From the home of country music to the beautiful Great Smoky Mountains, Tennessee has a lot going for it. Its diverse mix means there’s something for every type of lifestyle. If you’re looking for a thriving job market and plenty of delicious barbecue, Tennessee is right for you.
To be extra sure, though, you’ll need to crunch some numbers. Can you afford to live in Tennessee? Probably. You’ll just need to align your budget to the cost of living in Tennessee. Here are the specific areas worth investigating to make sure all your dollars and cents line up.
Tennessee housing prices
As a state, Tennessee on the whole is pretty affordable when it comes to housing. Most cities have average housing prices below the national average, making housing one piece of your overall cost of living in Tennessee you may not have to worry too much about.
There are great places to live in Tennessee throughout the state, from one end to the other. Here are a few to consider.
Chattanooga
With its thriving downtown area, full of culture and delicious food, Chattanooga draws people in with its proximity to so much outdoor fun. Lookout Mountain and the Tennessee River provide ample opportunities for hiking, biking, rock climbing, boating and more.
A little pricier than some other Tennessee towns on the list, Chattanooga home prices are only 11.5 percent below the national average. Both one-bed and two-bed apartments have moved along the scale by 6 percent when it comes to pricing, but one went up, and the other went down. A one-bedroom apartment in Chattanooga has an average rent of $1,322, up 6 percent. Two-bedroom apartments have an average rent of $1,510 per month, down 6 percent.
Home prices have seen a large increase. With a median sale price in Chattanooga of $308,000, they’re up 23 percent over last year.
Knoxville
Home to the University of Tennessee, most Knoxville residents, regardless of their lifestyle, are Vols fans. This fun city is almost always dotted with food trucks, and the craft beer scene is huge. The cost of living is also extremely reasonable and average housing prices are 31 percent below the national average.
Knoxville’s popularity is leading to rising rent and home prices, but costs are still on the more affordable end. One-bedroom apartments are up 39 percent over last year but have an average rent of $1,292 per month. Two-bedroom apartments are up 36 percent over last year but have an average rent of $1,354 per month.
Home prices are rising at a slightly slower rate, up 26.8 percent over last year. The median home in Knoxville sells for $305,000.
Memphis
Graceland, the blues and barbecue, that’s really what Memphis is all about. This well-known city along the Mississippi River is full of history, music and culture. With housing prices 22.5 percent below the national average, it’s also another affordable Tennessee town to potentially call home.
Monthly rent is rising inconsistently, although overall costs are staying at the lower end. One-bedroom apartments actually went down 2 percent in average costs over last year. They’re currently an average of $947 per month. Two-bedroom apartment prices rose 11 percent over last year but still average out at only $1,075 per month.
The median home price in Memphis is $205,000, up 9.9 percent over last year.
Morristown
Small-town living right at the base of the Great Smoky Mountains? Yes, please. Morristown has a great location, a diverse industrial-based workforce and a quaint downtown area. It’s also incredibly affordable. With housing prices 33.9 percent below the national average, and an average apartment rent of $913 per month, you shouldn’t have an issue finding a place to live.
Home prices are on the rise, but are still relatively affordable. The median home price in Morristown is $277,000, up 59.6 percent over last year.
Nashville
Industry, entertainment and opportunity make Nashville one of the most perfect places to live in Tennessee. It’s also the most expensive. With a walkable downtown that boasts nightlife you can’t beat, excellent universities and a lot of job opportunities, it’s no wonder the average housing prices are 2.3 percent above the national average.
It’s also no surprise housing costs are on the rise. The average rent for a two-bedroom apartment in Nashville is up 66 percent over last year to $2,788 per month. That’s quite an increase. One-bedrooms are rising in price more slowly, up only 30 percent over last year to an average monthly rent of $2,036. Still, this is the most expensive rent on our Tennessee city list.
Home prices are also on the higher end comparatively. The median sale price in Nashville is $470,000, up 22.1 percent from last year.
Food prices
Another cost of living in Tennessee is the food you eat. Tennessee has an amazing menu of local delicacies. Iconic local foods include barbecue (yes to the meat and three), fried catfish and that very hot chicken. When not eating out, the average Tennesseean spends between $233 and $267 per month on groceries. This buys a lot of fixins’ since food prices in every city are below the national average.
Knoxville is 10.6 percent below the national average
Chattanooga and Memphis are both 5.3 percent below the national average
Nashville is 2 percent below the national average
Morristown is 1 percent below the national average
Even with overall lower prices, there are still cost discrepancies between cities. If you’re looking for a deal on fried chicken, for example, you’ll pay $1.06 in Memphis, but $1.81 in Nashville. On the flip side, if you’re thinking about adding fresh fruit to your yummy banana pudding recipe, bananas in Memphis are 10 cents more than in Nashville.
You’ll also find significant price differences when it’s time to take that special someone out to dinner. A three-course meal for two in Knoxville is $47.50, but that same meal in Nashville is $67.50. That’s a 30 percent increase in price, all for the same food.
Utility prices
Throughout Tennessee, most utility costs are below the national average. This includes monthly bills for electricity, natural gas, water and even internet. Only one city just barely climbs above it.
Nashville is 11.6 percent below the national average
Chattanooga is 9.9 percent below the national average
Memphis is 7.1 percent below the national average
Knoxville is 1.3 percent below the national average
Morristown is 0.5 percent above the national average
Even with these averages, energy bills are definitely on the expensive side for the cost of living in Tennessee. The average energy bill in Nashville, our least expensive city, is $137.69. This bill goes up to $175.45 in Morristown, where utilities are the priciest.
Only a small percent of the energy used throughout Tennessee comes from renewable energy sources, but the state is a great candidate to take advantage of solar power because of its nice weather. Could that lead to even lower utility prices down the road? We’ll have to wait and see.
Transportation prices
When it comes to transportation prices, Tennessee cities all fall below the national average. This could make car ownership more affordable overall, which is good since road-tripping across this state is always a good time.
Morristown is 19.9 percent below the national average
Knoxville is 16.6 percent below the national average
Chattanooga is 10.7 percent below the national average
Memphis is 8.4 percent below the national average
Nashville is 8.1 percent below the national average
All cities on this list have public transportation options, and each has at least one highly walkable part of the city. Overall, though, each city isn’t designed to solely get where you need to go on foot or by bike. It’s best to take advantage of public transportation and probably own a car, as well.
MATA Transit in Memphis
Whether by bus or trolley, the Memphis Area Transit Authority or MATA is one of the largest public transit operators in the state. Coverage includes the City of Memphis, as well as parts of Shelby County.
Trolley service consists of three lines that crisscross the downtown area along the Riverfront, Main Street and Madison Avenue. A one-way fare is $1.00, but you can buy a three-day pass for $9.00, or a 6-month pass for $75.00.
Bus service extends the coverage, taking you out of just downtown. A one-way fare here is also $1.00, but you can buy a daily fast pass for $2.00. Seven-day and 31-day passes are not currently available, but will most likely come soon.
WeGo in Nashville
Consisting of both buses and trains WeGo in Nashville has 26 local routes and eight regional routes to travel on. Routes break out into the following groups:
Frequent
Local
Connector
Express
Train shuttles.
All riders use a QuickTicket reloadable card, the accompanying app or a non-reloadable ticket to access all WeGo routes and vehicles. The reloadable card costs $3.00, and then, you add money to it for use. To estimate how much you’d want to load in, it costs $4.00 for an all-day pass and $65 for a 31-day pass to use local service. Regional service has an increased cost. One ride is $4.25.
CARTA in Chattanooga
The Chattanooga Area Regional Transit Authority, or CARTA, consists of 19 electric bus routes that go through the city. Extending out from the city center, CARTA also operates the Lookout Mountain Incline Railway, which is the steepest passenger railway in the world.
A one-way cash fare on CARTA is $1.50, but you can get a 24-hour unlimited ride pass, which is more cost-effective. This pass costs $6.00 the first time you purchase it and $4.00 every additional 24 hours you renew. There’s also a 7-day pass for $15.00 and a 31-day pass for $50.
Healthcare prices
Healthcare prices, another key component of your overall cost of living in Tennessee, are all below the national average. This typically means more affordable visits to the doctor, dentist and even eye doctor.
Memphis is 12.8 percent below the national average
Morristown is 7.9 percent below the national average
Knoxville is 6.9 percent below the national average
Nashville is 4.3 percent below the national average
Chattanooga is 2.9 percent below the national average
What these numbers translate to when it comes to the average visit to your doctor’s office is somewhere close to $100 per visit. In Morristown, the average doctor’s visit is $85.67, and in Nashville, it’s $109.03.
Goods and services prices
All those items in your monthly budget that you enjoy, but don’t need, fall into the goods and services category of your overall cost of living in Tennessee. They’re must-haves for your own well-being, but they’re all the things you could live without if you had no choice. Most Tennessee towns, again, fall below the national average.
Knoxville is 11.3 percent below the national average
Memphis is 11.1 percent below the national average
Chattanooga is 7 percent below the national average
Nashville is 4.8 percent below the national average
Morristown is 2.1 percent above the national average
Just because Knoxville has the cheapest overall goods and services, doesn’t mean that everything there will cost less than in more expensive cities. The best way to effectively budget is to look specifically at the goods and services you want on your list. Here are a few common ones.
Morristown may have the highest national average for goods and services, but it has the cheapest haircut. Knoxville may have the lowest national average for goods and services, but it has the most expensive pizza, and can we talk about the $24 haircut in Nashville? As you can see, there are inconsistencies with pricing for individual services, which is why it’s best to look at the ones you use most frequently when planning a budget.
Childcare costs
One of the most expensive types of goods and services out there is childcare. With very young children, the expense of their care during the day can quickly add up. Even if you don’t have any little ones yet, understanding what this expense could do to your budget is important.
In Tennessee, the two most expensive cities when it comes to private, full-day preschool are Nashville and Morristown. Both have you paying over $1,000 per month for this particular service. In Nashville, the monthly cost is $1,037. Morristown is only slightly behind with an average monthly cost of $1,003.
Chattanooga is the least expensive city for preschool, at an average of $607 per month. Other cities range anywhere from $645 up to over $880.
Taxes in Tennessee
Tennessee has no individual state income tax but does impose a 7 percent state sales tax. The maximum local sales that can get added to that is 2.75 percent. This means that each city may have a different sales tax, although the state average is 9.55 percent.
Memphis has a sales tax rate of 9.75 percent
Nashville has a sales tax rate of 9.25 percent
Chattanooga has a sales tax rate of 9.25 percent
Knoxville has a sales tax rate of 9.25 percent
Morristown has a sales tax rate of 9.75 percent
For those cities with the highest sales tax, for every $1,000 you spend shopping, you’re paying almost $100 in taxes. That’s a pretty heavy markup for a cost of living in Tennessee.
