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CBS News
17 hours ago
- Business
- CBS News
New York is home to the country's 2 wealthiest suburbs, ranking finds. See which towns made the list.
There's a new report identifying the wealthiest suburbs in America, and a pair of communities just outside New York City are first and second on the list. a personal finance website, recently put out its ranking of the "50 Wealthiest Suburbs" in the country for 2025. The study looked at which suburbs have the highest average household incomes. Scarsdale is the country's wealthiest suburb for a second year in a row. The town that's home to about 18,000 people had an average household income of $601,193 for 2023, which was almost $200,000 more than any other suburb on the list. The average home value in Scarsdale is just over $1.2 million, according to the report. Coming in at No. 2 is another Westchester County community - Rye. Rye has an average household income of $421,259, and its average home value is actually more than Scarsdale at $1.875 million. The next NYC suburb on the ranking is No. 26, Tenafly, N.J., a borough in Bergen County that has an average household income of about $306,000 and home value of $1.28 million. Close behind at 28th is Summit, N.J. in Union County, which has an average household income of more than $304,000 and an average home value of $1.34 million. Rounding out the NYC suburbs represented on the list are Westfield, N.J. at No. 33 (average household income of $297,367), No. 34 Greenwich, Conn. ($297,081), No. 41 Ridgewood, N.J. ($288,861) and No. 46 Dix Hills, N.Y. ($270,581). Affordability continues to be a challenge for anyone looking to buy a home in New York or its suburbs. A July report from real estate listing service OneKey MLS found that the median sales price for single-family homes in the New York metro area is up to $775,000. The report said the inventory of available homes is shrinking. "While buyer interest remains strong, the market continues to be defined by limited inventory and affordability pressures," OneKey MLS CEO Richard Haggerty said in a statement. "As we move through the remainder of the year, we expect steady demand and gradual price growth to persist as supply continues to lag behind."
CBS News
2 days ago
- Business
- CBS News
5 of America's wealthiest suburbs are in Massachusetts, study finds
Massachusetts is home to some of the richest suburbs in America, according to a new study. Personal finance website recently put out a ranking of the Top 50 wealthiest suburbs in the country, based on average household income data from 2023. Five of the communities making the list are suburbs of Boston. The town of Wellesley, which is about 15 miles outside of Boston, is 10th on the list. The average household income in Wellesley is $368,179. The average home value in town for May 2025 was $2,079,414. Next on the list for Massachusetts at No. 32 is Lexington, where the American Revolution began. The average household income in Lexington rose to more than $300,000 in 2023, and average home values are just under $1.7 million. Winchester, which is 8 miles north of Boston, was 35th on the list. The town's average household income is $296,327, and the average home value has climbed to more than $1.7 million. Coming in at No. 43 is Needham, about 10 miles southwest of Boston. The average household income was just over $281,000 in 2023 and the average home value is nearly $1.6 million. Rounding out the list for Massachusetts is Newton at No. 49, with an average household income of $261,666 and an average home value of about $1.75 million. First on the list was Scarsdale, New York, where the average household income is a whopping $601,193. In the Boston area, the cost of buying a home continues to skyrocket. The Greater Boston Association of Realtors said last week that the median price of a single-family home in the area has surpassed $1 million for the first time.
