Utah is known for its stunning landscapes, wildlife, and friendly communities. Whether you’re looking to rent in Salt Lake City or searching for an apartment in Provo, you’ll find a welcoming environment full of adventure. Living in Utah offers a blend of outdoor recreation, cultural experiences, and breathtaking scenery. Let’s dive into some fun facts about Utah that make it a one-of-a-kind place to call home.
1. Utah is home to five national parks
Utah’s five national parks are known as the Mighty Five. They include Arches, Bryce Canyon, Canyonlands, Capitol Reef, and Zion. These parks attract millions of visitors every year. They offer unique rock formations and amazing hiking trails. You can experience breathtaking views all over the state.
2. The Great Salt Lake is the largest saltwater lake in the Western Hemisphere
The Great Salt Lake covers around 1,700 square miles. Its high salinity allows swimmers to easily float on the surface. Many unique species of birds and brine shrimp thrive there. The lake changes in size depending on weather and rainfall. It’s an iconic part of Utah’s landscape.
3. Utah is well known for its mountain snow
Locals and visitors refer to Utah’s powder as the “greatest snow on Earth.” The snow is light, dry, and perfect for skiing and snowboarding. Utah hosts many world-class ski resorts, including Park City and Snowbird. The winter sports scene is vibrant and draws tourists from everywhere. The snow quality makes it a top choice for enthusiasts.
4. Utah was the site of the first transcontinental railroad meeting
In 1869, the Golden Spike was driven at Promontory Summit. This historic event connected the east and west coasts by rail. The meeting of the two railroads was a major achievement. It symbolized unity and economic progress for the country. Visitors can still see the site at Golden Spike National Historical Park.
5. The state hosts an annual balloon festival
The Ogden Valley Balloon Festival is a popular event in Utah. Colorful hot air balloons fill the sky for several days. It’s a fun gathering filled with food, music, and activities. The festival takes place in the summer, drawing many visitors. It’s a beautiful way to see the scenic valley from above.
6. Salt Lake City hosted the Winter Olympics in 2002
The 2002 Winter Olympics put Utah on the global stage. Events took place in multiple locations, including Park City and Salt Lake City. The games were a huge success, boosting tourism in the state. Many of the facilities are still in use today. They serve as training centers for winter athletes.
7. Bryce Canyon is known for its rock formations
Bryce Canyon National Park is famous for its unique rock formations called hoodoos. Hoodoos are tall, thin spires of rock that look otherworldly. The park has the largest concentration of hoodoos on Earth. Visitors can hike among these towering structures. It’s a favorite destination for photographers and hikers alike.
8. Utah has a state dinosaur
The Utahraptor is the official state dinosaur. This dinosaur was a fierce predator with a large curved claw. Fossils were discovered in Utah, making it a fitting state symbol. The Utahraptor lived during the early Cretaceous period. It adds a prehistoric touch to the state’s heritage.
9. The Bonneville Salt Flats have a striking landscape
The Bonneville Salt Flats cover over 30,000 acres in northwestern Utah. These flats are extremely flat, with a thick crust of salty soil. The landscape appears alien, with bright white expanses stretching for several miles. The Salt Flats are also used for car speed trials. It’s a favorite spot for photographers and filmmakers.
10. Utah has one of the youngest populations in the country
Utah’s population is known for its youthfulness. The state has a median age lower than most other states. The vibrant energy can be felt in its cities and neighborhoods. The state is home to a number of major universities, including the University of Utah, Weber State, and BYU, which adds to its youthful dynamic.
11. Arches National Park has over 2,000 natural arches
Arches National Park, located north of Moab, features more than 2,000 natural stone arches. Delicate Arch is the most famous of them all. These arches were formed over millions of years by erosion. The park is a popular destination for hikers and photographers. Visitors enjoy witnessing these natural wonders up close.
12. Utah is a top copper producer
Utah’s Bingham Canyon Mine is one of the world’s largest copper mines. It’s also one of the deepest open-pit mines on the planet. The mine contributes significantly to the state’s economy. Visitors can take tours to learn about mining operations. The mine spans about 1,900 acres, making it an impressive sight to behold.
13. The state tree is the blue spruce
Utah’s state tree is the blue spruce, known for its distinct blue-green needles. It grows in the higher elevations of the Rocky Mountains. The tree symbolizes strength and resilience. Utah’s forests are filled with these beautiful spruces. They are a common sight in many natural areas of the state.
14. The beehive is a state symbol of Utah
The beehive symbolizes industry and hard work in Utah. It appears on the state flag, seal, and highway signs. Early settlers admired the work ethic of bees. Today, the beehive continues to represent the community spirit of Utahns. It’s a key part of the state’s identity.
15. Utah’s Capitol building has an impressive dome
The Utah State Capitol building features a stunning dome structure. It is located in Salt Lake City and serves as the center of the state’s government. The dome is one of the most recognizable architectural features in Utah. Visitors can tour the building and admire its intricate design. The Capitol grounds offer great views of the city and nearby mountains.
At the end of the year, when holiday celebrations and expressions of gratitude are in full swing, many people think about making a charitable donation. If you donate to a qualifying organization, not only can your funds do good, they may also be deductible when you pay your taxes.
Maybe it’s the animal shelter around the corner from your home, or perhaps it’s a scholarship fund at your alma mater that does amazing work. Whatever pulls at your heart and makes you feel like you’re doing the right thing can be a good cause for donations. The organization you give your money to benefits. Read on to learn if your contribution could also lower your tax bill.
What Qualifies as Charitable Giving?
In the eyes of the Internal Revenue Service (IRS), a charitable donation is a gift of money, property, or other asset that you give to a qualifying organization, known as a 501(c)(3).
To find out if an organization you’d like to support is eligible to receive tax-deductible contributions, you can search for it on the IRS’s database .
You may want to keep in mind that money or assets given to political campaigns or political parties do not qualify as tax-deductible donations. In fact, no organization that qualifies as a 501(c)(3) can participate in political campaigns or activities.
Organizations that engage in political activities without bias, however, can still sometimes qualify. So, a group can educate about the electoral process and remain within guidelines. They just have to go about it in a nonpartisan way.
Can I Deduct My Year-End Charitable Donation?
Currently, charitable donations could only be deducted by tax filers who itemized their deductions. That means that rather than take the standard deduction on their income tax return, they chose the more complicated path of listing all of their eligible expenses.
Recommended: 26 Tax Deductions for College Students and Other Young Adults
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How Much of a Charitable Donation Is Tax-Deductible?
The IRS sets limits on how much of a charitable contribution you can deduct from your taxes, and these are frequently updated. The amount is typically expressed in terms of the percentage of your adjusted gross income (AGI) that you may claim.
In 2024, this limit for cash contributions (say, money debited from your checking account) is 60% of a person’s AGI. The top figure is 20%-50% of AGI if you make a non-cash contribution, such as stock shares or a vehicle. The exact figure will vary with both the type of organization to which you are making the donation as well as the kind of item you are donating.
Of course, you are welcome to donate as much as you like. Just keep in mind that any charitable giving above those figures is not eligible for a deduction at tax time.
Recommended: How to Reduce Taxable Income for High Earners
Tips for Making End-of-Year Donations
To ramp up both the impact and benefit of a charitable donation, here are some strategies you may want to keep in mind:
Making a Timely Donation
Don’t lose track of your timing: The deadline for charitable donations is December 31. If you’re looking to deduct the donation in the current tax year, you will want to make sure your charity has ownership of whatever asset you are donating by the close of business on the 31.
You may also want to make sure that your preferred payment method is accepted by the charity so it doesn’t get kicked back and cause delays. Putting a reminder in your calendar for, say, mid-December can be a good way to make sure you don’t run late with your giving. (Of course, you also want to make sure you don’t miss the tax-filing deadline come April, either.)
Taking Advantage of Company Matching Programs
Your place of employment might have a matching program for charitable giving. They might, for example, match your donation amount dollar for dollar up to a certain amount. If so, it could significantly bump up the amount you could otherwise afford to give.
If you’re unsure about whether your company has a program, it can be worth reaching out to your HR department for further information.
Giving Rewards on Your Credit Card
If you are making a contribution on a budget, you might consider donating credit card rewards you earn, such as hotel points or airline miles. This can be a great way to use points or other rewards that would otherwise just expire. Many credit card companies, hotels, and airlines will make it easy to give your rewards to nonprofit organizations.
Donating Assets from Your Brokerage Account
If you’re looking to lower your taxes, you may want to consider donating assets from your brokerage account to a nonprofit. This may take some time and planning, but the benefits of donating an over-allocated position that’s outperforming can be worth it.
You may be able to receive tax advantages and rebalance your portfolio, while also helping an organization increase its assets.
Recommended: What Tax Bracket Am I In?