How much do I need to earn to live in Tennessee?
Overall, the cost of living in Tennessee is pretty affordable. The most common components you’d use to total your overall cost of living are below the national average. To really calculate what you can afford, though, use our rent calculator to ensure your budget perfectly aligns with prices in Tennessee.
To get your budget started, you can quickly do some math around rent. The average rent in Tennessee is $1,432 per month, and rent should only take about 30 percent of your annual salary per year. To afford the average rent in Tennessee, you’ll need a minimum salary of $57,280. This is good news since the average annual salary in the state is $74,408, well above what you need to squeak by.
Living in Tennessee
Tennessee is a fully-packed state that’s worth exploring. Between the food, music, history, natural beauty and, of course, football, you’ll never be without somewhere to go living here. What’s even better, the cost of living in Tennessee is most likely affordable for you, so crunch those numbers and get your budget together. Then, start looking for that perfect city in Tennessee where you can pop off those cowboy boots and relax.
Related articles
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Figuring out how to pay your bills when your usual income stream is interrupted by job loss can be a difficult task. You probably know to cut back on dining out and movie nights, but what can you do about bills for your rent, student loans, and other vital expenses?
Plenty of people confront this situation, and there are ways to navigate this challenge. If you are wondering how to pay bills when you lose your job, it’s a matter of knowing how to recognize the most pressing bills, organize your assets, and seek additional income and assistance if needed.
Here, learn more, including:
• Which bills to prioritize if you lose your job.
• How to develop a survival budget.
• Where to access funds until you find your next job.
What Bills Should I Prioritize?
If you’ve lost your job, you may feel as if you can’t pay all your bills. In this situation, it’s crucial to prioritize certain ones to make sure you can meet your basic necessities. This means looking at your list of bills and determining ones that should be at the top of your list (or close to it).
In addition to the bills that keep your daily life running, you also want to consider the damage unpaid charges can do to your credit rating. The goal is to balance these factors with the funds you do have available.
Bills you should probably prioritize include:
Rent
Having a roof over your head is important for you and those who live with you, so contact your landlord as soon as possible to discuss alternative payment arrangements. Perhaps you can negotiate lower payments for a window of time. Otherwise, if you don’t communicate and don’t pay, you could find yourself facing eviction. 💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.
Mortgage Payments
If you have a home loan, falling behind on payments can have serious consequences, one of which is foreclosure. Non-payment can lead to default and the bank has the right to recoup their property (aka the home) and sell it to attempt to make back the money it lost.
If you’re wondering what to do about loans when you’ve lost your job, contact your lenders as soon as possible. Many offer forbearance or alternative repayment programs.
Student Loans
Falling behind on student loans could mean you’ll go into default. In some cases, the lender may have the right to garnish your wages. If you’re handling student loans during a job loss, consider applying for an income-driven repayment plan for federal student loans or contacting your private lender to see what options are available.
Car Loans
You’ll most likely need your car to run errands or look for work. Staying on top of payments for your loan or lease can help ensure you won’t risk having your vehicle repossessed.
Insurance
Non-payment could result in denial of coverage, which might not be helpful if you need to see medical treatment or are in a traffic accident, for instance.
Utilities
Not paying these types of bills can result in your electricity, water, phone, and internet being shut off. These are obviously vital for daily life and, in terms of connectivity, job hunting.
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How to Create a Survival Budget
If you’ve lost your job, it’s important to create a survival budget to help prepare for the lean times ahead. This type of budget only takes into account the bare necessities with whatever savings or income sources like unemployment benefits you currently have.
The main goals of a survival budget: to ensure you and your family are taken care of, and then turn your attention to any creditors as necessary. What this means is that even without a job, you pay the bills that will ensure you can survive first — such as food and housing.
Taking Stock of Your Expenses
To start, look at all of your current expenses and eliminate anything that isn’t really and truly a necessity.
• You can’t get rid of your food expenses, but you can temporarily cut back on dining out. Cook your meals instead, and ditch your takeout coffee habit for now.
• If you have a cell phone, you can consider downgrading your service for a cheaper plan to save some money.
Look at the funds you have available for the next couple of months as you job hunt. Deduct the priority expenses, and then evaluate what is left and how you can budget those funds. Be strict with yourself: Now is the time to unsubscribe from all those streaming services and save your money for what’s vital.
If you’re not sure if you have enough cash to pay for the necessities and debt payments, it’s best to seek options like forbearance and deferment — negotiate with your lenders to see what you can do. 💡 Quick Tip: Fees can be a real drag when you’re trying to save money. SoFi’s high-yield checking account has no account fees, including overdraft coverage up to $50.
Where Can I Turn for Money?
Here are some income sources you can turn to when you’re unemployed. It’s hard to pay bills with no job, but these resources may get you through a tough time:
Credit Cards
Using credit cards or even taking out a personal loan when unemployed can be a quick source of funds if you need to make purchases such as groceries and gas. While the interest rates tend to be high, you’ll have a grace period before your balance is due, giving you a buffer to get another income source.
Otherwise, you can make the minimum payment for the time being and make a plan to pay it back once you’re employed again.
Also, see if you can negotiate with your card’s issuing company; you might be able to delay credit card payments. You may also want to explore balance transfer credit card offers, which give you a window of low or no interest.
Retirement Accounts
Tapping into a retirement account like a 401(k) or an IRA is typically seen as the last resort because the downsides typically outweigh the benefits. However, if you’re running out of resources and you have a decent chunk in there, you may not have another choice.
You can choose to tap into your retirement accounts in the following ways:
• Take out a 401(k) loan: Depending on the terms of your 401(k) plan, you may be able to borrow up to a certain amount — usually up to $50,000 or half of your vested amount — and pay it back within a predetermined amount of time (in most cases, five years). Keep in mind you could face additional penalties if you don’t pay back the loan, such as the loan amount being subject to taxes. In addition, loan and management fees may apply.
• Withdraw from your retirement accounts: If you have an IRA or taxable brokerage account, you can make withdrawals. Keep in mind with IRA accounts, you may be subject to a penalty and taxes on the amount you withdraw.
Government Assistance
You’ll want to find out how unemployment works if you lose your job; it can help get some cash flowing your way. Those funds can help you pay for your necessities as you seek other work.
If you’ve been unemployed for a while or face mounting pressures on things like an unexpected medical expense, you may be able to seek other forms of government assistance. These sources can be helpful if you feel as if you’ve lost your job and can’t pay your bills. To see what you may qualify for, you can search on Benefits.gov , your local state or municipal office, and even local charity organizations and churches.
How Setting Up a Bank Account Can Help You When You Are Not Working
When you’re unemployed, setting up a bank account (if you don’t already have one or one you love) may seem like the last thing on your mind, but doing so can help. For one, it can help you to keep track of your finances and apply for products such as credit cards and loans if you need these sources of income.
Plus, many banks offer tools to help you budget your money, a useful feature considering you need to watch your money more carefully. These pros of opening an account can make this moment of unemployment a good one to explore your options.
How to Budget and Save with a Bank Account
Here are some ways in which you can make a budget and save using a bank account when you are unemployed and navigating the job market:
• Divide money into multiple checking or savings accounts for each type of expenses so you can ensure you have enough money for necessities as well as bills.
• Set up automatic transfers so you can ensure you’re setting aside money from any income to save or pay bills on time.
• Set up direct deposit for unemployment benefits or government assistance.
• Set up card controls or features from your bank to restrict spending.
• Turn on balance alerts to notify you when your account falls below a certain balance, so you can decide to pause or delay certain purchases.
• Earn interest with a high-interest savings account.
Alternative Sources of Possible Income
For some people, the above options for money won’t be a good fit; for others, additional funds will be needed. If you have learned how to apply for unemployment and taken other steps to get money but are still seeking other sources of income, consider these options to get cash flowing:
• Borrow from friends and family.
• Look for work on freelance marketplace sites like Upwork and Fiverr.
• Sell things you own or make online via eBay, Etsy, or other sites.
• Participate in paid market research.
• Look locally for jobs like dog-walking.
• Explore passive income ideas, including renting out your car or your tools.
Protecting Your Finances from Future Job Loss
There are also steps you can take to bring in income and prepare for any future financial setbacks you may endure. Consider these options:
Starting a Side Hustle
A side hustle is a gig you start that doesn’t have to be full-time but fits into pockets of time you have available. One of the key benefits of a side hustle is bringing in income.
Side hustles can include anything from driving a rideshare to delivering food. You might sell your nature photography online or help local businesses with their social media part-time.
Building an Emergency Fund
Starting an emergency fund can help protect your finances if you were to lose your job. This involves saving money so it’s there if you are laid off or encounter an unexpected expense, such as a major car repair or dental bill.
In terms of how much money should be in an emergency fund, aim for three to six months’ worth of basic living expenses. Of course, it’s fine to build that up over time versus coming up with the whole amount. Even putting aside $20 a month is a start. And by keeping the funds in a high-interest savings account, you’ll help it grow.
It’s important to know when to use an emergency fund. Losing one’s job is an emergency; it’s exactly what the money is there to pay for. However, the opportunity to travel at a deeply discounted rate or buy designer shoes for 50% off are not good reasons to tap this account.
Starting a Budget
Developing a budget and following it can help you get through challenging financial moments and thrive in good times. A budget helps you balance the money you have coming in, your spending, and your saving. It helps you get a better handle on your financial situation and make adjustments in real time.
• One popular budget is the 50/30/20 budget rule. This says that, of your take-home pay, 50% should go to basic living expenses, 30% to spending on your wants (such as eating out), and 20% should go to savings and debt payments beyond the minimum.
• If you have lost your job, you can minimize the 30% by trimming back your spending on wants as much as possible and then attributing more to the basic living expenses and debt payments.
• The 20% saving figure can be a way to plump up that emergency fund that can help sustain you during a job loss.
The Takeaway
Paying bills when you lose your job can feel stressful, but it’s not impossible. Some key steps may include prioritizing your bills and focusing on budgeting for the bare necessities. It’s also wise to negotiate lower or delayed payments where possible and look for other interim streams of income while you look for your next job.
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FAQ
What happens to debt when you lose your job?
Your debt does not go away when you lose your job. You want to keep paying at least the minimum due. However, you may be able to negotiate a way to lower your interest rates or defer payment while you are out of work. Contact your creditors and see what can be worked out.
What bills should I pay first?
When you are unemployed and need to pay bills, prioritize basic living expenses, such as housing, food, and healthcare. It’s also important to stay current on loans, such as student or car loans.
How do you budget if you are unemployed?
If you are unemployed, focus your budget on paying for your basic living expenses (food, shelter, healthcare, etc.) and paying the minimum on your debt. Trim down your discretionary spending; negotiate with creditors to keep debt manageable; and look into borrowing or earning additional funds.
