Posts by Stephanie Horan:
Retirees are on the move, despite the COVID-19 pandemic. Though just 17% of the U.S. population is 65 and older, relocation company United Van Lines reports that seniors in that age group completed 29% of all its moves in 2020, one percentage point greater than in 2019. Moreover, about 20% of all surveyed movers listed relocating for retirement as their primary reason for pulling up stakes. But those leaving the workforce are gravitating in droves to certain places compared to others. With that in mind, SmartAsset examined data from states and cities to uncover where retirees are moving the most. Read more
Nationwide, when it comes to wealth and personal finance success, Black Americans generally have less. Census data from 2019 shows that the median Black household income is 33% lower than the overall median household income and the Black homeownership rate is 22 percentage points lower than the general homeownership rate. Data on wealth accumulation depicts even starker disparities: Black families’ net worth is 87% lower than that of white families and 33% lower than that of Hispanic families, according to the Federal Reserve’s 2019 Survey of Consumer Finances. Read more
As 2020 mortgage rates in the U.S. reached historic lows, housing sales increased throughout the year. Freddie Mac data shows that the 30-year fixed mortgage rate, excluding fees and points, fell to less than 3% in July 2020 for the first time ever. Amid those plunging mortgage rates, in November 2020, new and existing home sales were 20.8% and 25.8% higher, respectively, than in the previous year, according to Census Bureau and National Association of Realtors data. Read more
Since the onset of COVID-19, remote work has become the norm for many Americans, allowing them to continue to meet some of their expenses while saving where possible. In the late spring of 2020,… Read more
Jobs requiring a bachelor’s degree or higher level of education for entry are often more insulated from unemployment than others. During the COVID-19 pandemic, total unemployment for individuals 25… Read more
Women’s earnings in the U.S. make up about 81% of men’s, according to Census Bureau data from the past several years. Though this figure has steadily grown over the course of decades, researchers… Read more
The holiday season is a time when many professionals send gifts and cards to their clients to thank them for their business and support. Within the financial advisory and planning industry, these… Read more
The U.S. stock market hit record highs leading up to Thanksgiving in 2020. Two days before the holiday this year, the Dow Jones and S&P 500 indexes broke 30,000 and 3,600 points, respectively. While… Read more
Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which… Read more
Affordability issues generally affect renters more than homeowners. More than 40% of renters pay more than a third of their household income on rent compared to just 24% of homeowners on their… Read more
Older American workers have been disproportionately impacted by not only the health impacts of COVID-19, but also its corresponding economic shock, which has deeply affected their ability to budget… Read more
Though definitions vary, economists and researchers generally characterize the middle class as households that earn approximately two-thirds to two times the median national income. Slightly more… Read more
Monthly electric bills vary with the seasons. They are typically lower during milder spring and fall months and higher in the summer and winter, when households are running air conditioners or… Read more
Since March, mortgage rates have fallen steadily. According to Freddie Mac data, the 30-year fixed-rate average was at 2.90% and the 15-year fixed-rate average stood at 2.40% for the week ending… Read more
Nationally, unemployment has slowly fallen since its initial record spike in April as a result of the COVID-19 pandemic. The Bureau of Labor Statistics (BLS) reported last month that the national… Read more
Financial advisors in the U.S. tend to be on the older side. About 29% of financial advice professionals are between the ages 55 and 64, and another 12% are older than 65, according to market… Read more
Whether due to societal changes or lack of savings, many Americans have delayed homeownership. According to a National Association of Realtors report, the median age of first-time homebuyers in 2019… Read more
Between 2015 and 2019, the total American workforce grew by about 8.7 million workers, with 4.4. million women and 4.3 million men securing employment. Though female and male workers joined the… Read more
With mortgage rates falling and a renewed emphasis put on living space during COVID-19, U.S. home sales have boomed. Data from the National Association of Realtors shows that sales of previously… Read more
In 2018, the median monthly rent for a studio was $891 while the median rent for a one-bedroom rental was $911. This means that the average renter living alone in America spends upwards of $10,600… Read more
In light of the COVID-19 crisis, many individuals are reconsidering where they live. According to a July 2020 Pew Research Center study, about a fifth of U.S. adults moved due to coronavirus or know… Read more
Earlier this spring, SmartAsset decided to take a closer look at where people had responded to the 2020 Census the most. Since the publication of our original study in May, the Census Bureau moved up… Read more
With many small businesses struggling to maintain their financial reserves during COVID-19, Bank of America, JPMorgan Chase and Wells Fargo were the U.S. lenders that originated the highest number of… Read more
As a result of the coronavirus pandemic, many Americans have had trouble covering expenses – especially rent – in recent months. According to data from the National Multifamily Housing Council, less… Read more
Millennials are much more likely to move than their generational counterparts. IRS data shows than less than 30% of taxpayers are younger than age of 35, but from 2017 to 2018, more than half of tax… Read more