Setting up a Recurring Donation
You can get a headstart on next year by creating a recurring contribution now. Many organizations allow you to donate monthly through their websites using a credit card, so you might be able to earn rewards at the same time. By establishing your donation plans now, you won’t have to even think about end-of-the-year giving next year.
Keeping Good Records
If you want to deduct your donation on your taxes, you’ll want to make sure you have the right receipts to back up the transaction.
You’ll want to keep records of your donations. For cash donations under $250, you’ll either need a bank record (like a canceled check or bank statement) or a written acknowledgment from the charity which includes the date and amount of your contribution. (The exception is goods dropped off at, say, a clothing donation bin.)
For cash donations over $250, a bank record isn’t insufficient. Instead, you’ll need something in writing from the charity which includes the date and amount of your donation.
If you are making noncash donations valued at $500 or more, you’ll need to fill out one or more of the IRS Form 8283 . If the donation exceeds $5,000 in value (say, if you gift a car you no longer need to a favorite local organization), you’ll also need to get a written appraisal from a qualified appraiser. In addition, know that donations of $250 or more will also require what is known as a “contemporaneous written acknowledgment.” This is a document that describes the property, states whether the organization provided the donor with goods or services as a result of the contribution,and share an estimate of the value of any such goods or services provided.
Speaking with a Professional
Working with a personal accountant can help answer any questions you may have about how tax laws will impact your tax contribution, as well as help you make the most strategic and efficient charitable donation.
Recommended: Are 401(k) Contributions Tax Deductible? Limits Explained
The Takeaway
Giving can be a good idea for a number of reasons. In addition to helping a nonprofit organization meet its operating costs for the year, you can feel good about what you are doing with your money, and you may also benefit from tax deductions.
Giving can also help you get the new year started on the right foot. If you’re looking for other ways to get your financial life in order, consider a new bank account.
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.
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FAQ
Should donations be deductible?
Charitable contributions are usually tax-deductible, but there can be limitations as well as exceptions, so it can be wise to inquire in advance. Contributions can often take the form of cash, artwork, cars, and other items of value.
Are charitable contributions no longer tax-deductible?
Charitable contributions can be tax-deductible. However, they must be claimed as itemized deductions; you would do so on Schedule A of IRS Form 1040. Keep in mind that there’s a limit on charitable cash contributions: For 2024, it’s 60% of the taxpayer’s adjusted gross income.
Can you deduct $300 in charitable contributions without itemizing?
The short answer is no. Currently, you must itemize charitable contributions in order to claim them as deductions.
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Part of the Pacific Northwest, Oregon is home to captivating landscapes like the Cascade Mountains and the Columbia River Gorge to Crater Lake and the Rogue River. No matter where you live in Oregon, you’ll have access to the state’s nature. But if you’re looking to live the mountain lifestyle, there are many Oregon mountain towns to explore.
At Rent., we’ve collected a list of the best mountain towns in Oregon to live in this year. From towns with views of the majestic Cascades to villages alongside rivers and lakes, there’s an Oregon mountain town for you. Let’s take a look at what cities made the list.
1. Ashland
Mountain range: Siskiyou Mountains
Average rent price: $1,674
Population: 21,070
Houses for rent in Ashland, OR
Apartments for rent in Ashland, OR
Homes for sale in Ashland, OR
Ashland is situated in the Siskiyou Mountains just north of the California-Oregon border. This region is brimming with natural beauty and outdoor activities, including spots like Siskiyou Mountain Park, home to trails like Toothpick Trail, White Rabbit Trail, and Four Corners Trail. This town is a haven for those who love the outdoors, offering easy access to Cascade-Siskiyou National Monument and Mt McLoughlin for hiking, skiing, and exploring.
Ashland is renowned for its vibrant arts scene, including the famous Oregon Shakespeare Festival. With a population of over 21,000, the town maintains a close-knit community vibe. Residents enjoy a variety of dining options, local shops, and parks, making it an ideal place for those seeking a blend of arts and outdoor living.
2. Bend
Mountain range: Cascade Mountains
Average rent price: $2,582
Population: 93,940
Houses for rent in Bend, OR
Apartments for rent in Bend, OR
Homes for sale in Bend, OR
Bend is a gem in the heart of the Cascade Mountains, offering breathtaking landscapes and a plethora of outdoor activities. It’s a paradise for adventurers, with Mount Bachelor, Oregon Badlands Wilderness, and Smith Rock State Park providing the perfect backdrop for skiing, rock climbing, and hiking. You can also check out spots like Newberry National Volcanic Monument, Pilot Butte State Scenic Viewpoint, and Tumalo Falls.
Bend’s vibrant community of nearly 94,000 people enjoys a mix of modern amenities and natural beauty. The town boasts an array of breweries, restaurants, and shops, alongside events throughout the year. With plenty of outdoor activities and access to state parks, Bend is an awesome Oregon mountain town to live in.
3. Canby
Mountain range: Cascade Mountains
Average rent price: $1,926
Population: 17,720
Houses for rent in Canby, OR
Apartments for rent in Canby, OR
Homes for sale in Canby, OR
Located within the majestic Cascade Mountains, Canby is a peaceful town that offers a serene living environment. Its natural surroundings like Molalla River State Park, provide ample opportunities for outdoor enthusiasts. With a population of over 17,000, Canby offers a small-town feel with the convenience of being close to larger cities, like Portland and Oregon City. The town is known for its beautiful parks, community events, and friendly atmosphere. You can enjoy the local farmers markets, historic sites, and the annual Dahlia Festival, making Canby a charming place to live.
4. Estacada
Mountain range: Cascade Mountains
Average rent price: $2,089
Population: 3,140
Houses for rent in Estacada, OR
Apartments for rent in Estacada, OR
Homes for sale in Estacada, OR
Estacada, set against the backdrop of the Cascade Mountains, is a quaint town that epitomizes the beauty of Oregon’s natural landscapes. Situated between Milo McIver State Park and Eagle Fern Park near the Mount Hood National Forest, Estacada is a dream for those looking to experience the outdoors. The town serves as a gateway to numerous hiking trails, fishing spots, and camping sites, like the Salmon River Trail and Timber Park.
Home to just about 3,000 residents, Estacada is big on charm and outdoor activities. The community has local festivals and events that bring residents together. Estacada’s housing options, combined with its scenic beauty, make it a great place for those looking to escape the hustle and bustle of city life.
5. Gresham
Mountain range: Cascade Mountains
Average rent price: $2,007
Population: 111,380
Houses for rent in Gresham, OR
Apartments for rent in Gresham, OR
Homes for sale in Gresham, OR
Gresham, a popular Portland suburb, lies in the shadow of the Cascade Mountains, offering a unique blend of urban and outdoor living. With a population exceeding 111,000, it’s a bustling community with a range of attractions, parks, and recreational activities. For example, Gresham is close to spots like Oxbow Regional Park, the Sandy River Delta, Rooster Rock State Park, and Dabney State Recreation Area.
The city’s proximity to both Portland and the great outdoors makes it an appealing location for those who appreciate city amenities and want to be close to the outdoors. Gresham’s residents enjoy a variety of dining and shopping options, alongside community events that showcase the city’s vibrant spirit.
6. Hood River
Mountain range: Cascade Mountains
Average rent price: $2,176
Population: 7,530
Houses for rent in Hood River, OR
Apartments for rent in Hood River, OR
Homes for sale in Hood River, OR
Hood River is a picturesque town located in the heart of the Columbia River Gorge, right at the foot of the Cascade Mountains. This town is a paradise for wind and water sports enthusiasts, thanks to its location on the Columbia River. You can also hike up to Panorama Point, and explore the Hood River Mountain Trail, and the Hood River Penstock Flume Pipeline Trail.
With a population of around 7,530, Hood River maintains a cozy, small-town feel, while offering a range of activities and amenities. The town is famous for its fruit orchards, vineyards, and the annual Hood River Valley Harvest Fest. Its scenic beauty, combined with outdoor adventures and local businesses, makes Hood River an enticing place for those seeking a vibrant community.
7. Klamath Falls
Mountain range: Cascade Mountains
Average rent price: $1,306
Population: 21,350
Houses for rent in Klamath Falls, OR
Apartments for rent in Klamath Falls, OR
Homes for sale in Klamath Falls, OR
Klamath Falls is a serene town located near the southern tip of the Cascade Mountains. It’s known for its stunning natural scenery, wildlife viewing opportunities, and outdoor recreation. For example, you can spend the day at Upper Klamath Lake and its waterfront parks like Moore Park or hike up Aspen Butte.
The town offers a peaceful lifestyle with a population of over 21,000, providing a close-knit community atmosphere. Klamath Falls is home to several parks and golf courses, and the famous Crater Lake National Park is just a short drive away. For those looking to enjoy Oregon’s natural beauty in a more remote area, then make sure to check out Klamath Falls.
