If you caused a major car accident and the other driver sued you to cover their medical costs, would you have enough liability insurance to pay the damages? In a financially disastrous situation like this one, an umbrella insurance policy could help.
Umbrella insurance offers extra liability coverage beyond what’s on the policies you already have, such as auto or homeowners insurance. But there can be big differences from one umbrella policy to the next, including coverage details and maximum limits. Here’s how to find the best umbrella insurance for you.
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How to find the best umbrella insurance
When comparing umbrella insurance options, consider the following questions.
What’s covered?
A standard umbrella insurance policy will cover injuries or property damage you cause to others, as well as your legal defense for such claims. But the nitty-gritty details may vary between policies.
For example, if your idea of a fun vacation is renting a Jet Ski and hitting the water, know that some umbrella insurers won’t cover these kinds of personal watercraft. The best umbrella insurance coverage for you will include your hobbies and other activities.
Many umbrella policies offer coverage anywhere in the world, which could be useful if you often travel overseas. But some policies may pay only for lawsuits brought in the U.S. or Canada.
You might also see some insurers offering excess liability policies, which tend to be similar but not identical to umbrella policies. Excess liability policies essentially boost the limits on the coverage you already have, while umbrella policies may also offer extra types of coverage that aren’t available on your existing policies.
An independent insurance agent can help talk you through exactly what’s covered and what isn’t by each policy you’re considering.
How much underlying coverage is required?
Insurers often require a minimum amount of liability insurance on your underlying policies before you can buy umbrella insurance.
For instance, to add umbrella coverage to your car insurance, your policy may need to have $250,000 of bodily injury liability coverage and $100,000 of property damage liability coverage. To add umbrella coverage to a homeowners policy, you often need $300,000 of liability insurance.
If your existing policies fall short of these limits, increasing your coverage amounts will likely raise your premiums.
Can you buy your policies from different companies?
Before they sell you an umbrella policy, many insurers require that you carry your auto, homeowners, condo or renters insurance with them, too. RLI and Auto-Owners Insurance are two companies that offer stand-alone umbrella insurance policies, meaning you could carry your auto or homeowners coverage with someone else.
How much coverage should you buy?
Another factor to look at when shopping is the maximum limit a company offers. Most umbrella policies stop at $5 million, but some go higher. Farmers, for instance, offers umbrella insurance up to $10 million in most states, while Chubb‘s umbrella limits go up to $100 million.
When choosing your coverage limit, add up the value of your assets, such as savings, investments and real estate. These are things you could lose if someone files a lawsuit against you. Consider choosing an umbrella liability limit at least high enough to cover all your assets.
Where to buy umbrella insurance
Many major carriers offer umbrella insurance. A good first step is to call your current auto and home insurer and request an umbrella insurance quote. Remember that you may have to increase the coverage limits on your underlying policies, which could raise your total cost.
If you have coverage with multiple companies, ask how much it would cost to move all your policies to that company, including the new umbrella. See if a bundling discount could reduce the total cost of your premiums.
🤓Nerdy Tip
Take this opportunity to shop around. Since you’re adding a new type of insurance and potentially raising the coverage limits on your existing policies, you may find that your current insurer no longer offers the best value.
We recommend getting quotes from at least three companies before making a decision. An independent agent or broker can shop around on your behalf and explain the coverage differences between policies.
Umbrella insurance companies to consider
Below are some of the major umbrella insurance companies in the U.S., along with details about their coverage limits and eligibility requirements. Keep in mind that smaller regional insurers may also offer solid coverage at an affordable price. A local insurance agent can help you find them.
Allstate
Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Massachusetts, Nevada and New York.
Eligibility requirements: You must have underlying policies with at least the following limits:
$300,000 of liability coverage.
$250,000 bodily injury liability per person.
$500,000 bodily injury liability per accident.
$100,000 property damage liability.
$500,000 combined single limit.
Amica
Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Hawaii.
Eligibility requirements: Requirements vary by state. Generally, your underlying policies must meet the following minimums:
$300,000 of liability coverage.
$250,000 bodily injury liability per person.
$500,000 bodily injury liability per accident.
$50,000 property damage liability.
$500,000 combined single limit.
Auto-Owners
Coverage limits: $1 million to $5 million, with additional limits potentially available.
States available: Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.
Eligibility requirements: Eligibility requirements differ depending on underlying policy, underlying carrier and where you live.
Chubb
Coverage limits: $1 million to $100 million.
States available: All 50 states and Washington, D.C.
Eligibility requirements: Minimum limits for underlying policies vary by state.
Note: Chubb’s policy is technically an excess liability policy, not an umbrella policy.
Farmers
Coverage limits: $1 million to $10 million, except in Florida and California, where the maximum limit is $5 million.
States available: All states except Alaska, Delaware, Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, North Carolina, Rhode Island, Vermont, Washington, D.C., and West Virginia.
Eligibility requirements: Farmers must insure at least one car with bodily injury liability limits of at least $250,000 per person and $500,000 per accident. You can insure your home with any company as long as it has at least $300,000 of liability coverage.
Geico
Insurance type
NerdWallet star rating
Auto insurance
Homeowners insurance
Coverage limits: $500,000 to $10 million. (Limits above $2 million require additional eligibility requirements.)
States available: Washington, D.C., and all states except Alabama, California, Georgia, Montana, Nevada, New York, Texas and Washington. In the states where Geico doesn’t currently sell umbrella insurance, it can offer a policy through a partner carrier.
Eligibility requirements: You generally must have all vehicles insured with Geico and have the following minimum coverage limits on any relevant underlying policies:
Auto, RV, motorcycle or golf cart
$300,000 bodily injury liability per person.
$300,000 bodily injury liability per accident.
$100,000 property damage liability.
Property (homeowners, renters, etc.)
$300,000 of liability coverage.
Boat (26 feet or longer, or over 50 horsepower)
$300,000 of liability coverage.
Boat (under 26 feet with motor of 50 horsepower or less)
$100,000 of liability coverage.
Liberty Mutual
Coverage limits: $1 million to $5 million.
States available: All states except California, Georgia, Louisiana and New Jersey. Coverage limits and requirements vary by state.
Eligibility requirements: You generally must have a Liberty Mutual auto policy with at least the limits below, but requirements may vary by state. The other policy types are optional, but if you have any of them, the liability limit must be at least $100,000.
$250,000 bodily injury liability per person.
$500,000 bodily injury liability per accident.
$50,000 property damage liability.
$500,000 combined single limit.
