Record unemployment rates, a wild swing in America’s GDP and homeownership rates increasing month over month. Despite these examples of economic volatility of 2020, another surprising number emerged — America has now reached an all-time average high credit score.
Experian’s latest Consumer Credit Review highlights new trends regarding credit. Not only does the credit score landscape change among generational groups and consumer’s location, but it’s clear Americans are focused on paying down specific types of debt, all leading to an overall score improvement.
69% of Americans had a credit score of 670 or higher
This credit score average stands out because only in the year prior was the percentage at 66% and then jumped up three percentage points in one year. The average American credit score from 2020 sits at 710, which also significantly increased from the prior year.
In 2019, the average score for Americans was 703. This level of growth is unusually high compared to observations from the last 10 years, where FICO scores tend to only grow about one percentage point per year.
[ Read: How to Raise Your Credit Score ]
The increase in credit scores now puts more Americans in FICO’s “good” credit score range. If a credit score lands between 670 to 739, it opens up more borrowing opportunities from lenders, and consumers in this range should qualify for most credit cards and loans. According to Rod Griffin, Senior Director of Consumer Education and Advocacy for Experian, there are promising signs for how consumers are managing their credit histories, despite challenging financial situations due to the pandemic.
“Credit scores have continued to improve, which is a trend we’ve seen over the last ten years or so, reaching an average score of 688. Lower credit card balances, fewer missed payments and lower credit utilization, or balance-to-limit ratios, have supported this increase in average scores,” adds Griffin.
2019
2020
Change
Average U.S. FICO Credit Score
703
710
+ 7 points (1%)
Average U.S. Credit Card Debt
$6,194
$5,313
-$879 (14%)
Average U.S. Credit Utilization
28.8%
25.3%
-3.5 (12%)
Source: Experian 2020 Consumer Credit Review
Average credit score in each state
Not only did average credit scores increase overall, but there appear to be trends emerging within specific states. For example, the top states in the country that saw the highest increase in overall credit score were Arizona, Delaware, Idaho, North Carolina and Washington D.C. These states averaged about a 9 or 10 point increase in average score from 2019.
[ Read: What Is a Good Credit Score Range? ]
On the other hand, North Dakota, South Dakota, Hawaii, Nebraska and Vermont recorded the lowest growth in average credit scores from 2019 to 2020. But what is noteworthy about these states is they already had higher-than-average credit scores to begin with, which means there was less room for an increase to occur. But overall, no matter the location, there is an upward trend in credit scores across America.
In this article
Average credit card debt down 14%
Credit scores are not the only numbers showing interesting trends. Overall, the U.S. average consumer debt decreased by 14%, even amid an economic downturn. This has a trickle-down effect with credit utilization, which also experienced a decrease of 3.5%. This means not only are Americans paying more towards credit card balances, but the available credit for each individual is loosening up.
As Americans pay down their credit card balances and decrease their credit utilization, the result is typically an increase in credit scores. Balances and utilization are two major factors used to calculate the FICO credit score.
It might seem odd that in the middle of high unemployment numbers and jobless claims that credit card debt would decrease. But with federal student loan payments and interest accrual on pause from the CARES act of 2020, it appears the debt payoff shifted to credit cards and not student loans.
When you look specifically at federal student loans only, borrowing either stayed the same or increased from 2019 to 2020, depending on the type of loan. Student loans, both federal and private, do show on consumer’s credit reports, but it’s the credit card balances showing the decrease in 2020, not student loans.
Credit scores improved the most among Millenials
Similar to how location influences the numbers of increased credit scores, age appears to be a factor as well. When examining the averages, it becomes clear how different the increases in credit scores are among the different generations.
Millennials (ages 24-39) increased their average FICO score by +11 points from 2019 to 2020.
Gen X (ages 40-55) increased their average FICO score by +10 points.
Gen Z (ages 18-23) increasing scores by +7 points.
Even though Baby Boomers (ages 56-74) and The Silent Generation (age 75+) had less of an increase, +5 and +1 respectively, these numbers indicate America as a whole is increasing credit scores overall, no matter the age.
“Millennials have continued to improve their credit scores. In 2019 they had an average credit score of 647. This rose to 658 in 2020. While still below the average of 688, responsible borrowing habits, including fewer missed payments and lower card balances, are helping Millennials move their credit scores in a positive direction. This trend should encourage Millennials and all consumers to be proactive in protecting and maintaining their credit histories during this time,” explains Griffin.
Too long, didn’t read?
American’s credit scores climbed to a record high in 2020, despite the troubling economic indicators such as the unemployment rate and volatile GDP numbers. According to the Experian 2020 Consumer Credit Review, 69% of Americans now have a credit score of 670+, a 3% improvement from the previous year.
Millennials are leading the charge with most credit score improvement, with their scores increasing +11 points from 2019. The biggest FICO increases were seen from residents of Arizona, Delaware, Idaho, North Carolina and Washington D.C.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
2020 brought us one of the wildest real estate markets in memory. When COVID-19 began to take a foothold in early spring, the real estate market came to a screeching halt…for about two weeks. As the pandemic moved through spring and summer, the Boise market grew red hot once again.
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Here are some of the most notable takeaways of the Boise area real estate market in 2020.
A Major Sellers’ Market
Throughout the year, sellers in the Treasure Valley were seeing multiple offers, home bids well over asking price, rapid appreciation, and buyers waiving home inspections and appraisals. It was a good year to be a homeowner or a home seller. Homebuyers, on the other hand, had to learn to navigate an increasingly competitive market.
Record Low Inventory
2020 began with a shortage of homes listed on the market. Listings were hovering around 2-3 months of inventory at the start of the year. Other than the short-lived halt in the market due to COVID-19, the trend of low inventory only increased throughout the year. In late spring, inventory fell to record lows, with only a one-month supply. In total, active listings in both Ada and Canyon counties fell 79% in 2020.
Rising Home Values
Dropping inventory levels often lead to rising home values, and this principle held true in the Boise area this year. For context, the year-over-year increase in values for Ada County homes between 2018 and 2019 was only 9.9%. The 2019 to 2020 growth was immense.
In addition to record-low inventory, record-low interest rates also drove the increase in home values. Buyers were jumping to buy new homes, even while fewer and fewer homes became available.
Migration to Idaho
During the 2020 and the COVID-19 pandemic, the entire country saw a trend of urbanites moving out of major cities and into areas with more space and fewer people. This trend accelerated the already expanding Boise market and our surrounding vacation markets, such as McCall and Sun Valley.