8. La Grande
Mountain range: Wallowa Mountains and the Blue Mountains
Average rent price: $1,282
Population: 13,420
Houses for rent in La Grande, OR
Apartments for rent in La Grande, OR
Homes for sale in La Grande, OR
La Grande is a charming town nestled between the Wallowa Mountains and the Blue Mountains, offering stunning vistas and a peaceful atmosphere. La Grande is a hub for outdoor activities, including hiking, skiing, and fishing, thanks to its proximity to both mountain ranges. Some popular areas include Mount Emily Recreation Area, Hilgard Junction State Park, and Umatilla National Forest.
With a population of just over 13,000, it provides a small-town atmosphere with a strong sense of community. The town also boasts a vibrant arts scene, with galleries, theaters, and events throughout the year. Its picturesque setting and easy access to the outdoors make La Grande an appealing choice for those seeking a lifestyle amidst nature.
9. Newport
Mountain range: Siuslaw National Forest
Average rent price: $2,061
Population: 10,330
Houses for rent in Newport, OR
Apartments for rent in Newport, OR
Homes for sale in Newport, OR
Newport is located along the scenic Oregon coast, adjacent to the Siuslaw National Forest. This oceanside city offers a unique blend of coastal and forest living. This town is a haven for marine life enthusiasts, with the Oregon Coast Aquarium and numerous beaches where residents can explore tide pools, surf, and enjoy the sunset. You can also find hiking trails at Brian Booth State Park, Lost Creek State Recreation Site, and the Siuslaw National Forest.
Newport’s population of over 10,000 enjoys a vibrant waterfront scene with seafood restaurants, shops, and art galleries. The town’s lighthouse and historic bayfront add to its charm, making Newport a popular place for those seeking the tranquility of coastal life with the adventure of the forest.
10. Oregon City
Mountain range: Cascade Mountains
Average rent price: $1,925
Population: 36,200
Houses for rent in Oregon City, OR
Apartments for rent in Oregon City, OR
Homes for sale in Oregon City, OR
Oregon City is located at the edge of the Cascade Mountains and is a town rich in history and natural beauty. It’s known as the end of the Oregon Trail and offers a mix of historical sites, parks, and waterfalls that attract history buffs and outdoor enthusiasts. For example, you can visit spots like the Museum of the Oregon Territory, the Oregon City Municipal Elevator, the McLoughlin House, and the End of the Oregon Trail Interpretive Center.
With a population of over 36,000, Oregon City provides a blend of suburban and rural living, with easy access to Portland whether you work in the city or want a night out. The town’s vibrant community is home to a variety of local businesses, farmers markets, and cultural events, making it a welcoming place for residents.
11. Silverton
Mountain range: Cascade Mountains
Average rent price: $1,995
Population: 10,030
Houses for rent in Silverton, OR
Apartments for rent in Silverton, OR
Homes for sale in Silverton, OR
Silverton is a picturesque town located at the foothills of the Cascade Mountains, near the enchanting Silver Falls State Park. This town is a gateway to Oregon’s largest state park, where residents and visitors can enjoy over ten waterfalls, hiking trails, and picnic areas.
With a population of just over 10,000, Silverton maintains a cozy, small-town atmosphere, complemented by its historic downtown, murals, and gardens. You can also find The Gordon House by Frank Lloyd Wright, a unique site for residents and visitors. The town hosts several community events throughout the year, including the famous Brewfest at the Oregon Garden. Silverton’s blend of natural beauty, community spirit, and cultural attractions make it a top location for those wishing to live near Portland and close to nature.
12. Sisters
Mountain range: Cascade Mountains
Average rent price: $2,409
Population: 2,470
Houses for rent in Sisters, OR
Apartments for rent in Sisters, OR
Homes for sale in Sisters, OR
Sisters is a quaint town that embodies the spirit of the Old West, set against the stunning backdrop of the Three Sisters Wilderness in the Cascade Mountains. The town’s proximity to hiking, fishing, and skiing opportunities, makes it a great mountain town to call home. For example, you can check out places like Camp Polk Meadow Preserve, Pole Creek Trail, Dee Wright Observatory, and Skylight Cave.
Sisters is vibrant and full of life even with a small population of about 2,500. The town is famous for its annual Sisters Rodeo, quilt show, and folk festival, which draw visitors from all over. Sisters’ unique blend of natural beauty, events, and community warmth create a great atmosphere to call home.
Note, this list is not comprehensive of all the mountain towns in Oregon. Towns must have average rental data to be included on the list. Average rental data from Rent.com during September 2024. Population data is sourced from the United States Census Bureau.
A 529 plan is a popular way to help pay for college. But it can also be used for private school to help cover the cost of tuition.
There are rules and restrictions about 529 private school use, and where you live can make a difference. If you’re considering private education for your child, here’s what you should know about 529 plans.
Saving for Private School Tuition
The cost of private school is substantial: The average K-12 tuition is $12,350 a year, according to the Education Data Initiative.
A 529 savings plan is an investment account that’s designed to help families pay for a student’s education expenses. Although a 529 is primarily meant to be used for college expenses, up to $10,000 from a 529 can be applied to K-12 private school tuition, as long as your state considers it a qualifying expense. This is one of the many 529 plan benefits that families can take advantage of.
Recommended: Prepaid College Plans by State
When to Establish a 529 Plan for Private Education
If you’re expecting your child to go to college, you may want to open a 529 savings plan for them. Parents, relatives, and friends can all make contributions to the plan. 529 plans can help students pay for college tuition and related qualifying expenses so they won’t need to take out as much in federal and private student loans.
One of the advantages of a 529 is that money in the account can grow over time, especially if you open it when your child is young. As of mid 2023, the national average account balance for 529 savings plans was $27,741, according to the Education Data Initiative.
Another perk of a 529 plan is the tax benefits that come with it. There is no federal income tax on earnings and qualified withdrawals from the plan. In addition, your state might also offer income tax benefits on contributions to a 529.
However, using a 529 for private school means you may end up depleting some of the funds that would otherwise go toward your child’s college expenses, so it’s wise to be strategic about this option. For example, if your oldest child decides they don’t want to go to college after all and they’re currently in private school, you could use the 529 account to help cover their private school cost. Or if you’re at risk of overfunding the account beyond your state’s 529 contribution limits, using some of the money in the 529 for private school can make sense.
If you use a 529 for private school and your child then has less money for college costs, there are financial aid options that can help. You can explore scholarships and grants, and federal and private student loans.
Recommended: SoFi Scholarship Search Tool
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How to Use a 529 Plan for Private School
There are rules about using a 529 to fund a child’s private school tuition. Make sure you understand the following:
State Eligibility Restrictions
Your ability to use a 529 tax-free for private school depends on the state you live in. Not all states consider elementary and secondary private school tuition as a qualifying education expense. If your state treats private school tuition as a non-qualifying expense, you might face additional tax on any withdrawals you make.
States that don’t consider distributions for private school as a qualifying expense include California, Nebraska, and New York to name a few. Check the rules for your state.
529 Plan Qualified Expenses
When 529 withdrawals are used for college costs, the list of qualified expenses (meaning those that don’t incur taxes or penalties) is broad. Tuition and fees, textbooks, school computers, lab equipment, and room and board are all considered qualifying college expenses by the IRS. But with private schools, qualified expenses are restricted to tuition fees only.
Tax Considerations
A 529 plan is a federal tax-advantaged savings vehicle. Earnings grow tax-free and 529 distributions up to $10,000 annually for private school tuition are not taxed.
However, non-qualified withdrawals, such as using 529 funds to pay for private school uniforms or taking out more than the $10,000 limit for tuition, are subject to federal income taxes and might incur other 529 plan penalties.
Some states offer tax deductions or credits on 529 contribution amounts, but a number of states do not. California, for example, doesn’t consider private school tuition a qualifying 529 expense. The earnings portion of a 529 withdrawal used for private school is subject to California income tax, and an additional 2.5% tax applies.
To be eligible for contribution-related tax benefits in certain states, you must have opened the state-sponsored 529 plan. If you opened an out-of-state 529 plan, you might not be able to claim your state’s 529 tax perks.
529 Withdrawal Checklist to Pay for Private School
Before using a 529 to pay for K-12 private school tuition, take the following steps.
1. Verify Your State’s Rules
It’s important to understand your state’s rules and restrictions regarding 529 withdrawals for private school tuition. For example, you may need an in-state plan to qualify for tax benefits.
Also, find out if your state treats private school tuition as a qualifying expense for tax deductions or not.
2. Discuss the Withdrawal With a Tax Professional
Speak to a trusted tax professional to review how using a 529 for private school might impact your taxes. They can offer guidance based on your specific financial situation and state’s rules so you’re not caught off-guard with a greater tax liability than you expected.
3. Initiate a 529 Withdrawal
Some 529 plans let you request a withdrawal online. Others might require you to contact the plan’s administrator to start the withdrawal process. Typically, the funds can be disbursed directly to your child’s private school, but there may be an option to disburse them to the account owner.
