challenges.
According to data from its first-quarter 2024 U.S. Home Affordability Report, property data provider Attom found that median-priced single-family homes remain less affordable than the historical average in over 95% of U.S. counties.
For one, the data uncovered that expenses are eating up more than 32% of the average national wage. Common lending guidelines require monthly mortgage payments, property taxes and homeowners insurance to comprise 28% or less of your gross income.
At the same time, home prices and homeownership expenses continue to outpace wage growth.
Consequently, the latest expense-to-wage ratio is hovering at one of the highest points over the past decade, according to the Attom report, despite some slight affordability improvements over the last two quarters.
“Affording a home remains a financial stretch, or a pipe dream, for so many households,” said Rob Barber, CEO at Attom.
Pro Tips for Buyers and Sellers
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Pro Tips for Buying in Today’s Real Estate Market
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Know your budget. Instead of focusing on price, figure out how much you can afford as a monthly payment. Your monthly housing payment is influenced by the price of the home, your down payment, mortgage rate, loan term, home insurance and property taxes.
Be flexible about home size and location. Perhaps your budget is sufficient for a small home in your perfect neighborhood, or a larger, newer home further out. Understanding your priorities and having some flexibility can help you move quickly when a suitable home enters the market.
Keep an eye on the market where you hope to buy. Determine the area’s available inventory and price levels. Also, pay attention to how quickly homes sell. Not only will you be tuned in when something great hits the market, you can feel more confident moving forward with purchasing a well-priced home. A real estate agent can help with this.
Don’t be discouraged. Purchasing a home is one of the largest financial decisions you’ll ever make. Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.
Pro Tips for Selling in Today’s Real Estate Market
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
Research comparable home prices in your area. Sellers need to have the most up-to-date pricing intel on comparable homes selling in their market. Know the market competition and price the home competitively. In addition, understand that in some price points it’s a buyer’s market—you’ll need to be prepared to make some concessions.
Make sure your home is in top-notch shape. Homes need to be in great condition to compete and create a strong “online curb appeal.” Well-maintained homes and attractive front yards are major features that buyers look for.
Work with a local real estate agent. A real estate agent or team with a strong local marketing presence and access to major real estate portals can offer significant value and help you land a great deal.
Don’t put off issues that require attention. Prepare the home by making any repairs or improvements. Removing any objections that buyers may see helps focus the buyer on the positive attributes of the home.
Will the Housing Market Crash in 2024?
Despite some areas of the country experiencing monthly price declines, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.
“[T]he record low supply of houses on the market protects against a market crash,” says Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, a non-QM lender.
Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
This outlook aligns with what other housing market watchers expect.
“Comerica forecasts that national house prices will rise 2.9% in 2024,” said Bill Adams, chief economist at Comerica Bank, in an emailed statement.
Divounguy also notes that several factors, including Millennials entering their prime home-buying years, wage growth and financial wealth are tailwinds that will sustain housing demand in 2024.
Even so, with fewer homes selling, Dan Hnatkovskyy, co-founder and CEO of NewHomesMate, a marketplace for new construction homes, sees a price collapse within the realm of possibility, especially in markets where real estate investors scooped up numerous properties.
“If something pushes that over the edge, the consequences could be severe,” said Hnatkovskyy, in an emailed statement.
Will Foreclosures Increase in 2024?
In February, total foreclosure filings were down 1% from the previous month but up 8% from a year ago, according to Attom.
“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” said Barber, in a report.
Lenders began foreclosure on 22,575 properties in February, up 4% from the previous month and 11% from a year ago. Meanwhile, real estate-owned properties, or REOs, which are homes unsold at foreclosure auctions and taken over by lenders, spiked year-over-year in three states: South Carolina (up 51%), Missouri (up 50%) and Pennsylvania (up 46%).
Despite foreclosure activity trending up nationally and certain areas of the country seeing notable annual increases in REOs, experts generally don’t expect to see a wave of foreclosures in 2024.
“Foreclosure activity is still only at about 60% of pre-pandemic levels … and isn’t likely to be back to 2019 numbers until sometime in mid-to-late 2024,” says Sharga.
The biggest reasons for this, Sharga explains, are the strength of the economy—we’re still seeing low unemployment and steady wage growth—along with excellent loan quality.
Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures.
Sharga says that some 80% of today’s homeowners have more than 20% equity in their property. So, while there may be more foreclosure starts in 2024—due in part to Covid-era mortgage relief programs phasing out—foreclosure auctions and lender repossessions should remain below 2019 levels.