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With the cost of living prices basically right at the national average and below, North Carolina’s affordability is just one reason to consider calling it home. The diverse population has a reputation for kindness and a sense of community. No matter where you settle, you’ll get a down-home feeling.
The weather is pretty solid, which is great since North Carolina and outdoor activity go hand-in-hand. From the Outer Banks to the Blue Ridge Mountains, you’ve got plenty of hiking trails to explore and over 300 miles of coastline.
If people and places aren’t enough to entice you, then let’s talk about North Carolina food. It’s all about southern comfort food, fresh seafood and that signature style of BBQ.
So, are you ready to take a deeper dive into whether North Carolina is the right place for you? To see if all the numbers match up, let’s look at average prices in key cost-of-living areas so you can see if this state is something your budget can afford.
North Carolina housing prices
There are a lot of cities in North Carolina that claim they’re the best, but what’s better is that many are reasonably priced when it comes to housing. You’ll find options that just step over the national average, as well as those that are significantly below, which means there’s a place for every budget.
Asheville
Nestled within the Blue Ridge mountains, with plenty of outdoor activities, Asheville is both a beautiful and fun place to live. The food scene is eclectic, and the whole city has a comfortable but quirky vibe. Hiking is as easy as walking around the downtown area, and there’s always Biltmore Estate when you need a little class.
Living in this mountain town, though, comes with a price, and housing is 3 percent above the national average. Rentals are on the rise, as well, and two-bedroom apartments saw a 33 percent increase in price over last year. The average rent right now is $1,866 per month. One-bedroom apartments are growing at a faster pace, up 38 percent over last year, for an average rent of $1,592 per month.
Homes are also in high-demand here, leading to a price increase of 21.8 percent over last year. The median home price in Asheville is $489,500.
Chapel Hill
The most expensive city on the list, Chapel Hill, is so much more than a college town. Although, as home to the University of North Carolina at Chapel Hill, it’s a big piece of the city’s story. There are also plenty of job opportunities and stability here, along with an amazing food scene (check out the flying burrito) and a variety of museums and cultural stops. With housing prices at 18.3 percent above the national average, though, it can get pricey to live in this particular North Carolina town.
Rent prices reflect the higher housing costs here in Chapel Hill. On average, a one-bedroom apartment will cost you $1,883 per month. Two-bedrooms also have a high average price tag of $2,253 per month. These rents come at a significant price increase over last year, as well. One-bedrooms are up 45 percent, and two-beds are up by 52 percent.
Individual home prices may vary greatly, but on average, they’re all going up. Home prices have increased by 13.6 percent over last year, and the median home price in Chapel Hill is $611,500.
Charlotte
Southern charm seamlessly mixes with all the features of a cosmopolitan city in Charlotte. A fun and busy nightlife, delicious restaurants and a strong job market attract families and young professionals alike. Charlotte is also an affordable place to call home with housing prices 11.4 percent below the national average.
Even with lower overall prices, rent in Charlotte can still get pricy. One-bedroom apartments average out to cost $1,515 per month in rent, up 15 percent over last year. Two-bedroom apartments are growing in price more slowly but still can set you back an average of $1,783 per month. This price is up only 10 percent over last year.
Homes in Charlotte offer a cool range of architectural designs, but demand is definitely impacting price. The median home in Charlotte costs $405,000, which is a 19.1 percent increase over last year.
Lexington
A smaller city that’s experiencing great growth, Lexington offers residents more space than other North Carolina spots. It has a more suburban feel minus that densely-packed downtown area. It’s also extremely affordable. Housing prices in Lexington are 40.8 percent below the national average.
Resulting from the local growth, rent prices within Lexington are on the rise. Two-bedroom apartments are up 20 percent. The average monthly rent for a one-bed is $1,345, and two-beds average out just slightly higher at $1,485.
Housing prices in Lexington are holding steady with the average home costing $529,000.
Raleigh
As the capital of the state, the appeal of Raleigh centers on its commitment to education, research and technology. For balance, the city also has a thriving music and art scene, not to mention its growing reputation for excellent food and brew. Still, within an affordable range for college students and professionals alike, average housing prices in Raleigh are 4.8 percent below the national average, although the city is experiencing considerable growth in costs.
All housing in Raleigh is seeing price increases of over 15 percent from last year. One-bedroom apartments are up 18 percent, two-bedroom apartments are up 16 percent and home prices are up 19.4 percent. This means properties are in demand, and some could price out above your budget.
On average, a one-bedroom currently rents for $1,530 per month. Two-bedrooms are at $1,763. The median home price in Raleigh is currently at $430,000.
North Carolina food prices
North Carolina’s reputation for food is without exaggeration. You can get great barbecue, complete with all the sides, decadent peach cobbler, creamy she-crab soup and, of course, biscuits and gravy. Even home cooking is a serious business, and North Carolinians spend between $233 and $267 per month on groceries.
Food prices throughout the state are thankfully pretty reasonable, mostly at or just below the national average, so eating right is never outside the budget.
Raleigh is 8 percent below the national average
Lexington is 4.9 percent below the national average
Asheville is 4 percent below the national average
Chapel Hill is 3 percent below the national average
Charlotte is 2.8 percent below the national average
The only city to stretch past the national average when it comes to food prices is Salisbury. It just barely gets there at 0.9 percent above the national average.
What this means when it comes to individual items on your grocery list is that food prices won’t vary by a lot. For example, a dozen eggs range within 46 cents of each other in every city, and bananas only have a 24-cent differential.
Going out to eat also means paying similar-sized bills no matter where you are. The differential between most cities on our list is only $5 for a three-course meal for two. It ends up costing you the most in Asheville, at $65.00, but in our cheapest city, Raleigh, the same meal is only slightly less at $60.00.
North Carolina utility prices
As with most prices across North Carolina, utility averages hover close to the national average, and even though some are over, it’s never by an extreme amount.
Chapel Hill is 11.8 percent below the national average
Charlotte is 7.5 percent below the national average
Lexington is 6.9 percent below the national average
Raleigh is 1.2 percent above the national average
Asheville is 7.9 percent above the national average
It’s possible that certain weather conditions could increase your air conditioning or heating usage when the season is right, driving these averages up. Certain areas in North Carolina can get pretty hot in the summer, and those towns in the mountains, like Asheville, may need a little extra heat as temperatures cool down. On average, total energy bills range from $150 per month to slightly above $200.
North Carolina transportation prices
Transportation prices in North Carolina total up to include all different modes. There are the costs associated with owning a vehicle and taking public transportation, which can potentially save if you live in an area where it’s possible to get around on foot or by bike.
Overall, most transportation prices are, again, close to the national average. The only city to exceed it is Winston-Salem, at 3.9 percent above.
Lexington is 32.5 percent below the national average
Chapel Hill is 9.4 percent below the national average
Raleigh is 6.4 percent below the national average
Charlotte is 5.7 percent below the national average
Asheville is 1.6 percent below the national average
Not the most walkable state, most North Carolina cities have an average walk score in the 30s. You could live somewhere that’s walkable for a few blocks, but you can’t navigate the whole city that way. Chapel Hill is also pretty bike-friendly, with a score of 55. Overall though, you’re getting around in a car, bus or some other form of public transportation.
Asheville ART
Providing bus service throughout the entire city, Asheville Rides Transit, or ART, operates 18 different routes. Set hours have bus service ending at 10:30 p.m. Monday-Saturday and 6:00 p.m. on Sundays. Extended service for University of North Carolina Asheville stops is available Friday and Saturday nights, but only when classes are in session.
A single-way fare is $1, but you can buy both ticket booklets and passes. A booklet is $9 and provides for 11 rides. A monthly pass is $20 and an annual pass is $220.
Charlotte CATS
Operating both buses and a rail system, the Charlotte Area Transit System (CATS), makes it easy to ride through its color-coded system. Routes in red are express, routes in green are local or neighborhood shuttles and blue routes are rail lines.
The one-way fare for local bus services is $2.20, and a monthly pass is $88. Shuttle service is less expensive at only $0.90 per way. If you’re hopping on an express route, the one-way cost is $3, and a monthly pass is $121.
Raleigh GoRaleigh
A long list of routes takes you anywhere you want to go in Raleigh, hence the name GoRaleigh. Currently, all routes are free and will remain so until June of 2023.
Once fares get reintroduced, it’s still not expensive to take advantage of GoRaleigh routes. A single-ride fare is only $1.25, and a 31-day pass is $40. You can buy an express or regional pass, as well, extending your access to other cities in the area that have their own ‘Go’ public transportation.
North Carolina healthcare prices
Healthcare prices in North Carolina, which include doctor’s visits, urgent care trips, prescription medications, the dentist and even the eye doctor, are all close to the national average in the United States. Probably the highest set of numbers so far, all our cities are actually slightly over.
Raleigh is 0.1 percent above the national average
Chapel Hill is 8.3 percent above the national average
Asheville is 8.7 percent above the national average
Charlotte is 11.6 percent above the national average
Lexington is 18.2 percent above the national average
This puts visits to the eye doctor at anywhere from $118 up to $158, a doctor’s visit from $115 to $177 and trips to the dentist between $104 and $140. All combined, that’s a lot of out-of-pocket spending you may have to add to your budget.
North Carolina goods and services
Totaling up all the things you like doing regularly, but aren’t absolutely necessary, goods and services are like bonus activities. They’re what you do for you — like going out or getting your work clothes dry cleaned. Life would still go on without doing these things, but you wouldn’t be as happy.
Lumping in the costs of all goods and services together is a great way to understand how much this could add to your budget.
Raleigh is 8.8 percent below the national average
Chapel Hill is 8.4 percent below the national average
Lexington is 5.7 percent below the national average
Asheville is 1.1 percent below the national average
Charlotte is 6.4 percent above the national average
Charlotte is going to produce the highest price tag, in total, when it comes to grabbing a pizza, going to the movies and more. However, when you look at the average costs of everything, Charlotte might not always be the most expensive city.
In fact, according to these specific goods and services prices, Charlotte never has the most expensive option on the list.
Adding in childcare
Though it’s possibly not a particular good or service you’re ready for yet, this one is a doozy. Once the need for childcare comes into play, your cost of living budget will go way up. But, what you pay each month can vary greatly based on what city in North Carolina you’re living in.
The most expensive city for a full-day, private preschool is Chapel Hill, where the monthly price tag is $1,433.00. Raleigh is also over a thousand dollars a month, but then the price begins to dip. In Asheville, this monthly expense averages out to only $866.67. We told you it was expensive.
Taxes in North Carolina
North Carolina has both an individual income tax and a sales tax. The income tax rate of 4.99 percent applies to all income levels.