The Takeaway
A 529 plan allows you to invest in your child’s education. While these plans are a popular way to help save for college, you can use 529 savings to help pay for your child’s K-12 private school education with certain caveats. The funds can only be used for private school tuition, and no more than $10,000 can be withdrawn tax-free. Some states don’t consider private school tuition as a qualifying expense, which could result in an added tax liability on your state tax return. Double-check your state’s 529 rules.
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FAQ
Can you use a 529 to pay for private K-12 and college education?
A 529 can generally be used for private schools, including religious K-12 schools. Up to $10,000 of your 529 savings can be used toward K-12 tuition each year.
Can you use a 529 plan to pay private student loans?
Yes, you can use a 529 plan to repay private student loans. However, a lifetime cap of $10,000 of qualified student loan repayments can be repaid using 529 funds.
Can 529 plans only be used at in-state schools?
You can use a 529 for private school tuition as long as the institution is an accredited private college, university, trade school, or graduate or professional school.
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SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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How much drivers pay at the gas pump — averaging $3.22 per gallon in September — depends largely on the price of oil and the cost of refining it. But federal, state and local taxes and fees can add significantly to the total.
On top of a federal tax of 18.4 cents per gallon, most states levy multiple taxes and fees on a gallon of gas. Those include some combination of excise taxes (imposed on goods, services and activities), sales taxes, environmental taxes and inspection fees.
Those costs add up to an average of 32.6 cents per gallon in state taxes, according to a NerdWallet analysis of U.S. Energy Information Administration data. Combined with the federal tax, that’s about 51 cents per gallon, on average, factored into the gas prices you see at your local station.
States with the highest gas tax
State tax rates vary widely. California’s rate (69.8 cents per gallon) and Illinois’s rate (67.1 cents) are highest, followed by Pennsylvania (58.7 cents). Alaska has, by far, the lowest state tax (9 cents per gallon), followed by Mississippi (18.4 cents) and Hawaii (18.5 cents).
2024 state gas tax hikes
In many cases, gas taxes are adjusted annually based on the consumer price index, a proxy for inflation calculated by the U.S. Bureau of Labor Statistics. That means taxes may rise (or fall) with the annual rate of inflation. Sometimes states also phase in new or higher fees by increasing them incrementally.
As for what happens with that tax revenue, states often use it to fund infrastructure improvements and environmental initiatives.
Oct. 1 gas tax hike
Washington D.C.’s motor fuel surcharge will tick up slightly from 11.4 cents per gallon to 11.8 cents per gallon on Oct. 1, according to the D.C. Office of Tax and Revenue. That fee is added to the district’s 23.5-cent sales tax on gasoline. Altogether, drivers pay 35.3 cents per gallon in state taxes when they fill up.
July 1 gas tax hikes
Gas taxes in seven states went up on July 1, generally by less than 2 cents.
California
California’s excise tax on gas rose from 57.9 cents per gallon to 59.6 cents per gallon, according to the California Department of Tax and Fee Administration. When other state taxes and fees are taken into account, the state tax on a gallon of fuel in California rose from about 68 cents to about 70 cents.
Colorado’s road usage fee increased from 3 cents per gallon to 4 cents per gallon, according to the Colorado Department of Revenue. Additionally, an environmental fee increased from 0.6 cents per gallon to about 1.3 cents per gallon. Those fees are on top of a 22-cent gas tax. Altogether, the state tax on gas increased from about 26 cents per gallon to about 28 cents per gallon.
The Illinois gas tax increased from 45.4 cents per gallon to 47 cents per gallon, according to the Illinois Department of Revenue. All told, the state tax on gas increased from 66.5 cents per gallon to 67.1 cents per gallon in state taxes — the second highest in the country.
In Indiana, the gas tax increased from 34 cents to 35 cents per gallon, according to the Indiana Department of Revenue. In addition to the excise tax and a 1-cent oil inspection fee, the state charges a gasoline use tax. That tax rate is adjusted on a monthly basis. In July, the use tax rate is 20.1 cents per gallon. In all, Indiana drivers pay state taxes totaling 56.1 cents per gallon.
Missouri’s motor fuel tax rate increased from 24.5 cents per gallon to 27 cents per gallon, according to the Missouri Department of Revenue. Combined with two other fees levied on a gallon of gas, totaling about half a cent, the state taxes add up to 27.5 cents per gallon.
Nebraska’s fuel tax rate went up half a cent to 29.6 cents per gallon, according to the Nebraska Department of Revenue. Combined with an environmental fee, drivers in the state pay 30.5 cents per gallon in state taxes.
The Virginia motor fuels tax rate increased from 29.8 cents per gallon of gas to 30.8 cents per gallon, according to the Virginia Department of Motor Vehicles. The state’s motor vehicle fuels sales tax rate for gas increased from 8.7 cents per gallon to 9 cents. In all, motorists pay 40.4 cents per gallon in state taxes.
Block trades are big under-the-radar trades, generally carried out in private. Because of their size, block trades have the potential to move the markets. For that reason they’re conducted by special groups known as block houses. And while they’re considered legal, block trades are not regulated by the SEC.
As a retail investor, you likely won’t have anything to do with block trades, but it’s a good idea to know what they are, how they work, and how they can affect the overall market.
Key Points
• Block trades are large-volume purchases or sales of financial assets, often conducted by institutional investors.
• Block trades can move the market for a security and are executed through block trade facilities, dark pools, or block houses.
• Block trades are used to avoid market disruption and can be broken down into smaller trades to conceal their size.
• Retail investors may find it difficult to detect block trades, but they can provide insights into short-term market movements and sentiment.
• Block trades are legal and not regulated by the SEC, but they can be perceived as unfair by retail investors.
What Are Block Trades?
A block trade is a single purchase or sale of a large volume of financial assets. A block, as defined by the New York Stock Exchange’s Rule 127.10, is a minimum of 10,000 shares of stock. For bonds, a block trade usually involves at least $200,000 worth of a given fixed-income security.
Though 10,000 shares is the operative figure, the number of shares involved in most block trades is far higher. Individuals typically don’t execute block trades. Rather, they most often come from institutional investors, such as mutual funds, hedge funds, or other large-scale investors.
Why Do Block Trades Exist?
Block trades are often so large that they can move the market for a given security. If a pension fund manager, for example, plans to sell one million shares of a particular stock without sparking a broader market selloff, selling all those shares on a public market will take some time.
During that process, the value of the shares the manager is selling will likely go down — the market sees a drop in demand, and values decrease accordingly. Sometimes, the manager will sell even more slowly. But that creates the risk that other traders will identify the institution or the fund behind the sale. Then, those investors might short the stock to take advantage.
Those same risks exist for a fund manager who is buying large blocks of a given security on a public market. The purchase itself can drive up the price, again, as the market sees an increase in demand. And if the trade attracts attention, other traders may front-run the manager’s purchases.
How Block Trades Are Executed
Many large institutions conduct their block trades through block trade facilities, dark pools, or block houses, in an effort to avoid influencing the market. Most of those institutions typically have expertise in both initiating and executing very large trades, without having a major — and costly — effect on the price of a given security.
Every one of these non-public exchange services operates according to its own rules when it comes to block trades, but what they have in common is relationships with hedge funds and others that can buy and sell large blocks of securities. By connecting these large buyers and sellers, blockhouses and dark pools offer the ability to make often enormous trades without roiling the markets.
Investment banks and large brokerages often have a division known as a block house. These block houses run dark pools, which are called such because the public can’t see the trades they’re making until at least a day after they’ve been executed.
Dark pools have been growing in popularity. In 2020, there were more than 50 dark pools registered with the Securities and Exchange Commission (SEC) in the United States. At the end of 2023, dark pools executed about 15% of all U.S. equity trades.
Smaller Trades Are Used to Hide Block Trades
To help institutional traders conceal their block trades and keep the market from shifting, blockhouses may use a series of maneuvers to conceal the size of the trade being executed. At their most basic, these strategies involve breaking up the block into smaller trades. But they can be quite sophisticated, such as “iceberg orders,” in which the block house will break block orders into a large number of limit orders.
By using an automated program to make the smaller limit orders, they can hide the actual number of orders at any given time. That’s where the “iceberg” in the name comes from — the limit orders that other traders can see are just the tip of the iceberg.
Taken together, these networks of traders who make block trades are often referred to as the Upstairs Market, because their trades occur off the trading floor.
Pros and Cons of Block Trades
As with most things in the investment field and markets, block trades have their pros and cons. Read on to see a rundown of each.
Pros of Block Trades
The most obvious advantage of block trades is that they allow for large trades to commence without warping the market. Again, since large trades can have an effect on market values, block trades, done under the radar, can avoid causing undue volatility.
