The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.
To learn more about how much a pediatrician makes a year, keep reading.
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What Are Pediatricians?
A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.
The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.
Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Pediatricians Make a Year?
While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.
What is the Average Salary for a Pediatrician?
On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:
• Offices of physicians: $203,690
• General medical and surgical hospitals: $180,790
• Outpatient care centers: $232,420
• Colleges, universities, and professional schools: $84,810
• Specialty (except psychiatric and substance abuse) hospitals: $201,100.
Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.
In addition, it shares how much a pediatrician’s hourly pay vs, salary is.
What is the Average Pediatrician Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$222,171
$18,514
$4,272
$106.81
Alaska
$221,079
$18,423
$4,251
$106.29
North Dakota
$221,044
$18,420
$4,250
$106.27
Massachusetts
$218,405
$18,200
$4,200
$105.00
Hawaii
$216,375
$18,031
$4,161
$104.03
Washington
$211,404
$17,617
$4,065
$101.64
Nevada
$209,030
$17,419
$4,019
$100.50
South Dakota
$208,910
$17,409
$4,017
$100.44
Colorado
$206,290
$17,190
$3,967
$99.18
Rhode Island
$205,782
$17,148
$3,957
$98.93
New York
$196,083
$16,340
$3,770
$94.27
Delaware
$193,921
$16,160
$3,729
$93.23
Vermont
$191,477
$15,956
$3,682
$92.06
Virginia
$191,115
$15,926
$3,675
$91.88
Illinois
$191,057
$15,921
$3,674
$91.85
Maryland
$187,806
$15,650
$3,611
$90.29
Nebraska
$183,797
$15,316
$3,534
$88.36
Missouri
$182,659
$15,221
$3,512
$87.82
California
$182,152
$15,179
$3,502
$87.57
South Carolina
$181,082
$15,090
$3,482
$87.06
Pennsylvania
$179,627
$14,968
$3,454
$86.36
New Jersey
$179,258
$14,938
$3,447
$86.18
Oklahoma
$177,994
$14,832
$3,422
$85.57
Maine
$177,900
$14,825
$3,421
$85.53
Wisconsin
$177,526
$14,793
$3,413
$85.35
North Carolina
$177,345
$14,778
$3,410
$85.26
New Hampshire
$174,681
$14,556
$3,359
$83.98
Idaho
$174,250
$14,520
$3,350
$83.77
Texas
$173,077
$14,423
$3,328
$83.21
Kentucky
$172,518
$14,376
$3,317
$82.94
Wyoming
$171,910
$14,325
$3,305
$82.65
Minnesota
$171,467
$14,288
$3,297
$82.44
Michigan
$170,777
$14,231
$3,284
$82.10
New Mexico
$170,501
$14,208
$3,278
$81.97
Indiana
$169,638
$14,136
$3,262
$81.56
Ohio
$166,670
$13,889
$3,205
$80.13
Arizona
$166,130
$13,844
$3,194
$79.87
Connecticut
$165,286
$13,773
$3,178
$79.46
Mississippi
$164,126
$13,677
$3,156
$78.91
Iowa
$163,921
$13,660
$3,152
$78.81
Montana
$163,627
$13,635
$3,146
$78.67
Arkansas
$163,030
$13,585
$3,135
$78.38
Alabama
$161,584
$13,465
$3,107
$77.68
Utah
$159,236
$13,269
$3,062
$76.56
Tennessee
$159,121
$13,260
$3,060
$76.50
Kansas
$154,538
$12,878
$2,971
$74.30
Georgia
$150,529
$12,544
$2,894
$72.37
Louisiana
$149,706
$12,475
$2,878
$71.97
West Virginia
$138,728
$11,560
$2,667
$66.70
Florida
$133,219
$11,101
$2,561
$64.05
Source: ZipRecruiter
Pediatrician Job Considerations for Pay & Benefits
Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.
Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage. 💡 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 Pediatrician Salary
The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.
However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.
It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.
Recommended: How Much House Can I Afford?
The Takeaway
Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.
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FAQ
Can you make 100k a year as a pediatrician?
Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.
Do people like being a pediatrician?
Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.
Is it hard to get hired as a pediatrician?
The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.
Photo credit: iStock/alvarez
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As we head into peak home-buying season, signs of life have begun to spring up in the housing market.
Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Moreover, the National Association of Realtors agreed to a monumental $418 million settlement on March 15 following a verdict favoring home sellers in a class action lawsuit. Still subject to court approval, the settlement requires changes to broker commissions that will upend the buying and selling model that has been in place for years.
Housing Market Forecast for 2024
Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond.
“The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.
U.S. home prices declined in January for the third consecutive month due to high borrowing costs, according to the latest S&P CoreLogic Case-Shiller Home Price Index. But prices year-over-year jumped 6%—the fastest annual rate since 2022.
Chief economist at First American Financial Corporation Mark Fleming predicts a “flat stretch” ahead.
“If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Will the Housing Market Finally Recover in 2024?
For a housing recovery to occur, several conditions must unfold.
“For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
And, of course, mortgage rates would need to cool off—which experts say is imminent despite rates edging back up toward 7%. For the week ending April 11, the 30-year fixed mortgage rate stood at 6.88%, according to Freddie Mac.
However, when mortgage rates finally go on the descent, Gumbinger says don’t hope they cool too quickly. Rapidly falling rates could create a surge of demand that wipes away any inventory gains, causing home prices to rebound.
“Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once,” Gumbinger says.
He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year.
“[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.
NAR Settlement Rocks the Residential Real Estate Industry
Following years of litigation, the National Association of Realtors (NAR) has agreed to pay $418 million to settle a series of antitrust lawsuits filed in 2019 on behalf of home sellers.
The plaintiffs claimed that the leading national trade association for real estate brokers and agents “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
Though the landmark settlement is subject to court approval, most consider it a done deal.
The settlement requires NAR to enact new rules, including prohibiting offers of broker compensation on multiple listing services (MLS), the private databases that allow local real estate brokers to publish and share information about residential property listings. The rule is set to take effect in mid-July, once the settlement receives judge approval.