The state sales tax is 4.75, and local areas can only add on up to 2.75 percent more. This means the highest combined sales tax rate you’ll pay is 7.5 percent. Think of it this way, for every $1,000 you spend shopping, $124.90 is going straight to taxes if the city you live in charges the max amount, which not every city does.
The sales tax rate in Asheville and Lexington is 7 percent
The sales tax rate in Charlotte and Raleigh is 7.25 percent
The sales tax rate in Chapel Hill is 7.5 percent
It seems that many cities get close to the maximum amount of sales tax, but few go all the way to the top. That’s good for your budget.
How much do I need to earn to live in North Carolina?
One of the best ways to figure out what you need to make to live comfortably anywhere is a calculator. You’ve just got to crunch some numbers to make sure it all works, and starting with rent is key. Using our rent calculator, you can accurately start budgeting.
You can also do some rough estimating using averages and expectations. It’s expected that you’ll put 30 percent of your annual salary toward rent. Given that the average rent in North Carolina is $1,387, you’d need to make a minimum salary of $55,480 per year.
Is this possible? Yes, but not always. The average annual salary in North Carolina is $53,100. It comes close to the minimum salary you need to get an average-priced apartment, but not quite. This may mean adjusting your location to find housing options a little less expensive or cutting your budget elsewhere to put more toward rent. Either way, you’ve got options.
Living in North Carolina
North Carolina is a friendly and delicious place to call home. Southern hospitality is at its peak, and between the barbecue and a variety of other restaurants, your belly will always be full. North Carolina is also a state of opportunity, with a lot to attract young professionals, students and families. It doesn’t hurt that it’s also a beautiful place to live.
If North Carolina is calling your name, start adding those numbers up. Does your budget match up to the cost of living in the Tar Heel State? Sure hope so.
Related links:
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
The Great Lakes State has long been a treasure trove of natural beauty and urban charm.
For anyone thinking about relocating to Michigan, it can be hard to zero in on your new town with so many stellar options filling the state. Still, some spots shine a tad brighter than others. Whether it’s the allure of serene lakesides or the hustle and bustle of a burgeoning metropolis, the best places to live in Michigan offer rich experiences in tight communities.
From the cultured streets of Ann Arbor to the rejuvenated spirit of Detroit, and the coastal charisma of Traverse City to the northern mystique of Marquette, this article takes a dive into the must-consider locales of Michigan so you can rest assured you’ll settle down in the right place for you.
Population: 119,980
Average age: 27.7
Median household income: $65,745
Average commute time: 18.8 minutes
Walk score: 50
Studio average rent: $1,713
One-bedroom average rent: $1,963
Two-bedroom average rent: $2,060
Known for its tree-lined streets, friendly neighborhoods and welcoming community, Ann Arbor boasts a unique blend of small-town warmth with big-city amenities. This is a place where you can stroll through serene parks during the day and attend a world-class performance in the evening, all while breathing in that fresh Michigan air.
Often called the “Athens of the Midwest,” Ann Arbor’s commitment to education is evident. Home to the renowned University of Michigan, the city pulses with an intellectual vigor that attracts brilliant minds from all over the world. But it’s not just about higher education—the local public schools are some of the best in the state, ensuring that learners of all ages have access to quality education.
With the university at its heart, there’s a robust job market in education and research in Ann Arbor. Additionally, the thriving tech scene has earned it the nickname “Silicon Valley of the Midwest.” Biotech, healthcare and various startups also offer ample employment opportunities, making Ann Arbor a hotbed for professionals seeking growth outside of a large city.
Beyond its professional allure, Ann Arbor is rich in cultural attractions. The Ann Arbor Art Fair is one of the most celebrated events of its kind in the country. For film enthusiasts, the Michigan Theater offers an old-time cinema experience, while the diverse eateries reflect a truly global palate. And let’s not forget the Wolverines. Football Saturdays at the ‘Big House’ turn the entire town maize and blue.
For nature enthusiasts, the Huron River offers a serene escape and the city’s numerous parks and trails invite year-round exploration. Meanwhile, those who appreciate bustling nightlife will find no shortage of bars, music venues and theaters to quench their thirst for entertainment.
Population: 33,366
Average age: 34
Median household income: $54,167
Average commute time: 24.7 minutes
Walk score: 47
Studio average rent: $N/A
One-bedroom average rent: $1,115
Two-bedroom average rent: $1,282
Holland radiates a unique charm, characterized by its harmonious blend of historic allure and modern comforts. Its streets, with well-maintained Dutch architecture, invite leisurely walks, while the wafting scent of tulips in spring is enough to enchant anyone into feeling they’ve stepped into a European fairy tale.
As with many of the best places to live in Michigan, Holland places a strong emphasis on education. Hope College, a private liberal arts institution, stands as a testament to the city’s commitment to academic excellence. Local public schools also provide high-quality education, ensuring that young minds are nurtured and well-prepared for the future.
Holland’s economy is diverse. From manufacturing to tourism, the city offers a range of employment prospects. Companies like Herman Miller and Haworth have put Holland on the map in the realm of furniture design and production. Additionally, the healthcare and education sectors provide ample opportunities for professionals.
The annual Tulip Time Festival is a riot of color and a celebration of Holland’s Dutch roots, drawing visitors from near and far. Windmill Island Gardens, featuring the authentic working windmill “De Zwaan,” offers a glimpse into traditional Dutch scenery. And then, there’s the gorgeous Holland State Park, a favorite for its sandy beaches and iconic red lighthouse, providing residents and tourists alike an open space to bask in Lake Michigan’s splendor.
The city’s downtown district is a treasure trove of boutiques, eateries and breweries, making it a hub for daytime exploration and evening entertainment. And as the seasons change, Holland ensures there’s always something to do, be it ice skating in the winter or boat rides throughout summer.
Population: 198,401
Average age: 31
Median household income: $49,201
Average commute time: 20.4 minutes
Walk score: 57
Studio average rent: $1,295
One-bedroom average rent: $1,150
Two-bedroom average rent: $1,401
Grand Rapids offers a rhythm of life that suits the bustling city-lover and the laid-back homebody. With the Grand River flowing through its heart, the city’s landscape is adorned with lush parks and scenic spots ideal for relaxation and recreation. Its neighborhoods, each with its distinct personality, ensure there’s a niche for everyone, whether you fancy urban chic or suburban tranquility.
Among the best places to live in Michigan, Grand Rapids stands tall with its commitment to education. With institutions like Grand Valley State University and Aquinas College, the city fosters an environment of intellectual curiosity and growth. The public and private K-12 schools are also commendable, nurturing the next generation with a blend of tradition and innovation.
Historically a furniture manufacturing hub, today’s Grand Rapids boasts a thriving medical research industry, thanks to establishments like the Van Andel Institute. The craft beer industry, technology and finance sectors further diversify the employment landscape, making it a hotspot for professionals across different fields.
No overview of Grand Rapids would be complete without a nod to its artsy vibe. The city comes alive each year with ArtPrize, an open art competition that transforms its streets and parks into a dynamic art gallery. The Frederik Meijer Gardens & Sculpture Park is a harmonious blend of botanic beauty and artistry.
Beer enthusiasts, rejoice! Often hailed as ‘Beer City, USA’, Grand Rapids boasts a healthy community of breweries for the casual sipper and the connoisseur alike. Culinary delights are also aplenty, with a dining scene that’s diverse and delectable. And for those seeking retail therapy, the city’s shopping districts offer everything from high-end boutiques to quirky local stores.
Population: 15,500
Average age: 40.1
Median household income: $53,000
Average commute time: N/A
Walk score: 85
Studio average rent: $N/A
One-bedroom average rent: $1,200
Two-bedroom average rent: $1,700
Situated on the shores of Grand Traverse Bay, life in Traverse City feels like a continuous vacation. The city brilliantly balances the serene charm of lakeside living with the conveniences and vibrancy of urban life. Its neighborhoods, characterized by historic homes, modern condos and waterfront properties, cater to diverse tastes and lifestyles.
Traverse City’s commitment to education is apparent thanks to its status as one of the best places to live in Michigan. With a range of quality public and private schools, the city ensures a solid foundation for its younger residents. Northwestern Michigan College further complements the city’s educational ecosystem, providing excellent higher education opportunities.
The city’s economy, though rooted in tourism and agriculture, has diversified over the years. The healthcare, education and technology sectors have seen significant growth as of late, offering a plethora of opportunities for professionals. Plus, with the city being Michigan’s top producer of tart cherries, the agriculture sector remains a strong employer.
Traverse City’s attractions are as diverse as they are delightful. The annual National Cherry Festival celebrates the city’s agricultural heritage with gusto. And for the outdoorsy types, Sleeping Bear Dunes National Lakeshore is a majestic landscape waiting to be explored.
Traverse City’s culinary scene is a delightful exploration in itself. From farm-to-table restaurants to buzzing breweries, the city is a gastronomic paradise. Downtown Traverse City, with its boutique shops and vibrant arts scene, promises endless hours of leisure and discovery.
Population: 639,111
Average age: 34.8
Median household income: $30,894
Average commute time: 26.4 minutes
Walk score: 53
Studio average rent: $947
One-bedroom average rent: $1,320
Two-bedroom average rent: $1,589
Detroit’s storied past has sculpted its vibrant present. From the upscale living spaces of Midtown to the historic charm of Corktown, Detroit offers a diverse range of neighborhoods to suit every taste. The waterfront along the Detroit River provides a peaceful respite from city life, while the rhythm of Motown music reverberates in the hearts of its residents.
Detroit’s commitment to education is undeniable. Institutions like Wayne State University anchor the city’s higher education aspirations, while efforts are continually underway to strengthen K-12 public education. Various charter and private schools also offer myriad choices for families.
As the birthplace of the American automobile industry, Detroit remains a hub for engineering and manufacturing. But it’s not just about cars anymore. The city is experiencing a tech boom, with startups and established companies alike calling Detroit home. Healthcare, finance and the arts also contribute significantly to the employment landscape.
Detroit’s attractions resonate with its history and its revival. The Detroit Institute of Arts stands as a testament to the city’s appreciation for culture. The Motown Museum offers a trip down memory lane, celebrating the city’s rich musical legacy. And for sports enthusiasts, Detroit roars with pride for its Lions, Tigers, Red Wings and Pistons.
Detroit’s culinary scene is a delightful fusion of its multicultural roots. From mouth-watering coney dogs to high-end restaurants, there’s a dish for every palate. The Eastern Market, the largest historic public market district in the U.S., teems with fresh produce and local crafts. Additionally, the burgeoning nightlife, with theaters, bars and music venues, ensures that the city never sleeps.