When Will Be the Best Time To Buy a Home in 2024?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down. But if you’re trying to predict what might happen next year, experts say this is probably not the best home-buying strategy.
“The housing market—like so many other markets—is almost impossible to time,“ Divounguy says. “The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Gumbinger agrees it’s hard to tell would-be homeowners to wait for better conditions.
“More often, it seems the case that home prices generally keep rising, so the goalposts for amassing a down payment keep moving, and there’s no guarantee that tomorrow’s conditions will be all that much better in the aggregate than today’s.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Frequently Asked Questions (FAQs)
Will declining mortgage rates cause home prices to rise?
Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
The median annual salary for detectives is $52,120 for the most recent year reviewed, according to the Bureau of Labor Statistics.
This can be an exciting career for many people. Is there anything quite as satisfying as solving a big mystery? For anyone who is passionate about putting the puzzle pieces together until they discover the truth, working as a detective could be a dream job.
Read on to learn more about this career path. In addition to how much a detective makes a year, you can find out about the responsibilities and benefits involved.
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What Are Detectives?
Working as a private detective involves searching and piecing together financial, legal, and personal matters to help get to the root of an unanswered question. For example, private detectives can help find missing persons or investigate cybercrimes. Here’s a quick breakdown of some common on-the-job responsibilities that detectives tackle on a daily basis:
• Conduct interviews to help collect information
• Pursue evidence
• Review civil judgments and criminal history
• Plan and execute surveillance
• Search records (court, public, and online).
Some private detectives work for themselves and offer their services to a variety of clients, whereas others work for businesses, like law firms.
Regardless of where one works, being a detective can involve a good number of interviews and interpersonal interaction. For this reason, it may not be a good job for antisocial people. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Detectives Make a Year?
In the early days of their career, detectives can expect to earn less until they gain more experience and a strong reputation for their sleuthing skills. When it comes to entry-level detective work, competitive pay can be fairly low. The lowest 10% of detective earners made less than $33,710 per year.
However, there is considerable room for improvement when it comes to salary for this role. The highest 10% earn more than $92,660 annually. This indicates that it can be possible to earn $100,000 per year as a detective.
Recommended: Work-at-Home Jobs for Retirees
What is the Average Salary for a Detective?
Some detectives earn an annual salary (a median of $52,120), but others earn an hourly wage. How much does a detective make an hour? The median hourly wage is $25.06.
How much someone earns on average working as a detective can vary based on where they live and the industry they work in. When it comes to working in different industries, these are the median annual wages for detectives in a few different industries for the most recent year available:
• Government: $64,220
• Professional, scientific, and technical services: $61,280
• Investigation, guard, and armored car services: $47,280
• Retail trade: $37,290
The state someone works in also plays a big role in their earning potential. The following table highlights how average detective wages can vary by state, with salaries listed from highest to lowest.
What is the Average Detective Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Wisconsin
$68,202
$5,683
$1,311
$32.79
Alaska
$66,013
$5,501
$1,269
$31.74
Massachusetts
$65,834
$5,486
$1,266
$31.65
Oregon
$65,791
$5,482
$1,265
$31.63
New Mexico
$65,593
$5,466
$1,261
$31.54
North Dakota
$65,592
$5,466
$1,261
$31.53
Washington
$65,380
$5,448
$1,257
$31.43
Minnesota
$64,657
$5,388
$1,243
$31.09
Hawaii
$64,277
$5,356
$1,236
$30.90
Ohio
$63,203
$5,266
$1,215
$30.39
Colorado
$62,621
$5,218
$1,204
$30.11
Nevada
$62,417
$5,201
$1,200
$30.01
South Dakota
$61,992
$5,166
$1,192
$29.80
New York
$61,597
$5,133
$1,184
$29.61
Iowa
$61,016
$5,084
$1,173
$29.33
Rhode Island
$60,938
$5,078
$1,171
$29.30
Connecticut
$60,392
$5,032
$1,161
$29.03
Tennessee
$60,347
$5,028
$1,160
$29.01
Vermont
$60,038
$5,003
$1,154
$28.86
Utah
$59,824
$4,985
$1,150
$28.76
Mississippi
$59,304
$4,942
$1,140
$28.51
Delaware
$59,138
$4,928
$1,137
$28.43
Virginia
$58,393
$4,866
$1,122
$28.07
Illinois
$57,890
$4,824
$1,113
$27.83
Maryland
$57,300
$4,775
$1,101
$27.55
New Jersey
$56,643
$4,720
$1,089
$27.23
California