Moreover, sellers will no longer be required to pay buyer broker commissions and real estate agents participating in the MLS must establish written representation agreements with their buyer clients.
NAR denies any wrongdoing and maintains that its current policies benefit buyers and sellers. The organization believes it’s not liable for seller claims related to broker commissions, stating that it has never set commissions and that commissions have always been negotiable.
How Will the New Rules Impact the Buying and Selling Process?
Per the settlement’s terms, the costs associated with buying and selling a home are set to change dramatically.
“The primary things that will change are the decoupling of the seller commission and the buyer commission in the MLS,” says Rita Gibbs, a Realtor at Realty One Group Integrity in Tucson. “It’s gonna cause some chaos.”
While sellers will no longer be able to offer broker compensation in the MLS, there’s no rule prohibiting off-MLS negotiations. Because of this, Gibbs suspects buyers and sellers will continue offering broker compensation off the MLS.
The Department of Justice confirmed it will permit listing brokers to display compensation details on their websites. However, buyer agents will need to undergo the tedious task of visiting countless broker websites to find who’s offering what.
Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling.
“We often work with buyers for many months and sometimes years before they find exactly what they’re looking for,” Gorkowski says. “So in a case where a seller isn’t offering a co-broker commission, we will have to negotiate that the buyer pays an agreed-upon commission prior to starting their search.”
The Changes Will Impact These Home Buyers Most
“In the short term, it is absolutely going to injure buyers, especially FHA and VA buyers,” Gibbs says. “With rare exception, these buyers are not in a position to pay for their own agent.”
Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented.
Gorkowski notes that veterans taking out VA loans face a unique challenge under the new rules. “[P]er the VA requirements, buyers cannot pay so it must be negotiated with the seller for now.”
As a result, NAR is calling on the U.S. Department of Veterans Affairs to revise its policies prohibiting VA buyers from paying broker commissions. Even so, there’s skepticism that the federal government will be able to implement changes in time for the July deadline.
Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so.
In this situation, agents would likely only show buyers homes where sellers are offering compensation.
“This is a very troubling situation,” Gorkowski says.
Housing Inventory Forecast for 2024
With many homeowners “locked in” at ultra-low interest rates or unwilling to sell due to high home prices, demand continues to outpace housing supply—and likely will for a while—even as some homeowners may finally be forced to sell due to major life events such as divorce, job changes or a growing family.
“I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024,” says Rick Sharga, founder and CEO of CJ Patrick Company, a market intelligence and business advisory firm.
Housing stock remains near historic lows—especially entry-level supply—which has propped up demand and sustained ultra-high home prices. Here’s what the latest home values look like around the country.
Yet, some hopeful housing stock signs have begun to sprout:
Existing inventory is showing signs of loosening as impatient buyers and sellers have begun to accept the reality of mortgage rates oscillating between 6% and 7%.
Home-builder outlook also continues to get sunnier, trending back up amid declining mortgage rates and better building conditions.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, saw a fourth consecutive monthly rise, surpassing a crucial threshold with an increase from 48 to 51 in March. A reading of 50 or above means more builders see good conditions ahead for new construction.
At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
Residential Real Estate Stats: Existing, New and Pending Home Sales
Though some housing market data indicates signs of growth are in store this spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.
Here’s what the latest home sales data has to say.
Existing-Home Sales
Existing-home sales came to life in February, shooting up 9.5% from the month before, according to the latest data from the NAR. Sales dipped 3.3% from a year ago.
Experts attribute the monthly jump to a bump in inventory.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, chief economist at NAR, in the report.
Existing inventory rose 5.9%—logging 1.07 million unsold homes at the end of February. However, there are still only 2.9 months of inventory at the current sales pace. Most experts consider a balanced market falling between four and six months.
Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record.
New Home Sales
Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Census Bureau and HUD data.
Amid a high percentage of homeowners still locked in to low mortgage rates, home builders have been picking up the slack.
“New construction continues to be an outsized share of the housing inventory,” said Dr. Lisa Sturtevant, chief economist at Bright MLS, in an emailed statement.
Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.
The median price for a new home in February was $400,500, down 7.6% from a year ago.
Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development
Pending Home Sales
NAR’s Pending Homes Sales Index rose 1.6% in February from the month prior even as mortgage rates approached 7% by the end of the month. Pending transactions declined 7% year-over-year.
A pending home sale marks the point in the home sales transaction when the buyer and seller agree on price and terms. Pending home sales are considered a leading indicator of future closed sales.
The Midwest and South saw monthly transaction gains while the Northeast and West saw declines due to affordability challenges in those higher-cost regions.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said Yun, in the report.
Ongoing Affordability Challenges Could Throw Cold Water on Spring Home-Buying Hopes
Though down from its 2023 high of 7.79%, the average 30-year fixed mortgage rate in 2024 remains well over 6% amid rising home values. As a result, home buyers continue to face affordability challenges.
According to data from its first-quarter 2024 U.S. Home Affordability Report, property data provider Attom found that median-priced single-family homes remain less affordable than the historical average in over 95% of U.S. counties.
For one, the data uncovered that expenses are eating up more than 32% of the average national wage. Common lending guidelines require monthly mortgage payments, property taxes and homeowners insurance to comprise 28% or less of your gross income.
At the same time, home prices and homeownership expenses continue to outpace wage growth.
Consequently, the latest expense-to-wage ratio is hovering at one of the highest points over the past decade, according to the Attom report, despite some slight affordability improvements over the last two quarters.
“Affording a home remains a financial stretch, or a pipe dream, for so many households,” said Rob Barber, CEO at Attom.
Pro Tips for Buyers and Sellers
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Pro Tips for Buying in Today’s Real Estate Market
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Know your budget. Instead of focusing on price, figure out how much you can afford as a monthly payment. Your monthly housing payment is influenced by the price of the home, your down payment, mortgage rate, loan term, home insurance and property taxes.
Be flexible about home size and location. Perhaps your budget is sufficient for a small home in your perfect neighborhood, or a larger, newer home further out. Understanding your priorities and having some flexibility can help you move quickly when a suitable home enters the market.