Population: 21,000
Average age: 41.5
Median household income: $100,000
Average commute time: 22.5 minutes
Walk score: 60
Studio average rent: $N/A
One-bedroom average rent: $1,372
Two-bedroom average rent: $1,510
Life in Birmingham is like stepping into an idyllic painting. With tree-lined streets, manicured parks and picturesque neighborhoods, it offers residents a serene and upscale environment. This city seamlessly merges the quaint charm of a small town with the cosmopolitan allure of a modern urban center.
Birmingham’s commitment to education is both deep and evident. The Birmingham public schools district consistently ranks among the top in the state, with accolades for academics and sports. Several private institutions in and around the area further ensure that families have high-quality choices for their children’s education.
While Birmingham is primarily residential, its proximity to Detroit and other business hubs provides residents with a ton of employment opportunities. From automotive to technology, healthcare to finance and more, the surrounding areas cater to professionals across a large number of sectors.
Downtown Birmingham is a shopper’s paradise and a diner’s delight. With a blend of high-end boutiques, elegant eateries and cozy cafes, it promises an experience rather than just a visit. The Birmingham Historical Museum offers insights into the town’s rich history.
An active lifestyle is easy to maintain in Birmingham. The city boasts numerous parks, golf courses and walking trails. Seasonal events, like the Birmingham Winter Markt and the city’s farmers market, further enrich the community spirit and offer delightful experiences for residents and visitors alike.
Population: 13,000
Average age: 39.3
Median household income: $80,000
Average commute time: 27.6 minutes
Walk score: 87
Studio average rent: $N/A
One-bedroom average rent: $1,985
Two-bedroom average rent: $2,770
With its quaint downtown, scenic parks and inviting neighborhoods, Rochester offers residents a unique blend of small-town warmth and modern sophistication. The city, with its well-preserved historic buildings, creates an atmosphere that’s both nostalgic and contemporary, making daily life a delightful experience.
Rochester’s dedication to fostering bright futures is evident in its educational institutions. The Rochester Community Schools district is renowned for its academic excellence and comprehensive programs. Nearby colleges and universities also ensure that higher education opportunities are easily accessible for locals.
While Rochester exudes a small-town vibe, its employment prospects are anything but limited. Its proximity to Detroit and other commercial hubs provides a healthy selection of opportunities in industries ranging from automotive to healthcare to technology to finance and more.
Downtown Rochester is a treasure trove of boutique shops and delectable dining spots. Rochester Municipal Park, with its serene trails and beautiful waterways, offers a tranquil escape for nature lovers. Meanwhile, the Rochester Hills Museum at Van Hoosen Farm provides fascinating glimpses into the area’s history.
Community spirit shines bright in Rochester. The city hosts an array of events, from the Art & Apples Festival celebrating arts and local produce to the Rochester Hometown Christmas Parade, Michigan’s largest Christmas parade.
Population: 59,000
Average age: 35.3
Median household income: $70,000
Average commute time: 24.5 minutes
Walk score: 57
Studio average rent: $2,310
One-bedroom average rent: $2,794
Two-bedroom average rent: $3,344
Royal Oak has a uniquely harmonious blend of serene neighborhoods and bustling streets. From its tree-canopied neighborhoods to the lively downtown, the city promises a lifestyle that’s as tranquil as it is enticing, catering to families, young professionals and newly minted retirees alike.
Royal Oak’s dedication to education shines brightly with its array of reputable public schools. The Royal Oak Neighborhood Schools consistently garner praise for their holistic approach to education. Additionally, a number of private institutions and nearby colleges offer a well-rounded educational environment.
While Royal Oak itself is teeming with local businesses, its strategic location near Detroit provides residents with an expansive spectrum of employment opportunities. From the healthcare sector to automotive and from media to technology, career prospects are as diverse as they are abundant.
Downtown Royal Oak is a hub of activity, offering a medley of boutique shops, eclectic eateries and pulsating nightlife. The renowned Detroit Zoo, situated in Royal Oak, promises delightful experiences for the young in age and the young at heart. For artsy types, the Royal Oak Music Theatre hosts an impressive array of performances, while the city’s multiple events, like the annual Arts, Beats & Eats, celebrate the fusion of art, music and gastronomy.
Royal Oak is a city that loves to celebrate. From the lively summer farmers market to the spectacular holiday parade, there’s always something to look forward to. Nature enthusiasts can explore the multiple parks dotted throughout the city, while those looking for a taste of the cosmopolitan can indulge in the city’s dynamic coffee culture, innovative restaurants and chic bars.
Population: 5,700
Average age: 42.3
Median household income: $45,500
Average commute time: 17.2 minutes
Walk score: 86
Studio average rent: $N/A
One-bedroom average rent: $800
Two-bedroom average rent: $825
Life in Petoskey feels like a beautiful interlude from a bygone era. With its Victorian architecture, serene lakeside vistas and friendly neighborhoods, it offers a tranquil retreat from the frenetic pace of big city life. The seasons transform the city — ensuring that residents are perpetually surrounded by nature’s splendor.
The Public Schools of Petoskey are well-known champions of quality education. With a strong focus on academics, sports and extracurricular activities, the schools collectively nurture holistic development. North Central Michigan College further provides higher education opportunities within the city itself.
While tourism undeniably drives a significant portion of Petoskey’s economy, there’s more to its employment landscape. The healthcare, retail and education sectors offer a lot of opportunities. Plus, the entrepreneurial spirit thrives here, with many small businesses and artisan shops scattered throughout the city.
Petoskey is nature’s canvas. Petoskey State Park is a paradise for those who love the outdoors, offering everything from hiking to sunbathing on its sandy shores. But there’s more than just natural beauty. The Gaslight Shopping District is a haven for anyone looking to indulge in retail therapy or sample local delicacies.
Petoskey’s events calendar is always buzzing. The annual Festival on the Bay celebrates the town’s lakeside heritage with music, food and family-friendly activities. And when winter rolls around, residents and visitors alike indulge in skiing, snowmobiling and other snowy delights.
Population: 21,000
Average age: 28.6
Median household income: $42,500
Average commute time: 18.5 minutes
Walk score: 47
Studio average rent: $N/A
One-bedroom average rent: $ 600
Two-bedroom average rent: $575
Living in Marquette is akin to embracing a life where nature and adventure beckon at every corner. The city combines the comfort of a tight-knit community with the excitement of the untamed outdoors. Whether it’s the vibrant hues of autumn, the crisp white of winter or the verdant bloom of spring and summer, each season paints a unique canvas, enhancing the life of its residents.
Marquette is a hub of academic excellence in the Upper Peninsula. Northern Michigan University anchors the city’s educational scene, offering diverse programs and acting as a catalyst for cultural events. The Marquette Area Public Schools also ensure that younger residents receive a top-notch education.
While Marquette’s foundation was laid on mining and shipping, today, its employment landscape is anything but singular. Healthcare, led by the UP Health System-Marquette, education and tourism are major employers. The city’s entrepreneurial spirit is also palpable, with numerous local businesses and startups adding to its economic dynamism.
Nature is Marquette’s grandest attraction. From the panoramic views at Sugarloaf Mountain to the tranquility of Presque Isle Park, the outdoors beckon endlessly. But there’s more. Downtown Marquette offers a melange of boutiques, restaurants and social venues. For history buffs, the Marquette Maritime Museum provides a deep dive into the region’s rich nautical past.
Whether it’s mountain biking, skiing, kayaking or hiking, Marquette offers it all. And for those moments of reflection, the serene beaches of Lake Superior offer a perfect escape. The city’s festivals, like the UP Fall Beer Festival, are also a testament to its vivacious spirit and community bond.
Find where you’ll live in the Great Lakes State.
In the heartland of America’s Midwest, Michigan’s cities and towns have carved out niches that speak to the diversity and dynamism of its residents. From the college vibes of Ann Arbor to the historic charm of Rochester; the lakeside beauty of Holland to the bustling streets of Royal Oak, there’s a place in Michigan that resonates with every soul.
Finding the best places to live in Michigan involves more than just reading a list; it requires a willingness to experience the multifaceted spirit of a state that melds the old with the new. Whether seeking arts, adventure or a secluded place to sit on your own, one thing is for sure: Michigan has a corner, street or shoreline waiting to be called home.
Ready to settle down? Find your next apartment in your favorite Michigan town right here.
Rentprices are based on an average from Rent.’s available rental property inventory as of July 2023. The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
The average U.S. mortgage rate for a 30-year fixed loan remained steady this week, gaining one basis point to 2.81%, Freddie Mac said in a report on Thursday. The average fixed rate for a 15-year mortgage was 2.32%, falling from last week’s 2.33%.
After this week’s dip, there have now been 14 consecutive weeks when average mortgage rates have been below 3%. According to Freddie Mac’s chief economist, Sam Khater, low rates have provided tangible support to the economy at a critical time.
“Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes,” said Khater. “On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past.”
The Federal Reserve began buying bonds in March to buffer the shutdown’s economic blows and make borrowing cheaper, and consistently low and steady mortgage rates have pushed homebuyers to flood the market. On Wednesday, Case-Shiller’s home price index for August jumped 5.7% – the greatest year-over-year gain since 2018.
According to Mike Fratantoni, chief economist of the Mortgage Bankers Association, today’s GDP data shows a picture of the economy re-opening and restocking over the summer.
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“MBA expects that the pace of economic growth will slow in the fourth quarter and into next year, but expansion should nonetheless continue, provided the current spike in virus cases does not lead to another complete lockdown,” Fratantoni said.
While one end of the market continues to flourish from demand, 34% of home sellers said they are staying out of the market due to COVID-19’s uncertainty in a recent Zillow survey, and approximately 3 million homeowners are currently in forbearance plans, according to the MBA.
“This is further evidence of the unevenness in the current economic recovery,” said Fratantoni. “The housing market is booming, as shown by the extremely strong pace of home sales last week. However, many homeowners continue to struggle, as the pace of the job market’s improvement has waned.”
*insert mortgage delinquency chart* “The seasonally-adjusted mortgage delinquency rate fell to its lowest level since MBA’s survey began in 1979, reaching 3.37% in the second quarter of 2023,” said Marina Walsh, MBA’s vice president of industry analysis. “Buoyed by a resilient job market, homeowners are continuing to make their mortgage payments.” All mortgage types saw … [Read more…]
At its Annual event Wednesday, Mortgage Bankers Association Chief Economist Mike Fratantoni forecast that mortgage rates could rise in the year to come, but that they will remain near all-time lows.
Fratantoni pointed out that the job losses seen in 2020 have been unprecedented, even when compared to the Great Recession.
“Yes, it’s come down to 10 million, but look at how that compares again to the peak in 2009 of 6.6 million,” he said. “This has just been a tremendous negative shock for the economy as a whole.”
However, due to the narrow industry focus of the job losses, this downturn has proved much different than what the economy saw in 2009. And the recovery will likely depend on how long the pandemic lasts.