Homeowners, dwelling, watercraft, farmer’s personal liability or general personal liability
$100,000 of liability coverage.
Nationwide
Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Hawaii, Louisiana and Oklahoma.
Eligibility requirements: It depends on where you live. In most cases, all vehicles and your primary home must have Nationwide policies with at least the following limits:
$300,000 of liability coverage.
$250,000 bodily injury liability per person.
$500,000 bodily injury liability per accident.
$100,000 property damage liability.
$300,000 bodily injury liability per person.
$300,000 bodily injury liability per accident.
$100,000 property damage liability.
USAA
Coverage limits: $1 million to $5 million, with higher limits available through the USAA Insurance Agency.
States available: All 50 states and Washington, D.C.
Eligibility requirements: USAA policies are available only to veterans, active military and their families. The following limits apply to underlying policies:
Tennessee unfolds where the harmonious blend of tradition and innovation creates an inviting atmosphere for renters. From the lively streets of Memphis, known for its influential strains of blues, soul, and rock ‘n’ roll, to the scenic landscapes that define Knoxville, there is plenty to explore within the state’s cities. This ApartmentGuide article will we uncover the pros and cons of living in Tennessee to give you valuable insight on what life is like in the “The Volunteer State.”
Renting in Tennessee snapshot
Population
7,126,489
Avg. studio rent
$1,110 per month
Avg. one-bedroom rent
$1,106 per month
Avg. two-bedroom rent
$1,261 per month
Most affordable cities to rent in Tennessee
Seymour, Union City, Clinton
Most walkable cities in Tennessee
Memphis, Cookeville, Knoxville
1. Pro: Rich musical heritage
Tennessee’s musical heritage is deeply rooted in genres such as country, blues, and rock ‘n’ roll, shaping the cultural identity of the state and attracting music aficionados from around the globe. Cities like Memphis and Nashville are meccas for music lovers, boasting iconic attractions like the Grand Ole Opry, Ryman Auditorium, Beale Street, and the Stax Museum of American Soul Music, where visitors can immerse themselves in the rich history and sounds of Tennessee’s music scene.
2. Con: Weather extremes
Tennessee is susceptible to various natural disasters, including severe thunderstorms, tornadoes, and flooding, which can occur throughout the year. For example, the state’s location in the southeastern United States exposes it to the Atlantic hurricane season, leading to potential impacts from tropical storms and hurricanes. Additionally, Tennessee’s proximity to the New Madrid Seismic Zone presents risks of earthquakes, highlighting the diverse range of natural hazards.
3. Pro: Scenic beauty and outdoor activities
The state’s diverse landscape, from the Great Smoky Mountains to the Mississippi River, provides a playground for outdoor enthusiasts, offering a wide range of recreational activities year-round. In addition to hiking, fishing, and boating, Tennessee’s outdoor attractions include opportunities for camping, rock climbing, and wildlife viewing, attracting nature lovers from across the country. Whether exploring the lush forests of the Cumberland Plateau or rafting down the whitewater rapids of the Ocoee River, Tennessee’s natural beauty offers endless adventures for those seeking outdoor thrills.
4. Con: Allergen levels
Due to its diverse flora and changing seasons, Tennessee experiences high allergen levels especially in the western part of the state. This poses challenges for individuals with allergies, during the spring and fall seasons. The abundance of pollen from various trees, grasses, and weeds can exacerbate allergy symptoms, leading to discomfort and reduced quality of life for allergy sufferers across the state.
5. Pro: Low cost of living
Compared to many other states, Tennessee offers a lower cost of living, making it an attractive option for many people seeking affordability. This affordability is evident in housing, utilities, and groceries, allowing residents to enjoy a comfortable lifestyle without breaking the bank. For example, The median sale price in Memphis is $187,500 where as a one-bedroom apartment averages $1,062.
6. Con: Rural isolations
Rural isolation in Tennessee can pose challenges for residents living in remote areas, where access to amenities and services may be limited. For example, individuals in rural counties may have to travel long distances to access healthcare facilities or grocery stores, leading to inconvenience and potential delays in receiving essential services. Additionally, the lack of infrastructure and public transportation options in rural areas can exacerbate feelings of isolation.
7. Pro: Friendly communities
One of the pros of living in Tennessee is the presence of friendly communities, exemplified by tight-knit neighborhoods where neighbors regularly gather for block parties, potlucks, and community events. Additionally, these close-knit communities often organize volunteer initiatives and neighborhood improvement projects, enhancing the overall quality of life and sense of belonging for residents.
8. Con: Limited public transportation
In many parts of Tennessee, public transportation options are limited, making it difficult for those without personal vehicles to get around efficiently. This lack of accessible transportation can present significant challenges, particularly for individuals who rely on public transit to commute to work, attend appointments, or access essential services such as healthcare and grocery stores. Chattanooga, which has a transit score of 18 is a great example of a city with very limited public transportation.
9. Pro: No state income tax
One notable advantage of living in Tennessee is the absence of a state income tax, allowing residents to keep more of their earnings. This tax-friendly policy attracts individuals and businesses seeking to maximize their financial resources and improve their bottom line. As a result, Tennessee stands out as an appealing destination for individuals looking to minimize their tax burden and enhance their overall financial well-being.
10. Con: Humid summers
Tennessee experiences humid summers, characterized by high levels of moisture in the air, which can be uncomfortable for residents. The combination of heat and humidity often leads to sweltering conditions, making outdoor activities challenging and contributing to feelings of fatigue and discomfort. Additionally, the humidity can exacerbate respiratory issues and allergies, further detracting from the enjoyment of summer in the state.
11. Pro: Sports culture
Tennessee boasts a rich sports culture, with passionate fans rallying around teams in various disciplines such as football, basketball, and NASCAR racing. For instance, the University of Tennessee Volunteers football team enjoys unwavering support from fans, packing Neyland Stadium to capacity on game days. Moreover, Nashville’s Bridgestone Arena hosts exciting NHL hockey matches featuring the Nashville Predators, further adding to the vibrant sports scene in the state.
12. Con: Water contamination
Water contamination issues in Tennessee, such as pollution from industrial sites and agricultural runoff, pose significant concerns for residents’ health and environmental quality. For instance, the contamination of drinking water sources like the Tennessee River and groundwater aquifers can lead to elevated levels of toxins and pollutants, endangering public health and necessitating costly cleanup efforts.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide
In the Midwest, Wisconsin’s urban landscapes are a haven for renters seeking the perfect balance between affordability and lifestyle. Wisconsin’s cities are known for their welcoming communities, rich cultural heritage, and an array of outdoor activities that cater to every taste. From the small-town charm in Menomonie to the pedestrian-friendly avenues of Milwaukee, this ApartmentGuide article will guide you through the pros and cons of living in Wisconsin.
