The median pay for professional photographers is $40,170 per year, according to the most recent data from the Bureau of Labor Statistics. That said, there is a broad range of earning possible, depending on what kind of photographer a person is and where they live.
Photography may become a more in-demand skill in the future, given what a visual culture exists today. Over the next decade, it’s anticipated that photographers will see job demand increase by 5% between 2022 and 2032, which is greater than the average for all professions.
Read on to learn more about the salary and other facets of a career as a photographer.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
What Are Photographers?
A photographer combines technical expertise with creativity and composition skills to produce photographic images. Photographers can get paid to take wedding, family, or pet portraits; cover news events; work for businesses and brands shooting products; or create art — among many other types of photography work.
Many photographers are also skilled in editing photos. If a photographer works for themselves, they can also be responsible for running their business and everything that entails, from advertising to accounting to operations. There are so many directions a photographer’s career can take. Some photographers also teach the art of photography, help plan creative direction for photo shoots, or use drone technology to capture shots from the sky. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Photographers Make a Year?
When they are earning an entry-level salary, how much money a photographer makes is typically on the low end of the spectrum. Their earnings will likely grow as they gain skills and experience and make connections in the industry.
The lowest 10% of photographers earn less than $12.98 per hourly pay. That may be a good starting point if you are wondering about starting salaries.
Keep in mind that photographers in different locations and areas of focus will make an array of salaries. For instance, someone who takes baby portraits for new parents in a small town will likely never earn as much as a high-fashion photographer in a major city who is being paid by corporate clients. The latter could make $100,000 a year or considerably more.
Recommended: What Trade Makes the Most Money?
What is the Average Salary for a Photographer?
The average salary for a photographer can depend a lot, as already noted, on where someone lives. While the median annual income for this role is $40,170, the following table illustrates how the state a photographer chooses to work in can impact their potential earnings and determine if it’s a high-paying job.
What is the Average Photographer Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$48,870
$4,072
$939
$23.50
Alaska
$48,629
$4,052
$935
$23.38
North Dakota
$48,622
$4,051
$935
$23.38
Massachusetts
$48,041
$4,003
$923
$23.10
Hawaii
$47,595
$3,966
$915
$22.88
Washington
$46,501
$3,875
$894
$22.36
Nevada
$45,979
$3,831
$884
$22.11
South Dakota
$45,953
$3,829
$883
$22.09
Colorado
$45,377
$3,781
$872
$21.82
Rhode Island
$45,265
$3,772
$870
$21.76
New York
$43,131
$3,594
$829
$20.74
Delaware
$42,656
$3,554
$820
$20.51
Vermont
$42,118
$3,509
$809
$20.25
Virginia
$42,039
$3,503
$808
$20.21
Illinois
$42,025
$3,502
$808
$20.20
Maryland
$41,311
$3,442
$794
$19.86
Nebraska
$40,429
$3,369
$777
$19.44
Missouri
$40,178
$3,348
$772
$19.32
California
$40,067
$3,338
$770
$19.26
South Carolina
$39,831
$3,319
$765
$19.15
Pennsylvania
$39,512
$3,292
$759
$19.00
New Jersey
$39,430
$3,285
$758
$18.96
Oklahoma
$39,153
$3,262
$752
$18.82
Maine
$39,132
$3,261
$752
$18.81
Wisconsin
$39,049
$3,254
$750
$18.77
North Carolina
$39,009
$3,250
$750
$18.75
New Hampshire
$38,424
$3,202
$738
$18.47
Idaho
$38,328
$3,194
$737
$18.43
Texas
$38,071
$3,172
$732
$18.30
Kentucky
$37,948
$3,162
$729
$18.24
Wyoming
$37,814
$3,151
$727
$18.18
Minnesota
$37,716
$3,143
$725
$18.13
Michigan
$37,565
$3,130
$722
$18.06
New Mexico
$37,504
$3,125
$721
$18.03
Indiana
$37,314
$3,109
$717
$17.94
Ohio
$36,661
$3,055
$705
$17.63
Arizona
$36,543
$3,045
$702
$17.57
Connecticut
$36,357
$3,029
$699
$17.48
Mississippi
$36,102
$3,008
$694
$17.36
Iowa
$36,056
$3,004
$693
$17.34
Montana
$35,992
$2,999
$692
$17.30
Arkansas
$35,860
$2,988
$689
$17.24
Alabama
$35,543
$2,961
$683
$17.09
Utah
$35,026
$2,918
$673
$16.84
Tennessee
$35,001
$2,916
$673
$16.83
Kansas
$33,992
$2,832
$653
$16.34
Georgia
$33,110
$2,759
$636
$15.92
Louisiana
$32,930
$2,744
$633
$15.83
West Virginia
$30,515
$2,542
$586
$14.67
Florida
$29,303
$2,441
$563
$14.09
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Photographer Job Considerations for Pay & Benefits
While photographers can often choose to set their own rates, they are also usually self-employed and therefore responsible for securing their own benefits. For instance, they won’t have access to an employer-sponsored 401(k) plan or healthcare benefits. There are some exceptions to this rule. For example, if a photographer works for a large corporation or photo studio, they may receive access to traditional employee benefits like paid time off and a retirement plan contribution match.
Other considerations can be how a career as a photographer can impact your lifestyle. If you are a news photographer, you may find that you have to be available for extended periods, whenever a situation comes up that needs documenting. If you are a travel photographer, which can sound like a dream job, you likely won’t have a typical week-to-week schedule. And if you are a wedding photographer, you will likely be spending many weekends shooting ceremonies vs. kicking back with your family.
There are some photography jobs, such as taking pictures of a product, that may not involve that much social interaction, but many kinds of photography careers do involve working with people non-stop. For this reason, it may not be the best job for antisocial people.
Pros and Cons of Photographer Salary
The main advantage of a photographer’s salary is there is no real cap on how much they earn. For example, in-demand wedding photographers or photographers who license their images for products can all demand high rates for their work. On the flip side, their salaries are often not consistent, which can be very stressful. Also, when you are self-employed, taxes can take a bite out of your earnings.
Recommended: What Is Competitive Pay?
The Takeaway
Working as a professional photographer can be a creatively fulfilling, fun, and lucrative career. Worth considering, though: How much a photographer stands to make depends a lot on their specialty, where they live, and their level of experience.
See exactly how your money comes and goes at a glance.
FAQ
Can you make 100k a year as a Photographer?
It is possible to earn $100,000 or more a year as a photographer — the sky really is the limit when it comes to income potential in this field. However, the median annual income for this role is $40,170, but photographers can earn more over time as they gain experience and a strong reputation in their industry.
Do people like being a photographer?
Many people who pursue a career in photography do so because it is a creative pursuit they are truly passionate about. Many positions can provide flexibility and fun experiences (say, if you are a travel or wedding photographer).
Is it hard to get hired as a photographer?
It can be very hard to find a job as a photographer if you don’t have the skill set required to get the job done well. Taking some time to build a strong portfolio of your work and then marketing your business can make it much easier to get hired.
Photo credit: iStock/ivan101
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start. If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned…
Are you looking for the best low stress jobs? If you currently dread going to work and are looking for something new, here’s where to start.
If your current job is too stressful, you may be thinking about switching to something less intense. Lots of jobs pay well without making you feel anxious or burned out all the time.
Whether you’re making online content, helping people get fit as a personal trainer, or organizing medical records, there are many options for a job that helps you stay calm and relaxed.
Recommended reading: 40 Best Jobs Where You Work Alone
Best Low Stress Jobs
There are many low stress jobs listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Below are the best low stress jobs.
Note: While these jobs are low stress for some, they may not be for all. There may be a certain aspect of it that may make it low stress for you, such as being able to work alone, being able to work from home, having a flexible schedule, or doing something that you enjoy. But, nearly all jobs have some sort of stress that is a part of the job, so that is something to keep in mind. And, that doesn’t mean that these jobs are easy. Many of the jobs below are still quite difficult, requiring schooling (even getting your doctorate degree!) and hard work.
1. Blogger
If you enjoy writing and sharing ideas, becoming a blogger might be the perfect low stress job for you.
As a blogger, you have the freedom to create content on topics that interest you. Whether it’s personal finance, cooking, travel, tech, or any hobby, your blog is a space to express yourself.
I started my blog, Making Sense of Cents, in 2011 without much planning. I just wanted to talk about my own experiences with money. Surprisingly, since then, I’ve made over $5,000,000 from it. And now, blogging is my main job!
I really enjoy being able to blog full-time, and it’s much less stressful than the previous day job I had. But, it is still running my own business, so there are other stresses that come along with that, of course.
But, there are many positives as well! I can work alone, I get to make my own schedule, I am my own boss, I get to do the work that I choose to do, and I can work from home. I have an amazing work-life balance, and I wouldn’t trade this job for anything else.
So, what’s a blog? Well, it’s like what you’re reading now – it’s writing on a website. You can write a blog about something you really like, something you know a lot about, or even something you want to learn more about. People like to read blogs because they get to follow along with someone’s real experiences and journeys!
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
2. Sell printables
Selling digital printables online is a great way to work from home with less stress and make money.
