In the hillside neighborhood of Los Feliz, in the greater Hollywood area of Los Angeles, California, lies a unique architectural property that’s been holding headlines for decades.
With its distinct design and colorful history, the striking Sowden House is a stunning example of Mayan Revival American architecture, bound to capture the attention of anyone passing it by.
Also known as the “Jaws House” – due to its unusual facade that many say resembles the gaping open mouth of a great white shark – or the “Franklin House”, the property has gained a much darker notoriety over the years, now often being referred to as as the “Black Dahlia house” – and for good reason.
So let’s take a closer look at the grim history of the Sowden House, the unique 6,000-square-foot neo-Mayan mansion set in the heart of modern Hollywood.
It was designed by Frank Lloyd Wright’s son
If the house looks eerily similar to legendary architect Frank Lloyd Wright’s projects – particularly the Ennis House (aka the Blade Runner house) – there’s a good reason for that.
The Sowden House owes its unique design to Lloyd Wright, the son of legendary architect Frank Lloyd Wright.
Carrying on the legacy of his father, who worked with molded concrete tiles and blocks to create structurally innovative buildings, Lloyd Wright used concrete textile blocks to erect the Sowden House. The technique, just like in the case of his father’s best works, created a unique structure that’s reminiscent of ancient Mayan temples.
Infamous for its distinctive design, the 1926-built Sowden House is rectangular in shape, with four connected wings looking in on an enclosed central courtyard.
Lloyd Wright built the unique house for his personal friend John Sowden, a painter and photographer who wanted a showplace where he could entertain his friends in the Hollywood film community.
So Wright fitted it with a stage, secret room, central courtyard, and ornamented concrete blocks. But despite the architect’s stellar work, John Sowden didn’t live long in the Franklin Ave. house. By 1930, Sowden was likely fed up with the public’s reaction to his uniquely designed house and sold it.
Related: The Derby House, the second most famous home ever designed by Lloyd Wright Jr.
The house traded hands a few more times before its most famous owner took residence here.
The Black Dahlia house: the property’s ties to one of the most famous unsolved murder mysteries in history
Fifteen years after Lloyd Wright’s friend, John Sowden, parted ways with his unique Los Feliz abode, the Sowden House was purchased by Dr. George Hodel.
Hodel had a thriving practice as a physician and was well-connected within social and intellectual circles in Los Angeles.
He was known for his eccentric behavior and interests, which reportedly included an affinity for the arts and surrealism. George Hodel had ties to people in the entertainment industry and reportedly hosted gatherings at his residence that attracted a mix of artists, writers, and socialites.
With its unconventional design and purported secret passageways, the Sowden Houses added to the air of mystery surrounding Hodel.
A controversial figure (his own 14-year-old daughter once accused him of assault and incest), Hodel was known to throw sex parties in his Hollywood abode, giving way to many rumors surrounding his wild lifestyle.
The Sowden House became intertwined with the Black Dahlia case due to claims and rumors that George Hodel may have been involved in the murder of Elizabeth Short. These claims were made by Hodel’s own son, Steve Hodel, who was a retired Los Angeles Police Department detective.
Steve Hodel alleged that his father, George Hodel, was responsible for the Black Dahlia murder and possibly other unsolved crimes — and even write a series of books about his suspicions and findings, called Black Dahlia Avenger.
He pointed to various pieces of circumstantial evidence, including alleged connections between George Hodel and Elizabeth Short, as well as interpretations of surrealist art and photographs that he believed implicated his father.
Later on, it was discovered that Hodel had indeed been investigated in the Black Dahlia case.
However, it’s important to note that the claims made by Steve Hodel are highly controversial and have been met with skepticism from other investigators and experts. The Los Angeles Police Department has never officially named George Hodel as a suspect in the Black Dahlia case, and the case remains officially unsolved.
The connection between the Sowden House and the Black Dahlia murder remains largely speculative and has generated considerable public interest and media coverage over the years — so much so that people have started calling the Lloyd Wright-designed home “the Black Dahlia House”.
But despite the intriguing theories and allegations, the true identity of Elizabeth Short’s killer has never been definitively proven, and the case continues to be a subject of fascination and mystery.
The Sowden House in recent years
While the structure at 5121 Franklin Ave in Los Angeles — which is now known as Lloyd Wright Jr’s best work — retains its unique facade, many things have changed at the Sowden House.
Designer Xorin Balbes purchased the property in 2001 for $1.2 million, then invested an additional $1.6 million to restore and upgrade it. According to Atlas Obscura, Balbes restored the stonework, converted the three-room kitchen into one, installed a pool and spa in the central courtyard, and added new upscale bathrooms.
Following Balbes’ renovations, the house traded hands quite a few times in recent years.
Now a 4-bedroom, 6-bath home worth over $6 million, the Sowden House is owned by Nate Daneshgar, whose family owns Grand Central Market in downtown Los Angeles. Daneshgar paid $6.16 million for Lloyd Wright’s neo-Mayan masterpiece back in 2022.
Movies and TV shows filmed at the Sowden house
The Aviator – Martin Scorsese’s Academy Award Winning Hollywood biopic includes scenes at the Sowden House, with scenes filmed here featuring Kate Beckinsale and Leonardo Di Caprio (as Ava Gardner and Howard Hughes). The property played the part of Ava Gardner’s (Kate Beckinsale) house in The Aviator.
L.A. Confidential (1997), the classic film noir directed by Curtis Hansen filmed two scenes at the Lloyd Wright-designed home, including a dramatic scene set in the kitchen of the house.
I Am the Night limited series starring Chris Pine and directed by Wonder Woman director Patty Jenkins, which tells the story of Fauna Hodel — an American author and motivational speaker who wrote the true-crime memoir One Day She’ll Darken: The Mysterious Beginnings of Fauna Hodel. Fauna was Dr. George Hodel’s granddaughter.
The 1998 adaptation of Aldous Huxley’s dystopian novel Brave New World starring Peter Gallagher and the late Leonard Nimoy was also filmed here – and the design of the house is very fitting for the futuristic totalitarian utopian society Huxley envisioned.
Other movies and TV series that filmed scenes here include Ruby Sparks (2012), America’s Next Top Model (Episode: The Top Thirteen Are Chosen, 2006), Nip/Tuck (Episode: Gala Gallardo, 2006), and Studio 60 on the Sunset Strip (Pilot episode, 2006).
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Living in Oklahoma is more than just OK. This warm, welcoming South Central state has everything from booming industries like agriculture and aviation to vibrant cities full of country music, sports and delicious barbecue. Outside the cities, prairies, forests and lakes offer spots for outdoor recreation and learning about the state’s deep and rich history. So, yes, Oklahoma is more than just an OK place to call home.
On top of all that, the cost of living in Oklahoma remains low and affordable. Nearly all cost of living categories, from housing to groceries, falls below the national average. But some cities and towns are more affordable than others. This cost of living guide breaks down what it costs to live in different places around Oklahoma so you can find the best place for your lifestyle and budget.
Oklahoma housing prices
Housing is one of Oklahoma’s most affordable cost of living areas. Housing prices in all major cities and towns are well below the national average. In some areas like Muskogee, it’s as low as 47 percent below the national average. But rental rates and the cost of buying a house can vary widely throughout the state. Luckily, Oklahoma has plenty of cheap places to live. Let’s look at the average rents and housing costs in cities and towns around Oklahoma.
Broken Arrow
Located in the northeastern part of the state, Broken Arrow is a popular suburb of Tulsa. The area is full of family-friendly things to do like exploring the Ray Harral Nature Park and spending time shopping and dining in the historic Rose District.
Another reason Broken Arrow is such a popular place to live in the Tulsa area is because of its affordable housing. The cost of housing here is 21.1 percent below the national average. Its attractively low housing costs appeal to everyone from families to young professionals working in Tulsa.
The average rent for a one-bedroom apartment is $1,096 per month, up 10 percent from last year. The cost for a two-bedroom apartment is up 13 percent to $1,284. However, three-bedroom units are down 57 percent to $900. At those prices, it’s better to rent the larger space and use the spare bedrooms as a home office or get roommates.
Compared to the national median home price of $430,982, buying a house in Broken Arrow is also very affordable. The housing market here is up 20.4 percent from the previous year. If you’re looking to become a homeowner in Broken Arrow, the median sale price here is $277,000.
Edmond
Edmond forms part of the larger Oklahoma City metro area. Located along the northern part of the metro area, an abundance of parks, low crime and safe neighborhoods endear this city to families. While all the big-city attractions of O.K.C. are close at hand, Edmond has its own active social scene, with dining, art and nightlife.
Overall, Edmond’s housing costs are 20.1 percent below the national average. If you’re looking for affordable housing within the O.K.C. metro area, Edmond is a great option. One-bedroom apartments are available for $852 a month and two-bedroom units for $1,037. There hasn’t been a lot of growth in the local rental market. These rates have only climbed 7 percent and 1 percent, respectively, since last year.
The housing market in Edmond has seen a bit more growth, climbing 16.1 percent from the previous year. With the median sales price of $358,750, Edmond is the most expensive city to buy a house in our highlighted Oklahoma cities.
Enid
With just over 50,000 residents, Enid is Oklahoma’s ninth-largest city. Located in the north-central part of the state, the city is well-known for its long-running symphony. Full of parks and family-oriented activities like children’s museums, it’s heralded as a great place to raise kids in a safe, friendly community.
Housing prices here are also 25.1 percent below the national average. Your friends in major coastal cities won’t believe what you pay for an apartment. One-bedroom apartments go for an average of $525 per month. Two-bedroom apartments are around $625. Both these numbers have held steady since last year, with no growth or decrease.
Enid is also an extremely affordable place to purchase a house. The housing market here has dropped significantly over the past year, decreasing an astonishing 82.7 percent. The median sale price for a house in Enid is only $39,900. If you have dreams of owning a home in Oklahoma, Enid is the place to set down roots.
Oklahoma City
Oklahoma’s capital city is a hub for eclectic art ranging from galleries to street art murals, culture, dining, history and entertainment. It’s also the largest city in the state. Locals living here have access to everything from world-class museums to cheering on their hometown sports teams. The city is affectionately referred to as O.K.C. and its overall cost of living is one of the most affordable in the state.
Housing costs here are 30.4 percent below the national average. You can find a one-bedroom apartment for $997 and a two-bedroom unit for $1,327. These numbers are up 7 and 24 percent, respectively, from the previous year.
O.K.C.’s housing market is also experiencing growth, rising 15.2 percent from last year. If you want to buy a house in the state capital, $265,000 is the median sale price.
Tulsa
Known for its dazzling Art Deco architecture, sports and arts and culture scene, Tulsa is Oklahoma’s second-biggest city. When not learning about the city’s history at venerated institutions like Greenwood Rising, which documents the 1921 Tulsa Race Massacre, or partaking in the multicultural food scene, locals spend time hiking, fishing and boating outside the city in the lush “Green Country” region.