The cost of driving a Uhaul from San Francisco to Boise was 10-30 times more expensive than moving the exact same Uhauls from Boise to San Francisco. Uhaul parking lots are literally bursting at the seams with idle trucks from people having moved to Boise or the surrounding areas. Idaho is now the fastest-growing state in the country.
Expectations for 2021
As we enter 2021, the story of the Treasure Valley remains the same. Huge numbers of people are moving to Boise and the surrounding areas. There is an extreme shortage of homes for sale and for rent. Prices of homes for rent and sale continue to escalate.
On the bright side for prospective buyers, interest rates are near their all-time lows, and this fact has helped keep affordability in check despite the massive growth in appreciation. If interest rates are to reverse course then affordability could become a major impediment to home buyers.
With possible increases in income taxes and capital gains, we could see new headwinds on luxury real estate which has had a good run. Investors are more likely to participate in a 1031 exchange to defer rising capital gains rates. In short, 2021 is starting off as 2020 ended. It’s a great time to be a homeowner. This is good news for sellers and buyers alike.
Talk to A Homie in 2021
If you’re looking to take advantage of the current sellers’ market, click here to get in touch with us and start listing your home. Our Homie team will help you get an awesome price for your home while making the transaction run smoothly and quickly.
If you’re looking to buy a home in the Boise area this upcoming year, our expert agents will make navigating this competitive market a breeze. Click here to start buying.
The institution’s assets have grown to $7 billion as of 2018, and it now employs over 1,200 mortgage employees, while continuing the impressive growth that has allowed it to continue expanding for nearly a century.
HomeStreet Bank offers an extensive portfolio of loan options to borrowers of differing financial abilities, including fixed- and adjustable-rate mortgages of varying terms. Government-backed FHA, VA, and USDA loans are also offered to qualifying borrowers.
In addition to conventional loans, HomeStreet Bank offers jumbo loans that cover up to $3 million.
Despite receiving several regional awards, HomeStreet Bank is not featured on our list of the best mortgage rates of 2018.
HomeStreet Bank provides borrowers with a relatively comprehensive list of loan options to choose from, including conventional, jumbo and government-backed mortgages.
Fixed-Rate Loans
With a fixed-rate mortgage, the interest rate remains the same throughout the entire term of the loan, rather than adjusting over time. It allows borrowers to choose between 10-, 15-, 20- and 30-year fixed-rate mortgages.
The shorter loan terms require more substantial payments but typically carry smaller interest rates, making them a good choice for those who can afford to pay off their mortgage quickly or expect to sell the property relatively quickly. Conversely, longer loan terms make sense for those who expect to live in their new home for many years to come.
Adjustable-Rate Loans
An adjustable-rate mortgage (ARM) carries a lower interest rate at the start of the loan term, then eventually adjusts to higher rates after a set number of years.
HomeStreet Bank provides 5/1, 7/1, 10/1, and in select cases, 15/1 ARMs, meaning the interest rate is fixed for the first five, seven, ten, or fifteen years of the mortgage, then fluctuates annually according to the market. Borrowers who can pay off the loan before the rate begins to adjust can benefit from an ARM loan.
Jumbo Loans
The maximum value that can be assigned to a conventional loan is $453,100, according to the limit set by Fannie Mae and Freddie Mac in 2018. Loans that exceed that maximum require jumbo mortgages, which HomeStreet Bank provides in the form of both fixed-rate and adjustable loans.
The lender will cover loans of up to $3 million, requiring as little as five percent down for loan amounts up to $625,500 and ten percent down for loans up to $850,000.
FHA Loans
Borrowers with a credit score of 580 or higher can potentially qualify for loans backed by the Federal Housing Administration, which can be obtained with as little as 3.5 percent down. The relatively low credit minimum and down payment requirements make FHA loans very popular with first-time homebuyers.
VA Loans
If you are a veteran, active service member, or surviving military spouse, you may qualify for a VA loan, which requires no down payment and no mortgage insurance. The Department of Veterans Affairs guarantees VA loans issued by HomeStreet Bank.
USDA Loans
USDA loans, like FHA and VA loans, are government-backed mortgages that HomeStreet Bank Mortgage offers to qualified candidates. These are designed to provide more affordable financing options to low- or moderate-income homebuyers purchasing property in rural areas.
HomeStreet Bank Application
Though HomeStreet Bank has a history that dates back to the early twentieth century, the financial institution’s mortgage application process has clearly entered the twenty-first.
Borrowers can fill out an application online and will be provided with a quote upon completion, though a Social Security Number is required as part of the process. HomeStreet Bank’s website is also easy to navigate, with thorough explanations of each loan type, along with links to homebuyer assistance programs and resources for first-time homebuyers.
It even offers a mobile mortgage app that allows you to calculate monthly mortgage payments, scan documents to your loan officer and keep track of the loan process.
However, those who prefer the old-fashioned approach can also speak with a loan officer on the phone, or at any of the bank’s branches in Washington, Oregon, Idaho, Hawaii or California.
HomeStreet Bank is a long-running regional lender that has won many awards for its community involvement, including a 2013 Innovative Community Banks of the Year Award, a 2014 Community Spirit Award, and a 2015 Community Commitment Award.
HomeStreet Bank Lender Grades
After nearly a century in business, HomeStreet Bank has built up a solid reputation, and has been profiled for its “honest, practical and diverse mortgage lending services.” Additionally, the company’s Seattle headquarters has received an A+ rating from the Better Business Bureau.
HomeStreet Bank is also a BBB accredited business and has only had eight customer complaints, which were closed in the past three years.
Information collected on Dec. 26, 2018
HomeStreet Bank Mortgage Qualifications
Non-traditional credit history considered?
Debt-to-income requirements?
Minimum down payment requirements?
Gift funds or down payment programs accepted?
Minimum credit scores?
Yes
Varies for different loan products
As low as 0% for VA and USDA loans, 3% for some conventional loans, and 5% for certain jumbo loans
Gift funds accepted for some loan products and several down payment programs available
580 for FHA loans, no minimum for HARP refinance loans
Government-backed VA and USDA loans are available with no money down for qualified applicants. Some conventional loans can be acquired for as little as 3 percent down, depending on the borrower’s credit status.