Creating printables can be a less stressful job because you only need to make one digital file for each product, and then you can sell it many times. It’s also not expensive to start because all you need is a laptop or computer and an internet connection.
Plus, you can do all of this from home and on your own time.
Printables are things you can get on the internet and print at home. They could be games for a bridal shower, lists for groceries, planners for managing money, invites for events, quotes you can hang on your wall, or designs you can use for crafting.
I recommend signing up for Free Training: How To Earn Money Selling Printables. This free workshop will give you ideas on what types of printables you can sell, how to get started, the costs of starting a printables business, and how to make money.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Bookkeeper
Bookkeepers handle money matters for businesses, and they write down sales, keep track of expenses, and create financial reports.
This job allows you to work independently, earning a typical salary of $40,000 or more each year. You’ll mainly work with numbers instead of interacting with people.
Many bookkeepers like their jobs because they work regular hours and don’t have as much pressure as some other jobs.
You don’t need a college degree to start as a bookkeeper either. This is something that you can learn to get started, as there are no education requirements.
You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
10
This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
4. Proofreader
If you already enjoy reading articles or books and spotting errors, then you may find this job interesting.
A proofreader’s main task is to read content and look for mistakes in spelling, grammar, and punctuation. They’re the last line of defense, ensuring that everything reads perfectly before it goes out into the world. Many proofreaders enjoy the flexibility this job has, as they can often set their own hours and work from where they feel most comfortable.
Many writers, website owners, and students hire proofreaders to improve their work. There’s a big demand for proofreaders, and you can find jobs on different sites.
Even the best writers can make errors in grammar, punctuation, and spelling. That’s why hiring a proofreader can be extremely helpful for almost everyone.
In fact, I have a proofreader for my blog. Even though I write all day long, I know that it is very important to have a proofreader go through everything that I write.
If you want to become a proofreader, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to begin your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
10
This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
5. Transcriptionist
Transcriptionists listen to recordings and type out what they hear.
Becoming a transcriptionist is a low stress job if you’re looking for flexibility in terms of work schedules and the comfort of working from your own space.
Online transcriptionists typically earn between $15 to $30 per hour on average, with new transcribers usually starting at the lower end of that range.
A helpful free training to take is Free Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
10
In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
6. Software developer
A software developer is a person who designs, creates, tests, and keeps up software applications, systems, and programs. They’re good at programming languages and frameworks, using their skills to make solutions that meet specific needs or solve problems.
Software developers work in different fields like technology, finance, healthcare, and entertainment. They work with other team members like designers, engineers, and project managers to finish software projects well and meet the needs of users.
I know many software developers who enjoy what they do. While it is a hard job, many of them are able to work from home, travel whenever they want, and they tend to enjoy solving complex technical issues.
Other less stressful jobs in a related field include becoming a computer systems analyst, software architect, computer hardware engineer, and web developer. For these jobs, you may need a bachelor’s degree in software engineering, computer science, or a related field.
7. Massage therapist
If you’re looking for a stress-free job that lets you help others, think about being a massage therapist. Massage therapists use their hands to ease pain, help people relax, and help people feel less stressed.
Massage therapy might be a little less stressful for you because the atmosphere at work is usually calm (after all, that’s why people are going there – to relax!), and you don’t bring work home with you (so, no late night phone calls from clients!).
Massage therapists usually work in places like spas, wellness centers, or chiropractic clinics. Some may also have their own private businesses or have mobile services, which lets them have a more flexible schedule and be their own boss.
To become a massage therapist, you will need to go to school for massage therapy and pass a state exam. This typically takes around 6 months to 2 years to complete (it depends on the state you live in).
8. Personal trainer
Personal trainers help people with their fitness and being more healthy, which can mean creating workout plans, motivating them to work out, or showing the right way to lift weights.
Personal trainers work in a gym, hospital, or even go solo as a freelancer.
This job has some flexibility, which is something that many personal trainers like. You get to choose who you train, where you work, and when you have sessions. Plus, you’re not stuck at a desk all day, which keeps things fresh and fun.
9. Dental hygienist
Dental hygienists clean teeth, check for things like cavities or gum disease, and teach patients the best ways to brush and floss.
You can start this career with an associate’s degree, which usually takes about two years to finish. Plus, you may be able to make over $75,000 a year as a dental hygienist.
10. Medical records technician
If you’re in the job search for low stress jobs in healthcare, then becoming a medical records technician may be for you.
Medical records technicians handle health information data, and they make sure that all the records (both electronic health records and paper files), such as patient history, test results, and treatments, are accurate, accessible, and secure.
It’s low stress because, unlike some roles in medicine, you won’t be on the front lines dealing with emergencies. Your work environment is typically calm, allowing you to focus on your tasks without the pressure of patient care.
To become a medical records technician, you typically only need a high school diploma, but some employers may want to see a certificate related to the field or higher education.
11. Optometrist
An optometrist is an eye doctor who helps people see better. They check your eyes, find out if you need glasses, and help keep your eyes healthy.
You may like being an eye doctor because:
You usually work regular hours. People don’t typically have optometrist emergencies.
The pay is great.
It’s usually a relatively calm job.
Plus, according to the Bureau of Labor Statistics, the median salary for optometrists is over $125,000 a year, and there is expected to be a 9% job growth outlook over the next decade.
12. Physicist
Physicists study the laws and principles that govern the universe, like gravity and motion, and how they apply to everyday life.
Most physicists work in research and development. Some work in offices, while others spend time in laboratories. There are also those who teach at universities.
The job comes with a reasonable stress level, as physicists frequently engage in deep thinking rather than dealing with tight deadlines or high-stress situations, and they typically conduct research. This can make for a fulfilling and low-pressure work environment if you enjoy physics.
To be a physicist, you will likely need a Ph.D. That means a lot of school, but it’s worth it if you love science and discovery.
13. Statistician
Being a statistician might be a perfect choice for your career if you love numbers and data.
Statisticians analyze data and identify patterns, such as by taking a bunch of numbers and turning them into useful information that companies can use to make decisions. Statisticians also might collect data from surveys and experiments.
Statisticians usually have pretty regular hours and it’s normally a quiet place to work, so you can focus just on your tasks without a bunch of noise. Plus, it’s not a job that is typically rushed, so you can take your time.
14. Mathematician
If you love numbers and problems that make you think, a related field to the above may be becoming a mathematician.
Mathematicians use mathematics to unravel patterns and address significant questions.
Mathematicians are needed in many different fields like academia, government, finance, and technology.
In academia, they work as professors and researchers, studying both theoretical and practical math ideas. Government agencies like NASA and the NSA hire mathematicians for jobs like exploring space and analyzing statistics. Financial companies hire mathematicians to make algorithms for things like evaluating risk, pricing items, and creating trading strategies. Also, big tech companies like Google and Microsoft use mathematicians to develop algorithms and analyze data.
15. Librarian
Becoming a librarian is a great job for someone who likes quiet places and books.
Being a librarian is not just about checking out books. It’s a role that’s all about helping people find information and enjoy reading.
Your main job as a librarian would be to help people find the books or online resources they need. You also get to put together fun programs, like story time for kids or book clubs. Keeping the library in tip-top shape is part of your work too, like putting books back on the shelves, managing schedules for employees and volunteers, and making sure everything is where it belongs.
Libraries are usually calm and quiet, which can make it stress-free for you. This makes your workplace quite relaxing, which is great if loud and busy spots make you feel stressed. Plus, you get to have a regular schedule.
Most librarian jobs need a bachelor’s degree at the minimum and sometimes, you will most likely need a master’s degree in library science (MLS) from an accredited program.
Librarians work in many places, such as public libraries, schools, law firms, universities, and more.
16. Orthodontist
One of the best high-paying jobs for people who don’t like stress is becoming an orthodontist.
An orthodontist is a specialized dentist who focuses on fixing teeth and jaw alignment problems. They help patients get straighter smiles and better oral health using treatments like braces, clear aligners, and retainers.
Orthodontists get extra training after dental school to become experts in diagnosing and treating issues like misaligned bites and other dental problems.
By carefully checking each patient, orthodontists make personalized plans to straighten teeth properly, leading to better-looking smiles and improved function of the teeth and jaws.
Being an orthodontist can be pretty low stress since they usually have a set schedule, seeing patients for regular appointments instead of dealing with sudden dental emergencies.
17. Groundskeeper/gardener
Becoming a groundskeeper or a gardener could be a great fit for you if you like being outside and want a stress-free job. You get to work with plants and make outdoor spaces look beautiful. This job is perfect if you’re looking for something that lets you enjoy fresh air and doesn’t have you sitting at a desk all day.
Here are some things that a groundskeeper or gardener may do:
Take care of plants and grass by watering, weeding, and trimming.
Make sure gardens look neat and are healthy.
Sometimes work with tools and machines, like lawn mowers and trimmers.
Shovel snow or take care of indoor plants.
This is one of the best low stress jobs because it is usually quiet, which makes it great for people who get overwhelmed by noisy places.
Recommended reading: 15 Outdoor Jobs For People Who Love Being Outside
18. Audiologist
Audiologists help people with their hearing, and this includes testing hearing, picking out hearing aids, and teaching people how to use them.