Keep an eye on the market where you hope to buy. Determine the area’s available inventory and price levels. Also, pay attention to how quickly homes sell. Not only will you be tuned in when something great hits the market, you can feel more confident moving forward with purchasing a well-priced home. A real estate agent can help with this.
Don’t be discouraged. Purchasing a home is one of the largest financial decisions you’ll ever make. Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.
Pro Tips for Selling in Today’s Real Estate Market
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
Research comparable home prices in your area. Sellers need to have the most up-to-date pricing intel on comparable homes selling in their market. Know the market competition and price the home competitively. In addition, understand that in some price points it’s a buyer’s market—you’ll need to be prepared to make some concessions.
Make sure your home is in top-notch shape. Homes need to be in great condition to compete and create a strong “online curb appeal.” Well-maintained homes and attractive front yards are major features that buyers look for.
Work with a local real estate agent. A real estate agent or team with a strong local marketing presence and access to major real estate portals can offer significant value and help you land a great deal.
Don’t put off issues that require attention. Prepare the home by making any repairs or improvements. Removing any objections that buyers may see helps focus the buyer on the positive attributes of the home.
Will the Housing Market Crash in 2024?
Despite some areas of the country experiencing monthly price declines, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.
“[T]he record low supply of houses on the market protects against a market crash,” says Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, a non-QM lender.
Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
This outlook aligns with what other housing market watchers expect.
“Comerica forecasts that national house prices will rise 2.9% in 2024,” said Bill Adams, chief economist at Comerica Bank, in an emailed statement.
Divounguy also notes that several factors, including Millennials entering their prime home-buying years, wage growth and financial wealth are tailwinds that will sustain housing demand in 2024.
Even so, with fewer homes selling, Dan Hnatkovskyy, co-founder and CEO of NewHomesMate, a marketplace for new construction homes, sees a price collapse within the realm of possibility, especially in markets where real estate investors scooped up numerous properties.
“If something pushes that over the edge, the consequences could be severe,” said Hnatkovskyy, in an emailed statement.
Will Foreclosures Increase in 2024?
In February, total foreclosure filings were down 1% from the previous month but up 8% from a year ago, according to Attom.
“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” said Barber, in a report.
Lenders began foreclosure on 22,575 properties in February, up 4% from the previous month and 11% from a year ago. Meanwhile, real estate-owned properties, or REOs, which are homes unsold at foreclosure auctions and taken over by lenders, spiked year-over-year in three states: South Carolina (up 51%), Missouri (up 50%) and Pennsylvania (up 46%).
Despite foreclosure activity trending up nationally and certain areas of the country seeing notable annual increases in REOs, experts generally don’t expect to see a wave of foreclosures in 2024.
“Foreclosure activity is still only at about 60% of pre-pandemic levels … and isn’t likely to be back to 2019 numbers until sometime in mid-to-late 2024,” says Sharga.
The biggest reasons for this, Sharga explains, are the strength of the economy—we’re still seeing low unemployment and steady wage growth—along with excellent loan quality.
Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures.
Sharga says that some 80% of today’s homeowners have more than 20% equity in their property. So, while there may be more foreclosure starts in 2024—due in part to Covid-era mortgage relief programs phasing out—foreclosure auctions and lender repossessions should remain below 2019 levels.
When Will Be the Best Time To Buy a Home in 2024?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down. But if you’re trying to predict what might happen next year, experts say this is probably not the best home-buying strategy.
“The housing market—like so many other markets—is almost impossible to time,“ Divounguy says. “The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Gumbinger agrees it’s hard to tell would-be homeowners to wait for better conditions.
“More often, it seems the case that home prices generally keep rising, so the goalposts for amassing a down payment keep moving, and there’s no guarantee that tomorrow’s conditions will be all that much better in the aggregate than today’s.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Frequently Asked Questions (FAQs)
Will declining mortgage rates cause home prices to rise?
Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
The median annual salary for detectives is $52,120 for the most recent year reviewed, according to the Bureau of Labor Statistics.
This can be an exciting career for many people. Is there anything quite as satisfying as solving a big mystery? For anyone who is passionate about putting the puzzle pieces together until they discover the truth, working as a detective could be a dream job.
Read on to learn more about this career path. In addition to how much a detective makes a year, you can find out about the responsibilities and benefits involved.
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What Are Detectives?
Working as a private detective involves searching and piecing together financial, legal, and personal matters to help get to the root of an unanswered question. For example, private detectives can help find missing persons or investigate cybercrimes. Here’s a quick breakdown of some common on-the-job responsibilities that detectives tackle on a daily basis:
• Conduct interviews to help collect information
• Pursue evidence
• Review civil judgments and criminal history
• Plan and execute surveillance
• Search records (court, public, and online).
Some private detectives work for themselves and offer their services to a variety of clients, whereas others work for businesses, like law firms.
Regardless of where one works, being a detective can involve a good number of interviews and interpersonal interaction. For this reason, it may not be a good job for antisocial people. 💡 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 Detectives Make a Year?
In the early days of their career, detectives can expect to earn less until they gain more experience and a strong reputation for their sleuthing skills. When it comes to entry-level detective work, competitive pay can be fairly low. The lowest 10% of detective earners made less than $33,710 per year.
However, there is considerable room for improvement when it comes to salary for this role. The highest 10% earn more than $92,660 annually. This indicates that it can be possible to earn $100,000 per year as a detective.
Recommended: Work-at-Home Jobs for Retirees
What is the Average Salary for a Detective?
Some detectives earn an annual salary (a median of $52,120), but others earn an hourly wage. How much does a detective make an hour? The median hourly wage is $25.06.
How much someone earns on average working as a detective can vary based on where they live and the industry they work in. When it comes to working in different industries, these are the median annual wages for detectives in a few different industries for the most recent year available:
• Government: $64,220
• Professional, scientific, and technical services: $61,280
• Investigation, guard, and armored car services: $47,280
• Retail trade: $37,290
The state someone works in also plays a big role in their earning potential. The following table highlights how average detective wages can vary by state, with salaries listed from highest to lowest.