Block trades can be used to conceal information, too, which can also be a “pro” in the eyes of the involved parties. If Company A stock is moving in a block trade for a specific reason, traders outside of the block trade wouldn’t know about it.
Block trades are also not regulated by the SEC, meaning there are fewer hoops to jump through.
Cons of Block Trades
While masking a large, market-changing trade may be a good thing for those involved with the trade, it isn’t necessarily a positive thing for everyone else in the market. As such, block trades can veil market movements which may be perceived as unfair by retail investors, who are trading none the wiser.
Block trades can be hard to detect, too, as mentioned. Since they’re designed to be obscure to the greater market, it can be difficult to tell when a block trade is actually occuring.
Block trades are also not regulated by the SEC — it’s a pro, and a con. The SEC doesn’t regulate them, but rather the individual stock exchanges. That may not sit well with some investors.
Block Trade Example
An example of a block trade could be as follows: A large investment bank wants to sell one million shares of Company A stock. If they were to do so all at once, Company A’s stock would drop — if they do it somewhat slowly, the rest of the market may see what’s going on, and sell their shares in Company A, too. That would cause the value of Company A stock to fall before the investment bank is able to sell all of its shares.
To avoid that, the investment bank uses a block house, which breaks the large trade up into smaller trades, which are then traded through different brokerages. The single large trade now appears to be many smaller ones, masking its original origin.
Are Block Trades Legal?
Block trades are legal, but within stock market history they exist in something of a gray area. As mentioned, “blocks” are defined by rules from the New York Stock Exchange. But regulators like the SEC have not issued a legal definition of their own.
Further, while they can move markets, block trades are not considered market manipulation. They’re simply a method used by large investors to adjust their asset allocation with the least market disruption and stock volatility possible.
How Block Trades Impact Individual Investors
Institutional investors wouldn’t go to such lengths to conceal their block trades unless the information offered by a block trade was valuable. A block trade can offer clues about the short-term future movement and liquidity of a given security. Or it can indicate that market sentiment is shifting.
For retail (aka individual) investors, it can also be hard to know what a block trade indicates. A large trade that looks like the turning of the tide for a popular stock may just be a giant mutual fund making a minor adjustment.
But it is possible for retail investors to find information about block trades. There are a host of digital tools, some offered by mainstream online brokerages, that function like block trade indicators. This might be useful for trading stocks online.
Many of these tools use Nasdaq Quotation Dissemination Service (NQDS), Level 2 data. This subscription service offers investors access to the NASDAQ order book in real time. Its data feed includes price quotes from the market makers who are registered to trade every NASDAQ and OTC Bulletin Board security, and is popular among investors who trade using market depth and market momentum.
Even access to tools like that doesn’t mean it’ll be easy to find block trades, though. Some blockhouses design their strategies, such as the aforementioned “iceberg orders,” to make them hard to detect on Level 2. But when combined with software filters, investors have a better chance of glimpsing these major trades before they show up later on the consolidated tape, which records all trades through blockhouses and dark pools — though often well after those trades have been fully executed.
These software tools vary widely in both sophistication and cost, but may be worth considering, depending on how serious of a trader you are. At the very least, using software to scan for block trades is a way to keep track of what large institutional investors and fund managers are buying and selling. Active traders may use the information to spot new trends.
The Takeaway
Block trades are large movements of securities, typically done under-the-radar, involving 10,000 or so shares, and around $200,000 in value. It can be difficult for individual investors to detect block trades — which, again, are giant position shifts by institutional investors — on their own.
But these trades have some benefits for individual investors. The mutual funds and exchange-traded funds (ETFs) that most investors have in their brokerage accounts, IRAs, 401(k)s and 529 plans may take advantage of the lower trading costs and volatility-dampening benefits of block trades, and pass along those savings to their shareholders.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
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SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
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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When the economy contracts and enters a recession, it’s often accompanied by rising unemployment and a declining stock market. For that reason, some investors are caught on their heels, unsure of what to do. But some simple strategies may help investors invest during a recession – and there can be some surprising benefits to doing so.
It may be a good idea to try and keep in mind that because your investments may be trending downward, you shouldn’t let fear or your emotions override your strategy. That’s not easy, of course, but may be helpful to keep in mind.
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What You Need to Know About Investing in a Recession
Investors looking to buy and sell stocks or other securities during a time of economic upheaval need to keep many things in mind.
A recession describes a contraction in economic activity, often, though not officially defined as a period of two consecutive quarters of decline in the nation’s real Gross Domestic Product (GDP) — the inflation-adjusted value of all goods and services produced in the United States. However, the National Bureau of Economic Research, which officially declares recessions, takes a broader view — including indicators like wholesale-retail sales, industrial production, employment, and real income.
The point is that the markets tend to price in those indicators, so much so that you may see the prices of stocks start to drop (and bond prices start to rise) even before a recession is officially declared. For example, the S&P 500 Index declined significantly from October 9, 2007, through March 9, 2009, a bear market that started two months before the Great Recession, which lasted from December 2007 through June 2009.
From those lows in March 2009, the S&P 500 delivered a return of 400% through February 2020, surpassing the previous peak in April 2013. Those that stayed in the market despite unprecedented economic declines were still able to experience a positive return.
But that stock volatility can give investors the jitters — and that emotional state that can be contagious.
Behavioral finance experts have dubbed this tendency “herd mentality,” which means you’re more likely to behave similarly to a larger group than you realize. Combine that behavioral bias with another common one — loss aversion — and you can see how emotions can lead some investors to make impulsive choices in a moment of panic or doubt.
However, there is some good news: history shows that most recessions don’t last as long as you might think — about 17 months, according to the National Bureau of Economic Research (NBER). So while an economic downturn can be scary while it lasts, it’s likely that time is on your side.
By staying the course and sticking with your investment strategy (and not yielding to emotion), the market recovery could help you recoup any losses and possibly see some gains — especially if you buy the dip (when prices are low). Though, remember, that nothing is guaranteed.
Investing Strategies for a Recession
The following are a few investment strategies that may help investors weather a recession:
Dollar-Cost Averaging
While it’s critical for investors to stay true to their long-term strategy during a recession, what about investing new money? This is where the concept of dollar-cost averaging is important for investors to keep in mind.
Dollar-cost averaging, simply put, is a systematic way of investing a fixed amount of money regularly. It’s often used to describe the way most people invest, on a paycheck-by-paycheck basis, through workplace 401(k) and 403(b) plans.
This approach spreads the cost basis out over a long period of time and a wide range of prices. By doing so, it provides a degree of insulation against market fluctuations. During times of rapidly rising share prices, the investor will have a higher cost basis than they otherwise would have had. During times of collapsing stock prices, the investor will have a lower cost basis than they otherwise would have had.
Taken together, then, dollar-cost averaging can help you pay less for your investments on average over time and help to improve long-term returns.
Buy and Hold
Because most investors invest with a long-term time horizon, it may be best to employ a buy and hold investment strategy. This strategy can often be paired with a dollar-cost averaging strategy.
In short, a buy and hold strategy is a passive strategy in which investors buy stocks, exchange-traded funds, and other securities and hold on to them for a long time.
By buying and holding, investors believe that they are likely to earn long-term investment returns despite whatever short-term market volatility may come their way. They think an extended time horizon allows them to ride out short-term dips in the market.
This strategy can also help investors avoid emotional investing or trying to time the market.
Rebalancing
Investors try to gauge how close or far they are from their goals because your time horizon determines how you invest. For instance, a younger investor may have a portfolio that’s heavier in growth stocks and lighter when it comes to bonds and cash.
For an investor nearing an important goal, like retirement, the priority may be safety and security or investments like high-quality (but lower-yielding) bonds. Over time, investors need to rebalance their portfolios, shifting the allocation of different asset classes. A younger investor may start with an allocation of 70% stocks and 30% bonds and cash. But as they near retirement, that equity allocation might shift toward 50% stocks or even lower.
Tax-Loss Harvesting
A recession can also be a chance to sell out of a mix of investments, owing to tax considerations. Investors can take advantage of tax-loss harvesting by selling stocks or mutual funds that have appreciated alongside those that have lost value. This strategy allows investors to use investments that have declined in value to offset investment gains and potentially reduce their annual tax bill.
When an investor wants to reduce capital gains taxes they owe on investments they’ve sold, tax-loss harvesting can allow an investor to deduct $3,000 in losses per year. As such, the strategy can be the silver lining on investments that didn’t work out.
Potential Investments During a Recession
It’s worth remembering some investments tend to perform better than others during recessions. Recessions are generally bad news for highly leveraged, cyclical, and speculative companies. These companies may not have the resources to withstand a rocky market.
By contrast, the companies that have traditionally survived and even outperformed during a downturn are companies with very little debt and strong cash flow. If those companies are in traditionally recession-resistant sectors, like essential consumer goods, utilities, defense contractors, and discount retailers, they may deserve closer consideration.
