Uncommon Knowledge
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Legislation targeting LGBTQ+ communities is intensifying across U.S. states. Since 2022, the number of states banning gender-affirming care has risen from four to 23, and 21 states banned or restricted abortion. Two-thirds of states also currently have laws on the books that criminally penalize certain activities based on a person’s HIV-positive status.
Recent Washington Post analysis of FBI crime data reveals that hate crimes in K-12 schools have more than quadrupled in response to restrictive laws.
In 2017, long before the most recent legislation, a survey by National Public Radio, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health found more than half of the LGBTQ+ community regularly reported experiencing threats, harassment or violence due to their sexuality or gender identity.
It stands to reason that community members may wonder how to plan for their safety and well-being. If you need to move due to safety concerns — and have some time to prepare for the move — any financial planning you can do beforehand will go a long way. Consider the following six tips from financial and LGBTQ+ experts around the country.
Taking stock of your income, expenses and assets can help you figure out what it will take to make your move a reality. Lindsey Young, a certified financial planner in Baltimore, says reviewing regular expenses, moving expenses and any costs you may face from temporary unemployment can help you understand where your money is going and plan where you want it to go.
Moving is expensive, and the LGBTQ+ community already tends to earn less than straight and cisgender workers on average, according to a Human Rights Campaign analysis of full-time LGBTQ+ workers and Bureau of Labor Statistics data. Transgender men and women, LGBTQ+ people of color and LGBTQ+ women face even more pronounced pay gaps and discrimination.
However, the LGBTQ+ community also has a rich history of supporting one another through mutual aid. So, check with your support network to see what’s available. Be aware that seeking help and support is normal, especially during challenging political moments.
Once you know how much money you need, consider how you might get it and create cash flow, says Young. For example, can you take on extra shifts at work? A second job? Can your chosen family or a GoFundMe make up the difference?
If you need to move but don’t have cash, says Young, consider what existing lines of credit you can access, such as a home equity line of credit, or HELOC, or credit card.
Also, consider whether you would want — or be able — to take on repaying new debt over the next several months or years. Are you more comfortable taking on debt to make a move happen, or would you prefer to tough it out where you are? Young says there is no correct answer, and it’s a matter of “understanding what their priorities are to really figure out what the right path forward is.”
Wherever you are, it’s always helpful to get your important documents together in one place. Make photocopies of anything important, such as medical records and personal IDs, and upload them to a safe cloud location so you can access them anywhere.
Officially designating who will make medical and financial decisions on your behalf is essential to putting someone you trust in charge if something happens to you. Make your will and choose your power of attorney so one isn’t chosen for you.
This step is crucial for anyone concerned that their biological family members (or the state) might try to challenge their wishes, even if they’re married. If your situation is complicated, finding an attorney who specializes in LGBTQ+ clients can help ensure that your wishes are followed despite any contentious family relationships you may have.
The risk of not planning can include that your wishes and loved ones aren’t honored, says Frank Summers, a certified financial planner in Charlotte, North Carolina. “I know of situations in which the estate of somebody who passed away went to a family member who did not approve of their relationship, who didn’t like gay people and proceeded to make the life of the surviving partner extraordinarily difficult when that person is dealing with a tremendous and profound grief,” says Summers.
Connecting to an LGBTQ+ organization or group in a new city might make you feel safer, as well as possibly open up connections to new jobs, health care providers and relationships.
As director of transgender services at The Center on Colfax in Denver, Sable Schultz has seen a significant uptick in people connecting to peer support group services in person and online as they prepare to move to Colorado. Considered a “refugee” state, Colorado has sheltered thousands of newcomers in 2024, and its Medicaid coverage includes gender-affirming services.
Summers sees particular groups of people impacted by legislation — trans and nonbinary people, people wanting to start families, people with children and people who require ongoing care. Needing to access care and not knowing if you’ll be able to get it (or, if you can get access, not knowing if you’ll receive care with respect) can be overwhelming and scary, especially in a state like North Carolina that recently banned gender-affirming care and severely restricted abortion.
So wherever you’re headed, identify a support group, Queer Exchange, Facebook affinity group, or a social service provider that can connect you with housing, medical care, community or other support nearby.
If you’re getting on the road, consider how you can safely get from one place to another, including where you can use the restroom. Be sure to check in with local queer groups to identify where travelers have successfully stopped and stayed in the past.
If moving or traveling requires you to go through states targeting the LGBTQ+ community, particularly trans and nonbinary people, make a plan for how you can drive along large interstates and stop in larger towns and cities, or at least places that identify themselves as allies to the community.
Conversations about money aren’t usually related to an immediate life or death scenario, but for too many members of the LGBTQ+ community, that is the current reality. Safety is top of mind, especially given the ongoing rise in hate crimes.
Schultz describes Colorado as a refugee state because it mandates health care protections — including requiring gender-affirming care of Medicaid services — as well as general protections around gender identity and gender expression.
Other states where gender-affirming care is practiced include Alaska, California, Connecticut, Delaware, Hawaii, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, Wisconsin, and Wyoming; and Washington, D.C.
If you’d feel safer in any of these states, it’s possible even a lack of financial planning shouldn’t keep you from making the move. For those who are currently unhoused or living out of their car, says Schultz, sometimes “it’s at least safer to be unhoused here [in Colorado] than it would be to be wherever they were. And they can at least get the health care that they need.”
There’s no shame in doing what you must to get to a safer place where you are valued and wanted. And if you’re an ally to the LGBTQ+ community, check in on your loved one. Consider what emotional, financial or other support you can offer them during this challenging time.
