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Yahoo
5 days ago
- Business
- Yahoo
Americans spend an entire week's worth of pay on rent every month—and in some cities, a full two weeks of income is just going to housing
U.S. median rent has risen from about $824 in 2008 to more than $1,300 in 2025. As rent has increased faster than wages, Americans are spending much more of their income on housing. On average, it now takes an entire week's worth of pay to afford monthly rent. It's hard to imagine today, but about 17 years ago, rent for Americans was less than $1,000 per month. In 2008, the median rent was just $824 per month; today it's more than $1,300—and many major metropolitan areas like New York City and Los Angeles dwarf that figure. Between 2022 and 2025 alone, rents jumped nearly 6%. That also means Americans are spending much more of their monthly income on housing. Although it's generally recommended not to spend more than a third of one's income on housing, many Americans are shelling out much more than that. That's largely due to rent prices rising faster than wage growth in the U.S. A recent Self Financial analysis of housing data from the U.S. Census, Apartment List, Bureau of Labor Statistics, and the Federal Reserve illustrates how many hours worth of work Americans are spending on housing each month. On average, Americans need to work 38.3 hours to cover their monthly rent, which works out to the average work week. But there's a decent spread on the number of work hours needed to pay for rent across the U.S. Vermont residents need to work 60.2 hours per month to meet the average monthly rental costs, the highest of any state, according to the Self Financial analysis. People living in South Dakota need just 27.6 hours to cover rent, placing them in the lowest spot. Unsurprisingly, New York City residents need to work the most hours to pay rent at 90.2 hours. These are the five U.S. states with the highest number of hours required to cover the average monthly rent: Vermont: 60.2 hours Hawaii: 59.9 hours California: 52.4 hours New Jersey: 50.4 hours Maryland: 50.3 hours And these are the five U.S. states with the fewest number of hours required to cover the average monthly rent: Maine: 32.3 hours North Dakota: 32.2 hours Alabama: 31.4 hours Arkansas: 31.1 hours South Dakota: 27.6 hours See the heat map below, which shows the number of hours required to cover the monthly rent in each state. To see the number of hours, hover over each state. Deeper red indicates a higher number of hours. While this may appear to be a grim outlook for rental housing in the U.S., there is a small glimmer of hope. As of May, median U.S. asking rent had actually dropped about 1% year-over-year, according to Redfin. That's because apartment construction is hovering near a 50-year high, Redfin economists said. 'Even though renter demand is strong, it's not keeping pace with supply,' said Sheharyar Bokhari, Redfin senior economist. 'Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.' Meanwhile, it's still much cheaper to rent than to buy a home in the U.S. thanks to sky-high mortgage rates nearing 7% and home prices that are 55% higher than at the beginning of 2020, according to the Case-Shiller U.S. National Home Price Index. Take Austin, Texas, for example. 'Many people in Austin are finding that it's a lot cheaper to rent than buy,' Austin real-estate agent Andrew Vallejo recently told Fortune. 'You could buy a home and have a monthly mortgage payment of $3,200, but the same home will rent for $1,900. Unless the buyer has a good amount of money for a down payment, renting is way less expensive.' This story was originally featured on
Associated Press
08-07-2025
- Automotive
- Associated Press
Chaiz and Self Financial Team Up to Offer Affordable Vehicle Protection to Credit Builders
Austin-based companies Chaiz and Self Financial announced a partnership that gives Self customers access to competitive prices on vehicle service contracts 'Partnering with Chaiz gives us an opportunity to offer even more value to our customers by addressing one of the most unpredictable aspects of personal finance: car repairs.'— Chris LaConte, Chief Strategy Officer of Self Financial AUSTIN, TX, UNITED STATES, July 8, 2025 / / -- Austin-based companies Chaiz and Self Financial, a credit building platform for consumers with low or no credit, today announced a partnership that gives Self customers access to competitive prices on vehicle service contracts, commonly known as extended car warranties. Chaiz, the first comparison marketplace for these products, reports users can save up to 60% on protection versus dealerships where they are commonly purchased. 