In June, 1,587 homes changed hands in the region, a notable drop from the 1,923 sales in June 2019, the year before the pandemic. Sales volume is still higher for the first six months of 2024 compared to the same period of 2023 but barely, by less than 1 percent. 

“What’s happening is if somebody can’t sell their house in Ohio, they can’t move to Charleston,” Hodson said. “There’s been a heavy, heavy movement from the Northeast, the West, but as those markets take a hit (so does Charleston).”

As a result, home sale contingencies — where a would-be buyer can walk away from a sale if they can’t sell their home by a certain date — are rising, he added.

While some can’t move, other potential sellers are unwilling give up their low-interest mortgages in the 3 percent range that they locked in during and before the pandemic, said Tara Bittl, an agent with Realty One Group Coastal in Mount Pleasant. 

“We used to say people moved every five to seven years; now we’re trending closer to 11 because of that interest rate change,” she said.

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The lack of movement contributed to the local inventory level rising for the fifth month in a row to 3,813 properties, which is still considered low. A balanced market would have about 7,000 listings.

Bittl said the reduced inventory has a number of impacts, from bidding wars in certain areas to casual buyers putting their moving plans on hold.

Without genuine motivation, they really need their “heart to swoon” to commit in this market and there aren’t enough options out there right now, she said.

The Federal Reserve has yet to take action that would ease mortgage rates, which are making it more expensive for buyers to borrow at a time when real estate prices and home insurance premiums also are rising. 

The average 30-year-fixed mortgage rate sits at 6.95 percent and 15-year FMRs are 6.25 percent as of July 3, per Freddie Mac.

Median home prices in the Charleston area continued to rise in last month, increasing 4 percent to $425,000 and up 57 percent since mid-2019. Insurance runs about $3,400 on average in South Carolina, according to the National Association of Realtors.

“You have to consider the cost of everything, not just the interest rates,” said Stacy Smith, broker in charge of Smith Spencer Real Estate in Charleston. “A young person buying a home is now totally pushed and it’s daunting.”

Turnkey homes are selling quickly at every price point, she added.

Homes where sellers want top-of-the-market prices for even what they consider minimal work are sitting, pushing the average days on market in June to 35 days, up 25 percent year over year, according to the June sales report.

Homebuyers want houses they don’t have to fix up, Smith said. Borrowing money to replace a roof or refurbish floors comes at a higher cost, too.

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Our twice-weekly newsletter features all the business stories shaping Charleston and South Carolina. Get ahead with us – it’s free.

Source: postandcourier.com

Apache is functioning normally

Social Media Compliance, Client Retention; Freddie/Fannie Changes; Square Footage Stats

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Mon, Jul 8 2024, 11:48 AM

During a recent password audit, it was found that a blonde was using the following password: “MickeyMinniePlutoHueyLouieDeweyDonaldGoofySacramento”. When asked why such a long password, she said she was told that it had to be at least 8 characters long and include at least one capital. What’s today? It’s “change every password you have” day. Money is the focus of a lot of evil activity on the internet (look at credit union Patelco), but what about useful, constructive monetary activities? Location, location, location. What new home buyers get for their money varies by region. The median price and square footage of new single-family homes sold in 2023, according to the Census Bureau, was $760,700 and 2,430 square feet in the Northeast, $396,300 and 2,172 square feet in the Midwest, $388,800 and 2,335 square feet in the South, and $536,200 and 2,170 square feet in the West. (Today’s podcast is found here and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender, uniting the people, systems, and stages of the mortgage process. Hear an interview with Candor’s Mark Hinshaw on expectation versus reality when it comes to AI in the mortgage industry.)

Lender and Broker Software, Services, and Products

With high interest rates keeping more people in their homes, new revenue opportunities will come from places that don’t fit the typical servicer playbook. ICE has identified four key areas where technology can help set servicers up for success in today’s low-movement housing market. Explore how you can retain customers, capitalize on your existing portfolio, and streamline your back office in ICE’s complimentary new white paper, Technology helps servicers find opportunities in unusual places.

ActiveComply is excited to be part of the Mortgage Bankers Association’s RegTech Demo Day event on Thursday, July 11th at 12:00pm ET. Register to see the latest technologies, services, and insights from leading technology providers in the industry. This session is specifically for compliance professionals, legal counsel, and risk officers, among others. See high-level overviews of vendor technology that may provide value to your organization and help you succeed in an increasingly complex and competitive environment. See how ActiveComply identifies other language advertising as part of your LEP initiatives, consumer complaints on social media, & brand reputation concerns current events and political movements (just in time for an election year). Don’t miss these power-hour sessions designed to help decision-makers clarify the rapidly changing mortgage tech ecosystem. This event, normally priced at $399.00, is free to MBA members. Register today!

Winning Agent Business: The lender’s guide to building a strong referral network updated for 2024. The new rules mandated by the NAR settlement go into effect August 17th. That means agents are more incentivized than ever to show their clients value—and they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don’ts, ways to become a go-to lender, and more.

Agency News and Updates

Freddie Mac published the company’s annual Sustainability Report, which provides details about the company’s 2023 sustainability strategy, activities and performance. The report also includes the company’s Sustainability Accounting Standards Board (SASB) Index and Metrics for the years 2021-2023, as well as a Taskforce on Climate-Related Financial Disclosures (TCFD) Index.

