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These are the top states where you can save money easily if you make under $60,000
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Saving money should be a priority for Americans, no matter what age or financial state they’re in. The volatility of the stock market, inflation and other money-sucking elements of everyday life are only a few reasons why various savings accounts should be at the forefront of minds.
While income is a direct factor in how much an individual can contribute financially to their future, various states across the country provide a greater ability to save than others.
At the end of 2023, the states with the highest housing costs include Hawaii, Massachusetts, California, New York, Alaska, Maryland, Vermont, Oregon, Washington and New Jersey, according to GoBankingRates.com.
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Only 18% of Americans in the U.S. make $100,000 or more annually. | Getty Images
In order to comfortably purchase a home or reside in any of these 10 states, individuals, or households, must sustain a salary of over $100,000 per year.
The average U.S. annual salary in Q4 of 2023, though, was $59,384, according to the U.S. Bureau of Labor.
According to Zippia’s site of early 2023 data, “18% of individual Americans make over $100k per year.”
“34.4% of US households make over $100k per year,” it also stated.
So, the probability of both living comfortably and saving money in any of the above states is not likely for the average American. However, while the most visited and most populated states in the U.S. come with a hefty price tag, other parts of the country are easily livable.
In Mississippi, The Magnolia State, Americans need to earn $45,906 to make a living wage, according to GoBankingRate.com
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The average physician’s salary in the U.S. is $188,990 per year. (iStock / iStock)
Oklahoma, Alabama, Arkansas and Kansas are all extremely livable states for those making under $47,700 per year. From there, Kentucky, West Virginia, Missouri, Iowa and Georgia also require a reasonable amount of money to make a living wage.
States with a necessary household income of at least $59,384 to make a living wage include Mississippi, Oklahoma, Alabama, Arkansas, Kentucky, Kansas, West Virginia, Missouri, Iowa, Tennessee, Nebraska, Georgia, Illinois, Wyoming, Indiana, Michigan, Louisiana, Ohio, Texas, New Mexico, Minnesota, South Dakota, South Carolina, North Dakota, Wisconsin, North Carolina, Pennsylvania, Utah, Delaware, Montana, Florida, Virginia, Nevada, Idaho and Colorado.
Various jobs across countless industries include earnings at or under $60,000 per year. Some of these roles where a college degree is essential include special education, elementary school, middle school and high school teachers, social workers, therapists, public relations specialists, registered nurses and more.
Professional roles that do not require a college education and pay at least $60,000 per year include web developer, electrical foreman, insurance agent, makeup artist, sales representative, physical therapist assistant, dental hygienist, radiation therapist, real estate agent and more.
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Each of the positions listed above would support a comfortable lifestyle in the low cost-of-living states.
However, if your goal is to live in a state with a higher cost-of-living, you will likely want to hunt down a professional position with greater financial opportunities, like a doctor, lawyer, dentist, marketing manager, anesthesiologist, sales executive, nurse practitioner, financial consultant, medical sales representative, pilot, architect and more.
The average physician’s salary in the U.S. is $188,990 per year, according to Indeed. A physician living within, or even under, their means in Mississippi is likely pocketing a great deal of money. Though a doctor in Hawaii with the same salary is living higher on the hog, he or she is unable to accumulate savings funds as quickly.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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