'Car ownership is a major financial responsibility for millions of Americans, and unexpected repair costs can set people back,' said Ryan Hartman, Co-founder and CMO of Chaiz. With Chaiz and Self working together, we're building a path for consumers to better protect themselves from financial shocks and build toward a more stable financial future.' Car ownership is a top three expense for many Americans, alongside housing and food. Unfortunately, many drivers are unprepared for the inevitable repair bills that come with aging vehicles. According to AAA, the average car repair bill ranges from $500 to $600—and major repairs can cost thousands. For those with limited savings or low credit, these expenses can spiral into debt and can contribute to difficult financial circumstances. Together, Chaiz and Self aim to provide access to cost-effective auto protection plans that can serve as a financial cushion for the unexpected. Self helps consumers by providing tools to help build credit history so that they can gain better access to auto loans and lower interest rates, while Chaiz helps reduce the chances of facing large, unexpected auto repair bills through vehicle protection recommendations, educational content and potential discounts. Self customers can connect with Chaiz on Self's in-app Marketplace, which offers best in class products and services to support all aspects of their financial lives. 'Partnering with Chaiz gives us an opportunity to offer even more value to our customers by addressing one of the most unpredictable aspects of personal finance: car repairs,' said Chris LaConte, Chief Strategy Officer of Self Financial. 'We're excited to work with another Austin-based company that shares our approach to creating financial solutions that make a real difference in everyday lives.' To learn more about Chaiz, visit For more information about Self, visit About Chaiz Chaiz was founded by industry veterans Ryan Hartman, Philippe Koenig, and Reto Bolliger, who bring extensive experience in automotive and technology sectors. The company is dedicated to bringing transparency and choice to the extended car warranty market, ensuring that consumers are protected from unexpected repair bills without the intrusive practices common in the industry. About Self Financial Self Financial is a 10-year-old credit-building financial technology company working to increase financial resilience. Self offers products that make obtaining and building credit accessible. Self is the Official Credit Building App of the San Antonio Spurs. Find it at on the Apple App Store (280,000+ reviews and an average 4.9 rating) and on Google Play. Ryan Hartman Chaiz +1 833-942-4249 [email protected] Visit us on social media: LinkedIn Instagram Facebook YouTube TikTok X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Entrepreneur
13-06-2025
- Business
- Entrepreneur
Use This AI-Powered Platform to Turn Your Side Hustle into a Scalable Business
Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Data from a survey done by Self Financial found that 45% of people have a side hustle in addition to holding a full-time position. From online reselling to freelance design or copywriting work, there are numerous opportunities that one could turn into a successful business. Starting up a business previously required managing inventory, websites, payments, and more from separate platforms with steep learning curves. Sellful's ERP Agency Platform uses AI to manage multiple business functions from one intuitive platform and now, you can get lifetime access for only $349.97. No matter what phase of entrepreneurship you're in, you can turn ideas into execution with Sellful. Easily generate visually stunning landing pages, websites, and funnels in seconds with AI. Set up shopping pages for physical or digital products and manage inventory through Sellful's native POS app. Taking payments becomes simple through integration with Stripe, PayPal, Square, and more. If you're a freelancer or consultant who is managing multiple businesses on behalf of clients, Sellful has unlimited white label features such as email marketing, HR and payroll management, and a support ticket system. Usually $1,497, Sellful's powerful AI offers a seamless solution for previously time-consuming business functions. Manage all parts of your business, no matter what phase you're in, and see how Sellful can help you grow. Get Sellful's ERP Agency Plan for $349.97 now. StackSocial prices subject to change.
