Just about everyone with a home loan ponders the idea of paying a little extra, whether it’s via biweekly mortgage payments, or just once a year after receiving a sizable bonus or tax refund.
Whatever the method, you should first consider why you’re thinking about paying your mortgage off early as opposed to putting the money elsewhere.
This is a particularly important question to ask in the super-low mortgage rate environment we’ve been enjoying for some time.
Simply put, mortgage borrowing is really cheap, and probably the least expensive debt you’ve got, so prioritizing it over other debt may not make sense.
For example, if you have student loan or credit card debt, it might be more beneficial to pay that off first.
Anyway, assuming you do decide to make extra mortgage payments, whether significantly larger or just a little more than required, your next monthly payment won’t be affected by the previous payment.
You will still owe what you owed the month before, regardless of your principal balance being smaller.
While this might sound unfair, it all has to do with math and the fact that a mortgage is an amortizing loan.
A Mortgage Is an Amortizing Loan with Equal Monthly Payments
Most mortgages have a set loan term in which they are paid off in full
Fully-amortizing payments consist of a principal and interest portion
The monthly payment amount typically doesn’t change unless it’s an ARM
But the portion that goes to principal/interest will adjust over time as your loan is paid off
Traditional mortgages are paid off over a certain set time period with regular monthly payments that consist of a principal and interest portion.
This total payment amount does not change (barring an ARM adjustment or negative amortization) regardless of whether you pay more than is due each month.
The only thing that changes over time is the composition of your mortgage payment, with the portion going toward principal increasing over time as the loan balance falls.
As more goes toward principal, less go toward interest – picture an old-fashioned balance scale where one side drops while the other rises.
In this example, your monthly mortgage payment would be $536.82 per month for 360 months.
The very first payment would allocate $416.67 toward interest and the remaining $120.15 would go toward principal.
This right here illustrates how interest on mortgages is front-loaded, with about 78% of the payment going toward interest and doing nothing to pay down the loan balance.
To calculate the interest portion, simply multiply 5% by $100,000, and divide it by 12 (months). The principal portion is the remainder, as noted above.
For the second payment, you need to use an outstanding balance of $99,879.85 to account for the principal amount paid off via payment one.
So to calculate interest for the second payment, you multiply $99,879.85 by 5% and come up with $416.17. This is the interest due and the remainder of the $536.82 payment goes toward principal.
Over time, the interest portion decreases as the outstanding balance decreases, and the amount that goes toward principal increases.
Pay More Each Month and the Payment Composition Will Change
While paying more than necessary won’t lower the minimum amount due on your next mortgage payment
It will change the composition of all future payments thanks to a lower outstanding balance
This means you’ll save on interest and reduce your loan term despite owing the same each month
In other words paying extra is well-suited for those looking to save money long-term, not to obtain payment relief
If you make some additional payments, the outstanding loan balance will drop prematurely based on the original amortization schedule.
But instead of your monthly mortgage payments decreasing, the composition of your next payment (and the payment after that) becomes more principal-heavy.
In other words, the payment due would still be $536.82 the next month, but more of it would go toward principal (paying down your balance).
And for that reason, less interest would be paid throughout the life of the loan, and the mortgage would be paid off ahead of schedule. These are the two benefits of making larger payments.
The obvious downside is you wouldn’t enjoy lower payments in the future, which could be an issue if money becomes unexpectedly tight, especially seeing that you used it to pay your mortgage down quicker.
Instead, more money is essentially locked up in your home until you either sell the property or refinance and pull equity (cash out refinance).
Recast or Refinance If You Want to Lower Future Payments
As noted extra payments alone won’t lower future ones
The only way future mortgage payments will drop is if you recast your loan or refinance it
Make sure you have money in the bank after making any extra payments
The money could be trapped in your home and unavailable for other more pressing needs
If you made additional payments and want subsequent monthly payments to be lower, you have two options to get payment relief.
You can refinance the loan, which would also re-amortize the loan based on a brand new loan term. Of course, if you’re well into a 30-year loan, you’ll reset the clock if you go with another 30-year term.
That’s why it’s recommended to go with a shorter term loan when refinancing such as a 15-year fixed mortgage, which kind of defeats the purpose of lowering monthly payments.
The other option you might have is to request a “loan recast,” where the lender re-amortizes the loan based on the reduced principal balance.
This generally only makes sense if you make a sizable extra payment, something that would really change the payment structure of the loan.
In fact, some banks may only offer a recast it if you make a certain lump sum payment that cuts a certain percentage off the loan. They’ll also charge you a fee to do it in most cases.
So while both a refinance and a recast can lower monthly payments, you have to be careful not to tack on more costs as you attempt to pay your mortgage down faster.
At the end of the day, it can be very worthwhile to make larger payments even if your subsequent payments don’t change, just make sure you have money set aside for a rainy day.
The average American is not saving enough for retirement, and this can easily lead to financial stress and even a scarcity mindset. Life expectancy rates are increasing and many retirees are finding that they under-saved and are running out of money. There are creative ways out there to fund your retirement account.
While retirement is a long time away for me and this may be the case for you as well, it’s important to contribute something for your financial future and aim to increase contributions each year. This can be challenging when you’re facing everyday expenses like housing and food as well as debt payments.
Luckily, you can fund your retirement account well without thinking about it all the time. I actually prefer to save for retirement automatically and just let my account grow in the background. Here are some of the easiest and most creative ways to fund your retirement over the years without overworking and obsessing about it.
Increase Your 401(k) Contributions By Your Annual Raise Amount
Contributing to your 401(k) offered through your job can be an excellent way to fund your retirement account. Contributions are automatic and pre-tax so you won’t even notice the money coming out. Plus, some employers even offer to match your contributions which is extremely helpful.
If you start off contributing a small percentage of your income to your 401(k), see if you can increase that amount each year if you get a raise. Create a budget that allows you to live comfortably on your existing salary. Then, take the difference from your raise and use it to increase your retirement contributions. For example, if you get a 5% raise one year, you may want to increase your retirement savings by up to 5% of your paycheck. That way, you’re automatically saving more and you won’t miss the money you didn’t have.
RELATED: 6 Financial Moves to Make During COVID-19 for Overall Financial Health
Earn Cash Back on Your Spending With EvoShare
EvoShare is a program that helps you earn cashback for purchases you make at popular retailers. The money you earn can be automatically added to your retirement account or put toward another financial goal. How it works is you’ll connect your Visa or Mastercard so purchases can be tracked. EvoShare partners with over 10,000 online and local merchants ad well as 700,000+ hotels worldwide.
When you spend money with a partnering retailer or hotel for travel, you’ll get cashback that will go directly toward your investments. EvoShare can be offered through your employer so be sure to ask them to sign up. Your entire team could likely benefit from an extra way to generate income to invest for retirement.
Easy and most creative ways to fund your retirement accounts over the years. Click To Tweet
Invest the Change With Acorns
Acorns is a free app that has put a whole new spin the saying ‘keep the change’. Instead of disregarding the change leftover from your purchases, Acorns will invest it on your behalf. Of course, Acorns works with your debit and credit cards so it won’t invest your physical change. Rather, your purchases will get rounded up to the nearest dollar so the difference can be invested.
For example, say you go through the drive-through and spend $4.50 at Starbucks. Acorns will round up the purchase to the nearest dollar and invest $0.50 for you. You can even set Acorns to round up your purchases to the nearest $2 or $3 to save at a more aggressive rate and you can also make regular contributions.
I’ve been adding an extra $5 per week to my Acorns account but you can do more or less depending on your preferences. The best part is that it’s small amounts of money that you likely won’t even miss. Yes, your balance can really add up over time.
