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Average 30-year mortgage rates are hovering in the high 6% range this week after spiking close to 7% in the wake of the latest inflation report last Wednesday, according to Zillow data.
March’s Consumer Price Index data came in hotter than expected, causing mortgage rates to rise. Until inflation slows further and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are likely to remain elevated.
Depending on what incoming data shows, we could even see rates tick above 7% for the first time since November 2023.
Next week, the US Bureau of Economic Analysis will release the latest personal consumption expenditures price index. The PCE price index is the Fed’s preferred measure of inflation.
If the latest PCE numbers support the narrative that inflation is remaining stubbornly high, mortgage rates could inch up further. But the PCE price index tracks a broader range of good and services than the CPI, so it’s possible this index could show some softening that didn’t appear in the CPI report.
Ultimately, it may take a few more months of data before we see inflation cool enough for the Fed to start cutting rates. Though they were initially pricing in a rate cut at the Fed’s meeting in June, investors are now betting that we won’t get the first cut until September, according to the CME FedWatch Tool. This will likely keep mortgage rates elevated throughout the spring and summer. But we could still see them go down later in 2024.
Mortgage type | Average rate today |
Real Estate on Zillow
Mortgage type | Average rate today |
Real Estate on Zillow
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
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The current average 30-year fixed mortgage rate is 6.89%, up 28 points from where it was this time last week, according to Zillow data. This rate is also up compared to a month ago, when it was 6.53%.
At 6.89%, you’ll pay $658 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The average 20-year fixed mortgage rate is 34 points up from where it was last week, and is sitting at 6.64%. This time last month, the rate was 6.22%.
With a 6.64% rate on a 20-year term, your monthly payment will be $754 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
The average 15-year mortgage rate is 6.12%, just a single basis point higher than last week. It’s up slightly compared to this time last month, when it was 6.03%.
With a 6.12% rate on a 15-year term, you’ll pay $850 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
The 7/1 adjustable mortgage rate is up 11 basis points from a week ago, currently at 6.80%. It’s down from a month ago, when it was at 7.02%.
At 6.80%, your monthly payment would be $652 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
The average 5/1 ARM rate is 6.87%, a three-point increase from last week. It’s lower compared to where it was a month ago, when it was 7.06%.
Here’s how a 6.87% rate would affect you for the first five years: You’d pay $657 per month toward principal and interest for every $100,000 you borrow.
The average 30-year FHA interest rate is 5.93% today, which is 19 basis points up from last week. This rate was 6.09% a month ago.
At 5.93%, you would pay $595 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.
The current VA mortgage rate is 6.25%, 42 basis points higher than this time last week. This rate was 5.95% a month ago.
With a 6.25% rate, your monthly payment would be $616 toward principal and interest for every $100,000 you borrow.
The average 30-year refinance rate is 6.98%, eight basis points lower than last week. It’s also down slightly compared to a month ago, when it was 7.08%.
Here’s how a 6.98% rate would affect your monthly payments: You’d pay $664 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.
The current 20-year fixed refinance rate is 7.69%, which is up 131 basis points compared to a week ago. This rate was 6.53% this time last month.
A 7.69% rate on a 20-year term will result in a $817 monthly payment toward principal and interest for every $100,000 you borrow.
The average 15-year fixed refinance rate is 6.59%, which is 15 points higher compared to last week. It’s also up compared to this time a month ago, when it was at 6.34%.
A 6.59% rate on a 15-year term means you’ll pay $876 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
The average 7/1 ARM refinance rate is 6.49%, down 112 points from where it was last week. It’s also down a bit from a month ago, when it was 7.94%.
Refinancing into a 7/1 ARM with a 6.49% rate means your monthly payment toward principal and interest will be $631 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
The 5/1 ARM refinance rate is 6.41%, which is lower than it was this time last week. It’s also down a lot compared to this time last month, when it was 7.59%.
A 6.41% rate will result in a monthly payment of $626 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.
The 30-year FHA refinance rate is 5.95%, which is 19 points higher than last week. This rate was 5.49% this time last month.
A 5.95% refinance rate would lead to a $596 monthly payment toward the principal and interest per $100,000 borrowed.
The average 30-year VA refinance rate is 5.91%, which is up 12 points compared to where it was was last week. This rate was 5.82% a month ago.
At 5.91%, your new monthly payment would be $594 toward principal and interest for every $100,000 you borrow.
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
Source: businessinsider.com
Traveling on a plane can be a stressful endeavor, whether you’re bringing a checked bag, a whole family or extra equipment to get around. But for those who make use of a wheelchair, air travel is becoming more accessible than ever before.
Because of updated U.S. Department of Transportation policies, as well as innovations from certain airlines, flying with a wheelchair is becoming easier.
Let’s take a look at how the process works, what bringing a wheelchair on a plane entails and what changes are helping to make air travel for wheelchair users a better experience.
Air travel is meant to be accessible to everyone. Whether a traveler uses a wheelchair full time or requires one only to navigate through the airport, accessibility services are available to them.
Airlines are required to provide prompt aid to passengers needing additional assistance. This includes those who need a wheelchair to get around, and you are allowed to request one for use in the airport. If this is the case for you, you’ll want to advise the airline as early as possible.
Once you arrive at the airport, you’ll need to let the airline know that you require a wheelchair.
There are a couple of extra conditions to be aware of if you’re traveling with your own wheelchair. You can fly with a power wheelchair, but the DOT’s guidance page notes that you’ll need to arrive an hour before standard check-in time.
You can stay in your own wheelchair until you get to the gate. At this point, if your chair will not fit in the cabin, it will be taken and checked.
If necessary, the airline will then provide an aisle chair to help you get to your seat. Once landed, your wheelchair will be waiting for you at the gate.
Yes, you can check a wheelchair on a plane. This is the case for both manual wheelchairs and powered wheelchairs. Checking your medical equipment is free of charge.
However, note that some aircraft may have limitations when it comes to accepting powered wheelchairs due to their size. For example, United Airlines has recognized this and created new policies to address it (more on that below).
There are no special requirements necessary if you’re bringing your wheelchair on your flight. Eligible manual wheelchairs can be stowed in the cabin of the aircraft, whether that’s in the storage bin above you, under the seat in front of you or in the designated wheelchair storage area onboard the plane.
If your wheelchair doesn’t fit or uses a battery, it’ll be taken and checked into the cargo area for free.
In this case, we recommend labeling your wheelchair with your name and contact information and attaching any relevant handling or disassembly instructions.
Traveling with a wheelchair can be more complicated than you’d expect, which is why the government and certain airlines are adopting new strategies to help ensure dignity and respect for everyone.
The DOT has published its Bill of Rights for passengers with disbilities, which includes the right to be treated with dignity and respect, the right to accessible facilities and the right to travel with an assistive device, among other rights.
🤓Nerdy Tip
Generally speaking, it’s free to check your wheelchair or mobility device in addition to your checked bags. This includes wheelchairs (manual or electric) as well as scooters, walkers, canes and crutches.
Note that devices must meet airline battery and safety requirements.
The DOT has also enacted a rule that will require single-aisle aircraft to provide an accessible lavatory.
American Airlines asks passengers to submit assistance requests in advance because after you’ve done so, a coordinator will contact you directly to ensure everything is ready for your trip.
The airline will also work with you to book the right seat if you need extra space or have specific mobility needs.
To request wheelchair assistance, select the “Add special assistance” option during booking or in “Manage Trips” from the airline’s home page after logging in to your account. You can also request assistance by calling 800-237-7976.
Delta Air Lines has debuted a prototype airline seat that allows powered wheelchair users to remain in their own seat during the flight. This is still some way off from being implemented in aircraft, but it’s nice to see that the airline is making strides to become more accessible.
You can request wheelchair service in your Delta SkyMiles account after booking your flight, under “My Trips.” You can also call the airline at 404-209-3434.
You do not need to notify Southwest before arriving at the airport to receive disability-related assistance. The airline offers an online Accessible Travel Assistance hub to streamline planning, and while it prefers your wheelchair is stowed on board as a carry-on, it is possible to gate check your device for cargo.