What is the Average Detective Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Wisconsin
$68,202
$5,683
$1,311
$32.79
Alaska
$66,013
$5,501
$1,269
$31.74
Massachusetts
$65,834
$5,486
$1,266
$31.65
Oregon
$65,791
$5,482
$1,265
$31.63
New Mexico
$65,593
$5,466
$1,261
$31.54
North Dakota
$65,592
$5,466
$1,261
$31.53
Washington
$65,380
$5,448
$1,257
$31.43
Minnesota
$64,657
$5,388
$1,243
$31.09
Hawaii
$64,277
$5,356
$1,236
$30.90
Ohio
$63,203
$5,266
$1,215
$30.39
Colorado
$62,621
$5,218
$1,204
$30.11
Nevada
$62,417
$5,201
$1,200
$30.01
South Dakota
$61,992
$5,166
$1,192
$29.80
New York
$61,597
$5,133
$1,184
$29.61
Iowa
$61,016
$5,084
$1,173
$29.33
Rhode Island
$60,938
$5,078
$1,171
$29.30
Connecticut
$60,392
$5,032
$1,161
$29.03
Tennessee
$60,347
$5,028
$1,160
$29.01
Vermont
$60,038
$5,003
$1,154
$28.86
Utah
$59,824
$4,985
$1,150
$28.76
Mississippi
$59,304
$4,942
$1,140
$28.51
Delaware
$59,138
$4,928
$1,137
$28.43
Virginia
$58,393
$4,866
$1,122
$28.07
Illinois
$57,890
$4,824
$1,113
$27.83
Maryland
$57,300
$4,775
$1,101
$27.55
New Jersey
$56,643
$4,720
$1,089
$27.23
California
$56,576
$4,714
$1,088
$27.20
Louisiana
$56,450
$4,704
$1,085
$27.14
Pennsylvania
$56,431
$4,702
$1,085
$27.13
Nebraska
$56,157
$4,679
$1,079
$27.00
Kansas
$55,812
$4,651
$1,073
$26.83
Missouri
$55,599
$4,633
$1,069
$26.73
Maine
$55,350
$4,612
$1,064
$26.61
South Carolina
$55,077
$4,589
$1,059
$26.48
New Hampshire
$54,828
$4,569
$1,054
$26.36
Oklahoma
$54,383
$4,531
$1,045
$26.15
Idaho
$54,051
$4,504
$1,039
$25.99
Wyoming
$54,049
$4,504
$1,039
$25.99
North Carolina
$53,940
$4,495
$1,037
$25.93
Texas
$53,624
$4,468
$1,031
$25.78
Indiana
$53,401
$4,450
$1,026
$25.67
Arizona
$52,297
$4,358
$1,005
$25.14
Kentucky
$52,131
$4,344
$1,002
$25.06
Michigan
$51,864
$4,322
$997
$24.94
Montana
$51,509
$4,292
$990
$24.76
Alabama
$50,866
$4,238
$978
$24.46
Arkansas
$49,398
$4,116
$949
$23.75
Georgia
$47,386
$3,948
$911
$22.78
West Virginia
$43,583
$3,631
$838
$20.95
Florida
$41,937
$3,494
$806
$20.16
Source: ZipRecruiter
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Detective Job Considerations for Pay & Benefits
Detectives who work for businesses such as large corporations or law firms on a full-time basis often receive employer-sponsored benefits as a part of their compensation package. These benefits can include paid time off, retirement accounts with employer contribution matches, and health insurance.
However, many detectives work on a part-time basis or are self-employed and then are on the hook for supplying their own benefits which can be quite expensive.
Recommended: The Highest Paying Jobs in the US
Pros and Cons of Detective Salary
Detectives can earn a very good salary, and the work can be very interesting.
However, the tradeoff may not be worth it for some. Working as a detective often involves long and varied hours due to the nature of their work — especially when they are conducting surveillance. Some people may find that working on weekends, nights, or holidays isn’t worth the salary. It simply may not align with their career goals and the desired work-life balance.
The Takeaway
Skilled detectives stand to earn a lot of money (close to six figures) as they work their way up in their industry. This can be a very exciting, but also extremely demanding role.
With SoFi, you can keep tabs on how your money comes and goes.
FAQ
Can you make 100k a year as a detective?
It is possible to make $100,000 a year or more as a detective. The top 10% of earners in this field make $92,660 or more per year. As a detective gains years of experience and improves their skills, they can expect to earn more competitive pay.
Do people like being a detective?
Many people pursue a career as a detective because they are passionate about the work they do and enjoy a lot of satisfaction from their job. It’s worth noting that this job can require a lot of personal interactions and may not be the best fit for anyone who is antisocial.
Is it hard to get hired as a detective?
Getting hired as a detective can be competitive, but there is currently anticipated to be 3,800 openings for private detectives each year until 2032. There is also a projected 6% growth in employment opportunities, so someone with the right qualifications should be able to find a job in this field.
Photo credit: Andrii Lysenko
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.
Welcome to Pennsylvania, a state steeped in history, brimming with diverse landscapes, and home to lively cities that offer unique living experiences. From the bustling metropolis of Philadelphia, known for its iconic landmarks, to the picturesque streets of Pittsburgh, a hub of innovation and creativity, there’s a lot to explore in this state. This ApartmentGuide article will take you through the pros and cons of living in Pennsylvania, so you can decide if this state is right for you.
Renting in Pennsylvania snapshot
1. Pro: Iconic historical sites
Pennsylvania is steeped in American history, home to well-known landmarks such as the Liberty Bell and Independence Hall in Philadelphia to the Gettysburg National Military Park in Gettysburg. These sites offer residents and visitors alike a unique opportunity to walk through the corridors of American history, experiencing the birthplace of the nation’s independence firsthand.
2. Con: Humid summers
Pennsylvania experiences high humidity levels during the summer months, creating discomfort for residents and impacting outdoor activities. The combination of the summer heat ranging from 70-90 degrees Fahrenheit, and high humidity levels can make outdoor excursions feel stifling and exhausting, requiring extra precautions to stay cool and hydrated.