RELATED: Acorns Review: Why It’s one of my Favorite Investment Strategies
Fund Your Retirement With Rebates
I love rebates because it’s basically like getting paid to spend money. Usually, how it works is you earn a percentage of your purchase back or a fixed rate. Yes, rebates are often small especially when you’re awarded for everyday spending. However, the key is to keep multiple rebates coming in from different places.
Rakuten is my favorite site to earn cash back for regular online spending. Rakuten sometimes awards up to $14 cash back or a fixed rate for certain purchases. Plus, they automatically help you find coupon codes when you’re shopping online. Rakuten pays members a ‘big fat check’ once every quarter so long as your balance is over $5. This is money that can be added to your retirement account 4 times per year.
Another popular rebate app I like is Fetch Rewards. You earn rewards for your purchases at local grocery stores so it’s super easy to use.
Sell Things Online and Invest the Profit
Do you have anything lying around your house that you can sell? I try to sell old stuff all the time online. We try to declutter as much as possible, but there are still items I could find around my home to sell all year round if I wanted to. You can also look into creating things that you can sell online. Consider selling crafts on Etsy or selling printables or e-books online.
This is something can could potentially become a passive stream of income for you. Plus, you can use all the profits you receive and add them to your retirement savings account. Imagine if you are able to earn $300/month by selling various items online. This is $3,600 per year that can be used to fund your retirement in an IRA or other type of account.
Do you feel like you’re saving enough for retirement? What are some of your favorite creative alternative ways to fund your retirement?
You may have come across one of those articles lately that talks about how a couple paid off their mortgage in five years. Or some other absurdly-fast timeline.
While it also sounds super enticing and perhaps inspiring, it’s often just a feel-good story that may not actually make a lot of sense financially. At least for you.
Mortgage Debt Has Hit Record Highs
The New York Federal Reserve Bank recently reported that household debt, largely comprised of home loans, hit a record $14.56 trillion in the fourth quarter of 2020.
It was driven “by a steep increase in mortgage originations,” which the NY Fed estimated to be a staggering $1.2 trillion in the fourth quarter of 2020.
That was also a record which surpassed the massive volumes seen during the historic refinance boom back in the third quarter of 2003 (at least in nominal terms).
At first glance, this makes it appear as if Americans are going down that dark debt path once again.
But in reality, it’s more illustrative of surging property values, not so much overflowing debt balances.
Many homeowners these days actually owe very little relative to what their homes are worth, which puts them in a much better position than where we were at a decade ago.
Back then, scores of homeowners applied for cash out refinances at near-100% loan-to-value ratios (LTVs) on properties with dubious valuations.
In other words, looking at outstanding debt alone isn’t sufficient – you need to consider homeowner equity, which I believe has also never been higher.
It Sounds Really Good to Own Your Home Sooner…
We are obsessed with owning our homes free and clear
Yet nothing really changes other than not having a principal and interest payment
You’ll still need to pay property taxes and homeowners insurance and possibly HOA dues
And all that money you threw at your house is essentially locked away until you sell or refinance
If you look at a lot of today’s mortgage refinance ads, you’ll notice that the 15-year fixed (or any shorter term for that matter) is often touted above all else.
Heck, even 10-year fixed mortgages are being actively pitched by lenders as a great opportunity to own your home faster!
Part of this could have to do with the fact it simply looks better to advertise an interest rate just below 2% (1.99% APR!).
And if mortgage shoppers don’t take the time actually differentiate these mortgage types, they may just assume one lender is offering a more competitive rate.
Regardless, one has to ask themselves if it makes sense to prepay the mortgage right now, at a time when mortgage rates have never been lower.
Instead of “slowly” paying off your mortgage with a traditional 30-year fixed, banks, lenders, and even the government are recommending that we shorten our loan terms and get out of debt quicker.
The angle is simple: You can pay off your home loan in half the time without actually increasing your monthly mortgage payment, assuming your old rate is substantially higher than today’s going rate.
A shorter loan term with a similar monthly payment sounds great.
If you’re currently paying $1,500 a month on a 30-year mortgage, why not switch to a 15-year mortgage if the payment is just about the same thanks to the rock-bottom mortgage rates.
After all, you’ll save a ton of money in interest, and you’ll own your home free and clear a lot quicker.
If you pay mortgage insurance, you’ll also be able to ditch it sooner rather than later once your loan-to-value drops low enough. And of course, you’ll build precious home equity.
[15-year fixed vs. 30-year fixed mortgage]
Is Now the Best Time to Pay Down Debt?
Some pundits will tell you to always pay down debt like it’s the plague
But why get rid of ultra-low cost debt if your money can grow faster elsewhere
This idea can be even more compelling with high rates of inflation expected in coming years
Your mortgage payment could feel like peanuts as the value of the dollar continues to erode
At the same time, with interest rates so low and only poised to rise, it’s really the ideal time to carry ultra-cheap debt.
And a mortgage can be a good debt, especially when interest rates are at or near all-time lows.
After all, one could reasonably argue that investing their money elsewhere at a better rate of return would better serve them financially.
Sure, it may not make a whole lot of sense to park your money in a savings account paying sub-1% APYs if your mortgage rate is set at 3% or higher.
But if you can snag an annual return in the stock market of 6% or more, why settle for 3%, or even less if your mortgage rate is lower?
You may also have other debts with much higher interest rates that need your attention, such as your credit card set at 19.99% APR, or pretty much any other loan you have.
The point I’m getting at here is that paying off the mortgage early (or faster than need be) isn’t necessarily right for everyone, even if the monthly payment isn’t much more expensive due to a favorable refinance.
This is especially true when mortgage rates are at unprecedented lows because you’re able to borrow cheap money.
While a 15-year fixed can save you a ton in interest over time, it’ll also mean you’re fully invested in your home.
But what if you can’t keep up with monthly payments for one reason or another. Those bigger payments won’t do much good, will they?
Remember, paying extra won’t lower future mortgage payments. It just reduces your total interest expense and shortens your loan term.
There’s also the issue of saving for retirement, your children’s college, and even a basic emergency fund.
Going nuts trying to pay off the mortgage just isn’t that logical, and is perhaps more a psychological victory than a financial one.
It kind of reminds me of the rush to retire – congratulations, but then what?
When you begin to think about investing, all of the details can seem extremely daunting. And just this one fact alone is enough to keep a lot of people from even embarking upon the journey of investing. But, what if the initial investing journey could be much simpler? It actually can be. This is where robo-advisors come into play. In fact, it’s actually how I got started investing again after my divorce. I didn’t have the time or energy to try and figure everything out. Robo-advisors made it pain-free and had really low fees to boot. So, I’ve put together a list of 6 of the best robo-advisors to begin investing online with to help get you started.
1. Acorns
I’ve used Acorns for a little while now and still really like it as an investment supplement. Acorns is extremely easy to use and I love that they have round up possibilities. If you start out with the base account then it’s only $1 per month as a recurring fee. The account you will have is a taxable investment account.
You do not get to pick and choose specific stocks or mutual funds with Acorns, like most of these robo-advisors. But, they will run you through a series of questions upon account activation in order to determine which type of account mix to put you in. And you can always change how aggressive your approach whenever you like on their platform.
There is no minimal deposit to get started, which I really liked. You can set up a recurring monthly deposit to keep yourself rolling and/or deposit funds into your Acorns account whenever you like. The round up feature is helpful for those of us who have a more difficult time saving, as it rounds up to the nearest dollar each purchase and then puts that amount into your investment account. You can also add a multiplier to multiply that round up for each purchase if you want to start getting more aggressive but not necessarily feel it as much. This is one platform that I really like for overall ease and diversity.