How to request wheelchair at airport for Southwest
Simply ask any Southwest employee and they will guide you through the necessary steps. There are steps to do this in advance if you prefer, including calling 800-I-FLY-SWA (800-435-9792).
For its part, United Airlines has announced a change to its search system that’ll greatly simplify the process for those who use powered wheelchairs.
While the new system isn’t live yet, the updated search feature will include the ability to input the dimensions of your wheelchair. Doing so allows you to weed out aircraft with cargo doors that won’t accommodate the size of your wheelchair.
Even better, if your preferred flight cannot accommodate your wheelchair, you can book a different flight on the same day — and if it’s more expensive, United will refund you the difference.
You can request a wheelchair for your flight or airport experience in the traveler information section at booking or in your MileagePlus account under “My Trips” after you’ve purchased your ticket.
Airports and airlines are becoming better suited to passengers with disabilities who are traveling, including those who use a wheelchair. Whether you need one to navigate the airport or are bringing one from home, new regulations and policies have been established to ensure that your travel experience is as seamless as possible.
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Source: nerdwallet.com
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
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.
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.
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.
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.
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.”
“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.
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:
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).
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 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.
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
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.
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.
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
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.
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.
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.
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.
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.
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.
Source: forbes.com
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.
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.
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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
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.
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
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.
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.
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.
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.
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.
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SORL0124036
Source: sofi.com
Are you looking for ways to get paid to walk? Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash. I have…
Are you looking for ways to get paid to walk?
Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash.
I have personally been paid to walk, and it’s great!
Below are 19 ways to get paid to walk.
Recommended reading: 19 Ways To Get Paid To Workout
CashWalk is a free app that pays you to earn money just for running or walking outside or on a treadmill. You earn coins and can exchange them for gift cards to places like Amazon, Walmart, Apple, Starbucks, and more.
This pedometer app is designed to motivate you to achieve fitness goals and help build healthy exercise habits.
You won’t get rich with CashWalk, but it’s an easy way to make money by doing what you already do, which is walking.
You can sign up for CashWalk by clicking here. Also, you can get a free 100 points by using the referral code ESPU5.
Sweatcoin is a free app that helps motivate you to walk by rewarding your daily steps. This pedometer app only counts outdoor steps right from your phone (such as your iPhone or Android device), so if you’re a treadmill walker, those steps will not count in the app.
Once you accumulate enough coins, you can redeem them for products or donate to charity. The products that can be redeemed change regularly. You may see things such as Amazon credits, electronics, and other popular products. If you’re feeling generous, you can donate your earnings to charities like Save The Children, The African Wildlife Foundation, or Cancer Research.
Rover is an app that connects you with pet owners who need help with pet sitting, dog walking, and drop-in visits. If you’re an animal lover, this is a great side hustle to try.
I was a Rover dog walker for several pet owners and it’s still one of my favorite side hustles to date. The app works on both Android and iOS devices.
How much money you earn on the Rover app varies on how many pets you’re walking, your experience, and what you set your rates at. Some pet sitters make $40,000 a year, while the top dog walkers in the field earn $100,000+. You can expect to earn between $15 and $25 per hour on Rover, with that rate being more depending on how many dogs you’re walking at one time.
Finding jobs is relatively easy because there are so many pet parents out there looking for a pet sitter or someone to walk their dog.
Click here to sign up for Rover.
Learn more at 7 Best Dog Walking Apps To Make Extra Money (another popular pet walking app that you can learn about is Wag!).
A great way to help clean the environment, get exercise in, and get paid is by picking up trash. Many businesses want their property and parking lots to be clean so customers are shopping at a clean property.
Getting paid to pick up trash is a small business that you can start entirely on your own. Picking up trash can pay between $30-$50 an hour. There is a ton of trash to pick up in the world. Tools you will need include a broom, dustpan, and grabber tools.
You can learn more at Get Paid $30 – $50 Per Hour To Pick Up Trash.
Stepbet is a popular fitness app that pays you for walking. The app is user-friendly and even lets you connect your fitness tracker (such as your Fitbit, Google Fit, Samsung Health, or Apple Watch). Stepbet is a great way to stay motivated to complete your daily step goal and even get paid for doing this.
This is how the app works:
HealthyWage is a popular fitness app that pays you to lose weight. To get started, go to HealthyWage and enter how much weight you want to lose, how long you’ll have to complete the weight loss goal, and how much money you want to bet.
Let’s say I wanted to lose 30 pounds in 9 months or less and I bet $60 of my own money. The website shows my prize range would be between $588 and $1,116.
HealthyWage has weekly weigh-ins and support from other people who are also trying to lose weight. The purpose of HealthyWage is to motivate you to lose weight by using a financial incentive, which makes it more motivating to complete your weight loss goal.
DietBet is a fun and unique app that makes fitness fun and motivating. DietBet works by you choosing a game/challenge to complete. For example, there are current weight loss challenges where you bet $40 and have to lose 10% of your body weight within 6 months to win the shared pot of money.
This is how it works:
Fit For Bucks is an app that lets you earn rewards for being active. You can earn points by doing things like walking to the grocery store, hitting the gym, going for a hike, dancing, and more.
Rewards you can redeem include things like coffee, fitness classes, massages, haircuts, wine, and more. Using this app is a fantastic way to stay motivated to get more movement in while also getting rewarded for your hard work.
Charity Miles is the app for you if you love giving back and being generous. Instead of giving rewards to you, the app lets you give your rewards to a charity of your choice. Every mile you walk earns a credit to be used as a donation to a charity.
One of my favorite charities, Save The Children, is on Charity Miles. So my daily walking that I already do helps me donate more money to my charity of choice.
If you’re an extrovert and have knowledge about your local town, you may want to become a walking tour guide. As a guided walking tour operator, you can create your own unique walking route and showcase special landmarks and sites to tourists. You must have in-depth knowledge of the area and provide excellent customer service.
I recommend researching what similar tours are charging to get an idea of what you should charge. You should also think about factors such as the duration of the tour, the experience you have, and any additional services you’ll include when deciding how much the walking tour will cost.
Having a website and/or social presence for your tour company is a great way to get new customers interested in your tours. Network with local hotels, travel websites, and tourism organizations to promote your tours. You may even want to offer a special discount or promotion to attract new customers.
Evidation is an app that lets you earn points and rewards for actions like walking, sleeping, and more. Participating in this app helps contribute to research and new health findings that will benefit everyone.
For example, one of the current programs in the Evidation app gives you 300 points for joining a program focused on the flu. The app monitors your activity and can alert you when it sees a change that suggests you may be feeling under the weather.
You can connect all kinds of fitness electronics to the Evidation app, including but not limited to Fitbit, Garmin, Google Fit, and Dexcom.
MyWalgreens is a program run by Walgreens with the purpose of getting people to make healthier decisions.
You can earn points in the program by walking and tracking other fitness activities. You can even earn points for tracking your blood pressure, blood glucose, sleep, and other health markers.
Gigwalk is an app that connects gig workers with quick tasks like going to a store, reviewing product displays, checking prices, availability of products, and conditions. You get to choose which gigs you choose and get to decide your schedule and how often you work.
Here’s how Gigwalk works:
Money is sent directly to your PayPal account and each gig pays differently. It typically can range anywhere from $3 to over $100 – the time to complete a gig can vary from 5 minutes to a few hours.
Runtopia pays you to get fit by providing a motivational incentive to get moving.
The app has benefits like letting you record activities with GPS, data analysis to improve your performance, connecting with friends, and getting rewarded for various activities.
PK Rewards is an app that rewards you for tracking all kinds of workouts. Your workouts get converted into coins which can be redeemed for cool prizes from brands like Lululemon, Nike, Amazon, and more. You earn coins based on the effort you put in.
Workouts can include pretty much anything from going to the gym, cycling, dancing, walking, and more. You can set personal goals in the app, compete with friends, and track your progress all within the app. You can even see your effort over time as you use the app.
Instacart is a platform that connects customers with Instacart Shoppers who grocery shop and deliver food to customers. This job requires a lot of walking and physical activity and allows you to control your schedule and how often you work.