For jumbo loans, five percent down is required for loan amounts up to $625,500 and ten percent down for amounts up to $850,000.HomeStreet Bank advertises itself as a flexible lender willing to work with borrowers of limited means.
As such, it will consider non-traditional credit history mortgage applications, as well as gift funds and several state-specific down payment assistance programs, many of which are grants that don’t require taking on extra debt.
Minimum credit scores vary by loan product, with FHA loans only requiring a score of 580. Additionally, there is no credit minimum for Home Affordable Refinance Program loans.
HomeStreet Bank Phone Number & Additional Details
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Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
For anyone driving around an established neighborhood of traditional homes in Madison, WI, one residence on Stevens Street stands out. Or doesn’t stand out.
“It’s an earth-sheltered home. Not necessarily built into the ground, but it’s earth-covered on the roof and on a couple of sides,” explains the listing agent, Jennifer Rios. “It’s in a kind of older neighborhood, with typical midcentury homes and older.”
She says she doesn’t believe any comparable earth-covered home can be found within at least a 10-mile radius.
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The style has proved popular with buyers. The home was listed for $329,900, and multiple offers above the listing price came in after just a few days on the market.
“We went into it not really knowing what to expect with the uniqueness of the home,” Rios explains. “I laid out two scenarios: In this market, we’ll either see a very quick turnaround, or we may sit awhile. We tested it and had the best outcome possible.”
Exterior of home in Madison, WI
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Exterior
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Exterior
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Exterior
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Interior
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Bedroom
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Bathroom
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The home has two bedrooms, 1.5 bathrooms, plenty of living space, and is surprisingly bright.
“It has full exposure on the back side, so there’s lots of nice natural light,” Rios says. “Because of its earth-covered roof and partially on the sides, it’s very temperate inside. The earth provides a really nice installation and flow of air.”
Which adds up to lower electricity bills—a boon in this part of the country.
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Watch: Idaho Home Perched on a Lake Is a Storybook Fantasy Come to Life
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Living space
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Kitchen
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Porch
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Built in 1980, the home has only had two owners in the past 41 years, and the current owner has lived there for 26 years.
Rios says she feels a perfect buyer would be somebody who is environmentally conscious and appreciates the uniqueness of an earth home, and who also likes being able to walk or bike around the city.
She grew up in the neighborhood and knows this distinctive dwelling quite well.
“I would ride my bike by, and wonder who in the world lives there,” she says.
Now that Rios has been inside and scoped out the place, she says that looks are deceiving.
“When you walk in, you kind of feel like you’re entering a hobbit house,” she says. “It’s really surprising when you open the front door, and it’s an abundance of natural light. It feels like a very traditional home for the most part, except for the curved roof line.”
The curve is an interesting flourish.
“It creates such a nice sort of vaulted ceiling effect, but it’s kind of open and airy, which is what a lot of people like nowadays,” Rios adds.
Living space
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Inside, the house doesn’t need require any more maintenance than any other 40-year-old home, but Rios points out that the roof does need attention and upkeep—at least after the snow melts.
“You can let it go and become real grassy, or you can mow it,” she says. “The sellers have just gone up there with a weed whacker a couple of times a year.”
Living space
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Bathroom
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Living space
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Exterior
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Wine nook
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Aerial view
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Interior
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Porch
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Bathroom
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For more photos and details, check out the full listing.
Guild Mortgage offers both in-person and online mortgage services. With office locations in 31 states, borrowers who prefer to do business face-to-face can visit a branch location. Conversely, borrowers in 48 states (not in New York and New Jersey) can apply online through its MyMortgage digital mortgage program.
Guild Mortgage is a great option for borrowers with lower credit scores, as its minimum requirement is 600—about 20 points less than what the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and fast, making it an excellent choice for people who can’t afford to wait.
Tech-forward, Guild Mortgage provides services like auto-matching customers with down-payment help from state and local programs, which is ideal for people who might not have time to do the research themselves.
For buyers in a hurry, the lender offers a Homebuyer Express 17-Day Closing Guarantee program. This is considerably faster than the industry average of 43 days to close, according to Freddie Mac. The guarantee states that the lender pays $500 toward closing costs if the loan doesn’t close on time due solely to a Guild Mortgage delay.
Available in Most States
Guild Mortgage is available online everywhere in the U.S. except in New York and New Jersey. There are branch locations in 31 states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
How to Apply
Guild Mortgage offers both branch locations and online access to borrowers who want to apply for a mortgage. Their paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.
Phone support is very limited, operating only Monday through Friday from 6:00 a.m. to 5:00 p.m. PT; the lender is closed on weekends.
Speed
Preapproval times are not as fast as other lenders, with a 1- to 3-day turnaround on preapproval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be attractive for borrowers who need to close quickly.
Credit Requirements
Guild Mortgage minimum credit score requirements differ depending on the mortgage. The lender offers loan options for buyers with credit scores as low as 600. The minimum requirements for each program are:
Down payment assistance: 620 (depending on program in each state)
FHA: 600
Conventional: 620
VA: 600
USDA: 600
Jumbo: 680
Loan Types Offered
Guild Mortgage Loans offers both mortgages for buyers and refinancers. Its product line includes fixed and adjustable-rate (ARMs) conventional and jumbo mortgages, FHA, USDA and VA loans. The lender’s MH Advantage program is tailored to borrowers who are purchasing a manufactured home. Per Fannie Mae guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA renovation loans and reverse mortgages.
For new construction, the lender offers its StrongStart Program. StrongStart allows for a builder’s closing-cost credit to be used toward the interest on the first three months of a borrower’s monthly mortgage payments. This program is offered with FHA and VA financing (standard and high balance limits).
Guild Mortgage doesn’t offer home equity loans or home equity lines of credit.
Guild Mortgage offers both in-person and online mortgage services. With office locations in 31 states, borrowers who prefer to do business face-to-face can visit a branch location. Conversely, borrowers in 48 states (not in New York and New Jersey) can apply online through its MyMortgage digital mortgage program.
Guild Mortgage is a great option for borrowers with lower credit scores, as its minimum requirement is 600—about 20 points less than what the average lender requires. Applying for a home loan through Guild Mortgage is also relatively easy and fast, making it an excellent choice for people who can’t afford to wait.
Tech-forward, Guild Mortgage provides services like auto-matching customers with down-payment help from state and local programs, which is ideal for people who might not have time to do the research themselves.