Source: nerdwallet.com
If you caused a major car accident and the other driver sued you to cover their medical costs, would you have enough liability insurance to pay the damages? In a financially disastrous situation like this one, an umbrella insurance policy could help.
Umbrella insurance offers extra liability coverage beyond what’s on the policies you already have, such as auto or homeowners insurance. But there can be big differences from one umbrella policy to the next, including coverage details and maximum limits. Here’s how to find the best umbrella insurance for you.
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When comparing umbrella insurance options, consider the following questions.
A standard umbrella insurance policy will cover injuries or property damage you cause to others, as well as your legal defense for such claims. But the nitty-gritty details may vary between policies.
For example, if your idea of a fun vacation is renting a Jet Ski and hitting the water, know that some umbrella insurers won’t cover these kinds of personal watercraft. The best umbrella insurance coverage for you will include your hobbies and other activities.
Many umbrella policies offer coverage anywhere in the world, which could be useful if you often travel overseas. But some policies may pay only for lawsuits brought in the U.S. or Canada.
You might also see some insurers offering excess liability policies, which tend to be similar but not identical to umbrella policies. Excess liability policies essentially boost the limits on the coverage you already have, while umbrella policies may also offer extra types of coverage that aren’t available on your existing policies.
An independent insurance agent can help talk you through exactly what’s covered and what isn’t by each policy you’re considering.
Insurers often require a minimum amount of liability insurance on your underlying policies before you can buy umbrella insurance.
For instance, to add umbrella coverage to your car insurance, your policy may need to have $250,000 of bodily injury liability coverage and $100,000 of property damage liability coverage. To add umbrella coverage to a homeowners policy, you often need $300,000 of liability insurance.
If your existing policies fall short of these limits, increasing your coverage amounts will likely raise your premiums.
Before they sell you an umbrella policy, many insurers require that you carry your auto, homeowners, condo or renters insurance with them, too. RLI and Auto-Owners Insurance are two companies that offer stand-alone umbrella insurance policies, meaning you could carry your auto or homeowners coverage with someone else.
Another factor to look at when shopping is the maximum limit a company offers. Most umbrella policies stop at $5 million, but some go higher. Farmers, for instance, offers umbrella insurance up to $10 million in most states, while Chubb‘s umbrella limits go up to $100 million.
When choosing your coverage limit, add up the value of your assets, such as savings, investments and real estate. These are things you could lose if someone files a lawsuit against you. Consider choosing an umbrella liability limit at least high enough to cover all your assets.
Many major carriers offer umbrella insurance. A good first step is to call your current auto and home insurer and request an umbrella insurance quote. Remember that you may have to increase the coverage limits on your underlying policies, which could raise your total cost.
If you have coverage with multiple companies, ask how much it would cost to move all your policies to that company, including the new umbrella. See if a bundling discount could reduce the total cost of your premiums.
🤓Nerdy Tip
Take this opportunity to shop around. Since you’re adding a new type of insurance and potentially raising the coverage limits on your existing policies, you may find that your current insurer no longer offers the best value.
We recommend getting quotes from at least three companies before making a decision. An independent agent or broker can shop around on your behalf and explain the coverage differences between policies.
Below are some of the major umbrella insurance companies in the U.S., along with details about their coverage limits and eligibility requirements. Keep in mind that smaller regional insurers may also offer solid coverage at an affordable price. A local insurance agent can help you find them.
Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Massachusetts, Nevada and New York.
Eligibility requirements: You must have underlying policies with at least the following limits:
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Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Hawaii.
Eligibility requirements: Requirements vary by state. Generally, your underlying policies must meet the following minimums:
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Coverage limits: $1 million to $5 million, with additional limits potentially available.
States available: Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.
Eligibility requirements: Eligibility requirements differ depending on underlying policy, underlying carrier and where you live.
Coverage limits: $1 million to $100 million.
States available: All 50 states and Washington, D.C.
Eligibility requirements: Minimum limits for underlying policies vary by state.
Note: Chubb’s policy is technically an excess liability policy, not an umbrella policy.
Coverage limits: $1 million to $10 million, except in Florida and California, where the maximum limit is $5 million.
States available: All states except Alaska, Delaware, Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, North Carolina, Rhode Island, Vermont, Washington, D.C., and West Virginia.
Eligibility requirements: Farmers must insure at least one car with bodily injury liability limits of at least $250,000 per person and $500,000 per accident. You can insure your home with any company as long as it has at least $300,000 of liability coverage.
Insurance type |
NerdWallet star rating |
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Auto insurance |
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Homeowners insurance |
Coverage limits: $500,000 to $10 million. (Limits above $2 million require additional eligibility requirements.)
States available: Washington, D.C., and all states except Alabama, California, Georgia, Montana, Nevada, New York, Texas and Washington. In the states where Geico doesn’t currently sell umbrella insurance, it can offer a policy through a partner carrier.
Eligibility requirements: You generally must have all vehicles insured with Geico and have the following minimum coverage limits on any relevant underlying policies:
Auto, RV, motorcycle or golf cart |
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Property (homeowners, renters, etc.) |
$300,000 of liability coverage. |
Boat (26 feet or longer, or over 50 horsepower) |
$300,000 of liability coverage. |
Boat (under 26 feet with motor of 50 horsepower or less) |
$100,000 of liability coverage. |
Coverage limits: $1 million to $5 million.
States available: All states except California, Georgia, Louisiana and New Jersey. Coverage limits and requirements vary by state.