2. Betterment
Betterment is another online robo-advisor I really love. They were actually who I started investing with after I got divorced to restart my retirement future. They operate similarly to Acorns in respect to setting up your account mixes. You can also change how aggressive you invest on their platform, but you cannot pick individual stocks or mutual funds.
Their fees are extremely low and they do all of the rebalancing for you, which is a fantastic feature. There is also no minimum balance to open an account with them and you can deposit money however and whenever you’d like. I do like that they give you the ability to open a few different accounts, however. I had a Roth IRA and a Traditional IRA (rolled over from a previous 401k) in my Betterment portfolio.
Recently, though, I got to the point where I wanted to be a more active investor. Since they don’t offer the capability to pick my own funds, I ultimately moved all of my money over to my Fidelity account instead.
Warning For The Future
A word of warning (that I was completely unaware of) is that most of these robo-advisors don’t participate in the larger ETF system that the bigger investment firms do. This is due to cost since there is an annual fee to participate. While I understand that, but what it means is that they will send physical checks as opposed to wire transfers. So this takes a lot more time and more time your money isn’t in the market.
So for me, when I needed to switch all of my accounts, Betterment sent a snail mail check for each account (one of which got lost in the ether for a month and a half and had to be reissued). This meant that my largest account wasn’t doing anything on the market for almost 2 months. So I lost a huge amount of potential market returns.
I still love them as a robo-advisor, but this is something to keep in the back of your mind should you ever decide to roll these accounts into another firm.
3. M1 Finance
M1 Finance is another one of the best robo-advisors for their diversity and functionality alone. They do have a $100 initial deposit to get started, which isn’t exorbitantly high. You can handle everything via their portal online or through an app on your phone. They have the initial intake to help you figure out which mix works best for you, just like the other robo-advisors. However, they are a bit different in that you also have the ability to purchase over 6,000 individual stocks or EFT’s.
This means you have more ability to customize your investments than other robo-advisors. So you can choose one of their pre-chosen account mixes based on your investing style and goals or individual funds. Plus, there are no annual fees either.
4. Robinhood
Robinhood is similar to all of the other robo-advisors. They give you the ability to embark on zero interest trading and get started with no minimum investment. You can manage your portfolio from your desktop or phone for added versatility.
They are big into the learning genre, as they want to help teach you to be a smarter investor. So, as you begin investing, you will learn tips and tricks from them to help you better understand the market and how it works. Plus, when you sign up they will give you your first stock for free. I really like this about Robinhood!
5. SoFi
With SoFi, you can open an account with as little as $100. They have more of a hybrid model than the other robo-advisors do though. As a SoFi client, you will have free access to their financial planners to help you make the best choices for your situation. But, their platform is still in the robo-advisor category, which means less management for you. So, you get the ability to speak with their financial planners to work out your plan before you invest. Then the platform handles the rest for you.
You also get free rebalancing and much lower rates on any of their SoFi loans, should you ever be in the market for one. They just recently began offering partial stock and EFT share purchases for added diversity within their platform, And, if you open a checking account with them they will give you free money towards more stock purchases.
6. Stash
With Stash you can start investing with as little as $5. Which is basically no minimum to get started. There is a $1 monthly fee, which is pretty darn nominal in the grand scheme of things. Their platform can be managed from your desktop or your phone, which is great for those of us constantly on the move.
What’s really cool about Stash is that you can buy partial shares of stocks and EFT’s. They also have a debit card you can use to earn extra shares in stocks. Which is really awesome!
These are some awesome robo-advisors to help get you started on your investing journey! Click To Tweet
Best Robo-Advisors Summary
Ultimately, not every robo-advisor is going to be the right fit for everyone. So, the first step is to research all of the different options and see which ones might fit your investing style best. To get started, check out:
Acorns
Betterment
M1 Finance
Robinhood
SoFi
Stash
Once you have chosen the best fit, then it’s time to pull the trigger. After all, there is no time like the present to plan for your future.
Which robo-advisors have you tried and why or why not did you like them for investing?
The short answer: Immediately. That is, if you want to buy a home at some point in the next year, or any time thereafter.
We’ll get into the specifics in a moment, but there’s really no sense in waiting if you want to own a home or condo because it’s always going to be a lengthy process.
Sure, once you find “the one” it might only take a month, or even less, to close escrow, thanks to new technologies that are making the actual transactional piece faster.
But the transaction is just one slice of the pie, and usually the fastest part. Personally, whenever I’ve looked for real estate, it’s been a long, long search. We’re talking many months if not a year or longer.
Consider All Aspects of the Process
Decide you want to buy a home (might be a long or short process)
Determine if you’re able to (seek out mortgage pre-approval)
Might need additional time to save for down payment and/or improve credit
Start looking at listings (set saved searches and alerts)
Find a real estate agent to work with (can be early on or late in the process)
Attend open houses, tour properties, and find one you like
Make an offer the seller accepts
Conduct inspections
Secure financing and close your loan
It’ll Probably Take You Over a Year to Find a Home
If we count the time from when you begin house hunting until your home purchase loan ultimately funds, there’s a decent chance 365 days will have elapsed.
I’m talking the day you first set your filters on Zillow/Redfin until the time the mortgage lender congratulates you on being a homeowner with an oversized key.
Does this mean each and every day is going to be consumed with home shopping? No, not at all. In fact, there might be days or weeks at a time during that span when nothing is brewing.
Your desired market could lie dormant if no new listings appear that fit within your specific parameters.
Of course, this is technically part of the process too. Waiting. And keeping an eye on things even when nothing is happening.
The good news is this will give you more time to prepare as a homeowner, especially if you’re going to be a first-time home buyer.
First Make Sure You Qualify for Home Loan Financing
The mortgage should come before the house
Not the other way around as some may lead you to believe
Know you can actually obtain financing and at what price point
Then start looking at suitable properties to ensure you don’t waste your time or anyone else’s
I’ve written an entire post about this, but I’ll reiterate here again. It’s probably not a good idea to start searching for a home until you know you qualify for a mortgage, assuming you’re not paying cash.
You wouldn’t shop for a new car if you didn’t have a steady job and money in the bank, so why shop for an even larger purchase without knowing where you stand?
Fortunately, it’s pretty easy to get a mortgage pre-approval, and even easier to get pre-qualified, though the latter isn’t worth a whole lot.
Either way, make sure you do one of the two to at least get a ballpark estimate of what you can afford. And to determine if there are any red flags that need to be addressed early on.
Credit is usually a biggie, and one that can take months to resolve if there are any glaring issues. Or if you simply need time to up your credit scores for more favorable mortgage rate pricing.
Anyway, once you know how much house you can afford, and that you’re more or less eligible for a home loan, you can begin your property search.
Set Up Your Property Searches and Get Email Updates
Only after you know you can obtain a home loan
Should you begin searching for properties in your price range
Companies like Zillow and Redfin are handy and offer nearly real-time updates
They allow you to set alerts and receive instant or daily emails when new properties hit the market
One of the best ways to search for a property these days is via Zillow or Redfin. Assuming they cover your particular metro, pretty much every house, condo, and townhome will be listed.
You’ll have a ton of key information at your fingertips, including listing price, days on market, number of bedrooms and bathrooms, square footage, sales history, recent comparable sales, and most importantly, pictures!
Most home sellers throw up 20-50 photos or more, so you can do most of your home shopping from the comfort of your own abode before even thinking about a tour.
The good thing about these sites is you can set up filters and saved searches, then elect to receive targeted emails daily or instantly.
So the minute something new pops up, you’ll receive an alert. Or you can wait and get all new listings for that day in one shot.