This is typically a low stress career choice because you get to work in an office and do similar tasks each day. You are not usually rushing around, instead you have a lot of calm one-on-one time with patients.
Audiologists work in different places like hospitals, clinics, private practices, schools, and research institutions.
19. Pet sitter
Becoming a pet sitter is a great job if you like animals and enjoy caring for them. This is a job that doesn’t typically have a lot of stress because it is not fast-paced. Plus, if you like pets, then you probably enjoy being around them, which can make the job fun.
A pet sitter’s main job is to look after pets while their owners are away. This might mean feeding them, giving them water, and playing with them. It’s important to make sure the pet feels happy and safe when their owner isn’t home.
You might have pets come to your home, or you can go to their owners’ place (this is something that is agreed upon beforehand). Dog walkers typically earn around $20 for every hour they spend walking a dog. Taking care of someone’s pet overnight can earn a person around $25 to $100 or even more each day.
I have used many pet sitters over the years for my dogs, and they all seemed to love what they do. Plus, my mother-in-law is a pet sitter as well, and she enjoys her time with the dogs that she takes care of.
20. Stock photo photographer
Stock photo photographers take photos of things like people, businesses, animals, and more, and sell them for other people to use.
Stock image sites are some of the most popular platforms for photographers to sell their pictures. These websites allow customers to purchase images for purposes such as websites, TV shows, books, and social media accounts. You can take a look at some of the stock photos I’ve purchased within this blog post as examples.
Stock photo photographers typically work by themselves, and this job can be done without much interaction with others. Most of the tasks involve using a camera and then uploading photos to a website.
As a stock picture photographer, you get to set your own schedule. This means you can choose when and where you work.
One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and continue to earn money from those photos for months or even years into the future. Since everything is online and mostly automated, there’s no need to talk with anyone directly.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
21. Freelance writer
Freelance writers create content for clients, including blog posts, advertising materials, and more.
It’s common for freelance writers to work independently, receiving topics from clients and submitting their completed work. Occasionally, they may receive feedback, such as suggestions for improvement, but this is usually the extent of human interaction they’ll have.
This is one of the best low stress jobs from home where you work alone.
I have been a freelance writer for many years and I enjoy this job a lot. I get to work from home, make my own hours, work alone, and choose the topics that I write about.
Recommended reading: 14 Places To Find Freelance Writing Jobs As A Beginner
22. Graphic designer
A graphic designer is someone who creates designs for individuals and businesses.
They create things such as images, printables, planners, T-shirt designs, calendars, business cards, social media graphics, stickers, logos, and more.
Graphic designers tend to have the freedom to set their own schedules, especially if they work as a freelancer. This job allows you to work at your own pace, and most of the time, you don’t have to deal with rush hour traffic or crowds since a lot of graphic designers can work from home.
23. Hairstylist
We’ve all been to a hairstylist, so I don’t think I need to describe this job too, too much. Hairstylists cut, style, and take care of hair.
Hair styling is lower stress because you work with clients in a relaxed setting. Also, you don’t have to sit at a desk all day – you move around and talk with people.
Plus, you can set up your day the way you like it. If you want, you can take breaks between clients. This means you won’t feel rushed and can enjoy your work more.
24. Social media manager
Social media managers engage with people online and share news, pictures, and videos on behalf of a company.
You may find this to be a low stress job because you mostly type on a computer or phone as a social media manager. So, if talking in front of people makes you nervous, this could be the perfect job. Plus, you can often work from home.
25. Virtual assistant
One of my first side gigs was working as a virtual assistant, and it was both enjoyable and flexible for earning income.
While you have a boss as a VA, many of the tasks you handle will require you to take the lead and complete them independently, usually from your own home.
A virtual assistant is someone who assists people with office tasks remotely, whether from home or while traveling. This could involve tasks such as responding to emails, scheduling appointments, and managing social media accounts.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
26. Litter cleanup worker
This is one of the least stressful jobs.
If you have a business, it’s important to keep it clean and neat. No one likes seeing trash scattered about when they’re shopping, correct?
That’s why some business owners pay someone to tidy up before their business opens. A clean space makes the place look inviting and pleasant for customers.
This low stress job without a degree can be started all by yourself, and you can earn around $30 to $50 for every hour you work. It’s quite straightforward too. All you’ll need is a broom, a dustpan, and some tools to help you pick up litter more easily.
People like this job because they can work alone and it’s easy to clean an area up.
Recommended reading: How I Started A $650,000 Per Year Litter Cleanup Business
27. Economist
Economists examine how goods and services are made, shared, and used within an economy. They use different tools, like math and stats, to grasp and predict economic patterns and actions.
Economists might work for the government, giving advice to policymakers on things like money policies and taxes. They also help businesses by explaining market trends, so they can make good decisions about prices, production, and investments.
A somewhat related field to this would be becoming an economics professor.
28. Astronomer
Astronomers study objects and events in space beyond Earth’s atmosphere, like stars, planets, galaxies, and cosmic happenings such as black holes and supernovas.
They use a mix of observations, data analysis, and theoretical models to learn about the origins, changes, and behaviors of these objects. Astronomers usually use advanced telescopes, both on the ground and in space, to observe and gather data from far-off parts of the universe.
They also work with physicists, mathematicians, and engineers to create new technologies and tools for exploring space. Through their work, astronomers help us understand big questions about the universe, like how old it is, what it’s made of, and what will happen to it in the future.
Unlike many jobs, being an astronomer means regular hours with few surprises. Plus, the quiet of a lab or observatory is perfect for staying focused and calm.
29. Actuary
Actuaries assess and handle financial risks by using math and stats to analyze data and forecast future events.
They mainly work for insurance companies, pension funds, and financial consulting firms. Actuaries examine how likely events like death, illness, accidents, and natural disasters are to happen, and what impact they could have on insurance policies and pension plans.
Based on their analysis, they help create insurance policies, decide on premiums, and suggest investment plans to make sure these financial products stay stable and have enough coverage for customers.
If you enjoy numbers and are looking for a job that’s pretty easy on stress, becoming an actuary could be a smart move. Actuaries help businesses look into the future and protect against loss.
30. Radiologist
If you’re interested in a career in the medical field that is both high-paying and considered to have lower stress, you might want to think about becoming a radiologist.
Radiologists specialize in diagnosing and treating diseases and injuries using medical imaging techniques like X-rays, CT scans, MRI scans, ultrasound, and nuclear medicine. They analyze images to find any abnormalities and give detailed reports to other doctors, helping with patient diagnosis and treatment plans.
Radiologists work closely with other healthcare professionals to make sure they understand the imaging results and can provide the best care for patients.
31. Data entry clerk
Data entry is one of the easiest low stress jobs without a degree needed.
Data entry clerks input, edit, and verify data in databases or spreadsheets. They enter details like numbers and names into computers to maintain organization and records.
This job can often be done remotely and independently, with little supervision or interaction with customers. For some people, this is key to having a stress-free job, and I completely get it – this is what I want as well!
Data entry positions generally pay around $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
32. Yoga instructor
If you love helping others relax and stay fit, being a yoga instructor could be the perfect job for you if you want to find fun low stress jobs.
Yoga instructors lead classes and sessions in practicing yoga, a holistic discipline involving physical postures, breathing exercises, relaxation techniques, and meditation.
They help students through different yoga poses, focusing on correct alignment, breath control, and mindfulness. Yoga instructors create a welcoming environment where students of all levels can explore and improve their practice.
33. Dietitian
A dietitian talks to clients about their eating habits and helps figure out the best way to eat healthy.
Being a dietitian is usually not too stressful. You get to chat with people one-on-one or in small groups. You don’t have to rush around or handle dangerous equipment.
They can work in places such as hospitals, clinics, schools, community health centers, and food service establishments.
Frequently Asked Questions
Below are answers to common questions about how to find low stress jobs.
What’s the least stressful job?
The least stressful job will depend on your personality, as everyone is different. Some less stressful jobs include writing online, gardening, selling printables, and data entry. For me, I really like blogging, and I think it’s a great stress-free career that you can do at home.
How do I find a peaceful job?
If you want a peaceful job that doesn’t have a lot of stress, then I recommend first thinking about what you would find peaceful in a career, such as by looking for jobs with fewer deadlines and less contact with lots of people. Jobs where you can set your own pace, like a blogger or a freelancer, tend to have a peaceful workday. Think about what makes you feel calm, and then look for jobs that match that feeling.
What job is the easiest and pays the most?
Some jobs that are pretty easygoing and also pay well include orthodontist and optometrist. These jobs usually have regular hours and don’t need you to rush around. Plus, they pay more than enough to help you save for those things you love to buy.
What types of work-from-home jobs are low stress?
Working from home can be really laid back when you’re doing something like freelance writing, blogging, transcribing, or graphic design. You can pick the jobs you want and work when it suits you best.
What are the best low stress jobs for introverts?
If you’re quiet or introverted, then you might be interested in jobs where you can work solo or with just a few people. Jobs like a bookkeeper, transcriptionist, or data entry let you focus on your work without having to talk to many people.
What are high-stress jobs?