Eligibility requirements: You generally must have a Liberty Mutual auto policy with at least the limits below, but requirements may vary by state. The other policy types are optional, but if you have any of them, the liability limit must be at least $100,000.
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Homeowners, dwelling, watercraft, farmer’s personal liability or general personal liability |
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Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Hawaii, Louisiana and Oklahoma.
Eligibility requirements: It depends on where you live. In most cases, all vehicles and your primary home must have Nationwide policies with at least the following limits:
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Coverage limits: $1 million to $5 million, with higher limits available through the USAA Insurance Agency.
States available: All 50 states and Washington, D.C.
Eligibility requirements: USAA policies are available only to veterans, active military and their families. The following limits apply to underlying policies:
Homeowners, renters or rental property |
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Watercraft (if applicable) |
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Source: nerdwallet.com
“Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of the country remained in place,” ATTOM chief executive Rob Barber said in the report. “The tax increases were likely connected, at least in part, to inflationary pressures on the cost … [Read more…]
The Department of Housing and Urban Development announced an upcoming sale of vacant loans secured by home equity conversion mortgages.
HVLS 2024-2 will be up for bid on May 7 and comprises approximately 1,265 notes with loan balances of close to $346 million. The sale consists of due and payable residential loans secured by first-lien HECMs, where borrowers and non-borrowing spouses are now deceased, the announcement from HUD’s office of asset sales said.
Nonprofits, government agencies and for-profit businesses, are all eligible to bid in the sale. HUD will also consider offers from joint ventures and other partnerships between various enterprises.
HUD vacant loan sales, which were first introduced in 2016, emerged as a means to help increase supply through the disposition of assets. As much as 50% of an offering is sometimes prioritized for nonprofit and government organizations in hopes of providing housing, including homeownership opportunities for residents making under 120% of area median income. Unlike prior HVLS auctions, no mention was made of designated allotment for specific buyer segments in the latest announcement.
Through the first half of 2023, nonprofits have purchased 28% of all HVLS loans for sale since the program’s launch, HUD said in a report late last year. Settled loan count totaled 10,280.
An approximate 52% share of loans sold through HVLS come from 10 states. Florida headed the list with 13%, with Texas in second place at 7%. California, Illinois and New York all followed at 5% each.
The latest sale comes as home affordability and inventory issues rise in the public consciousness, after President Biden made the country’s housing situation a key talking point in his recent State of the Union address. The creation of more units has been a focus in the Biden Administration’s housing action plan, first announced a year ago. At the end of 2020, Freddie Mac estimated the U.S. was short 3.8 million units to adequately meet demand.
HECMs, a Federal Housing Administration-backed product offered to homeowners 62 or older, allows older borrowers to tap into home equity as they age, and are assigned to HUD from prior servicers when balances reach 98% of maximum claim amounts. Rather than foreclose on homes when borrowers are deceased, the agency puts loans up for sale to avoid disposition costs and help the housing industry generate supply.
Finance of America currently comes in as the country’ top HECM originator with almost one-third of overall volume, according to data from Reverse Market Insight. Mutual of Omaha Mortgage comes in second with about 22% of originations.
Source: nationalmortgagenews.com
The median annual pay for travel agents is $46,400, according to the Bureau of Labor Statistics most recent data.
Travel is a passion many people share, but not many people are fortunate enough to make their love of travel their full-time job. If someone is skilled at finding the best travel deals and building the perfect vacation itinerary, they may find that working as a travel agent is a rewarding way to earn a living.
To better understand what it’s like to work as a travel agent and how much they earn, keep reading.
Travel agents help their clients plan and book their trips. They may work for an individual client to plan their vacation or a corporate client to book their work travel. No two trips they manage are likely to be exactly the same, but they can help arrange everything from flights to hotels to excursions to dining reservations. Many travel agents can also give their clients access to deals through partner hotels and other travel vendors.
A travel agent can work independently. In-house at a large corporation, or for a major travel company. They may pursue this work full-time or as a side hustle. Given that a significant part of this career involves working with individuals to understand their travel aspirations and needs, it’s likely not a good job for antisocial people.
Travel agents can train in different ways: Some have a bachelor’s degree in an allied field or an associate’s degree in travel and tourism. There are many professional training programs and certifications available, such as ASTA, IATA, TIDS, and CLIA for different dimensions of travel planning.
As part of their work, travel agents may have the opportunity to visit various properties and destinations to make sure they would be a good fit for clients and learn about their selling points. This is often available at a reduced rate or for free and can be a major perk of working as a travel agent.
However, it’s worth noting that travel agents likely have to be available 24/7 and can deal with considerable stress, if, say, a client misses their flight or extreme weather ruins a vacation.
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If you’re wondering how much money a travel agent makes, the answer will depend a lot on how experienced the travel agent in question is. For example, entry-level travel agents can earn a lot less than more experienced agents. The lowest 10% of earners in this role make less than $29,650.
The highest 10% make more competitive pay north of $64,100. And there are those travel agents who work in the luxury sector who make considerably more.
Indeed, some could make an annual salary of $100,000 or more.
The Bureau of Labor Statistics reports that the latest median pay per year for travel agents is $46,400 and the median hourly pay is $22.31.
Alongside experience, location can majorly impact a travel agent’s earning potential. The following table illustrates how much a travel agent’s average salary can vary by state, arranged from highest to lowest. For example, in New York, travel agents make an average annual salary of $51,002, but in Arkansas, they earn almost $20,000 less at an average of $33,194.