Assuming you followed step one and got pre-approved for a mortgage, while simultaneously getting all your ducks in a row otherwise, you’ll be ready to pounce at a moment’s notice.
And these days, with the real estate market so hot, you might not get a chance to hesitate (see my 2021 home buying tips for more on that).
However, for most folks, the search process will take over a year, so there’s not necessarily a big rush.
Tip: If it’s a pocket listing or for some reason not on the MLS, the property may not show up on these websites. But this is less likely and even then, it may not be what you’re looking for or readily available.
Select an Experienced Real Estate Agent
Most home buyers will use a real estate agent to get the job done despite there being other options
You can choose to work with one early on in the discovery process
Or do the pre-qualifying and home shopping on your own before selecting one
Then you can have them come in just for the negotiation and paperwork when you find a house you like
Another thing you’ll need to take care of along the way is choosing a real estate agent to work with, that is, if you don’t go it alone.
Most home buyers work with agents, so there’s a good chance you will too. Add this selection process onto your home search timeline.
It can happen while you’re looking at prospective homes, or once you’ve already found one. You might know an agent and just tell them to be ready for you once you find your ideal home.
Or you might want some more hand-holding and seek out an agent without delay, who hopefully will get you organized and prepped immediately to avoid any missteps.
I like the idea of doing some stuff on your own first without any input from interested parties so you can explore and figure things out without bias.
But everyone is different and may not have the time, patience, or ability to do so.
Anyway, an agent can send you updates when new listings hit the market as well and basically be a more hands-on guide if you want/need it.
They can take part immediately or enter the conversation at a later date. It’s really up to you on how they fit in.
Tip: You can fly solo and once you find a home you like, use the listing agent as your buying agent to perhaps give you a leg up on the competition. Just be sure they have your best interests in mind too.
There Are Plenty of Houses in the…
It’s easy to fall in love with a house at first sight
And experience major FOMO along the way
But you’ll probably see 10+ properties in person
Before finding the right one (so try to temper your emotions)
I think we all have a tendency to fall in love with the homes we see in person, especially as first-timers, but it’s important to physically visit multiple properties to gain perspective.
These days you can see 50+ photos of a property before committing to a tour. So if you’ve made it that far there’s a good chance you’re into it.
Sure, you can arrive at the property in question and be completely underwhelmed, but if do like what you see, it might be hard to walk away.
And even harder not to imagine yourself living there. And decorating it exactly how you wish.
The best line I can think of here is that there are plenty more fish in the sea. Don’t get caught up on that first property, or any property in particular.
Aside from potentially overpaying, often times, you’ll look back and be grateful that you didn’t buy that one house, or you’ll be glad you got outbid by another buyer, etc.
You might get lucky and find that right house in a week, but chances are you won’t. Or it might just feel like the right one until you dig deeper and see more of what’s out there.
Tip: Per the National Association of Realtors, buyers see an average of 10 homes before making an offer. So prepare yourself mentally.
Okay, So How Long Does It Take to Buy a House?
The average time it takes to find a house might be 4-6 months
But it depends when we actually start the clock
Many buyers dip their toes for a while before getting more serious
We also have to factor in the many steps including financial prep, selecting an agent, house hunting, and loan closing
While results will vary, maybe tremendously, most industry experts say it’ll take anywhere from four to six months to buy a house, if not longer.
Thing is, it depends when the clock starts ticking. Do we start counting when you first open the Redfin or Zillow app, or do we start counting once you’ve met with a real estate agent?
These days, prospective buyers do a lot on their own before making contact with anyone. Or making it known that they’re even in the market to buy.
They may go through their own little discovery period where they weigh the pros and cons of homeownership, potentially for months.
As noted, it’s advisable to get in touch with a bank, lender, or mortgage broker just to know you qualify for a mortgage. Technically, this could count as the start of the home buying process.
The real estate agent part can be put off until you get more serious about buying a home because of the technology available these days.
We no longer need to be driven around the neighborhood by a friendly real estate agent in their Mercedes-Benz.
So really, the agent can come in during the late stages and help you close the deal, maybe only working with you for a month or so with the offer, paperwork, inspections, and loan closing.
But chances are they’ll come in earlier and send you listings or be on the lookout for properties that might make sense.
Then we have to take into account the home loan process, which can take anywhere from 30-45 days or longer.
If we round that up to two months and add a couple months of looking, we’re already around four months.
But the odds of finding your dream home in two months might be quite low if you’re a picky buyer, which you should be in most cases.
In reality, you could be looking for six months before you find something you like, then once you submit an offer and get your mortgage, it’s seven or eight months.
Factor in the time you were thinking about buying a home for a few months before that, the general financial preparation (saving for a down payment, getting credit in order, etc.), and the pre-approval piece, and you’re at a year in many cases.
To summarize, it going to take a while, and that’s totally okay. It’s not a process that should be rushed.
In fact, the more time that goes by, the more knowledgeable you should become. And you can mentally prepare for homeownership at the same time. That’s a good thing.
I don’t like to make generalizations too often, but I do feel that everyone over 30 should start thinking about the importance of life insurance. That is, if you’re 30 and over and don’t have any life insurance.
No one likes to think about their demise, but life insurance is an extraordinary product that can be used to reduce the financial burden you could leave behind for loved ones. Plus, different types of life insurance can even help you build wealth and diversify your assets.
Here are 4 important reasons why everyone over 30 should start thinking about life insurance.
The Insurance At Your Job is Probably Not Cutting It
By now you probably realize the life insurance coverage that your job offers is not enough. Some employers include life insurance in their list of benefits which is great, but the coverage amount often doesn’t come close to your insurable need.
Your insurable need represents how much life insurance you should hold depending on factors like your age, liabilities, health conditions, and so on. One common rule of thumb is that your average life insurance coverage amount should be 7 to 10 times your annual income.
So if you’re earning $60,000 per year, you might want to consider a policy of $420,000 to $600,000 depending on your needs. However, the average employee life insurance policy amount is only around $25,000 to $50,000 or one years’ salary. This is not nearly enough.
Plus, when you leave your job, you’ll lose your insurance benefits too. This is why it’s always important to consider having your own life insurance coverage independent of your employer. So many people are switching jobs every 2 to 3 years so you may not want your life insurance benefits to be tied to your employer anyway.
Term life insurance is pretty affordable and you can get a free quote in just a few minutes from Bestow.
Here are 4 important reasons why everyone over 30 should start thinking about life insurance. Click To Tweet
You Want to Protect Loved Ones From a Financial Burden
You don’t have to be married with kids and a house to want to consider life insurance. However, more people in their 30s do focus on settling down and working toward some of these milestones.
If you do have kids, a mortgage, etc. you’ll definitely want to consider how your partner would get by if anything did happen to you. Would the kids still be able to go to college? Would your spouse be able to keep the house? These are important questions that life insurance can help you answer.
Even if you’re single and at the height of your career. More people in their 30s are carrying debt like student loans and personal loans. Did you know that some types of student loan debt can not be forgiven even if you died? You probably don’t want to pass on any financial burdens to your parents or other loved ones who would have to fit the bill.
Life insurance provides a tax-free payment to your beneficiary which can help cover everything from debt payments, loss of household income, funeral arrangements, and more.
RELATED: How Much Life Insurance Do You Really Need
30 Is Still Young Enough to Lock in Affordable Rates For Whole Life Insurance
Let’s say you’re considering the importance of life insurance. Whole life insurance in particular. Whole life insurance is permanent insurance that builds cash value as you continue to pay your premiums.
Other types of insurance, like variable whole life, even allow you to invest some of the cash value and grow the amount faster. You can borrow from your cash value, use it to pay your life insurance premiums, or even withdraw it while you’re still alive and well.