Many families are looking into properties with ADUs for multi-generational living to offset rising housing expenses. Others are seeking a balance between caregiving for aging parents and providing a space for privacy and independence. Whatever the reason, ADUs have been on the rise. Many borrowers are looking to purchase or refinance homes with these units or build one on their existing property. Approximately one quarter of borrowers and homeowners that show interest in ADUs are caregivers or anticipate being a caregiver. Learn more about the benefits Freddie Mac offers for financing ADUs.

In recognition of National Homeownership Month, Freddie Mac is encouraging borrowers to benefit from CreditSmart® Homebuyer U, a free course within Freddie Mac’s CreditSmart ® suite of educational resources. It’s designed to empower them with skills and knowledge.

Freddie Mac updated Stable Monthly Income FAQ for Employed Income Calculation with a new question (Q5) concerning calculating the income average for fluctuating hourly earnings and/or additional employed earnings (e.g., bonus, overtime, tips) if there is an occurrence that prevented the borrower from working and/or earning full income for a period of time.

Freddie Mac Single-Family Seller/Servicer Guide (Guide) Bulletin 2024-9 announces updates pertaining to rental income requirements to provide additional flexibility. Shared amenities requirements for residential projects. Aligning the Guide with treatment of documentation provided, but was not required, in Freddie Mac’s quality control review.

Fannie Mae is continuing its work with Freddie Mac to create standardized subordinate documents, publishing documents for Ohio, New Jersey, and Pennsylvania. Learn about efforts to expand access to down payment assistance.

Fannie Mae issued a Request for Proposal (RFP) to evaluate qualified interested industry participants for potential inclusion in its Title Acceptance pilot and other suppliers that have viable solutions to reduce borrowers’ closing costs. Vendors can respond to the RFP in ProcureOne. The RFP market interest period closes on July 26, 2024.

Fannie Mae posted the June Appraiser Quality Monitoring (AQM) list to Fannie Mae Connect™. The monthly list will also be available on the AQM page through July 30, 2024, when Fannie Mae Connect will be required for viewing.

FHFA published updated aggregate statistics from the National Mortgage Database (NMDB®) and launched the NMDB Aggregate Statistics Dashboard, a new data visualization tool for the NMDB Outstanding Residential Mortgage Statistics. The release describes outstanding residential mortgage debt at the end of the first quarter of 2024. FHFA Releases Data Visualization Dashboard for NMDB Outstanding Residential Mortgage Statistics has been posted.

Capital Markets

There was plenty of economic data released over last week’s holiday-shortened week. The U.S. economy is based on jobs and housing, and last week it was jobs’ turn to be center stage. The focus was on employment stats for June which saw nonfarm payrolls increase by 206k in June. Despite the increase, the previous two months were revised down by a combined 111k which brought the average increase over the second quarter to 176k per month. The unemployment rate rose from 3.96 percent to 4.05, the first time above 4 percent since January 2022. Labor force participation also increased slightly.

As the labor market continues to become more balanced the upwards pressure on wages has eased and average hourly earnings were down 0.2 percentage points on a year-over-year basis to 3.9 percent. The other major data out last week was the Institute of Supply Management indices which both came in below economists’ expectations. The Personal Consumption Expenditure deflator eased to 2.6 percent over the last twelve months in May as well. Sustained easing of inflation as well as a looser job market bode well for a potential rate cut in September. Following last week’s data, the odds of a cut in September are nearly three-in-four.

This week’s economic calendar includes some Treasury auctions of notable duration (3-year, 10-year, 30-year), May Wholesale Inventories, CPI and PPI, as well as preliminary July University of Michigan Consumer Sentiment. The only data point on today’s calendar is May Consumer Credit, due out this afternoon. We begin the 5-day work week with Agency MBS prices little changed from Friday, the 10-year yielding 4.29 after closing Friday at 4.27 percent, and the 2-year at 4.62.

Jobs

Seeking growth capital, equity, debt, or strategic alternatives? An IMB consultant with 34 years of executive management experience in the mortgage space is available to support your efforts! E-mail industry veteran Steve Landes for more information on helping you grow your business.

Top Producing Loan Officer Alex Rayner Partners with Service First Mortgage to Launch Haymaker Home Loan! Alex Rayner has partnered with Service First Mortgage to launch Haymaker Home Loans, a company dedicated to supporting top producers. “This collaboration provides access to cutting-edge technology, products and services, ensuring loan officers thrive in a competitive industry,” Rayner said. Earning an MBA from the University of Houston, Alex is dedicated to providing exceptional service. His industry acumen and skill with client relations set him apart. For loan officers looking to start their own mortgage company, Rayner advises exploring options with Service First Mortgage. “Starting a mortgage company from scratch is a daunting task,” Rayner said. “By partnering with Service First Mortgage, you gain immediate access to essential resources, advanced technology, and a support team. This allows you to focus on what you do best, e.g., originating loans and serving clients, without the overhead and operational challenges of building a company from the ground up.” Inquiries should be directed to James Wallace!