3. Pro: Diverse landscapes
From the urban landscapes of Philadelphia and Pittsburgh to the scenic beauty of the Pocono Mountains and the shores of Lake Erie, Pennsylvania offers a diverse range of environments. This diversity allows for a multitude of outdoor activities, including hiking, skiing, and beach outings, catering to all sorts of preferences and lifestyles.
4. Con: Infrastructure challenges
Pennsylvania grapples with aging infrastructure, evident in its roads, bridges, and public transportation systems, which often suffer from disrepair and congestion. The state’s infrastructure report card is a C-, highlighting the urgent need for upgrades to address deficiencies and ensure public safety. These infrastructure challenges not only inconvenience residents with frequent road closures and delays but also pose risks to motorists and commuters.
5. Pro: Educational opportunities
Pennsylvania is home to some of the nation’s top universities, including the University of Pennsylvania, Carnegie Mellon University, and Penn State. These institutions not only provide excellent educational opportunities but also contribute to vibrant local economies and cultural scenes throughout the state.
6. Con: Property taxes
Pennsylvania imposes a relatively high property tax rate of 1.36%, surpassing the national average of 0.99%, which can significantly impact homeowners’ financial burden. This disparity is worth noting for those considering transitioning from renting to homeownership, as it adds to the overall cost of owning property in the state. This can affect affordability and the cost of living for residents, making it challenging for some to maintain homeownership.
7. Pro: Culinary diversity
The state’s culinary scene is a reflection of its cultural diversity, offering everything from traditional Pennsylvania Dutch dishes to modern American cuisine. Cities like Philadelphia are renowned for their food, including the iconic Philly cheesesteak, attracting food lovers from all over.
8. Con: Air quality issues
Industrial activities and traffic congestion contribute to air quality issues in certain areas of Pennsylvania, particularly in its larger cities like Philadelphia and Pittsburgh. These cities are known for their industrial history, which has left a legacy of pollution and environmental challenges. Poor air quality can have significant impacts on residents’ health, especially those with respiratory conditions.
The median annual pay for a sonographer is $78,210 annually for the most recent year studied, according to the Bureau of Labor Statistics. Working as a sonographer is a great way to enter the medical field without having to pursue an expensive advanced degree. Typically, only an associate’s degree is needed to work as a sonographer, which can be obtained quickly and affordably.
Read on to learn more about how much a sonographer can earn and what it’s like to work as this kind of professional.
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What Are Sonographers?
A sonographer — also known as a diagnostic medical sonographer — uses sonography technology and tools to create images typically known as ultrasounds or sonograms. These images can give us a detailed look at organs and tissues within the body or of embryos and fetuses. There are many different types of sonographers who specialize in distinct areas of medicine, such as:
• Abdominal sonographers
• Breast sonographers
• Cardiac sonographers (echocardiographers)
• Musculoskeletal sonographers
• Pediatric sonographers
• Obstetric and gynecologic sonographers
• Vascular technologists (vascular sonographers).
As briefly mentioned above, training for this career usually doesn’t involve medical school and its cost. Instead, diagnostic medical sonographers may obtain a bachelor’s degree, an associate’s degree, or perhaps a vocational school degree or hospital training program certificate. Some may be trained in the Armed Forces.
It’s also worth noting that working as a sonographer will likely involve a high degree of patient interaction. For this reason, it may not be a good job for introverts. 💡 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 Sonographers Make a Year?
Entry-level sonographers should expect their salary to be on the lower side until they gain more experience. The lowest 10% of earners make less than $61,430 per year.
However, the top 10% of earners working as sonographers make more than $107,730, meaning this is a career path that can lead to a job that pays $100,000 a year.
In addition to experience level, other aspects that can lead to competitive pay is your geographical location (big city vs. rural community) and whether the employer is a major hospital network, say, or a small, independent medical office.
Recommended: What Trade Earns the Most Money?
What is the Average Salary for a Sonographer?
Those who work full-time as a sonographer can expect to earn a median annual salary of $78,210. However, some sonographers choose to work part-time and are paid by the hour. In terms of how much a sonographer makes an hour, the median hourly pay for sonography work is $37.60 per hour.
Many factors can influence how much a sonographer earns and the state they work in is a major one. The following table illustrates how average sonographer salaries can vary significantly by state, with earnings shown from highest to lowest.
What is the Average Sonographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
New York
$130,753
$10,896
$2,514
$62.86
Pennsylvania
$119,728
$9,977
$2,302
$57.56
New Hampshire
$117,077
$9,756
$2,251
$56.29
New Jersey
$115,302
$9,608
$2,217
$55.43
Wyoming
$114,058
$9,504
$2,193
$54.84
Washington
$113,902
$9,491
$2,190
$54.76
Wisconsin
$113,086
$9,423
$2,174
$54.37
Massachusetts
$113,082
$9,423
$2,174
$54.37
Alaska
$112,787
$9,398
$2,168
$54.22
Oregon
$111,873
$9,322
$2,151
$53.79
Indiana
$111,695
$9,307
$2,147
$53.70
North Dakota
$111,668
$9,305
$2,147
$53.69
Hawaii
$109,499
$9,124
$2,105
$52.64
Arizona
$109,385
$9,115
$2,103
$52.59
New Mexico
$108,705
$9,058
$2,090
$52.26
Colorado
$107,986
$8,998
$2,076
$51.92
Minnesota
$107,959
$8,996
$2,076
$51.90
Montana
$107,737
$8,978
$2,071
$51.80
Nevada
$106,643
$8,886
$2,050
$51.27
Alabama
$106,391
$8,865
$2,045
$51.15
South Dakota
$105,538
$8,794
$2,029
$50.74
Vermont
$105,369
$8,780
$2,026
$50.66
Ohio
$105,308
$8,775
$2,025
$50.63
Rhode Island
$103,621
$8,635
$1,992
$49.82
Iowa
$102,378
$8,531
$1,968
$49.22
Delaware
$102,241
$8,520
$1,966
$49.15
Connecticut
$102,051
$8,504
$1,962
$49.06
Virginia
$101,059
$8,421
$1,943
$48.59
Mississippi
$100,644
$8,387
$1,935
$48.39
Tennessee
$100,545
$8,378
$1,933
$48.34
Utah
$100,028
$8,335
$1,923
$48.09
Illinois
$99,727
$8,310
$1,917
$47.95
Georgia
$99,110
$8,259
$1,905
$47.65
Maryland
$99,089
$8,257
$1,905
$47.64
California
$98,791
$8,232
$1,899
$47.50
Nebraska
$97,188
$8,099
$1,869
$46.73
Maine
$96,740
$8,061
$1,860
$46.51
Missouri