Recommended: What Types of Stocks Do Well During Volatility?
Some investors might also seek out even more defensive positions during a recession by buying real estate, precious metals (e.g., gold), or investing in established, dividend-paying stocks.
Additionally, some investors may look to move some money out of riskier investments like stocks, bonds, or commodities and into cash and cash equivalents. For some investors, having adequate cash on hand or having money invested in certificates of deposit (CDs) and money market funds may be a good option for a portfolio during a recession.
Bear in mind that every recession impacts different sectors in different ways. During the Great Recession of 2008-09, financial companies suffered — because it was a financial crisis. In 2020, biotech companies tended to thrive, but investments in energy companies have been hit harder owing to fluctuating oil prices.
As an investor, you must do the math on where the risks and opportunities lie during a recession.
What to Avoid In a Recession
During a recession, it’s important to remember two key tenets that will help you stick to your investing strategy. The first is: While markets change, your financial goals don’t. The second is: Paper losses aren’t real until you cash out.
The first tenet refers to the fact that investors go into the market because they want to achieve certain financial goals. Those goals are often years or decades in the future. But as noted above, the typically shorter-term nature of a recession may not ultimately impact those longer-term financial plans. So, most investors want to avoid changing their financial goals and strategies on the fly just because the economy and financial markets are declining.
The second tenet is a caveat for the many investors who watch their investments — even their long-term ones — far too closely. While markets can decline and account balances can fall, those losses aren’t real until an investor sells their investments. If you wait, it’s possible you’ll see some of those paper losses regain their value.
So, investors should generally avoid panicking and making rash decisions to sell their investments in the face of down markets. Panicked and emotional selling may lead you into the trap of “buying high and selling low,” the opposite of what most investors are trying to do.
The Takeaway
Investing during a recession is really what you make of it. While market volatility can spark investor worries, it’s possible to manage your emotions, stay in control of your investment strategy, and possibly come out ahead. Sticking to some broad strategies may be able to help, such as dollar-cost averaging or a buy-and-hold approach. Of course, nothing will guarantee that you generate positive returns during a recession, but certain strategies may help buoy your portfolio during economic upheaval.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
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.
Claw Promotion: Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Georgia offers the best of both worlds—vibrant cities, charming small towns, and natural beauty from mountains to coastline, all without the hefty price tag found in some other states. While housing costs in Atlanta can be higher, especially if you’re renting an apartment downtown or looking to buy a home in Buckhead or other trendy neighborhoods, Georgia also has plenty of affordable areas. Cities like Augusta and Macon offer budget-friendly living while still providing access to culture, dining, and entertainment. If you’re considering a move to the South, here’s what you need to know about the cost of living in Georgia.
Housing costs: median home prices and average rent in Georgia
The cost of living in Georgia is appealing to many, particularly when it comes to housing. With the average rent in Georgia at $1,530, it’s a bit more affordable compared to the national average of $1,645. While rent in some areas may be higher, Georgia’s overall housing costs are lower than in many other states, offering potential savings for renters and homeowners alike. This affordability, paired with the variety of housing options across the state, makes moving to Georgia a popular choice for those looking to balance cost with quality of life.
GA housing costs: Average rents and median home sale prices
City in Georgia
1 Bed Avg. Rent
2 Bed Avg. Rent
Median Home Sale Price
National Average
$1,495
$1,725
$439,000
Alpharetta
$1,966
$2,629
$745,000
Athens
$1,485
$1,404
$330,000
Atlanta
$1,830
$2,354
$394,000
Augusta
$1,046
$1,177
$221,000
Brookhaven
$1,865
$2,442
$688,000
Columbus
$995
$1,195
$225,000
Decatur
$1,563
$1,905
$445,000
Douglasville
$1,492
$1,483
$336,000
Johns Creek
$2,209
$2,624
$696,000
Macon
$1,274
$1,348
$203,000
Marietta
$1,395
$1,700
$435,000
Roswell
$1,454
$1,683
$630,000
Savannah
$1,650
$1,690
$325,000
Statesboro
$880
$865
$263,000
Valdosta
$1,000
$1,200
$225,000
Housing costs in popular Georgia cities
Augusta
Known for its role as host of the prestigious Masters Tournament, Augusta combines Southern charm with affordability, making it a great option for those seeking a lower cost of living in Georgia. Average rent prices in Augusta are appealingly low, with one-bedroom apartments going for $1,046 and two-bedrooms at $1,177 – well below Georgia’s average rent of $1,530. And if you’re considering homeownership, the median price of homes for sale in Augusta is just $221,000.
Read more:Is Augusta, GA a Good Place to Live? | 7 Awesome Augusta, GA Suburbs
Atlanta
As Georgia’s bustling capital, Atlanta features average rents of $1,830 for a one-bedroom and $2,354 for a two-bedroom, significantly higher than the average rent in Georgia. Atlanta’s rich culture, robust job market, and renowned attractions—such as the World of Coca-Cola and the Georgia Aquarium—make it a magnet for those seeking a dynamic environment with ample opportunities and diverse neighborhoods. While the cost of living in Georgia’s largest city is on the higher end for the state, many find it’s worth the higher price tag.
Read more: 11 Affordable Atlanta Suburbs for Renters in 2024 | 9 Pros and Cons of Living in Atlanta
Discover popular Atlanta neighborhoods: Midtown Neighborhood Guide | Old Fourth Ward Neighborhood Guide | West End Neighborhood Guide
Brookhaven
Brookhaven is one of Georgia’s pricier areas, with average rents reaching $1,865 for a one-bedroom and $2,442 for a two-bedroom. The median home sale price of $688,000 in Brookhaven reflects its desirability, thanks in part to its lush parks and modern amenities. This upscale suburb offers a blend of tranquility and urban convenience, attracting those who appreciate its vibrant dining and shopping scene while being just a short drive from the heart of Atlanta.
Read more: What is Brookhaven, GA Known For?
Columbus
In Columbus, average rents are incredibly reasonable, with a one-bedroom going for just $995 and a two-bedroom at $1,195. This affordability extends to homebuyers as well, with a median home sale price of $225,000. Known for its rich history and revitalized downtown area, Columbus offers a blend of cultural attractions and outdoor activities, including the scenic Chattahoochee Riverwalk. This charming city provides an excellent quality of life, making it an attractive option for those looking to enjoy a lower cost of living in Georgia without sacrificing access to entertainment and community amenities.
Macon
Macon is a gem for those seeking affordability, with average rents at $1,274 for a one-bedroom and $1,348 for a two-bedroom. The median home sale price of just $203,000 offers an inviting entry point for homebuyers. Known for its rich musical heritage and beautiful historic homes, Macon boasts a vibrant arts scene and a strong sense of community. This makes it an ideal place for those looking for a lower cost of living in Georgia while enjoying a laid-back lifestyle.
Savannah
In Savannah, where cobblestone streets meet coastal charm, average rents are $1,650 for a one-bedroom and $1,690 for a two-bedroom. Although this is slightly above the average rent in Georgia, it’s priced similarly to the national average rent of $1,645. Savannah’s unique blend of history and art, paired with its coastal beauty, makes it a coveted spot in Georgia—perfect for those who appreciate both culture and scenery.
Read more: Hidden Gems in Savannah, GA | 9 Popular Savannah, GA Neighborhoods
Georgia enjoys low utility costs across the state
When budgeting for the cost of living in Georgia, it’s important to factor in utility expenses. Compared to other areas of the U.S., Georgia residents pay less per month for basic utilities, such as electricity, heating, cooling, water, and garbage services. While costs can vary based on the season and location—cities like Atlanta may see higher rates due to increased demand or summer heat may lead to higher air conditioning bills—overall, Georgia’s utility prices tend to be on par with or slightly below the national average. This affordability adds to the state’s appeal, allowing residents to enjoy a comfortable lifestyle without overwhelming monthly expenses.
Monthly energy bills in Georgia compared to the national average
Data from Redfin’s Cost of Living Calculator, September 2024
Grocery costs in Georgia are slightly above the national average
Groceries in Georgia cost about 12% more than the national average. While Georgia has its share of affordable food options, particularly with its agricultural output, the costs can still add up, especially in urban areas like Atlanta where prices may reflect the higher demand and cost of living. In smaller towns, the prices for groceries are often a little lower, making it easier to fill your cart without breaking the bank.
For example, groceries in Macon cost about 3% less than the national average. The average cost of one loaf of bread here is $3.70, compared to the national average cost of $3.97. Meanwhile the cost of groceries in Savannah is 2% more expensive than the national average – so that same loaf of bread will cost you $4.20 in this area of Georgia.
