- Income Needed to Pay Rent in the Largest U.S. Cities – 2021 Edition
Housing insecurity and lack of protection from evictions have become even more pressing due to the COVID-19 pandemic. According to a March 2021 report from the Consumer Financial Protection Bureau (CFPB), an estimated 8.8 million renter households were behind on their rental payments as of December 2020. Staying ahead of and completing rental payments can… read more…
- What a Roommate Saves You in 50 U.S. Cities – 2021 Edition
Looking to boost your savings? Forget about cutting out those morning lattes, and instead consider your biggest monthly expense: housing. According to the U.S. Bureau of Labor Statistics, housing costs represented nearly 33% of all household expenditures in 2019 – almost double the next category, transportation. Making adjustments to your housing budget – like renting… read more…
- Places Where People Spend the Most on Transportation – 2021 Edition
The Bureau of Transportation Statistics says that Americans spent $1.4 trillion on transportation costs in 2019. According to a Bureau of Labor Statistics (BLS) Consumer Expenditure Survey for the same year, transportation is the second-highest household spending category after housing. In some parts of the country, households spend a larger portion of their income on transportation than in others.… read more…
- Cities Where Renters Can Afford to Live Alone – 2021 Edition
The nationwide median monthly rent in 2019 was $934 for a studio apartment and $953 for a one-bedroom, according to Census Bureau data. This can add up to anywhere between about $11,200 and $11,400 per year for solo renters. Living with a roommate is a common alternative to save money, but some residents may prefer to… read more…
- Cities With the Most Million-Dollar Homes – 2021 Study
Though they comprise a relatively small fraction of total homes, the number of million-dollar homes in the U.S. is growing. In 2016, about 2.3 million homes were worth $1 million or more. Meanwhile, in 2019, that figure was roughly 3.1 million. However, compared to the total 78.7 million owner-occupied homes, less than 4% of homes… read more…
- Best Cities to Buy an Affordable Family Home – 2021 Edition
With higher housing costs and smaller living spaces, many large cities are less conducive to families. According to Census Bureau data, average monthly housing costs for homeowners across the 100 largest U.S. cities are more than 23% higher than the national average. Some large cities buck the trend, however. In this study, SmartAsset looked at… read more…
- Best Cities for an Affordable Wedding – 2021 Edition
When planning a wedding, the costs can add up pretty quickly. There’s the venue, the music, the photographer, the catering and the outfits and adornments, among other common expenses. While the average cost of a wedding in the U.S. fell to $19,000 in 2020 amid the coronavirus pandemic, The Knot says that American couples spent… read more…
- Best Cities for First-Time Homebuyers – 2021 Edition
Historically, first-time homebuyers have made up about 40% of all homebuyers in the U.S. However, over the past decade, the share of first-time homebuyers has fallen below that norm, hovering around in the mid-thirties according to data from the National Association of Realtors. In fact, it dipped still further over the past year – falling… read more…
- Price-to-Rent Ratio in the 50 Largest U.S. Cities – 2021 Edition
Depending on your circumstances, renting or buying a home can be a smart financial decision. Homeownership can help you build equity and lower taxes, while renting offers greater flexibility and convenient services. Keeping this in mind, SmartAsset ranked the 50 largest U.S. cities according to price-to-rent ratio. To calculate the price-to-rent ratios for the 50… read more…