While whole life insurance is cheaper than term life, costs increase around the board as you get older. If you’re considering whole life insurance, the best option is to get a policy while you’re younger. Thirty years old is not too old to still get a decent rate for your life insurance premiums. Plus, it allows you enough time to build cash value that could be put to use in the future.
Get Insured and Protected From Medical Issues
Yes, life insurance is geared toward providing financial relief for your loved ones. Depending on your policy, you may be able to obtain something called ‘living benefits’. Living benefits are an insurance rider (which means it’s an added on feature) that can be added to your term or whole life insurance policy.
Living benefits can allow you to use some of your life insurance coverage amount to pay medical expenses for a serious illness or condition. Of course, this will reduce the benefit provided to your beneficiary, but it can still be a helpful feature to help you cover medical bills that could otherwise be left for your loved ones to deal with anyway.
No one likes to think about getting sick or becoming terminally ill, but planning for the best and worst is just a part of adult life. As you get older, your health tends to decline but if you’re still healthy in your 30s, it’s the perfect time to lock in a life insurance policy and consider adding a living benefits rider.
RELATED: Should You Get Disability Insurance? 4 Ways to Decide
Summary
Life insurance should be apart of everyone’s financial plan. Knowing the importance of life insurance can be life-saving information. If you’re over 30 and still don’t have coverage. Consider all the reasons to get a term or whole life policy. Consider your current future needs and carefully weigh the pros and cons.
Remember, you can get a free no-obligation quote from Bestow in just two minutes.
It’s time for another match-up, this time we’ll compare buying a new home versus purchasing an old one.
For the record, some home builders refer to existing homes as “used,” which sounds kind of silly considering we’re talking about a house and not a car.
Ultimately, it’s a marketing gimmick to sway you toward buying new as opposed to old, but let’s continue on to determine the pros and cons.
Millennials and Gen X Are Big on New Homes
A recent report from the National Association of Home Builders found that interest in newly-built homes has surged.
They noted that during the fourth quarter of 2020, 41% of prospective buyers were searching for a newly-built home, double the 19% share a year earlier.
At the same time, the share interested in an existing home fell from 40% to 30%.
It’s even more pronounced when we break it down by generation, with 50% of Millennial and 48% of Gen X buyers looking to buy a new home.
Meanwhile, just 13% of Boomers indicated that they were looking for a new home vs. existing.
Interestingly, Gen Z is a little more into existing homes than Boomers with a 38% share, but still below that of Millennials and Gen X.
New Homes Are Untouched and Clean
The number one reason to buy a new home is probably the fact that it’s never been lived in
Some people may not like the idea of living somewhere that was previously occupied
It also might feature the newest amenities such as improved insulation and solar panels
And in theory you shouldn’t have to repair or renovate anything right away
The most obvious benefit to buying a new home as opposed to an old, existing, or used one is the fact that it’s brand spanking new.
It’s untouched, it’s clean, everything is in good working order and nothing needs to be repaired. At least that’s the hope.
That’s a pretty huge incentive to buy new. You won’t have to worry about the typical costs of homeownership for the first several years, right?
Another benefit to buying new is that the home (or townhouse or condo) should have all the latest amenities.
Remember when it was all the rage to have stainless steel appliances and granite countertops?
Well, today’s new homes come with solar panels, energy-saving windows, smart appliances, USB outlets, electric vehicle charging stations, thermostats and door locks you can control with your phone, and other features that might make your used home look really old, especially a few years down the line.
Aesthetics aside, these upgrades could actually save you a lot of money each year on utility costs because they’re designed to be cost-efficient, not just handy. You might even get a tax break!
Not only that, but many of these new homes use low-VOC paints and flooring, which are supposedly better for your health. Who knows what lurks in some of the older homes?
Additionally, new home buyers often get the opportunity to fine-tune the home they buy by selecting certain features, colors, styles, etc., and even financing any add-ons into the mortgage loan amount.
It Can Be Easier to Buy a New Home
It might be easier to finance a new home with a mortgage
Home builders often have their own home loan divisions
So they’ll be motivated to work with you to get the deal done
But still take the time to shop around and negotiate since you don’t need to use their preferred company
And speaking of mortgages, most home builders have their own financing departments that make it easy to get a mortgage.
Whether it’s the best deal is another question, but if you simply want in, your odds are probably better with a new home. After all, the builder has a vested interest to get you financing.
There’s probably also a lot less competition for a new home, seeing that you’re probably checking out a brand new neighborhood full of vacant homes to choose from.
This can be a huge advantage in a seller’s market, which we’re experiencing at the moment. Instead of a bidding war, you might be able to pick and choose from a selection of available properties.
You can even pick among different sizes and floor plans to get just the right amount of space, as opposed to having to conform to what’s available in the existing market.
You might be thinking, hey, this sounds great, sign me up now! Why on earth would I want a used home with dodgy popcorn ceilings and laminate countertops?
But wait, there’s more to homes than their shiny exteriors and what’s inside.
Don’t Forget About Location…
Location is and will always be the biggest property value driver
And new construction homes are often in less desirable areas
Or in the outskirts of urban areas because that’s where new land is available
Be sure to take that into consideration as a major tradeoff to buying a new home
Let’s face it; the old adage that location is everything in real estate is true. It’s always been true, and always will be true. That is, if you want to see your property actually go up in value.
And guess what. Brand new homes often ren’t being built in the best locations. When it comes down to it, there’s no space for a new development in an established or central location.
Sure, you might see a new condo development, but new homes most likely won’t be that central. They’ll be on the outskirts of town, or in a “trendy” or “up-and-coming” area.
In other words, there’s going to be a commute if you buy new, and the location might be questionable at best in terms of value.
There might even be multiple new developments surrounding yours, with tractors and hammering construction workers doing what they do all day long.
That being said, it is possible to buy a new home in an area that flourishes. One hint it’s the right area might be the stores that are built nearby, such as a Whole Food’s or Trader Joe’s.
Of course, with an existing or used home, you can buy in the heart of the city, or in an area you know well that is insulated by a lack of available space and construction.
That buffer means the property should hold up well in terms of value, even during a downturn, assuming the area isn’t subject to obsolescence.
A used home might also give you the ability to walk to work, or to popular restaurants, bars, shops, and so on.
At the same time, a used home doesn’t necessarily have to be old inside. If you shop around, you might be able to find an old home that has already been remodeled to your liking.
And even if it hasn’t, that shouldn’t stop you from buying it and making renovations if it’s got good bones.
New Homes Are 20% More Expensive
Ultimately you pay a premium for a new home (just like a brand new car)
Apparently the cost is 20% more on average per a study from Trulia
So while a new home might be cheaper with regard to maintenance and renovation
You still need to consider the upfront cost to get an apples-to-apples comparison
A while back, Trulia determined that new homes (built in 2013-2014) cost roughly 20% more than similar existing homes.
They also found that two in five Americans would prefer to buy a new home, compared to just 21% opting for an existing home and 38% declaring no preference.
But when it came to that 20% markup, only 17% would actually pay the premium to get the new house.
So to get this straight, you might have to pay 20% for a new home AND you won’t be in a central location.
You’ll be in an untested location that might wind up being a ghost neighborhood in a decade if things don’t work out as planned.
During the most recent housing crisis, a lot of new home communities were hit the hardest, whereas existing homes saw their values decline but prop back up over time.
Of course, if you opt for new you’ll probably have all the latest technology and no major issues.
And if you go with an older home, you might have major bills on your hands when the roof gives out, or you discover serious plumbing issues.
So you’ll need to do your due diligence when buying an old home to ensure the property is in adequate shape. This means paying for a quality inspection (or two).