Motor 1
12-07-2025
- Automotive
- Motor 1
‘You Made the Right Choice:' Woman Buys ‘Cheap' 16-Year-Old Lexus to Avoid Car Payments. Then She Shows Its Advanced Features
A woman who bought a used Lexus wasn't just happy about avoiding monthly payments; she was stoked about the car's features. Maddy (@madisonloraye) happily documented the car's 'buttons' in a viral TikTok that's garnered over 9 million views. While some folks rejected Maddy's assertion that her car was 'cheap,' others applauded her decision to buy a car from the luxury manufacturer. In the TikTok, Maddy records herself as she sits inside the car, surrounded by its tan leather interior. She writes in a text overlay, 'the cheap car I got not to have a car payment,' which is capped off by a party emoji. Following this, she begins to highlight her Lexus's features. First up is a cup holder cover, which is activated by pressing down on a wood-trim panel. Furthermore, the center console sports a similar mechanism, with its own dedicated open and close buttons. Additionally, she shows off yet another cup holder, which is situated left of the driver's steering wheel. Maddy then demonstrates the holder's efficacy by placing an iced coffee inside it. To cap off the video, she keys the car on. As she does so, the steering wheel automatically adjusts itself, returning to the driver's previous settings. New Car Payments: A Bad Investment Throngs of financial experts agree that one of the most blatant depreciating assets people purchase is a new car. Consequently, there are many who caution against folks signing on the dotted line for a new vehicle. GoBankingRates cited several money mavens, including Dave Ramsey, who illustrated just how much value new cars lose in relatively short amounts of time. On Ramsey's website , he delineates that brand-new vehicles immediately lose 9% to 11% of their value right after customers sign on the dotted line. In an interview with CNBC , self-made millionaire David Bach called buying a new car 'the single worst financial decision' someone can make. Suze Orman also opined on other, invisible costs that are incurred when folks purchase a new car. The thousands of dollars one loses in depreciation could be better invested elsewhere, even if it's just accruing interest in a high-yield savings account. The Used Car Rule Yahoo Finance also covered Dave Ramsey's five reasons why used car purchases are smarter financial moves. Again, this is largely attributed to the high depreciation costs associated with newer vehicles. A car's greatest depreciation levels occur in the first three years after it rolls off the assembly line. Moreover, the financial expert adds that some vehicles can depreciate as much as 60% after just five years. Not to mention, insurance rates on used cars are often less than their newer counterparts, saving drivers even more money. Other money whizzes say that the 'sweet spot' for a pre-owned vehicle is usually one that's 3 to 4 years old. And there are several reasons for this. Oftentimes, many of these cars have only had one previous owner. Furthermore, they will still have some mileage left on their manufacturer's warranty. This can offer commuters some peace of mind when it comes to covering critical, high-expenditure components. Additionally, this time period ensures that folks are acquiring a relatively newer car. However, the first person who bought the car is the one who's bearing the brunt of its depreciation. Which means you're left with lower monthly payments, especially if you put down a substantial amount of cash. Or, if you can afford it, you can erase interest expenditures altogether by purchasing the car outright. Lexus: A History of Reliability Of course, used cars come with a slew of concerns. It's difficult to know whether or not the car's been serviced properly, or if whoever purchased it ended up getting a lemon they're now trying to foist on an unsuspecting victim. Opting for brands with historically high dependability marks, like Lexus, is likely a safer bet than most. Consumer Reports has consistently ranked Lexus in the top two spots in used car reliability for years, along with its non-luxury parent company, Toyota. Although the agency did give the top spot to Subaru in 2025, Lexus and Toyota didn't trail far behind. Used Car Purchase Check-List When perusing the market for a used vehicle, prospective buyers can follow a few rules to help mitigate their worries. First, utilize a service like Carfax to find a car with no accident history. Service records on cars are also included in the vehicle history report, so you can make sure the car's been properly cared for. Next, locating a car with a single owner can ensure that the vehicle is one that someone loved enough to drive for several years. If a car's been passed around like a hot potato, this can indicate it has a problematic history. Also, buying certified pre-owned vehicles means commuters are getting cars with limited warranties that have been given multi-point inspections. Sure, they'll be more expensive than a car one buys in a Walmart parking lot , but at least you can be sure the check engine lights won't be covered with pieces of black electrical tape. Finally, used car buyers may want to consider shelling out $150-$200 for a pre-purchase inspection before buying. This way, a mechanic can ascertain whether or not there are any glaring problems with the vehicle to consider prior to purchase. Motor1 has reached out to Maddy via TikTok comment for further information. Now Trending 'Sometimes That Stand Will Tilt:' Veteran Mechanic Says You're Using Jack Stands Incorrectly. Then He Shows How to Do It Right 'Its Deserved Reputation:' Man Drives by European Body Shop. Then He Notices Something About 1 Bay in Particular Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