Some of the most stressful jobs include being a nurse, police officer, surgeon, social worker, anesthesiologist, firefighter, lawyer, airline pilot, paramedic, and in the military.
Best Low Stress Jobs – Summary
I hope you enjoyed this article on the best low stress jobs.
Nowadays, people are realizing how important it is to balance work and personal life and to take care of their mental health while lessening their anxiety about work. Some occupations, like software development and data entry, have this balance and a sense of calm.
Professionals such as dental hygienists, librarians, and dietitians also enjoy low stress roles with predictable schedules.
You don’t have to give up peace of mind to have a career. By thinking about what you’re good at and what you enjoy, you can find jobs that meet your goals while keeping stress levels low.
For me, I personally love having a career that has low stress. While it is still hard, I love that I can work from home, choose the work I do, and have a flexible schedule – all things that help me be less anxious and happier about the work that I do.
The average cost of a dozen eggs in the U.S. is $3, according to data from the U.S. Bureau of Labor Statistics (BLS). Though higher than in previous years, it’s still lower than the $4.82 consumers paid on average in January of 2023, when concerns about egg shortages sent the cost of eggs skyrocketing.
Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.
Table of Contents
What Is the Average Cost of a Dozen Eggs Today?
On average, Americans are paying $3 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of February 2024. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.
In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. While prices increased sharply in the beginning of 2023, the average cost of a dozen eggs has since declined. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.
It’s important to keep in mind that average reflects all prices from high to low, while median reflects the middle price. Median prices for eggs or other consumer goods and services may be higher than the average price. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Average Cost of Eggs by State for 2023
If you’re interested in what is the average cost of a dozen eggs by state, you might be surprised at just how much prices can vary from one location to the next. The following table breaks down the average cost of a dozen eggs in all 50 states, according to pricing data from Instacart collected in December 2022. Note that the figures below were captured during the egg shortage, when prices were high, and may not reflect the latest CPI price data.
State
Cost
Alabama
$6.12
Alaska
$4.61
Arizona
$6.03
Arkansa
$4.95
California
$6.05
Colorado
$5.77
Connecticut
$5.54
Delaware
$4.79
District of Columbia
$4.58
Florida
$6.36
Georgia
$5.96
Hawaii
$9.73
Idaho
$5.09
Illinois
$4.82
Indiana
$4.33
Iowa
$4.44
Kansas
$4.41
Kentucky
$4.51
Louisiana
$5.59
Maine
$5.84
Maryland
$4.78
Massachusetts
$5.20
Michigan
$4.82
Minnesota
$5.10
Mississippi
$5.04
Missouri
$4.24
Montana
$5.46
Nebraska
$4.25
Nevada
$6.07
New Hampshire
$4.91
New Jersey
$5.05
New Mexico
$5.65
New York
$5.37
North Carolina
$5.60
North Dakota
$4.83
Ohio
$4.39
Oklahoma
$4.92
Oregon
$4.81
Pennsylvania
$4.52
Rhode Island
$5.10
South Carolina
$5.76
South Dakota
$5.00
Tennessee
$5.61
Texas
$5.43
Utah
$5.67
Vermont
$5.70
Virginia
$4.96
Washington
$4.91
West Virginia
$4.64
Wisconsin
$4.78
Wyoming
$5.84
Source: Instacart
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
Where the Cost of Eggs Is Highest
As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:
• Hawaii
• Florida
• Alabama
• Nevada
• California
• Arizona
• Georgia
• Wyoming
• Maine
• Colorado
In each of those states, shoppers paid $5.70 or more on average for a dozen eggs. Hawaii is the most expensive state to buy eggs, with the average cost of a dozen eggs nearing $10.
Where the Cost of Eggs Is Lowest
Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:
• Missouri
• Nebraska
• Indiana
• Ohio
• Kansas
• Iowa
• Kentucky
• Pennsylvania
• Alaska
• West Virginia
In these states, the average cost of eggs was below $5 per dozen. As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of 5 is likely to be less compared to the states where eggs are more expensive.
Why Did the Cost of Eggs Increase
The spike in egg prices that peaked in 2022 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 43 million laying hens were lost to the disease or depopulation efforts. With fewer eggs in supply but demand not easing, egg prices began to rise. Prices began to decline as egg inventory increased following the end of the outbreak.
Prices began to decline as egg inventory increased. However, the ongoing outbreak and strong demand have helped keep prices high. Inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.
When inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.
When Will the Cost of Eggs Go Down?
According to the CPI data, egg prices have declined from the peak they reached in January 2023. While eggs are more expensive than they were a couple of years ago, relief might be on the horizon. In its food price outlook, the USDA predicted that egg prices would drop 2.8% in 2024.
Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.
Tips on How to Shop for Cheap Eggs
Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.
With that in mind, here are a few quick tips to help you pay less for eggs.
• Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.
• Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.
• Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.
• Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.
• Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
The Takeaway
The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
How much did a dozen eggs cost in 2023?
As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.
What state has the most expensive eggs?
According to December 2022 pricing data from Instacart, Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.
Do eggs last longer than sell by date?
Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.
Photo credit: iStock/nd3000
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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
As of 2022, the average net worth of Americans under 35 was $183,500, $549,600 for ages 35 – 44, $975,800 for 45 – 54, $1,566,900 for 55 – 64, $1,794,600 for 65 – 74 and $1,624,100 for 75 and up.
Your net worth provides a fuller picture of how much you currently own and how financially prepared you are for the future. It’s a good measure of your overall financial stability because it includes cash, investments and property, as well as debts like loans, mortgages and credit card balances.
The most recent data from the Federal Reserve gives us a good idea of how Americans are doing financially. Using this information, we can help you see where you’re at compared to other Americans, and we’ll also provide some tips for how to grow your net worth based on your demographics and circumstances.
Or you can jump to our infographic to learn how to calculate your net worth, as well as some key statistics.
Or you can jump to our infographic to learn how to calculate your net worth, as well as some key statistics.
Key takeaways
The highest average American net worth belongs to those aged 65 to 74 at $1,794,600.
Americans 55 to 64 years old have the second-highest average net worth at $1,566,900.
Couples with no children have the highest average net worth among family structures at $1,867,480.
Those who buy a home hold a higher average net worth than renters, at $1,530,900.
Table of contents:
What is the average American’s net worth?
The average American’s net worth as of 2022 is $1,063,700 when looking at the mean for U.S. households.
Averages, listed as the “mean” in the Federal Reserve report, can be skewed when certain individuals have a much higher or lower net worth. You’ll find the median value in the tables below, which is closer to the net worth of the typical household. The overall median for households in the U.S. is $192,900.
Average American net worth by age group
In general, as Americans age, their net worth increases. Over time, people are able to command higher salaries and purchase property—meanwhile, their investments and retirement accounts continue to grow.
The one caveat is for individuals 75 years and older. This is due to individuals no longer working and spending their retirement savings later in life.
Age group
Median net worth
Average net worth
Under 35 years old
$13,900
$76,300
35–44 years old
$91,300
$436,200
45–54 years old
$168,600
$833,200
55–64 years old
$212,500
$1,175,900
65–74
$266,400
$1,217,700
75 years or older
$254,800
$977,600
Average net worth by top percentile and age
The top one percent of net worth are some of the outliers. Here’s what the top one percent is making by age, according to DQYDJ’s 2023 report:
The Federal Reserve’s recent data says the average credit card interest rate is 21.47%, which is a high number by most standards. If you never carry a balance or take out cash advances, it may not be a big deal for you, but if you do, it’s worth paying attention to the average credit interest rate. Doing so could help you anticipate and potentially budget for increased interest payments.
Here, you’ll learn more about credit card interest rates and how they can impact your financial life.
What Is the Average Credit Card Interest Rate?
The average interest rate for credit cards is 21.47%, as mentioned above, as of the start of 2024. Rates have been steadily increasing in recent years — in November 2021, the average rate for credit cards was 14.51%, and back in November 2017, for example, it was 13.16%.
Keep in mind, however, that the interest rate for your credit card could be higher or lower than this average depending on factors such as your credit profile, given how credit cards work. So what’s a good annual percentage rate (APR) for you may be different from what a good APR for a credit card is for someone else, as you’ll learn in more detail below.
Interest Rates by Credit Quality Types
Credit card interest rates, or the APR on a credit card, tend to vary depending on an applicant’s credit score. The average interest rate for credit cards tends to increase for those who have lower credit scores, according to the CFPB’s most recent Consumer Credit Card Market Report.
The report measures what’s called an effective interest rate — meaning, the total interest charged to a cardholder at the end of the billing cycle.
Credit Quality
Effective Interest Rate
Deep subprime (a score of 579 or lower)
23%
Subprime (a score of 580-619)
22%
Near prime (a score of 620-659)
20%
Prime (a score of 660-719)
18%
Prime plus (a score of 720-799)
15%
Super prime (800-850)
9%
What this table shows is that the lower your credit score, the more you will be paying in interest on balances you have on your credit cards (meaning, any amount that remains after you make your credit card minimum payment).
Keep in mind that these rates don’t include any fees that may also apply, such as those for balance transfers or late payments, which can further increase the cost of borrowing.