The cost of housing here is 36.5 percent below the national average. But rates here have been climbing over the past year for both rent and home ownership. The cost of a one-bedroom apartment has risen 34 percent to $929. A two-bedroom apartment comes with a price tag of $1,109 per month, which is 24 percent higher than last year.
Compared to other major OK cities like Oklahoma City, buying a house in Tulsa is the most affordable in a big Oklahoma metro area. Rates have risen 18.4 percent from last year, making the median sales price $225,000.
Oklahoma food prices
From fried okra to barbecue to Indian tacos, Oklahoma is famous for its homegrown cuisine and dishes. Oklahoma also has a booming agriculture and farming industry. Overall, food costs in Oklahoma fall 5.4 percent below the national average. With Okies spending between $200 and $233 per month per person on food, that puts Oklahoma among the lowest states for food costs.
This is how food costs in these different Oklahoma cities compare to the national average:
Edmond is 11.5 percent below the national average
Oklahoma City is 7.8 percent below the national average
Enid is 7.3 percent below the national average
Tulsa is 5.6 percent below the national average
Broken Arrow is 4.5 percent below the national average
Food costs here are closer to the national average than in other areas like housing. Edmond is the least expensive city for groceries in the state. Broken Arrow is the most expensive. Buying a dozen eggs in Edmond costs $1.38 compared to $1.85 in Broken Arrow. But lower or higher averages may not always be reflected in prices for specific items. A half-gallon of milk actually costs less in Broken Arrow at $2.18. In Edmond, it costs $2.28. A half-gallon of milk is most expensive in Enid, costing $2.48.
With so many different and delicious kinds of food available around the state, Oklahomans have plenty of opportunities to dine out. Going out for a three-course meal for two will cost more in a big city compared to a small one. You’ll pay the most for a nice date night meal out in Tulsa at $46.50, followed by Oklahoma City at $45. But in Edmond, it will only set you back $25.
Oklahoma utility prices
When paying for the cost of living in Oklahoma for utilities like water and electricity, Okies pay less than the national average throughout the state. Oklahoma gets the majority of its electricity and energy from natural gas and coal. But renewable energy like wind power and hydroelectricity are starting to account for more of its energy production. As the song goes, “when the wind goes sweeping down the plain” also makes for a significant renewable energy resource.
Here’s what you can expect to pay for utilities compared to the national average in these Oklahoma cities:
Broken Arrow is 6.9 percent below the national average
Tulsa is 6.9 percent below the national average
Oklahoma City is 6.5 percent below the national average
Edmond is 3.8 percent below the national average
Enid is 2.6 percent below the national average
Residents of metro areas like Tulsa and Oklahoma City pay less for utilities than more remote, isolated cities like Enid. In Broken Arrow, the monthly total energy bill comes out to around $150.78. As one of the priciest cities for utilities, total energy bills in Enid are around $163.59. The average water bill around Oklahoma is $33.
Internet is also another important modern utility. Internet is less expensive in big cities like Tulsa, where a 60 megabits-per-second package costs $66.22. But in Edmond, the same level of spend and access costs $77.
Oklahoma transportation prices
Using public transportation is a great way to reduce commuting time and save money on gas and other vehicle costs. It’s also more environmentally friendly. Most Oklahoma cities and towns offer some form of mass transit to their citizens. For the most part, the cost of using public transit in Oklahoma cities is below the national average. Here’s how these different cities stack up to the national average:
Enid is 12.8 percent below the national average
Broken Arrow is 12.2 percent below the national average
Oklahoma City is 10.1 percent below the national average
Tulsa is 7.4 percent below the national average
Edmond is 6 percent below the national average
Public transportation costs are lowest in Enid, where the city operates an on-demand rideshare service costing $2 per ride. Edmond’s Citylink bus service is free to the public, with five different bus routes through the city and connecting to Oklahoma City. Let’s dive further into the more extensive mass transit systems in Tulsa, Oklahoma City and Broken Arrow.
Tulsa Transit in Tulsa and Broken Arrow
Tulsa Transit offers bus-based public transit to Tulsa and nearby Broken Arrow. It has 21 different routes throughout the area. Service is limited within Broken Arrow, but residents have access to a Park & Ride express that connects Broken Arrow to downtown Tulsa. Starting fares are $1.75 for a two-hour pass. A full-day pass costs $3.75 and a monthly pass is $45.
If you prefer to use your car to get around Tulsa and Broken Arrow, you may have to pay tolls on the Creek Turnpike. This 33-mile toll road forms a beltway around the eastern and southern parts of the city. Traveling the full length of the turnpike in a standard 2-axle passenger vehicle costs $3.00 with a PikePass and $3.75 without.
However, having a car may still be a necessity in Tulsa and Broken Arrow. Tulsa’s transit score is only 25. This means that most locals don’t live close to public transit or say that it’s necessary to have a car here. Broken Arrow scores even lower at 17. Tulsa fares slightly better for walk and bike scores. Although not the most walk- and bike-friendly cities overall with scores of 44 and 49, respectively, there are still pockets of town you can navigate by foot or bike. Broken Arrow’s walk and bike scores are even lower at 20 and 33. So, while you can definitely get around the Tulsa metro area by bike, you should have a car, as well.
EMBARK in Oklahoma City
Consisting of buses and streetcars, EMBARK provides public transit throughout Oklahoma City and its metro area. Riders have a choice of 22 different fixed bus routes and two different streetcar routes around the city center. A single trip costs $1.75 for a bus ride and $1 for the street car. You can use both buses and street cars with an unlimited pass, which cost $4 for a day, $14 for a week and $50 for a month.
Ferries and water taxis also travel along the Oklahoma River in the heart of town. The public transit ferry travels between five different landings along the river. Using this service costs $12 a day. The Bricktown Water Taxis travel along the river through the popular Bricktown District, costing $13. However, both these services are primarily aimed at tourists and are not the most economical or efficient means of commuting or getting around town.
While there are no toll roads within Oklahoma City, there is one outside of town. The Turner Turnpike connects Oklahoma City to Tulsa. Using the full toll road costs $4.50 with PikePass and $5 without.
Most likely, it’s necessary to have a car in Oklahoma City, as well. The transit score is a low 22. Some districts and neighborhoods, especially in the city center, are good for walking and cycling. But Oklahoma City’s walk and bike scores are still low, with the walk score is 43 and its bike score is 48.
Oklahoma healthcare prices
Healthcare is one of the few cost of living areas where some Oklahoma cities exceed the national average. Overall, Oklahoma ranks among the bottom states for quality of healthcare, access and public health in general. It’s important to note that determining an accurate healthcare average is difficult due to how variable healthcare costs are per person. Due to factors like pre-existing conditions or insurance plans, some people within a certain city may pay far more for healthcare than other locals.
Although personal circumstances vary, it’s recommended to see your doctor, dentist and optometrist on an annual basis. This allows you to stay on top of your health. Here’s what it costs to go to the doctor’s office in these different Oklahoma cities:
Enid: $150
Tulsa: $128.67
Oklahoma City: $104.67
Broken Arrow: $98.83
Edmond: $96.41
Enid soars above the other cities with the priciest doctor visits while Edmond takes the lowest spot. You’ll also be paying a lot to visit the doctor in different metro areas. Considering Enid’s high healthcare prices, it’s no surprise that its healthcare average tops the national average. Here’s how the other cities fare compared to the national average:
Broken Arrow is 11.4 percent below the national average
Edmond is 7.4 percent below the national average
Tulsa is 1.4 percent below the national average
Oklahoma City is 1.1 percent above the national average
Enid is 2.5 percent above the national average
Healthcare costs in Broken Arrow are the lowest below the national average. Right in its own metro area, though, Oklahoma City’s healthcare costs peek over the national average. But the cost of specific types of care does vary by city, as well. For example, Enid has the lowest price for a dental check-up. Going for a cleaning and check-up in Enid costs $85. But in Oklahoma City, it’s $118.
Oklahoma goods and services prices
The final cost of living category to consider is miscellaneous goods and services. This category covers important but non-essential activities and goods. Some relate to leisure and lifestyle, like going out to the movies. Others are for buying goods like toothpaste.
Since Oklahoma is overall an inexpensive state, for the most part, these goods and services fall below the national average in terms of cost:
Oklahoma City is 13.5 percent below the national average
Enid is 11.6 percent below the national average
Edmond is 7.9 percent below the national average
Broken Arrow is 6.4 percent below the national average
Tulsa is 3.3 percent below the national average
But it’s not completely black and white. Individual costs do vary by city, though. The most expensive place to get a haircut is Broken Arrow at $21.75. Edmond offers the cheapest price at $16.17. Going to the movies costs $6.09 in Enid compared to $9.84 in Tulsa.
With its wide-open landscapes, friendly cities and low cost of living, Oklahoma is a popular place to raise kids and have a family. If that’s the case for you, you also need to consider childcare costs as part of a monthly budget. You’ll find the most affordable childcare in bigger cities. A month of private preschool or kindergarten for one child costs $795.86 in Tulsa and $500 in Oklahoma City. But in a smaller city like Edmond, you’re looking at a big price jump to $1,000.
Taxes in Oklahoma
Oklahoma’s state sales tax is 4.5 percent. To put that into real-life figures, for every $1,000 you spend on delicious Oklahoma barbecue, you’re paying an extra $45 in tax.
Some cities and counties add their own local taxes to the statewide rate. In some areas, the number jumps significantly.
Enid has a combined tax of 9.1 percent
Broken Arrow has a combined tax of 8.42 percent
Oklahoma City has a combined tax of 8.63 percent
Tulsa has a combined tax of 8.517 percent
Edmond has a combined tax of 8.5 percent
As you can see, you’ll be paying the most sales tax living in Enid. Instead of $45 in tax for every $1,000 spent, you’d be spending $91. That’s a big jump.
How much do I need to earn to live in Oklahoma?
Oklahoma’s cost of living is low and likely within the budget of a lot of people. But there’s one way to determine if living in Oklahoma fits your budget. Experts recommend that you only spend 30 percent of your gross monthly income on housing. This is because housing is usually your biggest monthly expenditure. By only paying 30 percent, you leave plenty left over for other necessities like groceries, taxes and fun activities.
Since the average rent in Oklahoma is $797, you’d need to make $2,656 monthly or $31,872 annually to fit the 30 percent rule. Oklahoma’s median household income is $53,840, so most residents should comfortably afford housing and all other cost-of-living essentials here.
To figure out what city in Oklahoma best fits your budget, use our rent calculator.
Living in Oklahoma
With low prices for everything from housing to groceries, the cost of living in Oklahoma is just one of the benefits of living here. In addition to saving more on essentials, you also get to live in a state that offers equal-parts exciting cities full of history and culture and vast landscapes. As the song goes, the land we belong to in Oklahoma is grand and affordable to boot. You’re doing fine, Oklahoma!