For buyers in a hurry, the lender offers a Homebuyer Express 17-Day Closing Guarantee program. This is considerably faster than the industry average of 43 days to close, according to Freddie Mac. The guarantee states that the lender pays $500 toward closing costs if the loan doesn’t close on time due solely to a Guild Mortgage delay.
Available in Most States
Guild Mortgage is available online everywhere in the U.S. except in New York and New Jersey. There are branch locations in 31 states, including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
How to Apply
Guild Mortgage offers both branch locations and online access to borrowers who want to apply for a mortgage. Their paperless application process allows borrowers to send paperwork electronically as well as apply and keep track of the application process online.
Phone support is very limited, operating only Monday through Friday from 6:00 a.m. to 5:00 p.m. PT; the lender is closed on weekends.
Speed
Preapproval times are not as fast as other lenders, with a 1- to 3-day turnaround on preapproval letters. However, Guild Mortgage offers a 17-day closing guarantee, which can be attractive for borrowers who need to close quickly.
Credit Requirements
Guild Mortgage minimum credit score requirements differ depending on the mortgage. The lender offers loan options for buyers with credit scores as low as 600. The minimum requirements for each program are:
Down payment assistance: 620 (depending on program in each state)
FHA: 600
Conventional: 620
VA: 600
USDA: 600
Jumbo: 680
Loan Types Offered
Guild Mortgage Loans offers both mortgages for buyers and refinancers. Its product line includes fixed and adjustable-rate (ARMs) conventional and jumbo mortgages, FHA, USDA and VA loans. The lender’s MH Advantage program is tailored to borrowers who are purchasing a manufactured home. Per Fannie Mae guidelines, MH Advantage borrowers must have a minimum credit score of 620. Guild Mortgage also offers FHA renovation loans and reverse mortgages.
For new construction, the lender offers its StrongStart Program. StrongStart allows for a builder’s closing-cost credit to be used toward the interest on the first three months of a borrower’s monthly mortgage payments. This program is offered with FHA and VA financing (standard and high balance limits).
Guild Mortgage doesn’t offer home equity loans or home equity lines of credit.
The real estate market is continuing the trends it has been seeing for months, and the local Boise market has followed suit. Here’s your monthly update on what’s happening.
All data pulled from the Intermountain MLS from 1/1/2021 to 1/31/2021.
Monthly Sales
According to data from the Intermountain MLS from January 1, 2021 to January 31, 2021, Boise home sales are lower than the previous month. 807 Boise-area homes sold in January, 438 fewer units than sold in December. This was a decline of 35.2%. As seen in the graph below, sales dropped more sharply than in the previous January. The Boise area saw a year-over-year decrease of 243 units, or 23.1%. This lower than normal dip for the season could be a result of ever dwindling available inventory on the market.
Sale Price
Boise sales prices continue to reach new highs, with an average sale price of $475.9K in January. The average price was $23.8K, or 5.3% higher than the month before. The year-over-year change was even greater, with an increase of nearly $100K. That’s a 26.4% boost to average home value in the span of one year.
Days on Market (DOM)
Boise homes are still selling faster than ever. The average number of days on the market for Boise was 17, matching the two-year low from November 2020. That’s one day fewer on the market than December, a 7.4% dip. In January 2020 the average DOM was 52. The year-over-year change is 35 days, or 67.7%. That means that Boise homes, on average, spend over a month less on the market now than they did a year ago. The lack of inventory and high demand make this a seller’s market. Buyer’s will feel the heat as they make offers on homes they like.
Turn to a Homie
Homie now has local real estate agents in Idaho. These agents are pros in everything they do, including understanding the local real estate market. Click to start selling or buying and to get in touch with your dedicated agent.
KeyBank offers three small-business checking accounts with minimal frills, but also minimal fees, provided you’re able to avoid the bank’s hefty overdraft charges. The bank’s generous cash deposit limits — up to $25,000 at no cost, $50,000 in some locations — and strong brick-and-mortar presence make KeyBank an ideal option for cash-heavy business owners who want facetime with their banker.
KeyBank business checking is best for small-business owners who:
Prefer in-person banking with online conveniences like mobile banking and online bill pay.
Need to make regular cash deposits, up to $25,000.
Are able to meet balance requirements to have monthly fees waived.
Pros and cons
Free online banking and bill pay.
Generous cash deposit allowance.
More than 1,000 branch locations across 15 states and over 40,000 KeyBank and AllPoint ATMs across the country.
Business checking accounts can be opened in person only.
All accounts have transaction limits.
Website issues make it difficult to access disclosures and rate information.
KeyBank business checking at a glance
KeyBank Basic Business Checking
KeyBank Business Interest Checking
KeyBank Business Reward Checking
Monthly fee:
$5, waived with $1,000 average monthly balance
$15, waived with $5,000 daily balance
$25, waived with $7,500 average balance
Minimum opening deposit requirement:
Transactions:
Up to 200 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total.
Up to 100 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total.
Up to 500 fee-free transactions, then 40 cents per item. Bill Pay and ACH transactions do not count toward total.
How KeyBank business checking works
Established nearly two centuries ago, KeyBank is based in Cleveland, and has more than 1,000 branches across 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.
KeyBank offers three business checking accounts: Basic Business Checking, Business Interest Checking and Business Reward Checking. All three offer unlimited bill pay and free online banking, but you have to apply for an account at one of the bank’s brick-and-mortar locations only.
To open a business checking account, you’ll need your business formation papers, Social Security number or employer identification number, two valid forms of identification and your minimum deposit ($25).
All of KeyBank business checking accounts allow cash deposits up to $25,000 per statement cycle at no cost (and up to $50,000 in some locations), making the bank a solid option for small businesses that make regular cash drops. While the bank does limit free transactions, customers can effectively extend their limit by taking advantage of online bill pay and ACH transactions, both of which are unlimited on all business checking accounts.
Where KeyBank business checking stands out
Branch access: KeyBank has a strong presence in the areas it operates with more than 1,000 brick-and-mortar branches across 15 states. This is great news for business owners who prefer in-person banking and those who need to make frequent cash deposits.
Free online banking and bill pay: All business checking customers get online banking and bill pay at no additional cost. With KeyBank Business Online, customers can view statements, transfer funds between accounts and make mobile check deposits. Additional features are available for a fee.
Cash deposits: KeyBank allows business customers to deposit up to $25,000 per statement cycle at no cost. In some locations, the cash deposit limit is even higher at $50,000. Some larger banks limit free cash deposits to $5,000 per month.
