Latest news with #Bankrate
Entrepreneur
5 hours ago
- Business
- Entrepreneur
$100k+ Salaries Aren't 'Well-Off' — Here's the New Number
Many Americans find that six-figure salaries don't afford the same lifestyles they once did. Nowadays, many Americans no longer equate financial success with luxury purchases or vacations: In fact, 56% of them say that living comfortably would be enough to feel like they'd made it, according to a recent Bankrate survey. Of course, people have different ideas about what living comfortably looks like — and how much money it takes to get there. Recent research from loan agency Clarify Capital explores how increasing costs impact financial comfort, stress and spending behavior, and what amount of money actually has people feeling "well-off." Related: Young People Earning More Than $200,000 a Year Are Fleeing 1 U.S. State — and Flocking to 2 Others Clarify Capital's study, which surveyed over 750 people making at least $100,000, found that more than half (58%) of six-figure earners no longer feel financially successful. More than seven in 10 respondents reported shopping at discount grocery stores, and 74% revealed they don't dine out as often. Additionally, 62% said they're not embarrassed to admit they're cutting back. However, some six-figure earners report a desire to keep up with the Joneses: One in three said the pressure to maintain a particular lifestyle costs them real wealth and peace of mind, per the survey. Related: Report: Nearly Half of Young Adults Live with Their Parents to Save Money — But They're Spending Big on Luxury Goods To "look successful," respondents admitted to making sacrifices including working longer hours (31%), carrying credit card debt (27%) and not contributing to savings (13%). So, what's the magic number for financial success these days? According to the research, 24% of people say that earning $500,000 or more would be enough to "feel truly comfortable" and "well-off." Another recent report from writing platform EduBirdie found that young professionals today are "undeniably ambitious" when it comes to increasing their incomes. Related: Young U.S. Workers Expect $200,000 Salaries By Age 30. Here's What They Actually Earn — How Do Your Stats Compare? "Our report shows they're not counting on a golden parachute like marrying into wealth or inheritance," Avery Morgan, chief human resources officer at EduBirdie, said. "Instead, 17% believe they'll earn $200,000 by age 30 — a bold goal that demands strategic career moves, continuous learning and a bit of luck."
Axios
6 hours ago
- Business
- Axios
"Hidden" home costs surge in Arizona
Homeowners in Arizona spend an average of $21,211 a year on upkeep and other "hidden expenses," according to a Bankrate study. Why it matters: Overlooked costs, beyond mortgage payments, can come as an unpleasant surprise for unprepared homeowners. By the numbers: The average annual cost of hidden expenses for a single-family home nationwide is $21,400 this year. Arizona is slightly below the national average and has the 21st-highest costs out of 49 states (the study didn't include New York). That sum includes property taxes, insurance, utilities/energy, internet/cable and maintenance. Zoom in: Arizona's average yearly spending for homeowners insurance ($2,268), utilities ($4,581) and home maintenance ($9,424) were all above the national average. The state does particularly well on property taxes ($2,436), coming in 12th lowest overall. And Arizonans pay less than average for internet and cable ($1,502). Zoom out: East and West Coast states — where home values and property taxes run high — usually see the highest hidden homeownership costs, per the analysis. Meanwhile, bills are generally lower in Southern and Midwestern states. The big picture: Inflation and "the nation's aging housing stock" have pushed annual maintenance costs to roughly $8,800, the steepest expense Bankrate tracked.