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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.
If you’re looking for the archetypal New England lifestyle, Vermont is a dream come true. This idyllic New England state has lush forests, rolling mountains and scenic lakes. Covered bridges and charming towns dot the landscapes, giving locals near-instant access to hiking, boating and skiing in the winter. Every fall, Vermont cities are also treated to the spectacular display of the changing foliage. All those tree-filled forests also help produce Vermont’s famous maple syrup.
Unfortunately, living in the Green Mountain State will also cost you a fair amount of green. The overall cost of living in Vermont is 16.9 percent higher than the national average. But don’t despair. Understanding how the cost of living breaks down around the state will help you find the right place in Vermont to call home. Let’s dive into the cost of living in different cities around Vermont and what you can expect to pay for various necessities like housing or groceries.
Vermont housing prices
Housing costs in Vermont are the most expensive cost of living category in the state. Considering that Vermont exclusively has small cities and towns, the cost of housing is discouraging. Everyone wants a taste of that charming small-town life, but such towns also have limited housing and space to grow. However, there are still ways you can find affordable housing even in the biggest city. Let’s take a look at what rents are like in Vermont’s largest city.
Burlington
Located on the shores of Lake Champlain, Burlington is Vermont’s most populous city with 44,781 residents. Together with nearby South Burlington, it makes up the greater Burlington-South Burlington metro area. This vibrant college town is home to the University of Vermont and Champlain College. As such, the town has a lively urban center and is a regional hub for art, culture, dining and shopping. It’s considered one of the best places to live in the state.
The cost of housing in this college town is 37.1 percent higher than the national average. Usually, housing in college towns is more on the affordable side. But if you want a unit larger than a one-bedroom for a reasonable price, you may need to find roommates. One-bedroom apartments in Burlington go for an average of $1,100 per month. This amount is down 29 percent from last year.
But two-bedroom units are truly expensive at $1,975 a month. That number is also down 18 percent from the previous year. Three-bedrooms are slightly cheaper at $1,725 with no change from last year. Although pricey, both one-bedroom and two-bedroom units in Burlington go for less than the national average.
Burlington’s housing market isn’t much better, either. Prices have jumped 27.2 percent from last year, making the median sales price for a home in Burlington around $605,000. That’s quite a jump from the national median sale price of $430,695.
Vermont food prices
Going to the grocery store or dining out is also going to cost you big in Vermont. Many locals complain that they pay a lot more for food here. The data backs it up. Grocery costs in Burlington are 3.7 percent above the national average. Vermonters are also among the top states for annual food spending. In a year, the average Vermonter will spend over $4,001 annually on food per person. That’s over $333 per month.
To illustrate how these high averages look in real-time when browsing the aisles of a Burlington grocery store, let’s look at the costs for some basic food items. A dozen eggs cost $2.23. For comparison, these dozen eggs would cost $2.07 in the neighboring state of New Hampshire. Picking up a half-gallon of milk in Burlington will set you back $3.25. Grabbing some steak? It comes out to $13.20. Add rising inflation to these costs and grocery bills around Vermont are skyrocketing.
It’s not just grocery costs that are high. Higher food costs overall also impact prices at local restaurants. If you want to go out on a fancy date night for a three-course meal, it will cost around $60. In the state capital of Montpelier, the cost jumps 27.27 percent to $82.50.
Vermont utility prices
One thing about the cost of living in Vermont is that you can feel good about paying for utilities like electricity. The vast majority of its electricity comes from renewable resources like hydropower. In fact, Vermont has been one of the forerunners in leading the renewable energy charge. If knowing your power is coming from a more sustainable source is important to know, Vermont is one of the best states to live in.
Living in Burlington, your utility costs are about 22.2 percent above the national average. That means your total energy bill for the month will come out to around $249.93. But it’s for a good cause. In 2015, Burlington became the first city to run completely on renewable energy in the U.S. On both the state and local levels, Vermont is a pioneering force for renewable energy in modern cities.
Another important utility to consider is the internet. Lots of smaller towns and rural areas around the state still lack high-speed internet. Luckily, Burlington boasts high-speed connections for about $81.43 a month for a 60 megabits-per-second package. In a college town, having good internet is a necessity. If you plan to live in Burlington or in major towns like Montpelier or Stowe, having access to the internet isn’t a problem. But other places throughout the state aren’t as well-connected. Luckily, plans are in the works to bring high-speed internet to other parts of the state. The average internet bill in Vermont is $30, compared to the national average of $56. So, internet cost and access vary widely throughout Vermont. If internet access is a necessity for you, that’s something to consider when deciding where to live.
Vermont transportation prices
Similar to other costs of living categories in Vermont, the price of transportation in Vermont is higher than the national average. In Burlington, transportation is 19.3 percent above the national average. Not every town in Vermont has public transportation. But, most of the bigger cities and towns like Rutland and Montpelier do operate bus routes. Inter-city and regional bus routes exist, as well.
Green Mountain Transit Authority in Burlington
Consisting of a fleet of buses, Green Mountain Transit Authority provides mass transit services to Burlington, Chittenden County and neighboring cities like Montpelier. Fares vary by local routes in different counties. In Chittenden County where Burlington is, a single adult fare costs $1.50. A monthly pass is $40. However, Green Mountain Transit Authority buses are all currently fare-free through June 30, 2023. So, if you use the bus to get around Burlington, you’ll already be saving money on things like gas and parking.
As a close-knit college town, it’s also easy to get around Burlington on foot or by bike. The town boasts a high walk score of 69 and an even higher bike score of 81.
Vermont healthcare prices
Vermont is often heralded as being one of the healthiest states in America. Healthcare costs here are higher than the national average. But Vermonters are clearly receiving top-notch care for such high prices toward the cost of living in Vermont. However, it’s important to note that healthcare costs vary widely by person. Based on factors like pre-existing conditions or higher-priced prescription drugs, two people living in the same town may pay wildly different rates for healthcare. That’s why it’s so difficult to determine accurate healthcare averages. But to give you a rough baseline, Burlington is 11.7 percent above the national average. A doctor’s visit will cost about $126 on average.
Going to the dentist in Burlington is even more expensive at $137. For those prices, though, you’re being seen at some of the state’s premier medical facilities.
Vermont goods and services prices
Since most of Vermont’s other cost of living categories exceed the national average, naturally, the cost of miscellaneous goods and services is also higher than the national average. This category covers all assorted spending for non-essential but still important items and services like getting a haircut or going to the dry cleaners. In Burlington, these costs are 1.8 higher than the national average.
If you spill some sticky Vermont maple syrup on your shirt, taking it to the dry cleaners will run you a bill of around $22.95. Going to get a haircut will cost about $24. If you want to see a movie, tickets are around $11.75.
There’s another important subcategory of miscellaneous goods and services you need to consider. That is the cost of childcare. Sadly for parents in the Burlington area, you’ll be paying the most to have someone keep an eye on your kids. A month of private preschool or kindergarten comes with a hefty price tag of $1,138.67. But in the state capital of Montpelier, it’s only $300. That’s a price difference of 279.56 percent.
Taxes in Vermont
Vermont’s statewide sales tax is 6 percent. If you go out and buy $1,000 worth of premium Vermont maple syrup, you’ll be paying $60 on top of that for tax.
Burlington adds a 1 percent city tax onto the state sales tax, making the combined tax rate 7 percent in the city.
A $10 difference is rarely a big deal. But with prices being what they are in Vermont, $10 is the difference between picking up some extra grocery items and not.
How much do I need to earn to live in Vermont?
The cost of living in Vermont is clearly up there. So, does it fit with your budget? When considering if you can afford to live somewhere, the most important category to consider is housing. This is because housing costs usually take the biggest chunk out of your monthly budget. The general rule of thumb is that you should only spend around 30 percent of your gross monthly income on housing.
Considering that the average monthly rent in Burlington is $1,100, you’d need to make $3,666 a month to adhere to the 30 percent rule. Annually, that comes out to an income of $43,992. Vermont’s median household income is $63,477. So, even though housing costs are higher here, higher household incomes offset it.
To figure out what part of Vermont fits your budget, use our rent calculator.
Living in Vermont
Vermont is definitely not the cheapest state to live in. Everything from food prices to housing costs is higher than the national average. But you get a lot of bang for your buck here, too. From friendly communities to beautiful landscapes, it’s a wonderful place to call home if you want to connect with nature and live a more relaxed lifestyle. That is if your budget can accommodate the cost of living in Vermont.
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.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
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.
Well. the answer to this will depend on who you speak with.
Personally, I find ways to build passive income with your side hustle as the best option. Then you aren’t trading your time for money.
As a woman, many opportunities are right at your fingertips. The most popular and profitable include:
Start a blog: With consistent readership, you can make thousands from ad revenue and sponsored content.
Virtual assistant: Services can fetch around $10-30/hour.
Social Media Management: Businesses are willing to pay up to $1000-2000 per month for proficient managers.
Bookkeeping: On average, freelance bookkeepers earn around $34/hour.
Selling products online: Sites like Etsy, Amazon FBA, or your own platform can earn you a substantial income with a successful shop.
Trading Stocks or Options: by improving your investing knowledge, you can quickly increase your net worth.
Remember – it all starts with a step. Your side hustle could turn into a full-time passion!
This is How to Make Money from Home as a Woman
In conclusion, as a woman, there are plenty of genius and fast ways for you to make money.
The article underlines the significance of grabbing the reins of your financial future.
Through the strategies shared – including investing in stocks, working from home, or using budgeting hacks, you can boost your income significantly.
One of the concepts, I’m big on is making sure you know how to make your money work for you.
With wise decisions and being open to possibilities, your financial independence is within reach.
Remember – the ball is in your court, so make sure to take that shot and score your financial goals. It’s high time to cash in on your potential!
Know someone else that needs this, too? Then, please share!!
Embarking on the path to homeownership in Utah? Look no further – this Redfin guide is your key to understanding the nuances of purchasing a home in the Beehive State. Whether you’re a nature enthusiast seeking the perfect mountain retreat, an adventure seeker drawn to the state’s outdoor playground, or someone eager to become a part of its warm and tight-knit communities, Utah is a wonderful place to call home.
You might be interested in the buzz of Salt Lake City or the quiet charm of smaller towns – either way, Utah’s housing market covers all bases. Whether you’re a first-time homebuyer or a seasoned homeowner, this Redfin guide will help you navigate the homebuying process in Utah. Let’s dive in.
What’s it like to live in Utah?
Living in Utah seamlessly combines natural wonders and inviting communities. With mountains hovering over cities like the snow-clad Wasatch Range, you’ll be able to hit the slopes in renowned ski destinations like Deer Valley. Alternatively, you could visit the beauty of Zion National Park, a testament to Utah’s diverse geography. Utah is also known for hosting lively events throughout the state, such as the prestigious Sundance Film Festival in Park City, one of the largest independent film festivals in the world. Check out this article to learn more about the pros and cons of living in Utah.