$56,576
$4,714
$1,088
$27.20
Louisiana
$56,450
$4,704
$1,085
$27.14
Pennsylvania
$56,431
$4,702
$1,085
$27.13
Nebraska
$56,157
$4,679
$1,079
$27.00
Kansas
$55,812
$4,651
$1,073
$26.83
Missouri
$55,599
$4,633
$1,069
$26.73
Maine
$55,350
$4,612
$1,064
$26.61
South Carolina
$55,077
$4,589
$1,059
$26.48
New Hampshire
$54,828
$4,569
$1,054
$26.36
Oklahoma
$54,383
$4,531
$1,045
$26.15
Idaho
$54,051
$4,504
$1,039
$25.99
Wyoming
$54,049
$4,504
$1,039
$25.99
North Carolina
$53,940
$4,495
$1,037
$25.93
Texas
$53,624
$4,468
$1,031
$25.78
Indiana
$53,401
$4,450
$1,026
$25.67
Arizona
$52,297
$4,358
$1,005
$25.14
Kentucky
$52,131
$4,344
$1,002
$25.06
Michigan
$51,864
$4,322
$997
$24.94
Montana
$51,509
$4,292
$990
$24.76
Alabama
$50,866
$4,238
$978
$24.46
Arkansas
$49,398
$4,116
$949
$23.75
Georgia
$47,386
$3,948
$911
$22.78
West Virginia
$43,583
$3,631
$838
$20.95
Florida
$41,937
$3,494
$806
$20.16
Source: ZipRecruiter
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Detective Job Considerations for Pay & Benefits
Detectives who work for businesses such as large corporations or law firms on a full-time basis often receive employer-sponsored benefits as a part of their compensation package. These benefits can include paid time off, retirement accounts with employer contribution matches, and health insurance.
However, many detectives work on a part-time basis or are self-employed and then are on the hook for supplying their own benefits which can be quite expensive.
Recommended: The Highest Paying Jobs in the US
Pros and Cons of Detective Salary
Detectives can earn a very good salary, and the work can be very interesting.
However, the tradeoff may not be worth it for some. Working as a detective often involves long and varied hours due to the nature of their work — especially when they are conducting surveillance. Some people may find that working on weekends, nights, or holidays isn’t worth the salary. It simply may not align with their career goals and the desired work-life balance.
The Takeaway
Skilled detectives stand to earn a lot of money (close to six figures) as they work their way up in their industry. This can be a very exciting, but also extremely demanding role.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
Can you make 100k a year as a detective?
It is possible to make $100,000 a year or more as a detective. The top 10% of earners in this field make $92,660 or more per year. As a detective gains years of experience and improves their skills, they can expect to earn more competitive pay.
Do people like being a detective?
Many people pursue a career as a detective because they are passionate about the work they do and enjoy a lot of satisfaction from their job. It’s worth noting that this job can require a lot of personal interactions and may not be the best fit for anyone who is antisocial.
Is it hard to get hired as a detective?
Getting hired as a detective can be competitive, but there is currently anticipated to be 3,800 openings for private detectives each year until 2032. There is also a projected 6% growth in employment opportunities, so someone with the right qualifications should be able to find a job in this field.
Photo credit: Andrii Lysenko
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The Upshot
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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
On a scale not seen in decades, many Americans are stuck in homes they would rather leave.
949
Emily Badger and
April 15, 2024
Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7 percent.
Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower.
Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.
2%
2000
2005
2010
2015
2020
2023
Average fixed mortgage rates
8%
Existing
mortgages
6%
3.2-
point
gap
Rates on
new loans
4%
Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.
2%
2000
2005
2010
2015
2020
2023
Source: Federal Housing Finance Agency analysis. Note: New loan figures show the predicted rate that existing mortgage holders could get on the same mortgages at new market conditions.
The gap that has jumped open between these two lines has created a nationwide lock-in effect — paralyzing people in homes they may wish to leave — on a scale not seen in decades. For homeowners not looking to move anytime soon, the low rates they secured during the pandemic will benefit them for years to come. But for many others, those rates have become a complication, disrupting both household decisions and the housing market as a whole.
new research from economists at the Federal Housing Finance Agency, this lock-in effect is responsible for about 1.3 million fewer home sales in America during the run-up in rates from the spring of 2022 through the end of 2023. That’s a startling number in a nation where around five million homes sell annually in more normal times — most of those to people who already own.
These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that’s driven up prices and gummed up the market.