Renting in Wisconsin snapshot
1. Pro: Abundant outdoor activities
Wisconsin’s diverse landscape offers a plethora of outdoor activities, from hiking in the lush forests of the Northwoods to enjoying water sports on the Great Lakes. The state’s numerous green spaces and state parks, such as Devil’s Lake State Park, provide locals with opportunities to camp, fish, zip line, and golf.
2. Con: Harsh winters
Wisconsin is known for its brutally cold winters, with temperatures often plummeting below freezing. The heavy snowfall and ice can make daily commutes challenging and increase the risk of accidents. Cities like Green Bay and Madison experience some of the harshest winter conditions in the state, characterized by frequent snowstorms and subzero temperatures from November to February.
3. Pro: Rich cultural heritage
The state boasts a rich cultural heritage, with numerous festivals celebrating its diverse communities, such as the annual Summerfest in Milwaukee, which is recognized as the world’s largest music festival. Wisconsin’s history is also preserved in its many museums and historical sites, offering educational experiences about the state’s past. For example, the Wisconsin Historical Museum in Madison showcases artifacts and exhibits that highlight the state’s history and cultural significance.
4. Con: Limited public transportation options
Outside of the major cities like Milwaukee, public transportation options in Wisconsin can be quite limited. Cities like La Crosse has a transit score of 27 which makes it a car-dependent destination. This can pose a challenge for those who do not own a vehicle or prefer not to drive, making it difficult to access certain areas of the state without personal transportation.
5. Pro: Wisconsin’s natural beauty
Wisconsin’s natural beauty is showcased through its diverse landscapes, from the shores of Lake Michigan and Lake Superior to the rolling hills of the Driftless Area. Additionally, Wisconsin’s tranquil rivers and forests, like the Wisconsin River and Chequamegon-Nicolet National Forest, provide peaceful retreats.
6. Con: High taxes
Wisconsin has relatively high taxes, with above-average rates for income, property, and sales taxes. These tax burdens can impact residents and businesses, affecting their disposable income and cost of living. Additionally, property taxes in Wisconsin can be particularly notable at 1.51%, ranking among the highest in the nation.
7. Pro: Thriving dairy industry
Wisconsin’s thriving dairy industry has earned it the nickname “America’s Dairyland.” The state’s cheese production is renowned worldwide, and visitors can enjoy a wide variety of dairy products, from artisan cheeses to fresh ice cream, at local farms and markets throughout the state.
8. Con: Environmental concerns
While Wisconsin is known for its beautiful natural landscapes, the state faces environmental concerns such as pollution and habitat destruction. Issues like water pollution from agricultural runoff and the impact of mining operations pose challenges to maintaining the state’s natural beauty and ecological health.
9. Pro: Four seasons
Wisconsin’s distinct four seasons is a mix of experiences throughout the year. From snowy winters tailor-made for skiing and snowboarding to lively summers brimming with outdoor festivals and activities, residents revel in a diverse array of pursuits. The summer and fall seasons particularly captivate tourists, drawing them in with an abundance of attractions and sights to explore during these months.
10. Con: Seasonal allergies
11. Pro: Delicious cheese
Wisconsin’s renowned cheese industry is a source of pride for residents and a significant economic driver for the state. With over 600 types of cheese produced, including classics like cheddar, Colby, and Swiss, as well as specialty cheeses like gouda and blue cheese, Wisconsin offers a diverse and delicious selection for cheese lovers. The abundance of local creameries and cheese festivals, such as the annual Cheese Days in Monroe, provide opportunities for residents to indulge in the state’s rich cheese culture.
12. Con: Prone to flooding
Wisconsin’s susceptibility to flooding, particularly in low-lying areas and regions near rivers and lakeshores, can pose significant challenges for residents. In fact, communities along the Mississippi River, such as La Crosse and Prairie du Chien, are prone to periodic flooding during heavy rainfall and snowmelt events.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Inside: Learn how much your 70k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
You want to know to look into this… Is 70k salary a solid hourly wage in today’s society?
When you get a job and you are making about $19 an hour, making over $70,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
Obviously, $70k is above the average and median incomes; yet, most people feel like they can barely make ends meet with this higher than average salary.
But, the question remains… Can you truly live off 70,000 per year in today’s society? The question you want to ask all of your friends is whether $70000 per year is a good salary.
In this post, we are going to dive into everything that you need to know about a $70000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $70k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$70000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 70k a year hourly. That way you can decide whether or not the job is worthwhile for you.
70000 salary / 2080 hours = $33.65 per hour
$70000 a year is $33.65 per hour
Let’s breakdown how that 70000 salary to hourly number is calculated.
For our calculations to figure out how much is 70K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $70000 by 2,080 working hours and the result is $33.65 per hour.
Just below $34 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $10K, it would increase your hourly wage by $4.81 per hour.
To break it down – 80k a year is how much an hour = $38.46
That is a huge difference in what you are able to afford! Every dollar adds up to under $40 an hour.
How Much is $70K salary Per Month?
On average, the monthly amount would be $5,833.33.
Annual Salary of $70,000 ÷ 12 months = $5,833.33 per month
This is how much you make a month if you get paid 70000 a year.
$70k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $70k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$70000/52 weeks = $1,346 per week.
$70000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1,346 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour work day.
8 hours x 52 weeks = 260 working days
Annual Salary of$70000 / 260 working days = $269 per day
If you work a 10 hour day on 208 days throughout the year, you make $336 per day.
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$70000 Salary is…
$70000 Salary – Full Time
Total Income
Yearly Salary (52 weeks)
$70,000
Monthly Salary
$5,833
Weekly Wage (40 Hours)
$1,346
Bi-Weekly Wage (80 Hours)
$2,692
Daily Wage (8 Hours)
$269
Daily Wage (10 Hours)
$336
Hourly Wage
$33.65
Net Estimated Monthly Income
$4,453
Net Estimated Hourly Income
$25.69
**These are assumptions based on simple scenarios.
70k A Year Is How Much An Hour After Taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.
When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 70000 a year after taxes?
Gross Annual Salary: $70,000
Federal Taxes of 12%: $8,400
State Taxes of 4%: $2,800
Social Security and Medicare of 7.65%: $5,355
$70k Per Year After Taxes is $53,445.
