Latest news with #SmartAsset
Business Insider
12 hours ago
- Business
- Business Insider
The 10 most affordable states to buy a home if you're single
Buying a home in 2025 can feel out of reach, especially if you're single. used SmartAsset data to find 10 states where solo buyers can best afford a home. Eight of the top 10 are in the South, but one Southern state surprisingly didn't make the cut. From takeout to doctor visits, soaring costs mean single Americans need every advantage they can get. That's especially true when it comes to buying a home. As of June, the US median listing price was $440,000, according to a steep cost for many Americans who live from paycheck to paycheck or are severely cost-burdened, meaning they spend more than 30% of their income on housing. Finding an affordable home as a single buyer can be tough, but data can help you understand where the opportunities might be. To determine where single people can buy homes and still live comfortably, combined national income threshold data — the minimum income needed to cover basic expenses like housing, food, and savings without financial hardship — from an analysis of MIT living wage calculator data by financial technology company SmartAsset, with its housing data. The research team found that the 10 most affordable states for singles have median listing prices below $440,000, with monthly mortgage payments, excluding the cost of tax and home insurance, under $2,000 — based on a 6.81% interest rate for a 30-year fixed mortgage. These states are largely in the South, reinforcing the region's existing reputation as an affordable place to live. While familiar budget-friendly spots like Arkansas, Oklahoma, and Louisiana made the list, one Southern state was surprisingly absent: Texas. Hannah Jones, senior economic research analyst at told Business Insider that the state's influx of movers, drawn by relatively low home prices and better job opportunities, has been a Catch-22 for its real estate market and economy. "The booming Texas economy has driven wages higher, but the cost of living has risen as well, making it more challenging to live comfortably on one income," she said. Below are the 10 US states where it's most affordable for singles to buy a home. For each city, Business Insider used median home price and mortgage data from Income data is from SmartAsset.
Yahoo
14 hours ago
- Business
- Yahoo
12 Cities Where You Can Really Get Rich Right Now
Regular GOBankingRates readers may recognize the 12 cities in this article as those that ranked as the top cities where the upper-middle class is growing the most. Considering that the upper-middle class has grown by 80% or more in these places, Americans building their wealth may consider making a move to one of these 12 cities. View More: Read Next: Take a look at the top cities for upper-middle class growth along with insight as to how the upper-middle class population is becoming increasingly wealthy in these metros. Number of upper-middle class households: 7,795 % increase in upper-middle class households (2018 to 2023): 125.1% % of population that is now upper-middle class: 16% Over a five-year span, North Charleston has seen a staggering increase of 125% in its upper-middle class households. According to a 2024 SmartAsset report on the nation's richest counties, Charleston ranked No. 1 in South Carolina. The median household income in this city is $62,789 while the investment income is $146,964. Be Aware: See More: Number of upper-middle class households: 16,463 % increase in upper-middle class households (2018 to 2023): 122.2% % of population that is now upper-middle class: 21% If Port St. Lucie's upper-middle class population is booming, it may be thanks to the city's strong local economy. Named one of the best places to live in 2024 by Money, Port St. Lucie anticipates job growth increasing by more than 10% over the next three years, Moody's Analytics data shows. Check Out: Number of upper-middle class households: 10,525 % increase in upper-middle class households (2018 to 2023): 114.3% % of population that is now upper-middle class: 14% Number of upper-middle class households: 8,020 % increase in upper-middle class households (2018 to 2023): 100.7% % of population that is now upper-middle class: 18% Number of upper-middle class households: 7,314 % increase in upper-middle class households (2018 to 2023): 98.9% % of population that is now upper-middle class: 16% Americans angling to become wealthy sooner than later may decide to move to Palm Bay. In addition to our in-house study showing a 99% increase in upper-middle class households over a five-year period, SmartAsset ranked Palm Bay as the top city for high-income household growth in 2025. Find Out: Number of upper-middle class households: 11,079 % increase in upper-middle class households (2018 to 2023): 95.2% % of population that is now upper-middle class: 13% Knoxville, which ranked among Money's best places to live in 2024, may hold its steady economy accountable for the sizable increase in upper-middle class households. According to data from Moody's Analytics, Knoxville is predicted to experience a 4.4% job growth in the next three