Share of existing mortgages with rates below or above new market rates Percentage point difference from rates on new mortgages BELOW
-3
-2
-1
0
+1
+2
+3
ABOVE
Federal Housing Finance Agency analysis. Note: Data covers all fixed-rate mortgages in the U.S.
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Wholesale lender A&D Mortgage unveiled a new and enhanced version of its partner portal, Artificial Intelligence in Mortgage, or AMI, on Monday.
The AI-powered portal integrates advanced technologies into A&D Mortgage’s existing partner portal. It notably features a more intuitive user interface, seamless point-of-sale integration, and robust compliance and data security measures. The portal caters to both conventional and nonqualified mortgage (non-QM) needs.
“We are excited to introduce AIM to the mortgage industry. This innovative platform has been designed to provide an enhanced experience for brokers and borrowers alike, ultimately making the lending process more efficient and transparent,” Max Slyusarchuk, founder and CEO at A&D Mortgage, said in a statement. “We believe that this technological evolution will strengthen our position as a trusted partner for mortgage professionals across the nation.”
With this new portal, A&D Mortgage will be able to provide brokers with greater customization options and help streamline their work.
Earlier this year, Florida-based A&D Mortgage announced its expansion into Arkansas and Mississippi. Shortly before that, the company also obtained licensing to originate loans in Maine, Montana, Oklahoma and Kansas.
A wholesale mortgage lender is an institution that funds mortgages and offers them through third parties, such as a bank, credit union or mortgage broker.
Wholesale mortgage lending requires the borrower to work with a middleman instead of the lender.
Wholesale lenders can offer cheaper rates and more relaxed eligibility rules compared to traditional lenders.
There are a bevy of mortgage lenders out there, but they come in two basic types: retail and wholesale. The difference is, while retail lenders work directly with individual borrowers, wholesale mortgage lenders don’t.
Instead, they fund mortgages and offer them through third parties, such as another financial institution, like a bank, credit union or other lender. Or, they partner with mortgage brokers, who work with individuals to find the right loan — sometimes at a discounted rate — and prepare the application.
Here’s what to know about wholesale lending and what to expect if you borrow money from a wholesale mortgage lender.
How wholesale lending works
In wholesale lending, the borrower typically doesn’t have direct contact with the firm putting up the money. Instead, the borrower interacts with a third party — another financial institution or professional. This party is the one the borrower applies through; it’s also the one communicating with the applicant throughout the loan’s underwriting process. But it’s the wholesale lender that sets the mortgage options and terms.
It’s also the wholesaler who technically owns the mortgage. And, once their loans close, wholesale lenders typically sell them in the secondary mortgage market to free up capital to fund more mortgages.
Because they don’t do consumer advertising and marketing, and don’t have to employ customer reps, wholesale mortgage lenders often offer more competitive rates and more flexible loan options and requirements than retail lenders.
Wholesale vs. retail mortgage lenders
The major differences between wholesale and retail mortgage lenders:
Middleman presence: Wholesale lenders don’t deal directly with borrowers; they operate behind the financing scenes. In contrast, retail lenders connect with borrowers directly.
Limited home loan options: Wholesaler lenders typically have fairly narrow home loan offerings. However, when working with a retail lender (such as a bank or credit union), borrowers can usually pick from multiple home loan products, which are underwritten, serviced and funded in-house by the lender.
Additional financial products: Wholesale mortgage lending companies exclusively focus on home loans. Retail lenders tend to offer other financial products as well, like lines of credit, checking accounts and business loans.
The role of mortgage brokers in wholesale lending
If you’re interested in easy comparison shopping and having someone who can walk you through the lending process, the mortgage broker-and-wholesale lender route might be a good fit for you.
Mortgage brokers typically have existing relationships with wholesale lenders. They act as the lender’s loan officer, in a sense. You’ll work with the broker to complete each step in the application process. Once your application is ready for review, the broker will coordinate with the wholesale lender’s underwriting team for approval.
The broker’s role doesn’t stop with assisting the prospective borrower with their mortgage application. They also work to find you the best deal on a mortgage. Since they can shop your information around to their wholesale lender contacts, you could secure more competitive rates and terms than you would if shopping for a home loan independently. Often, they’ll present you with several options, and help you decide among them.
Wholesale mortgage lending process
Below is an overview of what to expect if you decide to go the wholesale lender route via a mortgage broker:
Step 1: Connect with the mortgage broker to complete a loan application and gather documentation the wholesale lender needs to make a decision.