Civic recognition: KeyBank consistently wins awards for diversity and inclusion. The bank’s accolades include the Human Rights Campaign’s Best Places to Work for LGBTQ Equality, National Organization on Disabilities’ Leading Disability Employer Seal and DiversityInc’s Top 50 Companies for Diversity. KeyBank was also named to the Bloomberg Gender-Equality Index in 2020 and 2021.
Where KeyBank business checking falls short
No sign-up bonus: KeyBank occasionally offers incentives to new small-business customers but, as of this writing, there is no sign-up bonus to open a new business checking account.
Interest rates: While KeyBank does offer an interest-earning business checking account, the annual percentage yield is low compared with other similar accounts. Online banks like Axos typically offer higher interest rates, but there is a trade-off. Axos Business Interest Checking accounts, for example, can earn up to 0.81% APY, but customers receive 50 free transactions per month only, half as many as KeyBank’s Business Interest Checking account.
Transactions limits: KeyBank offers limited free transactions on all of its business checking accounts. This is common practice, and Key Bank’s limits are generous when compared with competitors. Still, transaction-heavy businesses may want to consider an online bank with unlimited transactions.
Overdraft charges: KeyBank assesses hefty fees if an account is overdrawn. Accounts are dinged up to $38.50 per overdraft and could be assessed a recurring overdraft fee of $28.50 if the account stays in the negative for five consecutive business days. Business customers can enroll in overdraft protection by linking a checking account to a KeyBank deposit or Business Cash Reserve Credit account.
Other fees: KeyBank business checking customers could be assessed additional fees, depending on their account activity. The bank charges $34 for stop payment requests and $3 per month for paper statements.
Business Basic and Business Interest Checking customers are also assessed $30 for each outgoing domestic wire transfer. Business Rewards Checking customers get three free per statement cycle, additional domestic wire transfers are $30 for each one sent. Incoming wire transfers are free with the Business Rewards Checking account and $20 each with the other two KeyBank business accounts.
Nurses serve on the front lines of health care. Their work is tough, but fortunately it’s well-compensated. And if you are considering a career as a nurse, the good news is that the industry is growing and the pay tends to be good.
The federal Bureau of Labor Statistics estimates there are more than 2.9 million registered nurses across the country, pulling down an average annual wage of $77,460. Additionally, there are some 200,000 nurse practitioners, earning an average of $111,840, and some 697,000 licensed practical and vocational nurses, earning an average of $48,500.
But the pay varies greatly depending on where the nurse practices.
Following are the average annual wages for multiple types of nurses in all 50 states and the District of Columbia, according to the latest Bureau of Labor Statistics data, which is for 2019. The states are ranked based on pay for RNs.
51. South Dakota
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South Dakota is one of several states predicted to have a shortage of registered nurses (RNs) by 2030, according to a report by the U.S. Department of Health and Human Services. The federal agency forecasts that the state will be short 1,900 RNs by 2030.
South Dakota is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $59,540
Average annual wage for a nurse practitioner: $102,230
Average annual wage for a licensed practical or licensed vocational nurse: $38,760
50. Mississippi
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Nurses aren’t the only front-line workers with relatively low average wages in Mississippi. The state ranks dead last for its average annual wages for elementary-school teachers, for police officers and sheriff’s deputies and even for cashiers, as we have reported.
Average annual wage for a registered nurse: $59,750
Average annual wage for a nurse practitioner: $110,740
Average annual wage for a licensed practical or licensed vocational nurse: $39,020
49. Alabama
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In Alabama and nationally, nurse practitioners earn more money than multiple other types of nurses, on average. To become an NP, you must first be a registered nurse and also pursue specialized graduate education, according to the Bureau of Labor Statistics.
Average annual wage for a registered nurse: $60,230
Average annual wage for a nurse practitioner: $99,570
Average annual wage for a licensed practical or licensed vocational nurse: $39,310
48. Iowa
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Different types of nurses are most likely to work in different types of health care settings, according to the Bureau of Labor Statistics. RNs most commonly work in hospitals, and NPs in physicians’ offices. Meanwhile, licensed practical and vocational nurses most often work in nursing care facilities, also referred to as skilled nursing facilities.
Average annual wage for a registered nurse: $60,590
Average annual wage for a nurse practitioner: $109,910
Average annual wage for a licensed practical or licensed vocational nurse: $44,220
47. Arkansas
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Average annual wage for a registered nurse: $61,330
Average annual wage for a nurse practitioner: $105,840
Average annual wage for a licensed practical or licensed vocational nurse: $40,760
46. Kansas
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Average annual wage for a registered nurse: $62,450
Average annual wage for a nurse practitioner: $100,550
Average annual wage for a licensed practical or licensed vocational nurse: $44,260
45. Tennessee
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Average annual wage for a registered nurse: $62,570
Average annual wage for a nurse practitioner: $96,510
Average annual wage for a licensed practical or licensed vocational nurse: $41,270
44. West Virginia
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Average annual wage for a registered nurse: $63,220
Average annual wage for a nurse practitioner: $103,170
Average annual wage for a licensed practical or licensed vocational nurse: $37,500
43. Kentucky
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Average annual wage for a registered nurse: $63,750
Average annual wage for a nurse practitioner: $99,560
Average annual wage for a licensed practical or licensed vocational nurse: $42,740
42. Missouri
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Average annual wage for a registered nurse: $64,160
Average annual wage for a nurse practitioner: $105,050
Average annual wage for a licensed practical or licensed vocational nurse: $43,410
41. Oklahoma
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Average annual wage for a registered nurse: $64,800
Average annual wage for a nurse practitioner: $113,200
Average annual wage for a licensed practical or licensed vocational nurse: $42,090
40. South Carolina
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South Carolina is one of seven states projected to have a shortage of registered nurses by 2030, according to the report from the U.S. Department of Health and Human Services. The federal agency forecasts the Palmetto State will be short 10,400 RNs by that year.
South Carolina is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $64,840
Average annual wage for a nurse practitioner: $100,680
Average annual wage for a licensed practical or licensed vocational nurse: $42,190
39. Louisiana
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Louisiana is home to more than 19,000 licensed practical nurses and licensed vocational nurses, according to the federal Bureau of Labor Statistics. Consequently, Louisiana has a higher concentration of this type of nursing job than any other state in the nation.