years. Number of upper-middle class households: 45,486 % increase in upper-middle class households (2018 to 2023): 93.5% % of population that is now upper-middle class: 23% Number of upper-middle class households: 11,107 % increase in upper-middle class households (2018 to 2023): 92.6% % of population that is now upper-middle class: 16% The wealthy are not only increasing in Rhode Island, but they are making strategic choices as to where to reside. The Providence Journal shared a ranking of the state's richest towns and cities in 2023 and Providence ranked in 37th place. (North Providence and East Providence ranked in 33rd and 34th place, respectively.) Learn More: Number of upper-middle class households: 7,953 % increase in upper-middle class households (2018 to 2023): 91.6% % of population that is now upper-middle class: 17% Pompano Beach might not be flying under the radar for much longer as a top Florida city for growing wealth. The massive 92% increase of upper-middle class households over five years indicates the wealthy are coming to Pompano Beach and staying there. According to The Mastropieri Group, an impending revitalization to downtown and high-end beachfront condos in development make the city's real estate one to watch. Number of upper-middle class households: 24,992 % increase in upper-middle class households (2018 to 2023): 86.5% % of population that is now upper-middle class: 13% Will Miami never not be a hotspot for wealthy Americans? Beyond the nearly 87% increase of its upper-middle class households, millionaires are increasingly Miami-bound. A study from Henley & Partners revealed Miami's millionaire population is now at 39,000 residents, increasing by 94% from 2014 to 2024. Number of upper-middle class households: 126,665 % increase in upper-middle class households (2018 to 2023): 85.5% % of population that is now upper-middle class: 16% Discover Next: Number of upper-middle class households: 50,518 % increase in upper-middle class households (2018 to 2023): 80.7% % of population that is now upper-middle class: 17% In 2025, The Palm Beach Post reported West Palm Beach is considered one of the five fastest-growing 'wealth hubs' according to a report from Henley & Partners. West Palm Beach isn't just a haven for the upper-middle class or millionaires either. As of 2025, Forbes data revealed 68 billionaires have residences in Palm Beach. Methodology: For this study, GOBankingRates analyzed cities with at least 40,000 households, according to the U.S. Census American Community Survey, to find the cities where the upper-middle class has grown the most. Households that earn between $100,000 and $149,000 are considered upper-middle class. Using the American Community Survey, the total population, total households, household median income, households in 2018 that earned $100,000 to $149,000, and households in 2023 that earned $100,000 to $149,000 were all sourced. The percent change in upper-middle-class households was calculated and the cities were sorted to show the largest increase in upper-middle-class households. All data was collected on and is up to date as of April 1, 2025. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 12 Cities Where You Can Really Get Rich Right Now Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17 hours ago
- Business
- Yahoo
Residents of these NJ counties have the least credit card debt, study says
Somerset County, one of the richest counties in New Jersey and the country, isn't riding on credit cards to make its deluxe purchases. A recent SmartAsset study found that Somerset County ranks among the New Jersey counties with the lowest credit card debt when compared to annual income. The analysis looked at credit card debt per capita relative to both income and net worth, which calculated a debt-adjusted score to highlight where residents are managing credit cards most effectively. Somerset County residents' average credit card debt is 8.25% of their income, which is the second-lowest rate in New Jersey. They have a $70,321 average income and $5,798.49 average credit card debt. College Connection: The best ways to save money on college Hudson County residents have the lowest credit card debt rate in New Jersey at 7.87%. Here are the full rankings: Rank County Income Credit Card Debt Credit Card Debt % of Income Net Worth to Debt Adjusted Score Overall Index 1 Hudson County $53,998.00 $4,249.98 7.87% 0.00 29.99 2 Somerset County $70,321.00 $5,798.49 8.25% 0.00 29.47 3 Cape May County $54,325.00 $4,665.80 8.59% 0.00 29.00 4 Morris County $69,226.00 $5,968.60 8.62% 0.00 28.95 5 Mercer County $52,101.00 $4,632.04 8.89% 0.00 28.58 6 Hunterdon County $71,070.00 $6,373.62 8.97% 0.00 28.47 7 Essex County $48,021.00 $4,347.18 9.05% 0.00 28.36 8 Union County $51,850.00 $4,695.50 9.06% 0.00 28.35 9 Monmouth County $65,545.00 $5,957.80 9.09% 0.00 28.31 10 Cumberland County $33,587.00 $3,071.38 9.14% 0.00 28.23 NJ $52,254.90 $4,901.03 9.47% 0.00 17.88 Staff Reporter Jenna Intersimone: JIntersimone@ This article originally appeared on NJ counties with the least credit card debt
Yahoo
3 days ago
- Business
- Yahoo
How Much Does It Cost To Raise A Child In Dallas in 2025?