What is the Average Travel Agent Salary by State for 2023
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
New York | $51,002 | $4,250 | $980 | $24.52 |
Pennsylvania | $46,702 | $3,891 | $898 | $22.45 |
New Hampshire | $45,667 | $3,805 | $878 | $21.96 |
New Jersey | $44,975 | $3,747 | $864 | $21.62 |
Wyoming | $44,490 | $3,707 | $855 | $21.39 |
Washington | $44,429 | $3,702 | $854 | $21.36 |
Wisconsin | $44,110 | $3,675 | $848 | $21.21 |
Massachusetts | $44,109 | $3,675 | $848 | $21.21 |
Alaska | $43,993 | $3,666 | $846 | $21.15 |
Oregon | $43,637 | $3,636 | $839 | $20.98 |
Indiana | $43,568 | $3,630 | $837 | $20.95 |
North Dakota | $43,557 | $3,629 | $837 | $20.94 |
Hawaii | $42,711 | $3,559 | $821 | $20.53 |
Arizona | $42,667 | $3,555 | $820 | $20.51 |
New Mexico | $42,402 | $3,533 | $815 | $20.39 |
Colorado | $42,122 | $3,510 | $810 | $20.25 |
Minnesota | $42,111 | $3,509 | $809 | $20.25 |
Montana | $42,024 | $3,502 | $808 | $20.20 |
Nevada | $41,598 | $3,466 | $799 | $20.00 |
Alabama | $41,499 | $3,458 | $798 | $19.95 |
South Dakota | $41,167 | $3,430 | $791 | $19.79 |
Vermont | $41,101 | $3,425 | $790 | $19.76 |
Ohio | $41,077 | $3,423 | $789 | $19.75 |
Rhode Island | $40,418 | $3,368 | $777 | $19.43 |
Iowa | $39,934 | $3,327 | $767 | $19.20 |
Delaware | $39,881 | $3,323 | $766 | $19.17 |
Connecticut | $39,806 | $3,317 | $765 | $19.14 |
Virginia | $39,419 | $3,284 | $758 | $18.95 |
Mississippi | $39,257 | $3,271 | $754 | $18.87 |
Tennessee | $39,219 | $3,268 | $754 | $18.86 |
Utah | $39,017 | $3,251 | $750 | $18.76 |
Illinois | $38,900 | $3,241 | $748 | $18.70 |
Georgia | $38,659 | $3,221 | $743 | $18.59 |
Maryland | $38,651 | $3,220 | $743 | $18.58 |
California | $38,534 | $3,211 | $741 | $18.53 |
Nebraska | $37,909 | $3,159 | $729 | $18.23 |
Maine | $37,734 | $3,144 | $725 | $18.14 |
Missouri | $37,456 | $3,121 | $720 | $18.01 |
South Carolina | $37,087 | $3,090 | $713 | $17.83 |
Kansas | $36,952 | $3,079 | $710 | $17.77 |
Idaho | $36,789 | $3,065 | $707 | $17.69 |
Louisiana | $36,765 | $3,063 | $707 | $17.68 |
Oklahoma | $36,712 | $3,059 | $706 | $17.65 |
Texas | $36,475 | $3,039 | $701 | $17.54 |
North Carolina | $36,322 | $3,026 | $698 | $17.46 |
West Virginia | $36,068 | $3,005 | $693 | $17.34 |
Kentucky | $34,977 | $2,914 | $672 | $16.82 |
Michigan | $34,895 | $2,907 | $671 | $16.78 |
Florida | $34,212 | $2,851 | $657 | $16.45 |
Arkansas | $33,194 | $2,766 | $638 | $15.96 |
Source: ZipRecruiter
Working as a travel agent can be very flexible. While full-time positions are available in this role, some travel agents choose to work part-time or for themselves as entrepreneurs.
When working full-time for a travel advisory firm, travel agents can expect to gain access to benefits like health insurance and retirement contribution matching. If they work part-time or are self-employed, they will need to provide themselves with those benefits, which can eat into their take-home pay.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The main disadvantage of a travel agent’s salary is that the median annual salary is on the lower side at just $46,400. That being said, one of the main advantages of this salary is that it can come with hefty bonuses based on travel bookings with partners that offer commissions to travel agents. Also, travel agents often get discounts and freebies as they themselves travel to check out new resorts and attractions.
Travel agents who work for themselves can also choose to set their own rates and can potentially earn more. Or those who cater to high net-worth individuals may be able to raise their income.
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A travel agent who is super organized and passionate about travel can help make their client’s lives easier and their trips more enjoyable. In exchange for their savviness, some travel agents earn good salaries doing work that they truly enjoy and have perks that involve more travel at lower or no cost for their own purposes.
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While most travel agents don’t earn $100,000 per year, those who choose to work for themselves and set their own rates or cater to an elite clientele can possibly make six figures. Many travel agents work on commission, so they can also stand to earn more if their clients book a lot of expensive trips.
Many people like working as a travel agent because it’s a fun way to put their love of travel to use. It tends to be a good job for those who consider themselves to be a “people person” since there’s lots of interaction with clients. Also, it’s good for people who can “roll with the punches” since travel plans often change for various reasons.
The demand for travel agents is on par with the average of other professions. So, while it’s not seeing a surge in need, there should be availability of jobs as a travel agent.
Photo credit: iStock/Dimensions
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Source: sofi.com
Mortgage loans refinancing declined for the week ending March 22, contributing to a drop in home loans applications even as interest rates decelerated, data from the Mortgage Bankers Association (MBA) showed on Wednesday.