This would be your net annual salary after taxes.
Hourly Wage After Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$53445 ÷ 2,080 hours = $25.69 per hour
After estimated taxes and FICA, you are netting $53,445 per year, which is $16,555 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $70000 income can range from $47,845 to $56,245 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $70,000 income.
How Much Is 70K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 70k, here is a tool to convert your salary to hourly calculator.
If you make 70000 a year, learn how much house can you afford.
70k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $70,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $70,000 a year is above the median income of $60000 that you would find in the United States. Thus, you are able to live an above-average lifestyle here in America.
What a $70,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
When A $70,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 70k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending until that happens.
Break the paycheck to paycheck cycle.
Live a lifestyle that you can afford.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$70K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.
If you want to know how to manage 70k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $70000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$583
Savings
15-25%
$1167
Housing
20-30%
$1400
Utilities
4-7%
$146
Groceries
5-12%
$394
Clothing
1-4%
$29
Transportation
4-10%
$175
Medical
5-12%
$292
Life Insurance
1%
$15
Education
1-4%
$20
Personal
2-7%
$88
Recreation / Entertainment
3-8%
$146
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1389
Total Gross Income
$5,833
**In this budget, prioritization was given to savings, basic expenses and no debt.
Is $70,000 a year a Good Salary?
As we stated earlier if you are able to make $70,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.
You shouldn’t be questioning yourself if 70000 is a good salary.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $70k salary would be considered a middle-upper class salary. This salary is something that you can live on very comfortably.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per-person income (source).
The question you need to ask yourself with your 70k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in some expensive cities, 70000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 70000 per year.
If you are looking for a career change, you want to find jobs paying at least $90,000 per year.
Is 70k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $70000 per year.
And… most of us probably regret that we didn’t learn how to spend money wisely. Oh well, lesson learned.
Is 70k a good salary for a family?
Many of the same principles apply above on whether $70000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child. Plus this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $70,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything you want.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 70,000 per year, then the combined income for the household would be $140,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $70000 Per Year?
As we outlined earlier in the post, $70,000 a year:
$33.65 Per Hour
$269-336 Per Day (depending on the length of day worked)
$1346 Per Week
$2692 Per Biweekly
$5833 Per Month
Next up is making $75000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than in Mississippi or even Texas.
In addition, if you are early in your career, starting out around 45,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $70K, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
This is the perfect side hustle if you don’t have much time, experience, or money.
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After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.
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Know someone else that needs this, too? Then, please share!!
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
The median annual pay for travel agents is $46,400, according to the Bureau of Labor Statistics most recent data.
Travel is a passion many people share, but not many people are fortunate enough to make their love of travel their full-time job. If someone is skilled at finding the best travel deals and building the perfect vacation itinerary, they may find that working as a travel agent is a rewarding way to earn a living.
To better understand what it’s like to work as a travel agent and how much they earn, keep reading.
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What Are Travel Agents?
Travel agents help their clients plan and book their trips. They may work for an individual client to plan their vacation or a corporate client to book their work travel. No two trips they manage are likely to be exactly the same, but they can help arrange everything from flights to hotels to excursions to dining reservations. Many travel agents can also give their clients access to deals through partner hotels and other travel vendors.
A travel agent can work independently. In-house at a large corporation, or for a major travel company. They may pursue this work full-time or as a side hustle. Given that a significant part of this career involves working with individuals to understand their travel aspirations and needs, it’s likely not a good job for antisocial people.
Travel agents can train in different ways: Some have a bachelor’s degree in an allied field or an associate’s degree in travel and tourism. There are many professional training programs and certifications available, such as ASTA, IATA, TIDS, and CLIA for different dimensions of travel planning.
As part of their work, travel agents may have the opportunity to visit various properties and destinations to make sure they would be a good fit for clients and learn about their selling points. This is often available at a reduced rate or for free and can be a major perk of working as a travel agent.
However, it’s worth noting that travel agents likely have to be available 24/7 and can deal with considerable stress, if, say, a client misses their flight or extreme weather ruins a vacation. 💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
How Much Do Starting Travel Agents Make a Year?
If you’re wondering how much money a travel agent makes, the answer will depend a lot on how experienced the travel agent in question is. For example, entry-level travel agents can earn a lot less than more experienced agents. The lowest 10% of earners in this role make less than $29,650.
The highest 10% make more competitive pay north of $64,100. And there are those travel agents who work in the luxury sector who make considerably more.
Indeed, some could make an annual salary of $100,000 or more.
What is the Average Salary for a Travel Agent?
The Bureau of Labor Statistics reports that the latest median pay per year for travel agents is $46,400 and the median hourly pay is $22.31.
Alongside experience, location can majorly impact a travel agent’s earning potential. The following table illustrates how much a travel agent’s average salary can vary by state, arranged from highest to lowest. For example, in New York, travel agents make an average annual salary of $51,002, but in Arkansas, they earn almost $20,000 less at an average of $33,194.