Then again, I’ve heard really negative stuff about new homes too, with many claiming workmanship has gone to you know what these days.
In other words, you’re not out of woods if you buy new either, though there might be some kind of warranty in place for a while.
At the end of the day, it’s probably okay to consider both new and used homes when looking for a property, and including both types should increase your odds of finding a winner.
As long as you take the time to inspect the property and the neighborhood, negotiate the right place, and make sure you can afford the place, you should be okay.
Lastly, you should make sure you actually want to own as opposed to rent because owning comes with many more responsibilities, whether you buy new or used.
Advantages to Buying a New Home
Brand new, clean, no major issues
Move-in ready (no wait or work to be done)
Cool new technology
Green features could reduce utility costs and/or provide tax incentives
Trendy design
Ability to customize
Can finance additions into mortgage
Possibly easier to get financing with home builder
Less competition, more choices on floor plans
Disadvantages to Buying a New Home
More expensive than buying used
Location probably isn’t ideal
Despite being new, workmanship might be questionable
Could be subject to costly HOAs, even if it’s a house
Neighborhood dynamic is unknown
Property values might be more volatile
Construction nearby (eyesore and noisy)
More cookie-cutter, less unique
Advantages to Buying an Existing Home
Possibly cheaper
Better, more central location
Can buy in an established school district
Can own in a more reputable and recognized neighborhood
Old house might have new upgrades
You can always renovate if need be
Older houses tend to have more character, custom design
Could actually be built better than a new home
Disadvantages to Buying an Existing Home
Harder to find an existing home (less inventory)
Might have major problems you don’t initially notice
Financing could be tricky (if unpermitted work, etc.)
Could still be more expensive than buying new
Fewer amenities, especially as homes get more tech-integrated
The neighborhood might be in decline
More competition to get your offer accepted
Might have to settle for a smaller, less ideal home to get right location
The coronavirus pandemic rages on, but one way or another, teachers returned to work last fall and have continued doing their jobs throughout this school year.
Elementary school teachers in the U.S. earned an average annual wage of $63,930 as of 2019, according to the U.S. Bureau of Labor Statistics. Middle school teachers earned an average of $63,550 at that same time. High school teachers averaged $65,930 per year.
But teacher pay varies considerably by state. States also vary as to which level pays best. Often, elementary school teachers make less than their middle school and high school counterparts, but not always.
Following are the average annual wages for elementary, middle and high school teachers in each state. The states are ranked based on elementary-school pay.
50. Mississippi
Peek Creative Collective / Shutterstock.com
Elementary school teachers:
Average annual wage: $44,060
Employment: 12,340
Middle school teachers:
Average annual wage: $48,170
Employment: 6,180
High school teachers:
Average annual wage: $46,580
Employment: 8,850
49. South Dakota
Deliris / Shutterstock.com
Elementary school teachers:
Average annual wage: $44,110
Employment: 4,070
Middle school teachers:
Average annual wage: $44,990
Employment: 1,920
High school teachers:
Average annual wage: $44,610
Employment: 3,500
48. West Virginia
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $45,390
Employment: 5,330
Middle school teachers:
Average annual wage: $47,570
Employment: 5,160
High school teachers:
Average annual wage: $47,610
Employment: 4,460
47. Arizona
Asia Images Group / Shutterstock.com
Elementary school teachers:
Average annual wage: $45,600
Employment: 23,290
Middle school teachers:
Average annual wage: $45,120
Employment: 12,330
High school teachers:
Average annual wage: $50,320
Employment: 16,990
46. Oklahoma
sevenMaps / Shutterstock.com
Elementary school teachers:
Average annual wage: $45,970
Employment: 17,980
Middle school teachers:
Average annual wage: $46,360
Employment: 8,320
High school teachers:
Average annual wage: $47,320
Employment: 11,680
45. North Carolina (tie)
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $48,560
Employment: 42,520
Middle school teachers:
Average annual wage: $49,620
Employment: 18,770
High school teachers:
Average annual wage: $49,930
Employment: 24,030
44. Louisiana
stockfour / Shutterstock.com
Elementary school teachers:
Average annual wage: $48,630
Employment: 23,670
Middle school teachers:
Average annual wage: $49,790
Employment: 7,600
High school teachers:
Average annual wage: $52,090
Employment: 14,810
43. Arkansas
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $48,800
Employment: 13,010
Middle school teachers:
Average annual wage: $50,720
Employment: 6,450
High school teachers:
Average annual wage: $51,870
Employment: 11,940
42. Idaho
Agenturfotografin / Shutterstock.com
Elementary school teachers:
Average annual wage: $48,880
Employment: 8,380
Middle school teachers:
Average annual wage: $53,970
Employment: 1,820
High school teachers:
Average annual wage: $50,640
Employment: 6,210
41. Alabama
Timothy Kuiper / Shutterstock.com
Elementary school teachers:
Average annual wage: $50,270
Employment: 23,650
Middle school teachers:
Average annual wage: $51,600
Employment: 10,310
High school teachers:
Average annual wage: $51,950
Employment: 15,230
40. Kansas
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $50,650
Employment: 16,340
Middle school teachers:
Average annual wage: $53,500
Employment: 6,630
High school teachers:
Average annual wage: $52,050
Employment: 12,310
39. Missouri
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $50,920
Employment: 22,850
Middle school teachers:
Average annual wage: $51,930
Employment: 11,080
High school teachers:
Average annual wage: $50,980
Employment: 30,640
38. Montana
DGLImages / Shutterstock.com
Elementary school teachers:
Average annual wage: $52,160
Employment: 4,920
Middle school teachers:
Average annual wage: $58,710
Employment: 2,070
High school teachers:
Average annual wage: $52,360
Employment: 3,670
37. Indiana
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $52,570
Employment: 25,530
Middle school teachers:
Average annual wage: $52,450
Employment: 11,320
High school teachers:
Average annual wage: $53,150
Employment: 21,180
36. Kentucky
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $52,660
Employment: 19,270
Middle school teachers:
Average annual wage: $53,830
Employment: 8,160
High school teachers:
Average annual wage: $55,100
Employment: 12,280
35. Maine
Aleksandra Suzi / Shutterstock.com
Elementary school teachers:
Average annual wage: $52,860
Employment: 5,780
Middle school teachers:
Average annual wage: $56,740
Employment: 3,230
High school teachers:
Average annual wage: $55,260
Employment: 5,400
34. South Carolina
DGLImages / Shutterstock.com
Elementary school teachers:
Average annual wage: $53,450
Employment: 22,550
Middle school teachers:
Average annual wage: $55,180
Employment: 9,790
High school teachers:
Average annual wage: $56,730
Employment: 14,050
33. Tennessee
Undrey / Shutterstock.com
Elementary school teachers:
Average annual wage: $53,540
Employment: 30,620
Middle school teachers:
Average annual wage: $53,880
Employment: 13,240
High school teachers:
Average annual wage: $55,060
Employment: 20,690
32. Iowa
iofoto / Shutterstock.com
Elementary school teachers:
Average annual wage: $53,950
Employment: 18,720
Middle school teachers:
Average annual wage: $55,250
Employment: 7,920
High school teachers:
Average annual wage: $56,570
Employment: 11,950
31. Colorado
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $54,670
Employment: 25,740
Middle school teachers:
Average annual wage: $54,940
Employment: 12,980
High school teachers:
Average annual wage: $56,370
Employment: 17,580
30. Florida
KK Tan / Shutterstock.com
Elementary school teachers:
Average annual wage: $55,210
Employment: 77,170
Middle school teachers:
