- Where Women Are Buying Homes – 2022 Edition
A 2022 study from the Bank of America says that 30% of current women homeowners bought their home while single. And almost two-thirds of women surveyed said they would buy a home before getting married. As more women poise themselves to become homebuyers, SmartAsset analyzed data to identify and rank the metro areas where they were… read more…
- Colleges Where It’s Most Expensive to Be an Out-of-State Student – 2022 Study
The rising cost of a college education has been well documented over the last 30 years. In that time, average tuition and fees for in-state students at four-year universities has more than doubled, according to the College Board. However, in-state tuition still remains significantly more affordable than out-of-state tuition. In 2020-2021, average published tuition and… read more…
- Where High Gas Prices Will Most Affect Residents – 2022 Study
As inflation continues to send the cost of goods and services higher and higher, there’s one place where price spikes have been especially acute: the gas pump. The consumer price index says that the price of gasoline surged 6.6% in February 2022, pushing costs 38.0% higher than one year earlier. And if rising inflation wasn’t enough of a… read more…
- Where Single Mothers Fare Worse Economically – 2022 Study
As of 2020, there are 10.7 million single parent households in the U.S. and 80.5% of them are headed by single mothers. Single mothers have also seen a decrease in their income over the past several years and nearly half… read more…
- Equal Pay Allegations and Resolutions in the U.S. – 2022 Study
Though the Equal Pay Act (EPA) passed in 1963, pay equity issues still exist. According to the Bureau of Labor Statistics (BLS), in 2020, women made 82 cents for every dollar a man earned. Depending on race and ethnicity, this figure varies. Asian women earn 79 cents on the dollar compared to Asian men and… read more…
- Where Older Americans Struggle Most With Student Debt – 2022 Study
Often when we think about the finances of older Americans, a couple of words come to mind: investments and retirement. Student debt among older Americans is a less typical conversation. However, about 6% of Americans ages 50 and older carry an average of $45,641 in student debt in addition to potential other debt. That’s $333.2… read more…
- Places Where Inflation Has Spiked the Most – 2022 Edition
With rapidly climbing food, rent and gas prices, inflation is the highest it has been in four decades. Data from the Bureau of Labor Statistics (BLS) shows that the Consumer Price Index (CPI), which measures the change in prices paid by urban consumers for goods and services, increased 7.9% during the 12-month period that ended in February… read more…
- Best States for Childcare Access and Affordability – 2022 Study
Since 1990, average childcare costs in the U.S. have more than doubled while the median household income has increased by just 35%. With childcare costs outpacing incomes, childcare alone can account for more than 10% of one’s pre-tax income. However, in some states childcare is more affordable than others. In this study, SmartAsset looked at… read more…
- Survey Reveals Details About Financial Advisor Succession Planning
Though financial advisors expertly help clients plan for their future, they sometimes neglect to apply the same forethought to their own firms. In fact, only 27% of financial advisors have a succession plan or any formal preparations to transition their business, according to a 2018 Financial Planning Association (FPA) report. The need to have such… read more…
- 30-Year vs. 15-Year Mortgage: These Charts Show Which Is Better
When applying for a mortgage, one of the most consequential decisions homebuyers make is choosing the term of their loan. While most buyers opt for a 30-year mortgage, a small percentage purchase their home using a 15-year mortgage because of the… read more…
- Best (and Worst) Housing Markets for Growth and Stability – 2022 Edition
Editor’s Note: This study was originally published in March 2022. Home prices shot up an average of roughly 17% during 2021 and continued to rise during the first month of this year, according to Freddie Mac data. This spike has… read more…
- Salary Needed to Live Comfortably in the 25 Largest Metro Areas – 2022 Study
In a 2021 modern wealth survey, Americans told Charles Schwab that they need an average net worth of $934,000 to be financially comfortable. Another survey by Personal Capital says that Americans believe that they need to save an average of $516,000 to maintain financial health. The huge difference in these figures indicates that financial comfort… read more…
- States Where Residents Are Financially Hurting the Most – 2022 Edition
The Federal Reserve Bank of New York says that household debt went up roughly $1 trillion in 2021, which is the highest annual increase since 2007. Other studies estimate that the average household now owes more than $155,000. As Americans struggle to keep up with bill payments and afford basic necessities like food and housing,… read more…