Step 2: The mortgage broker confirms your application is complete and submits it to the wholesale lender for review.
Step 3: Upon receipt, a member of the wholesale lender’s underwriting team analyzes your loan application, along with the supporting documentation, and verifies the entries to make a lending decision.
Step 4: If your application is approved, the mortgage broker provides you with a commitment letter from the wholesale lender detailing the loan terms and any applicable conditions.
Step 5: The mortgage broker coordinates with the wholesale lender to close your home loan. If there are any conditions the borrower must satisfy for the loan to finalize, the mortgage broker notifies the borrower during this step.
Step 6: Once all conditions are met, the wholesale lender issues the “clear to close” to the mortgage broker, and the broker notifies the borrower. The borrower sends their down payment and the funds for closing costs (which include the broker’s fee if applicable) to the title company shortly before closing.
Step 7: At closing, the borrower signs the loan documents to finalize their end of the transaction.
Step 8: The wholesale lender funds the home loan.
Pros and cons of wholesale mortgage lending
If you’re considering wholesale mortgage lending, keep these pros and cons in mind to guide your decision:
Pros of wholesale mortgage lending
Potentially less stringent eligibility guidelines
Potentially more competitive rates and flexible loan terms
Personalized support from a mortgage broker
Cons of wholesale mortgage lending
No direct contact with the lender
Mortgage broker fees (if applicable)
Higher likelihood of loan sell-off following closing
The top wholesale mortgage lenders in 2023
Here are the 10 U.S. lenders doing the most wholesale mortgage business as of 2023. They are ranked by dollar volume of their wholesale mortgage operations (some of them also do retail).
Lender
Wholesale volume (billions)
% of business that’s wholesale
Source: The Scotsman Guide
United Wholesale Mortgage
$12.29
100
Newrez LLC / Caliber Home Loans
$11
15
loanDepot
$8.23
12
Pennymac
$6.94
6
Paramount Residential Mortgage Group
$3.89
36
Angel Oak Mortgage Solutions
$3.22
94
CMG Home Loans
$3.19
15
Change Lending
$2.93
44
A&D Mortgage
$2.70
79
LoanStream Mortgage
$2.61
95
Is wholesale mortgage lending right for you?
Getting a loan from a wholesale mortgage lender might be a good option if your credit history is less than stellar or unique, since a mortgage broker or other third party has a relationship with the lender and could get you approved under less strict requirements. Because they don’t have to spend a lot on advertising, loan officers and overhead, wholesale lenders might offer better terms and charge fewer or smaller closing costs.
However, since you’re not directly in touch with a wholesale lender, communication could be slower, and seem more mysterious. Most mortgage brokers work on commission but some also charge you a fee. Be sure to compare this cost to those of other lenders as you weigh your options.
The median annual pay for a sonographer is $78,210 annually for the most recent year studied, according to the Bureau of Labor Statistics. Working as a sonographer is a great way to enter the medical field without having to pursue an expensive advanced degree. Typically, only an associate’s degree is needed to work as a sonographer, which can be obtained quickly and affordably.
Read on to learn more about how much a sonographer can earn and what it’s like to work as this kind of professional.
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What Are Sonographers?
A sonographer — also known as a diagnostic medical sonographer — uses sonography technology and tools to create images typically known as ultrasounds or sonograms. These images can give us a detailed look at organs and tissues within the body or of embryos and fetuses. There are many different types of sonographers who specialize in distinct areas of medicine, such as:
• Abdominal sonographers
• Breast sonographers
• Cardiac sonographers (echocardiographers)
• Musculoskeletal sonographers
• Pediatric sonographers
• Obstetric and gynecologic sonographers
• Vascular technologists (vascular sonographers).
As briefly mentioned above, training for this career usually doesn’t involve medical school and its cost. Instead, diagnostic medical sonographers may obtain a bachelor’s degree, an associate’s degree, or perhaps a vocational school degree or hospital training program certificate. Some may be trained in the Armed Forces.
It’s also worth noting that working as a sonographer will likely involve a high degree of patient interaction. For this reason, it may not be a good job for introverts. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Sonographers Make a Year?
Entry-level sonographers should expect their salary to be on the lower side until they gain more experience. The lowest 10% of earners make less than $61,430 per year.
However, the top 10% of earners working as sonographers make more than $107,730, meaning this is a career path that can lead to a job that pays $100,000 a year.
In addition to experience level, other aspects that can lead to competitive pay is your geographical location (big city vs. rural community) and whether the employer is a major hospital network, say, or a small, independent medical office.