Signing up to become an Instacart Shopper is straightforward. Download the Instacart Shopper app and apply as a Shopper. Once your application is accepted, you can use the app to find orders, pick an order you like, and go to the store and start grocery shopping for the customer. When you’re done grocery shopping, deliver the groceries to the customer.
You earn money with each delivery and the more you deliver, the more job opportunities you’ll have available. Giving great service to your customers can lead to better tips, so customer service is important.
You can click here to sign up to be an Instacart Shopper.
Learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
Working for DoorDash is an active gig job that requires you to deliver restaurant meals to customers. This side hustle can require a lot of walking and physical activity depending on how you’re delivering food. You may decide to deliver food by car or by bike.
The benefits of working for DoorDash include choosing the hours you work and deciding where you want to work. The app is user-friendly and allows you to take orders, where to go, and how to get there. Each delivery earns between $2-$10, plus tips.
Please click here to sign up for DoorDash.
A side hustle that requires a lot of walking is getting paid to distribute flyers. To find jobs distributing flyers, check online job platforms like Indeed or Craigslist, and also search for jobs in newspapers, and community bulletin boards. Search for jobs using the keywords “flyer distribution”, or “leaflet distribution”.
You can also create a profile on gig platforms like TaskRabbit, Gigwalk, or Thumbtack and post or search for flyer distribution jobs. Make sure to check local events, trade shows, and festivals as these events always need promotional material to be distributed.
Before accepting any jobs, make sure to clarify pay rates and the schedule from the employer. This job is likely going to take a lot of daily steps and physical activity.
Mystery shopping is a tool companies use to learn ways to improve their customer experience. Mystery shoppers can get jobs in person, online, or on the phone. Jobs are different and may require you to buy something, sit down at a restaurant and eat, or even get your hair done in a salon. If you are required to buy something, make sure to keep your receipts as you will need them to complete your questionnaire.
My sister was a mystery shopper and I got to go with her on one of her gigs. We got to visit a restaurant for free as long as she gave her honest opinion after. Mystery shopping also involves going to stores such as Best Buy, salons, car dealerships, movie theaters, makeup counters, and more.
BestMark is a popular mystery shopping website that connects you with opportunities to earn money while helping companies improve their customer service.
Recommended reading: How To Become A Mystery Shopper
Below are answers to common questions about ways to get paid to walk.
There are tons of ways to get paid for walking including via fitness apps like SweatCoin and CashWalk that reward you for meeting daily step goals or participating in walking challenges. Rewards include things like gift cards, discounts, cash, and free stuff.
Besides using fitness apps that reward you for walking, you can also make money walking by working as a gig worker for TaskRabbit and DoorDash. These jobs include tasks like delivering food, running errands, and other jobs that require walking.
One of my favorite ways to make money walking is working as a Rover dog walker. If you love spending time with animals, you should consider becoming a dog walker.
Many activity tracker apps pay you to walk and each has its pros and cons. The most popular walking apps include CashWalk, Sweatcoin, Charity Miles, and StepBet. Each of these apps is user-friendly, easy to use, and rewards people for their movement. You get to choose from many rewards including gift cards, fitness gear, or donating your money to the chosen charity of your choice.
Sweatcoin is not real money, but instead digital currency used in the Sweatcoin app. Sweatcoin users earn Sweatcoins based on how much they walk per day. As you take steps, digital coins are accumulated and can be redeemed for different rewards in the app like products, services, and discounts.
While you can’t earn any rewards or money on the Fitbit app, you can connect your Fitbit to fitness apps that reward you for daily movement. Programs and apps like MyWalgreens, StepBet, and others allow you to easily connect your Fitbit to the app.
Apps pay users to walk because they make money from advertisements when users use their apps.
I hope you enjoyed this article on how to get paid to walk.
There are many ways to make extra money and get free stuff by walking, dancing, cycling, sleeping, and other health-related activities. Take advantage of these free apps and keep your motivation up by earning points and rewards toward free things like gift cards, fitness classes, food, and more.
The walking side hustles above have health benefits and even mental health positives, plus you may be able to earn an income, cash rewards, or even money for charity donations.
Have you ever tried any of these side hustles or walking apps that pay you for steps?
Recommended reading:
Source: makingsenseofcents.com
American renters are fearful that their home-owning aspirations are increasingly getting out of reach, according to a recent survey by the real-estate platform Redfin, amid an environment of high home prices and elevated mortgage rates.
Almost 40 percent of the renters polled told surveyors they did not believe they would own a home of their own, up from 27 percent in a similar survey Redfin conducted in May and June. Part of the struggle for these Americans is that homes are beyond what they can afford. Securing a down payment can prove elusive, and high mortgage rates may discourage them from acquiring property.
Read more: How to Get a Mortgage in 2024
The Redfin survey sampled about 3,000 U.S. residents in February, and its analysis of renters’ expectations came from a 1,000 renters in the poll.
Mortgage rates in particular have stayed elevated over the past six months. After hitting a peak of 8 percent—the highest level since the turn of the century—mortgage rates declined to the mid-6 percent range at the end of the year and into 2024. In recent weeks, however, the cost of home loans have ticked up to above 7 percent, depressing activity in the mortgage market.
On April 11, the 30-year fixed rate rose to almost 7.4 percent, Mortgage News Daily reported, the highest levels since November 2023. The rise follows news that suggests borrowing costs may stay elevated for longer than economists initially anticipated.
High mortgage rates now mean that first-time buyers must earn about $76,000 to afford what the industry describes as a starter home, which is an 8 percent increase from a year ago and almost 100 percent higher than it was before the pandemic, Redfin said. It added that home prices have soared more than 40 percent since 2019, as buyers took advantage of low borrowing costs during the pandemic to acquire houses, increasing demand, escalating competition and pushing up prices.
Read more: Compare Top Mortgage Lenders
“Buying a home has become increasingly out of reach for many Americans due to the one-two punch of high home prices and high mortgage rates,” Redfin wrote.
Renters being unable to buy homes has in turn contributed to increased competition and price jumps in the rental market. The median asking rent is at $2,000 in the U.S., close to the record high it reached in 2022, Redfin said. Still, despite the elevated cost of rent, renting may be a more affordable option than homeownership.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now—especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” said Daryl Fairweather, Redfin’s chief economist. “While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.”
To purchase a house, a buyer would need about $60,000 as a down payment for a home loan, an amount that is out of reach for many Americans.
Fairweather added, “The sheer expense of purchasing a home is causing the American Dream of homeownership to lose some of its shine.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Explore how to protect yourself from identity fraud, understand its emotional toll and learn fraud recovery steps.
How can you protect yourself from identity theft and fraud?
What steps should you take if you become a victim of financial fraud?
Hosts Sean Pyles and Sara Rathner delve into the unsettling world of identity theft and fraud prevention to help listeners safeguard their finances and wellbeing. They begin with a discussion on the various facets of identity theft, with tips and tricks on identifying fraudulent activity, enhancing personal banking security and dealing with the aftermath of having your identity compromised. Then, they discuss the differences between identity fraud and scams, the importance of good cyber hygiene, and the steps to take immediately if your personal information is breached.
Sean also speaks with John Breyault, Vice President of Public Policy, Telecommunications and Fraud at the National Consumers League, about the current trends in identity theft and the forms of fraud that are on the rise in 2024. They cover topics such as new account fraud, the impact of zero-day vulnerabilities on personal data security and the necessity for consumers to stay vigilant with software updates and report incidents promptly.
They also explore how victims can navigate the process of recovering from fraud, including freezing credit reports, changing passwords, and engaging with financial institutions and law enforcement to document the crime and seek restitution.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
So there you are just going along with your life, running errands, finishing work projects, walking the dog, making lunch, paying bills, and then you realize, something is very, very wrong. Someone has gotten into your accounts and stolen your money.
Charlene MacNeil:
August 28th was a normal day. I took my cat to the vet, went and got groceries. That morning, I checked my online banking just to make sure I had enough money to do everything. It just seemed like a normal day and then everything changed that evening when I got that email.
Sean Pyles:
Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.
Sara Rathner:
And I’m Sara Rathner.