Raising a child in Dallas-Fort Worth will cost an estimated $22,337 in 2025 — up nearly 2% from this year, according to a new SmartAsset expensive than many major metros. The most expensive metro in the U.S. was Boston-Cambridge-Newton, Massachusetts, where raising a child is projected to cost $39,221 in 2025 — up nearly 4% from $37,758 in 2024. At $23,800, childcare alone in Boston outpaces the total cost of raising a child in North Texas, which also includes housing, food, transportation, and medical care. 'What's more, the cost of raising a child can change quickly, making it important for budding families to keep an eye on trends in their locale. Between 2024 and 2025 alone, the average projected annual cost of raising a small child changed by a range of -15% to +22%, depending on the metro area,' the report continued. St. Louis, Missouri, saw one of the largest jumps, with costs rising 22.45% — from $19,858 in 2024 to $24,317 in 2025. Within Texas, Austin-Round Rock-San Marcos is the priciest metro, where raising a child in 2025 is expected to cost $24,188 — nearly 8% more than in 2024. Though DFW ranks lower nationally, costs continue to climb — and experts warn that families should expect future increases as inflation and childcare demand rise.
Time Out
3 days ago
- Business
- Time Out
NYC apparently doesn't have the highest average rent in America—frankly, we're flabbergasted
New Yorkers are used to finishing first in many categories— bagels, Broadway, complaining—but according to a new report, our signature pastime of rent-related suffering might not top the charts anymore. That's right: As of February 2025, New York City no longer holds the crown for highest average rent in America. Pause for dramatic gasp. SmartAsset's latest ranking, based on Zillow's Observed Rent Index (ZORI), puts Boston at the top of the rent mountain, with an average monthly price tag of $3,495 for all homes. New York came in just behind at $3,489. Yes, by a mere $6, the financial equivalent of an oat milk latte. But don't get too comfortable. New York City rents did rise more steeply year over year, jumping 4.14-percent compared to Boston's 4.06-percent. And if you're a numbers person, you'll know that makes our rent pain a little more acute. Still, neither city saw the biggest hike: That dubious honor belongs to Newark, New Jersey, where rents surged 8.11-percent in just one year. From $2,073 to $2,241, Newark's five-year climb totals a whopping 46.5-percent, giving fresh ammo to New Yorkers who never bought the 'Jersey is cheaper' narrative. The rest of the top five reads like a California dream turned financial nightmare: San Francisco ($3,368), Irvine ($3,306) and San Jose ($3,131) rounded out the most expensive markets. California dominated the top 10 with five cities, proving that sunshine still costs a premium. SmartAsset analyzed rental data across 100 U.S. cities, comparing 2025 prices to 2024 and 2020. While renters in NYC may feel slightly vindicated, the reality is still grim: Our average rent is 144-percent higher than the national average, according to So no, we're not the most expensive anymore—but we're still painfully close. And until the day a one-bedroom drops below $2,000 without including a shower in the kitchen, we reserve the right to keep complaining.