“ACC Mortgage is coming off its 2nd best month in its 25-year history. 2024 is shaping up to be our best year ever! How many mortgage companies can claim that? Are you planning for your next 25 years? ACC is seeking four (4) well-qualified Account Executives or a team that is looking for support, pricing, culture and stability. ACC makes Non-QM easy. Recent articles discuss ACC’s vision. For example, ACC’s Senko talks non-QM outlook! Send a resume for confidential interview.“

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

You just got a new job offer and are wondering if $110,000 is a good salary. The truth is that in many parts of the U.S., it can be, especially for a single person. In most cases, you can probably cover your basic expenses and have some left over for savings.

Of course, there are many factors to consider when thinking about whether $110,000 is a good salary for you. Let’s dive in.

Is $110K a Good Salary?

In most cases, $110,000 is a good six-figure salary for a single person. Even when you factor in the rising costs of housing, food, and transportation, you can still comfortably afford to live in most parts of the country.

However, if you’re in an area where the cost of living is higher, you may find that you can afford the basics but not have much left over for other goals like retirement or travel. That’s why it’s crucial to look at your current spending patterns and the cost of living in your area to discern whether earning $110,000 is enough for your needs. A money tracker can give you a snapshot of your finances and provide insights into your spending and budgeting.

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*

Median Income in the U.S. by State in 2024

According to the latest data available from the U.S. Census Bureau, here is the median household income for all 50 U.S. states:

State Median Household Income
Alabama $59,609
Alaska $86,370
Arizona $72,581
Arkansas $56,335
California $91,905
Colorado $87,598
Connecticut $90,213
Delaware $79,325
Florida $67,917
Georgia $71,355
Hawaii $94,814
Idaho $70,214
Illinois $78,433
Indiana $67,173
Iowa $70,571
Kansas $69,747
Kentucky $60,183
Louisiana $57,852
Maine $68,251
Maryland $98,461
Massachusetts $96,505
Michigan $68,505
Minnesota $84,313
Mississippi $52,985
Missouri $65,920
Montana $66,341
Nebraska $71,772
Nevada $71,646
New Hampshire $90,845
New Jersey $97,126
New Mexico $58,722
New York $81,386
North Carolina $66,186
North Dakota $73,959
Ohio $66,990
Oklahoma $61,364
Oregon $76,362
Pennsylvania $73,170
Rhode Island $81,370
South Carolina $63,623
South Dakota $69,457
Tennessee $64,035
Texas $73,035
Utah $86,833
Vermont $74,014
Virginia $87,249
Washington $90,325
West Virginia $55,217
Wisconsin $72,458
Wyoming $72,495

Recommended: Average Income by Age

Average Cost of Living in the U.S. by State in 2024

As anyone who’s ever received a paycheck knows, your salary and the amount you actually take home after taxes differ. After deducting for federal income taxes, Social Security tax, and Medicare, the average take-home pay on a $110,000 salary is around $85,544 — and that doesn’t include state taxes.

With that in mind, looking at the average cost of living in different states can help you decide whether $110,000 is a good salary. In the chart below, you can see how much a typical resident of each state spends on basics like food, transportation, utilities, and housing.

State Personal Consumption Expenditure
Alabama $42,391
Alaska $59,179
Arizona $50,123/td>
Arkansas $42,245
California $60,272
Colorado $59,371
Connecticut $60,413
Delaware $54,532
Florida $55,516
Georgia $47,406
Hawaii $54,655
Idaho $43,508
Illinois $54,341
Indiana $46,579
Iowa $45,455
Kansas $46,069
Kentucky $44,193
Louisiana $45,178
Maine $55,789
Maryland $52,651
Massachusetts $64,214
Michigan $49,482
Minnesota $52,849
Mississippi $39,678
Missouri $48,613
Montana $51,913
Nebraska $37,519
Nevada $49,522
New Hampshire $60,828
New Jersey $60,082
New Mexico $43,336
New York $58,571
North Carolina $47,834
North Dakota $52,631
Ohio $47,768
Oklahoma $42,046
Oregon $52,159
Pennsylvania $53,703
Rhode Island $52,820
South Carolina $46,220
South Dakota $48,997
Tennessee $46,280
Texas $49,082
Utah $48,189
Vermont $55,743
Virginia $52,057
Washington $56,567
West Virginia $44,460
Wisconsin $49,284
Wyoming $52,403

Source: U.S. Bureau of Economic Analysis

How to Live on $110K a Year

You can live relatively well on $110,000 a year as a single person — as long as you manage your expenses carefully. First, consider what your short- and long-term goals are. Do you want to have enough money set aside for a week-long vacation each year? Are you eager to be debt-free within a certain timeframe? Or do you want to max out your contributions to your employer-sponsored 401(k)?

Balancing these goals with your everyday expenses will help ensure you can afford the necessities while taking care of your future self.

How to Budget for a $110K Salary

Budgeting on a $110,000 salary is similar to how you would budget for other income thresholds. Consider the following strategies:

Determine Your Take-Home Pay

Assuming you make $110,000 gross, you’ll need to account for how much you’ll receive after taxes and other deductions are taken into consideration. For example, you may have to pay health insurance premiums (an average of $1,401 a year for an individual plan) or pretax retirement contributions (up to $23,000 per year). Let’s say you pay federal taxes and deductions, contribute the maximum to your 401(k), and pay the average amount for your health care, you’d be left with a take-home pay of around $61,143.