Sean Pyles:
We’re back with our Nerdy deep dive into identity theft, fraud, and scams, and their potentially devastating effects on your finances if you become a victim. As we said last episode, and we’ll continue to reiterate over and over, these crimes do not discriminate. Absolutely anyone can find themselves in deep water with their money situation because these financial criminals have so very many tools and options at their disposal.
Sara Rathner:
Yeah. And, Sean, I think we also want to repeat the message that this doesn’t just happen to you because you’re ignorant or careless. It happens because as our guest last week said, “We have to be 100% right all the time.” We have to be watching our accounts and changing our passwords, realizing we’re talking to someone who’s pretending to be from a bank, etc., etc. And the criminal only has to be right once to get what they’re after. So if they catch you in a moment where you’re tired or hangry, they might just do that.
Sean Pyles:
So the last thing that you should feel is embarrassed or ashamed if you do become a victim of ID theft or a scam. Angry and upset, yes, ashamed, no. The more we all talk about it, the more educated we become and the harder we make it for the thieves and scammers.
Sara Rathner:
Yes. Let’s take our power back.
Sean Pyles:
Yes. So last week we talked about identity theft, how it happens, what to be on the lookout for, and how to protect yourself as much as possible. Today we’re going to look at the next step in that process, which is the identity fraud that happens after the theft.
Sara Rathner:
It’s the credit card opened in your name. It’s the tax return that isn’t really yours. It’s the healthcare account that also isn’t yours that gets the thief medical care on your dime. Listener, we’re going to help you understand what it looks like, how to avoid it, and what to do if it happens to you.
Sean Pyles:
All right, well, we want to hear what you think too, listeners. Tell us your stories of identity theft or share how you’re working to fight it or recover from it. Leave us a voicemail or text the Nerd hotline at (901) 730-6373. That’s (901) 730-NERD, or email a voice memo to [email protected].
Sara Rathner:
So, Sean, where do we start today?
Sean Pyles:
Well, we’re going to start today with a real world tale of identity fraud. We’re hearing from Charlene MacNeil, a mom from Alberta, Canada. She’s got a story about what happened when someone was able to get into her account at BMO Bank, a subsidiary of the Bank of Montreal. Then after Charlene, we’re going to talk with an expert in ID fraud, who’s seen it all in his capacity at the National Consumers Union. Charlene MacNeil, welcome to Smart Money.
Charlene MacNeil:
Hello. Thanks for having me.
Sean Pyles:
Charlene, you experienced a form of bank account fraud. When did you first realize that something was wrong?
Charlene MacNeil:
On August 28th, I had just put my kids to bed and I got an email pop up on my cell phone saying that I had a credit limit alert from BMO and it told me that I had $33 left in my account.
Sean Pyles:
And so that was an indication that you didn’t have sufficient funds or maybe your credit was run up. What were you thinking when you first saw that?
Charlene MacNeil:
I panicked when I saw the $33. It just didn’t make sense. So I immediately went onto my online banking and noticed that my line of credit was maxed to the $15,000 mark.
Sean Pyles:
And what steps did you take once you realized that something was very wrong with your account?
Charlene MacNeil:
I immediately called BMO and just told them the email that I got and she told me that she would cancel my card right away and my account and to go to the branch immediately the next day to file a report of what had happened.
Sean Pyles:
So the next day, did you go in and talk with them about that?
Charlene MacNeil:
Yeah, I went in the next morning and I told her what had happened and she had told me that there was a text message that was sent to me like a one-time passcode, and I tried to think back to the day before because I do get text messages or calls from scammers sometimes, but that summer I felt like I had gotten quite a few, but I just kind of always ignored them, so I didn’t really think much of it. And then when she was looking at my account, she asked me if I knew the company Wise, because she noticed that’s where the money had been sent and I Googled Wise right away because I didn’t know what she was talking about.
And when I Googled it, it said international money sending. So she was, “Oh, that’s a red flag. That’s crazy.” She made me feel like we should be able to get the money back, that she would fill out this report and send it off and it should be okay. What had happened was they took my line of credit money, transferred it to my checking account, and they set up a bill payment to the company Wise, and then they sent out the money that way through a bill payment.
Sean Pyles:
So a slightly convoluted way to get the money that you had from your line of credit over to them essentially?
Charlene MacNeil:
Yes, exactly.
Sean Pyles:
And so it seems like things are maybe going, okay, this was a frustrating experience, but you thought you were going to be able to get your money back?
Charlene MacNeil:
Yeah, I went back to work and I felt relieved. “Okay, that’s done. It should be fine.”
Sean Pyles:
But that’s not what ended up happening.
Charlene MacNeil:
No. Two days later, the teller that had helped me, she called me and started the conversation with, “I have some very unfortunate news. They will not refund that money to your line of credit.” And my heart fell because I was just, “What do you mean?”
Sean Pyles:
And this was $15,000 they said they weren’t going to refund?
Charlene MacNeil:
I had a balance on there before. So really they just took whatever I had left in my line of credit and sent it out, so it was like $9,700.
Sean Pyles:
And what reason did they give you for why you wouldn’t be able to get this money back?
Charlene MacNeil:
They had told me that they tried reaching out to Wise, but the money had already been transferred. So whoever the bill was made out to through the company, they had the money and that’s it. They couldn’t get the money back, but she did say, “If you want, we could escalate this and see if there’s something else that they could do.”
Sean Pyles:
Because there have to be some kind of protections. This was an instance of fraud. You didn’t authorize this transfer of money?
Charlene MacNeil:
No, but as this continued on, they kept saying that I had gotten this one time passcode sent to me August 28th at 4:20 p.m., but I don’t recall entering this six digit code that they’re telling me that I entered. But from their records, it shows I entered the code and that it was all good.
Sean Pyles:
It’s also possible that someone could have somehow gained access to your phone number or gotten that code themselves. Correct?
Charlene MacNeil:
That’s what I am trying to explain to them. I just know that I didn’t enter this code.
Sean Pyles:
So did you end up escalating this then?
Charlene MacNeil:
I did. I escalated it three times and then I finally got a final response just saying that it’s really unfortunate, but we can’t get that money back. And they just kept telling me it’s the one-time passcode and that’s the reason why the money was sent out that I pretty much authorized it to be sent out.
Sean Pyles:
I’m really sorry to hear that. Do you know how the people were able to get into your account?
Charlene MacNeil:
I don’t know. I just have a lot of people just giving me different ideas of how maybe it could have happened. I had a conference in Vegas at the beginning of August and it was on the news that Vegas was having issues with scammers.
Sean Pyles:
Was it an issue with people getting on public Wi-Fi and logging into their bank accounts?
Charlene MacNeil:
That or people also told me that maybe somebody walked by my purse and scanned my purse, but people have told me that too, thinking it’s because of the Wi-Fi.
Sean Pyles:
So I’m wondering, Charlene, how has this experience made you feel about the safety of your money? Have you thought about switching banks, anything like that?
Charlene MacNeil:
I’m very nervous because it blows my mind to think that somebody can get onto your online banking and then move money like that without a signature or maybe voice recognition or something. I shut down my line of credit now and I’m kind of waiting to hear what’s going to happen, but I am really considering moving banks. I wish this almost happened on a credit card because I feel like credit card companies have your back more than the bank.
Sean Pyles:
Yeah. Your story brings me back to a theme which is that fraud, scams, anyone can experience these things and it’s not like you followed a typical playbook of seeing a text message come through on your phone or clicking a link in email and entering your login credentials. You don’t know how someone got your information. It just exemplifies that you could be doing everything right and somehow people could still get your information and still get into your bank.
Charlene MacNeil:
Yeah, exactly. August 28th was a normal day. I took my cat to the vet, went and got groceries. That morning, I checked my online banking just to make sure I had enough money to do everything. It just seemed like a normal day and then everything changed that evening when I got that email.
Sean Pyles:
What do you think your next steps will be?
Charlene MacNeil:
I’m not very hopeful, to be honest. It’s something that I just have to accept. And I mean, I’ve done better the last couple months, but in the beginning it was very difficult. I lost lots of sleep, missed some work. It was very stressful. And you feel like you’re the one that did something wrong.