Daily Mail
05-05-2025
- Business
- Daily Mail
Major banks close 42 local branches in just a few weeks
By US banks filed to shut 42 local branches in just under a month — leaving dozens of communities with fewer services. Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans. Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report. Chase and U.S. Bank both closed three locations. The rest were made up of Citizens Bank, Cumberland Valley, Fifth Third Bank, FSNB, KeyBank, Pacific Premier Bank, PNC, Warsaw FS, Well Fargo and Zions Bancorporation. In 2024, banks closed a total of 1,043 branches nationwide. The trend has accelerated in 2025, with 272 closures already logged in the first quarter alone. 'Industry consolidation — both in the number of banks and branches — is a long-standing trend that will continue, especially as more transactions move online,' Bankrate's chief financial analyst Greg McBride told 'Consumers and small businesses in rural areas are the most impacted, particularly business owners that must make a daily bank run to deposit cash or consumers that lack viable transportation,' he explained. The bloodbath is set to accelerate in 2025. Branch numbers are predicted to fall a further 4.11 percent decrease by the end of the year, a recent study from Self Financial revealed. 'Retail bank closures in the US aren't slowing,' Darren Kingman (pictured) from Root Digital — who worked on the Self Financial study — told 'The last time this many people shared a local branch was in 1995.' He warned that while the US edges toward a cashless future, over 200 million Americans still deposit cash — meaning longer lines and worse service as access shrinks. Despite the digital shift, a new GoBankingRates survey found 45 percent of Americans still prefer in-person banking. 'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told 'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained. 'Meanwhile, a whopping 76 percent says that the current banking system needs small or major changes.' Further to this more than half of respondents said they were concerned about the rising number of physical bank branch closures over the last few years. Meanwhile, new research recently revealed that the last physical bank branch could close in the US in 2041. Experts from Self Financial reached the number by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services. It is also a struggle for some older clients to operate services such as mobile banking. Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 'Client's banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity,' a spokesperson for US Bank recently told 'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. 'Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities.' Wells Fargo echoed similar sentiments in a previous statement to 'Branches continue to play an important role in the way we serve our customers in combination with our mobile app, online website, and ATMs,' a spokesperson for the bank said. 'As we optimize our branch network, we are focused on evolving our branch presence based on customer usage and the changing traffic patterns and retail landscape to best meet the banking needs of each community we serve.' Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Time of India
03-05-2025
- Business
- Time of India
It's not love, it's rent! American couples are staying together because of the economy
Who would've guessed that the biggest factor keeping some couples together in 2025 wouldn't be love, trust, or therapy, but inflation? A new national survey from Self Financial found that nearly one in four Americans — 24% of over 1,000 respondents — say they're stuck in relationships they can't afford to leave. Between soaring housing prices, inflation, and the everyday cost of living, breaking up just isn't financially feasible for a growing number of people. 'While no one likes the idea of having to stay with a partner for financial reasons, for some this may be the only way to financially keep their head above water,' said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, in an interview with Newsweek. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How to earn a second salary with $200 [CFD] TradeLG Undo He explained that couples are relying more on each other to cover essential expenses like rent, groceries, and utility bills, turning what used to be personal partnerships into financial alliances. The financial strain is particularly severe in major cities like New York. According to the data analyzed earlier this year by Frich, a finance app for Gen Z, couples in Manhattan can save over $50,000 annually by living together, rather than splitting up and paying solo rent. That extra financial burden, commonly called the 'singles tax,' has surged 40% in the past three years, per Frich's findings. And for Gen Z, the cost of uncoupling is even steeper. Frich's survey revealed that the average breakup costs $3,862, factoring in spending on new housing, shopping sprees, emotional 'retail therapy,' and rebound vacations. One in five Gen Z respondents admitted to spending up to $2,000 on post-breakup trips alone. A single girl's night out? That'll cost you roughly $92, according to Frich. Nearly 40% of Gen Z respondents also said they'd move in with a partner before they were emotionally ready, simply to save money on rent. And 18% said they've stayed in relationships they weren't happy in for financial reasons. Money is not just keeping couples together — it's also tearing them apart. The Self Financial survey showed that 86% of respondents had argued with a partner about money, and 41% said finances contributed to their breakup. 'While staying together might seem practical in the short term, the longer the delay, the more complicated things can get financially,' Beene warned. 'The economic outlook of both individuals gets more intertwined,' Alex quoted. Masterclass for Students. Upskill Young Ones Today!– Join Now