Average annual wage: $56,640
Employment: 33,600
High school teachers:
Average annual wage: $57,880
Employment: 50,640
29. North Dakota
vladaphotowiz / Shutterstock.com
Elementary school teachers:
Average annual wage: $55,630
Employment: 4,450
Middle school teachers:
Average annual wage: $59,700
Employment: 1,380
High school teachers:
Average annual wage: $56,250
Employment: 2,800
28. Texas
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $56,280
Employment: 131,880
Middle school teachers:
Average annual wage: $56,290
Employment: 64,340
High school teachers:
Average annual wage: $58,000
Employment: 107,190
27. Nevada
POP-THAILAND / Shutterstock.com
Elementary school teachers:
Average annual wage: $56,980
Employment: 10,480
Middle school teachers:
Average annual wage: $59,150
Employment: 4,000
High school teachers:
Average annual wage: $58,090
Employment: 5,760
26. New Mexico
ESB Professional / Shutterstock.com
Elementary school teachers:
Average annual wage: $57,330
Employment: 7,650
Middle school teachers:
Average annual wage: $49,570
Employment: 3,250
High school teachers:
Average annual wage: $57,410
Employment: 6,880
25. Wisconsin
GagliardiImages / Shutterstock.com
Elementary school teachers:
Average annual wage: $57,980
Employment: 28,240
Middle school teachers:
Average annual wage: $58,940
Employment: 13,800
High school teachers:
Average annual wage: $59,180
Employment: 17,880
24. Georgia
Oksana Kuzmina / Shutterstock.com
Elementary school teachers:
Average annual wage: $58,190
Employment: 50,250
Middle school teachers:
Average annual wage: $58,830
Employment: 28,440
High school teachers:
Average annual wage: $59,860
Employment: 26,500
23. Wyoming
ESB Professional / Shutterstock.com
Elementary school teachers:
Average annual wage: $58,940
Employment: 2,550
Middle school teachers:
Average annual wage: $61,340
Employment: 1,090
High school teachers:
Average annual wage: $61,400
Employment: 1,690
22. New Hampshire
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $59,930
Employment: 6,070
Middle school teachers:
Average annual wage: $60,290
Employment: 3,100
High school teachers:
Average annual wage: $60,720
Employment: 5,000
21. Nebraska
Pressmaster / Shutterstock.com
Elementary school teachers:
Average annual wage: $60,390
Employment: 9,810
Middle school teachers:
Average annual wage: $62,130
Employment: 4,310
High school teachers:
Average annual wage: $60,500
Employment: 6,890
20. Utah
saravutpics / Shutterstock.com
Elementary school teachers:
Average annual wage: $60,660
Employment: 13,110
Middle school teachers:
Average annual wage: $63,720
Employment: 6,540
High school teachers:
Average annual wage: $61,050
Employment: 8,920
19. Minnesota
Monkey Business Images / Shutterstock.com
Elementary school teachers:
Average annual wage: $63,250
Employment: 22,420
Middle school teachers:
Average annual wage: $64,790
Employment: 9,730
High school teachers:
Average annual wage: $64,960
Employment: 20,130
18. Illinois
ESB Professional / Shutterstock.com
Elementary school teachers:
Average annual wage: $63,280
Employment: 64,270
Middle school teachers:
Average annual wage: $63,630
Employment: 21,700
High school teachers:
Average annual wage: $74,340
Employment: 44,810
17. Hawaii
Poznyakov / Shutterstock.com
Elementary school teachers:
Average annual wage: $63,360
Employment: 5,780
Middle school teachers:
Average annual wage: $63,520
Employment: 2,090
High school teachers:
Average annual wage: $62,580
Employment: 4,320
16. Vermont
Halfpoint / Shutterstock.com
Elementary school teachers:
Average annual wage: $63,480
Employment: 3,770
Middle school teachers:
Average annual wage: $61,470
Employment: 1,030
High school teachers:
Average annual wage: $66,660
Employment: 2,770
15. Delaware
ESB Professional / Shutterstock.com
Elementary school teachers:
Average annual wage: $63,970
Employment: 3,800
Middle school teachers:
Average annual wage: $64,800
Employment: 2,200
High school teachers:
Average annual wage: $66,920
Employment: 3,330
14. Ohio
Joseph Sohm / Shutterstock.com
Elementary school teachers:
Average annual wage: $64,090
Employment: 57,220
Middle school teachers:
Average annual wage: $63,510
Employment: 30,880
High school teachers:
Average annual wage: $64,410
Employment: 47,510
13. Michigan
l i g h t p o e t / Shutterstock.com
Elementary school teachers:
Average annual wage: $69,050
Employment: 37,130
Middle school teachers:
Average annual wage: $64,920
Employment: 13,910
High school teachers:
Average annual wage: $63,000
Employment: 22,820
12. Washington
Syda Productions / Shutterstock.com
Elementary school teachers:
Average annual wage: $69,390
Employment: 30,440
Middle school teachers:
Average annual wage: $70,970
Employment: 9,430
High school teachers:
Average annual wage: $71,690
Employment: 14,810
11. Pennsylvania
Hurst Photo / Shutterstock.com
Elementary school teachers:
Average annual wage: $69,630
Employment: 57,100
Middle school teachers:
Average annual wage: $69,330
Employment: 26,460
High school teachers:
Average annual wage: $66,920
Employment: 46,130
10. Virginia
1641857584 / Shutterstock.com
Elementary school teachers:
Average annual wage: $69,690
Employment: 38,700
Middle school teachers:
Average annual wage: $71,920
Employment: 18,300
High school teachers:
Average annual wage: $69,070
Employment: 25,620
9. Oregon
Hurst Photo / Shutterstock.com
Elementary school teachers:
Average annual wage: $69,980
Employment: 15,950
Middle school teachers:
Average annual wage: $70,660
Employment: 6,250
High school teachers:
Average annual wage: $71,780
Employment: 8,840
8. New Jersey
ESB Professional / Shutterstock.com
Elementary school teachers:
Average annual wage: $71,880
Employment: 40,640
Middle school teachers:
Average annual wage: $73,380
Employment: 26,590
High school teachers:
Average annual wage: $78,090
Employment: 30,230
7. Rhode Island
wavebreakmedia / Shutterstock.com
Elementary school teachers:
Average annual wage: $72,310
Employment: 4,100
Middle school teachers:
Average annual wage: $75,130
Employment: 1,670
High school teachers:
Average annual wage: $75,950
Employment: 4,840
6. Maryland
Rawpixel.com / Shutterstock.com
Elementary school teachers:
Average annual wage: $75,380
Employment: 28,610
Middle school teachers:
Average annual wage: $74,400
Employment: 14,890
High school teachers:
Average annual wage: $77,050
Employment: 17,150
5. Alaska
Romrodphoto / Shutterstock.com
Elementary school teachers:
Average annual wage: $75,860
Employment: 3,820
Middle school teachers:
Average annual wage: $80,730
Employment: 1,160
High school teachers:
Average annual wage: $75,820
Employment: 2,790
4. Connecticut
Hananeko_Studio / Shutterstock.com
Elementary school teachers:
Average annual wage: $78,070
Employment: 15,930
Middle school teachers:
Average annual wage: $79,510
Employment: 8,320
High school teachers:
Average annual wage: $78,540
Employment: 15,820
3. Massachusetts
racorn / Shutterstock.com
Elementary school teachers:
Average annual wage: $82,450
Employment: 31,430
Middle school teachers:
Average annual wage: $80,520
Employment: 15,910
High school teachers:
Average annual wage: $81,070
Employment: 27,120
2. California
Rawpixel.com / Shutterstock.com
Elementary school teachers:
Average annual wage: $82,560
Employment: 164,910
Middle school teachers:
Average annual wage: $80,160
Employment: 39,780
High school teachers:
Average annual wage: $85,080
Employment: 109,840
1. New York
iofoto / Shutterstock.com
Elementary school teachers:
Average annual wage: $82,830
Employment: 92,560
Middle school teachers:
Average annual wage: $87,050
Employment: 42,010
High school teachers:
Average annual wage: $87,240
Employment: 75,360
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
After the holidays there aren’t nearly as many good deals to be had. However, on top of white sales in January, the next biggest sale of the winter season is usually during President’s Day. In fact, there can be some pretty darn good discounts on some bigger ticket items. And more often than not, shopping for these items during this time of year will get you the deepest discounts. So, you should be ready ahead of time with your budget in order to have the cash on hand for these larger purchases.