Sean Pyles:
Well, I’m sorry that you experienced this. I’m wondering if there’s anything that you would like listeners to keep in mind as they try to protect themselves and their finances online?
Charlene MacNeil:
Yeah, I mean it’s so important to be checking your banking probably daily just to make sure everything is going as you think. Be very careful, I guess, on public Wi-Fi. I was actually just on a trip with my family to Mexico and so many people use public Wi-Fi. And I did in Vegas just to load my boarding passes.
I did not check my online banking. I know a lot of people when they hear me say that I was on public Wi-Fi in Vegas. I did not check my online banking, but I was on public Wi-Fi and I guess people can be sitting in that room and gain all of your information. So I don’t know. I don’t want people to be paranoid, but I kind of feel paranoid.
Sean Pyles:
It might not be a bad idea in the year 2024 when if you’re on a public Wi-Fi network, someone who’s also on that can get into your device very easily. That’s the truth of where we are right now.
Charlene MacNeil:
Yes, and I heard once they’re in, then they can be in there for a while. If I would’ve checked my online banking a day or two later, they could have seen me enter my codes. Yeah, it’s very invasive.
Sean Pyles:
Well, Charlene, thank you for sharing your story with us today.
Charlene MacNeil:
Well, thank you for hearing me.
Sara Rathner:
Sean, this just makes me so sad and angry that anybody has to deal with this because it’s just not fair. It’s not a fair fight against these really savvy identity thieves.
Sean Pyles:
It’s really not. And what’s so worrisome to me about Charlene’s story is that she still can’t pinpoint exactly how these criminals got into her account. Again, it just shows that this kind of fraud can happen to anyone, but as tempting as it might be to just throw up your hands and yell, “I give up,” that just feeds the beast and doesn’t do us any good.
Sara Rathner:
Well, I’m looking forward to some advice on how to avoid all of this and anything that we could do to keep it from happening to us, to me, to my loved ones, and of course to our listeners.
Sean Pyles:
Well, our next guest will walk us through some of what happens when you’re the victim of identity fraud and give advice on how to avoid it and recover from it if it does happen to you. John Breyault is Vice President of Public Policy Telecommunications and Fraud at the National Consumers League. That’s coming up. Stay with us.
John, thanks so much for joining us on Smart Money.
John Breyault:
Hey, thanks for having me on the show. I really appreciate it.
Sean Pyles:
So last week we spent some time explaining identity theft and the various ways that bad actors can steal our IDs from us. And today, we’re going to explore what they do with all that information once they’ve got it. So I’d like to start by asking you to explain maybe the difference between ID fraud and scams. We’re going to talk about scams in our next episode, but what differentiates the two?
John Breyault:
Both scams and ID theft, we call fraud, right? It’s a crime where it involves typically a scammer trying to acquire information or funds that they can use for their own purposes. So identity fraud is definitely a subset of fraud overall, but it is certainly one of the biggest subsets.
So we know that, for example, the Federal Trade Commission every year puts out their Consumer Sentinel Data Book. It’s a compilation of millions of fraud complaints that they get from agencies and organizations like mine all over the country. And in 2022, which is their most recent data, they received 5.2 million fraud reports and the number one category that they heard about was identity theft. And so clearly this continues to be a major problem that the biggest enforcement agency out there is hearing about. Definitely identity theft is one of the biggest types of fraud, and one I think we continue to see consumers of every age level, every education level, every demographic be victimized by.
Sean Pyles:
And when you think about specific ways that ID fraud and scams can manifest, what makes them distinct?
John Breyault:
I think what makes each scam distinct is often, number one, what is the entry point for the scammer? Is it one where they have to interact with the victim, say by sending them a link that the consumer clicks on and then provides the data to the identity for the scammer that’s then used to commit fraud? Or is this something where the scammers can commit identity fraud really with no interaction with the victim at all?
We know, for example, that due to data breaches, that’s practically limitless information about almost every American out there on criminal forums on the dark web that can be used to basically commit identity theft as a service. With a few hundred dollars in Bitcoin, you too can hire an identity thief to do things like start bogus credit card accounts in your name or try and get healthcare benefits or unemployment insurance. These are all very common types of identity theft that’s out there, and that doesn’t require any of us to do anything.
Sean Pyles:
So you touched on this a little bit, but John, can you give us a sense of what you’re seeing out there right now? What are some of the most prevalent forms of identity fraud in 2024?
John Breyault:
Yeah, I would say some of the fastest growing types of identity theft is new account fraud. It’s not necessarily a new type of identity theft. We’ve seen scammers using information to create new credit card accounts for decades at this point, but certainly it is returning to its previous position as one of the top types of identity fraud. And it’s happening because the resources that identity thieves were devoting to government benefits fraud is going down. As those pandemic relief programs start to wind down, there’s less money for the identity thieves to steal. And so they’ve gone back to some of the tried and true types of identity fraud.
Sean Pyles:
Is there anything that’s relatively new that consumers should know about that maybe they haven’t really heard about?
John Breyault:
What we have seen over the past year has been a staggering increase in the number of data breaches attributable to what are called zero-day vulnerabilities. And if you’ve never heard of a zero-day vulnerability, that’s okay. Basically what it means is it’s a vulnerability that nobody else has identified. Think of it as having a key to a vault that nobody else has, and until the people who own that vault figure out that you have that key, they have no reason to try and solve the problem or change the lock.
Sean Pyles:
So this could be something like a weakness in our phones’ operating systems that allows a bad actor to get into our phones.
John Breyault:
Yes, exactly. It’s operating systems like Windows. It is browsers that can be hacked. It could be Microsoft Office. Really any software program can have a zero-day vulnerability. And so what’s concerning to us is just the increase in breaches that were attributable to zero days. It’s gone up. I believe the number that the ITRC cited was by more than 100% over the past 12 months.
Sean Pyles:
Do we know why this might be? Is it that software developers are maybe pushing out code a bit faster than they should and they aren’t combing through for vulnerabilities? Or is it that hackers are really zeroing in on these vulnerabilities and trying to exploit them?
John Breyault:
Well, I think that’s the $64,000 question, as they say. We have theories on how that is. One of the more worrying ones is that the scammers have learned how to automate their search for zero-day vulnerabilities using artificial intelligence. And if they’re able to search for these zero days at scale, a very low cost, that is scary because I think AI has revolutionized so many other facets of our economy and businesses and government over the past several years.
It definitely has the potential to do the same thing when it comes to fraud. I think many of us who work on fraud and identity theft on a daily basis, we are thinking of the potential of this as the same kind of potential for supercharging fraud and scams that we saw when the internet sort of became a technology that everybody was using. That’s the kind of scale of the threat that’s out there.
Sean Pyles:
And so when people get notifications on their phone saying, “Oh, you have a new software update to patch a security vulnerability,” this might be something that is being addressed. Correct? And it’s important for people to actually update their phones regularly so that they are having the most secure software possible?
John Breyault:
Yes. Cyber hygiene is definitely one of the lowest cost and easiest ways for consumers to reduce their risk of falling victim to identity fraud because once they are detected, the operating systems and browser makers are usually pretty quick to plug the hole. But that is often dependent on consumers paying attention to those little pop-up boxes that say, “Do you want to update your browser? Do you want to update windows?” And actually taking action. Definitely don’t wait to update. Make sure you do that because it really is one of the easiest ways to reduce your risk.
Sean Pyles:
So, John, walk us through some of the ways that listeners can protect themselves from identity fraud. We heard last week about protections from identity theft. So let’s assume that the theft has already happened and now we have to react to prevent the fraud. What are some first steps here?
John Breyault:
Well, number one, I would say act quickly. We know that identity theft is a crime that often relies on consumers doing nothing. If you know that your information has been compromised, take steps to reduce your risk. For many people, that’s going to start with freezing their credit report. All of the major credit reporting bureaus offer consumers the ability to freeze credit.
Number two, I would say try and limit the damage to the extent you can. For example, particularly if your primary email address has been compromised, that can be the entry point for scammers to take over lots of other accounts, your bank accounts, your social media accounts. So definitely change the password on your primary email account right away and turn on two-factor authentication as well to add an additional layer that the scammers have to get through. They’re going to try and use that entry point.