The Refinance Index fell 2 percent from the prior week and was 9 percent lower compared to a year ago. Overall, mortgage applications dropped by 0.7 percent at a time when the 30-year fixed rate mortgage ticked down to 6.93 percent from the prior week’s 6.97 percent.
“Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement shared with Newsweek.
Read more: What is Mortgage Refinancing and How Does It Work?
The drop in refinancing applications comes as the housing market has been in flux nationwide.
Borrowing costs for home loans jumped to their highest since the turn of the century last year, peaking at about 8 percent in the fall. That jump in mortgage rates was sparked by the Federal Reserve hiking rates to their highest in more than two decades as policymakers moved to tighten financial conditions to battle soaring inflation. Expectations that the central bank will start lowering those rates has helped bring mortgage rates down.
Recent data suggests that buyers are still looking for lower borrowing costs. New home sales declined in February, amid high mortgage rates that economists say depressed activity as the housing market enters its busy Spring season.
Kan said on Wednesday that still elevated mortgage rates are still keeping buyers on the sidelines.
“Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market,” he noted.
Kan suggest limited housing inventory is also proving to be a hindrance to the market.
“Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6-percent by the end of the year,” he said. “Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.”
Read more: Best Mortgage Lenders
The lock-in effect was particularly acute in the existing homes market. Most homeowners have low mortgage rates which has discouraged them from putting their properties in the market if that means they may have to acquire a new home with borrowing costs closer to 7 percent. About 90 percent of homeowners own mortgages that are under 6 percent, according to real estate platform Redfin.
There have been some signs recently that the existing homes market is recovering after struggling mightily last year.
In February, sales of previously owned homes rose by nearly 10 percent.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
The median pay for professional photographers is $40,170 per year, according to the most recent data from the Bureau of Labor Statistics. That said, there is a broad range of earning possible, depending on what kind of photographer a person is and where they live.
Photography may become a more in-demand skill in the future, given what a visual culture exists today. Over the next decade, it’s anticipated that photographers will see job demand increase by 5% between 2022 and 2032, which is greater than the average for all professions.
Read on to learn more about the salary and other facets of a career as a photographer.
A photographer combines technical expertise with creativity and composition skills to produce photographic images. Photographers can get paid to take wedding, family, or pet portraits; cover news events; work for businesses and brands shooting products; or create art — among many other types of photography work.
Many photographers are also skilled in editing photos. If a photographer works for themselves, they can also be responsible for running their business and everything that entails, from advertising to accounting to operations. There are so many directions a photographer’s career can take. Some photographers also teach the art of photography, help plan creative direction for photo shoots, or use drone technology to capture shots from the sky.
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When they are earning an entry-level salary, how much money a photographer makes is typically on the low end of the spectrum. Their earnings will likely grow as they gain skills and experience and make connections in the industry.
The lowest 10% of photographers earn less than $12.98 per hourly pay. That may be a good starting point if you are wondering about starting salaries.
Keep in mind that photographers in different locations and areas of focus will make an array of salaries. For instance, someone who takes baby portraits for new parents in a small town will likely never earn as much as a high-fashion photographer in a major city who is being paid by corporate clients. The latter could make $100,000 a year or considerably more.
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The average salary for a photographer can depend a lot, as already noted, on where someone lives. While the median annual income for this role is $40,170, the following table illustrates how the state a photographer chooses to work in can impact their potential earnings and determine if it’s a high-paying job.
What is the Average Photographer Salary by State for 2023
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
Oregon | $48,870 | $4,072 | $939 | $23.50 |
Alaska | $48,629 | $4,052 | $935 | $23.38 |
North Dakota | $48,622 | $4,051 | $935 | $23.38 |
Massachusetts | $48,041 | $4,003 | $923 | $23.10 |
Hawaii | $47,595 | $3,966 | $915 | $22.88 |
Washington | $46,501 | $3,875 | $894 | $22.36 |
Nevada | $45,979 | $3,831 | $884 | $22.11 |
South Dakota | $45,953 | $3,829 | $883 | $22.09 |
Colorado | $45,377 | $3,781 | $872 | $21.82 |
Rhode Island | $45,265 | $3,772 | $870 | $21.76 |
New York | $43,131 | $3,594 | $829 | $20.74 |
Delaware | $42,656 | $3,554 | $820 | $20.51 |
Vermont | $42,118 | $3,509 | $809 | $20.25 |
Virginia | $42,039 | $3,503 | $808 | $20.21 |
Illinois | $42,025 | $3,502 | $808 | $20.20 |
Maryland | $41,311 | $3,442 | $794 | $19.86 |
Nebraska | $40,429 | $3,369 | $777 | $19.44 |
Missouri | $40,178 | $3,348 | $772 | $19.32 |
California | $40,067 | $3,338 | $770 | $19.26 |
South Carolina | $39,831 | $3,319 | $765 | $19.15 |