“This distress is not going away soon,” Fratantoni said. “Many of these folks who thought they were on a temporary furlough are now reporting they have a permanent job loss. Many of the employers they thought they were returning to have gone bankrupt, and the longer this crisis lasts, the longer the restrictions are in place, and again, the public health demands that some of these restrictions remain in place, but the economic cost is real.
“And because you have so many people who are going to be displaced from what was the job they had chosen, that search for a new job in a new sector of the economy, even if it’s going to eventually be successful, is going to take more time, so we think the recovery from here is going to be a little slower than that what we have seen thus far in 2020,” he continued.
Earlier this year, the Federal Reserve ended its June two-day policy meeting leaving rates unchanged and gave a strong indication that it will not raise interest rates for a long time. Fratantoni brought up this point, saying that short-term rates will stay at 0% at least until 2022 and said that we will see a very cautious Fed when it comes to raising rates from here.
However, he forecasted that mortgage rates will steadily rise over the next year. The chart below shows interest rates for the 30-year fixed-rate mortgage will end this year at about 3% and could hit around 3.3% in 2021.
Housing inventory and prices
Given the low interest rates that are driving demand, housing inventory has become a rising concern. MBA Associate Vice President of Industry Analysis Joel Kan explained that current inventory rests at just a three-month supply. He said as builders work to replenish the supply with new homes, the most recent census data shows a 1.1 million annualized pace for new construction — the highest level since 2007.
But while inventory is increasing, it is not happening fast enough, putting upward pressure on home prices. Kan explained estimates show an annual increase of about 4% to 5%, a trend that will continue in the year ahead.
Profitability
Before this year, 2003 was the last time a record was set for profitability on the origination side, and 2012 was the last record year for refinances. However, MBA Vice President of Industry Analysis Marina Walsh predicted 2020 could possibly set new records for profits for independent mortgage bankers.
MBA forecasts mortgage originations to total $3.18 trillion in 2020 – the closest we’ve gotten to 2003’s high of $3.81 trillion. In 2021, mortgage originations are expected to fall to around $2.49 trillion, which would still be the second-highest total in the past 15 years. At $1.54 trillion, next year’s purchase originations would eclipse the previous all-time high of $1.51 trillion in 2005.
“What’s interesting too, is look at that orange line, that’s the average production volume,” Walsh said. “Usually in our quarterly performance report, you would think that that’s an annualized number three, for 350 IMB at 1 billion. But 1 billion is the average for that particular quarter. So exceptionally high volume and exceptionally high profits as well.”
Servicing
On the servicing side of the business, elevated borrower delinquency rates – particularly for FHA borrowers – remain a concern. Top of mind for servicers will be pursuing the most appropriate loss mitigation strategies for post-forbearance borrowers and investors.
“Servicers will remain busy in 2021 helping borrowers exit mortgage forbearance and into longer-term solutions,” Walsh said. “This will likely result in the operational need for additional loss mitigation personnel and increased servicing costs.”
And while delinquencies hit all-time highs over 2020, Walsh explained the forbearance options kept foreclosures low and could continue to help borrowers into 2021.
Walsh said that as more loans fall into the seriously delinquent bucket, servicer costs could rise.
“Based on the data that we have now, productivity is actually continuing to increase, but that’s only for through the first half of 2020,” she said. “Same thing happened for those of you that were around in 2009, whereby we had very high delinquencies and our costs hadn’t quite caught up yet and as loans get more delinquent and are seriously delinquent, that’s when the real costs start to really come into play.
“We do expect in 2021 that as these loans are in the seriously delinquent stage, especially for servicers with large FHA pool — FHA loans as a percentage of their overall volume — we would expect to see the servicing costs go up and productivity drop and continued hiring of loss mitigation specialists,” Walsh said.
The pandemic effect
However, the MBA’s 2021 forecast assumes an effective vaccine will bring the COVID-19 pandemic under control, leading to a gradual economic recovery that is aided by further fiscal stimulus.
“The economy, labor market, and housing market have all seen meaningful rebounds since the onset of the pandemic, but there is still profound uncertainty,” Fratantoni said. “Additional waves of the virus could lead to further lockdowns and more job market instability.
“On the other hand, another pandemic-related stimulus package would result in faster economic growth and additional support for the housing market, albeit with slightly more upward pressure on mortgage rates,” Fratantoni added. “2021, particularly the second half, should be a year of continued purchase growth and slowing refinance activity.
“As long as the spread of the pandemic is brought under control, the economy should expand around 3% next year, allowing the job market to improve, incomes to rise, and home sales to meaningfully increase,” Fratantoni said.
Inside: Dreaming of ways to make money fast as a woman? Stop dreaming and take action. These are genius ways of making money online and at home.
Making money fast is crucial for maintaining a comfortable lifestyle, especially in the face of rising living costs. It can be the key to financial stability, providing additional funds to support and enjoy your lifestyle.
As a woman, you need to know how to make money fast.
This isn’t just about getting rich quickly. It’s about women gaining the freedom to live independently without financial constraints.
The feeling of financial security lessens stress; not having to worry over unexpected expenses plays a big role in your overall well-being.
This is what you want to do – make money fast!
Good news! You are in the right spot and I’ll show you my favorite ways to make money online.
Get into the right mindset, ladies! Making money fast isn’t just possible, but also liberating.
How can I make easy money ASAP?
Making easy money quickly can be achieved in various ways that utilize your skills and knowledge.
First and foremost, consider your own skills and expertise, and determine whether they could apply to jobs like cake baking, childcare, bookkeeping, house cleaning, or freelance writing.
This will tell you the easiest way for you to make money quickly. For me, I prefer to trade options in the stock market. Whereas someone else may choose babysitting or dog walking.
You need to find how to make money fast and we will help you with that decision.
Why Making Money Fast is Important
1. Makes it possible to live comfortably 2. Enables you to afford the best quality of life 3. Gives you the freedom to pursue your dreams 4. Gives you the freedom to live without financial constraints 5. Provides you with security and safety 6. Freedom to give back to your community 7. Freedom to choose how you spend your time 8. Opportunity to take risks and start a business 9. Provides you with a sense of power and control 10. Live without financial worry
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
How can I make a lot of money in hours?
Making income in a matter of hours for a woman is entirely feasible with a blend of freelancing, leveraging gig economy platforms, and capitalizing on your skills or assets. Here’s a quick guide for you:
Consider freelancing: Establish your writing, graphic design, or programming services on platforms like Fiverr or Upwork.
Dive into the gig economy: Sign up for TaskRabbit, Airbnb, or Turo to start earning.
Try online tutoring or content selling: Proficient in any subject or have strong graphic design skills? Go for tutoring or sell your content.
Indulge in buying & selling: If you’re good at purchasing low and selling high, then swap clothes or furniture, or even stocks.
Take online surveys or join market research groups on sites like Swagbucks for a rapid source of income.
Remember, time management is crucial for balancing multiple streams at once. Don’t forget to schedule wisely!
How to Make Money Fast as a Woman
No matter who you are, making money can be tough. But if you’re a woman, it can feel impossible.
From getting paid less than men for the same job to having a harder time getting promoted, the deck is often stacked against us.
Just so you know that making quick money in one day won’t happen overnight.
So, I’m going to tell you the best ways to make money fast as a woman.
1. Sell Services
Selling your skills or expertise is a fast, viable way to earn money. It’s all about utilizing what you already know to provide value to others.
Identify your marketable skills, such as cake baking, freelance writing, bookkeeping or even organizing spaces.
Brainstorm which of these services people could pay for.
Remember, you can tap into both physical tasks, like house cleaning or pet-sitting, and digital ones, like creating digital printables or offering consulting in your field of expertise.
Expert Tip: Launch your service with a few testimonials, helping to build trust with potential customers from the get-go.
2. Freelance
Freelancing is a savvy way for women to stack up earnings fast, offering flexibility and complete control over the workload. It’s a ticket to dodge conventional office politics and punch above your earning potential.
Start by identifying your freelance niche. You can be a writer, graphic designer, or anything you’re skilled at. Many people use their transferable 9-5 skills to side hustle.
Then, create your profile on platforms like Fiverr, Upwork or Guru – be sure to showcase your accolades.
Set your rates, then start connecting with clients looking for your talent.
Remember, success in freelancing is driven by quality and consistency. So, sharpen your skills and always exceed your client’s expectations.
Freelancing may start as a side gig, but with dedication, it can grow into a full-time job.
3. Become a Product Reviewer
Being a product reviewer is an intriguing job opportunity for those who enjoy sharing candid feedback about their experiences with various products.
As a product reviewer, you are required to assess products often sent to you from diverse companies.
Your role involves providing a comprehensive review that could range from making an unboxing video to writing a detailed article about the product’s features and performance.
This kind of job requires an unbiased perspective and the capacity to articulate your thoughts and experience in a detailed, user-friendly manner.
Companies value this form of direct feedback as it provides them with significant data about their product’s strengths and weaknesses as perceived by an end-user.
4. Virtual Assistants
As a woman, becoming a virtual assistant could be your fast lane to earning a substantial income.
This is especially a great option if you’re excellent in organization and time management along with the need for flexibility.
For many becoming a virtual assistant with no experience is possible. And very lucrative.
Finally, for your best shot at success in this field, taking a course to improve your learning curve is extremely helpful.
Potential to earn up to $43,000 per year.
5. Sell Your Crafts
Ladies, have you thought of turning your love for crafts into a profitable venture?
Find out what crafts are in demand. The higher the demand, the more profitable it would be to make and sell these crafts.
Remember, profitability hinges on what you sell and how much you sell. Happy crafting!
While you are limited on what you can earn by what you can make, it is possible to make money doing something you absolutely enjoy.
6. Stock Trading
Stock trading may seem daunting but it can be a quick route to financial independence, especially for women.
With the right tools, information, and mindset, you can swiftly navigate the market and amplify your earnings. In fact, this is something Teri Ijeoma did herself.
Educate yourself on the basics before you invest. This is exactly what I did and my investment has paid off.
Always be aware of the risks involved in stock trading and proceed cautiously. However, building up an investing education is a wise decision.
Learn how fast can you make money in stocks.
7. Babysit
Babysitting is a versatile side hustle offering flexible hours and good earning potential.
It’s an ideal opportunity if you’re seeking quick, extra income and enjoy children.
Obtain optional certifications like CPR and first aid to enhance your appeal. Visit platforms like Care.com, Sittercity, or Urbansitter to create your profile and connect with clients.
8. Transcriber
One field that remains highly overlooked is transcription.
A transcriptionist listens to audio files and converts them into written documents.
Gain a thorough understanding of the industry. Check out this free webinar to get the basics right.
Consider specializing in legal or medical transcription. These niches often fetch higher wages.
You could easily make $3000-$4000 monthly, working on your own schedule.
Remember, practice and precision can help you achieve a lucrative transcription rate.