Recommended: What Trade Earns the Most Money?
What is the Average Salary for a Sonographer?
Those who work full-time as a sonographer can expect to earn a median annual salary of $78,210. However, some sonographers choose to work part-time and are paid by the hour. In terms of how much a sonographer makes an hour, the median hourly pay for sonography work is $37.60 per hour.
Many factors can influence how much a sonographer earns and the state they work in is a major one. The following table illustrates how average sonographer salaries can vary significantly by state, with earnings shown from highest to lowest.
What is the Average Sonographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
New York
$130,753
$10,896
$2,514
$62.86
Pennsylvania
$119,728
$9,977
$2,302
$57.56
New Hampshire
$117,077
$9,756
$2,251
$56.29
New Jersey
$115,302
$9,608
$2,217
$55.43
Wyoming
$114,058
$9,504
$2,193
$54.84
Washington
$113,902
$9,491
$2,190
$54.76
Wisconsin
$113,086
$9,423
$2,174
$54.37
Massachusetts
$113,082
$9,423
$2,174
$54.37
Alaska
$112,787
$9,398
$2,168
$54.22
Oregon
$111,873
$9,322
$2,151
$53.79
Indiana
$111,695
$9,307
$2,147
$53.70
North Dakota
$111,668
$9,305
$2,147
$53.69
Hawaii
$109,499
$9,124
$2,105
$52.64
Arizona
$109,385
$9,115
$2,103
$52.59
New Mexico
$108,705
$9,058
$2,090
$52.26
Colorado
$107,986
$8,998
$2,076
$51.92
Minnesota
$107,959
$8,996
$2,076
$51.90
Montana
$107,737
$8,978
$2,071
$51.80
Nevada
$106,643
$8,886
$2,050
$51.27
Alabama
$106,391
$8,865
$2,045
$51.15
South Dakota
$105,538
$8,794
$2,029
$50.74
Vermont
$105,369
$8,780
$2,026
$50.66
Ohio
$105,308
$8,775
$2,025
$50.63
Rhode Island
$103,621
$8,635
$1,992
$49.82
Iowa
$102,378
$8,531
$1,968
$49.22
Delaware
$102,241
$8,520
$1,966
$49.15
Connecticut
$102,051
$8,504
$1,962
$49.06
Virginia
$101,059
$8,421
$1,943
$48.59
Mississippi
$100,644
$8,387
$1,935
$48.39
Tennessee
$100,545
$8,378
$1,933
$48.34
Utah
$100,028
$8,335
$1,923
$48.09
Illinois
$99,727
$8,310
$1,917
$47.95
Georgia
$99,110
$8,259
$1,905
$47.65
Maryland
$99,089
$8,257
$1,905
$47.64
California
$98,791
$8,232
$1,899
$47.50
Nebraska
$97,188
$8,099
$1,869
$46.73
Maine
$96,740
$8,061
$1,860
$46.51
Missouri
$96,025
$8,002
$1,846
$46.17
South Carolina
$95,081
$7,923
$1,828
$45.71
Kansas
$94,735
$7,894
$1,821
$45.55
Idaho
$94,316
$7,859
$1,813
$45.34
Louisiana
$94,256
$7,854
$1,812
$45.32
Oklahoma
$94,119
$7,843
$1,809
$45.25
Texas
$93,511
$7,792
$1,798
$44.96
North Carolina
$93,119
$7,759
$1,790
$44.77
West Virginia
$92,468
$7,705
$1,778
$44.46
Kentucky
$89,668
$7,472
$1,724
$43.11
Michigan
$89,461
$7,455
$1,720
$43.01
Florida
$87,711
$7,309
$1,686
$42.17
Arkansas
$85,099
$7,091
$1,636
$40.91
Source: ZipRecruiter
Sonographer Job Considerations for Pay & Benefits
If a sonographer chooses to work part-time, they may not gain access to the same suite of valuable employee benefits that full-time sonographers typically earn. While employee benefits can vary by employer, full-time sonographers can generally expect to receive healthcare coverage, paid time off, and retirement plans as a part of their overall compensation package. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Sonographer Salary
One of the biggest pros associated with a sonographer’s salary is that they don’t have to take on expensive medical school debt — which can really eat into a worker’s monthly budget. An associate’s degree or a postsecondary certificate may be required but will cost less than pursuing other degree requirements commonly found in the medical field.