What is the Average Travel Agent Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
New York
$51,002
$4,250
$980
$24.52
Pennsylvania
$46,702
$3,891
$898
$22.45
New Hampshire
$45,667
$3,805
$878
$21.96
New Jersey
$44,975
$3,747
$864
$21.62
Wyoming
$44,490
$3,707
$855
$21.39
Washington
$44,429
$3,702
$854
$21.36
Wisconsin
$44,110
$3,675
$848
$21.21
Massachusetts
$44,109
$3,675
$848
$21.21
Alaska
$43,993
$3,666
$846
$21.15
Oregon
$43,637
$3,636
$839
$20.98
Indiana
$43,568
$3,630
$837
$20.95
North Dakota
$43,557
$3,629
$837
$20.94
Hawaii
$42,711
$3,559
$821
$20.53
Arizona
$42,667
$3,555
$820
$20.51
New Mexico
$42,402
$3,533
$815
$20.39
Colorado
$42,122
$3,510
$810
$20.25
Minnesota
$42,111
$3,509
$809
$20.25
Montana
$42,024
$3,502
$808
$20.20
Nevada
$41,598
$3,466
$799
$20.00
Alabama
$41,499
$3,458
$798
$19.95
South Dakota
$41,167
$3,430
$791
$19.79
Vermont
$41,101
$3,425
$790
$19.76
Ohio
$41,077
$3,423
$789
$19.75
Rhode Island
$40,418
$3,368
$777
$19.43
Iowa
$39,934
$3,327
$767
$19.20
Delaware
$39,881
$3,323
$766
$19.17
Connecticut
$39,806
$3,317
$765
$19.14
Virginia
$39,419
$3,284
$758
$18.95
Mississippi
$39,257
$3,271
$754
$18.87
Tennessee
$39,219
$3,268
$754
$18.86
Utah
$39,017
$3,251
$750
$18.76
Illinois
$38,900
$3,241
$748
$18.70
Georgia
$38,659
$3,221
$743
$18.59
Maryland
$38,651
$3,220
$743
$18.58
California
$38,534
$3,211
$741
$18.53
Nebraska
$37,909
$3,159
$729
$18.23
Maine
$37,734
$3,144
$725
$18.14
Missouri
$37,456
$3,121
$720
$18.01
South Carolina
$37,087
$3,090
$713
$17.83
Kansas
$36,952
$3,079
$710
$17.77
Idaho
$36,789
$3,065
$707
$17.69
Louisiana
$36,765
$3,063
$707
$17.68
Oklahoma
$36,712
$3,059
$706
$17.65
Texas
$36,475
$3,039
$701
$17.54
North Carolina
$36,322
$3,026
$698
$17.46
West Virginia
$36,068
$3,005
$693
$17.34
Kentucky
$34,977
$2,914
$672
$16.82
Michigan
$34,895
$2,907
$671
$16.78
Florida
$34,212
$2,851
$657
$16.45
Arkansas
$33,194
$2,766
$638
$15.96
Source: ZipRecruiter
Travel Agent Job Considerations for Pay & Benefits
Working as a travel agent can be very flexible. While full-time positions are available in this role, some travel agents choose to work part-time or for themselves as entrepreneurs.
When working full-time for a travel advisory firm, travel agents can expect to gain access to benefits like health insurance and retirement contribution matching. If they work part-time or are self-employed, they will need to provide themselves with those benefits, which can eat into their take-home pay. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Travel Agent Salary
The main disadvantage of a travel agent’s salary is that the median annual salary is on the lower side at just $46,400. That being said, one of the main advantages of this salary is that it can come with hefty bonuses based on travel bookings with partners that offer commissions to travel agents. Also, travel agents often get discounts and freebies as they themselves travel to check out new resorts and attractions.
Travel agents who work for themselves can also choose to set their own rates and can potentially earn more. Or those who cater to high net-worth individuals may be able to raise their income.
Recommended: Work-from-Home Jobs for Retirees
The Takeaway
A travel agent who is super organized and passionate about travel can help make their client’s lives easier and their trips more enjoyable. In exchange for their savviness, some travel agents earn good salaries doing work that they truly enjoy and have perks that involve more travel at lower or no cost for their own purposes.
SoFi helps you stay on top of your finances.
FAQ
Can you make 100k a year as a travel agent?
While most travel agents don’t earn $100,000 per year, those who choose to work for themselves and set their own rates or cater to an elite clientele can possibly make six figures. Many travel agents work on commission, so they can also stand to earn more if their clients book a lot of expensive trips.
Do people like being a travel agent?
Many people like working as a travel agent because it’s a fun way to put their love of travel to use. It tends to be a good job for those who consider themselves to be a “people person” since there’s lots of interaction with clients. Also, it’s good for people who can “roll with the punches” since travel plans often change for various reasons.
Is it hard to get hired as a travel agent?
The demand for travel agents is on par with the average of other professions. So, while it’s not seeing a surge in need, there should be availability of jobs as a travel agent.
Photo credit: iStock/Dimensions
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
The median pay for professional photographers is $40,170 per year, according to the most recent data from the Bureau of Labor Statistics. That said, there is a broad range of earning possible, depending on what kind of photographer a person is and where they live.
Photography may become a more in-demand skill in the future, given what a visual culture exists today. Over the next decade, it’s anticipated that photographers will see job demand increase by 5% between 2022 and 2032, which is greater than the average for all professions.
Read on to learn more about the salary and other facets of a career as a photographer.
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What Are Photographers?
A photographer combines technical expertise with creativity and composition skills to produce photographic images. Photographers can get paid to take wedding, family, or pet portraits; cover news events; work for businesses and brands shooting products; or create art — among many other types of photography work.
Many photographers are also skilled in editing photos. If a photographer works for themselves, they can also be responsible for running their business and everything that entails, from advertising to accounting to operations. There are so many directions a photographer’s career can take. Some photographers also teach the art of photography, help plan creative direction for photo shoots, or use drone technology to capture shots from the sky. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Photographers Make a Year?
When they are earning an entry-level salary, how much money a photographer makes is typically on the low end of the spectrum. Their earnings will likely grow as they gain skills and experience and make connections in the industry.
The lowest 10% of photographers earn less than $12.98 per hourly pay. That may be a good starting point if you are wondering about starting salaries.
Keep in mind that photographers in different locations and areas of focus will make an array of salaries. For instance, someone who takes baby portraits for new parents in a small town will likely never earn as much as a high-fashion photographer in a major city who is being paid by corporate clients. The latter could make $100,000 a year or considerably more.
Recommended: What Trade Makes the Most Money?
What is the Average Salary for a Photographer?
The average salary for a photographer can depend a lot, as already noted, on where someone lives. While the median annual income for this role is $40,170, the following table illustrates how the state a photographer chooses to work in can impact their potential earnings and determine if it’s a high-paying job.