$96,025
$8,002
$1,846
$46.17
South Carolina
$95,081
$7,923
$1,828
$45.71
Kansas
$94,735
$7,894
$1,821
$45.55
Idaho
$94,316
$7,859
$1,813
$45.34
Louisiana
$94,256
$7,854
$1,812
$45.32
Oklahoma
$94,119
$7,843
$1,809
$45.25
Texas
$93,511
$7,792
$1,798
$44.96
North Carolina
$93,119
$7,759
$1,790
$44.77
West Virginia
$92,468
$7,705
$1,778
$44.46
Kentucky
$89,668
$7,472
$1,724
$43.11
Michigan
$89,461
$7,455
$1,720
$43.01
Florida
$87,711
$7,309
$1,686
$42.17
Arkansas
$85,099
$7,091
$1,636
$40.91
Source: ZipRecruiter
Sonographer Job Considerations for Pay & Benefits
If a sonographer chooses to work part-time, they may not gain access to the same suite of valuable employee benefits that full-time sonographers typically earn. While employee benefits can vary by employer, full-time sonographers can generally expect to receive healthcare coverage, paid time off, and retirement plans as a part of their overall compensation package. 💡 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 Sonographer Salary
One of the biggest pros associated with a sonographer’s salary is that they don’t have to take on expensive medical school debt — which can really eat into a worker’s monthly budget. An associate’s degree or a postsecondary certificate may be required but will cost less than pursuing other degree requirements commonly found in the medical field.
Regarding cons, some may find the salary doesn’t outweigh the hardships of the job. Many sonographers work nights and weekends and are on their feet for long periods of time.
Recommended: Pros and Cons of Minimum Wage
The Takeaway
Sonographers currently earn an average of $78,210 per year. They have a very valuable medical-service skill set, and demand for that skill is growing. It’s anticipated that job openings for this role will grow by 10% from 2022 to 2032, which is above the national average rate. As they navigate their careers, sonographers will likely want to make progress in their financial lives, with smart budgeting and saving.
SoFi helps you stay on top of your finances.
FAQ
Can you make 100k a year as a sonographer?
It is possible to earn $100,000 or more each year as a sonographer. On average, sonographers in the state of New York earn $130,753 per year. Where someone lives, how many years of experience they have, and their specialty can all impact how much they earn.
Do people like being a sonographer?
Working as a sonographer is a great fit for anyone who finds the work interesting and who enjoys patient interaction. Because this role requires so much patient care throughout the day, it’s not the best fit for those who are antisocial.
Is it hard to get hired as a sonographer?
Around 9,600 openings for diagnostic medical sonographers are anticipated to be available each year. Because of this high demand, if someone has the right education and qualifications, they should be able to find work as a sonographer.
Photo credit: iStock/dusanpetkovic
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.
Legislation targeting LGBTQ+ communities is intensifying across U.S. states. Since 2022, the number of states banning gender-affirming care has risen from four to 23, and 21 states banned or restricted abortion. Two-thirds of states also currently have laws on the books that criminally penalize certain activities based on a person’s HIV-positive status.
Recent Washington Post analysis of FBI crime data reveals that hate crimes in K-12 schools have more than quadrupled in response to restrictive laws.
In 2017, long before the most recent legislation, a survey by National Public Radio, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health found more than half of the LGBTQ+ community regularly reported experiencing threats, harassment or violence due to their sexuality or gender identity.
It stands to reason that community members may wonder how to plan for their safety and well-being. If you need to move due to safety concerns — and have some time to prepare for the move — any financial planning you can do beforehand will go a long way. Consider the following six tips from financial and LGBTQ+ experts around the country.
How to financially prepare for a move (if you can)
1. Evaluate your assets and expenses
Taking stock of your income, expenses and assets can help you figure out what it will take to make your move a reality. Lindsey Young, a certified financial planner in Baltimore, says reviewing regular expenses, moving expenses and any costs you may face from temporary unemployment can help you understand where your money is going and plan where you want it to go.
Moving is expensive, and the LGBTQ+ community already tends to earn less than straight and cisgender workers on average, according to a Human Rights Campaign analysis of full-time LGBTQ+ workers and Bureau of Labor Statistics data. Transgender men and women, LGBTQ+ people of color and LGBTQ+ women face even more pronounced pay gaps and discrimination.
However, the LGBTQ+ community also has a rich history of supporting one another through mutual aid. So, check with your support network to see what’s available. Be aware that seeking help and support is normal, especially during challenging political moments.
2. Acquire cash on hand
Once you know how much money you need, consider how you might get it and create cash flow, says Young. For example, can you take on extra shifts at work? A second job? Can your chosen family or a GoFundMe make up the difference?
If you need to move but don’t have cash, says Young, consider what existing lines of credit you can access, such as a home equity line of credit, or HELOC, or credit card.
Also, consider whether you would want — or be able — to take on repaying new debt over the next several months or years. Are you more comfortable taking on debt to make a move happen, or would you prefer to tough it out where you are? Young says there is no correct answer, and it’s a matter of “understanding what their priorities are to really figure out what the right path forward is.”
3. Assemble your documents and back them up
Wherever you are, it’s always helpful to get your important documents together in one place. Make photocopies of anything important, such as medical records and personal IDs, and upload them to a safe cloud location so you can access them anywhere.
4. Specify your power of attorney
Officially designating who will make medical and financial decisions on your behalf is essential to putting someone you trust in charge if something happens to you. Make your will and choose your power of attorney so one isn’t chosen for you.
This step is crucial for anyone concerned that their biological family members (or the state) might try to challenge their wishes, even if they’re married. If your situation is complicated, finding an attorney who specializes in LGBTQ+ clients can help ensure that your wishes are followed despite any contentious family relationships you may have.