Recommended: Revolving Credit vs. Line of Credit, Explained
Interest Rates by Credit Card Types
Interest rates may vary depending on the type of credit card you carry. In general, platinum or premium credits have a higher APR — cards with higher interest rates tend to come with better features and benefits.
Type
APR Range
No annual fee credit card
20.64% – 27.65%
Cash back credit card
21.06% – 27.78%
Rewards credit card
20.91% – 28.15%
Prime Rate Trend
The prime rate is the interest rate that financial institutions use to set rates for various types of loans, such as credit cards. Most consumer products use the prime rate to determine whether to raise, decrease, or maintain the current interest rate. That’s why for credit cards, you’ll see the rates are variable, meaning they can change depending on the prime rate.
As of March 6, 2024, the prime rate is 8.50%. On March 17, 2022, the prime rate was 3.50%. This can be considered an example of how variable this rate can be.
Delinquency Rate Trend
Credit card delinquency rates apply to accounts that have outstanding payments or are at least 90 days late in making payments. These rates have fluctuated based on various economic conditions. In many cases, rates are higher in times of financial duress, such as during the financial crisis in 2009, when it was at 6.61%.
As economic conditions rebound or the economy builds itself up, delinquency rates tend to go down, as consumers can afford to make on-time payments. According to the Federal Reserve, the delinquency rate for the fourth quarter in 2023 was 3.20%, up from 2.34% a year earlier and 1.63% for the same time period in 2021. This may be due to the pandemic, when consumers were more wary of discretionary spending or from negotiating payment plans with creditors.
Credit Card Debt Trend
Credit card debt has risen from its previous levels of $926 billion in 2019 and $825 billion at the end of 2020. It has climbed to $1.129 trillion for the fourth quarter of 2023, a new high.
This shows an ongoing surge in credit card debt, and these statistics can make individual cardholders think twice about their own balance and how to lower it.
Recommended: How Does Credit Card Debt Forgiveness Work?
Types of Credit Card Interest Rates
Credit cards have more than one type of interest rate. The credit card interest rate that applies may differ depending on how you use your card.
Purchase APR
The purchase APR is the interest rate that’s applied to balances from purchases made anywhere that accepts credit card payments. For instance, if you purchase a pair of sneakers using your credit card, you’ll be charged the purchase APR if you carry a balance after the statement due date.
Balance Transfer APR
A balance transfer APR is the interest rate you’ll be charged if you move a balance from one credit card to another. Many issuers offer a low introductory balance transfer APR for a predetermined amount of time.
Penalty APR
A penalty APR can kick in if you’re late on your credit card payment. This rate is usually higher than the purchase APR and can be applied toward future purchases as long as your account remains delinquent. This is why it’s always critical to make your credit card payment, even if you’re in the midst of requesting a credit card chargeback, for instance.
Cash Advance APR
A cash advance has its own separate APR that gets triggered when you use your card at an ATM or bank to withdraw cash, or if you use a convenience check from the issuer. The APR tends to be higher than the purchase APR.
Introductory APR
An introductory APR is an APR that’s lower than the purchase APR and that applies for a set amount of time. Introductory APRs may apply to purchases, balance transfers, or both.
For instance, you may get a 0% introductory APR for purchases you make for the first 18 months of account opening. After that, your APR will revert to the standard APR. (Note that the end of the introductory APR is completely unrelated to your credit card expiration date.)
Factors That Affect Interest Rate
When you apply for a credit card, you may notice that your interest rate is different from what was advertised by the issuer. That’s because there are several factors that affect your interest rate, which can make it higher or lower than the average credit card interest rate.
Credit Score
Your credit score determines how risky of a borrower you are, so your interest rate could reflect your creditworthiness. Lenders tend to charge higher interest rates for those who have lower scores. Your credit score can also influence whether your credit limit is above or below the average credit card limit.
Credit Card Type
The type of credit card may affect how much you could pay in interest. Different types of credit cards include:
• Travel rewards credit cards
• Student credit cards
• Cash-back rewards credit cards
• Balance transfer cards
Most likely, the more features you get, the higher the interest rate could be. Student credit cards may have lower interest rates, but that may not always be the case. That’s why it’s best to check the APR range of credit cards you’re interested in before submitting an application.
The Takeaway
The current average credit card interest rate is 21.47%, according to data from the Federal Reserve. However, your rate could be higher or lower than the average APR for credit cards based on factors such as your creditworthiness and the type of card you’re applying for. Your best bet is to pay off your entire balance each month on your credit card so you don’t have to worry about how high the interest rate for a credit card may be. That way, you can focus on features you’re interested in.
With whichever credit card you may choose, it’s important to understand its features and rates and use it responsibly.
Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
What is the average credit card interest rate?
The average interest rate for credit cards is 21.47%, according to the latest data from the Federal Reserve for the fourth quarter of 2023.
How do you get a low credit card interest rate?
You may be able to get a low credit card interest rate by building your credit score, as this will encourage lenders to view you as less risky. Otherwise, you can also aim to get a credit card with a low introductory rate, though these offers are generally reserved for those with good credit. Even if the APR is temporary, it could be beneficial depending on your financial goals.
What is a bad APR rate?
A bad APR is generally one that is well above the average credit card interest rate. However, what’s a good or bad APR for you will depend on your credit score as well as what type of card you’re applying for.
Photo credit: iStock/MicroStockHub
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Mortgage rates initially ticked up a little bit following the release of Tuesday’s slightly hotter-than-expected Consumer Price Index data. But they’ve since trended back down and remain well below last month’s levels. Rates are still expected to go down this year.
Last month, average 30-year mortgage rates rose to 6.52%. So far this month, they’ve been trending a bit lower, and they could drop below 6% by the end of the year, according to Fannie Mae’s latest forecast.
But mortgage rates probably won’t drop substantially until we get more data showing that inflation is continuing to slow.
In February, prices rose 3.2% year over year, according to the Bureau of Labor Statistics. This is a slight uptick from the previous month, which showed prices rising 3.1% on an annual basis.
Federal Reserve officials want to see more data that inflation is coming down before they start lowering the federal funds rate. Once we get closer to a likely Fed cut, mortgage rates should start to fall.
Right now, investors still believe the Fed could start cutting rates as soon as June, according to the CME FedWatch Tool. So we could see mortgage rates go down in just a few months.
Mortgage Rates Today
Mortgage type
Average rate today
This information has been provided by
Zillow. See more
mortgage rates on Zillow
Real Estate on Zillow
Mortgage Refinance Rates Today
Mortgage type
Average rate today
This information has been provided by
Zillow. See more
mortgage rates on Zillow
Real Estate on Zillow
Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
Mortgage Rate Projection for 2024
Mortgage rates increased dramatically for most of 2023, though they started trending back down in the final months of the year. As the economy continues to normalize this year, rates should come down even further.
In the last 12 months, the Consumer Price Index rose by 3.2%, a significant slowdown compared to when it peaked at 9.1% in 2022. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.
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. Check out some of the 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.
When Will House Prices Come Down?
We aren’t likely to see home prices drop anytime soon thanks to extremely limited supply. In fact, they’ll likely rise this year as mortgage rates drop.
Fannie Mae researchers expect prices to increase 3.2% in 2024, while the Mortgage Bankers Association expects a 4.1% increase in 2024.
Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices. But prices aren’t currently expected to increase as much as they have in recent years.
Fixed-Rate vs. Adjustable-Rate Mortgage Pros and Cons
Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.
So how do you choose between a fixed-rate vs. adjustable-rate mortgage?
ARMs typically start with lower rates than fixed-rate mortgages, but ARM rates can go up once your initial introductory period is over. If you plan on moving or refinancing before the rate adjusts, an ARM could be a good deal. But keep in mind that a change in circumstances could prevent you from doing these things, so it’s a good idea to think about whether your budget could handle a higher monthly payment.
Fixed-rate mortgage are a good choice for borrowers who want stability, since your monthly principal and interest payments won’t change throughout the life of the loan (though your mortgage payment could increase if your taxes or insurance go up).
But in exchange for this stability, you’ll take on a higher rate. This might seem like a bad deal right now, but if rates increase further down the road, you might be glad to have a rate locked in. And if rates trend down, you may be able to refinance to snag a lower rate
How Does an Adjustable-Rate Mortgage Work?
Adjustable-rate mortgages start with an introductory period where your rate will remain fixed for a certain period of time. Once that period is up, it will begin to adjust periodically — typically once per year or once every six months.
How much your rate will change depends on the index that the ARM uses and the margin set by the lender. Lenders choose the index that their ARMs use, and this rate can trend up or down depending on current market conditions.
The margin is the amount of interest a lender charges on top of the index. You should shop around with multiple lenders to see which one offers the lowest margin.
ARMs also come with limits on how much they can change and how high they can go. For example, an ARM might be limited to a 2% increase or decrease every time it adjusts, with a maximum rate of 8%.
You don’t necessarily need a four-year degree to have a rewarding career that pays well. In fact, there are plenty of jobs out there that don’t require a bachelor’s degree and meet a wide variety of talents and interests, from nursing to mechanical technicians.
Here’s an explainer of what exactly is a “trade job,” plus a list of 25 of the highest-paying trade jobs as of 2022, which is the latest data available from the Bureau of Labor Statistics.