Regarding cons, some may find the salary doesn’t outweigh the hardships of the job. Many sonographers work nights and weekends and are on their feet for long periods of time.
Recommended: Pros and Cons of Minimum Wage
The Takeaway
Sonographers currently earn an average of $78,210 per year. They have a very valuable medical-service skill set, and demand for that skill is growing. It’s anticipated that job openings for this role will grow by 10% from 2022 to 2032, which is above the national average rate. As they navigate their careers, sonographers will likely want to make progress in their financial lives, with smart budgeting and saving.
SoFi helps you stay on top of your finances.
FAQ
Can you make 100k a year as a sonographer?
It is possible to earn $100,000 or more each year as a sonographer. On average, sonographers in the state of New York earn $130,753 per year. Where someone lives, how many years of experience they have, and their specialty can all impact how much they earn.
Do people like being a sonographer?
Working as a sonographer is a great fit for anyone who finds the work interesting and who enjoys patient interaction. Because this role requires so much patient care throughout the day, it’s not the best fit for those who are antisocial.
Is it hard to get hired as a sonographer?
Around 9,600 openings for diagnostic medical sonographers are anticipated to be available each year. Because of this high demand, if someone has the right education and qualifications, they should be able to find work as a sonographer.
Photo credit: iStock/dusanpetkovic
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The average long-term mortgage rate has risen once again this week, with the average 30-year fixed loan now at 7.08 per cent, according to Bankrate’s latest survey of large lenders.
Another mortgage buyer, Freddie Mac, said the average rate on a 30-year mortgage rose to 6.88 per cent from 6.82 per cent last week. In comparison to a year ago, where the rate averaged 6.27%, this is having a genuine impact on American homeowners.
Average 30-year mortgage rates in the 10 largest metro areas ranged from 7.56% in Los Angeles to 6.85% in Chicago.
Rates are slightly higher now compared to the start of this year, keeping some borrowers waiting as the spring begins, which is typically known as the most popular time to buy a home.
The national median family income for 2023 was $96,300, according to the U.S. Department of Housing and Urban Development. The median price of an existing home sold in February 2024 was $384,500, according to the National Association of Realtors (NAR).
How will it affect your payment?
The initial impact of this change was felt in the stock market, with Wall Street sending shares sharply lower, as expectations that the Fed would be cutting rates proved to be premature.
Mortgage rates are influenced by the Fed benchmark rate, although they also reflect other factors, like bond yields and inflation. However, according to Lawrence Yun, chief economist at the NAR, rates for home loans are likely to be unchanged in the near-term due to factors like the strong job market and housing demand.
But that is no consolation for those already with mortgages. When mortgage rates rise, they can prove to be hugely damaging for families struggling to get by, as they add hundreds of dollars a month in costs for borrowers.
With this rise, based on a 20 per cent downpayment and a 7.08 per cent mortgage rate, the monthly payment of $2,063 amounts to 26 per cent of the typical family’s monthly income.
Reverse mortgage industry professionals have spoken for months about the consequences of high interest rates on their ability to pursue business, and now AARP has taken a closer look at the impacts.
While higher rates are bad news for the mortgage industry in a broad sense, the impact on reverse lending is more nuanced, Bruce Simmons of American Liberty Mortgage in the Denver area explained to AARP.
“If a reverse mortgage can help your situation, it still makes sense for a lot of people,” Simmons told the organization. “There are so many people who can benefit from this today, even with the rates the way they are.”
These sentiments echo what Simmons shared with RMD at the beginning of this year when asked about how business is progressing after the general tumult observed in 2023. Inconsistent interest rate forecasts have made things challenging in his business, but different kinds of marketing — including a refocusing exercise on his existing marketing efforts — have helped to improve things, Simmons told RMD in February.
But a rise in interest rates also impacts the amount of money owed on the negatively amortizing loan, observed Stephanie Moulton, a longtime reverse mortgage academic researcher from Ohio State University.
“It might accelerate the growth of the balance and reduce, potentially, the equity when your heirs go to sell the home, because your balance is going to grow faster,” she told AARP.
But the utility of eliminating a forward mortgage payment still has the potential to add value for reverse mortgage borrowers, along with a raft of disbursement options such as a standby line of credit or monthly term payments, Simmons added.
Bruce McClary, senior vice president of the National Foundation for Credit Counseling (NFCC) also shared that while reverse mortgages can add value for borrowers in certain situations, the fee structure of a home equity line of credit (HELOC) could potentially make more sense for some seniors. But certain situations may make a reverse mortgage a better idea for some individual borrowers.