What is the Average Photographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$48,870
$4,072
$939
$23.50
Alaska
$48,629
$4,052
$935
$23.38
North Dakota
$48,622
$4,051
$935
$23.38
Massachusetts
$48,041
$4,003
$923
$23.10
Hawaii
$47,595
$3,966
$915
$22.88
Washington
$46,501
$3,875
$894
$22.36
Nevada
$45,979
$3,831
$884
$22.11
South Dakota
$45,953
$3,829
$883
$22.09
Colorado
$45,377
$3,781
$872
$21.82
Rhode Island
$45,265
$3,772
$870
$21.76
New York
$43,131
$3,594
$829
$20.74
Delaware
$42,656
$3,554
$820
$20.51
Vermont
$42,118
$3,509
$809
$20.25
Virginia
$42,039
$3,503
$808
$20.21
Illinois
$42,025
$3,502
$808
$20.20
Maryland
$41,311
$3,442
$794
$19.86
Nebraska
$40,429
$3,369
$777
$19.44
Missouri
$40,178
$3,348
$772
$19.32
California
$40,067
$3,338
$770
$19.26
South Carolina
$39,831
$3,319
$765
$19.15
Pennsylvania
$39,512
$3,292
$759
$19.00
New Jersey
$39,430
$3,285
$758
$18.96
Oklahoma
$39,153
$3,262
$752
$18.82
Maine
$39,132
$3,261
$752
$18.81
Wisconsin
$39,049
$3,254
$750
$18.77
North Carolina
$39,009
$3,250
$750
$18.75
New Hampshire
$38,424
$3,202
$738
$18.47
Idaho
$38,328
$3,194
$737
$18.43
Texas
$38,071
$3,172
$732
$18.30
Kentucky
$37,948
$3,162
$729
$18.24
Wyoming
$37,814
$3,151
$727
$18.18
Minnesota
$37,716
$3,143
$725
$18.13
Michigan
$37,565
$3,130
$722
$18.06
New Mexico
$37,504
$3,125
$721
$18.03
Indiana
$37,314
$3,109
$717
$17.94
Ohio
$36,661
$3,055
$705
$17.63
Arizona
$36,543
$3,045
$702
$17.57
Connecticut
$36,357
$3,029
$699
$17.48
Mississippi
$36,102
$3,008
$694
$17.36
Iowa
$36,056
$3,004
$693
$17.34
Montana
$35,992
$2,999
$692
$17.30
Arkansas
$35,860
$2,988
$689
$17.24
Alabama
$35,543
$2,961
$683
$17.09
Utah
$35,026
$2,918
$673
$16.84
Tennessee
$35,001
$2,916
$673
$16.83
Kansas
$33,992
$2,832
$653
$16.34
Georgia
$33,110
$2,759
$636
$15.92
Louisiana
$32,930
$2,744
$633
$15.83
West Virginia
$30,515
$2,542
$586
$14.67
Florida
$29,303
$2,441
$563
$14.09
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Photographer Job Considerations for Pay & Benefits
While photographers can often choose to set their own rates, they are also usually self-employed and therefore responsible for securing their own benefits. For instance, they won’t have access to an employer-sponsored 401(k) plan or healthcare benefits. There are some exceptions to this rule. For example, if a photographer works for a large corporation or photo studio, they may receive access to traditional employee benefits like paid time off and a retirement plan contribution match.
Other considerations can be how a career as a photographer can impact your lifestyle. If you are a news photographer, you may find that you have to be available for extended periods, whenever a situation comes up that needs documenting. If you are a travel photographer, which can sound like a dream job, you likely won’t have a typical week-to-week schedule. And if you are a wedding photographer, you will likely be spending many weekends shooting ceremonies vs. kicking back with your family.
There are some photography jobs, such as taking pictures of a product, that may not involve that much social interaction, but many kinds of photography careers do involve working with people non-stop. For this reason, it may not be the best job for antisocial people.
Pros and Cons of Photographer Salary
The main advantage of a photographer’s salary is there is no real cap on how much they earn. For example, in-demand wedding photographers or photographers who license their images for products can all demand high rates for their work. On the flip side, their salaries are often not consistent, which can be very stressful. Also, when you are self-employed, taxes can take a bite out of your earnings.
Recommended: What Is Competitive Pay?
The Takeaway
Working as a professional photographer can be a creatively fulfilling, fun, and lucrative career. Worth considering, though: How much a photographer stands to make depends a lot on their specialty, where they live, and their level of experience.
See exactly how your money comes and goes at a glance.
FAQ
Can you make 100k a year as a Photographer?
It is possible to earn $100,000 or more a year as a photographer — the sky really is the limit when it comes to income potential in this field. However, the median annual income for this role is $40,170, but photographers can earn more over time as they gain experience and a strong reputation in their industry.
Do people like being a photographer?
Many people who pursue a career in photography do so because it is a creative pursuit they are truly passionate about. Many positions can provide flexibility and fun experiences (say, if you are a travel or wedding photographer).
Is it hard to get hired as a photographer?
It can be very hard to find a job as a photographer if you don’t have the skill set required to get the job done well. Taking some time to build a strong portfolio of your work and then marketing your business can make it much easier to get hired.
Photo credit: iStock/ivan101
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Hailed as the birthplace of blues, soul, and rock ‘n’ roll, Memphis carries a unique rhythm in its streets and the hearts of its residents. It’s a city where history whispers from every corner, food brings comfort, and music is the universal language.
Here, legends walked the same sidewalks as locals, leaving behind a legacy that draws visitors from all corners of the globe and encourages people to find the perfect house in Memphis.
Whether you’re exploring the sites, indulging in culinary delights, or listening to live music in a local watering hole, Memphis promises an unforgettable journey for all those who choose to make the trek. Below we’ll break down ten of the top things Memphis is known for and provide you with everything you need to experience the best the city has to offer.
1. Graceland
As the iconic home of Elvis Presley, Graceland is a pilgrimage site for fans of the King of Rock ‘n’ Roll from all around the world. This mansion, more than just a home, is a museum dedicated to Presley’s life and career, filled with memorabilia, costumes, and personal artifacts. Visitors can take guided tours to explore the lush grounds and opulently decorated rooms. The tour wraps up with a visit to Elvis’s final resting place in the Meditation Garden. Graceland is not just an homage to the star’s life but a beautifully preserved snapshot of American pop culture.
2. Beale Street
Beale Street is the heart of Memphis’s music scene, a lively district echoing with blues, jazz, and rock ‘n’ roll. It’s a place where music history has been made, hosting legends like B.B. King and Louis Armstrong. Today, the street is lined with clubs, bars, and restaurants where live music fills the air every night. Beale Street also hosts the Memphis in May International Festival, drawing crowds eager to celebrate the city’s music.
3. National Civil Rights Museum
Located in the former Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated, The National Civil Rights Museum is a profound spot to stop and learn a thing or two. It offers an immersive journey through the American civil rights movement, from the early days of slavery to the present struggles for equality. Exhibits feature interactive displays, historic artifacts, and personal stories that connect deeply with visitors, making it a must-visit for anyone looking to understand America’s ongoing journey toward justice.
4. Memphis Barbecue
Memphis is synonymous with barbecue with a style all its own. This culinary tradition is characterized by slow-cooked pork, either pulled or ribs, and a distinctively tangy sauce. The city is dotted with barbecue joints, from hole-in-the-wall eateries to award-winning restaurants, each claiming to have the best in town. The World Championship Barbecue Cooking Contest highlights this obsession, bringing together the best pitmasters from around the globe to pit their pork against each other.