Georgia transportation costs fall just under the national average
Transportation costs in Georgia can significantly affect your budget depending on where you live. Gas prices in the state are often close to or just below the national average, currently around $3.00 per gallon. Commuters in cities like Atlanta, where traffic is heavier and drive times longer, might spend more on gas and car maintenance compared to those in smaller towns like Valdosta or Macon. Car insurance rates also tend to vary across the state, with Atlanta residents likely paying higher premiums due to increased traffic and accident risk. In more rural areas, you’ll find both gas and insurance to be more affordable. Public transportation is primarily limited to larger cities like Atlanta, where options like MARTA can help offset transportation costs.
Taxes in Georgia are more reasonable than most coastal states
Georgia’s relatively low tax rates play a significant role in maintaining an affordable cost of living in the state. The statewide sales tax in Georgia is set at 4%, but some localities add a small local tax that can bring the total combined tax to around 6-8%. On average, the statewide sales tax typically falls between 5%-7%, and
Let’s take a look at the total combined sales tax in a few popular Georgia cities, from highest to lowest:
Georgia City
Combined Sales Tax
Atlanta
8.9%
Augusta
8.0%
Athens
8.0%
Columbus
8.0%
Valdosta
8.0%
Statesboro
7.0%
Savannah
7.0%
Macon
7.0%
Douglasville
7.0%
Marietta
6.0%
Georgia’s income tax is progressive, with rates ranging from 1% to 5.75% based on income levels, providing a structure that can benefit lower- to middle-income earners. These tax policies help keep the overall cost of living in Georgia below the national average, making it easier for residents to manage their daily expenses. In comparison to states with higher taxes, Georgia offers a more budget-friendly environment, allowing for greater financial flexibility.
Healthcare costs in Georgia vary across the state
Georgia may have reasonable housing and utility costs, but the cost of healthcare tends to be on the higher end here. Of course, the overall costs depend on a number of factors and are different for each individual. Factors like insurance premiums, prescription prices, and out-of-pocket expenses can add up, especially for those with specific medical needs. While Medicaid is available for low-income residents, many still face rising costs for medical services. Depending on where you live in Georgia, your insurance coverage, and your medical needs, you may be spending more than the national average on healthcare.
Healthcare costs in Georgia compared to the national average
Dentist Visit
Doctor Visit
Optometrist Visit
Comparison to National Avg.
National Average
$115.50
$140.46
$128.65
Augusta
$82.88
$92.49
$156.01
-20% less
Athens
$123.20
$125.69
$89.40
-2% less
Atlanta
$141.15
$129.99
$126.92
+7% more
Columbus
$186.20
$179.78
$78.48
+28% more
Douglasville
$116
$108.42
$88.66
-10% less
Macon
$116.87
$131.32
$113.56
-8% less
Marietta
$123.12
$111.52
$97.82
-8% less
Savannah
$148.53
$138.87
$92.71
+10% more
Statesboro
$159.46
$195.52
$138.39
+27% more
Valdosta
$115.59
$118.04
$113.66
-3% less
Data from Redfin’s Cost of Living Calculator, September 2024
How much do I need to earn to live in Georgia?
To live comfortably in Georgia, it’s important to consider how much of your income goes toward housing. A common guideline is to spend no more than 30% of your gross monthly income on rent, leaving room for other expenses. With the average rent in Georgia at $1,530, you would need to earn about $5,100 per month or roughly $61,200 annually to stay within this budget.
However, your specific income requirements can shift based on location. Renting in bustling cities like Atlanta or Columbus will generally demand a higher income, while more affordable areas like Augusta or Savannah may allow you to live comfortably with a bit less. Factoring in housing costs across different regions helps ensure your overall cost of living in Georgia stays balanced and within budget. It can be helpful to use a tool like our rent calculator, which can help you determine the ideal rent based on your income and financial goals.
Methodology
Average 1-bedroom and 2-bedroom rent sourced from Rent. Median home sale price, state average monthly rent, national rent prices, and cost of living data sourced from Redfin.
The Ikon Pass is a ski membership that provides access to a collection of ski resorts around the world. The most expensive pass from Ikon includes unlimited access to 17 Ikon Pass resorts and up to seven days per year of access to other resorts, plus buddy passes and discounts on food, drinks and retail purchases.
The Ikon Pass is an excellent choice for people who plan on skiing multiple days each winter. With many lift tickets running between $200 and $300 per day, just one multiday ski vacation can justify the cost.
What Ikon Pass resorts are included?
There are more than 50 Ikon Pass mountains where passholders can ski and snowboard around the world. However, access may be limited depending on what type of Ikon ski pass you have. Limited blackout dates apply to the Ikon Base Pass and the Ikon Base Plus Pass.
Resorts in the United States
Thirty-nine of the Ikon Pass mountains are in the U.S. Of these resorts, they’re primarily concentrated in the Rockies and Northeastern states.
Pacific NW (6)
Rockies (15)
Midwest (2)
Palisades Tahoe.
Sierra-at-Tahoe.
Mammoth Mountain.
June Mountain.
Big Bear Mountain Resort.
Snow Valley.
Sun Valley.
Alyeska Resort.
Crystal Mountain Resort.
The Summit at Snoqualmie.
Mt. Bachelor.
Schweitzer.
Aspen Snowmass.
Steamboat.
Winter Park Resort.
Copper Mountain.
Arapahoe Basin.
Eldora Mountain Resort.
Jackson Hole Mountain Resort.
Big Sky Resort.
Taos Ski Valley.
Deer Valley Resort.
Solitude Mountain Resort.
Brighton.
Alta Ski Area.
Snowbird.
Snowbasin.
International travelers can also take advantage of 22 Ikon Pass resorts in multiple countries. Southern Hemisphere locations make it possible to ski throughout the year since their ski season starts just as the North American ski season comes to an end.
Canada (8)
South America (1)
Europe (6)
Oceania (5)
SkiBig3. Revelstoke Mountain Resort. Cypress Mountain. RED Mountain. Panorama. Sun Peaks Resort.
Tremblant. Blue Mountain
Valle Nevado.
Grandvalira Resorts Andorra.
Kitzbühel.
Chamonix Mont-Blanc Valley.
Dolomiti Superski.
Switzerland
Zermatt Matterhorn. St. Moritz.
Thredbo. Mt Buller.
New Zealand
Coronet Peak. The Remarkables. Mt Hutt.
Niseko United. Arai Snow Resort
When planning your ski vacation, keep in mind that some ski resorts require reservations. While this can be frustrating, limiting access prevents overcrowding. This way, you’ll spend more time on the slopes than in the lines for ski lifts.
What ski pass options are available?
Ikon Base Pass
Ikon Base Plus Pass
Ikon Session Pass
Adult $1,359.
Young adult $1,019.
Child $429.
Ages 4 and under $149.
Adult $969.
Young adult $699.
Child $359.
Ages 4 and under $99.
Adult $1,219.
Young adult $949.
Child $609.
Ages 4 and under $349.
Adult passes:
4-day $479.
3-day $399.
2-day $289.
17 resorts.
14 resorts.
14 resorts.
Up to 7 days each at 42 resorts.
5 days each at 39 resorts.
5 days each at 45 resorts.
2, 3 or 4 days total at 43 resorts.
Blackout dates
Dining and retail discounts
Friends and family discounts
12 passes.
Ikon Pass (Best)
The Ikon Pass offers the most benefits and ski lift access of any pass. There are no blackout dates, and it includes unlimited access at 17 destinations. This means that you can ski or snowboard as much as you want at these locations throughout the ski season.
With the Ikon Pass, you’ll receive up to seven days each at 42 additional destinations. Passholders also receive a 15% discount on food, beverage and retail purchases at select destinations. You can use up to 12 friends and family discounts per season.
Ikon Base Pass
For skiers on a budget, the Ikon Base Pass adds blackout dates and eliminates access to some destinations in exchange for a reduced price. Even with these restrictions, you still get unlimited access to 14 destinations and five days of lift tickets at 39 other resorts. Passholders also get a 10% discount on food, beverage and retail purchases at participating destinations and eight friends and family discounts.
In the Northern Hemisphere, blackout dates this season include several days after Christmas, the weekend before Martin Luther King Jr. Day in January and the weekend before Presidents Day in February. The Southern Hemisphere has blackout dates for two weeks in July.
A major downside for the Ikon Base Pass is losing out on six resort destinations. These locations are Alta Ski Area, Aspen Snowmass, Deer Valley Resort, Jackson Hole Mountain Resort, Snowbasin and Sun Valley. If you want to visit these locations, consider upgrading your pass or purchasing single-day lift tickets.
Ikon Base Plus Pass
For skiers who want access to every Ikon ski resort but still want to save money, the Ikon Base Plus Pass is a solid choice. It includes unlimited access to 14 destinations and limited visits to Ikon’s 45 other ski resorts. There are limited blackout dates, but if your travel plans are flexible, you can work around those restrictions.
While the premium pass includes unlimited visits at Crystal Mountain, Schweitzer and Steamboat, this pass is limited to five days at those resorts per season. Blackout dates also apply to these resorts. Additionally, you’ll receive just five lift tickets at the other resorts compared with seven visits with the Ikon Pass.