Bottom line: Once you have a clearer picture of what’s coming in, you can then budget appropriately for it. Tools like a budget planner app can help make the job easier.

Set Aside Money for Long-Term Savings

It’s fun to live in the moment, but it’s also important to think about the future. Consider using part of your income to start an emergency fund, and set aside money for larger expenses and goals. You may also want to look into savings vehicles like a high-yield savings account, which typically offers a higher interest rate than a traditional savings account.

Plan to Get Out of Debt

Using part of your salary to tackle your high-interest debt faster can be a good idea to free up funds for other pursuits. You can also consider options like refinancing or debt consolidation loans to help you reduce interest costs.

Maximizing a $110K Salary

Getting smart with your money means knowing how you can maximize the salary you earn. In general, you can aim to do so by spending only what’s necessary, investing so you can have a comfortable retirement, and saving.

You may want to consider moves like:

•   Boosting your credit score to increase your chances of getting competitive interest rates

•   Investing in securities that charge minimal fees

•   Shopping around for loans to find the best rates and terms

•   Finding a home that fits your budget

•   Taking public transit when you can instead of driving a car

Quality of Life with a $110K Salary

You can have a good quality of life on a $110,000 salary depending on how you allocate your money. Even if you live in a higher cost of living area, there are ways to maximize the amount you earn to live well. Take the time to compare larger expenses like housing, insurance, and healthcare costs.

Recommended: Average Pay in the United States

Is $110,000 a Year Considered Rich?

Does earning $110,000 mean you’re considered “rich”? Well, the term is relative. It all depends on where you live and how you spend your money. For example, if you invest a good chunk of your income to help you increase your overall net worth and live in a safe area, some would consider that being rich. However, if you’re the only income earner in your family of six, then $110,000 per year is likely not enough to make you feel wealthy.

Is $110K a Year Considered Middle Class?

According to the Pew Research Center, middle-class workers earn a salary that’s two-thirds to double the national median income. By that definition, a middle-class household makes between $47,189 and $141,568, and $110k falls within that range. However, where you live will also factor into whether you’re considered middle class. That’s because different states have their own median household earnings.

Example Jobs That Make About $110,000 a Year

high-paying jobs that earn a median wage of $110,000 or more:

•   Architectural and engineering managers

•   Financial analysts

•   Software developers

•   Math and science postsecondary teachers

•   Dentists and doctors

•   Nuclear power reactor operators

The Takeaway

Earning $110,000 can mean you have the ability to live a good quality of life. Plus, it’s higher than the average salary in the U.S. That being said, you’ll still want to be mindful about where your money goes so you can achieve your financial goals and more.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

Can I live comfortably making $110k a year?

It is possible to live comfortably making $110,000 per year. However, doing so largely depends on factors like whether you have dependents, where you live, and what types of necessities and luxuries you want.

How much is $110k a year hourly?

Assuming you work 40 hours per week, you’ll earn around $52.88 each hour.

How much is $110k a year monthly?

You will earn about $9,166.66 each month on a $110,000 annual salary.

How much is $110k a year daily?

Assuming you work five days a week, $110,000 per year salary equates to roughly $423.07 per day.


Photo credit: iStock/Jacob Wackerhausen

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Apache is functioning normally

For some workers, earning a six-figure salary can feel like clearing a major professional — and financial — hurdle. And generally speaking, $125,000 is considered a good income for a single person, especially one with no dependents.

However, your cost of living, existing debt, financial obligations, personal spending habits, and inflation could all impact how far your dollar goes. Here’s a closer look at how a $125K salary measures up.

Is $125K a Good Salary?

One way to determine whether a $125,000 salary is “good” is to compare it to what a typical worker makes. According to the latest data from the Social Security Administration, the average salary in the U.S. is around $63,795. And the national median household income is $74,580, according to the most recent U.S. Census Bureau Current Population Survey data for 2022. By most people’s measure, $125,000 per year would be considered a good salary.

But no matter how much money you bring home, tools like an online money tracker can help you monitor your spending and ensure you’re making progress on financial goals.

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*

Average Median Income in the U.S. by State in 2024

Wages differ by region, often due to varying costs of living per state (more on that in a minute). The chart below shows the median household income in every state, according to the latest data available from the U.S. Census Bureau.

State Median Household Income
Alabama $59,609
Alaska $86,370
Arizona $72,581
Arkansas $56,335
California $91,905
Colorado $87,598
Connecticut $90,213
Delaware $79,325
Florida $67,917
Georgia $71,355
Hawaii $94,814
Idaho $70,214
Illinois $78,433
Indiana $67,173
Iowa $70,571
Kansas $69,747
Kentucky $60,183
Louisiana $57,852
Maine $68,251
Maryland $98,461
Massachusetts $96,505
Michigan $68,505
Minnesota $84,313
Mississippi $52,985
Missouri $65,920
Montana $66,341
Nebraska $71,772
Nevada $71,646
New Hampshire $90,845
New Jersey $97,126
New Mexico $58,722
New York $81,386
North Carolina $66,186
North Dakota $73,959
Ohio $66,990
Oklahoma $61,364
Oregon $76,362
Pennsylvania $73,170
Rhode Island $81,370
South Carolina $63,623
South Dakota $69,457
Tennessee $64,035
Texas $73,035
Utah $86,833
Vermont $74,014
Virginia $87,249
Washington $90,325
West Virginia $55,217
Wisconsin $72,458
Wyoming $72,495

Recommended: Highest Paying Jobs by State

Average Cost of Living in the U.S. by State in 2024

Want to see how the cost of living in your state compares to other places in the nation? The U.S. Bureau of Economic Analysis’ (BEA) list of personal consumption expenditures — which looks at how much residents in each state spend on necessities like housing, utilities, food, and health care — can be a helpful place to start. The latest data from BEA is in the chart below.