Wall Street Journal
6 hours ago
- Business
- Wall Street Journal
Mortgage Rates Today, July 24, 2025: 30-Year Rates Drop to 6.77%
Mortgage rates are down and still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.77%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.01%. Mortgage rates have been elevated recently as investors wait to see the economic effects of the Trump administration's tariff policies. In June, inflation rose 2.7% year over year, an acceleration from the previous month. It's still unclear if tariffs will push prices up further in the coming months. If they do, mortgage rates could climb higher this year. The Fed is expected to keep the federal funds rate steady at its meeting next week, which means mortgage rates are unlikely to fall soon. Top mortgage rates today Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn't directly impact today's mortgage rates, they have been easing since the Fed began cutting rates in late 2024. Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate. Term Today's average mortgage rate Last week's average mortgage rate Average mortgage rate change 30-year fixed 6.77% 6.78% -0.01% 15-year fixed 6.01% 6.00% +0.01% 5/1 ARM 5.88% 5.98% -0.10% 30-year fixed jumbo 6.72% 6.77% -0.05% Source: Data reflects interest rates, not APRs. Term Today's average mortgage rate Last week's average mortgage rate Average mortgage rate change 30-year fixed 6.87% 6.83% +0.04% 15-year fixed 6.22% 6.12% +0.10% 30-year fixed jumbo 6.78% 6.75% +0.03% Source: Data reflects interest rates, not APRs. During the last three years, mortgage rates have been on the rise. In early 2022, the average 30-year fixed rate was 4.72% and the 15-year fixed rate was 3.91%. Rates reached a recent peak in late 2023 at 7.79% for 30-year fixed-rate mortgages and 7.03% for 15-year fixed-rate mortgages. Since then, rates have fallen as far as 6.08% (30-year fixed) and 5.15% (15-year fixed), but then began moving higher again. While these rates represent relatively recent heights for mortgage rates, average 30-year rates peaked above 16% in the early 1980s. The lowest-ever 30-year fixed rate, slightly below 3%, appeared in 2021. Today's mortgage rates are influenced by economic and market conditions, as well as personal factors. The rate you're quoted by a lender might be higher or lower than the national average. Here are some of the items considered when calculating your mortgage rate: 10-year Treasury yield: Current mortgage rates, especially on a 30-year fixed-rate mortgage, are related to movements in the 10-year Treasury yield. Current mortgage rates, especially on a 30-year fixed-rate mortgage, are related to movements in the 10-year Treasury yield. Mortgage-backed securities: The rate investors earn on mortgage-backed securities also plays a role. Spreads between mortgage-backed securities and Treasury yields, as well as between what lenders offer borrowers and mortgage-backed security rates, impact current mortgage rates. The rate investors earn on mortgage-backed securities also plays a role. Spreads between mortgage-backed securities and Treasury yields, as well as between what lenders offer borrowers and mortgage-backed security rates, impact current mortgage rates. Investor sentiment: Perceptions about fiscal policy and economic conditions can affect how Treasuries move, as well as how much risk lenders feel comfortable taking on. Perceptions about fiscal policy and economic conditions can affect how Treasuries move, as well as how much risk lenders feel comfortable taking on. Personal credit history: The information in your credit report and your credit score influence your mortgage rate quote. The information in your credit report and your credit score influence your mortgage rate quote. Income: Lenders look at your income relative to your potential mortgage payment and other debts you have. If it appears you can handle your mortgage payments with relative ease, they feel more comfortable lending you money. Lenders look at your income relative to your potential mortgage payment and other debts you have. If it appears you can handle your mortgage payments with relative ease, they feel more comfortable lending you money. Down payment: Your mortgage rate might be lower if you make a larger down payment; often, the best results are when you put at least 20% down. Your mortgage rate might be lower if you make a larger down payment; often, the best results are when you put at least 20% down. Points paid: Mortgage points, also known as discount points, are fees paid upfront as a way to directly reduce your rate and lower your monthly payments. Each point, which represents 1% of your loan amount, can potentially reduce your rate by up to 0.25 percentage points. Mortgage points, also known as discount points, are fees paid upfront as a way to directly reduce your rate and lower your monthly payments. Each point, which represents 1% of your loan amount, can potentially reduce