Average annual wage for a registered nurse: $65,850
Average annual wage for a nurse practitioner: $106,240
Average annual wage for a licensed practical or licensed vocational nurse: $40,300
38. North Dakota
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Average annual wage for a registered nurse: $66,290
Average annual wage for a nurse practitioner: $110,950
Average annual wage for a licensed practical or licensed vocational nurse: $46,760
37. North Carolina
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Average annual wage for a registered nurse: $66,440
Average annual wage for a nurse practitioner: $105,890
Average annual wage for a licensed practical or licensed vocational nurse: $45,880
36. Indiana
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Average annual wage for a registered nurse: $66,560
Average annual wage for a nurse practitioner: $106,380
Average annual wage for a licensed practical or licensed vocational nurse: $46,050
35. Nebraska
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Average annual wage for a registered nurse: $66,640
Average annual wage for a nurse practitioner: $105,450
Average annual wage for a licensed practical or licensed vocational nurse: $44,450
34. Florida
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Average annual wage for a registered nurse: $67,610
Average annual wage for a nurse practitioner: $101,510
Average annual wage for a licensed practical or licensed vocational nurse: $45,580
33. Utah
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Average annual wage for a registered nurse: $67,970
Average annual wage for a nurse practitioner: $105,240
Average annual wage for a licensed practical or licensed vocational nurse: $49,660
32. Ohio
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Ohio is home to the Cleveland Clinic — which U.S. News & World Report ranks as the nation’s No. 2 hospital overall, and the No. 1 specialty hospital for cardiology and heart surgery, as we report in “The 20 Highest-Ranked U.S. Hospitals in 2020.”
Average annual wage for a registered nurse: $68,220
Average annual wage for a nurse practitioner: $103,780
Average annual wage for a licensed practical or licensed vocational nurse: $45,020
31. Wyoming
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Average annual wage for a registered nurse: $68,690
Average annual wage for a nurse practitioner: $118,110
Average annual wage for a licensed practical or licensed vocational nurse: $46,980
30. Montana
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Average annual wage for a registered nurse: $69,340
Average annual wage for a nurse practitioner: $109,120
Average annual wage for a licensed practical or licensed vocational nurse: $44,730
29. Idaho
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Average annual wage for a registered nurse: $69,480
Average annual wage for a nurse practitioner: $110,860
Average annual wage for a licensed practical or licensed vocational nurse: $46,430
28. Georgia
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Georgia is one of several states predicted to have a shortage of registered nurses by 2030, according to an analysis from the U.S. Department of Health and Human Services. The federal agency forecasts that the Peach State will be short 2,200 RNs by that time.
Georgia is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the analysis found. The state is projected to be short 10,500 LPNs by that year.
Average annual wage for a registered nurse: $69,590
Average annual wage for a nurse practitioner: $105,670
Average annual wage for a licensed practical or licensed vocational nurse: $42,570
27. Maine
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Average annual wage for a registered nurse: $69,760
Average annual wage for a nurse practitioner: $106,960
Average annual wage for a licensed practical or licensed vocational nurse: $46,930
26. Vermont
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Average annual wage for a registered nurse: $70,240
Average annual wage for a nurse practitioner: $105,840
Average annual wage for a licensed practical or licensed vocational nurse: $50,210
25. Pennsylvania
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Average annual wage for a registered nurse: $71,410
Average annual wage for a nurse practitioner: $101,950
Average annual wage for a licensed practical or licensed vocational nurse: $49,200
24. Virginia
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Average annual wage for a registered nurse: $71,870
Average annual wage for a nurse practitioner: $109,110
Average annual wage for a licensed practical or licensed vocational nurse: $46,070
23. Wisconsin
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Average annual wage for a registered nurse: $72,610
Average annual wage for a nurse practitioner: $112,130
Average annual wage for a licensed practical or licensed vocational nurse: $46,550
22. Michigan
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University of Michigan Hospitals-Michigan Medicine ranks among the top 20 hospitals in the United States. Like the University of Michigan itself, the hospital is located in the city of Ann Arbor.
Average annual wage for a registered nurse: $73,200
Average annual wage for a nurse practitioner: $108,660
Average annual wage for a licensed practical or licensed vocational nurse: $50,300
21. New Mexico
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Average annual wage for a registered nurse: $73,300
Average annual wage for a nurse practitioner: $111,930
Average annual wage for a licensed practical or licensed vocational nurse: $48,330
20. Illinois
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Chicago is home to two of the top 20 hospitals in the United States — Northwestern Memorial Hospital and Rush University Medical Center — according to the rankings of U.S. News & World Report.
Average annual wage for a registered nurse: $73,510
Average annual wage for a nurse practitioner: $107,860
Average annual wage for a licensed practical or licensed vocational nurse: $53,290
19. New Hampshire
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Average annual wage for a registered nurse: $73,880
Average annual wage for a nurse practitioner: $110,680
Average annual wage for a licensed practical or licensed vocational nurse: $54,220
18. Delaware
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Average annual wage for a registered nurse: $74,100
Average annual wage for a nurse practitioner: $112,430
Average annual wage for a licensed practical or licensed vocational nurse: $53,520
17. Texas
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Texas is one of several states facing a serious shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. It’s also among the majority of states forecast to have a shortage of licensed practical nurses by 2030.
Additionally, Texas has a larger share of uninsured residents than any other state, as we detail in “16 States With the Worst Rates of Health Insurance.”
Average annual wage for a registered nurse: $74,540
Average annual wage for a nurse practitioner: $115,440
Average annual wage for a licensed practical or licensed vocational nurse: $47,370
16. Colorado
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Average annual wage for a registered nurse: $76,230
Average annual wage for a nurse practitioner: $106,760
Average annual wage for a licensed practical or licensed vocational nurse: $53,180
15. Maryland
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Baltimore is home to the Johns Hopkins Hospital, which U.S. News & World Report ranks as the top hospital in the country for multiple specialties — from ear, nose and throat care to psychiatry — as we report in “The 20 Highest-Ranked U.S. Hospitals in 2020.” The publication also ranks Johns Hopkins Hospital the No. 3 hospital in the country overall.