I would do the same for any financial accounts that you may have linked to that email account. In addition, call the banks and let them know what’s going on so that they can place fraud alerts on your accounts. And then finally, make sure and get a police report. Identity theft is a crime in all 50 states, but consumers, I think particularly if you start to see activity related to identity theft, having that report is often documentation that will be needed to get the kind of help from not just law enforcement, but also from banks and other entities that you’ll need.
I think, unfortunately, we know that local police departments aren’t always super excited to create those reports, so you may have to be persistent to do that, but definitely local police departments is the place I would start. And then work your way up to the State Attorney General and ultimately the Federal Trade Commission.
Sean Pyles:
Related to what you were just discussing, let’s go a step further. So let’s say someone took your information and then fraud happened before you could get to it. Who should you really go to for help? Let’s talk about reporting it and starting to deal with the fallout of fraud.
John Breyault:
Yeah. Once fraud has occurred, typically you still have rights. For example, an identity thief created a credit card in your name and started running a bunch of charges. You aren’t liable for that, but you’re going to need to take steps like have that identity theft affidavit and a police report ready to show to creditors who may wonder why you haven’t been paying your credit card bill that you just opened weeks ago. So definitely I would say getting those reports is going to be one key piece of information to have.
Also, call and talk to the entities who the identity thief is using in your name. Let them know who you are, what’s been going on, and see what you can do to address the fraud. Most of us don’t spend all day every day recovering from identity theft, but most of the financial institutions do have people who are devoted to helping you through that journey. But you’ve gotta keep records of that. Grab a notebook, create a little Word document on your computer, and start logging every communication that you have with those entities so that you can create a paper trail because you can’t just depend on them to know where you are in the process and to ensure that in one place they’re going to quickly try and use that information to commit identity theft in other places as well.
Sean Pyles:
Earlier in this episode, I spoke with a woman who experienced a form of bank fraud. A fraudster got access to her line of credit, and her bank didn’t offer much in the way of resolving the issue. She didn’t get her money back. And I’ve heard other similar stories before. What sort of recourse do people in that situation have to try to recoup their losses?
John Breyault:
Generally, if the consumer victim is not the one who is actually hitting send on the money transfer, whether it’s through a payment app or through a wire transfer from your bank, then you have protections under federal law as well as many state laws. So I think it’s important that if in a case like that where it sounds like the scammer got in because they were able to hack this woman’s credentials that she should have rights. Certainly if the bank seems unwilling to work with her, I would say your next stop should be the State Attorney General as well as groups like the Identity Theft Resource Center, which have great resources and help coach victims through recovering from these identity theft schemes.
Sean Pyles:
Yeah. And your advice just there brings up the idea of jurisdiction. The woman that I spoke with was based in Canada, where they have different rules and regulations than we do in the U.S. So I think it’s important for anyone to be familiar with what laws protect them where they’re living, whether it’s in a different country or a specific state.
John Breyault:
Yeah, absolutely. And I would say a great place to start that journey of learning what your rights are and what laws may apply is the FTC has a great website at identitytheft.gov where you can start to go through their checklist and create an identity theft recovery plan.
Sean Pyles:
Well, one final question. I’m asking this of all the experts that we’re talking with for this series, so I’ll ask you too. Have you ever fallen victim to a scam or identity theft or fraud?
John Breyault:
I definitely have. Fortunately for me, it wasn’t sort of life altering, but what got me interested in working on fraud was a trip I took to Jamaica on vacation where I was in a bar, which probably tells you the first thing that I wasn’t thinking very clearly, but one of the locals came up to me and said, “Hey, if you give me $20, I can get you cheaper drinks at the bar.” And I said, “Great.” And so I gave him the $20 and he turned around, bought some beers for him and his friends and just ignored me.
And I wasn’t about to start a fight with a bunch of guys in a bar in Jamaica. So I just said, “Okay, lesson learned.” Don’t always take what people say to you at face value and listen to your gut before you hand over your money. Unfortunately, in this country we have, when it comes to identity theft and being a victim of fraud, we often have this tendency to blame the victim.
And there’s a real stigma attached to being a victim of fraud. And we often use terms like, “You fell for a scam.” Or people say, “I can’t believe I was so stupid.” Or we use terms like, “pig butchering scams,” which suggest that somehow the victim is the one who’s culpable. I think that that is wrong. If I could have one additional message for listeners of this podcast, it’s show a little compassion the next time somebody tells you their fraud story and recognize that these are people who are victims of organized, multinational, very savvy criminals, and help them work through sort of this crime they’ve been a victim of and encourage them to report it.
Sean Pyles:
Well, John, thank you again for talking with us.
John Breyault:
I appreciate it, Sean.
Sean Pyles:
Sara, one thing that I really want listeners to remember is that the cost of experiencing identity fraud can go well beyond the money loss, which of course can be significant. People who are victimized in this way often suffer mental health consequences. Many feel ashamed or like they brought this upon themselves. So like John said, if you’ve experienced a loss like this, get help. Yes, contact the FTC and your local police, but also think about talking with a loved one or a therapist who can help you process your emotions around this.
Sara Rathner:
Yeah, know that you are not alone. You probably know people who have gone through something like this and you could commiserate with each other. The important thing is to receive nonjudgmental help from people who are on your side and will help you wrap your head around everything that’s happened to you, and you can come out the other side stronger and more determined to protect yourself in the future. Okay, Sean, tell us what’s coming up in Episode 3 of this series. I assume there are more horrors on the way.
Sean Pyles:
Unfortunately, yes. Next week we’re going to walk into the lion’s den of the scammiest people on earth. Imposter scams, romance scams, phishing, vishing, all in the name of parting you from your money.
Speaker 5:
That’s what these scammers try to do. They try to rush you into making a decision by telling you something’s urgent or an emergency like the family emergency scam, where they’ll say, “Oh, this is your grandchild and I’m overseas, and I need you to wire money fast because I’m jail or in the hospital.”
Sara Rathner:
Yikes. Well, for now at least, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at (901) 730-6373. That’s (901) 730-NERD. You could also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
Sean Pyles:
This episode was produced by Tess Vigeland. I helped with editing, Kevin Berry helped with fact checking, Sara Brink mixed our audio.
Sara Rathner:
And here’s our brief disclaimer. We’re not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Sean Pyles:
And with that said, until next time, turn to the Nerds.
Source: nerdwallet.com
Oregon offers an array of natural beauty, from the rugged coastline of the Pacific Ocean to the snow-capped peaks of the Cascade Range. Its cities, like Portland with its eclectic vibe and Eugene as a hub for arts and outdoor enthusiasts, provide distinctive living environments. Yet, living in Oregon presents its own set of considerations. In this ApartmentGuide article, we’ll examine the pros and cons of living in Oregon, offering valuable insights to help you navigate what life is like in the “Beaver Sate.”
Oregon’s diverse landscape offers an abundance of outdoor activities, from hiking in the Cascade Mountains to exploring the scenic coastline. Whether you’re into mountain biking through the lush forests of Mount Hood, kayaking along pristine rivers, or simply enjoying a leisurely picnic surrounded by breathtaking scenery, Oregon offers endless opportunities.
Oregon’s weather can be quite variable, with the western part of the state experiencing a lot of rainfall, leading to damp conditions for much of the year. This can affect outdoor plans and sometimes lead to seasonal affective disorder among residents. Additionally, the eastern part of the state tends to be drier, offering a stark contrast to the coastal regions and providing opportunities for different outdoor activities and landscapes to explore.
Oregon is known for its commitment to sustainability and environmental protection. Cities like Portland are at the forefront of green living, with extensive recycling programs, eco-friendly public transportation options, and a high number of LEED-certified buildings. For example, Portland’s MAX Light Rail system not only reduces carbon emissions but also provides convenient access to various parts of the city without the need for a car.
Oregon has one of the highest state income tax rates in the country. This can significantly affect the take-home pay of residents, making it a challenging aspect of financial planning for those living and working in the state. For instance, Oregon’s progressive income tax system imposes higher rates on higher income brackets, with the top marginal rate exceeding 9%.