your rate by up to 0.25 percentage points. Loan term: A 15-year mortgage rate is usually lower than a 30-year rate. By choosing a shorter term, you might be able to get a lower interest rate, but your monthly payment might be higher. How to choose the right mortgage for your financial goals When considering a mortgage, review your financial situation and goals. Often, 30-year fixed-rate mortgages are chosen because they spread a large payment over a longer period of time, making monthly payments more affordable. Even though the loan costs more overall, it might be more affordable on a day-to-day basis. If your main concern is becoming debt-free sooner while paying less interest and you can afford a higher monthly payment, a shorter-term loan might make sense. Let's say you get a $350,000 loan. Here's what you might pay with different mortgage terms: 30-year loan (6.97%): Monthly payment of $2,321.51 and total interest amount of $485,744.05 Monthly payment of $2,321.51 and total interest amount of $485,744.05 20-year loan (6.74%): Monthly payment of $2,659.19 and total interest amount of $288,206.46 Monthly payment of $2,659.19 and total interest amount of $288,206.46 15-year loan (6.20%): Monthly payment of $2,991.45 and total interest amount of $188,461.10 Monthly payment of $2,991.45 and total interest amount of $188,461.10 10-year loan (6.16%): Monthly payment of $3,913.90 and total interest amount of $119,667.88 These scenarios don't include other costs, like insurance and property taxes, that you might also be subject to. It's important to consider those costs as well. For example, you might think you can afford the payments on a 20-year or 15-year mortgage, but once you add in other homeownership costs, your budget might feel tight. Don't forget other homeownership costs that might impact your monthly budget, including maintenance, repairs, utilities and other expenses that might be higher once you move into a house. When choosing a mortgage, the principal and interest payments aren't the only considerations. One strategy might be to choose a longer loan, but make extra payments to pay down the debt faster and reduce the amount of interest you pay. With this approach, you can choose to pay extra each month, but if you need to cut back due to emergency, you can revert to the required lower monthly payment with a lower risk of not being able to meet the obligation. If you lock into a shorter loan term with a higher payment, you can't scale back payments later without risking the loss of the home.
Time of India
9 hours ago
- Business
- Time of India
The Great Reshuffle is not over yet: Nearly half of workers in America hunting for new jobs in 2025
The so-called 'Great Resignation' may have faded from headlines, but the undercurrent of restlessness in the labor market has not. In a landscape where inflation is biting and wage growth is tapering, workers are weighing their options. According to the Bankrate Worker Intentions Survey, conducted June 6–16, 2025, 48% of full-time workers or active job seekers say they're at least somewhat likely to look for a new job in the coming year. The churn hasn't stopped, it's morphing. Behind that figure lies more than just dissatisfaction. It reflects a workforce recalibrating its priorities, pay, flexibility, job security, and refusing to be boxed in by outdated norms. Stability or stagnation? Despite constant churn narratives, 65% of workers say their job status hasn't changed since January 2025, according to the Bankrate survey. Just 22% say their situation has improved, while 14% feel it has worsened. The figures don't scream crisis, but they do whisper discontent. A large swathe of workers is plateauing, not progressing. And that stagnation is fertile ground for disillusionment. Workers aren't just fleeing bad jobs; they're chasing better ones. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Hidden Cause Found: Dementia And Memory Loss Linked To This Habit Memory and Health Click Here Undo A growing sense of unease More than 1 in 4 workers (27%) report that their job security has decreased since January 2025, with younger generations feeling it most. According to Bankrate's survey, 33% of millennials and 30% of Gen Z say they feel less secure now than at the start of the year. Political affiliation also plays a role in perception. The survey found that 31% of Democrats and independents feel their job security has eroded, compared with just 17% of Republicans. Still asking for more Despite that anxiety, workers aren't standing still. The Bankrate survey found that 44% of respondents plan to ask for a raise in the next year, while 36% will request more flexible work arrangements such as remote or hybrid options. It's a reflection of how expectations have shifted. The pandemic cracked the traditional workplace wide open, and workers aren't willing to go back to the old terms. The rise of the side-hustling spirit Perhaps most tellingly, 25% of workers surveyed say they plan to start their own business in the next year. The urge to be one's own boss is strongest among younger workers: 31% of Gen Z and 30% of millennials report entrepreneurial ambitions, according to the survey's data. It's no longer just about switching jobs—it's about opting out of traditional employment altogether. Who's job hunting hardest? Generational divides are stark. 