Average annual wage for a registered nurse: $77,910
Average annual wage for a nurse practitioner: $111,800
Average annual wage for a licensed practical or licensed vocational nurse: $55,020
14. Arizona
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Average annual wage for a registered nurse: $78,330
Average annual wage for a nurse practitioner: $111,480
Average annual wage for a licensed practical or licensed vocational nurse: $54,290
13. Minnesota
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The city of Rochester, Minnesota, is home to the Mayo Clinic — which U.S. News & World Report ranks as the No. 1 hospital in the nation, as we detail in “The 20 Highest-Ranked U.S. Hospitals in 2020.” The Mayo Clinic also is ranked No. 1 for multiple types of specialty care, from diabetes and endocrinology to pulmonology and lung surgery.
Average annual wage for a registered nurse: $80,130
Average annual wage for a nurse practitioner: $122,850
Average annual wage for a licensed practical or licensed vocational nurse: $48,460
12. Rhode Island
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Average annual wage for a registered nurse: $82,310
Average annual wage for a nurse practitioner: $115,310
Average annual wage for a licensed practical or licensed vocational nurse: $59,860
11. Connecticut
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Average annual wage for a registered nurse: $83,440
Average annual wage for a nurse practitioner: $115,140
Average annual wage for a licensed practical or licensed vocational nurse: $57,380
10. New Jersey
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New Jersey is one of seven states expected to have a shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. The federal agency predicts that the state will be short a whopping 11,400 RNs in about a decade.
Average annual wage for a registered nurse: $84,280
Average annual wage for a nurse practitioner: $123,810
Average annual wage for a licensed practical or licensed vocational nurse: $57,510
9. Washington
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Average annual wage for a registered nurse: $86,170
Average annual wage for a nurse practitioner: $126,920
Average annual wage for a licensed practical or licensed vocational nurse: $57,940
8. New York
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Nurses aren’t the only front-line workers with relatively high average wages in New York. The state ranks No. 1 for its wages for grade-school teachers, as we report in “Here’s How Much Teachers Are Paid in Every State.”
Average annual wage for a registered nurse: $87,840
Average annual wage for a nurse practitioner: $122,550
Average annual wage for a licensed practical or licensed vocational nurse: $49,860
7. Nevada
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Average annual wage for a registered nurse: $88,380
Average annual wage for a nurse practitioner: $115,970
Average annual wage for a licensed practical or licensed vocational nurse: $58,470
6. Alaska
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Alaska is one of seven states facing a shortage of registered nurses in the near future, according to the report from the U.S. Department of Health and Human Services. The federal agency forecasts that by 2030, the state will be short 5,400 registered nurses.
Alaska is also among the majority of states forecast to have a shortage of licensed practical nurses by 2030, the report found.
Average annual wage for a registered nurse: $90,500
Average annual wage for a nurse practitioner: $115,890
Average annual wage for a licensed practical or licensed vocational nurse: $63,850
5. Oregon
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Average annual wage for a registered nurse: $92,960
Average annual wage for a nurse practitioner: $113,430
Average annual wage for a licensed practical or licensed vocational nurse: $54,740
4. Massachusetts
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Massachusetts has a larger share of insured residents than any other state in the country, as we detail in “15 States Where the Most People Have Health Insurance.” A mere 3% of Massachusetts’ population is without insurance.
Average annual wage for a registered nurse: $93,160
Average annual wage for a nurse practitioner: $122,240
Average annual wage for a licensed practical or licensed vocational nurse: $60,340
3. District of Columbia
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Nurses aren’t the only front-line workers with relatively high average wages in Washington, D.C. The nation’s capital ranks No. 1 — beating out all 50 states — based on its pay for the heroes behind cash registers, as we report in “How Much Cashiers Earn in Every State.”
Average annual wage for a registered nurse: $94,820
Average annual wage for a nurse practitioner: $111,950
Average annual wage for a licensed practical or licensed vocational nurse: $54,220
2. Hawaii
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U.S. News & World Report named Hawaii the No. 1 state for health care in general. In the analysis, Hawaii leads the nation in health care quality, is third for health care access and fourth for public health.
Average annual wage for a registered nurse: $104,060
Average annual wage for a nurse practitioner: $124,000
Average annual wage for a licensed practical or licensed vocational nurse: $51,010
1. California
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California may pay its nurses well, but it is one of seven states forecast to have a shortage of registered nurses by 2030, according to an analysis by the U.S. Department of Health and Human Services. The federal agency predicts that the state will be short 44,500 full-time RN jobs — far more than any other state — by that year.
Average annual wage for a registered nurse: $113,240
Average annual wage for a nurse practitioner: $138,660
Average annual wage for a licensed practical or licensed vocational nurse: $60,240
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The COVID-19 pandemic has forced many Americans into an early retirement: In fact, the majority of the seven-percentage-point drop in the labor participation this past spring can be attributed to unemployed people who have prematurely decided to exit the workforce for good, according to a paper from the Becker Friedman Institute for Economics at the University of Chicago. And though less than 1% of workers in the U.S. ordinarily retire before 50, according to data from the LIMRA Secure Retirement Institute, the rise of the “Financial Independence Retire Early” (FIRE) movement has Americans searching for ways to leave the labor force in advance of what may be the typical age range. That’s contingent upon such factors as lowering your tax burden and living expenses while also enjoying low housing costs as a percentage of income while working to have the wherewithal to grow your nest egg. With all that in mind, SmartAsset crunched the numbers to uncover the most affordable cities for an early retirement.
To do so, we analyzed 100 of the largest U.S. cities across the following metrics: effective income tax, health insurance costs, cost of living, housing costs as a percentage of income, various other taxes, crime rates, medical facilities and unemployment rate. For details on our data sources and how we put the information together to create our final rankings, check out the Data and Methodology section below.
Key Findings
Arizona shines. There are four cities in the Grand Canyon State in the top 10 of this list, including the top three: Gilbert, Chandler and Scottsdale. Safety plays a big part of this ranking, as the top three Arizona locales all finish in the top quartile for low property and violent crime rates. Mesa, at No. 10, and the other three Arizona cities benefit from their relatively affordable housing costs and health insurance expenses as well as the state’s low income tax rates.
Home is where the retirement savings are. Of the cities near the top of our list, all but one finish in the top quartile for affordable housing costs relative to income. The only exception, Colorado Springs, Colorado is close behind at 28th. In fact, five cities at the top of the study also finish in the top 10 for this metric: Gilbert, Arizona (first); Fort Wayne, Indiana (third); Chandler, Arizona (seventh); Plano, Texas (eighth) and Boise, Idaho (ninth).
1. Gilbert, AZ
Gilbert, Arizona finishes first in three separate metrics included in this study:
Low housing costs as a percentage of income (18.75%).