Utah housing market insights
The Utah housing market is currently undergoing a series of interesting trends. The median sale price is $543,700, marking a 3.3% decline from the previous year. This shift is accompanied by a decrease in housing demand and a corresponding reduction in supply. Despite the lack of demand, notably competitive cities include Taylorsville, West Valley City, and Cottonwood Heights, where the housing market activity is particularly pronounced. On the flip side, cities like Vernal, Pleasant Grove, and Riverton are making their mark with rapid growth in sale prices, positioning them among the top 10 metros in Utah experiencing this upward trajectory. These dynamics create a diverse landscape within Utah’s housing market, offering challenges and opportunities for those looking to buy.
Finding your perfect location in Utah
Discovering your ideal location in Utah is pivotal to crafting a fulfilling lifestyle. Utah offers diverse settings that cater to individual preferences. Choosing the right spot by using tools like a cost of living calculator ensures access to activities and communities that align with your values, setting the stage for your journey in the Beehive State. To kick-start your exploration, here are five popular Utah cities.
#1: Logan, UT
Median home price: $360,000 Logan, UT homes for sale
Living in Logan includes a blend of a college town and stunning natural surroundings. Home to Utah State University, the city boasts youthful energy with cultural events and educational opportunities. Residents can stroll along the charming Main Street, explore the nearby Cache National Forest for outdoor adventures, and savor local produce at the Cache Valley Farmers Market.
#2: Ogden, UT
Median home price: $365,500 Ogden, UT homes for sale
The city’s revitalized downtown hosts lively art galleries, restaurants, and seasonal events, creating an exciting cultural scene. Outdoor enthusiasts can easily access nearby attractions like Snowbasin Resort for skiing or hiking in the stunning Ogden Canyon. At the same time, the scenic Ogden River Parkway provides a serene backdrop for leisurely walks and biking.
#3: Provo, UT
Median home price: $440,000 Provo, UT homes for sale
Home to Brigham Young University, the city exudes a youthful atmosphere with cultural events. Some events include the First Friday Art Gallery Stroll and the Freedom Festival. Residents can hike up Y Mountain for panoramic views, explore the historic downtown with its local shops and eateries, and take advantage of the Provo River for recreational activities like fishing and tubing. The cost of living in Provo is 4% higher than in Ogden, mainly attributed to housing, groceries, and lifestyle experiences.
#4: St. George, UT
Median home price: $523,000 St. George, UT homes for sale
The city’s warm climate makes it an ideal destination for golfing, hiking in Snow Canyon State Park, and exploring Zion National Park’s stunning red rock landscapes. Residents can also enjoy cultural events like the St. George Art Festival, showcasing local artists, and immerse themselves in the city’s historical sites, such as the Brigham Young Winter Home. However, the cost of living in St. George is 7% higher than the national median, so if you’re on a budget, you’ll want to check out affordable suburbs outside downtown.
#5: Salt Lake City, UT
Median home price: $595,000 Salt Lake City, UT homes for sale
With a backdrop of the majestic Wasatch Mountains, moving to Salt Lake City, you can enjoy skiing in nearby resorts like Alta and Snowbird or hiking in Millcreek Canyon. The city’s cultural scene thrives through events like the Utah Arts Festival, and residents can explore historical sites such as Temple Square or immerse themselves in contemporary cuisine and art galleries in the vibrant downtown area.
The homebuying process in Utah
Now that you’ve discovered some popular locations, let’s dive into the homebuying process.
1. Prioritize your finances
Prioritizing your finances first in the homebuying process in Utah is crucial to ensure a stable investment and a comfortable financial future. With factors like varying home prices, mortgage rates, and property taxes, a solid financial foundation, coupled with tools like an affordability calculator, allows you to navigate the market more effectively and make well-informed decisions.
Various programs are available for first-time homebuyers in Utah, including the Federal Home Loan Bank: Home$tart Program, which can assist with up to $7,500 in down payment assistance.
2. Get pre-approved from a lender
Getting pre-approved from a lender is essential when purchasing a house in Utah. The pre-approval clearly understands your budget, strengthens your negotiating power, and expedites the buying process by demonstrating your seriousness to sellers.
3. Connect with a local agent in Utah
Local real estate agents possess in-depth knowledge of the area’s neighborhoods, market trends, and potential pitfalls, ensuring you make informed decisions and find a property that aligns with your needs and budget. So whether you need a real estate agent in Salt Lake City or an agent in Provo, they’re here to help.
4. Start touring homes
During home tours, focus on the home’s condition, layout, and potential for future renovations. Additionally, pay attention to the neighborhood, nearby amenities, and commute times to ensure that the property aligns with your lifestyle and preferences in the beautiful Utah environment.
5. Make the offer
Making an offer in Utah involves careful consideration of the property’s market value, recent comparable sales, and any unique factors that might influence the negotiation. Your local real estate agent can provide valuable insights into crafting a competitive offer that reflects the current market conditions while aligning with your budget and goals.
6. Close on the house
The closing process in Utah is the final step of the homebuying process, where ownership is officially transferred. It involves legal and financial procedures, including signing documents, paying closing costs, and finalizing the mortgage. Working closely with your real estate agent and lender ensures a smooth and successful closing experience in Utah’s real estate landscape.Check out Redfin’s First-Time Homebuyer Guide for more in-depth information about the homebuying process.
Factors to consider when buying a house in Utah
Along with the geographical location of Utah, there are essential factors to consider when buying a home.
Climate and weather
Utah’s weather varies significantly between regions, with colder winters, potentially heavy snowfall in mountainous areas, and arid, hot summers in lower elevations that can contribute to wildfires. It’s essential to consider the weather when buying a house, not only for lifestyle reasons but also for practical matters like homeowners insurance that may vary based on the climate and potential weather-related risks.
Water rights and usage
Understanding water rights and usage is crucial when purchasing a house in Utah due to its arid climate and unique water management system. With water scarcity a potential concern, comprehending how water is allocated, any restrictions on usage, and the availability of water sources ensures you can sustainably maintain your property and lifestyle.
Homeowners associations
Many homes in Utah come with homeowners associations (HOAs) which are essential to note when buying a property, as these associations often have rules, regulations, and fees that can significantly impact your ownership experience. Understanding the HOA’s requirements, fees, and any restrictions they impose ensures that your lifestyle aligns with their guidelines and that you’re financially prepared for the associated costs.
Dual agency
Noting that Utah allows for dual agency is vital when navigating the real estate market, as it means a single real estate agent can represent both the buyer and the seller in a transaction. This arrangement requires high transparency and communication to protect both parties’ interests adequately.
Buying a house in Utah: Bottom line
Utah offers an enriching lifestyle with stunning landscapes, outdoor options, and community and cultural events. Assessing factors like housing market dynamics and living costs is important, but the opportunity to create a fulfilling life makes buying a house here a promising and exciting prospect.
Buying a house in Utah FAQs
What is the average down payment on a house in Utah?
The average down payment on a Utah house is typically 10% to 20% of the purchase price. For instance, on a $300,000 home, a 10% down payment is $30,000, while 20% is $60,000. Different loans impact this; FHA-backed loans often require around 3.5% down, like $10,500 on a $300,000 home. Down payment needs vary based on mortgage type, lender policies, credit history, etc.
Do you need a real estate agent to buy a house in Utah?
While not mandatory, having a real estate agent when buying a house in Utah is highly recommended. An experienced agent can provide valuable local market insights, guide you through complex paperwork and negotiations, and ensure you make informed decisions. Their expertise can streamline the process and help you find the right property while avoiding pitfalls.
Is buying a house in Utah expensive?
The cost of buying a house in Utah varies depending on factors like location and property type. The median sale price in Utah is $543,700, which is higher than the national median of $425,571. Generally, Utah offers a relatively affordable housing market compared to some other states, but prices can still vary widely within different cities and neighborhoods. Researching local market trends and working with a real estate professional can help gauge whether the cost aligns with your budget and preferences.
Inside: Are you struggling to manage your money? Feeling overwhelmed with debt? If so, it’s time to take action and build better habits. This guide will teach you how to create a budget and start your savings. You need these financial tips for young adults.
The importance of sound financial advice for young adults cannot be overstated.
Often, a lacuna exists in our educational system where personal finance is concerned, leaving many young adults ill-equipped for the financial decisions that await them in their adult life.
Yet, you will encounter situations that require a sound understanding of budgeting, credit usage, investment, and an array of other financial tools without any formal education in these areas.
Financial advice can act as a compass, guiding you on a path to financial health and stability.
This early orientation can help you avoid the pitfalls of needless debt accumulation, poor money management, and inefficient financial choices like I made.
That is why it is of utmost importance to start imparting knowledge and financial habits to young adults as early as possible.
Why Financial Advice is Crucial for Young Adults
Money matters! Especially when you’re young and there’s a world of financial responsibilities unveiled before you.
Understanding financial basics early on is key to smart monetary decisions in the future. Here’s why you should consider this vital:
Knowledge Burst: Understanding finance terms, the implications, and their impacts arm you with knowledge for future decisions.
Saving for Later: Early investment in savings accounts or retirement funds can maximize your funds later in life.
Debts Control: Ensuring debts are paid off faster helps avoid excessive interest in the long run.
Investment: Stock or mutual fund investment can multiply your savings in the right condition.
Remember, your financial health requires deliberate action, start early!
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What is the best saving advice for young adults?
The best saving advice for young adults is to start early and save regularly.
This will help you build up a nest egg that you can use in the future.
Personally, this is my own regret as such it took me way too long to become financially sound.
Also, you want to be mindful of your spending and live within your means.
Best Financial Advice for Young Adults
When you’re in your 20s, the world feels like your oyster, ripe with opportunities and potential.
But among this plethora of choices, the most important decisions you make may very well relate to your finances.
While the excitement of earning and spending your hard-earned money can be exhilarating, it is crucial to remember that wise financial decisions made early on can set the stage for long-term financial success.
We have curated some of the best financial advice to help you make informed decisions and set the foundation for a secure financial future.
1. Create a Budget
Creating a budget can seem like a daunting task. However, once correctly accomplished, it can undeniably make your life a lot easier.
Below are some reasons to start budgeting from the start:
Money management: Knowing the ins and outs of your financial transactions helps manage your money efficiently. A budget gives you a clear snapshot of your income and expenses, allowing you to make strategic decisions about spending and saving. This level of control can be incredibly liberating and reassuring.
Financial discipline: Creating a budget encourages discipline when it comes to financial decisions. It can show you areas where you’re spending more than necessary, such as an underutilized gym membership, frequent dining out, or an unused streaming subscription. By addressing these expenses, you could easily save an additional $100 per month.
Alignment with goals: A budget can provide clarity and align your financial actions with your long-term goals. If you are side-tracked and lose sight of these ambitions, the budget serves as a potent reminder to guide you back to the right path.