The risk of not planning can include that your wishes and loved ones aren’t honored, says Frank Summers, a certified financial planner in Charlotte, North Carolina. “I know of situations in which the estate of somebody who passed away went to a family member who did not approve of their relationship, who didn’t like gay people and proceeded to make the life of the surviving partner extraordinarily difficult when that person is dealing with a tremendous and profound grief,” says Summers.
5. Connect to members of your community, old and new
Connecting to an LGBTQ+ organization or group in a new city might make you feel safer, as well as possibly open up connections to new jobs, health care providers and relationships.
As director of transgender services at The Center on Colfax in Denver, Sable Schultz has seen a significant uptick in people connecting to peer support group services in person and online as they prepare to move to Colorado. Considered a “refugee” state, Colorado has sheltered thousands of newcomers in 2024, and its Medicaid coverage includes gender-affirming services.
Summers sees particular groups of people impacted by legislation — trans and nonbinary people, people wanting to start families, people with children and people who require ongoing care. Needing to access care and not knowing if you’ll be able to get it (or, if you can get access, not knowing if you’ll receive care with respect) can be overwhelming and scary, especially in a state like North Carolina that recently banned gender-affirming care and severely restricted abortion.
So wherever you’re headed, identify a support group, Queer Exchange, Facebook affinity group, or a social service provider that can connect you with housing, medical care, community or other support nearby.
6. Plan a safe travel route
If you’re getting on the road, consider how you can safely get from one place to another, including where you can use the restroom. Be sure to check in with local queer groups to identify where travelers have successfully stopped and stayed in the past.
If moving or traveling requires you to go through states targeting the LGBTQ+ community, particularly trans and nonbinary people, make a plan for how you can drive along large interstates and stop in larger towns and cities, or at least places that identify themselves as allies to the community.
What to do if you have to move and can’t prepare
Conversations about money aren’t usually related to an immediate life or death scenario, but for too many members of the LGBTQ+ community, that is the current reality. Safety is top of mind, especially given the ongoing rise in hate crimes.
Schultz describes Colorado as a refugee state because it mandates health care protections — including requiring gender-affirming care of Medicaid services — as well as general protections around gender identity and gender expression.
Other states where gender-affirming care is practiced include Alaska, California, Connecticut, Delaware, Hawaii, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, Wisconsin, and Wyoming; and Washington, D.C.
If you’d feel safer in any of these states, it’s possible even a lack of financial planning shouldn’t keep you from making the move. For those who are currently unhoused or living out of their car, says Schultz, sometimes “it’s at least safer to be unhoused here [in Colorado] than it would be to be wherever they were. And they can at least get the health care that they need.”
There’s no shame in doing what you must to get to a safer place where you are valued and wanted. And if you’re an ally to the LGBTQ+ community, check in on your loved one. Consider what emotional, financial or other support you can offer them during this challenging time.
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:
Last month, Northeast regional lender WSFS Mortgage released the results of a survey that measured reverse mortgage product sentiments. It found that more people seem to be aware of the potential value that a reverse mortgage could provide for older homeowners, including as a tool to age in place and to provide greater cash flow in retirement.
Despite the more regional focus of WSFS Mortgage’s reverse mortgage offerings — which offers the loans through its brokerage — the survey itself was conducted nationwide with a research company enlisting responses from 750 homeowners at or over the age of 60.
To get a better idea of what motivated the survey and its desire to learn more about reverse mortgages, RMD sat down with WSFS Mortgage President Jeffrey Ruben.
The education gap
The reverse mortgage industry has long made serious investments in educational programs, particularly when looking at the efforts of current and former major lenders in the space like Finance of America Reverse (FAR), American Advisors Group (AAG) and others. In terms of what motivated the company to conduct the survey, Ruben describes a perceived disconnect between the utility of the product category and its reputation.
“The ‘aha’ moment was really validating an assumption we had going into it, that there is this large education gap,” Ruben said. “Whenever there’s a chance to educate and let people know how this product works, [the industry] all about it, and that’s where we are as well. We feel that as a product, it suffers from a lack of information and a lot of misinformation. I think the survey bears that out.”
When asked if it is aiming to use the survey results to inform future plans with the reverse mortgage product, Ruben said that the company has a nearly 200-year old history and had been more involved in reverse mortgages in the past, but not since he joined the company roughly a decade ago.
Population trends
WSFS did in fact have a national reverse mortgage-focused subsidiary, 1st Reverse Financial Services, but elected to wind it down and shutter it in 2009. Since Ruben joined the organization, reverse mortgages have not been a major focus of the company, he said.
“Since I’ve been involved, I’ve stepped back and looked at our depositor base. We’re based in Wilmington, Delaware, we service the tri-state area of Pennsylvania, New Jersey, Delaware and some of Maryland,” he said. “And if you look at that population group, it’s an older group of Americans and our deposit base reflects that as well.”
However, Ruben describes being surprised at a generally low level of reverse mortgage activity he has seen since becoming involved, and thought about engaging in an exercise that would allow for a clearer understanding of whether or not reverse remained a viable business path for the company.
“We thought we weren’t successful in getting the word out about this product and how it can be used,” he said. “It’s not for everyone, but it definitely should be something that is in the offering, and that people can make an informed and educated decision about. Our motivation was to look at our population base, and to look at the values of homes. We have an aging population, and it just seems so ripe to make sure that our older Americans are aware of this option and this program.”
Maintaining a regional focus, program changes
Despite the results of the survey indicating more understanding of the utility of reverse mortgages, Ruben said the company has no immediate ambitions to progress beyond its regional focus brokering reverse mortgages to investors. But he didn’t completely shut the door on the prospect for the future.
“It sounds cliché, but we do like to walk before we run,” Ruben said. “We want to be able to learn how this product is going to be received. It is a much safer and financially less impactful decision to broker initially, but as we get more and more knowledge we do feel that it is a product that we could bring in-house at some point if the conditions are correct and we are comfortable with the program.”