Holders of the Base Plus Pass get a 10% discount on food and drinks and at retail stores at select destinations. You can also bring friends and family along by using up to eight discounts per season.
🤓Nerdy Tip
Skiers planning to upgrade from the Ikon Base Pass to the Ikon Base Plus Pass should consider buying the premium Ikon Pass instead.
With a $250 cost to upgrade to the Base Plus Pass, the difference in cost for adults and young adults between the Base Plus Pass and the Ikon Pass isn’t that much compared to the extra benefits and access you’ll get with the Ikon Pass. For children, the Base Plus Pass is actually more expensive than the top-of-the-line ski pass.
Ikon Session Pass
Travelers who aren’t ready to commit to a full season of skiing and snowboarding can still purchase an Ikon Session Pass to save money over single-day lift tickets.
Session passes can be used for one or more days at 43 ski resorts. They can be purchased for two, three or four days of skiing, but blackout dates may apply to select destinations. With this pass, some resorts also require reservations.
What to consider
Before buying your pass, consider which Ikon Pass mountains you want to visit, when you want to travel and how many days you’ll ski. You may be able to save money by purchasing a lower-level pass instead of the premium pass with the highest price tag.
Epic Ski Pass holders get access to several Epic resorts and partner resorts around the world. Think of it like a membership: Buy it once, use it all winter.
Most participating resorts are in the U.S., but there are also a handful in Canada and Australia plus partner resorts in Europe, Japan and the Canadian Rockies (plus one in the U.S.) that offer limited access to certain pass holders. Depending on when you purchase your pass, you may even get summer lift access, too, which could include lift-accessed mountain bike parks or scenic lift rides.
If you’re planning to ski multiple days this season, the cost of a pass could be much cheaper than paying for daily access. But blackout dates and limits to when you can visit might apply. Make sure your favorite local resort is included in the pass before purchasing.
Where are Epic Pass resorts?
Epic Pass mountains and resorts are located all over the world, with the majority in the U.S.
U.S. Rockies:
Vail, Colorado.
Beaver Creek, Colorado.
Breckenridge, Colorado.
Keystone, Colorado.
Crested Butte, Colorado.
Park City, Utah.
Western states:
Heavenly, California/Nevada.
Northstar, California.
Kirkwood, California.
Stevens Pass, Washington.
Northeastern states:
Stowe, Vermont.
Okemo, Vermont.
Mount Snow, Vermont.
Mount Sunapee, New Hampshire.
Attitash Mountain Resort, New Hampshire.
Wildcat Mountain, New Hampshire.
Crotched Mountain, New Hampshire.
Hunter Mountain, New York.
Mid-Atlantic (Pennsylvania):
Liberty Mountain Resort, Pennsylvania.
Roundtop Mountain Resort, Pennsylvania.
Whitetail Resort, Pennsylvania.
Jack Frost and Big Boulder, Pennsylvania.
Seven Springs, Pennsylvania.
Laurel Mountain, Pennsylvania.
Hidden Valley, Pennsylvania.
Midwest:
Afton Alps, Minnesota.
Mt Brighton, Michigan.
Wilmot, Wisconsin.
Alpine Valley, Ohio.
Boston Mills/Brandywine, Ohio.
Mad River Mountain, Ohio.
Hidden Valley, Missouri.
Snow Creek, Missouri.
Paoli Peaks, Indiana.
Whistler Blackcomb, British Columbia.
Australia:
Perisher, New South Wales. (2025 access.)
Falls Creek, Victoria. (2025 access.)
Hotham, Victoria. (2025 access.)
Andermatt-Sedrun-Disentis, Switzerland.
Partner resorts (limited access) in Europe, Canada, the U.S. and Japan:
Rusutsu, Japan.
Jigatake Snow Resort, Kashimayari Snow Resort, White Resort Hakuba Sanosaka, ABLE Hakuba Goryu, Hakuba 47 Winter Sports Park, Hakuba Happo-one Snow Resort, Hakuba Iwatake Snow Field, Tsugaike Mountain Resort, Hakuba Norikura Onsen Snow Resort and Hakuba Cortina Snow Resort, all located in Hakuba Valley, Japan.
Telluride, Colorado.
Fernie Alpine Resort, Canada.
Kicking Horse Mountain Resort, Canada.
Kimberley Alpine Resort, Canada.
Mont-Sainte-Anne, Canada.
Nakiska, Canada.
Stoneham, Canada.
Crans-Montana, Switzerland.
Verbier 4 Vallées, Switzerland.
Ski Arlberg, Austria.
Skirama Dolomiti, Italy.
Les 3 Vallées, France.
Epic Pass costs and options
Epic Pass: $1,025
If you want nearly unlimited access to all Epic Pass resorts with no blackout dates during peak times (usually holidays), the classic Epic Pass is the one for you.
You’ll get unlimited access to most U.S., Canadian and international resorts. But Telluride in Colorado, several Canadian destinations and participating Japanese resorts still come with a cap on how many days in the season you can visit. Since it’s the most inclusive pass option, it’s also the most expensive.
Epic Local Pass: $762
Geared toward U.S. residents who may occasionally travel internationally to ski, the Epic Local Pass offers unlimited access to several resorts across the U.S. and limited days at international resorts. Some U.S. slopes don’t allow visits on peak days, though, so check to see if your favorite mountains come with limitations, especially if you’re planning to travel over the holidays.
Epic Day Pass: Starts at $46 per day
This flexible option allows you to buy a day pass (for one day up to seven) for use whenever it’s convenient. You can choose if you want those days to give you access to all Epic resorts or just a selection and if you want the pass to include peak dates (which costs more). Which you choose will depend on when and where you plan to travel to ski or ride.
Purchasing a pass this way scores you lift tickets at a discount up to 65% off. Epic says that works out to between $46 and $135 per day depending on your selections, meaning you could score yourself a pretty decent discount depending on what resorts you plan to visit.
Military passes: Start at $181
Whether you’re active military, retired military, a dependent or a veteran, there are several discounted passes available with unlimited access to a wide selection of resorts.
Area- and resort-specific passes: Start at $334
For those who don’t plan to travel far to ski or snowboard, there are several resort- or region-specific passes available. For example, the Tahoe Local Pass offers unlimited access to a handful of California resorts, plus extra days at a few destinations in Western states.
The Northeast Value Pass gets you access to slopes in New England, Pennsylvania and the Midwest. Several dedicated resort-specific passes are available, too, if you plan to always ski close to home.
How to use an Epic Pass
To use an Epic Pass, download the My Epic app then scan your phone in lieu of a traditional lift ticket. That means you can skip the ticket line and head straight to the lifts at most resorts (except Telluride, which requires reservations).
The app also will keep track of days skied and any date restrictions associated with the pass you chose.
Other benefits of the Epic Pass
In addition to users getting access to often unlimited lift tickets by purchasing a pass before the season starts, the Epic Pass comes with a slew of other benefits at select resorts:
20% off food at many on-resort dining establishments.
20% off resort lodging.
20% off group ski or snowboard lessons.
20% off rental equipment.
50% off a tune-up and one free wax a year.
Discounted single-day lift tickets or Buddy Tickets for friends or family (with select passes).
Discounts on transportation and experiences at a handful of locations.
Pass coverage: You may be able to get a refund or partial refund if you lose your job, a resort closes or you get injured, thus limiting your ability to use your pass.
Is an Epic Pass worth it?
For many skiers, yes. But it depends on several factors — mainly, how often you’ll be able to use the pass and if it’s convenient for when and where you ski or snowboard.
Here’s what to consider before purchasing:
Location. Are any of the resorts near you part of the Epic Pass program? If not, and you’re not planning to travel to any that are, then you probably want to pass on this pass. If, however, your favorite hometown slope is included, and you plan to spend more than a few days layering up and strapping in in search of fresh powder or want to travel for a ski vacation, a pass could likely save you money.
Frequency. The more days per season you ski or ride, the more the cost of a pass will be worth it. But even if you plan to ski or ride only a few days throughout the season, a day pass could likely save you quite a bit of cash compared to a full-priced lift ticket, so it’s worth considering, especially if you live near an Epic resort.
Blackout dates. Keep in mind, too, whether the pass and included resorts allow you to claim lift tickets on peak days like Thanksgiving and Christmas. If you’re hoping to ski during the holidays, this is extra important.
Finances: Don’t go into debt for a season-long ski pass. Whether you choose to pay in full or use Epic’s buy now, pay later option, make sure your finances are in good enough shape for large transactions or automatic withdrawals. If they’re not, stick with saving up and paying on just the days you want to ski.
For the best value, make sure you scan the list of passes available and choose one that makes the most sense for you. There’s no need to spend big bucks on a full-blown Epic Pass if a regional or local pass will suit your needs.