Effective savings: A budget constitutes a robust tool that allows you to maximize your income and inculcate a savings habit. Essentially, it’s a roadmap that shows you, in real time, where you can minimize and direct those funds into savings. Those savings can then be invested toward achieving significant life goals more efficiently.
Stress reduction: Tracking income and expenditure can culminate in a stress-free financial life. For example, it helps manage unexpected emergencies or allows you to enjoy after-office drinks without any worries about overspending.
To simplify the job, various user-friendly budgeting apps are available.
These digital budgeting tools or apps offer handy features that can streamline tracking expenses and income. These tools can automatically categorize transactions, display visual charts of spending, and send alerts when you’re nearing the limit of a budget category.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
So, no more wondering where your money went.
With a budget in place, you get to tell your money exactly where to go, and this is an empowering shift from feeling out of control to feeling in control of your finances.
By making budgeting a consistent part of your financial routine, you adopt a proactive approach to your money, making your life easier, and your future brighter.
2. Manage Your Debt
As a young adult, managing your debt is incredibly crucial. Not only does it set the foundation for your financial future, but it also helps to keep your credit score healthy.
Here are some top-notch expert tips on how to effectively manage your debts:
Avoid credit cards whenever possible. Although credit card rewards may seem appealing, they can often lead to unwanted debts. Instead, try using cash, debit cards, or cash app cards.
Don’t finance purchases that depreciate in value over time. Rather than taking a loan for things like cars or other depreciable assets, save up and pay in full.
Minimize education-related costs. This can be achieved by going to in-state schools, considering trade school or community college, living off-campus, and exploring scholarships or work/study programs. Learn how to pay for college without loans.
Pay off your debts methodically. Consider strategies like the debt snowball or avalanche methods to strategically pay off your debts. Use a debt payoff app to find your debt free date.
Remember, being in debt can delay your financial goals.
So, learning to manage your debts early on in your life can have a significant impact on your future finances.
3. Invest Wisely
Investing wisely is a cornerstone of solid financial advice for young adults. It sets the foundation for a financially secure future.
Most people are terrified of the concept of investing and stay away from it, which is the worst decision possible.
Investing is about putting your money to work for you, expecting growth or income over time.
Consistently adding money to your investment portfolio can be more beneficial than staying away or trying to time the market.
Investing is ideally a long-term endeavor. Patience is key – you can’t expect to make big gains or reach your financial goals overnight. It’s a process of steady growth.
Simplicity is key for beginner investors. Buying and holding index funds is a good example of a simple and passive investment strategy. Or you can learn how to invest in stocks for beginners.
4. Educate Yourself about Savings and Investment Accounts
Understanding savings is a fundamental aspect of personal finance, yet many young adults ignore this.
Beginning an emergency fund, no matter how small is one of the oft-repeated mantras of personal finance experts.
Consistently making savings a non-negotiable monthly “expense” not only provides a safety net for emergencies but also contributes to various future goals such as retirement, vacation, or a down payment on a home.
A foundational aspect of mastering your finances involves learning self-control, reducing the tendency to make every purchase on credit, and understanding the importance of saving money before making a purchase.
Taking the initiative to read personal finance books and gain knowledge about managing money can greatly aid in controlling your financial future and making informed decisions about savings.
Starting saving for retirement early is essential to secure financial stability in the future.
Learn how much money should I have saved by 25.
5. Limit Your Expenses
Understanding how to limit expenses can be a game changer for your finances.
Track your daily expenses carefully, even the small ones like your morning coffee, as they can add up and provide crucial insights into your spending habits.
Keep your monthly costs, such as rent, as low as feasibly possible, as this will save you substantial amounts over time and accelerate your ability to invest in assets like a home. Learn the ideal household budget percentages.
This one makes the biggest different to spend less money…Categorize your expenses and set specific spending limits for each group, reviewing and adjusting these as needed to curb any overspending.
Regularly review your finances, specifically your bank and credit card statements, every two to three months to identify and eliminate any unnecessary expenditures.
6. Build Passive Income Streams
Okay, this one is my top financial tip!
Navigating the financial world requires strategy, and for young adults, generating passion income streams is a game-changer. With the decline of traditional 9-5 jobs, it’s crucial to adopt flexible financial strategies.
Start identifying your passions that can be monetized. Think about your hobbies, skills, or areas in which you’re an expert. It could be anything from blogging to tutoring or even food delivery services.
Find ways to make passive income. Remember, every bit of extra income counts, and data suggests diversifying income streams can secure your financial future.
Continuous learning is your power tool here. Aim to broaden your financial literacy, understand investing, explore various earning methods, and strengthen your entrepreneurial spirit.
While cutting expenses helps, growing your income using your passions gives you control over your financial destiny.
So, don’t hesitate in doubling up your day job with your passion-driven side hustles.
Expert tip: One of the best ways to make money online for beginners is a key place to start.
7. Create a Cash Reserve
Understand that surprise expenses can unsettle your financial plan, like a sudden car repair costing $700. Having a cash reserve will keep you financially stable through these unexpected turns.
Start an emergency fund: Alongside your regular savings, begin an emergency fund. Aim to save around three to six months’ worth of income.
Prioritize savings: Consider your savings as a non-negotiable expense. You’ll soon realize you’ve saved enough for significant objectives like a down payment on a home.
Build a rainy day fund: This larger $10k-50k rainy day account will help in those long-term expenses or job loss.
Combat inflation: Choose a money market account to preserve the value of your savings, while ensuring quick accessibility in emergencies.
Automation is key: If you’re forgetful, set up an automatic transfer that channels funds to your savings account immediately upon salary credit.
Building up cash reverses will help you to improve your liquid net worth and have less stress around money.
8. Learn About Taxes
Taxes seem complicated, huh? Well, not grasping tax basics can give you a run for your cash. So, get started young and you might save up a fortune in the long run
Start by understanding your salary. The chunk that you take home (net pay) isn’t the whole amount (gross pay) that your employer agreed on. Learn more about gross pay vs net pay.
If you’re self-employed, remember, you’ve got to handle income taxes, and also the full FICA bundle.
Do your bit of math now and avoid an unexpected cringer next April.
9. Consider a Term Life Insurance Policy
Getting a term life insurance policy while still relatively young is a smart financial move that any savvy young adult should consider early in their career.
This safety net serves multiple purposes, especially in ensuring the protection of your future family if for any reason you’re unable to provide for them.
Term life insurance policies are typically far more affordable for young adults. The research notably reveals that the younger an individual is, the more affordable the life insurance policy tends to be. Therefore, beginning this investment in your early years enables you to lock in a lower premium rate, thereby saving significant amounts in the long run.
A life insurance policy is an important piece of your financial planning puzzle. Remember, cost increases with age so act fast!
10. Take Action and Stay With It
Taking action and sticking with it is crucial in managing finances well.
First, you’ve got to get clear about your financial goals. Want to set up a passive income stream or travel? Make them specific, feasible, and measurable.
Once you’ve set your goals, break them down into bite-size pieces. For instance, calculate the costs and set quarterly goals. Make sure to these vision board supplies to keep your goals front and center.
Ultimately, this proactive approach coupled with persistence can help you efficiently manage your funds and stay financially healthy.
FAQ
Honestly, this is completely up to you.
The better bet would be to learn about financial management topics yourself.
Finding a fee-based financial advisor will be difficult when you have no significant assets. And then, when you do, a financial advisor can put a drag on your investing portfolio.
If you decide to work with a financial advisor, find a fee-only financial planner who provides unbiased advice – since they aren’t driven by commission.
Financial planning while young—especially in your 20s—is key to future success and financial security. Here are some steps to establish strong fiscal habits:
Firstly, map out your financial goals. Do you anticipate student loans, a mortgage, or potential investments?
Secondly, budget diligently to save more money early in your career.
Next, consider eliminating outstanding debt quicker by applying saved money from part-time or full-time employment.
Lastly, explore investments such as mutual funds and stocks for optimal use of leftover money after bills are paid.
Remember, according to a study of 30,000 college graduates, 70% never took a personal finance course—making self-education critical.
Use These Personal Financial Tips for Young Adults
In conclusion, managing personal finances is a vital skill that unfortunately is not emphasized enough in our educational institutions.
It’s critical for young adults – you – to learn this skill to establish a strong financial foundation for their future. Especially if you are determined to become financially independent.
This begins by developing a sense of self-control and understanding the importance of delayed gratification.
Regularly monitoring your income and expenses, and adjusting your lifestyle to live within your means, is a crucial habit.
Additionally, the importance of starting an emergency fund and saving for retirement cannot be overstated.
By incorporating these financial tips into their lives, young adults can steer clear of unnecessary financial stress and ensure a secure and financially healthy future.
Take this Advice about Money
It is crucial to understand not just the mechanics of money, but also, the long-term implications of your financial decisions.
Take control of your financial future today, and you are sure to reap the rewards in the years to come.
Discerning financial advice from trusted sources, instead of relying on potentially misleading external influences, is also key. Remember, the sooner you start, the better off you’ll be in the long run.
Remember the data-driven fact: small changes in your everyday expenses can have as big of an impact on your finances as getting a raise.
Know someone else that needs this, too? Then, please share!!
Studying abroad offers a unique opportunity to expand your cultural horizons, build valuable skills and prepare for the global workforce. More than 300,000 U.S. students study abroad each year, according to the State Department.
There isn’t one way to study abroad in college: Programs can vary by cost, length, level of cultural immersion and more. So you’ll have to do some research to see which is a good fit for your academic, personal and financial goals.
Follow these steps to tailor your study abroad experience.
Research study abroad programs (early!)
Begin researching study abroad options at least four to 12 months before when you’d like to start your program. This gives you time to apply for a passport, meet with an advisor and make a financial plan to pay for studying and living outside the U.S. Make sure to keep track of application requirements and deadlines as you do your research.
Students often study abroad during their sophomore or junior year of college, but there are exceptions. For example, some incoming students at New York University can apply to spend their entire first year of college at international campuses in England, Spain or Italy. Studying abroad earlier in your college career could mean more academic flexibility, since you won’t be scrambling to fulfill major requirements yet.
If you’re a high school student set on studying abroad in the future, consider applying to colleges that have robust programs. For example, Vermont’s Middlebury College offers 90 programs in more than 40 countries — and over half of its junior class studies abroad. And Pennsylvania State University has more than 300 programs across 50 countries.
Choose the right program for you
Whether it’s a summer language course in Beijing or a full semester of engineering classes in Sydney, taking classes in another country offers a wide range of experiences. The costs of studying abroad can vary widely, too, but you can use scholarships, grants and federal and private student loans for some programs.
With hundreds of options available, determine your top priorities to help narrow down the list. Start by defining your personal goals. Then, look at factors like program administration, academics, location, language of instruction and how your credits will transfer to your home institution.