The company will also keep an eye on the regulatory environment, and any potential changes that the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA) may choose to make to the Home Equity Conversion Mortgage (HECM) program, he said.
But the involvement of the HECM program’s stewards likely helps what could be a delayed process of recognition for the HECM product due to its age restriction, he said.
“When the government came in and started setting a real good guideline foundation for this product, I believe it caught and continues to catch interest,” he said. “It’s not fully adopted, but more and more financial advisors who are working with individuals in retirement planning are starting to recognize the value and the potential opportunity for a reverse mortgage to help with that retirement cash flow, which is usually the main goal of a successful retirement plan.”
A lack of product awareness is giving way to people who are starting to think in longer terms about their financial futures, Ruben has observed.
“I see even in our own bank, younger people today are really focused on a 30-year and 40-year plan for when they retire someday,” he said. “So, I think it will become a tool and a financial instrument that people will learn about earlier in their life, today and in the future.”
Buying a home can be exciting, exhausting and, no matter how smoothly the process may go, one of the most stressful things you can do in life. Not having enough money to adequately finance a purchase makes it all the more daunting. Fortunately, there are first-time homebuyer programs available in every state, making it easier for many people to access the resources they need to buy their new home, and to feel more secure through the whole process.
Keep in mind that first-time homebuyers don’t actually have to be buying their first home. A first-time homebuyer is defined as anyone who hasn’t had an ownership interest in a primary home in the past three years.
The U.S. Department of Housing and Urban Development (HUD) also includes in its list of qualified homebuyers:
• A single parent who has only owned a home with a partner while married
• A displaced homemaker who has only owned a home with a spouse
• Someone who has owned a principal residence not permanently affixed to a permanent foundation
• Someone who has only owned a property that wasn’t in compliance with state, local, or model building codes
Here are the homebuyer programs that qualified first-time buyers have available to them in the Northeast:
Maine
Thinking of buying a home in the land of lobster and lighthouses? You’ll want to learn about the market and assess your financial situation before you start searching for a home mortgage loan. (A guide to the different types of mortgage loans can help.)
The scoop on the Main market: Prices in the Pine Tree State were up 5.7% in February 2024 when compared to the prior year, with homes selling for a median of $360,200, according to Redfin. The three most competitive cities for homebuyers were Standish, South Berwich, and Gray.
💡 Learn about Maine first-time homebuyer programs
New Hampshire
The housing market in the Granite State is hot. From February 2023 to February 2024, home prices rose 12.5% to an average sale price of $447,400, according to Redfin. And 41.8% of the homes sold above their list price. Still, there are good opportunities for the first-time buyer in the state, and there are first-time homebuyer assistance programs to help you reach your homeowning goal.
💡 Learn about New Hampshire first-time homebuyer programs
Vermont
The Green Mountain State is paradise for outdoorsy types with forests, lakes, and mountains. No wonder then that the housing market has heated up: The number of homes sold increased 14.2% between February 2023 and 2024. Prices were up 6.5% as well, according to Redfin.
Homebuyers may need help to afford a home with the median price here hitting $361,300. Fortunately, the state has several programs to offer.
💡 Learn about Vermont first-time homebuyer programs
Massachusetts
Glorious New England scenery, a rich history, and diverse cultural and educational opportunities are just some of the things Massachusetts has to offer residents. It’s no wonder that home prices here outpace the national average, or that they are rising. Prices in Massachusetts were up 9.9% in the year ending February 2024, Redfin reports. The median sale price in the state is now $576,900.
At the same time, the median number of days a home stays on the market has dropped by 5 year-over-year, an indicator that the market is warming. Still, there are plenty of opportunities for the first-time homebuyer in Massachusetts.
💡 Learn about Massachusetts first-time homebuyer programs
Rhode Island
This small state is big on charm: Rhode Island’s miles of coastline offer beautiful beaches and picturesque inlets, and you’ll also find dynamic cities and rural small towns here. There’s a lot for the first-time homebuyer in Rhode Island to get excited about. But prices here are well above the national average of $342,941. The average property value is $438,711, up 8.3% year over year, according to Zillow. Wondering what a down payment would look like on a given property price? Use a mortgage down payment calculator to do the math.
💡 Learn about Rhode Island first-time homebuyer programs
Connecticut
You’re looking at a competitive market in the Constitution State: In February 2024, home prices in Connecticut were up 13.2% year-over-year. The median price of a Nutmeg State home is $375,300, according to Redfin, and the number of days a property stays on the market is declining. Fortunately you can still find affordable homes in Torrington and New Britain, among other affordable places in Connecticut.
💡 Learn about Connecticut first-time homebuyer programs
New York
The housing market in New York state can be challenging, especially for first-time buyers. Home prices in the Empire State in January 2024 were up 6.3% over the prior year, with a median sale price of $518,800. The number of days on the market dropped as well. A stunning 37% of homes sold above their listing price.
💡 Learn about New York first-time homebuyer programs
New Jersey
The Garden State saw record real estate sales in some areas in recent years as city dwellers fled to the suburbs. In the year ending February 2024, home prices in New Jersey were up 14.5% over the prior year, and the median sales price was $479,100. The median days on the market dropped 15 year-over-year to 46. Buyers in New Jersey need to prepare themselves to compete in this market.
💡 Learn about New Jersey first-time homebuyer programs
Pennsylvania
Thinking of buying a home in Pennsylvania? Prices rose 6.6% from January 2023 to January 2024, to a median of $264,700, Redfin reported. It’s a seller’s market here, so you may have to compete to get the home you want, especially in cities like New Castle (home prices were up more than 31% in a year) and Mechanicsburg (up 55.5%). Harrisburg and Lancaster ranked as some of the best affordable places to live in Pennsylvania.
💡 Learn about Pennsylvania first-time homebuyer programs
The Takeaway
Qualifying first-time homebuyers have many options available to them in the Northeast, including down payment assistance. If you’re looking to buy your first home and aren’t sure how to get started, researching homebuyer programs is a great place to start. Once you know what kind of assistance you may qualify for, it’s a good idea to estimate just how much house you can really afford using a home affordability calculator.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
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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.
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