Low violent crime rate (just 97 incidents per 100,000 residents).
Low property crime rate (just 1,203 per 100,000 residents).
Gilbert also finishes strong for its September 2020 unemployment rate of 6.3%, ranking 20th overall for this metric.
2. Chandler, AZ
Housing costs represent 19.87% of income in Chandler, Arizona, the seventh-lowest percentage for this metric in the study. The average effective property tax rate is 0.55%, the 10th-lowest overall. In addition, the violent crime rate in Chandler is low, with just 228 incidents per 100,000 residents, the eighth-lowest rate for this metric across all 100 cities we analyzed.
3. Scottsdale, AZ
Scottsdale, Arizona has an average effective property tax rate of 0.51%, the sixth-lowest of the 100 cities in this study. It also finishes 13th for housing costs as a percentage of income, at just 20.54%. Scottsdale has a slightly higher sales tax than the other two Arizona cities in the top three, finishing in the center of the study for this metric, at 8.05%. This indicates that making everyday purchases may prove a bit pricier, even if you’re saving on housing.
4. Boise, ID
Boise, Idaho has a sales tax rate of 6.00%, tied for the seventh-lowest rate for this metric in the study. Though Boise ranks in the bottom 10 for its fairly high income tax – with an estimated burden of 21.04% for a retiree with a $50,000 income – the city finishes fifth for its low property crime rate (just 1,579 incidents per 100,000 residents) and 12th its low unemployment, at 5.9% in September 2020.
5. Lexington, KY
Lexington, Kentucky has a fairly high income tax. The effective rate for a retiree with $50,000 in income is 23.86%, ranking third-highest for this metric in the study. It fares better in some of our other metrics, though, including tying for seventh for sales tax, at 6.00%. Lexington also has housing costs that represent 20.38% of income, the 11th-lowest rate across all 100 cities we studied.
6. Plano, TX
Plano, a suburb of Dallas, is tied for the study’s lowest effective tax rate for a retiree with an income of $50,000, at just 16.33%. It also has affordable housing. It ranks eighth for housing costs as a percentage of income, at 20.02%. In addition, Plano is a relatively safe city, finishing in the top 10 for both violent crime incidents (148) and property crime incidents (1,683) per 100,000 residents. That said, Plano doesn’t fare as well in terms of property tax, where the average effective rate is 1.71%, a bottom-quartile ranking for this metric.
7. Colorado Springs, CO
Colorado Springs has the second-lowest average effective property tax rate in this study, at 0.43%. Colorado Springs’ unemployment rate for September 2020 was 5.9%, tied for the 12th-lowest rate in the study. The city has a sales tax of 8.25%, putting it near the middle of the pack for this study (tied for 51st). It also ranks within the top 30 of the study for relatively low housing costs as a percentage of income and average annual cost of a silver health insurance plan for a 60-year-old in the city.
8. Henderson, NV
Henderson, Nevada is tied for the lowest effective income tax rate for a retiree with income of $50,000, at 16.33%. The city is also affordable when it comes to housing. Housing costs represent 20.36% of income, the 10th-lowest rate in the study, and the average effective property tax rate is 0.57%, the 15th-lowest rate in the study.
9. Fort Wayne, IN
Fort Wayne, Indiana’s cost of living comes to $18,904, the third-lowest amount in our study. That number will cover a single person’s basic needs. Housing is also relatively affordable in Fort Wayne, as housing costs there on average make up just 18.92% of income, also a third-place ranking in our study. That said, the taxes in Fort Wayne are fairly high. The effective rate for a retiree making $50,000 is 20.82%, in the bottom quartile of our study.
10. Mesa, AZ
Mesa, Arizona has an average effective property tax rate of 0.52%, the seventh-lowest rate for this metric in the study. The city also finishes in the top quartile for both of its relatively low crime rankings – it places 13th for property crime incidents (1,869 per 100,000 residents) and 23rd for violent crime incidents (377 per 100,000 residents). The downside is that sales tax in the city is fairly high at 8.30%, ranking in the bottom third of the study for this metric.
Data and Methodology
To rank the most affordable cities for an early retirement, we looked at data for 100 cities. Specifically, we compared them over the following 10 metrics.
Effective income tax rate. This is the estimated income tax rate for a retiree with 50,000 in annual income. That income is split between $15,000 from Social Security, $10,000 from a private pension, $15,000 from retirement savings like a 401(k) or an IRA and $10,000 in wages.
Average annual cost of a silver health insurance plan. To find this number, we used the Kaiser Family Foundation health insurance calculator. We estimated the cost of a silver plan for a 60-year-old in each city, not including any subsidies.
Cost of living. This is the cost of living for one person. Data comes from the MIT living wage study.
Median housing costs as a percentage of median household income. This is median housing costs divided by median household income. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Average effective property tax rate. This is annual property taxes divided by median home value. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Sales tax. This is the combined state and local sales tax rate.
Property and violent crime rates. This is the number of violent property crimes and violent crime rates per 100,000 residents. Data comes from the FBI UCR report and is for 2019.
Medical facilities per 1,000 residents. Data comes from the Census Bureau’s County Business Patterns Survey and is for 2018.
Unemployment rate. Data comes from the Bureau of Labor Statistics and is for September 2020.
In order to create our final ranking, we first ranked each city in each metric. We then found each city’s average ranking, giving a half weight to both crime metrics and a full weight to every other metric. Using this average ranking, we created our final score. The city with the best average ranking received a 100 and the city with the worst average score received a 0.
Tips for Retirement
Saving is key for funding your retirement, and a financial advisor can help you get there. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Take advantage of workplace savings when you can. One of the best ways to save for retirement is with a workplace savings program like a 401(k), so if your firm offers one make sure you take advantage, including getting any employer match.
Questions about our study? Contact press@smartasset.com.
Find Top Financial Advisors by City
Learn more about financial advisors in your area below through our detailed advisor profiles organized by location. That’s just one of the ways that we make it easier to find and research financial advisors. You can also find nearby financial advisors through our matching tool, which does the work for you by pairing you with advisors based on your situation and preferences.
Find Top Financial Advisor Firms by City
Learn more about financial advisor firms in your area below through our detailed advisor profiles organized by location. That’s just one of the ways that we make it easier to find and research financial advisor firms. You can also find nearby financial advisors through our matching tool, which does the work for you by pairing you with advisors based on your situation and preferences.