Your college’s study abroad office — sometimes also called “education abroad,” “global education” or “international studies” — is a valuable resource. Study abroad advisors can help identify programs that align with your goals and academic requirements and guide you throughout the application and enrollment process.
Here are a few of the most common types of study abroad programs.
Exchange programs
Your home university may partner with an institution abroad and offer a student exchange program. Participating students usually pay their typical tuition and fees to their home university while studying abroad — which could be an in-state student rate — and enjoy much of the same financial aid they normally do, like federal student loans.
Exchange programs offer high levels of cultural immersion, since students take classes alongside full-time students at the partner university. Students can also expect support and guidance from their home and partner universities, since they’ve already established a relationship.
Faculty-led study abroad
Professors at your home university may lead study abroad trips. These programs usually last a few weeks, and take place during a school break. Instruction is typically similar to what you’d receive in the U.S. and the program may include prearranged travel. The price can vary depending on program lengths, location and more. Because these faculty-led programs often occur outside of the academic calendar, they typically cost extra on top of regular semester tuition. Financial aid may apply.
You’ll likely study alongside students from your home university, which may limit cultural immersion. Faculty-led programs could work for those who’ve never traveled abroad or want a shorter-term program in a specific academic area.
Direct enrollment at a foreign university
U.S. students may enroll directly at a foreign university for a period of time and still receive course credit at their home university. Students pay international tuition rates directly to the foreign school. This route may be more or less expensive than a prearranged exchange program, depending on the tuition you’re paying at your home university and what you’ll pay abroad. It also requires more research to determine if you’re eligible to enroll and receive academic credit.
This may be a good choice if you’re not interested in any of the options offered by your home college, if you aim to live and study among foreign students only or if you want a high level of independence.
Third-party study abroad programs
Third-party study abroad providers like Academic Programs International (API), Council on International Educational Exchange (CIEE) and DIS offer a variety of study abroad programs. These are good options if you’re looking to study alongside international students from different schools and countries, or if you want a unique experience not offered by other programs. The costs of these programs vary widely, but they tend to be more expensive.
On average, semesters abroad arranged by a third-party provider were $8,718 to $17,933 in 2019, according to research from study abroad program database GoAbroad.
Check with your home university’s study abroad office for a list of preapproved third-party providers and programs to ensure your credits will transfer.
Internships, research and volunteering
Studying abroad doesn’t always require studying. Some programs are designed around research, internship or volunteer opportunities. Sometimes, these types of study abroad programs can help you earn academic credit toward your degree. You may also enroll in related classes abroad while participating.
With this route, you’ll be immersed in the workplace and community of your country of study. Despite working, you may still need to pay for the program, in addition to flights and housing. Program costs can vary.
Apply
Once you’ve found a few study abroad programs that look compelling and you understand the costs, you’ll need to start the application process. This will look different depending on the program, but many applications include similar components: letters of recommendation, transcripts, personal essays and language requirements when applicable.
Just like the research process, it’s important to start your application early. Get organized and reach out to professors for letters of recommendation, if necessary, well before the deadline. You may also need to meet with an advisor at your school’s study abroad office.
Make your application stand out by demonstrating clear academic objectives, personal interest in the program and a strong transcript.
Secure funding
For costs you can’t cover upfront, prioritize aid you don’t need to pay back, like scholarships.
Private student loans can fill any funding gaps, but they should be a last resort. They don’t have the same protections and perks as federal loans.
Work-study and the need-based Pell Grant cannot be used for study abroad. However, the State Department’s competitive Benjamin A. Gilman International Scholarship Program is designed to help Pell recipients pay for international study. The top award is $5,000. Check out the full list of study abroad scholarships offered by the U.S. government and foreign governments on the State Department’s USA StudyAbroad website.
Plan your logistics
The logistics of moving to another country can be daunting, even when you have a study abroad coordinator helping you through the process. Note these important factors as you plan.
Passports and student visas
Keep track of relevant student visa requirements and deadlines. Depending on your country of study, visa processing can take from a few days to months. You may need to move quickly after getting accepted to a program.
You’ll likely need a U.S. passport in hand before applying for a visa. If you don’t have one already, plan for processing times of at least three months.
Housing
Housing is also important to consider before hopping on your international flight. Some programs will arrange an apartment, dorm or homestay on your behalf, while others will leave finding housing up to you — which can be difficult to do in advance.
Consider what matters most to you when deciding on housing. Living with a host family may offer you higher levels of cultural and language immersion, but a dorm or apartment could mean more flexibility and independence.
Study abroad budgets
Prepare a spending plan and budget to cover the day-to-day costs of your life abroad. This may include personal travel, emergency funds, international banking fees and other expenses outside of your typical student lifestyle. Consider applying to scholarships intended for study abroad that could help out with these types of expenses.
For some students, a study abroad credit card may help them avoid high transaction fees while earning travel points to cover flights and other expenses. But be wise with your spending. Not paying off the balance each month can lead to ballooning debt.
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GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
Passive income refers to earnings derived from an enterprise in which a person is not actively involved on a daily basis.
Unlike active income, where earnings are directly linked to the amount of work performed, passive income flows whether you are working, sleeping, or vacationing.
As Robert Kiyosaki (2017) explains in his best-selling book “Rich Dad Poor Dad,” passive income can be a way to achieve greater financial independence.
Unlike the typical income that requires constant work, passive income typically flows with less hands-on involvement. However, this doesn’t mean no work is involved; it’s often the initial setup that demands considerable time, effort, or capital.
If you’re looking for more passive income ideas, click below:
Purpose and Importance
The purpose of passive income is broad, spanning from financial cushioning to the possibility of early retirement. By generating continuous revenue without daily effort, it offers a means to enhance one’s lifestyle, build financial security, or pursue other interests and hobbies.
The significance of passive income goes beyond mere monetary gain, as it also provides a pathway to greater control over one’s time, a diversified income stream, and potential long-term growth.
EXPERT TIP:
Consider starting small and gradually building your passive income portfolio.
By investing in a diverse array of income-generating opportunities tailored to your risk tolerance and financial goals, you can create a resilient and sustainable revenue stream.
As emphasized by many financial experts, including those mentioned in “The Intelligent Investor” by Benjamin Graham (2003), careful planning and consistent monitoring of your passive income sources can lead to greater financial freedom and control over your time.
This step-by-step approach allows you to learn and adapt, maximizing the potential benefits of passive income without overextending your resources.
How Passive Income Works
Table of Contents
Sources of Passive Income
Passive income can stem from various sources, such as rental properties, investments in stocks or bonds, a wide of array of apps, and royalties from intellectual properties like books or patents. Each source has its unique characteristics, risks, rewards, and requirements.
While some sources, like savings accounts interest, are readily accessible, others may need significant financial investment or specialized knowledge, like creating a successful blog that earns ad revenue.
Source of Passive Income
Characteristics
Risks
Requirements
Rental Properties
Steady Income, Property Growth
Market Fluctuations
Initial Investment, Maintenance
Dividend Stocks
Potential Growth, Regular Dividends
Market Volatility
Investment Capital
Peer-to-Peer Lending
Interest Earnings
Default Risk
Platform Registration
Royalties
Income From Intellectual Property
Contractual Risks
Creative Skills, Legal Agreements
Automation and Minimal Active Involvement
Passive income often involves an automated process where money is earned with minimal active involvement. This includes setting up businesses that run themselves or investing in dividend-paying stocks that provide regular income.
Though these may require substantial initial setup, the ongoing maintenance is often minimal. But it’s worth noting that these ventures must be monitored and sometimes adjusted to ensure continued success.
Tax Considerations
Tax implications for passive income differ from those of active income. Passive income may qualify for different tax rates or deductions, depending on jurisdiction and the type of income. For instance, rental income may be subject to specific property tax rules.
Understanding these rules or consulting a tax professional is vital to maximizing after-tax returns and compliance with tax laws. You can read more about here about how passive income is taxed.
Active vs Passive Income
Understanding the difference between active and passive income is essential for anyone looking to diversify their income streams and work towards financial stability or even independence.
What is Active Income?
Active income refers to earnings that require consistent and direct effort. This includes wages from a job, salaries, hourly payments, commissions, and tips. Essentially, active income requires trading time for money.
This type of income is what most people rely on to pay bills, purchase necessities, and maintain their current lifestyle. The major limitation of active income is its direct correlation to time; you can only work a certain number of hours in a day, thus capping your earning potential.
Passive Income Contrasted to Active Income
Contrastingly, passive income is earned with little to no daily effort to maintain, after the initial setup or investment. It includes revenue from rental properties, dividends, royalties, or even a business that doesn’t require daily involvement.
Passive income provides a means to break free from the time-for-money trade and opens doors to greater financial growth and freedom.
Comparison and Significance
The main distinction between active and passive income lies in the involvement and time required to generate revenue. While active income necessitates ongoing work, passive income aims to create sustainable income streams that flow regardless of daily activities.
Active income offers stability but often lacks scalability. Passive income, though requiring initial effort and possibly capital, offers the potential for long-term growth and diversification.
By combining both active and passive income streams, individuals can create a more resilient and flexible financial portfolio, allowing for the pursuit of broader life goals and interests, such as early retirement, travel, or investment in hobbies and personal development. The insights from Kiyosaki (2017) in “Rich Dad Poor Dad” emphasize this balanced approach to building wealth and achieving financial freedom.
The inclusion of both active and passive income in one’s financial strategy offers a multifaceted approach to wealth building. It’s an essential concept for anyone aiming to enhance financial security, diversify income, or explore new financial opportunities.
Feature
Active Income
Passive Income
Effort Required
Daily, consistent effort needed
Little to no daily effort after initial setup
Time Dependency
Directly tied to hours worked
Not tied to hours; can earn 24/7
Income Type
Wages, salaries, commissions, tips
Rental properties, dividends, royalties
Scalability
Limited by time and energy
Potential for growth without proportional time input
Financial Growth Potential
Often stable but limited in growth
Potential for long-term growth and diversification
Risks & Challenges
Job loss, income stability
Market risk, initial investment required
Benefits/Advantages/Pros of Passive Income
Financial Independence
Financial independence means having enough income to cover living expenses without needing to actively work. Passive income is often vital in this quest, allowing people to live comfortably without a regular paycheck. It offers an escape from the traditional work routine, opening doors to new opportunities, hobbies, or even early retirement.
“If you don’t find a way to make money while you sleep, you will work until you die.”
Warren Buffett
Flexibility and Freedom
The freedom granted by passive income extends to various life aspects. Whether it’s spending more time with family, traveling, or engaging in hobbies, the financial flexibility offered by passive income can significantly enhance life quality. It also provides an opportunity for strategic investments, exploring new ventures without the financial strain that might come without this income cushion.
Diversification of Income Streams
Having multiple income streams reduces the risk of financial hardship if one source diminishes or fails. By diversifying across various passive income avenues, financial stability is often enhanced.