9. House Cleaning
Cleaning can be a rewarding gig, especially if you like tidying spaces.
Despite recognizing the need for a clean home, many people often struggle to find the time or energy to routinely clean their homes. This is where the prospect of a housecleaning business arises.
Busy homeowners, parents juggling work and childcare, elderly individuals needing assistance, and even businesses needing regular cleaning services are all potential clients for a housecleaning business. This demand provides a consistent income flow for those offering cleaning services.
In fact, individuals transitioning into this field of work can negotiate their wages with clients, potentially earning more than $15 an hour based on the complexity and demands of the job.
10. Sell Printables on Etsy
Selling printables is an effective and lucrative method to generate passive income.
Once printables such as planners, calendars, and journals are designed, created, and listed for sale on platforms like Shopify or Etsy, they can consistently produce income without requiring continual input or maintenance.
According to several experts, one of the keys to making substantial profits from printables is to differentiate your products.
Building upon this idea of making money from printables, the free Printables Workshop by Gold City Ventures offers comprehensive insights into the process of creating and selling aesthetically pleasing printable products online. This accessible course can be an excellent starting point for beginners looking to navigate the printables market.
Selling printables on Etsy might be the perfect venture for you!
11. Dog Walking
Looking for a fun-filled way to make some quick bucks?
Dog walking could be the right side hustle for you, especially if you’re an animal lover.
Easy to find jobs for dog walking.
Suitable for people with flexible schedules.
Offers an active way to earn money.
Option to select your rates with platforms like Rover.
High demand especially due to increasing pet adoptions and busy pet owners.
You can work when you need to and not take clients when you don’t want too.
12. Make Money Blogging
Blogging is a popular and prevalent way to earn money. Many blog owners are women who want the flexibility to earn significant money at their own pace and schedule.
Earning money through blogging allows you to focus on something you’re passionate about. Any topic that can provide value to an audience can be blogged about. Targeting a niche that has been overlooked by existing blogs can increase your blog’s potential earnings.
Starting a blog doesn’t require formal training, but it does require a willingness and ability to write effectively for an audience.
By employing monetizing avenues, like affiliate marketing and advertising, a blogger can boost their earning significantly.
Despite the vast number of existing blogs, the industry is very accommodating toward new voices, especially female voices. Thus, knowing how to monetize a blog can offer women many opportunities.
Remember, blogging is not just about earning fast bucks, it also needs consistent efforts. It’s rewarding but can start slow.
13. Ride-Sharing
Ridesharing is an excellent opportunity for women looking to make fast money. With apps like Uber and Lyft, you can earn an income simply by offering transportation services.
Here are a few tips to increase your earnings:
Consider driving during peak hours, weekends, or during special events to cash in on higher demand.
Choose busy locations such as city centers and nightlife spots to increase your chances of getting rides.
Maintain good customer service and ensure safe driving to uphold your rating and receive more ride requests.
14. Office Cleaning
Considering the hustle and bustle of the daily grind, office cleaning can be an untapped treasure trove for women seeking quick cash. Given the high demand and flexible hours, it’s an ideal source of extra income.
You must identify office premises needing cleaning services. Reach out to the owners or management, and propose your services.
Think about offering your services to offices in your local area. It’s a fast way to make extra money while managing your other commitments.
15. eBay Arbitrage
Looking to earn some quick money? eBay Arbitrage could be the game-changer you need.
Aimed mostly at women who love shopping, it’s about buying products cheaply and selling them on eBay for a profit.
First, hunt for bargains in thrift stores, sales, or online markets.
Go with high-demand items; electronics, collectibles, or brand sneakers are a good start.
Then, create your eBay store and list your finds at a competitive but profitable price.
Track each item’s demand through keyword research and buyers’ reviews.
Remember to calculate potential profits inclusive of shipping costs and eBay fees.
Armed with the right strategies, you can start earning with eBay in no time!
16. Freelance Writing
Did you know your writing passion can become a quick buck-making engine? That’s right, freelance writing is a gold mine you ought to tap.
First, identify a writing niche you love. It’s easier to excel when you’re passionate about your work.
Continually hone your writing skills. The more you practice, the better you become and the more valuable your skills. Finally, don’t be shy to market your skills. Reach out to small businesses and startups—they often need freelance writers.
Remember, quality over quantity will earn you a solid reputation in the long run. Now, go turn those wordy wonders into wealth!
17. Online Surveys
Curious about making a quick buck? Engaging in online surveys can be a fast money-making method just for you!
You don’t earn a huge amount per survey but when taking multiple surveys, it will add up fast.
Here are the top legit survey platforms:
Use your free time wisely. Take surveys during work breaks or leisure hours.
Redeem points for PayPal cash or gift cards.
18. YouTube Channel Building
Building a YouTube channel can be an interesting and rewarding venture.
It provides an incredible platform to share your content, express your creativity, and engage with a global audience. Whether you want to showcase your talents, teach something unique or simply entertain, having a YouTube channel opens up many opportunities.
Effective engagement with your audience is vital.
Last but not least, patience is something you will need in abundance. Building a successful YouTube channel takes time, so don’t lose hope if you’re not seeing immediate results.
Remember, there’s no limit to what you can achieve with your YouTube channel. It all comes down to how creatively you can use this platform to engage with your audience and grow your presence.
19. Bookkeeper
In our increasingly digital age, online bookkeepers are in high demand, with more businesses choosing to move their financial operations to the online platform. This shift in business operations has created a robust opportunity for those trained in bookkeeping to tap into the market and earn income while working from the comfort of their homes.
To be successful as web-based bookkeeper, you need to be well-organized and have previous experience dealing with numbers. However, even without a formal accounting education, individuals can take advantage of online learning platforms like Bookkeepers.com to learn and sharpen their bookkeeping skills for free.
Becoming a virtual bookkeeper is not just a fantastic full-time job opportunity; it’s also an excellent side hustle for women and mothers proficient with numbers. It provides flexible hours and allows the freedom to work from anywhere, making it ideal for those juggling multiple responsibilities.
The financial compensation for an online virtual bookkeeper is quite significant. On average, bookkeepers can earn at least $50000 a year helping business owners manage their finance and bookkeeping online.
20. Start a Dropshipping Store
Dropshipping is a viable option with low startup costs that lets you run an online store without handling any physical products.
There is still plenty of time to get into the dropshipping business.
Start by deciding what products to sell. Find a niche you’re passionate about for a higher chance of success.
Remember, a successful dropshipping venture involves effective marketing as well. So invest time and effort into perfecting your advertising tactics.
21. Do Clerical Work
Clerical work offers flexible, remote opportunities for women to make quick money.
With adequate admin experience and internet access, you can explore roles like Virtual Assistant, Online Data Entry Professional, or Court Transcriptionist.
This is one of the best non phone work from home jobs.
Experts tip: Perfection and punctuality are key. Attention to detail and meeting deadlines can make you stand out.
22. Resell Clothes
Reselling clothes online is a savvy way to turn your clutter into cash, especially if you love digging for hidden gems.
It’s a popular method for fast cash flow, with Poshmark and Facebook Marketplace being perfect platforms. One of my friends is very successful with this!
Begin with your own closet, and sell kids clothes they have outgrown too.
Reinvest your earnings, by buying second-hand clothing to resell can boost your profits.
Don’t forget quality. Run a quick check for authenticity and brand labels.
Visuals sell. Stage items and capture high-res photographs.
Providing a great customer experience is key, ensuring prompt shipping and maintaining politeness.
Play your cards right, you could earn anywhere between $100 to $1,000 a month or even reach a six-figure yearly income.
23. Do Home-Based Child Care
Home-based child care is a viable option to earn money, leveraging the natural maternal instincts and caregiving skills of many women. It can be a lucrative side hustle and a means to financial independence.
This is especially a great avenue to pursue when you are already at home raising your own children.
Make sure to follow any state regulations about running a daycare out of your home.
Begin by determining the number of children you can handle at a time, taking care not to overbook.
24. Podcasting
Podcasting is a wonderful opportunity for delivering narratives. It enables you to weave compelling stories while inspiring, instructing, or simply entertaining your listeners.
The unique format of podcasting lets you connect with your audience on a personal level. They listen to your voice, engage with your thoughts, and feel a stronger connection to you.
By starting a podcast, you are joining an increasingly popular trend, with the global number of podcast listeners has grown to 464.7 million listeners in 2022 (source).
Podcasting also opens up doors for networking and collaboration. You can invite experts, artists, or like-minded individuals as guests on your show, thus expanding your network.
There’s a potential to earn from podcasting. With affiliate marketing, sponsorships, and advertising, the commercial possibilities of podcasting are extensive.
25. Merch by Amazon
“Merch by Amazon” is a print-on-demand service that allows you to design and sell your merchandise.
It’s a great money-making alternative as it offers massive exposure and doesn’t require any upfront costs.
One of the significant advantages of using Merch by Amazon for passive income is that you are not required to maintain inventory or deal with shipping. Amazon handles these aspects, allowing you to focus on the creation process and customer satisfaction.
Amazon’s royalty system ensures that you get paid instantly whenever your merchandise is purchased. This allows you to earn money passively with every sale.
When your designs meet the current market trends and the preferences of your customers, they are more likely to be popular, leading to an increase in sales, hence, higher passive income.
26. Become an Influencer
Becoming an influencer is a smart, quick way for women to make money. While most people just stumble upon becoming an influencer, you can decide to pursue this avenue.
With earning potential that is unlimited, this opportunity is flourishing, requiring no specific degree or job experience.
Remember, platforms like TikTok, Instagram and YouTube reward new, engaging creators.
Dedication and consistency could lead you to major earnings where you make thousands for each post.
27. Work as a Translator
Having mastery in more than one language opens up a world of opportunities, particularly in the realm of translation services. The ability to translate language effectively and accurately is a skill that’s in high demand in the current globalized world.
A top benefit of being a freelance online translator is the flexible work environment. You have the freedom to choose when, where, and how much you want to work. This flexibility for work-life balance is more appealing now than ever, especially in the unsteady job market.
Freelance translators also have access to a wider client base. Unlike full-time translators who work for specific organizations or agencies, freelance translators can work with various clients from all over the world, widening their potential income streams.
The need for translators is projected to grow substantially. In the United States alone, the U.S. Bureau of Labor Statistics reports that employment for interpreters and translators will increase by 20% from 2021 through 2031, which is much faster than the average for all occupations.
Among other freelance professions, translation can often provide a more stable income.
As most sectors including education, legal, business, medical, and technological firms continue to globalize, they regularly need translators to bridge the language gap, making freelance translation services a steady income source.
31. Become a Flipper
Becoming a flipper is a high-return, low-investment way to make money fast. It involves buying low and selling high, perfect for those wanting a profitable side hustle.