The state boasts a rich cultural scene, with a thriving arts community, numerous music festivals, and a strong craft beer and coffee culture. Cities like Portland and Eugene host a variety of cultural events that celebrate Oregon’s diverse heritage and innovative spirit. If you’re in the area be sure to check out Portland Pizza Week where you can find $2 slices around downtown.
Oregon is located in the Pacific Ring of Fire, making it susceptible to earthquakes. While the state has made strides in preparing for such events, the potential for significant seismic activity remains a concern for residents.
In Oregon, an active lifestyle is ingrained in the culture, with residents embracing outdoor recreation as a way of life. From hiking in the Cascade Mountains to surfing along the coast, there are endless opportunities to stay active and explore nature’s wonders.
Oregon’s seasonal allergies can be a downside to living in the state, particularly for those sensitive to pollen and other allergens. During certain times of the year, such as spring and early summer, pollen levels can be high in cities like Salem, leading to discomfort for allergy sufferers.
Oregon’s culinary scene is celebrated for its diversity, with a focus on farm-to-table dining, seafood sourced directly from the Pacific Ocean, and a vibrant array of international cuisines. For example, Portland’s food carts offer a taste of global flavors, from authentic Mexican street tacos to Japanese ramen bowls.
In urban areas, particularly Portland, traffic congestion can be a significant issue. The city’s infrastructure struggles to keep up with the growing population, leading to longer commute times and frustration among drivers.
Oregon’s lack of sales tax is a significant perk for residents, allowing them to stretch their dollars further when making purchases. This absence of sales tax means that the price displayed is the final price, simplifying budgeting and reducing unexpected expenses for consumers.
Oregon’s job market can be competitive and limited, particularly in certain industries and regions of the state. This scarcity of job opportunities may require residents to search extensively or consider relocation for employment prospects, especially in fields outside of the state’s dominant sectors like technology and healthcare.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
You likely agree that saving money is a good idea. Putting extra cash aside every month can help you reach your financial goals, whether that’s building an emergency fund, going on vacation, or putting a down payment on a car or home.
But wanting to save money and actually doing it are two very different things. It’s easy to get caught up in day-to-day needs (and wants), and never gain any traction on savings. But don’t give up. We’ve got 33 tricks and tips that can make saving simple and pain-free. The best part — you can get started as soon as today.
While spending less and saving more admittedly sounds painful, it doesn’t have to be that hard. You don’t have to go to the extremes like never shopping or having fun. Just making a few small changes in your day-to-day spending habits can actually add up to a big difference in how much you save each month.
Getting better with money is like any type of behavior modification — the key to lasting change is to make small, incremental changes that stick.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
What follows are 33 simple money-saving tips you can start working on right now.
One of the best ways to spend less and save more is to take a close look at where your money is currently going. You can track your spending by scanning your checking account and credit card statements over the last few months. But a simpler way is to use a budgeting app that syncs with your accounts and keeps track of what you spend in different categories in real time.
Once you have a big-picture idea of your cash flow, you can make adjustments. Spending a lot more on takeout than you thought? Commit to cooking one or two more nights per week. Is keeping up with fashion killing your budget? You may want to focus on spending less on clothing.
An simple way to earn some extra cash is to periodically sell gently used items you no longer want or need. You might organize a yard sale or resell your items piecemeal via online marketplaces like OfferUp, Facebook Marketplace, or eBay. If you have extra clothes, shoes, or accessories in good condition, consider listing them on Poshmark or thredUP. Selling your unwanted stuff is essentially getting paid for clearing out clutter.
Watching influencers take luxury vacations and promote their favorite products can prompt you to spend more and live beyond your means. In fact, recent research finds that social media can significantly impact your finances — and not in a good way.
Putting a time limit on daily phone scrolling, on the other hand, can automatically lead to less spending and more saving. It also frees up time for activities that can truly enhance your life, like reading, exercising, seeing (real) friends, even taking up side hustle (and earning more money).
When we do things with focus, intention, and a clear goal in mind, we usually have an easier time making it happen. Instead of saving for the sake of saving, consider setting specific savings goals with target dates and amounts. For instance, maybe you want to save $5,000 for a summer vacation or $2,000 for a new computer.
By setting a target date, you can work backward and figure out exactly how much you need to set aside regularly. For example, if you want a new laptop in eight months, and it will cost you about $2,000, you’ll need to save $250 a month or about $60 a week.
Generic brands typically have the same ingredients and offer comparable quality to name brands but for a fraction of the price. For example, generic drugs usually cost 80% to 85% less than their brand-name counterparts. During your next supermarket or drugstore visit, try to go generic whenever it’s offered. Chances are, the only difference you’ll notice is less money draining out of your checking account.
Spending a bit of extra time comparison shopping can help you scoop up the best deals and avoid paying full price. You can do it on your phone while you shop in-store. For online shopping, consider installing a browser extension that helps you find the lowest prices and automatically applies coupons and cash-back options at checkout. Many of these tools will also alert you when the price of an item you intend to purchase drops.
Rather than transfer money to your savings account whenever you think of it, consider putting your savings on autopilot. Simply set up a recurring transfer from your checking account to your savings account for the same day each month (perhaps right after you get paid). It’s fine to start small. Even $50 can add up to a sizable sum over time, since the transfer happens every month without fail.
While it’s not directly putting money into your bank account, making on-time, consistent payments on your debt means you’ll pay it off quicker. Once your debt is paid off, the money you are currently spending on principal/interest can go towards savings. In addition to your monthly minimum payments, try to put extra payments towards high-interest debt each month. You’ll whittle those balances down faster and save on interest.
If you see something you want to buy but don’t actually need, consider putting off the purchase for at least one week (or ideally 30 days). Tell yourself that if you still want the item and can afford it after the waiting period, you can go ahead and buy it. Chances are good that once that waiting period is over, you’ll no longer have a burning need to purchase the item and simply move on.
If it’s 6pm, you’re tired from a full day of work, and have no food in the house, you’ll probably seek out the path of least resistance — getting takeout or eating out. Your best defense against overspending on food is to sit down every Sunday to scan recipes and come up with a meal plan for the week (including breakfast, lunch, dinner, and snacks). You can then make a shopping list and hit the store.
Recommended: Examining the Price of Eating at Home Versus Eating Out
While it’s fine to occasionally splurge on a fancy coffee, getting your daily coffee out can add up, especially if you sometimes throw in a tempting pastry at the last minute. Even cutting back your coffee shop visits to just two or three times a week and brewing at home the other days can help you save a lot on coffee.
While it is easier to replace items than fix them, the latter approach is better for both your wallet and the environment. Depending on the item, a repair could end up costing significantly less expensive than a replacement. Call around for quotes or ask for help from a tech-savvy or handy friend. Also see if there are “repair cafes” in your community. These are volunteer-run events where you can get items mended or fixed for free.
While credit cards are convenient, they make it all too easy to spend money. When you tap or swipe to make a purchase, you don’t really have a sense that you are giving up physical money. Switching to cash-only, even for just a month or so, can help you become more mindful about your spending. You might even try the envelope system. This involves labeling envelopes for each spending category, dividing your available cash for the month into the envelopes, and then only spending what’s in each envelope.
When it comes to cell service, you don’t have to stick with the big names. Mobile virtual network operators (such as Mint Mobile, Consumer Cellular or Republic Wireless) typically offer the same quality of service at a much lower price tag. It’s also a good idea to look at your last cell phone bill to see how much data you actually use. You may be able to get a smaller plan to save even more.
Before you hire someone for a home repair or improvement job, like painting a room, re-caulking your tub or shower, or installing a water filter under your sink, consider whether or not you could do it yourself. Often, the cost of materials and a simple YouTube search will lead to significant savings.
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There are two major types of coupons: Store coupons, which are issued by a specific retailer and can only be used at those locations (you can find these in the paper and through a retailer’s app or mailer); and manufacturer’s coupons, which are found on manufacturer’s and coupon sites. By stacking them, you get an even deeper discount. Stacking coupons for an item that is on sale is a triple whammy that can bring you back to pre-inflation prices.