Mattresses
While most of us don’t give a second thought to our mattress, we do spend approximately 1/3 of our lives on it. So, a mattress should be one of the most well thought out purchases we make. And, it can also be one of the most expensive purchases we make too. But since they are so important, it can really be worth the money to get a good one that works well for you. Therefore, a mattress is not a place to be frugal.
Of course, you can still get a really good mattress without spending a small fortune though. And during President’s Day sales is one of the best ways to do it. Some of the best places to check out ahead of time for good mattress sales are:
Amazon – seems crazy but they do sell mattresses
Bed Bath and Beyond – oddly enough, they do sell mattresses on top of everything else, and usually have some pretty good deals
Costco – they already give great deals to their members and sell a wide variety of different mattresses
Mattress Firm – great selection and really good deals during President’s Day
Nest Bedding – carry a wide range of mattresses, including quite a few organic options
Overstock – they usually have pretty good deals to begin with
Tempur-Pedic – similar to Mattress Firm, just different style of mattresses
The discounts will vary at each store. Some of the typical sale ranges tend to be anywhere from $100 – $300 off a mattress or up to 30% off. Some places will give you a smaller discount but throw in a few other free items, such as mattress toppers or pillows. So, it’s best to take a look ahead of time to narrow down which type of mattress you are interested in and which place will give you the best deal on that style.
Appliances
Whether we like it or not, appliances are part of our everyday life these days. And they don’t always have the life span we wish they would. In fact, depending upon the type of appliance and the make and model, the life span can range between 9-20 years, on average. And when an appliance decides to die, it affects our whole world. So, planning here is key.
When the end of life is nearing for your appliance, it’s always good to try and plan ahead. Especially since appliances can be much higher ticket items than they used to be. I can speak from recent experience because we just had to replace our dishwasher (sooner than we anticipated) and ended up spending a lot more money than I would have liked. We could have potentially waited until the President’s Day sales hit, but that would have left us without a dishwasher for almost 3 months. And with 7 of us, it’s worth it for us to have a dishwasher when it makes my life a lot easier.
Luckily, we had the funds saved up to pay for a new dishwasher when the time came. But it still hurt, nonetheless. First thing first is to have the money saved up in your emergency fund to cover the cost of the replacement appliance. Next, it’s time to shop some of the best appliance sales all year long. And some of the places that have the greatest President’s Day sales on appliances are:
Best Buy – they have many different appliances, and great deals to begin with, but even better ones during this sale
Costco – similar to their mattresses, they have good deals all year round and a vast selection of appliances
Home Depot – they tend to have regular appliance sales but have much deeper discounts during this sale
Lowes – same as Home Depot and they aggressively compete with each other for your appliance business
Overstock – same deal with the appliances as their mattresses
Similar to the mattress sales, these discounts will vary widely. But, the most common discounts I have found are usually between 30% – 40% off. However, some of the larger stores will also offer 0% interest for 12-24 months on their credit card sometimes. So, if they happen to be running one of those deals at the same time, you can potentially spread the payments out over a longer period of time without having to pay any interest. So this could really be a win-win!
Furniture
Furniture can be another really big-ticket item, especially if we are talking couches and dining tables. And while the life span of furniture can be exponentially longer than appliances (if you take care of them), they do tend to go out of style faster. Or if you have a house full of kids and dogs you’re boarding, that can make the furniture die a much younger death too.
Either way, when it comes time to look for things such as couches, chairs, loveseats, dining tables, coffee tables, etc, President’s Day is a great time to look. Some of the best places that I have found to find rock bottom deals on furniture during President’s Day are:
Big Lots – they are already known for their low prices, but they get even lower during this sale
Costco – once again, they have pretty much everything!
Kohl’s – they have some pretty good deals on their furniture lines for online purchases
Overstock – this is another company that seems to have everything and is very competitive on pricing in the furniture genre
Target – usually their furniture is more deeply discounted when shopping online than in store
And in typical fashion, these sales have a fairly wide variety of discounts. They seem to vary every year, but on average most sales seem to discount specific items anywhere between 30% – 70%. So this is one category where it is really in your best interest to shop around before you buy anything.
These are some awesome big ticket items to grab during President’s Day! Click To Tweet
President’s Day Sales Summary
Ultimately, President’s Day is a great time to find some really good deals on big ticket items. Whether you need a new mattress, new appliances or some new furniture, you may be in luck. This time of year can potentially save you the most amount of money on these items. So prepare ahead of time and make your list. And then get shopping!
What are some of the best deals you have gotten during a President’s Day sale?
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
Ken Wolter / Shutterstock.com
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
insta_photos / Shutterstock.com
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
JNix / Shutterstock.com
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
Rawpixel.com / Shutterstock.com
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
Alexander Raths / Shutterstock.com
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
APN Photography / Shutterstock.com
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
Travel_with_me / Shutterstock.com
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
Syda Productions / Shutterstock.com
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
michaeljung / Shutterstock.com
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
Jon Rehg / Shutterstock.com
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
wavebreakmedia / Shutterstock.com
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
Dmytro Zinkevych / Shutterstock.com
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
Monkey Business Images / Shutterstock.com
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
Spotmatik Ltd / Shutterstock.com
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
Darwin Brandis / Shutterstock.com
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
Thomas Kelley / Shutterstock.com
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
G-Stock Studio / Shutterstock.com
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
Mike Kuhlman / Shutterstock.com
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
Cryptographer / Shutterstock.com
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
Duttagupta M K / Shutterstock.com
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
Photographee.eu / Shutterstock.com
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
Stokkete / Shutterstock.com
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
Charles Knowles / Shutterstock.com
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
Mark Winfrey / Shutterstock.com
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
Monkey Business Images / Shutterstock.com
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
Bob LoCicero / Shutterstock.com
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
Ilze_Lucero / Shutterstock.com
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
Kim Kelley-Wagner / Shutterstock.com
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
Nejron Photo / Shutterstock.com
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
Susan Montgomery / Shutterstock.com
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
Rob Marmion / Shutterstock.com
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
wavebreakmedia / Shutterstock.com
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
Sean Pavone / Shutterstock.com
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
wavebreakmedia / Shutterstock.com
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
JHVEPhoto / Shutterstock.com
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
f11photo / Shutterstock.com
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
Richard Thornton / Shutterstock.com
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
vewfinder / Shutterstock.com
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
Leigh Trail / Shutterstock.com
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
Spotmatik Ltd / Shutterstock.com
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
By tmphoto98 / Shutterstock.com
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
Amy Lutz / Shutterstock.com
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
mandritoiu / Shutterstock.com
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
lev radin / Shutterstock.com
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
GagliardiImages / Shutterstock.com
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
Rex Lisman / Shutterstock.com
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
Monkey Business Images / Shutterstock.com
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
Sean Pavone / Shutterstock.com
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
f11photo / Shutterstock.com
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
MNStudio / Shutterstock.com
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
Kit Leong / Shutterstock.com
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
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.