Data Studies

January 14, 2025While the latest inflation data from the Bureau of Labor Statistics puts the annual price change nationwide on gas at +4.4%, some states have seen gas prices increases by more than double that, while prices have fallen significantly in others. Americans may be sensitive to such significant fluctuations in gas prices: The average commute to… read more…

January 8, 2025In just one year, 5.49 million millennials moved to large U.S. cities. While about 73% of these transplants moved to a big city within their current state of residence, another 19% traversed states to start new – and nearly 8% came to these cities from abroad. Millennials are often in their prime earning years, and… read more…

January 7, 2025Across hundreds of large U.S. cities, a median of 12.5% of workers work from home. But some cities see as many as 3 in 10 workers working remotely, while others maintain a nearly entirely in-person workforce. Factors affecting this wide spread may include the local industries and infrastructure, as well as local demographics. Similarly, the… read more…

December 18, 2024While health insurance can prevent emergencies and catastrophic conditions from decimating your financial plans, the premiums and out-of-pocket expenses can also take a toll on your wallet. In 2024, the average annual premium for a single individual was nearly $9,000 – and an estimated $25,500 for a family of four. While many workplaces subsidize these… read more…

December 12, 2024As baby boomers continue to retire in droves, they are likely to consider downsizing their living arrangements to accommodate their new lifestyles. While they have the highest portion of wealth among all generations, they may no longer need to pay to be close to work in a busy and expensive city center, or may no… read more…

December 5, 2024Property taxes are an unavoidable part of owning a home. They are generally wrapped into the mortgage payment to ensure that your home doesn’t incur a lien, or worse – foreclosure. And even after your mortgage ends, property taxes are a lifelong homeowner expense.  These taxes pay for local amenities, such as schools, infrastructure, police… read more…

December 3, 2024While poor health can eat into your finances with higher medical costs and reduced wages, good health is generally correlated with higher productivity, increased earnings and lower healthcare expenses. Healthier habits and outcomes can also reduce long-term costs on aggregate populations, and improve quality of life for local residents in a multitude of ways. With… read more…

November 26, 2024Last year, the Sunday following Thanksgiving was the busiest travel day of the year, with over 2.9 million people flying domestically in the United States. A few days before Christmas also topped the list of busiest days, with nearly 2.8 million people flying on December 22. With such heavy demand around the holidays, airfare can… read more…

November 19, 2024Just as inflation can drive up costs, macroeconomic shifts, layoffs, or industry downturns can lead to declines in household income, potentially posing challenges to families affording housing, groceries and other necessities. For some, a dollar doesn’t stretch as far when income drops faster than expenses increase. According to the latest U.S. Census Bureau data, household… read more…

November 14, 2024Declines in a community’s population can result in a decreased demand for businesses, housing and services. This could potentially lead to higher per capita costs among the remaining tax base for maintaining infrastructure and even the closure of local amenities. Additionally, an aging or shrinking population can affect the local job market and culture, among… read more…

November 13, 2024Inflation regularly increases the prices of goods, services and resources, making the cost of living less affordable with a dollar that does not keep up with that growth. The Bureau of Labor Statistics clocked the 12-month inflation rate from the end of 2022 to the end of 2023 at 3.35%. Meanwhile, household income estimates shifted… read more…

November 7, 2024Population shifts in a community can bring about a variety of interwoven economic and social impacts. The magnitude of the population change can affect demand for businesses and services, which in turn may impact costs – or even the availability of such amenities. Similarly, the relative age of the population can determine the strength or… read more…

October 30, 2024South Carolina is attracting Americans from other states, with a net gain of nearly 33,000 households in just one year, according to the latest tax return data from the IRS. This accounts for 101,296 households that moved in, and 68,369 that moved out. Along with this population shift comes a shift in state income, and… read more…

October 29, 2024Following redistricting after the 2020 U.S. Census, the new borders of Florida’s 118th Congressional districts could play an important role in the 2024 election. Wealth distribution across these redefined districts provides insight into the evolving economic landscapes of Florida’s communities, potentially affecting voter concerns and priorities. With this in mind, SmartAsset ranked Florida’s congressional districts… read more…

October 24, 2024Congressional redistricting is based on population changes tracked by the U.S. Census. Following the redistricting cycle of 2020, the State of Texas set boundaries that define each of the districts which will be contested in the 2024 election. Identifying the wealthiest households in these districts can be informative because it shows how community needs are… read more…

October 23, 2024Following the redistricting adjustments that yielded the current 118th Congress, Pennsylvania remains a ‘battleground’ state for the upcoming presidential election on November 5th. Many factors could play into a person’s voting decisions, including their economic status and outlook. Therefore, wealth concentration in some areas can not only impact real estate and job markets, but also… read more…

October 22, 2024Florida is attracting lots of Americans. After accounting for households that moved out of the state, Florida gained 125,316 households from other states in the 2022 tax year. And most of the households coming in are bringing higher incomes than those leaving. This influx of new residents can give Florida economic momentum. With this in… read more…

October 17, 2024Piggybacking U.S. Census counts, congressional redistricting regularly accounts for population changes in each state, currently resulting in the delineations making up the 118th Congress. Still, day-to-day life may look very different in the richest and poorest congressional districts in America. While the latest U.S. Census Bureau data puts the median household income in the United… read more…

October 16, 2024California welcomed 254,935 new residents from across the nation between 2021 and 2022. But, 399,138 Californians also moved out to other states during that same time. In total, the Golden State lost 143,554 households. Many people leaving California could have been incentivized by lower costs of living, lower taxes, less competitive housing markets and business… read more…

October 10, 2024With interest rates reaching historic lows during the pandemic era, home prices skyrocketed – often creating highly competitive markets for first-time homebuyers. Prices generally plateaued as the Federal Reserve worked to counter inflation in 2022 by increasing interest rates. Now, the Fed has recently begun decreasing rates with a 50 basis point reduction in September.… read more…

October 3, 2024Only 6.2% of millennial households earn $200,000 or more nationwide. But from state to state, that percentage of high-earning millennials can range from one-third of that to almost double. This group has more discretionary economic power than their peers, and an outsized portion of them among a statewide population – or an apparent deficit –… read more…

October 2, 2024While 615,000 people from the other 49 other states moved to Texas between 2021 and 2022, just over 441,000 Texans left. This change in population can affect the Lone Star state in different ways. Such population shifts have the potential to alter local dynamics in the job market, housing market, small business demand and even… read more…

September 25, 2024As households pay off their mortgage and property values increase, equity in the home increases. Homeowners often have the option to tap into this equity by refinancing and taking cash out. Sometimes these loans are used to improve the property through renovations, which can in turn help improve the property value and the homeowner’s quality… read more…

September 24, 2024Becoming a homeowner can be the beginning of a long, complicated process. After you qualify and buy the home, you could spend 30 years paying off your mortgage loan. And during that time, your finances may change through job transitions, family growth and larger economic events. So it’s important to have a strong emergency fund… read more…

September 17, 2024While the members of Gen Z haven’t had much time to move up the career ladder and accumulate wealth, some have broken out into the IRS’s “high-earners” territory early in their lives. This select group earns $200,000 or more per year, and due to their age and income, they may be more prone to moving… read more…