Whether it’s investment in different market sectors, rental properties across various locations, or a mix of bonds and stocks, diversification is a fundamental risk management strategy in financial planning.
Potential Long-Term Growth
Some passive income sources offer potential for substantial long-term growth. Investments like stocks may appreciate over time, generating not only regular income but also an increase in underlying asset value. This growth potential can substantially contribute to financial goals, whether saving for children’s education, building retirement funds, or other long-term planning.
Benefit
Description or Example
Financial Independence
Reduced Dependence on Active Employment; Flexibility in Lifestyle Choices
Income Diversification
Spreading Income Sources; Reducing Financial Risk
Potential Long-Term Growth
Opportunity for Compounding Returns Over Time
Drawbacks/Disadvantages/Challenges/Limitations/Cons of Passive Income
Potential Risk and Volatility
The potential risks and volatility in passive income sources must not be overlooked. Market fluctuations can significantly impact investment returns, while real estate investments can be influenced by economic conditions and property market dynamics. Careful risk assessment and strategic planning are vital to mitigate these risks and ensure consistent income streams.
High Initial Investments or Skills Required
Some passive income streams necessitate significant initial investments or specific skills. Purchasing real estate, developing software, or creating a successful YouTube channel, for example, may require substantial money, time, and expertise.
These barriers must be considered and planned for, as they can deter or delay the successful implementation of a passive income strategy.
Regulatory and Compliance Challenges
Different passive income streams come with varying regulatory and legal considerations. Landlords must adhere to housing regulations, while stock investments may involve understanding complex financial laws. Failing to comply with these regulations can lead to legal troubles or financial losses. Professional guidance may often be required to navigate these complexities.
Maintenance Requirements
While often touted as ‘set and forget,’ passive income streams usually require ongoing attention. Whether it’s maintaining a rental property, adjusting an investment portfolio, or updating a mobile app, these tasks, though generally minor, are essential.
This continuous oversight ensures that passive income sources remain lucrative and aligned with financial goals.
Drawback
Description or Example
Potential Risk and Volatility
Subject to Market or Economic Changes
High Initial Investments
May Require Significant Capital or Effort to Start
Regulatory Challenges
Must Comply With Various Laws and Regulations
Maintenance Requirements
Ongoing Management or Oversight May Be Necessary
Building a Passive Income Portfolio
Choosing the Right Passive Income Streams
Identifying the right mix of passive income sources is a tailored process that considers individual risk tolerance, financial goals, and personal preferences. Whether it’s the stability of government bonds or the potential high returns of startup investments, these choices should reflect the individual’s unique circumstances. Proper research, planning, and professional advice can ensure a balanced portfolio that serves both current needs and future aspirations.
In Vanguard’s Four principles for successful investing they stress:
The best way to work toward an investment goal is to start by defining it clearly, take a level-headed look at the means of getting there, and then create a detailed, specific plan. Being realistic is essential to this process: Investors need to recognize their constraints and understand the level of risk they are able to accept.
Vanguard
Strategies and Planning
Creating a successful passive income portfolio isn’t just about choosing the right investments; it requires a well-thought-out strategy and continuous planning. Factors to consider include risk diversification, liquidity needs, time horizons, and long-term goals. Regularly reassessing and adjusting this strategy ensures that it stays aligned with evolving needs and market conditions, safeguarding the financial future.
Monitoring and Adjustments
Regular monitoring and necessary adjustments are key to maintaining a robust passive income portfolio. The landscape can change due to market conditions, new laws, or personal circumstances. Regular assessments and prompt adjustments ensure that the strategy remains relevant, meeting its objectives while maximizing potential returns.
The exploration of passive income is not a simple undertaking but rather a multifaceted approach to building a sustainable financial future. The understanding of various sources, the recognition of benefits, and the consideration of potential drawbacks are essential components in the effective management of passive income streams.
From aspiring to retire early to simply wanting a more flexible lifestyle, passive income provides opportunities and challenges worthy of thoughtful exploration and careful planning.
The Bottom Line – Passive Income Explained
Passive income might seem like a complex idea, but it’s really about making your money work for you instead of the other way around. From investments to side businesses, there are ways to create a steady stream of cash that doesn’t tie you down to a 9-to-5 grind. Mixing active income from your regular job with passive income can lead to a more relaxed and secure financial life.
It’s not a get-rich-quick scheme, but with some thought, effort, and patience, passive income can be a valuable part of your financial picture. Whether you’re aiming for early retirement or just some extra spending money, understanding passive income is a good first step.
FAQs – What is Passive Income?
What is Passive Income, and How Does It Differ from Active Income?
Passive income is earnings derived from investments, properties, or business ventures where a person is not actively involved daily. Unlike active income, where constant work is required, passive income generally flows with minimal ongoing effort, often after an initial setup phase.
Can Anyone Create a Source of Passive Income, or Does It Require Special Skills?
While some sources of passive income might require substantial initial investments or specialized skills, there are various opportunities available for different skill levels and financial capabilities. Proper research, planning, and sometimes professional guidance can help in successfully establishing a passive income source.
What Are Some Common Sources of Passive Income?
Common sources of passive income include rental properties, dividend-paying stocks, bonds, royalties from intellectual properties, and interest from savings accounts. The choice of sources often depends on individual risk tolerance, financial goals, and personal preferences.
Is Passive Income Taxed Differently Than Other Types of Income?
Yes, passive income may be subject to different tax rules depending on jurisdiction and the specific type of income. It’s advisable to consult with a tax professional to understand the applicable tax laws and ensure compliance.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
Known for its views, Wyoming offers so much more on top of Yellowstone National Park. With an overall cost of living slightly below the national average in the state’s larger cities and plenty of small-town living for the taking, Wyoming is an affordable place to call home.
There’s no shortage of wide open spaces, but there are also plenty of opportunities for work, a low crime rate and more outdoor activities than you can list off the top of your head.
If it’s time to live somewhere a bit more relaxing, with the ability to hike, ski and explore nature on a whim, Wyoming is for you. To make sure you can afford it, tally up average prices in the key areas that create a cost of living in Wyoming. It gives you a clear picture of what you can expect in everything from apartment rent to the taxes you’ll pay.
Learn more about what it costs to live in Wyoming by looking at:
Wyoming housing prices
Lacking a ton of big cities, most of the best places to live in Wyoming are a little smaller, a little more laid-back and a little less expensive. Nowhere is far from stunning views and outdoor activities, either. Picking Wyoming as the place to call home pretty much opens the door to a totally unique adventure, all without leaving the country.
Casper
With a quaint, historic downtown area and plenty of excellent fishing, Casper, once a stop on the Oregon Trail, is now Wyoming’s second-largest city. Housing prices here are 15.7 percent below the national average. It’s similar to Laramie, but Casper is seeing more growth.
Up 46 percent over last year, one-bedroom apartments in Casper average out at $1,091 per month. Two-bedroom apartments are rising more slowly in price, up only 12 percent over last year. Expect rents for these units to average out at $1,229 per month.
Home prices in Casper are only slightly more than in Laramie, as well, averaging out at $363,157.
Cheyenne
Cheyenne is Wyoming’s largest city, and with this distinction comes the state’s highest home prices. Also the state capital, Cheyenne has an Old West feel, complete with the world’s largest rodeo. It’s also a great family-oriented city with plenty of parks, museums and all-ages fun.
Though living here costs a little more, housing prices are still 7.3 percent below the national average. Apartments are still within an affordable range, as well, not really changing much over last year. One-beds, with an average monthly rent of $800, actually dropped a percent over last year, and two-beds, at an average of $880 per month, only went up by a single percent.
For those who’re thinking of buying in Cheyenne, the average home price is currently $392,483.
Laramie
Aside from the cost of living, college is on the mind of almost every Laramie resident. Home to the University of Wyoming, football is a huge pastime here. The whole town even closes down for certain games. With a high value on fun and family and the Snowy Range ski area nearby, Laramie is a great and affordable community. Housing prices are 16.6 percent below the national average.
What this means for those looking for a place to live is there are plenty of low-cost options. An average two-bedroom apartment in Laramie is $950. Not only that, but home prices are averaging out at $348,038, which isn’t too bad for those looking to buy.
Wyoming food prices
Another cost of living in Wyoming is food. Big game like elk and bison are big winners in Wyoming, along with trout fished fresh out of crystal clear water. Even though these favorite foods are local, they’re not always the cheapest thing in the store. As a result, the average Wyoming resident spends between $267 and $300 per month on groceries and has higher-than-average food prices.
Casper is 3.2 percent above the national average
Laramie is 3.3 percent above the national average
Cheyenne is 8.5 percent above the national average
What this means for individual products you may have on your own grocery list varies by the city, as well. Steak in Cheyenne, for example, is around $16.34 but can get as low as $10.68 in Casper. Other items, like lettuce, cost almost the same no matter where you are. A head of lettuce is $1.78 in Casper and Laramie, but just a penny more in Cheyenne.
Food pricing also makes a difference when it comes to date night. A three-course meal for two is only $35 in Casper. It’s actually also the exact same average price in Laramie. But, you’ll pay 46 percent more in Cheyenne when the bill comes to you for $65.
Wyoming utility prices
Wyoming boasts some low utility bills when compared to other states in the country.
Cheyenne is 19.3 percent below the national average
Laramie is 16.6 percent below the national average
Casper is 11.9 percent below the national average
These percentages translate to energy bills that are on the more reasonable side of your general expenses list. Cheyenne and Laramie have identical energy bill averages at $125.83 per month, while Casper is only a little higher at $141.44 per month.
Energy bills in Wyoming do get a little bit of a break thanks to the state’s capacity to produce wind power. As of 2021, 22 percent of the state’s electricity came primarily from the wind. Concentrated in the southeastern corner of Wyoming, this is where regularly blowing winds get funneled through mountain passes onto the high prairie. From there, farms capture the wind and put it to good use.
Wyoming transportation prices
Not a highly walkable state when you’re within city limits, you’ll most likely get around in Wyoming by car. All the cities on our list do have the added bonus of being bike-friendly, as well. Laramie has the highest bike score of 74, and Casper’s and Cheyenne’s scores are in the 50s.
With increased dependence on owning your own vehicle and a lack of public transportation everywhere you go, overall transportation prices in Wyoming vary by a lot.
Casper is 16.9 percent below the national average
Cheyenne is 8.4 percent below the national average
Laramie is 33.3 percent above the national average
Laramie is also the only city on the list that is without a public transit system.
Casper Area Transit
Consisting of six color-coded bus lines, the Casper Area Transit system runs through Casper, Mills and Evansville. A one-way fare is $1, and monthly passes are available for $30.
No busses run on Sundays, and the purple and orange lines don’t run on Saturdays. It’s also worth noting that bus service stops on the early side, concluding at 6:30 p.m. during the week and at 3:30 p.m. on active lines on Saturday.