State Personal Consumption Expenditure
Alabama $42,391
Alaska $59,179
Arizona $50,123
Arkansas $42,245
California $60,272
Colorado $59,371
Connecticut $60,413
Delaware $54,532
Florida $55,516
Georgia $47,406
Hawaii $54,655
Idaho $43,508
Illinois $54,341
Indiana $46,579
Iowa $45,455
Kansas $46,069
Kentucky $44,193
Louisiana $45,178
Maine $55,789
Maryland $52,651
Massachusetts $64,214
Michigan $49,482
Minnesota $52,849
Mississippi $39,678
Missouri $48,613
Montana $51,913
Nebraska $37,519
Nevada $49,522
New Hampshire $60,828
New Jersey $60,082
New Mexico $43,336
New York $58,571
North Carolina $47,834
North Dakota $52,631
Ohio $47,768
Oklahoma $42,046
Oregon $52,159
Pennsylvania $53,703
Rhode Island $52,820
South Carolina $46,220
South Dakota $48,997
Tennessee $46,280
Texas $49,082
Utah $48,189
Vermont $55,743
Virginia $52,057
Washington $56,567
West Virginia $44,460
Wisconsin $49,284
Wyoming $52,403

How to Budget for a $125K Salary

Since $125,000 is double or triple the cost of living in most states, you may find that the salary provides more than enough for what you need. Still, it’s a good idea to have a spending plan in place to help with things like starting an emergency fund, paying down debt, or making progress on short- and long-term financial goals.

One approach is the 50/30/20 budget, which suggests using 50% of your earnings to pay for your needs, such as housing, utilities, groceries, and healthcare costs. You would then spend another 30% on discretionary items such as entertainment, hobbies and travel, with the final 20% going toward savings and debt repayment.

Need help tracking your progress? Consider using a budget planner app, which allows you to create a budget, review spending, and monitor your credit score.

Maximizing a $125K Salary

Since someone earning $125,000 per year is receiving double or even triple the average income in most states, it’s quite possible to have a high quality of life at that income level. After all, it’s far more than what’s considered to be a good entry-level salary.

But there are ways for a single person to get even more from a six-figure salary. Here are a few strategies to consider:

•   Build up an emergency fund. Not sure you have enough saved for a rainy day? A general rule of thumb is to have at least three to six months’ worth of basic living expenses socked away in the bank.

•   Pay down your debt. If you’re carrying a lot of credit card debt — and you’ve already built up a comfortable emergency fund — focus on paying off your debt.

•   Step up your retirement savings. If you have a 401(k) retirement plan with your employer, crunch the numbers and see if you can bump up your monthly contributions. You could possibly get an employer match as well, if one is available.

Is $125,000 a Year Considered Rich?

A single person with no dependents who earns $125,000 a year may find that they’re well on their way to affording the life they want. That said, people who live in an area with a high cost of living may find that $125,000 per year doesn’t go as far as they had hoped.

One way to consider if someone is rich is by looking at their net worth. Calculating net worth is fairly straightforward: It’s the value of all your combined assets minus any outstanding debts or liabilities. If your assets are worth more than your liabilities, you have a positive net worth. If your liabilities outweigh your assets, you have a negative net worth.

Recommended: Net Worth Calculator by Age

Is $125K a Year Considered Middle Class?

Middle class is defined as households with a salary that’s two-thirds to double the national median income. That means a middle-class household has an income that falls between $47,189 and $141,568. A $125,000 salary falls squarely in that range.

Example Jobs that Make About $125,000 a Year

There are many jobs that pay about $125,000 per year, including several in information technology (IT) such as senior Java developers, which are computer programmers, as well as data scientists and data architects. Other jobs include pharmacist, optometrists, sales managers, lawyers, and marketing managers. Some of the positions that offer $125,000 per year also would be ideal jobs for introverts.

The Takeaway

Is $125k a good salary? To help you answer that question, it can help to look at the average pay in the United States and in each state. Cost of living, personal spending habits, inflation, and individual debt load are also factors you may want to consider. However, by and large, a single person with no dependents who earns $125K per year should be able to afford the basics with enough left over for enjoyment and saving.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Can I live comfortably making $125K a year?

A single person with no dependents should be able to live comfortably on a salary of $125,000 a year. However, just how well they can live on that income depends on a number of factors, including their cost of living and existing debt.

What can I afford with a $125K salary?

A salary of $125,000 should be enough to cover necessities, like housing, transportation, food, and healthcare, with discretionary funds potentially left over.

How much is $125K a year hourly?

If you work 40 hours a week for 50 weeks, and earn $62.50 per hour, then that will add up to $125,000 per year.