Dropping subscriptions that you hardly use or are redundant is a simple money-saving move with a potentially big payoff, since these debits occur monthly. It’s worth scanning your checking account and credit card statements for recurring charges to see if there are any items you can cut. If you primarily watch one streaming service but pay for four, for example, canceling three can save you significant cash.
While keeping bottled water (and seltzers or sodas) on hand is convenient, the cost can add up, especially if you have a family. A simple way to spend less at the grocery store each week is to give each person in your household their own reusable water bottle. You can then take bottled drinks off your shopping list. This will not only save money but also reduce plastic waste.
You might be surprised at how many things you can actually get for free. For example, your library can grant you access to movies, books, activities, and in some cases, passes to state parks and other nearby attractions. You might also join a Buy Nothing group. These are hyper-local virtual communities where neighbors can give and receive essentially anything for free.
If you’re becoming a stranger to your gym, consider canceling your membership. Even if you got a great deal, gyms debit money out of your bank account every month, whether you go or not. You might look for alternative, low-cost ways to get physically fit, such as walking/jogging/biking around your neighborhood, lifting free weights at home, and taking hikes.
A nickel here and a quarter there might not seem like much, but if you start dropping all your spare change into a jar every day, you’ll be surprised at how much you’ll accumulate. If you rarely carry or pay in cash, consider collecting digital change. Many money-saving apps automatically round up your purchase to the nearest dollar, then transfer the difference into your savings account.
💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.
Ordering a cocktail or a glass of wine (or three) when out to dinner can significantly inflate your bill. Consider getting water or a non-alcoholic beverage instead, then perhaps having a glass of wine when you get home. If you must drink, local beer, “house wine” options, and happy hour cocktails are usually the cheapest options.
Taking the family to concerts, movies, and immersive art exhibits can add up quickly. Instead, look for free or low-cost community activities. These offerings typically spike during the summer months and around holidays. To stay abreast of upcoming goings-on, you can sign up for newsletters or follow social media accounts of your local community, recreation centers, and libraries.
A simple way to save (potentially hundreds) is to do a no-spend month. This involves spending money only on essentials for 30 days. Before you begin, it’s a good idea to set parameters for what you will and won’t spend money on and then commit to the plan. It’s only a month! By the end of the challenge, you may realize there were certain things you didn’t really miss and rethink your approach to spending.
You may be able to significantly lower your utility bills with just a few tweaks to your habits and home. Try taking shorter showers, fixing any drippy faucets or constantly running toilets, turning off lights whenever you leave a room, and washing your clothes in cold water. Once you see a difference in your monthly bills, you’ll be encouraged to carry on and find more ways to cut energy use.
If you typically get a refund after doing your taxes, you’re essentially giving the government an interest-free loan. That’s money that could be working for you by earning interest in a high-yield savings account. Revisit your withholdings and put that extra money into your own bank account.
It may sound boring, but you’d be surprised how much a staycation can feel like a fun and luxurious getaway. The key is to take a complete break from your daily routine, change up the scenery, and spend time doing things you truly enjoy. This can provide the respite you’ve been longing for — minus the headaches of travel — and for a fraction of the price.
If you focus too hard on saving and never on fun, you might end up feeling deprived and give up on the whole project. Instead, allow yourself to celebrate small money wins and life events on the cheap. For instance, for every X amount you’ve put away into your emergency fund, you might reward yourself with a fancy coffee, a $5 “spree” at the dollar store, or getting a treat at your favorite ice cream shop.
Overdraft fees, ATM fees, and monthly maintenance fees can make your bank account balance move in the wrong direction — down instead of up. To ditch costly overdraft fees, keep regular tabs on your checking account to make sure you have enough to cover your debits and checks. To eliminate other fees, you may want to look for a bank account that doesn’t charge monthly maintenance fees and ATM fees.
Negotiating prices isn’t just for buying cars or houses. You can haggle for just about any product or service — your cable and cell phone bills, things you buy in stores, and even your rent. The key to success is to come to the negotiation prepared (do all the research you may need in advance), speak with confidence, and start off the conversation with the question, “What flexibility do you have?”
Recommended: 15 Creative Ways to Save Money
It can be tempting to go hog wild and spend your windfalls. But next time you get a work bonus, cash gift, or tax refund (which you actually want to avoid, see tip #26), consider spending a small percentage of it on something frivolous and fun, then putting the rest into your savings account. This can help you reach your savings goals significantly faster.
Recommended: The Fastest Ways to Get a Tax Refund
If you want to buy something that you don’t need right away, it’s worth researching the best times of the year for deals and sales. For example, you can often find great deals on cars in May, October, November and December; clothes are typically cheapest at the end of any season; and the end and the very beginning of the year are generally the best times to buy appliances.
If your extra cash is sitting in a traditional savings account, you’re missing out on a free source of extra cash. A high-yield savings account is a type of savings that you can open at many banks and credit unions. But it differs from a traditional savings account in that it offers an annual percentage yield (APY) that’s 10 to 20 times higher. If, for example, you put $25,000 into a savings account with a 4.60% APY, you’ll earn an extra $177.78 by the end of the year — just for letting the money sit in the bank.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
Saving money enables you to build an emergency fund that protects you against the unexpected. It also allows you to work towards — and achieve — future goals, such as buying a car or home, sending your kids to college, and being able to one day retire.
To find the motivation to save money, it helps to set specific goals. Think about the things you want to buy or do in the next year or two and how much these things will cost. You can then determine how much you need to set aside each month to reach your goals. Watching your savings account balance go up can also help keep you motivated.
When you don’t have a cushion of savings, any bump in the road (such as a car or home repair, trip to the ER, or loss of income) can force you to run up credit card debt. This can lead to a debt spiral that can take months, if not years, to recover from. Not saving also means you won’t make any progress towards your financial goals and simply continue living paycheck to paycheck.
Photo credit: iStock/Chaninan Boongate
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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.
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Source: sofi.com
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If you’d rather build a home than buy one, an FHA construction loan could help pay for the project. Like a regular FHA loan, this type of financing is insured by the Federal Housing Administration (FHA) and offered by FHA-approved mortgage lenders. Here’s how to get one.
An FHA construction loan is a type of FHA loan used to build a home. It works like a conventional construction loan by providing short-term financing for a range of construction costs, from the architect’s fee to the certificate of occupancy. Often, borrowers convert these loans to long-term mortgages once the house is built.
Unlike conventional construction loans, however, FHA construction loans are insured by the FHA. That means if you have a down payment of at least 3.5 percent, you could qualify for the loan with a credit score as low as 580.
Construction loans aren’t like regular mortgages. They typically last for one year, during which time the lender releases payments, usually directly to your contractor. The lender enlists an inspector to evaluate the project at various stages, and releases more funds once everything checks out. Once construction is finished, the loan either converts to a traditional mortgage or the borrower obtains a mortgage to pay it off.
The qualifying requirements for an FHA construction loan are similar to those for standard FHA loans, but with a few additions.
To qualify for any FHA loan, you’ll need to meet the following criteria, at minimum:
On top of these requirements, FHA construction loans require satisfactory documentation detailing the construction or renovation project, including information about the contractor you plan to work with. For a standard 203(k) loan, you’ll be assigned a 203(k) consultant to estimate the remodeling or repair costs.
Whether you get a construction-to-permanent or rehab loan, the work will also be subject to inspection as the project progresses.
You can get an FHA construction loan from an FHA-approved lender, though not every FHA lender offers this type of financing. If you’re not sure where to start, search the U.S. Department of Housing and Urban Development’s list of lenders by state or county. You can filter for 203(k) lenders, too, if that’s the type of loan you’re after.
From there, the process involves connecting with a contractor and getting preapproved for financing. Here’s an overview:
An FHA construction loan is just one type of construction financing. While it can help you build or renovate a home, you can’t use it for an investment property or vacation home, and you’ll have to pay mortgage insurance premiums, which add to your costs. Here are alternatives to consider:
If you’re making a down payment of 3.5 percent, the minimum credit score for an FHA construction loan is 580. If you have at least 10 percent to put down, you could qualify with a score as low as 500.
Source: bankrate.com