What Is a Trade Job?
A trade job is a career that requires advanced training and skill that can be acquired outside a four-year bachelor’s degree. Instead, experience can be acquired through on-the-job instruction, apprenticeship, or vocational schooling. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Highest-Paying Trade Jobs
If you’re interested in a job that doesn’t require a college degree, or you love working with your hands, consider this list of some of the highest-paying trade jobs in the U.S. The compilation shows average annual salary and was compiled from the Bureau of Labor Statistics.
By the way, most if not all trade jobs require workers to be on site. Working remotely is not an option.
1. Power Plant Operator, Distributor, and Dispatcher – $97,570
Requirements: High school diploma or equivalent, long-term on-the-job training
Duties: Control power plants and the flow of electricity from plants to substations, which then deliver power to homes and businesses.
Recommended: Should I Sell My House Now or Wait?
2. Real Estate Broker – $52,030
Requirements: High school diploma or equivalent. Must complete some real estate courses to be eligible for licensure.
Duties: Help people buy and sell properties.
Recommended: Should I Sell My House Now or Wait?
3. Registered Nurse – $81,220
Requirements: Bachelor’s degree in Nursing, Associate degree in Nursing, or a diploma from an approved nursing program. Registered nurses must be licensed.
Duties: Help provide and coordinate patient care.
4. Dental Hygienist – $81,400
Requirements: Associate degree
Duties: Provide preventive dental care and examine patients for signs of oral diseases.
5. Water Transportation Worker – $66,100
Requirements: Will vary by job. For example, there are no requirements for entry-level sailors, while other workers might need to complete Coast Guard–approved training.
Duties: Operate and maintain vessels that carry cargo and people on the water.
6. Diagnostic Medical Sonographer – $78,210
Requirements: Associate degree
Duties: Operate special imaging equipment to create images of patients’ internal organs or to conduct tests.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
7. Farmer, Rancher, or Other Agricultural Manager – $75,760
Requirements: High school diploma or equivalent
Duties: Run farms and other establishments that produce livestock, dairy products, or crops.
8. Gas Plant Operator – $79,460
Requirements: High school diploma
Duties: Help distribute or process gas for utility companies by controlling the compressors on main gas pipelines.
9. Pile Driver Operator – $70,220
Requirements: High school diploma and vocational training can be helpful.
Duties: Operate machines that drive pilings for retaining walls, bulkheads, and foundations of buildings, bridges, and piers.
10. First-Line Supervisor of Construction Trades and Extraction Workers – $77,650
Requirements: High school diploma and five years or more work experience
Duties: Directly supervise and coordinate the activities of construction or extraction workers, such as miners or those drilling for minerals.
11. First-Line Supervisor of Mechanics, Installers, and Repairers – $76,020
Requirements: High school diploma, some work experience
Duties: Directly supervise and coordinate mechanics, installers, and repairers. They may also advise customers seeking recommendations for services.
12. Legal Support Worker – $59,200
Requirements: Associate degree
Duties: Perform a variety of tasks to support attorneys such as interviewing clients, legal research, and case summaries.
13. Locomotive Engineer – $73,850
Requirements: High school diploma
Duties: Operate passenger and freight trains safely. May also coordinate train activities or control rail yard signals and switches.
14. Subway and Streetcar Operator – $75,880
Requirements: High school diploma or equivalent
Duties: Operate subways or elevated suburban trains that don’t have a separate locomotive, or may operate an electric-powered streetcar. May handle fares.
15. Line Installer and Repairer – $82,340
Requirements: High school diploma or equivalent
Duties: Install and repair lines for electrical power systems, telecommunications, and fiber optics.
16. Computer Network Support Specialist – $59,660
Requirements: Entry-level requirements may vary, but network support specialists usually need to have an associate degree. Applicants to these jobs may qualify with high school diploma and information technology certifications.
Duties: Provide technical support to computer users while also maintaining computer networks.
17. Claims Adjuster, Examiner, and Investigator – $72,040
Requirements: High school diploma or equivalent
Duties: Evaluate insurance claims and act as an intermediary between claimants and the insurance company.
18. Electrical and Electronics Installer and Repairer for Transportation Equipment – $71,740
Requirements: Specialized training at a technical college
Duties: Install and maintain mobile electronics communication equipment on trains, watercraft, or other mobile equipment.
Recommended: The Highest Paying Jobs in Every State
19. Avionics Technician – $70,740
Requirements: Some may obtain a degree or certificate from a Federal Aviation Administration–approved aviation maintenance technician school, while other candidates may be trained on the job or in the military.
Duties: Repair and perform scheduled maintenance on aircraft.
20. Fire Inspector and Investigator – $65,800
Requirements: High school diploma, on-the-job training, and typically some experience as a firefighter
Duties: Fire inspectors help ensure buildings meet federal, state, and local fire codes and inspect buildings for potential fire hazards.
21. Transit and Railroad Police – $76,380
Requirements: Typically you must have a high school diploma or equivalent, complete a transit and railroad police training program, and receive a passing grade on a law enforcement exam from your state.
Duties: Help protect employees, passengers, and railroad and transit property.
22. Insurance Sales Agent – $57,860
Requirements: High school diploma or equivalent
Duties: Work with clients and customers to explain and sell various types of insurance.
23. Media and Communication Equipment Worker – $74,490
Requirements: High school diploma or equivalent
Duties: Install, repair, and maintain audio and visual systems across various industries, such as corporate offices and the film industry.
24. Boilermaker – $66,920
Requirements: High school diploma or equivalent
Duties: Install, maintain, and repair boilers.
25. Construction and Building Inspector – $64,480
Requirements: High school diploma or equivalent
Duties: Inspects buildings to ensure they are structurally sound and in compliance with specifications, building codes, and other regulations. May focus on a specific area such as plumbing or electrical systems. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
The Takeaway
On the high end, trade workers can make $90,000 or more at a career that doesn’t require a college education. That’s well above the $59,540 that represents the annual median income of U.S. full-time workers. And with a diverse range of career options to choose from, individuals who choose a trade job have a good chance at finding a fulfilling career that matches their interests and personality.
As your career takes off and you start earning a salary, you’ll likely want to begin budget planning and setting financial goals like paying down debt and saving for your future.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
Photo credit: iStock/kali9
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
A lot has been written about whether now is the best time to buy stocks.
Many think that it is a good idea, and others are still skeptical. So which one should you believe?
This article will help answer the question once and for all with facts rather than opinions.
But first, let’s look at some statistics:
S&P 500 Total Returns for 2021 was 28.71% (source)
In the past 20 years (2003-2021), the S&P 500 was down three times. (source)
Over the 10 year period of 2011-2020, the S&P 500 averaged 13.9% (source)
With that said, will it be best to invest now?
Honestly, that is an answer no one can give you. And the movies about Wall Street won’t help you either.
However, you can learn to read charts become a technical analysis trader, and have a better idea of where the market is going.
The stock market is a volatile thing. It can go up or down at any time. As the statistics show, it goes up more often than down.
Is it Smart to Invest in Stocks?
The stock market is a great way to make money whether for income or for long-term investments. Plus it is a lot more accessible than you think.
With stocks on an upswing lately, it might be tempting to dive in. But do not get too excited just yet!
You must learn how to invest in stocks.
Are you ready to make money in the stock market? If so, learn the steps to start investing today.
In order to make educated decisions, it is crucial that you understand what makes stocks go up or down.
Since you might be asking yourself whether it is a good time to buy stocks after the market has been on such an upswing for several months. The answer is yes, but there are some important factors you should consider before handing over your money.
This article will discuss how the stock market works and provide you with reasons why now may not be a great time to invest in stocks as well as alternatives that could make sense for you if this is indeed a bad time to purchase them.
Read more!
What is the Stock Market?
The stock market is a system of securities, such as stocks and bonds, in which investors buy and sell ownership stakes to each other on various exchanges using money or their own businesses.
Simply put, the stock market is a place where people invest money.
There are many different ways to invest in the stock market, but one of the most popular ways is through buying stocks.
Investing in stocks is a commonly used way to make money.
In the stock market, people can buy and sell shares of companies they believe will rise in value. You can participate by investing in the stock market by buying individual shares of a company like AMZN (Amazon), investing in an ETF like VTI, or investing with a mutual fund, such as VTSAX.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
What does it mean when the stock market is up or down
When the stock market is up, it means that stocks have been doing well.
Conversely, when the stock market is down, it means that stocks are losing value.
You have heard the saying… buy low, sell high.
Stocks are an investment that you can purchase in order to make a profit, but the best time to buy stocks is when they are at their lowest price.
If you bought a stock for $100 and its value increased by 10%, then your stock would be worth $110. However, if you bought 20 stocks at $100 and the value increased by 10%, then your new value is $2,200. If you are trading options, then your return (and risk) is much greater.
When the market is up or down there are always going to be opportunities to make money from the stock market!
The hardest part for the novice investor is to determine when to buy and sell.
Thankfully, there is a great investing course to help you figure out how to invest in stocks and options.
Timing the Stock Market
Can you even time the stock market?
Many people are concerned with timing the stock market because of its volatility. Honestly, no one knows what the stock market will do.