11-07-2025
- Business
- Yahoo
How long can $1 million retirement savings last in SC? See cost of living breakdown
Americans who wish to live comfortably during retirement will want to save around $1 million in the bank. This amount is the traditional standard for a comfortable retirement, but a GoBankingRates report found that this varies depending on what state you live in. For instance, those who reside in a more expensive sate like Hawaii or New York will want to work and save longer because $1 million won't last for 15 years. So where is the silver lining for Americans who can only save around $1 million? "There is a bit more cushion in many Midwestern and Southern states, though, if you live there or planning a move." said the report. Here's how long $1 million in retirement savings can last in South Carolina. To determine how long $1 million will last in retirement savings per state, the GoBankingRates report sourced data from the U.S. Census American Community Survey and the Missouri Economic Research Information Center for grocery, housing, utilities, transportation, and miscellaneous cost-of-living-indexes. The report also used the total population, population ages 65 and over, total households, and household median income to determine the findings. $1 million in retirement savings will last 18.7 years in S.C., per the report. Here is a breakdown of expenses: Annual groceries cost: $4,921 Annual housing cost: $10,386 Annual utilities cost: $4,430 Annual transportation cost: $4,382 Annual health care cost: $7,378 Total annual expenditures:$53,507 If you want your retirement savings to last the longest, you should consider uprooting to West Virginia, where $1 million will last 23.3 years. Here is a breakdown of expenses: Annual groceries cost: $4,906 Annual housing cost:$7,175 Annual utilities cost: $4,183 Annual transportation cost: $4,308 Annual healthcare cost: $7,751 Total annual expenditures: $40,816 Americans who only have around $1 million in retirement savings will want to avoid Hawaii at all costs (pun intended), where your savings will only last you 7.3 years. Here is a breakdown of expenses: Annual groceries cost: $6,463 Annual housing cost: $37,135 Annual utilities cost: $8,573 Annual transportation cost: $6,168 Annual healthcare cost:$9,607 Total annual expenditures: $137,773 West Virginia: 24.5 years Mississippi: 23.3 years Arkansas: 22.6 years Oklahoma: 22.5 years Alabama: 22.1 years Louisiana: 22.1 years Kansas: 21.6 years Iowa: 21.6 years Kentucky: 21.4 years Michigan: 21 years Hawaii: 7.3 years California: 9.2 years Massachusetts: 10 years Washington: 12 years New Jersey: 12.5 years New York: 13.1 years Oregon: 13.2 years Colorado: 13.4 years Utah: 13.6 years New Hampshire: 13.6 years Nina Tran covers trending topics for The Greenville News. Reach her via email at ntran@ This article originally appeared on Greenville News: Where will $1 million in retirement savings last longest?
CNBC
30-06-2025
- Business
- CNBC
How much you need to retire comfortably in the 15 U.S. cities with the most adults 65 and older
Some of the fastest-growing communities in the U.S. aren't built around schools or playgrounds — they're designed for retirees. Often age-restricted to 55 or older, these developments feature amenities like pickleball courts, community centers and golf-cart-friendly streets. Most are located in warm, low-tax states, making them especially attractive to retirees looking to maximize their savings. As baby boomers continue to leave the workforce, these areas have become popular destinations — with many regularly appearing in rankings of the best places to retire. As a result, they tend to have the highest shares of residents age 65 and older in the country. One notable example is The Villages in Florida, a sprawling, self-described "active adult community" of roughly 140,000 residents, primarily age 55 and up. It was the fastest-growing U.S. metro area in 2023, according to the Census Bureau. Other communities, including Sun City West in Arizona and Lady Lake in Florida, are seeing similar growth as they cater to a steadily expanding retiree population. But just because a community is built for retirement doesn't mean it's affordable. In some places, retiring "rich" could require more than $3 million in savings. GoBankingRates identified the U.S. places with the highest shares of residents age 65 and older using the latest available Census Bureau data, then calculated the total savings required to cover 25 years of spending at double the average annual expenses for local seniors to estimate how much you'd need to retire comfortably. Locations include both cities and unincorporated Census Designated Places with at least 15,000 residents. Estimated living expenses reflect average annual spending on housing, food, transportation, health care and other essentials by households age 65 and older, based on Bureau of Labor Statistics data adjusted to the city level using analytics firm Sperling's BestPlaces cost-of-living index. Here are 15 places where older adults make up a large share of the population and what it would take to retire "rich" in each one.