5. Memphis Zoo
The Memphis Zoo, one of the oldest in the United States, is home to over 3,500 animals representing more than 500 species. It’s celebrated for its efforts in conservation and education, providing a fun and informative experience for visitors of all ages. Notable exhibits include the Giant Panda Habitat and the Teton Trek, which simulates the Yellowstone National Park ecosystem. The zoo’s commitment to animal care and visitor engagement makes it a beloved destination.
6. Stax Museum of American Soul Music
The Stax Museum of American Soul Music pays tribute to the soulful sounds that defined a generation, located at the original site of Stax Records. This comprehensive museum showcases the story of soul music through more than 2,000 exhibits. These exhibits include Isaac Hayes’ gold-trimmed Cadillac and an authentic 1906 Mississippi Delta church. The museum celebrates the legacy of artists like Otis Redding and Booker T. & the M.G.’s, whose music continues to influence artists today.
7. Shelby Farms Park
Shelby Farms Park is one of the largest urban parks in America with over 4,500 acres of green space. It features trails for walking under the Memphis sun, lakes for fishing and paddling, and playgrounds for children. The park showcases Memphis’s commitment to outdoor recreation and environmental preservation.
8. Sun Studio
Sun Studio is hallowed ground in the music world, known as the birthplace of rock ‘n’ roll. This recording studio was where legends like Elvis Presley, Johnny Cash, and Jerry Lee Lewis cut their first tracks. Guided tours of the studio offer a glimpse into the early days of these music icons, with original instruments and equipment still on display. Sun Studio remains an active recording studio by night, continuing its legacy of producing the music that shapes the world.
9. Mud Island River Park
Situated on the Mississippi River, Mud Island River Park is a great place to spend a nice day in Memphis. Its most notable feature is a scale model of the Lower Mississippi River. This allows visitors to walk along the river from its confluence with the Ohio River to the Gulf of Mexico. The park also features pedal boats, a museum dedicated to the river’s history, and outdoor concerts during the summer months, making it a favorite among tourists and Memphis locals lucky enough to find an apartment nearby.
10. Peabody Ducks
The Peabody Ducks are a charming and quirky Memphis tradition. Every day, a group of specially trained ducks marches from their rooftop penthouse, down the elevator, and into the fountain in the lobby of the Peabody Hotel. Much to the delight of guests and onlookers. This unique spectacle has been a daily occurrence since the 1930s and doesn’t appear to be going anywhere anytime soon.
The average cost of a dozen eggs in the U.S. is $3, according to data from the U.S. Bureau of Labor Statistics (BLS). Though higher than in previous years, it’s still lower than the $4.82 consumers paid on average in January of 2023, when concerns about egg shortages sent the cost of eggs skyrocketing.
Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.
Table of Contents
What Is the Average Cost of a Dozen Eggs Today?
On average, Americans are paying $3 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of February 2024. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.
In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. While prices increased sharply in the beginning of 2023, the average cost of a dozen eggs has since declined. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.
It’s important to keep in mind that average reflects all prices from high to low, while median reflects the middle price. Median prices for eggs or other consumer goods and services may be higher than the average price. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Average Cost of Eggs by State for 2023
If you’re interested in what is the average cost of a dozen eggs by state, you might be surprised at just how much prices can vary from one location to the next. The following table breaks down the average cost of a dozen eggs in all 50 states, according to pricing data from Instacart collected in December 2022. Note that the figures below were captured during the egg shortage, when prices were high, and may not reflect the latest CPI price data.
State
Cost
Alabama
$6.12
Alaska
$4.61
Arizona
$6.03
Arkansa
$4.95
California
$6.05
Colorado
$5.77
Connecticut
$5.54
Delaware
$4.79
District of Columbia
$4.58
Florida
$6.36
Georgia
$5.96
Hawaii
$9.73
Idaho
$5.09
Illinois
$4.82
Indiana
$4.33
Iowa
$4.44
Kansas
$4.41
Kentucky
$4.51
Louisiana
$5.59
Maine
$5.84
Maryland
$4.78
Massachusetts
$5.20
Michigan
$4.82
Minnesota
$5.10
Mississippi
$5.04
Missouri
$4.24
Montana
$5.46
Nebraska
$4.25
Nevada
$6.07
New Hampshire
$4.91
New Jersey
$5.05
New Mexico
$5.65
New York
$5.37
North Carolina
$5.60
North Dakota
$4.83
Ohio
$4.39
Oklahoma
$4.92
Oregon
$4.81
Pennsylvania
$4.52
Rhode Island
$5.10
South Carolina
$5.76
South Dakota
$5.00
Tennessee
$5.61
Texas
$5.43
Utah
$5.67
Vermont
$5.70
Virginia
$4.96
Washington
$4.91
West Virginia
$4.64
Wisconsin
$4.78
Wyoming
$5.84
Source: Instacart
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Where the Cost of Eggs Is Highest
As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:
• Hawaii
• Florida
• Alabama
• Nevada
• California
• Arizona
• Georgia
• Wyoming
• Maine
• Colorado
In each of those states, shoppers paid $5.70 or more on average for a dozen eggs. Hawaii is the most expensive state to buy eggs, with the average cost of a dozen eggs nearing $10.
Where the Cost of Eggs Is Lowest
Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:
• Missouri
• Nebraska
• Indiana
• Ohio
• Kansas
• Iowa
• Kentucky
• Pennsylvania
• Alaska
• West Virginia
In these states, the average cost of eggs was below $5 per dozen. As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of 5 is likely to be less compared to the states where eggs are more expensive.
Why Did the Cost of Eggs Increase
The spike in egg prices that peaked in 2022 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 43 million laying hens were lost to the disease or depopulation efforts. With fewer eggs in supply but demand not easing, egg prices began to rise. Prices began to decline as egg inventory increased following the end of the outbreak.
Prices began to decline as egg inventory increased. However, the ongoing outbreak and strong demand have helped keep prices high. Inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.
When inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.
When Will the Cost of Eggs Go Down?
According to the CPI data, egg prices have declined from the peak they reached in January 2023. While eggs are more expensive than they were a couple of years ago, relief might be on the horizon. In its food price outlook, the USDA predicted that egg prices would drop 2.8% in 2024.
Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.
Tips on How to Shop for Cheap Eggs
Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.
With that in mind, here are a few quick tips to help you pay less for eggs.
• Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.
• Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.
• Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.
• Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.
• Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
The Takeaway
The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.
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FAQ
How much did a dozen eggs cost in 2023?
As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.
What state has the most expensive eggs?
According to December 2022 pricing data from Instacart, Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.
Do eggs last longer than sell by date?
Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.