How much is $125K a year monthly?

A $125,000 annual salary works out to around $10,417 per month.

How much is $125K a year daily?

Generally speaking, a person who earns $500 per day and works 250 days per year can earn around $125,000 per year.


Photo credit: iStock/South_agency

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*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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q224-1906721-V1

Source: sofi.com

Apache is functioning normally

BOZEMAN, Mont.–(BUSINESS WIRE)–FICO, a leading analytics software firm, has announced that Encompass Lending Group and Equity Resources, Inc. are the latest mortgage lenders to embrace FICO’s newest, most innovative and predictive scoring model, FICO® Score 10 T. Their proactive adoption of the model stems from FICO’s strategic relationship with Lenders One® Cooperative (“Lenders One”), of which both lenders are members. Lenders One is a national alliance of independent mortgage bankers, banks, and credit unions dedicated to helping its members maximize revenue, reduce costs, and improve decision-making.

Equity Resources, Inc. is a privately held mortgage lender headquartered in central Ohio and licensed in 20 states plus the District of Columbia. Equity Resources, Inc. originates traditional conventional financing but also specializes in FHA, USDA and VA lending, with a balanced approach of selling directly to the GSEs plus aggregators. Based in the greater Houston, TX. area and serving 46 states and the District of Columbia, Encompass Lending Group is a full-service mortgage lender. Notably, Encompass Lending sells 100% of its loans to aggregators rather than government-sponsored enterprises (GSEs). With FICO® Score 10 T’s ability to support application approval lift and reduce delinquencies, both organizations will use the model to enhance their respective origination efforts.

“Our proactive adoption of FICO Score 10 T will enable us to stay one step ahead of the industry,” said Kelly Welch, executive vice president of Equity Resources, Inc. “We are eager to put the model into action and potentially utilize it to allow more veterans to qualify for VA home loans. We will also use it to compare to the traditional models and expand homeownership into new channels of business.”

“At Encompass Lending Group, we strive to help as many people as possible achieve a dream of homeownership,” said Paul Marsh, chief financial officer of Encompass Lending Group. “Proactively adopting the industry’s most innovative scoring model will further our ability to safely and responsibly deliver on our commitment to our customers.”

FICO® Score 10 T provides even greater precision in making lending decisions and can help lenders better manage credit risk and default rates when extending competitive credit offers to consumers. The model can enable an increase in mortgage originations of up to 5% (without taking on additional credit risk) or reduce default risk and losses by up to 17%. The increased predictive power of FICO Score 10 T can also help lenders project cash flow more accurately.

“With FICO Score 10 T, Encompass Lending Group and Equity Resources, Inc. will be positioned to serve their customers with tools of the highest industry standards,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “We are proud to partner with these forward-looking organizations as they continue to grow their businesses and meet the needs of borrowers.”

This news builds upon FICO’s recent announcement around mortgage industry adoption of FICO® Score 10 T reaching a significant milestone: Clients with over $125 billion in annualized mortgage originations and approximately $380 billion in eligible mortgage portfolio servicing rights have signed on to use the model.

FICO is committed to assisting mortgage industry participants looking to transition to its most current model, FICO® Score 10 T. The FICO Score Migration Resource Center provides a detailed guide to support organizations through their score transition with key planning steps and activities, in addition to implementation best practices.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.

Learn more at https://www.fico.com.

Join the conversation at https://x.com/FICO_corp & https://www.fico.com/en/blogs/.

For FICO news and media resources, visit https://www.fico.com/en/newsroom.

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

Source: businesswire.com

Apache is functioning normally

The Steel City, Pittsburgh, PA, is a vibrant and diverse city with a rich history and a thriving arts and culture scene. With iconic neighborhoods like Strip District, Central Northside, and North Side, Pittsburgh offers a variety of options for renters. If you’re looking to rent an apartment in Pittsburgh, you’ll find that the average rent for a one-bedroom apartment is $1,400. Whether you’re seeking a trendy urban neighborhood or a more laid-back suburban vibe, ApartmentGuide has compiled a list of the most expensive Pittsburgh neighborhoods to help you find the perfect place to call home.

13 Most Expensive Neighborhoods in Pittsburgh

From the renovated warehouses of the Strip District to the city views from Troy Hill, there are plenty of exciting neighborhoods in Pittsburgh. Whether you’re looking for a luxurious home to rent in Pittsburgh or wondering where to live in the city, we’ve got you covered.

1. Strip District
2. Central Northside
3. North Side
4. Lower Lawrenceville
5. East Allegheny
6. West Oakland
7. Duquesne Heights
8. Cultural District
9. Squirrel Hill North
10. Downtown Pittsburgh
11. Allegheny Center
12. Fifth and Forbes Corridor
13. Troy Hill

Let’s jump in and see what these neighborhoods have to offer.

1. Strip District

Average 1-bedroom rent: $2,177
Apartments for rent in Strip District

The Strip District is the most expensive neighborhood in Pittsburgh, as the average rent for a one-bedroom unit is $2,177. The Strip District neighborhood of Pittsburgh is a bustling and eclectic area known for its vibrant market atmosphere and rich industrial history. The streets are lined with historic warehouses converted into lofts, specialty shops, and food markets, giving the neighborhood a distinctive urban feel. Local attractions include the Heinz History Center, a fascinating museum dedicated to the city’s past. Small, family-owned restaurants like Primanti Bros., famous for its hefty sandwiches, and authentic Italian grocers like Pennsylvania Macaroni Company, draw both locals and tourists. The neighborhood is highly walkable, with bike lanes and proximity to public transit options like the East Busway, making it easy for residents to navigate without a car.