Here are actionable steps to kickstart your flipping journey:
Identify items to flip: Popular options include toys, clothes, electronics, books, and furniture. Pro-tip: Sell things you have around your house to start risk free.
Choose a selling platform: Sell locally via Facebook groups or Craigslist, use reselling apps like Decluttr, or open an online store on eBay.
Price it right: Pricing items competitively garners buyer interest and maximizes profit.
Learn more: Free webinars, like Flipper University and the Flea Market Flipper, offer insights for a successful flipping business.
Remember, flipping can be more than just a side hustle; it’s a potential full-time career.
32. Micro-Tasking
Micro-tasking offers a quick way for you to earn money by completing short and simple tasks.
As its popularity grows, so does the list of platforms where you can find micro-jobs. Here are the popular platforms.
This allows your the flexibility to work whenever you want. Plus no special skills or degrees are needed.
Just note… This is not a stable income source
Tips for Finding the Best Way for You to Make Money
As you can see, there are many different ways to make money fast as a woman.
You can find the best way for you by considering your skills, interests, and the amount of time you have available.
Here are some helpful tips to make sure you are earning money quickly.
1. Identify Your Skills and Offerings
You’re already gifted, let’s transform those skills into fast cash.
Make a list of your skills, passions, and expertise; you can tap into anything from programming to knitting.
That is where you want to start.
From personal experience, I can tell you it is way easier to work on a side hustle or business when you are passionate about the topic.
Remember, the digital world is your playground, so play, innovate and cash-in.
2. Research the Best Ways to Make Money
Now, that you know the skills and experience, look at the list above and determine which ones match up.
You will need to spend time watching a free webinar to learn more.
Compare different money-making ideas. From part-time jobs to freelancing, there’s a plethora of options. You need to pick what works best for you.
Remember, generating a consistent income requires effective strategies and the right mindset. So choose wisely!
3. Try Different Ways to Make Money – Not Just 9-5 Jobs
It’s vital to explore different money-making strategies as a woman for financial stability and independence.
Just because one avenue didn’t work out doesn’t mean you should throw in the towel.
Remember, the key to success is perseverance, so pick something you’re passionate about and stick to it. Try not to jump from one idea to another out of impatience; success takes time.
Also, as your revenue increases, start building a lifestyle business for passive income.
4. Focus on the Things You Are Good at
Unlock your financial potential by recognizing and utilizing things you’re excellent at.
To cash in fast:
Identify your standout skills. These could range from writing, fine arts, math, e-commerce to digital marketing or even passions such as sports and hobbies.
Assess the viability of earning via your skills. Research shows that the digital economy is filled with opportunities.
Exploit platforms that cater to your expertise. For freelance gigs, you can try platforms like Upwork, Fiverr, or Guru.
There are so many ways to make money online as a beginner. So, indulge in the digital playground, embrace exploration and innovation, and let your skills earn for you.
5. Find Opportunities That Allow You to Work Flexibly
You can choose when to work and when not to, rather than being constrained by a 9 to 5 workday. The flexibility to create your schedule means you can operate at your most productive times, whether that’s early in the morning or late at night.
Working from home or any location across the globe enables a better work-life balance, reducing stress and improving productivity. This is particularly beneficial for those who have families or are committed to other obligations.
When working for yourself, you may have the potential to earn more than traditional salaried roles.
Lastly, making a living from your passion is huge!
You are being paid to do what you love anywhere, anytime which is rare and precious.
6. Consider Specializing in a Niche Subject
Specializing in a niche subject can elevate your earning potential quickly, owing to smaller competition and a personalized audience.
Being a subject matter expert in a specific area can provide you with an edge over your competitors.
Specializing in a niche can help you stand out and garner a dedicated audience, ultimately leading to faster earnings.
Remember, the key to making money faster in your specialized area is persistence and patience. It may take time to build a strong following, but once you do, the financial rewards can be substantial.
Stick to your chosen area, continuously learn and improve, and consistently deliver high-quality content to make your mark in your chosen niche.
7. Take Advantage of Trending Opportunities
Jumping on trending opportunities can be a gold mine, especially for women who want to make money fast from home. These ever-evolving trends tap into various skill sets, interests, and experiences, potentially translating into a lucrative gig.
For many, it may have been TikTok when the company first started.
Remember, the digital world holds limitless potential. Just needing to innovate and execute your ideas!
8. Invest in the Right Tools and Equipment
The key to making money, either online or offline, is making an informed investment of your time into the right tools, equipment, and learning resources.
While this can initially seem like an expenditure rather than a money-making step, it is, in fact, a cornerstone of your financial growth strategy.
Investing time in learning and increasing your knowledge base is vital. This could mean spending your time reading about new insights in your area of work, attending webinars, or enrolling in online courses. The ROI of this proactive learning is immense.
Consider this an opportunity or a catalyst that speeds up your journey toward substantial income generation and financial freedom.
9. Commit to Consistent Efforts
Commitment to consistent efforts is the cornerstone of any successful endeavor, more so when running your own side hustle.
One of the fundamental principles for making money is the dedication to keep improving your craft, always learning, and always evolving.
This continual effort involves a long-term commitment to staying updated with the latest writing trends, styles, and industry standards.
With persistence and patience, the fruition of your investments will lead you toward the fulfillment of your financial dreams.
10. Utilize Social Media Platforms to Promote Your Business
Social media platforms are powerful tools for business promotion, and when used strategically, they can lead to fast monetary gains.
Understanding how to effectively utilize these platforms can drastically enhance your chances of making quick bucks.
Start by creating a robust online presence for your business on various social media platforms. Remember, consistency is key to building your brand.
Engage with your audience frequently and respond to their comments. This boosts engagement on your posts.
Post content that is engaging, relevant, and aligns with your business values.
Always monitor your performance using social media analytics to understand what works best for your audience.
Which side hustles for women have you tried?
Personally, here are the side hustles I have done or currently do:
Stock Trading as a swing trader
Online Content Creation
Social Media Influencer
Online Consulting
Pet Sitting or House Sitting
Teaching Dance Lessons
Personal Organizer
However, I know many people that have tried the ones listed above.
So ladies, which of these enticing hustles appeals to your skills and schedule the most?
FAQ
Stay-at-home moms have numerous opportunities to earn money from the comfort of their homes. Plus being able to bump up your household income while juggling parenthood is the perfect combination.
Find the best jobs for moms specifically!
Any of these opportunities requires dedication and consistent effort, but with time they can all yield substantial returns.
Thankfully, there are many ways for women to make money online.
Above we covered all of the interesting ways and many are online.
Remember, opt for an avenue that suits your skills, interests, and time availability.
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[CORRECTION: The story has been updated to reflect that the MBA projects $3.39 trillion instead of $3.9 trillion]
Mortgage applications decreased 0.3% last week, following a 0.5% drop from the beginning of November, according to a report from the Mortgage Bankers Association.
The refinance index dropped 2%, while the unadjusted purchase index fell 1% from the previous week. The seasonally adjusted purchase index climbed 3%. The refinance and purchase indexes still dwarf last year’s totals from the same week, though – 98% and 26% year-over-year, respectively.
Joel Kan, MBA’s associate vice president of economic and industry forecasting, said the refinance index decrease can be attributed to “sharp declines” in FHA and VA applications – from 10.6 to 10.5 and from 12.6 to 12.1, respectively.
“Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic,” he said. “The average refinance loan balance of $291,000 last week was the lowest since January, and many borrowers with higher loan balances may have acted earlier on in the current refinance wave.”
Kan noted the increase in purchase activity – meaning it has climbed above year-ago levels for the 26th-straight week. Total mortgage originations are expected to be at $3.39 trillion in 2020.
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Here is a more detailed breakdown of this week’s mortgage application data:
The USDA share of total mortgage applications increased to 0.5% from 0.4%
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 2.99% from 2.98%
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) fell to 3.11% from 3.13%
The average contract interest rate for 30-year fixed-rate mortgages increased to 3.11% from 3.08%
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.59% from 2.55%
The average contract interest rate for 5/1 ARMs increased to 53% from 2.84%
The nationwide delinquency ratedecreased for the second consecutive quarter, dropping to a decades-long low, the Mortgage Bankers Association said.
The share of outstanding mortgages for one-to-four unit properties with a missed payment stood at a seasonally adjusted 3.37% at the end of June, according to the MBA. The percentage reflected a 19 basis-point drop from 3.56% at first-quarter’s end, the second lowest delinquency rate at the time since at least 1979, when the MBA first began reporting the data. At the end of second quarter 2022, the national delinquency rate was 3.64%.
rawGenerally favorable economic data, including wage growth and historically low unemployment figures, are helping to keep borrowers from distress, according to Marina Walsh, MBA vice president of industry analysis.
“Buoyed by a resilient job market, homeowners are continuing to make their mortgage payments,” she said in a press release.
Second-quarter numbers fell across all primary mortgage types: conventional loans and government products guaranteed by the Federal Housing Administration and the Department of Veterans Affairs. The delinquency rate for conventional mortgages declined 15 basis points quarter-to-quarter to 2.29%, its lowest since 2004. For VA-backed loans, the share of delinquent mortgages relative to overall volume was 3.7%. The FHA rate came in at 8.95%, reflecting a 32 basis point reduction.
On an annual basis, both conventional and VA delinquency rates also dropped by 35 and 52 basis points, respectively. But the share of FHA-guaranteed loans in arrears grew by 10 basis points, a possible sign of economic and credit stress hitting some segments of consumers, Walsh said.
‘Delinquencies are rising for other forms of credit such as credit cards and car loans,” she said. “As the economy slows and labor market cools, homeowners with FHA loans are likely to feel the distress first.”
The MBA’s report comes after Federal Reserve economists revealed this week credit card balances surpassed $1 trillion for the first time ever. Late payments on credit cards also rose compared to a year ago but showed more recent signs of moderation.
MBA calculates delinquencies based on the volume of loans at least one payment past due but does not include mortgages in the foreclosure process. In its research, MBA asks servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage.
By stage, the rate of mortgages with payments 30 days past due came in at 1.75%, while the 60-day delinquency share stood at 0.55%. Loans delinquent by 90 days or more equaled 1.07%.
Foreclosure numbers, while not included in the MBA’s delinquency data, appeared to be on a similar downward track. The total share of mortgages going through some stage of the foreclosure process was 0.53% as of June 30, down by 4 and 6 basis points quarterly and annually. New foreclosure starts in the second quarter inched down to a rate of 0.13%, 3 basis points lower from where they sat at the end of March.
The MBA’s findings corresponded somewhat to similar trends reported by real estate business intelligence provider Attom, who this week said both starts and foreclosure inventory were decreasing this summer. But Attom found the total number of properties with a foreclosure notice against them higher on a year-over-year basis.