Photo credit: iStock/nd3000
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Memphis, TN, is a city buzzing with music, history, and some of the best barbecue you’ll ever taste. Living here means you’re never far from a live blues show or an interesting museum, making it a great place for those who love culture and entertainment. The question, “should I move to Memphis?” crosses many minds, especially when considering the city’s unique blend of urban life and southern charm. Memphis stands out for its strong sense of community and the famous Graceland, the home of Elvis Presley, which attracts visitors from all over the world. In this article, we’ll discuss the pros and cons of living in Memphis to help you decide if it’s the right place for you. Let’s dive in.
Memphis at a Glance
Walk Score: 35 | Bike Score: 41 | Transit Score: 22 Median Sale Price: $187,500 | Average Rent for 1-Bedroom Apartment: $1,065 Memphis neighborhoods | houses for rent in Memphis | apartments for rent in Memphis | homes for sale in Memphis
Pro: Music lover’s paradise
Memphis, is synonymous with the soulful strains of blues, rock ‘n’ roll, and soul music. The city is home to the legendary Sun Studio, where icons like Elvis Presley and Johnny Cash recorded their first tracks. Beale Street, with its vibrant nightlife and live music venues, offers an immersive experience into the city’s musical legacy. This cultural richness provides residents with a unique sense of pride and a plethora of entertainment options.
Con: Hot and humid summers
The climate in Memphis can be challenging, especially during the summer months. The city currently ranks #4 in the list of U.S. cities most at risk of extreme heat. The area experiences extremely hot and humid conditions, making outdoor activities and even daily commutes uncomfortable. This weather can also contribute to higher energy bills as residents crank up their air conditioning to find relief.
Pro: Affordable cost of living
The cost of living in Memphis is 10% lower than the national average. Housing is notably affordable, with average prices about $200,000 below the national average. This affordability extends to grocery and utility costs, making it easier for residents to enjoy a comfortable lifestyle without breaking the bank. This economic advantage attracts individuals looking to live in an urban area at a reasonable cost.
Con: Underdeveloped public transportation system
Memphis’ public transportation system can be a point of frustration for its residents. With a Transit Score of 22, the coverage is limited, and the efficiency of service often leaves much to be desired. This situation forces many to rely on personal vehicles, contributing to traffic congestion and parking challenges in the city. For those without cars, navigating the city can be difficult, impacting their ability to access employment and recreational activities easily.
Pro: Vibrant culinary scene
The culinary scene in Memphis is a delightful exploration of flavors, with barbecue taking center stage. The city is famed for its unique style of barbecue, characterized by its slow-cooked ribs and pulled pork. The city’s barbecue culture is celebrated at events like the World Championship Barbecue Cooking Contest, where pitmasters showcase their skills. Beyond barbecue, Memphis boasts a diverse array of dining options, from soul food to international cuisines, catering to all palates. Throughout the year, food festivals like the Memphis Food & Wine Festival and the World Championship Hot Wing Contest highlight the city’s diverse culinary landscape.
Con: High Allergen levels
For those with allergies, Memphis can pose significant challenges. The city is known for its high levels of pollen and other allergens, particularly during the spring and fall. This can lead to discomfort and health issues for sensitive individuals, affecting their quality of life. Residents often have to take extra precautions, such as installing air purifiers in their homes and monitoring air quality reports.
One of the standout advantages of living in this city is the strong sense of community. This advantage is showcased in events such as the Cooper-Young Festival, where locals gather to celebrate art, music, and food, fostering connections and camaraderie. Similarly, the monthly Trolley Night in the South Main Arts District brings people together for an evening of shopping, dining, and live entertainment. Moreover, Memphis is home to numerous grassroots initiatives and neighborhood associations dedicated to improving the lives of its residents.
Con: Limited job market in certain sectors
Memphis boasts a thriving logistics and transportation industry, thanks to its strategic location along the Mississippi River. However, the job market in other sectors can be limited. This can pose a challenge for people in fields such as technology, science, and the arts, who may find fewer opportunities within the city. As a result, some residents may need to look for employment in nearby cities or consider a broader range of job options.
Pro: Access to outdoor activities
Memphis offers a variety of outdoor activities that cater to nature lovers and fitness enthusiasts alike. The city is home to numerous parks, such as Shelby Farms Park, one of the largest urban parks in America, offering hiking trails, biking paths, and water activities. The Mississippi River itself provides a scenic backdrop for jogging, picnicking, and sunset watching, encouraging a healthy and active lifestyle among residents.
Con: Infrastructure needs
Like many cities, Memphis faces challenges with aging infrastructure. Roads, bridges, and public buildings often require maintenance and upgrades to meet the needs of the growing population. These infrastructure needs can lead to traffic delays, impact public services, and necessitate increased public spending. Addressing these issues is crucial for improving the quality of life and ensuring the city’s future prosperity.
Pro: Diverse cultural events
Memphis is a melting pot of cultural events that celebrate the city’s diverse heritage and artistic talent. From the Beale Street Music Festival to the Memphis in May International Festival, the city’s calendar is packed with events that cater to a wide range of interests. These events not only provide entertainment but also foster a sense of pride among residents, showcasing the city’s vibrant cultural scene.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Mortgage delinquencies improved again in February as prepayment activity increased moderately.
The national delinquency rate eased to 3.34% in February, down from 3.38% in January, according to an Intercontinental Exchange (ICE) mortgage performance report released Thursday. February’s rate was also 11 basis points lower than it was a year ago.
In February, serious delinquencies (loans 90 or more days past due) were down month over month, with 11,000 fewer loans in that category and a total of 459,000 loans affected. On a yearly basis, the rate of serious delinquencies was 18% below the February 2023 rate of 562,000 loans.
Meanwhile, early-stage delinquencies (30 to 60 days past due) decreased month over month and year over year. In February, roughly 1.782 million loans were at least 30 days overdue.
On the other hand, foreclosure starts marked a 27.7% month-over-month decrease to 25,000, the second lowest rate in the past year. Meanwhile, the active foreclosure inventory fell to 211,000 homes, shedding 7,000 units since January. Likewise, the 6,000 completed foreclosure sales last month were down 9.5% compared to January.
Prepayment activity rose 3 basis points in February to a level not seen since October 2023. A brief dip in mortgage rates spurred an uptick in purchase and refinance demand.
The five states with the highest delinquency rates were Mississippi, Louisiana, Alabama, Arkansas and Indiana. At the other end of the spectrum, Montana, California, Idaho, Washington and Colorado were the states with the lowest delinquency rates.