2. Central Northside

Average 1-bedroom rent: $2,064
Apartments for rent in Central Northside

The Central Northside neighborhood of Pittsburgh is distinguished by its eclectic mix of historic Victorian homes and modern townhouses, creating a visually captivating streetscape. Anchoring the area is the iconic Randyland, a vibrant, colorful outdoor art museum that draws visitors from all over the city. The neighborhood is also home to the Mattress Factory, a contemporary art museum known for its immersive installations. Residents enjoy the lush Allegheny Commons Park, Pittsburgh’s oldest park, offering scenic walking trails, a lake, and community events. Getting around Central Northside is convenient, with easy access to public transportation like the T light rail system and numerous bus routes, facilitating quick commutes to downtown Pittsburgh.

3. North Side

Average 1-bedroom rent: $2,030
Apartments for rent in North Side

With an average one-bedroom rent of $2,030, North Side is the third most expensive neighborhood in Pittsburgh. The area is distinguished by its blend of historic charm and vibrant cultural attractions. The area is characterized by beautifully preserved Victorian homes and tree-lined streets, creating a picturesque residential setting. Among its standout attractions is the Andy Warhol Museum, which showcases an extensive collection of the artist’s works and draws art enthusiasts from around the world. The neighborhood also features the National Aviary, a unique destination housing an array of bird species in immersive habitats. Residents enjoy easy access to Acrisure Stadium and PNC Park, making it a hub for sports fans. Getting around the North Side is convenient with multiple bus routes and the nearby Allegheny T Station providing quick connectivity to downtown Pittsburgh, enhancing its appeal as a lively and accessible community.

4. Lower Lawrenceville

Average 1-bedroom rent: $1,900
Apartments for rent in Lower Lawrenceville

Lower Lawrenceville stands out for its trendy, eclectic vibe and historic charm. The streets are lined with beautifully restored row houses and industrial lofts, reflecting a blend of old and new architecture. A key attraction is Arsenal Park, a lush green space with playgrounds, sports courts, and a community garden, offering a peaceful retreat amid urban life. The neighborhood is a hub for local artists and creatives, with galleries like Radiant Hall and performance spaces like Spirit hosting a variety of cultural events. Residents enjoy an array of unique dining options, such as Morcilla, known for its Spanish tapas, and Roundabout Brewery, a local favorite for craft beers. Getting around Lower Lawrenceville is convenient with well-maintained sidewalks, dedicated bike lanes, and access to several public transit routes, making it easy for residents to explore the rest of Pittsburgh.

5. East Allegheny

Average 1-bedroom rent: $1,650
Apartments for rent in East Allegheny

East Allegheny, also known as Deutschtown, stands out in Pittsburgh for its historic charm and vibrant community life. The neighborhood is characterized by beautifully preserved Victorian-era buildings and narrow, tree-lined streets that evoke a sense of timeless elegance. Notable attractions include the Allegheny Commons Park, the city’s oldest park, which offers scenic walking paths, playgrounds, and the picturesque Lake Elizabeth. Cultural enthusiasts frequent the New Hazlett Theater, an independent venue hosting a variety of performances, from contemporary plays to live music. Residents benefit from excellent public transportation options, including several bus routes and proximity to the T station, making commutes to downtown Pittsburgh convenient. Additionally, local gems like Max’s Allegheny Tavern, a historic pub offering authentic German cuisine, and the James Street Gastropub and Speakeasy add to the neighborhood’s unique and lively atmosphere.

6. West Oakland

Average 1-bedroom rent: $1,625
Apartments for rent in West Oakland

West Oakland in Pittsburgh is known for its blend of academic energy and historic charm. The streets are lined with beautiful early 20th-century brick homes and tree-shaded sidewalks, creating a cozy and picturesque environment. One of the neighborhood’s standout features is its proximity to the University of Pittsburgh and Carnegie Mellon University, making it a hub for students and faculty. Attractions like the Carnegie Museum of Art and the Phipps Conservatory and Botanical Gardens are nearby, offering cultural enrichment and natural beauty. Residents typically get around using the well-connected Port Authority bus routes or by biking, with several dedicated bike lanes making commuting convenient. Additionally, the neighborhood boasts unique local cafes and eateries, like Butterjoint, known for its craft cocktails and locally sourced menu, adding to the vibrant, community-focused atmosphere of West Oakland.

7. Duquesne Heights

Average 1-bedroom rent: $1,599
Apartments for rent in Duquesne Heights

With its stunning panoramic views of the city skyline and the three rivers, Duquesne Heights offers a picturesque setting that is hard to match. The neighborhood is characterized by its steep, hilly streets lined with a mix of historic homes and modern residences, providing a unique architectural blend. One of the key attractions is the Duquesne Incline, an iconic funicular that not only serves as a practical mode of transportation but also offers spectacular views and a historical glimpse into Pittsburgh’s past. Emerald View Park, a sprawling green space, provides residents with hiking trails, picnic spots, and breathtaking overlooks, making it a haven for outdoor enthusiasts. Local gems like Altius, a renowned fine dining restaurant, offer exquisite meals with unparalleled views, adding to the neighborhood’s appeal. Getting around Duquesne Heights is convenient with access to public transit options, including bus routes that connect to downtown Pittsburgh, as well as easy access to major roadways for those commuting by car.