As a technical stock trader, you will learn based on previous actions how the market and individual stocks may react.
When day traders or swing traders “time” the market, they are using time frames to make their predictions. Those traders who manage their risk and potential losses well will do better in the market.
For the average investor or someone going off a friend or Reddit recommendation, timing the market can be detrimental to your portfolio.
The real answer to the question, “Is now a good time to buy stocks?” is that there’s no such thing as an ideal moment. It could be a great time or it could also be terrible timing. There are too many variables and market risks which makes this decision very difficult for investors.
Too many times, investors fall into the trap of panic selling while stock prices are low and buying when stocks are high on the fear of missing out (FOMO).
That is why the common knowledge states don’t time the market.
However, I can tell you that you can time the market. If (and it is a big if) you are willing to put the time and effort into an investing education as you would going to college.
Many people have found success in timing the market.
Why investing is always a good idea
Remember earlier in this post, we stated the stock market has averaged 13.9% over the past 10 years and only had 3 negative years in the past twenty.
Simply put, that means you can make money, and investing is a good idea.
That is better than the flip side of your money sitting in the back earning slightly above 0% and when you account for inflation, your money is worthless.
The stock market is (almost) always following an upwards trajectory.
This means investors are more likely to experience gains in their investments than they would if the prices were going down. Moreover, it’s almost never a good idea to just let your money sit doing nothing for years on end because inflation will eventually force you into losing value at some point.
Instead of waiting until then and hoping for the best, focus on what you want instead of what the market is doing at any specific moment.
Must Read: How To Invest In Stocks For Beginners: Investing Made Easy
Is now a good time to invest?
This is the wrong question. The better question to ask would be “What is a good time to invest?”
It is not always a good time to invest. Before buying stocks, it is important that you do your research and have a clear purpose for investing in the first place. Once you know why you are investing, then it will be easier to answer when now might actually be a good time.
What are your goals for investing in stocks?
Are you looking to make extra money?
Do you enjoy learning about the fundamentals of your favorite companies?
Do you have the time to invest to learn about investing in stocks and executing trades?
The desire to increase your investment accounts and net worth appealing?
If you answered yes, then you are ready to start investing in stocks.
If you said no, then stick to consistently investing in EFTs or mutual funds. That is still a solid investing strategy!
The bottom line is whether you are ready to invest. The stock market will continue to do its thing whether you choose to participate or not.
Why does the stock market just keep going up?
The stock market has been steadily climbing for the long trend.
As a result, it’s important to be aware of the factors that influence how much you can profit from stocks. This includes understanding what drives stock prices and when these markets are likely to go up or down.
The reality is that there is no such thing as an “always” in investing — there will always be downturns at some point for any market, but those dips won’t last forever either.
As history proves, the stock market over time will keep going up.
Why has the stock market dropped?
This is the #1 reason why most people are terrified of investing in the stock market.
The fear of the stock market dropping and losing money. Or maybe they were burned in the previous market corrections in 2001 or 2008.
Typically, the stock market has dropped because of the following:
The global economy is going through a rough patch.
There is fear that the US may be headed for another recession.
The US is experiencing inflation that has caused the Federal Reserve to raise interest rates.
In other words, investors are uncertain about the future of the global economy and are afraid of a recession in the US, which will have a significant impact on the stock market.
Just remember, the S&P 500 has come back each time after posting a year or two of negative returns.
However, you can still make money as an investor when the market goes down! Learn how to ride that elevator up and down.
What are the best times to trade stocks?
Ask a few different investment gurus and you are likely to get a variety of answers such as:
It is best to trade stocks when the market is down and on a day with low volume. This way, you are less likely to be hit with volatility that could cause your profits to drop.
The best times to trade stocks are when the market is stable, meaning that there are few fluctuations in price. The most optimal time to enter and exit the market is during a period of low volatility.
The best time to trade stocks is when the market is at an all-time high. (very wrong idea, so don’t try this one)
Traders should try and stay away from markets when volatility or uncertainty is high.
It is important to understand the best times for trading stocks in order to maximize profits.
Overall, your trading plan will tell you the best time for you to trade stocks. Over time with practice in a simulated account, you will be aware of the best times for trading.
Your best times will be different than mine; they will vary for all of us and that is okay. We all view the stock market and read charts in our own way.
Best Stocks to Buy Right Now
What are the stocks to invest in right now? Should you buy stocks now?
Well, first of all, I am not an advisor telling you what to invest in. You are responsible for doing your due diligence.
The best stocks to buy are the stocks that you understand the best– YOUR Watchlist!
Typically, that means following 10 stock tickers and learning everything you can about how those stocks move.
Other investing gurus may tell you the best stock to buy is one that has a low price-to-earnings ratio. This is because the company has room for growth, and they are more than likely not overvalued in the market. They look for industries that are experiencing either a slowdown or an increase in competition.
Personally, I like to stick with strong, healthy companies to buy.
Many times the best stocks to buy right now are growth stocks, which have been very successful in 2021. These types of companies grow rapidly and offer significant returns on investment in a short period time frame.
What are the best stocks to buy now or put on a watchlist? These are the most popular stocks investors tend to follow:
Apple (Nasdaq: AAPL)
Advanced Microdevices (Nasdaq: AMD)
Amazon (Nasdaq: AMZN)
Meta / Facebook (Nasdaq: FB)
Nvidia (Nasdaq: NVDA)
Tesla (Nasdaq: TSLA)
More Best Stocks to Buy
When you invest in these stocks as an investor, it is important that you look for them during their good moments so that your investments will increase significantly over time and always have risk management strategies in place (BEFORE YOU ENTER THE TRADE).
Can You Afford to Buy Stocks?
There are a lot of factors that go into determining the best time for someone to begin investing or trading stocks.
The most important aspect is whether or not you have enough money at your disposal, which can be determined by your personal financial situation.
Other factors that may play a role in determining the best time to trade are whether or not the person trading has a specific investment objective, and if they have a time-sensitive need.
You need to know your long-term goals for buying stocks.
Are you buying stocks as a long-term investor or if you are buying stocks for income?
Either way, you need a solid idea of how to plan to manage your risk and maximize your profit. That is why investing in stocks is so enticing for so many traders.
Read Now: How Fast Can You Make Money in Stocks?
So, should you buy stocks now?
The current market conditions are a great time to buy or short-sell stocks.
However, there are many trading mistakes when investors place a trade.
Whether we are experiencing a bull run or heading into a bear market, there is always money to be made in the stock market. You should not question yourself is it time to buy stocks.
Regardless, you must invest the money in a solid investing education. That is non-negotiable.
If you want to go out and start buying stocks without investing knowledge, that is fine. Just do not complain if you lose more money than the only investing course I recommend. Check out my Trade and Travel review.
You must do your own due diligence when investing in stocks and finding a good time to buy stocks.
This is your investing journey!
Your journey will be different than my investing journey. That is okay because we each will find our niche and how we like to trade stocks.
Back to the original question, is now a good time to buy stocks?
Overall, you must look for the best companies to invest in. That will make you successful at investing.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Homebuyers waiting for mortgage rates to be reduced may have to wait a few more months.
That seemed to be the message this week after the latest inflation report from the Bureau of Labor Statistics showed inflation higher in January than expected. Although that 3.1% rate was lower than December’s 3.4%, it was still more than a full percentage point above the Federal Reserve’s target 2% goal. That means today’s interest rates are likely to stay high and an expected rate cut may not now come until late spring or early summer.
It also means that today’s mortgage rates — already hovering near the highest point since 2000 — will remain elevated as well. While that’s disappointing news for many homebuyers ready to act now, it doesn’t necessarily mean that they’re out of options. There is one way that homebuyers can reduce their mortgage rate by half a percentage point and it doesn’t involve an unpredictable adjustable-rate mortgage to do so.
Not sure what mortgage rate you’d qualify for today? Find out here now.
How homebuyers can reduce their mortgage rate by half a percentage point
If you’re a homebuyer looking to reduce the mortgage rate you’ve been offered consider buying “points” to do so. Specifically, many lenders will allow applicants to purchase mortgage points to reduce their rate. This involves paying a fee to the lender either during the mortgage closing process or by rolling it into the overall mortgage loan. This fee, then, will reduce the initial rate you were offered.
So, if you purchase 0.750 points, you can reduce your mortgage from 7% to 6.625%. If you buy 0.50 points, you can reduce your mortgage from 7% to 6.50% and so on. A full point is generally worth 1% of your total loan amount.
This is worth considering for many homebuyers right now, especially now that the hope for a rate cut has been dimmed a bit. That said, it does have some drawbacks. An additional fee — no matter how it is paid — can be difficult for buyers to manage. It also may not be worth it if the new, lower rate is something that can be obtained by waiting out the market or by refinancing in the future. And you’ll be limited on how many points you can buy (you won’t be able to buy a rate down to zero, for example).
On the other hand, every dollar helps, and if you can potentially save hundreds of dollars in a mortgage loan each month, it may be worth it for you.
Crunch the numbers here to learn more.
Other ways to get a below-average mortgage rate
Mortgage points aren’t the only way to get a below-average mortgage rate.
