- Where Baby Boomers Are Buying the Most Homes – 2024 Study
Baby boomers are retiring in record numbers. Retirement often signals a major shift in a person’s life. Many retirees choose to downsize to a more manageable home or move to an affordable area to better stretch their fixed dollars. Others simply want to enjoy a different lifestyle with their newfound free time. These shifts in… read more…
- 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…
- Best Community Colleges in the U.S. – 2024 Study
Associate degrees offer students flexibility to achieve different educational and vocational goals. They usually take half the time of a bachelor’s degree and could help you meet the academic requirements for many entry positions into a career. Community colleges that offer associate’s degrees are often a more affordable option for students. However, education can still… read more…
- Where Wealthy Millennials Are Moving – 2024 Study
According to the Census Bureau, the median income in the U.S. is around $75,000, with Millennials earning higher than average at roughly $84,000 annually. But many Millennials eclipse the median, with some households bringing in more than $200,000 per year – earning the classification of “high earners” per the IRS. These Millennials in particular have… read more…
- Where Veterans Are Buying the Most Homes – 2024 Study
Through their service, veterans earn certain benefits for home buying not available to the general population, including special loans facilitated by the Department of Veteran Affairs (VA). These VA loans can enable prior service members to purchase homes more easily than with a conventional or even FHA loan – often with a 0% down payment. … 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…
- Where the Young and Rich Are Moving – 2024 Study
Many affluent young people often relocate for better jobs, lifestyle upgrades and tax advantages, as well as new experiences, friendships and relationships. This can have an outsized effect on local economies and politics, specifically housing, employment and voting, among other important factors. With this in mind, SmartAsset used IRS data to rank states by the… read more…
- America’s Safest Suburbs – 2024 Study
Safety is a key factor when choosing a neighborhood to buy a home. It can increase demand and drive up property values. Homebuyers can measure how safe a community is by comparing the reported rates of violent crime, property crime, motor vehicle deaths, drug overdose deaths and excessive drinking, among other common indicators, in different… read more…
- Where Gen Z Is Buying the Most Homes – 2024 Study
Gen Z is currently in the most difficult position of generational cohorts for buying homes. Low on the career ladder compared to their Millennial and Gen X counterparts, and without much time in the market for investments to compound, more affordable areas may trump locations favored by older generations, making way for a new wave… read more…
- Where High-Earning Households Are Moving – 2024 Study
When high earners move, they take their money with them. And because their budgets are much larger than most of the population, they can have an outsized effect on the local economy. Thus, states that attract high-earning households can gain an economic advantage over others. Many factors could drive high earners to move across state… read more…
- Where Demand for Financial Advisors Is Strongest – 2024 Study
Each person’s financial circumstances and goals are unique, just like the advisors who may be able to help them make and execute plans. Naturally, clients and advisors alike may seek specific characteristics, specialties and needs in each other to reach their goals or objectives. Location may be one key preference, with some clients favoring remote… read more…
- Incomes Needed to Be a Top 1% Earner Reach Over $1 Million in Some States – 2024 Study
The U.S. median income is around $75,000, with half of Americans earning less than that. High-income earners, on the other hand, can make 10 times that – or more. And this top 1% also makes up a disproportionately large part of the tax base, with their incomes generally putting them in the highest federal tax… read more…
- Where Millennials Are Buying the Most Homes – 2024 Study
Millennials, born between 1981 and 1996, have positioned themselves as the largest cohort of homebuyers, outpacing both Baby Boomers and Gen Z. While many are purchasing homes to start or grow families, others are building equity or simply escaping rising rental costs. But the leap to buying a home can be easier or harder depending… read more…
- Most Livable Small Cities – 2024 Study
Small cities may offer cost benefits for residents looking to stretch their income while enjoying a comfortable – and more spacious – lifestyle. While livability is a subjective concept that may take on different definitions for different people, some elements of a community can come close to being universally beneficial. Housing affordability, the spread of… read more…
- Financial Advisors in These States Saw the Biggest Pay Jumps – 2024 Study
Like other professions, financial advisors are affected by many factors, including location, income, client preferences and specific market characteristics. So, where an advisor earns the most can change over time, and even more so as technology allows them to work remotely with a greater number of clients in different markets. With this in mind, SmartAsset… 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…
- Major Cities See Lower Birth Rate Than U.S. Average – 2024 Study
Jobs and other incentives have driven people in and out of cities for decades. But local economies can also be affected by birth rates and the size of families. From medical facilities and schools, to other institutions and businesses, these two factors can influence both job and housing markets. With this in mind, SmartAsset examined… 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…
- Careers With the Biggest Jumps in Pay – 2024 Study
New technology, legislation, resources and other economic factors can quickly influence supply and demand for different occupations. In turn, this can affect the level of pay workers receive – and the level of employment in that career path. To find which professions had the highest increases in pay year over year, as well as those… 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…
- Where Financial Advisor Income Grew Most – 2024 Study
Financial advisor income largely depends on the number of clients and their net worth. So as taxes, jobs, cost of living and other factors draw both clients and advisors from one place to another, how much a financial advisor earns in a local area might also change. To determine the latest income and employment trends… read more…
- Best Job Markets – 2024 Study
With costs of living skyrocketing in recent years and the demand for different skill sets changing, job seekers must be resourceful to find opportunities that best suit them. This could mean relocating for higher income, an improved work-life balance, growth potential or benefits. Keeping this in mind, SmartAsset evaluated job markets in the largest U.S.… read more…
- Rent vs. Buy: A Comparison of Housing Costs in U.S. Cities – 2024 Study
Many factors can go into home and mortgage prices as well as rental costs in a city, sometimes driving the two on divergent paths. These may include interest rates, housing inventories, family makeups and demographics, zoning and other legal ordinances, among others. As a result, homeowners in some areas could have an advantage, while renters… read more…