- Cheapest States for Car Ownership – 2022 Study
Many Americans choose to buy used cars as a cost saving mechanism rather than investing in a new vehicle. In fact, in 2020, over 40 million used cars were sold in the U.S. compared to 14.6 million new cars. But even with a used vehicle, the first year of car ownership can be a pricey endeavor… read more…
- What a Roommate Saves You in 50 U.S. Cities – 2022 Edition
With average housing costs adding up to almost 35% of all household expenditures in 2020, many renters nationwide are looking for roommates so they can afford short-term financial obligations, save for long-term financial goals or both. Keeping this in mind, SmartAsset analyzed data to identify and rank cities according to where living with a roommate saves… read more…
- How Food and Alcohol Spending Has Changed During COVID-19 – 2022 Study
Behind housing and transportation, food and alcohol is the third-largest spending category for the average American – totaling upwards of $7,000 per household in 2020, according to the Bureau of Labor Statistics (BLS). This figure differs wildly across generations, though. Average food and alcohol spending for Generation X tops $9,000 while the average Generation Z… read more…
- Best Places for Black Entrepreneurs – 2022 Study
Nationally, less than 3% of businesses are Black-owned. However, over the past two years, the number of Black-owned businesses has grown by 8.52%, according to Census Bureau data. This exceeds the rate at which all businesses are growing (0.46%). Some parts of the country provide a more favorable environment for Black entrepreneurs to set up… read more…
- Best States for Higher Education – 2022 Edition
A college degree is an important professional milestone that can boost your finances. According to data from Indeed.com, the average yearly earnings for someone with only a high school diploma is $37,024, while someone with a bachelor’s degree earns an average of $60,996. Keeping that in mind, SmartAsset crunched the numbers to identify and rank… read more…
- Hottest Vacation Home Markets in the U.S. – 2022 Edition
The low interest environment during the COVID-19 pandemic has been a boon for the vacation real estate market. While millions of Americans took advantage of low interest rates and bought their first homes, others capitalized on the cheap money and purchased vacation homes. Figures from the Home Mortgage Disclosure Act Database show that vacation homes… read more…
- States With the Largest Increases in Million-Dollar Earners – 2022 Edition
The IRS says that the number of million-dollar taxpayers has gone up in five years. In 2014, there were 410,110 taxpayers with an adjusted gross income (AGI) of $1 million or more, filing 0.28% of tax returns. In 2019, there were 554,340 million-dollar earners, filing 0.35% of tax returns. Keeping this in mind, SmartAsset took… read more…
- How Home Affordability Is Changing Across the U.S. – 2022 Study
Finding an affordable home has become an increasingly daunting endeavor. As the COVID-19 pandemic took hold in the U.S., home prices soared while incomes remained stagnant. In fact, Zillow and Census Bureau data shows that between 2019 and 2020, the average home value rose at a rate more than double the median household income (5.09%… read more…
- Fastest-Growing STEM Jobs in the U.S. – 2022 Edition
Over the next 10 years, the Bureau of Labor Statistics expects there to be 821,300 new openings for STEM jobs, according to recent estimates. This represents a roughly 9% increase in the number of STEM jobs in the U.S. However, not all STEM jobs are projected to grow at the same rate. In this study,… read more…
- States With the Largest Tax Bills – 2022 Edition
Is tax season a time when you look forward to an eventual refund or dread a looming tax bill that could cost you thousands of dollars? Taxpayers who owed the IRS money when they filed their 2019 federal tax return faced an average tax bill of $5,893. That’s $272 more than one year earlier when those who… read more…
- Cities With the Highest and Lowest Real Minimum Wage – 2022 Study
As federal efforts to increase the minimum wage have stalled, many states and cities are paving the way to pay workers more than $7.25 an hour. On January 1, 2022, a total of 20 states raised their minimum wage, with the largest increases taking place in Virginia (from $9.50 to $11) and Delaware (from $9.25… read more…
- Best Jobs That Don’t Require a Bachelor’s Degree – 2022 Study
In 2019, the Census Bureau reported that just 32% of the population ages 25 and older has a bachelor’s degree. With 216.1 million people aged 25 and older in the United States, that leaves 147 million without a college degree. Keeping this in mind, SmartAsset identified the jobs that don’t require a bachelor’s degree. To… read more…