- Where Airfare Increased the Most – Fall 2024
The national average for domestic airfare in early 2024 was $388, up slightly from $381 one year earlier – an increase that didn’t even keep pace with inflation. Many major airports also saw domestic airfare prices cool, leaving more room in the budget for some travelers. But depending on their location, others may have to… read more…
- What the Top 1% Pay in Taxes in Each State – 2024 Study
The top 1% of earners typically pay much more in taxes than many other Americans. Nationwide, this group contributes 45% of total personal income taxes collected. However, the top 1% doesn’t pay the same amount everywhere. Therefore, some states may be more dependent on this group than others for tax revenue. With this in mind,… read more…
- Homes Sell for Over $1 Million in the Most Expensive Housing Markets – 2024 Study
While the median sale price of U.S. homes is just shy of $421,000 in Q1 2024, homes in some areas more than doubled that average. These expensive places may prevent hopeful first-time homebuyers from investing in the area, making renting – or even moving to a less expensive area – a better alternative. In some… read more…
- Where Home Prices Increased Most – 2024 Study
Despite cooling inflation, homes across the U.S. in April sold at prices averaging 6% higher than a year before. This indicates demand for homes is still strong, while the supply of inventory underwhelms. While this market could favor those who are looking to sell their homes and move to a less expensive area, hopeful first-time… read more…
- Minimum Income Needed to Support Different Family Types by State – 2024 Study
Supporting a larger household generally increases overall costs. But thanks to economies of scale, the cost per child decreases when having more than one child per family. Additionally, if one parent stays home to care for the children, families can potentially save a significant amount on childcare and other expenses. Despite these general trends, the… read more…
- Cost of Raising a Child in the Largest U.S. Metros – 2024 Study
Understanding the costs associated with raising a child is essential, not only for personal financial planning but also for shaping public policies that support family well-being. On average, it costs $25,181 per year to raise a child in a large U.S. metro. But the costs for childcare, additional housing, food, medical necessities and other expenses… read more…
- Cost of Raising a Child Twice as High in Some States as Others – 2024 Study
When it comes to two working parents raising one child, the median annual cost across all states is $22,850 – but the range of costs from state to state can vary and even be much higher. In fact, it costs twice as much in some states when compared with others. With this in mind, SmartAsset… read more…
- Best Housing Markets for First-Time Homebuyers – 2024 Study
First-time homebuyers who have just reached the threshold for a down payment can face steep competition from seasoned homeowners with established equity. And as the cost of living increases, some of these first-time hopefuls could be squeezed out of more expensive areas. With this in mind, SmartAsset examined the current state of the housing market… read more…
- Cities Where Rent Increased Most – 2024 Study
Rent is a top expense for many Americans, so increases may disproportionately affect their budget. Between February 2023 and 2024, inflation as a whole went up by 3.15%. While the average rent increase in U.S. major cities was at parity with inflation, some cities saw rent increase as high as 8.0% – and others actually… read more…
- Here’s the Income It Takes to Live Comfortably in Each U.S. State – 2024 Study
Outside of the big cities, life can be cheaper for many Americans. Though, after years of high inflation, cost increases have affected almost everyone. If you aspire to maintain a comfortable lifestyle, the 50/30/20 budget rule recommends spending approximately 50% of your income on basic needs like food and housing, 30% on wants and putting… read more…
- What a Roommate Can Save You in 100 U.S. Cities – 2024 Study
For many people, housing is the biggest cost in their budget, and sharing expenses with a roommate can help them save money. But, with housing costs varying widely nationwide, how much could you save by sharing a two-bedroom apartment with a roommate instead of renting a one-bedroom alone? To answer this question, SmartAsset evaluated median… read more…
- Where Americans Write Off the Most in Taxes – 2024 Study
With strategic planning, Americans can reduce their tax liability via tax deductions and credits. Common deductions include qualified mortgage interest payments, student loan interest, property taxes and other expenses. Taxpayers have the option to itemize deductions above and beyond the standard tax deduction. For the 2023 tax year, the standard deduction is $13,850 for individuals… read more…
- Where Real Estate Taxes Are Highest – 2023 Study
Whether an individual or family is just starting out as a first-time homebuyer, or retirees are paying off their retirement home, real estate taxes will be a required ongoing housing cost. This money is used to cover municipal costs, local infrastructure and other amenities. Local tax abatements and homestead exemptions may help homeowners with some… read more…
- Rent Increased by 30% or More This Year in Some U.S. Cities – 2023 Study
On average, rents increased 5.45% over the last year, exceeding the inflation rate during the same time. But some areas saw much steeper increases than others – up to a 63% hike. To find out where housing rentals are taking… read more…
- Where High Earners Lose The Most To Taxes and Cost of Living — 2023 Study
An annual income of $250,000 won’t put you in the top 1% of earners, but it will get you close to it. That’s because only 7% of households in the United States earn $250,000 per year1. How far that income… read more…
- Raising a Child Can Cost More Than $30K Per Year in the U.S. – 2023 Study
The ongoing costs of child-rearing can be hard to size up – and digest. The average cost to raise a child in the U.S. is $20,813 annually. By understanding what to expect to pay for a child’s needs, parents can… read more…
- Wedding Waitlist: How Long It Takes to Save for the Big Day – 2023 Study
The average American wedding costs between $10,000 and $28,000. Some couples will spend up to $100,000 for a lavish event – or more. But the cost of a wedding doesn’t only depend on the couple and their tastes: It also depends on your location. To find where wedding costs are most and least expensive, SmartAsset… read more…
- Buy vs. Rent: A Comparison of Housing Costs in U.S. Cities – 2023 Study
Potential homeowners may feel left in the dust with recent increases in costs and interest rates. But with the right combination of factors in some U.S. cities, the costs of homeownership may actually be less than the cost of renting,… read more…
- $300K Is the ‘New $100K’ in NYC. Here’s How Taxes and Costs Affect U.S. Cities – 2023 Study
- Where Your Tax Dollars Go: States Most Dependent on the Federal Government – 2023 Study
In 2022, the federal government spent $6.27 trillion1. Most of the government’s revenue comes from taxes collected from individuals and businesses across the U.S. Though taxes are mostly collected by the federal government, individual states are primary recipients of that… read more…
- Where Americans Write Off the Most in Taxes – 2023 Study
With the April 18 tax deadline looming, Americans must choose between itemizing deductions or taking the standard deduction to reduce their tax obligations and pocket as much money as possible. Since the standard deduction was nearly doubled in 2018 as… read more…
- What a Roommate Saves You in 50 U.S. Cities – 2023 Edition
Renters in many parts of the country are feeling the effects of inflation. Renting a home costs an average of 8.6% more in January 2023 than 12 months earlier, according to Bureau of Labor Statistics data. As a potential stopgap, renters might consider sharing their home with a roommate to help lower monthly housing expenses.… read more…
- Where Residents Are Hurting the Most Financially – 2023 Edition
For nearly two years, inflation has hit Americans where it hurts most: their wallets. Despite a strong labor market, a higher percentage of American families are struggling to make ends meet today when compared with two years ago. In early… read more…
- States With the Largest Tax Refunds – 2023 Edition
As we progress through the 2023 tax season, many Americans have their eyes on a potential tax refund. But getting money back from the government can actually be a double-edged sword. Earning a large tax refund may mean that you… read more…
- Down Payment vs. ‘Down the Aisle’: Where a Wedding Costs More Than a Home – 2023 Edition
When planning for a milestone like a wedding or buying a home, many couples find that they have to choose between the two. Paying for a wedding can be a very big expense, but putting a down payment on a… read more…