As mentioned above, adjustable-rate mortgages may also be advantageous. These types of loans generally start with a lower rate but adjust, over time, to a higher one. But once that increase comes into play, the rate environment may have stabilized, allowing buyers to refinance into a lower, fixed rate instead.
It’s also smart to improve your credit score and profile as much as possible (remember that the advertised rates are only for those with the best credit) and you should shop around for lenders to secure the best deal. Even a mortgage rate a few basis points lower than another one can add up to major savings over the lifespan of the mortgage loan.
The bottom line
Today’s mortgage rate environment isn’t ideal, especially compared to the lows from 2020 and 2021. But, historically speaking, it’s about average. To get a below-average rate by half a percentage point or more, borrowers should consider buying mortgage points from their lender. While points may not always be advantageous, they can make a major difference in your interest rate and can be especially helpful now when the forecast for rate cuts looks less clear. But options like an adjustable-rate mortgage may also be worth it for some buyers, all of whom should improve their credit score and shop for lenders before finally committing to a specific rate and lender.
Matt Richardson
Matt Richardson is the managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.
It wasn’t that long ago — perhaps your mother’s or grandmother’s time — when women couldn’t get bank loans or credit cards, and employers could pay them less, explicitly for being women. While women have made considerable strides in attaining financial equity over the past 60 years, this history still plays a role in their current experiences and finances.
A January 2024 NerdWallet survey of more than 2,000 U.S. adults, conducted online by The Harris Poll, asked Americans about the gender financial divide and found remnants of that recent past.
“A lot has changed since the 1960s and 1970s, but these decades and what came before them still impact our financial lives,” says Kimberly Palmer, personal finance expert at NerdWallet. “Acknowledging how our financial experiences differ across gender, race and even age can help us understand what we can do in our personal lives and household budgets to improve our financial outlook as well as the role that governments, companies and institutions can play.”
Key findings
Men are seen as having an easier time finding well-paying jobs, but women are more optimistic about their current roles. More than 2 in 5 Americans (44%) say men have the easiest time finding a well-paying job, while just 11% think women do. However, employed women are more likely to feel optimistic about keeping their current job over the next 12 months, with 81% saying this versus 76% of employed men, according to the survey.
Men were more likely to receive a pay raise over the past year. More than 1 in 4 men (27%) say their salary or pay rate increased over the last year compared with 21% of women, according to the survey.
Both men and women are more likely to say the most financially successful person they know is a man. Just 16% of Americans say the most financially successful person they know is a woman, compared with 37% who say it’s a man, according to the survey. That includes 42% of men and 33% of women who say a man is the most successful person they know.
Women were cited as better money managers. Close to 3 in 10 Americans (28%) say women are better at managing money on a daily basis than men. Just 15% say men are better at it, according to the survey.
Financial Outlook
Overall, 72% of Americans say they’re optimistic that their financial situations will improve over the next 12 months — roughly equal shares of women (71%) and men (72%). But beneath the surface, there are some disparate perspectives. Here’s a look at several, along with advice for consumers on navigating personal finances.
Current job security and job-seeking
Women have become major players in the labor market over the past several decades. In 1953, about 34% of women participated in the labor force. That figure peaked at 60% in 1999, and had dropped to 57% in 2023, according to the Bureau of Labor Statistics.
But being more prominent in the workforce doesn’t mean getting the best jobs is easy. In the NerdWallet survey, more than 2 in 5 Americans (44%) say men have the easiest time finding a well-paying job (just 11% think women do).
The ability to maintain employment once you find it is key to financial security, and in this regard, women are feeling good. About 4 in 5 employed women (81%) are optimistic about continuing to work in their current job over the next 12 months, compared with 76% of employed men, according to the survey. That divide was larger among generations: just 59% of employed Generation Z (ages 18-27) expressed optimism about their current jobs, compared with 79% of employed millennials (ages 28-43), 84% of employed Generation X (ages 44-59) and 88% of employed baby boomers (ages 60-78).
Stay competitive in your field. Even the best employees aren’t guaranteed their job will be there forever. Keep your resume updated and look at open roles occasionally to stay abreast of what employers are seeking. Then, if the economy takes a turn and you lose your job, you can quickly pursue new opportunities.
Recent pay increases
The Equal Pay Act of 1963 barred employers from wage discrimination based on sex. While the gender pay gap has narrowed since that time, it hasn’t closed.
On average, women’s paychecks continue to fall short of those of their male counterparts. According to the BLS, women who are in the 25-34 age group earn about 90% of men of the same age, on a weekly basis. Looking at 35- to 44-year-olds, women earn even less (84%) than men. Lower earnings mean women generally have less of a buffer to rely on when times are tight.
More than 1 in 4 men (27%) say their salary or pay rate increased over the last year compared with 21% of women, according to the NerdWallet survey. That divide expands among Gen Xers, where 40% of men say they had a pay bump and 25% of women say the same.
“Given those pay disparities, it’s harder for women to funnel money into savings and investing accounts, since on average, they are starting with less. With the power of compound interest, those discrepancies can add up over time, creating even greater wealth gaps between men and women by the end of their lives,” Palmer says.
Ask for more from your employer. Only 8% of Americans — roughly equal shares of men and women — negotiated for a higher salary at their current job, according to the survey. Whether it’s time for your annual review or you’re considering a new job, be prepared to negotiate for more money and/or perks. A 2021 study by researchers at the University of Southern California found participants often avoided negotiating compensation, but those who did wound up getting larger pay packages.
Financial Security
Roughly equal shares of men (61%) and women (63%) say they’re optimistic that the financial companies they use care about their financial well-being, according to the survey. But it wasn’t always that way. There was a time when women in the U.S. couldn’t take out loans or have their own credit cards, particularly if they were unmarried. The Equal Credit Opportunity Act of 1974 changed that, barring discrimination by lenders based on gender or marital status.
Access to credit can be a lifeline when unexpected expenses arise. So can an emergency fund. The survey reveals that a smaller share of women believe they won’t have to tap such a fund in the coming year: 65% of men are optimistic they won’t have to dip into their emergency savings in the next 12 months, while 58% of women express the same optimism.
But millennial women are concerned: About 1 in 5 (17%) of this group say they’re “very pessimistic” about having to use those emergency funds over the next 12 months compared with 8% of millennial males, according to the survey.
The ability to build an emergency fund can feel like a luxury, one that may be afforded less to folks with less wealth. And while the gender pay gap is notable, the gender wealth gap — which takes debt and assets into account — is even more pronounced, according to the St. Louis Fed.
Indeed, just 16% of Americans say the most financially successful person they know is a woman, compared with 37% who say it’s a man, according to the survey. That includes 42% of men and 33% of women who say a man is the most financially successful person they know.
Bolster your emergency fund. A robust emergency fund is the bedrock of financial security. It can insulate you from a variety of financial shocks. If you’re starting from scratch, build your fund incrementally, beginning with a goal of $500, for instance. In the long term, aim to have several months of essential living expenses set aside in a high-yield savings account.
Money management and advice
Having money and knowing what to do with it don’t always go hand in hand. The survey finds nearly twice the share of Americans think women are better at managing money than are men.
Close to 3 in 10 Americans (28%) say women are better at managing money on a daily basis than men. Just 15% say men are better at it. Men are fairly evenly split in this assessment — 21% say women are better at the task and 22% say men are. Women are a bit more biased — 35% say that women are better at it and 9% say men are.
The perspective that women are better at daily money management doesn’t necessarily translate to people seeking out their guidance: 15% of Americans say the person they most often turn to for financial advice is a woman and 25% ask a man.
Gen Zers and millennials are slightly more polarized, with 35% of Gen Z women and 24% of millennial women saying they most often ask a woman for financial advice. Compare that with just 15% of Gen Z men and 10% of millennial men who say the same.
“Own” the financial factors within your control. You can’t control how society adapts to significant cultural shifts (such as allowing women access to financial equity). But you can find ways to take authority over the money you have, learn how to manage your money daily and give yourself the best possible chance to earn more and reach your long-term financial goals.
“Setting financial goals that are realistic and manageable can make it easier to stay on track with your spending and saving habits,” Palmer says. “Sharing those goals with friends and family who can offer support and their own tips also helps. We’re in it for the long run, so think about where you want to be in several decades, and begin taking steps to reach that destination today.”
Methodology
This survey was conducted online within the U.S. by The Harris Poll on behalf of NerdWallet on Jan. 18-22, 2024, among 2,085 adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, contact [email protected].
Disclaimer
NerdWallet disclaims, expressly and impliedly, all warranties of any kind, including those of merchantability and fitness for a particular purpose or whether the article’s information is accurate, reliable or free of errors. Use or reliance on this information is at your own risk, and its completeness and accuracy are not guaranteed. The contents in this article should not be relied upon or associated with the future performance of NerdWallet or any of its affiliates or subsidiaries. Statements that are not historical facts are forward-looking statements that involve risks and uncertainties as indicated by words such as “believes,” “expects,” “estimates,” “may,” “will,” “should” or “anticipates” or similar expressions. These forward-looking statements may materially differ from NerdWallet’s presentation of information to analysts and its actual operational and financial results.