Cheyenne Transit Program
Fixed-route bus service is currently on hold with the Cheyenne Transit Program. Those needing a ride are able to schedule a trip using the Cheyenne Transit app. Even though this is a more unconventional system at the moment, a single-way fare is still $1.50. No passes are available.
Service runs Monday-Saturday only, ending at 7 p.m. on weekdays and 5 p.m. on Saturdays.
Wyoming healthcare prices
Healthcare prices average out a little higher than other elements composing the cost of living in Wyoming. While still close to the national average, there’s not as much difference between the cities as in other areas.
Cheyenne is 6.1 percent below the national average
Casper is 0.8 percent below the national average
Laramie is 1.1 percent above the national average
Since healthcare prices include a variety of medical visits and all your prescriptions, too, it’s easier to understand how these numbers impact cost by looking at what specific services would cost.
The most expensive city to see the doctor in is Laramie, with an average visit cost of $120.66. The most expensive city to get your eyes checked in is Casper, where an average visit will cost you $178.80. For the dentist, who you should visit every six months, an average visit costs the most in Cheyenne at $110. Each city grabs the highest-priced medical visit at some point.
Wyoming goods and service prices
Although all the hiking and outdoor activities in Wyoming will keep you pretty busy, there are certain ‘extras’ you most likely include in your budget each month. These are goods and services, the non-essentials you want to have, but don’t have to have. If your budget ever became tight, these would be the items you’d start removing until you bounced back.
Thankfully, Wyoming averages for goods and services, all combined, sit on the lower end.
Cheyenne is 7.6 percent below the national average
Casper is 3.2 percent below the national average
Laramie is 2.4 percent below the national average
All these cities are pretty close together, overall, but you may notice bigger price differentials when you drill down to those specific goods and services unique to your list. Here are how a few common ones to look at.
At least you’ll get a pretty consistent price when it comes to a six-pack or a burger out with friends. The other goods and services seem to run a much wider gap between the least expensive option, Cheyenne, and the most expensive, Casper. Of course, Laramie does take its top spot back when it comes to burgers and brew.
The average vet expenses may seem on the high side, but it costs a lot to take care of the smaller members of the family. This is also true when it comes to childcare. This potentially jaw-dropping expense possibly isn’t on your radar yet, but get ready. There’s often a little sticker shock attached to this particular good and service. In Laramie, for example, it’s $1,258.33 a month for a full-day, private preschool. Yikes!
Taxes in Wyoming
The cost of living in Wyoming gets even sweeter by the fact that there’s no individual income tax. Sales tax is also not that bad. The state imposes a 4 percent sales tax rate and allows localities to add up to 2 percent more.
The most you’ll pay in sales tax, in any given area, is 6 percent, which is the case in both Laramie and Cheyenne. Here, for every $1,000 you spend shopping, $60 goes right to taxes.
Casper’s local sales tax of 5 percent sits closer to the state-wide average of 5.22 percent.
How much do I need to earn to live in Wyoming?
Calculating what you need to live comfortably in Wyoming starts with being able to afford rent. It doesn’t matter what your overall cost of living is, if you can’t afford a home, you’re in trouble. Since most experts suggest you should spend no more than 30 percent on your rent, it’s easy to calculate what you can and can’t cover.
The average two-bedroom apartment in Wyoming costs $1,071 per month. That means a year of rent would be $12,852. If that’s 30 percent of your annual salary, you must make at least $42,840 to live comfortably.
This is quite possible, given that the average annual salary in Wyoming is almost $10,000 higher at $52,110.
Even with these estimates, though, it’s best to do some math with your own budget using our rent calculator.
Living in Wyoming
With a more affordable cost of living and plenty of open space, Wyoming is the place for you if you’re in need of a laid-back lifestyle. Without the bustle of highly urbanized areas, you’re free to take in all the natural beauty the state has to offer and get outside for all sorts of activities. If the peace and quiet are calling your name, it’s time to see if Wyoming fits into your budget.
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.
In a city renowned for its glamor and extravagance, luxury living reaches new heights, enticing potential homebuyers with an array of exquisite features that redefine modern sophistication. If you’re thinking about moving to the city and you’re in the market to buy a luxury home in Los Angeles, you’ll find this city offers a wealth of luxurious properties that seamlessly blend elegance, comfort, and functionality.
But what are the most sought-after luxury home features in the Los Angeles housing market? From views of the iconic skyline to the seamless integration of smart technologies, the City of Angels boasts an array of luxury home features that elevate homes to unparalleled heights. In this Redfin article, we unveil the most coveted home features in Los Angeles, providing an exclusive glimpse into the world of high-end living that awaits.
Top neighborhoods with luxury home features in Los Angeles
While Los Angeles already has a high median sale price, coming in at nearly one million in June, almost $500K higher than the national median, there are several neighborhoods renowned for their luxury homes and exceptional features where homebuyers are willing to pay premium prices.
North of Montana tops the list with a median sale price of nearly five million in June 2023. With tree-lined streets and a serene atmosphere, these residences often feature traditional or Mediterranean-inspired designs, spacious interiors, upscale finishes, and well-manicured yards. The neighborhood offers a refined, upscale living experience in a prestigious enclave.
Venice saw a median sale price of over two million. Homes in Venice exude eclectic charm, ranging from beachside villas to contemporary designs, often featuring modern amenities, open layouts, and outdoor spaces. Artistic flair, diverse architecture, and a vibrant community atmosphere define Venice’s unique residential landscape.
Luxury homes in Ocean Park, epitomize coastal living, and with a median sale price of almost $1.9 million, these residences showcase a fusion of contemporary design and beachside charm. Expansive windows, high-end finishes, and proximity to the ocean create a harmonious blend of upscale comfort and the laid-back vibe of the neighborhood.
Mar Vista, known for its blend of modernity and neighborhood charm, showcases a blend of modern style and casual elegance. These residences often feature open layouts, high-end finishes, and inviting outdoor areas. Mar Vista’s neighborhood charm combined with upscale living creates a unique and appealing residential experience in the heart of Los Angeles. Homes in Mar Vista are also set at premium prices, with a median sale price of almost $1.8 million.
Lastly, with a median sale price of almost $1.6 million, Sunset Park offers upscale living in a laid-back coastal setting. Characterized by a mix of architectural styles, these residences boast modern amenities, stylish interiors, and inviting outdoor spaces.
1. Smart home technology
Luxury homes are typically equipped with smart home technology to enhance convenience, comfort, and security, and luxury homes in Los Angeles are no exception.
Luxury homes will usually have smart home features like Nest control, a dual-zone climate management adjustable via phone or central systems, showcasing a seamless blend of comfort and innovation. The incorporation of Cat 5 Ethernet connectivity ensures high-speed communication, meeting the demands of present-day digital requirements and enabling efficient data exchange, streaming, and connectivity. You’ll also find enhanced security solutions, such as SimpliSafe and Ring capabilities, to offer peace of mind for homeowners. These technologies create a futuristic, efficient, and comfortable living experience that redefines the way you interact with your home.
2. Modern and contemporary style
Modern and contemporary design is popular among luxury homes in Los Angeles as it offers a harmonious blend of form, function, and visual appeal.
Picture a home that seamlessly blends modern and contemporary styles. Its exterior showcases clean lines, with a mix of materials such as glass, metal, and wood creating a dynamic facade. As you step inside, you’re welcomed by an open floor plan, emphasizing spaciousness and fluidity. Neutral color palettes dominate, punctuated by vibrant accents. Large windows invite abundant natural light, and smart technology seamlessly integrates into the design. Throughout the space, you’ll find a mix of textures, from smooth surfaces to tactile fabrics. Sleek lines, recessed lighting, trendy materials like Quartz and LVP, and minimalist design create an ambiance of refined elegance.
3. Floor-to-ceiling windows
Floor-to-ceiling windows are a growing luxury trend, meeting the rising demand for ample natural light. Luxury residences commonly feature expansive glass windows and doors, welcoming ample sunlight, and offering captivating views, harmonizing with the surroundings by embracing nature’s beauty indoors.
Beyond its aesthetic appeal, this design element transforms living spaces into inviting spaces, fostering a connection with the outdoors. The interplay of sunlight and architectural design blurs indoor-outdoor boundaries, creating an environment that enhances the visual allure of interior spaces.
4. En-suite bathrooms
The desirability of en-suite bathrooms in most or all rooms reflects a premium standard of luxury living. This feature offers unparalleled privacy and convenience, catering to the personal needs and preferences of each occupant. Luxury homeowners value this feature for its capacity to enhance comfort and accommodate guests with an upscale experience akin to a private retreat.
Luxury homes in Los Angeles typically have elaborate glass showers or open areas near soaking tubs that provide a spa-like experience. You’ll also find high-end materials such as marble or granite countertops, exquisite tile work, and premium fixtures. Features such as spacious walk-in showers with multiple shower heads, soaking tubs, heated floors, and smart technology for lighting and temperature control are often included to enhance the experience.
5. Backyard oasis
In the bustling landscape of Los Angeles, homeowners prize the “backyard oasis” as an escape from the city’s energy. With features like artificial grass, a cabana, and a pristine pool and spa, homeowners and their guests can forget their daily stresses and relax. A pergola adds an inviting touch, while a dry sauna and ice bath elevates the wellness experience. With LA’s pleasant year-round climate, a backyard oasis is the perfect place for homeowners to create their own personal sanctuary within the privacy of their backyard.
6. Open floor concept
Open floor concept typically merges the kitchen, living room, and dining area into one expansive area. This layout enhances the sense of openness, encourages natural light to flow freely, and fosters a more social and interactive environment. Open floor plans are known for their versatility, enabling easy movement and facilitating communication between family members and guests. They have become popular due to their modern and spacious feel, allowing for creative interior design and adaptable use of space.
The allure of the open floor concept, complemented by expansive sliding glass cantina doors leading to the backyard, is a top luxury home feature in Los Angeles. This design blurs the boundaries between indoor and outdoor spaces, capitalizing on the city’s mild climate and creating an effortless connection with nature. The doors create an expansive, light-filled ambiance, while the fluid transition enhances the sense of space.
7. Garage conversion
Customizing a garage gives homeowners the opportunity to tailor the space to their desire, whether that’s creating a private gym, a home theater, an art studio, or an ADU. Repurposing the garage allows homeowners to optimize their property’s functionality and aesthetics, often adding unique features like custom cabinetry, high-end finishes, and integrated technology.
If you’re planning to buy a home in LA, a local Redfin Premier agent will provide invaluable insights into the market, including an in-depth understanding of the neighborhoods, pricing trends, and available luxury properties. Their expertise ensures you find a home with the perfect blend of desired amenities. Or, if you plan to list your luxury property, a Redfin agent can guide you in making informed decisions to maximize its appeal and value, tailoring it to attract the most discerning buyers.