Pennsylvania | $39,512 | $3,292 | $759 | $19.00 |
New Jersey | $39,430 | $3,285 | $758 | $18.96 |
Oklahoma | $39,153 | $3,262 | $752 | $18.82 |
Maine | $39,132 | $3,261 | $752 | $18.81 |
Wisconsin | $39,049 | $3,254 | $750 | $18.77 |
North Carolina | $39,009 | $3,250 | $750 | $18.75 |
New Hampshire | $38,424 | $3,202 | $738 | $18.47 |
Idaho | $38,328 | $3,194 | $737 | $18.43 |
Texas | $38,071 | $3,172 | $732 | $18.30 |
Kentucky | $37,948 | $3,162 | $729 | $18.24 |
Wyoming | $37,814 | $3,151 | $727 | $18.18 |
Minnesota | $37,716 | $3,143 | $725 | $18.13 |
Michigan | $37,565 | $3,130 | $722 | $18.06 |
New Mexico | $37,504 | $3,125 | $721 | $18.03 |
Indiana | $37,314 | $3,109 | $717 | $17.94 |
Ohio | $36,661 | $3,055 | $705 | $17.63 |
Arizona | $36,543 | $3,045 | $702 | $17.57 |
Connecticut | $36,357 | $3,029 | $699 | $17.48 |
Mississippi | $36,102 | $3,008 | $694 | $17.36 |
Iowa | $36,056 | $3,004 | $693 | $17.34 |
Montana | $35,992 | $2,999 | $692 | $17.30 |
Arkansas | $35,860 | $2,988 | $689 | $17.24 |
Alabama | $35,543 | $2,961 | $683 | $17.09 |
Utah | $35,026 | $2,918 | $673 | $16.84 |
Tennessee | $35,001 | $2,916 | $673 | $16.83 |
Kansas | $33,992 | $2,832 | $653 | $16.34 |
Georgia | $33,110 | $2,759 | $636 | $15.92 |
Louisiana | $32,930 | $2,744 | $633 | $15.83 |
West Virginia | $30,515 | $2,542 | $586 | $14.67 |
Florida | $29,303 | $2,441 | $563 | $14.09 |
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
While photographers can often choose to set their own rates, they are also usually self-employed and therefore responsible for securing their own benefits. For instance, they won’t have access to an employer-sponsored 401(k) plan or healthcare benefits. There are some exceptions to this rule. For example, if a photographer works for a large corporation or photo studio, they may receive access to traditional employee benefits like paid time off and a retirement plan contribution match.
Other considerations can be how a career as a photographer can impact your lifestyle. If you are a news photographer, you may find that you have to be available for extended periods, whenever a situation comes up that needs documenting. If you are a travel photographer, which can sound like a dream job, you likely won’t have a typical week-to-week schedule. And if you are a wedding photographer, you will likely be spending many weekends shooting ceremonies vs. kicking back with your family.
There are some photography jobs, such as taking pictures of a product, that may not involve that much social interaction, but many kinds of photography careers do involve working with people non-stop. For this reason, it may not be the best job for antisocial people.
The main advantage of a photographer’s salary is there is no real cap on how much they earn. For example, in-demand wedding photographers or photographers who license their images for products can all demand high rates for their work. On the flip side, their salaries are often not consistent, which can be very stressful. Also, when you are self-employed, taxes can take a bite out of your earnings.
Recommended: What Is Competitive Pay?
Working as a professional photographer can be a creatively fulfilling, fun, and lucrative career. Worth considering, though: How much a photographer stands to make depends a lot on their specialty, where they live, and their level of experience.
See exactly how your money comes and goes at a glance.
It is possible to earn $100,000 or more a year as a photographer — the sky really is the limit when it comes to income potential in this field. However, the median annual income for this role is $40,170, but photographers can earn more over time as they gain experience and a strong reputation in their industry.
Many people who pursue a career in photography do so because it is a creative pursuit they are truly passionate about. Many positions can provide flexibility and fun experiences (say, if you are a travel or wedding photographer).
It can be very hard to find a job as a photographer if you don’t have the skill set required to get the job done well. Taking some time to build a strong portfolio of your work and then marketing your business can make it much easier to get hired.
Photo credit: iStock/ivan101
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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Source: sofi.com
The average cost of a dozen eggs in the U.S. is $3, according to data from the U.S. Bureau of Labor Statistics (BLS). Though higher than in previous years, it’s still lower than the $4.82 consumers paid on average in January of 2023, when concerns about egg shortages sent the cost of eggs skyrocketing.
Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.
Table of Contents
On average, Americans are paying $3 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of February 2024. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.
In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. While prices increased sharply in the beginning of 2023, the average cost of a dozen eggs has since declined. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.
It’s important to keep in mind that average reflects all prices from high to low, while median reflects the middle price. Median prices for eggs or other consumer goods and services may be higher than the average price.
💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
If you’re interested in what is the average cost of a dozen eggs by state, you might be surprised at just how much prices can vary from one location to the next. The following table breaks down the average cost of a dozen eggs in all 50 states, according to pricing data from Instacart collected in December 2022. Note that the figures below were captured during the egg shortage, when prices were high, and may not reflect the latest CPI price data.