“[It] depends on an individual’s capacity to borrow, the reasons for borrowing and what they’re going to use the money for,” McClary told AARP. “The answers will be different depending on people’s financial circumstances and their goals.”
Michigan has a beautiful array of landscapes, ranging from the Great Lakes’ expansive shores to the lush forests of the Upper Peninsula. Its cities, like Grand Rapids with its craft brewery scene and Ann Arbor as a vibrant center of education and innovation, present diverse living environments. However, navigating life in Michigan has its hurdles. In this ApartmentGuide article, we’ll uncover the pros and cons of calling the Great Lakes State home, giving you insights on whether you’ll want to call this state home.
Renting in Michigan snapshot
1. Pro: Rich cultural heritage
Michigan’s cultural heritage is deeply rooted in its history, from the Motown Museum in Detroit that showcases the city’s musical legacy to the numerous festivals celebrating its diverse communities like the East Lansing Film Festival. Along with festivals, the state’s history of innovation and manufacturing, particularly in the automotive industry, is displayed in museums like The Henry Ford in Dearborn.
2. Con: Harsh winters
Michigan experiences extreme winters with heavy snowfall and below freezing temperatures, particularly in the Upper Peninsula. This weather can lead to difficult driving conditions, increased heating costs, and the need for regular snow removal, impacting daily life during the winter months.
3. Pro: Abundant natural beauty
The state is home to stunning natural landscapes, including the Great Lakes, over 100 state parks, and thousands of miles of beaches. Places like Sleeping Bear Dunes National Lakeshore and Pictured Rocks National Seashore offer breathtaking views and a plethora of outdoor activities such as hiking, fishing, and camping.
4. Con: Summer humidity
Michigan ranks among the states with some of the highest humidity levels in the nation. Humidity can lead to discomfort and exacerbate existing health conditions for some residents. The combination of heat and humidity can make outdoor activities feel more oppressive and challenging. Additionally, increased humidity can contribute to issues like mold growth and indoor air quality concerns in homes and buildings.
5. Pro: Vibrant arts and music scene
Michigan boasts a vibrant arts and music scene, with Detroit known as the birthplace of Motown music. The state hosts numerous art fairs, music festivals like the Detroit Jazz Festival, and live performances throughout the year, reflecting its rich cultural diversity and artistic talent.
6. Con: Infrastructure concerns
Infrastructure in some parts of Michigan, including roads and bridges, requires significant improvement. The state has faced challenges with aging infrastructure due to climate change, leading to concerns over safety and the need for extensive repairs and upgrades. This can pose as a challenge to residents who commute.
7. Pro: Educational opportunities
Michigan is home to prestigious universities and colleges, including the University of Michigan and Michigan State University. These institutions offer a wide range of programs and contribute to research, innovation, and the state’s educational landscape.
8. Con: Unpredictable weather
Michigan’s weather is famously erratic, with residents often experiencing dramatic shifts in temperature and sudden weather changes. From unexpected snowstorms in April to heatwaves in October, predicting the weather can be a challenge. This variability can impact daily life, requiring residents to be prepared for a wide range of conditions throughout the year.
9. Pro: Sports and recreation
Michigan is a haven for sports enthusiasts, hosting professional teams like the Detroit Lions and Detroit Tigers, as well as offering numerous recreational activities such as boating, fishing, and skiing. The state’s diverse landscapes provide the perfect backdrop for a wide range of outdoor adventures.
10. Con: Seasonal allergies
Michigan’s lush natural landscape brings with it seasonal allergies, with pollen levels often peaking during the spring and summer months. For allergy sufferers, this can mean dealing with symptoms like sneezing, itchy eyes, and congestion. While the state’s beauty is undeniable, those prone to allergies may need to take precautions during peak pollen seasons to minimize discomfort.
11. Pro: The Great Lakes
Michigan’s proximity to Lake Huron, Lake Michigan, Lake Superior and Lake Erie offer residents unparalleled access to recreational opportunities, including swimming, boating, and fishing. The vast expanses of freshwater provide not only stunning natural beauty but also opportunities for water-based activities year-round.
12. Con: Limited public transportation
Outside of major cities, Michigan’s public transportation options are often limited, leaving residents reliant on personal vehicles for commuting and travel. In fact, in Ferndale, the transit score is 13, meaning the city is car-dependent where almost all errands require a car. This lack of comprehensive public transit infrastructure can pose challenges for those without access to cars, particularly in rural areas.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.