53% of Gen Z workers say they're likely to look for a new job in the next year, followed by 49% of millennials, 48% of Gen X, and just 25% of baby boomers, per the survey. Income also matters. 58% of those earning under $50,000 say they plan to job hunt, compared with 29% of those earning between $80,000–$99,999. Lower income appears to fuel higher mobility. Plans versus action While intent is high, actual movement may be more cautious. Only 18% of workers say they are very or somewhat likely to quit their job in the next 12 months, down from 25% in 2024, according to Bankrate. This drop suggests that while workers want change, they're acutely aware of cooling job markets and uncertain hiring trends. The desire is strong—but the leap may not be immediate. Final thoughts The 2025 Worker Intentions Survey, conducted online by YouGov on behalf of Bankrate from June 6 to 16, 2025, reveals more than just career ambitions. It paints a portrait of a restless, recalibrating workforce. The job market may be shifting, but the demand for self-advocacy, adaptability, and meaningful work is stronger than ever. Nearly half the workforce isn't waiting to be disrupted, they're planning their next move. The great reshuffle isn't over. It's just growing sharper. Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
Business Insider
10 hours ago
- Business
- Business Insider
The 10 best states for retirees aren't what you'd expect
But while conventional wisdom might suggest heading to retiree-heavy communities in warm-weather states like Florida and Texas, a study from Bankrate suggests some less sunny states offer retirees a sunnier future. Bankrate broke down the best states for retirees based on categories like affordability, weather, and healthcare. By their calculation, Florida is nowhere near the top 10 — and neither are many Southern states known for their warmer weather and plentiful retirement communities. It's important to note that each of the categories were weighted differently. But while weather has the second-highest influence in rankings behind affordability, Florida actually ranks low for weather, and its positive tax ranking wasn't enough to pull it up from the bottom. Affordability is the most-weighted category by far, while weather, neighborhood safety, and healthcare are closely weighted together as second-, third-, and fourth-most important. Bankrate financial analyst Stephen Kates explained that natural disasters and rising home-insurance costs played a large role in Florida's exclusion from the top 10. "All states along the Gulf have propensity to get hurricanes, which pushed those states far down the rankings," Kates told Business Insider. " Florida's high home-insurance costs are very, very relevant for retirees who may not have a mortgage, but that's a really high fixed cost for them," he added. Florida and other seemingly retirement-friendly states like Arizona and Texas all ended up in the bottom half of the list. Meanwhile, nearly half of the states in the top 10 are located in the Northeast, and all of them are north of the Sun Belt. Bankrate's estimates found that Northeastern states are generally safer and have better healthcare than Southern states. "When you think of retirement states, we all think of warmer weather states," Kates said. "But when you think about it, Massachusetts has unbelievable healthcare — so does Vermont, and Maine does as well. In terms of age, it's an older population certainly up there. Those are things that really boosted them." Kates noted that states like Florida and Arizona have more infrastructure in place to welcome retirees, so an exodus of Boomers is unlikely. And while affordability is still the name of the game, other factors have become more important. "The heart of this study is people should consider all of these things," Kates said. "They should know enough about what state they're going to go to. That these are factors that they're understanding and including in their own assessment." Here are the 10 best U.S. states for retirees, according to Bankrate. Median home-sale prices are from 10. Virginia Total score: 69.72 6. Rhode Island Rhode Island had the fourth-lowest violent crimes per capita, contributing to its health-and-safety ranking of sixth out of the 50 states. It ranked fifth for affordability, 19th for education and childcare and socioeconomics, and 27th for family fun. 3. Wyoming Casper, Wyoming, is safer than most cities, with giving the city a B-, meaning the crime rate is slightly lower than the average US city.