State | Cost |
---|---|
Alabama | $6.12 |
Alaska | $4.61 |
Arizona | $6.03 |
Arkansa | $4.95 |
California | $6.05 |
Colorado | $5.77 |
Connecticut | $5.54 |
Delaware | $4.79 |
District of Columbia | $4.58 |
Florida | $6.36 |
Georgia | $5.96 |
Hawaii | $9.73 |
Idaho | $5.09 |
Illinois | $4.82 |
Indiana | $4.33 |
Iowa | $4.44 |
Kansas | $4.41 |
Kentucky | $4.51 |
Louisiana | $5.59 |
Maine | $5.84 |
Maryland | $4.78 |
Massachusetts | $5.20 |
Michigan | $4.82 |
Minnesota | $5.10 |
Mississippi | $5.04 |
Missouri | $4.24 |
Montana | $5.46 |
Nebraska | $4.25 |
Nevada | $6.07 |
New Hampshire | $4.91 |
New Jersey | $5.05 |
New Mexico | $5.65 |
New York | $5.37 |
North Carolina | $5.60 |
North Dakota | $4.83 |
Ohio | $4.39 |
Oklahoma | $4.92 |
Oregon | $4.81 |
Pennsylvania | $4.52 |
Rhode Island | $5.10 |
South Carolina | $5.76 |
South Dakota | $5.00 |
Tennessee | $5.61 |
Texas | $5.43 |
Utah | $5.67 |
Vermont | $5.70 |
Virginia | $4.96 |
Washington | $4.91 |
West Virginia | $4.64 |
Wisconsin | $4.78 |
Wyoming | $5.84 |
Source: Instacart |
As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:
• Hawaii
• Florida
• Alabama
• Nevada
• California
• Arizona
• Georgia
• Wyoming
• Maine
• Colorado
In each of those states, shoppers paid $5.70 or more on average for a dozen eggs. Hawaii is the most expensive state to buy eggs, with the average cost of a dozen eggs nearing $10.
Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:
• Missouri
• Nebraska
• Indiana
• Ohio
• Kansas
• Iowa
• Kentucky
• Pennsylvania
• Alaska
• West Virginia
In these states, the average cost of eggs was below $5 per dozen. As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of 5 is likely to be less compared to the states where eggs are more expensive.
The spike in egg prices that peaked in 2022 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 43 million laying hens were lost to the disease or depopulation efforts. With fewer eggs in supply but demand not easing, egg prices began to rise. Prices began to decline as egg inventory increased following the end of the outbreak.
Prices began to decline as egg inventory increased. However, the ongoing outbreak and strong demand have helped keep prices high. Inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.
When inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.
According to the CPI data, egg prices have declined from the peak they reached in January 2023. While eggs are more expensive than they were a couple of years ago, relief might be on the horizon. In its food price outlook, the USDA predicted that egg prices would drop 2.8% in 2024.
Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.
Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.
With that in mind, here are a few quick tips to help you pay less for eggs.
• Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.
• Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.
• Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.
• Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.
• Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.
According to December 2022 pricing data from Instacart, Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.
Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.
Photo credit: iStock/nd3000
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com
It can be so hard to find the perfect apartment, sifting through a seemingly endless selection of listings to choose the space that’s right for you. While it’s important to find an apartment that fits all your needs, you also need to be aware of some common red flags that can make your life as a renter much more difficult than it needs to be. So before you sign the lease for that Denver studio apartment or a 2-bedroom apartment in Sacramento, here are some common apartment red flags you absolutely need to avoid.
While the idea of not having to pay a security deposit upfront might initially seem appealing, it can actually be a red flag. Security deposits serve as a form of protection for landlords against potential damages to the property beyond normal wear and tear.
Landlords who don’t require a security deposit may be taking shortcuts in their screening process or may lack confidence in the condition of their property. Without a security deposit, tenants may also find themselves financially vulnerable if there are disputes over damages or unpaid rent.
“As a tenant, who would want to give a security deposit? This means extra money that you now need in addition to the first month’s rent,” says Illinois real estate lawyer David Frank. “This also means if you don’t keep the place in the proper condition, the landlord can offset damages from that deposit. It also means you lose access to that money during your lease term. But, what if I told you that putting down that security deposit could be the BEST leverage you will ever have against your landlord if an issue should arise?”
When viewing the apartment, take note of any signs of neglect or poor maintenance. Look for leaky faucets, cracked walls, broken appliances, or signs of pest infestation. A well-maintained apartment is a sign of a responsible landlord who cares about their property.
Communication with your landlord is crucial, especially when emergencies or maintenance issues arise. If the landlord or property manager is unresponsive during the rental process or seems difficult to reach, it could be a sign of future difficulties in getting necessary repairs or addressing concerns.
Pay attention to any overly restrictive clauses in the lease agreement that could limit your rights as a tenant. This might include unreasonable restrictions on guests, pet policies that are overly strict, or clauses that prohibit certain activities within the apartment.
While some rules are necessary for a peaceful living environment, excessively strict lease terms could indicate a landlord who is overly controlling or unwilling to accommodate reasonable needs. Make sure the lease terms are fair and reasonable before committing to renting the apartment.
A proper lease agreement protects both the tenant’s and the landlord’s rights. If the landlord is unwilling to provide a written lease agreement or presents one with vague or unfair terms, it’s a major red flag. Always review the lease thoroughly before signing and seek clarification on any ambiguous clauses.
Pay attention to inconsistencies in the rental terms provided by the landlord. This could include discrepancies in the rent amount, included utilities, or maintenance responsibilities. Clear and consistent rental terms are key for avoiding misunderstandings down the line.
“When looking for a new apartment to rent, renters should be aware of hidden or problematic lease terms,” according to Los Angeles-based law firm Schorr Law. “It is one thing to get the apartment you physically want, but renters should be aware that even if you get the apartment you want, you may not get the lease you want. Hidden lease terms include shifting hidden costs to the tenant for things like utilities or building security. Other hidden lease terms can include an ability for the landlord to terminate the lease without cause or to relocate the tenant to a different unit.”
Mold and mildew pose health hazards and can indicate underlying issues such as water leaks or poor ventilation. If you notice a musty odor or visible signs of mold during the apartment tour, it’s essential to address the issue with the landlord and ensure it’s properly dealt with before moving in.