8. Cultural District

Average 1-bedroom rent: $1,550
Apartments for rent in Cultural District

Cultural District takes the eighth spot on our list of most expensive neighborhoods in Pittsburgh. This vibrant area is home to a plethora of attractions, including the Benedum Center for the Performing Arts and the Heinz Hall, both renowned for hosting world-class performances and events. Art enthusiasts frequent the Wood Street Galleries and the August Wilson African American Cultural Center, adding a rich cultural dimension to the neighborhood. The picturesque Allegheny Riverfront offers scenic views and walking paths, providing residents with a serene urban escape. Residents and visitors can easily navigate the Cultural District thanks to its pedestrian-friendly design and the convenience of the Port Authority’s light rail system and numerous bus routes. Unique eateries, independent coffee shops, and locally-owned boutiques contribute to the neighborhood’s distinctive and lively atmosphere.

9. Squirrel Hill North

Average 1-bedroom rent: $1,545
Apartments for rent in Squirrel Hill North

A well-loved Pittsburgh neighborhood, Squirrel Hill North is the next area. The neighborhood boasts attractions like the scenic Frick Park, where residents can enjoy hiking trails, playgrounds, and the stunning Clayton Mansion, once the home of industrialist Henry Clay Frick. The area is also home to the vibrant Murray Avenue, lined with unique local shops, cafes, and restaurants such as Hidden Harbor, a tiki bar known for its creative cocktails. Cultural richness is added by the nearby Carnegie Mellon University and University of Pittsburgh, providing educational and cultural events accessible to the community. Getting around Squirrel Hill North is convenient with multiple bus routes, bike-friendly streets, and easy access to major roads, making commuting to other parts of the city seamless.

10. Downtown Pittsburgh

Average 1-bedroom rent: $1,518
Apartments for rent in Downtown Pittsburgh

The tenth most expensive neighborhood in Pittsburgh is Downtown. The area is home to iconic attractions like Point State Park, where the Allegheny and Monongahela Rivers converge to form the Ohio River, offering scenic views and recreational activities. Cultural venues such as the Benedum Center and Heinz Hall host world-class performances, enriching the neighborhood’s arts scene. Residents enjoy a variety of dining options, including acclaimed spots like Gaucho Parrilla Argentina and Butcher and the Rye. Getting around is convenient with numerous public transit options, including the T light rail system and extensive bus routes, alongside pedestrian-friendly streets and bike lanes. The unique blend of architectural beauty, cultural richness, and accessibility sets Downtown Pittsburgh apart as a truly distinctive and appealing place to live.

11. Allegheny Center

Average 1-bedroom rent: $1,475
Apartments for rent in Allegheny Center

Number 11 on our list is Allegheny Center. The neighborhood is characterized by its high-rise apartment buildings and the iconic Allegheny Center Mall, which has been repurposed into office spaces and cultural venues. A key attraction is the Children’s Museum of Pittsburgh, a dynamic space offering interactive exhibits and educational programs for families. The New Hazlett Theater, housed in a historic structure, serves as a vibrant performing arts venue showcasing local talent. Residents enjoy easy access to numerous green spaces, including the scenic Allegheny Commons Park, perfect for jogging, picnicking, and community events. Getting around is convenient, with several bus routes serving the area and the nearby North Side T Station providing quick access to downtown Pittsburgh.

12. Fifth and Forbes Corridor

Average 1-bedroom rent: $1,443
Apartments for rent in Fifth and Forbes Corridor

Taking the 12th spot is Fifth and Forbes Corridor. This area is a bustling hub of activity, featuring attractions such as the renowned Benedum Center for the Performing Arts and the eclectic Heinz History Center, both of which draw culture enthusiasts from across the city. The neighborhood is also home to a variety of unique local eateries and boutiques, like the artisanal bakery Prantl’s and the independent bookstore White Whale Bookstore. Public art installations and murals add a vibrant touch to the streets, reflecting the neighborhood’s creative spirit. Residents enjoy excellent connectivity, with multiple bus lines and bike lanes making commuting easy and sustainable.

13. Troy Hill

Average 1-bedroom rent: $1,437
Apartments for rent in Troy Hill

Troy Hill, perched atop a hill overlooking Pittsburgh, stands out with its blend of historic charm and stunning city views. The neighborhood’s streets are lined with beautifully preserved 19th-century row houses and quaint brick homes, reflecting its rich heritage. A notable attraction is the Troy Hill Art House, an intimate venue that showcases contemporary art exhibitions and community events. Residents and visitors can explore the picturesque Cowley Playground, a beloved local park with sports facilities, playgrounds, and picnic areas. Getting around Troy Hill is convenient, with accessible public transportation options like bus routes 4 and 8 providing easy connections to downtown Pittsburgh and other neighborhoods.

Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.