Be cautious if the landlord requests payment methods that seem unusual or suspicious, such as cash-only payments or payments to a personal account rather than a professional property management company. Legitimate landlords typically accept payments through standard methods such as checks, bank transfers, or online payment platforms.
If the landlord or property manager seems evasive or unwilling to answer your questions about the apartment, it could indicate they’re hiding something. Transparency is key in any rental agreement, so be wary of landlords who are unwilling to provide straightforward answers or disclose important information.
Take a close look at the amenities and facilities offered by the apartment complex. Are they well-maintained and clean? Do they meet your expectations? If the amenities fall short or appear neglected, it could be a sign of poor management and a lack of concern for tenants’ comfort and satisfaction.
“Check online reviews to see how current and former tenants rate the apartment complex in terms of amenities, handling of maintenance requests and property management staff,” says Stephen J. Anthony of Anthony Law Group. “If there are many bad reviews, this can be a good indicator of serious problems with how the apartment complex is managed that you do not want any part of as a tenant.”
Lastly, inquire about the turnover rate of tenants in the building or complex. A high turnover rate could indicate underlying issues such as dissatisfaction with the property, difficult landlords, or maintenance problems. While some turnover is normal, excessive turnover should raise concerns about the quality of the living experience.
Being observant during the apartment hunting process can help you avoid potential pitfalls and find an apartment that meets your needs and expectations. By paying attention to these 11 red flags, you can make an informed decision and enjoy a positive renting experience
Source: apartmentguide.com
Unstable borrowing conditions and a lack of affordable properties kept homeownership out of reach for many Americans in 2023. However, as the spring buying season approaches and signs that the market is recovering emerge, buyer sentiment is shifting. According to the National Association of Realtors®, national existing home sales in January 2024 were up year-over-year by 1.3%. Housing supply is also improving, with national inventory up by 3.1% year-over-year and 2% month-over-month.
These positive changes are setting the stage for an active spring market in the US. But as competition increases, so do home prices. The national median price for a single-family home in the US increased by 5.1% year-over-year in January to $379,100. This begs the question: where can prospective homebuyers find the best deals this spring?
To better understand where homebuyers can find pockets of affordability, Zoocasa analyzed home prices in 50 metropolitan statistical areas across the country to determine which are below the national median and where the most growth is happening. Median single-family home prices were sourced from the National Association of REALTORS® and are from Q4 2023, except the national median home price which is from January 2024.
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It’s usually said that the further outside of an urban center you go, the more affordable the home price. But of the 33 metropolitan statistical areas with a median home price below the national median, 15 have populations above 2 million, and five have populations above 5 million. The largest urban center with a median home price below the national median is Chicago, IL with a median home price of $343,300 in Q4 of 2023. Despite the city experiencing year-over-year price growth of 6.2%, Chicago’s median home price is still $35,800 below the national median.
Of the 50 markets we analyzed, Cleveland, OH came out on top for affordability. Cleveland’s median home price of $190,700 is an impressive $188,400 below the national median and is one of the few areas on our list where the median home price dropped from last year. Other markets where the median home price fell from last year include Myrtle Beach, SC, Houston, TX, San Antonio, TX, and Memphis, TN. Alabama’s capital, Montgomery, was the only other market on our list besides Cleveland with a median home price below $200,000. Homebuyers here can snag a home for approximately $185,700 below the national median.
It’s worth noting that five out of the six markets that experienced year-over-year price growth of more than 9% have home prices below the national median. These markets include Rochester, NY, Hartford, CT, New Haven, CT, Oklahoma City, OK, and Cincinnati, OH. This means that homebuyers of all price ranges, including those purchasing lower-priced homes, can still expect to build a significant amount of equity.
Markets that have experienced significant year-over-year price growth also present good investment opportunities. For instance, single-family homes in Philadelphia, PA have experienced year-over-year price growth of 7.2% and are still $20,100 below the national median price, making this sought-after city a good option for first-time investors. Kansas City, MO is an emerging market that would make a great first-time investment location. The city garnered a lot of media attention last year thanks to the city’s football team and frequent Taylor Swift visits, resulting in the median home price rising by 5.9% year-over-year. Despite its growing popularity, the median home price in Kansas City remains one of the lowest on our list at $315,800.
Homebuyers with their hearts set on a particular destination, especially one of the largest and most sought-after cities in the US, would benefit from considering smaller markets relatively close to their dream location. While the Big Apple might be out of reach for the average buyer, with a median home price of $659,200, New York’s second and third-largest cities still maintain affordable prices. Buffalo and Rochester have median home prices of $243,500 and $230,500 respectively. This is nearly $150,000 less than the national median, compared to New York City, where the median home price is more than $280,000 above the national median.
Though San Francisco, CA, and Los Angeles, CA have notoriously high home prices, at $1,251,000 and $884,400 respectively, California homebuyers still have affordable options. At just $26,600 above the national median, Fresno’s median home price is one of the more affordable options in California. But for savvy buyers looking for a deal in California, Bakersfield presents the best option with a median home price of $11,800 below the national median.
In Florida, motivated buyers on the hunt for affordable prices will have to look outside of the vibrant Miami market, which has a median home price more than $200,000 above the national median. Tampa’s median home price exceeds the national median by just $30,900, while Daytona Beach and Tallahassee offer more affordable housing, with median prices $16,700 and $57,100 below the national median, respectively.
Planning to enter one of these markets this spring? It’s important to speak with a local realtor who is familiar with your local real estate market. Give us a call today to discuss your home-buying plans.
Ready to join the spring market?
Our experienced agents can help!
Source: zoocasa.com