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How far you live from work, school and other places you frequent can cost you time, money and health. The U.S. Census says that the average commute takes Americans 27.6 minutes each way. Thatâs more than 240 hours annually, if you commute twice every workday in 2021. And now that many people have cut back their commutes by working from home during the COVID-19 pandemic, you might be thinking about how to save money by carpooling or biking, or you might consider moving to shorten the commuter distance. In either case, SmartAsset examined the largest cities in America to uncover the worst commutes in 2021. Find out how your commute measures up against them.
We compared data from the 100 largest U.S. cities and ranked the worst commutes by six key metrics: commuters as a percentage of workers, average travel time to work, five-year change in average travel time, percentage of workers with a commute of more than 60 minutes, five-year change in percentage of workers with a commute of over 60 minutes, and transportation as a percentage of income. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology below.
This is SmartAssetâs second study on the worst commutes in America. Check out the 2020 version here.
- California leads the country as the state with the worst commutes. Eight out of the 11 cities on this list are located in the Golden State, averaging 33.6 minutes in travel time to work. Commuters in those cities need twice as long as those with the shortest commute â in Lubbock, Texas, which averages a little more than 16 minutes on a trip to work.
- The overwhelming majority of workers in America are commuters. On average, 94.3% of workers in the 100 largest U.S. cities are commuters, based on the most recently available Census data from 2019. Scottsdale, Arizona has the smallest percentage of commuters, but it still has 82.1% of its workers traveling to their jobs. Newark, New Jersey has the highest percentage, with 98% of workers averaging almost 35 minutes commuting.
- The Midwest still offers better commutes. Cities in Northeastern, Southern and Western states tend to rank in the worst third of the study for their less-than-ideal commutes. While Chicago, Illinois and Cincinnati, Ohio crack the top 35 cities with the worst commutes, all other Midwestern cities rank in the bottom half of the list for their relatively short commutes.
1. Riverside, CA
Ranked as the worst commuting city in America, Riverside, California takes the greatest toll on its workers in transit, with 18.6% of them averaging more than 60 minutes on a trip to work. And data shows that commutes are getting longer, with a 3.7% five-year increase (2014 to 2019) in workers traveling for more than one hour. Riverside commutes average 33.9 minutes each way, and this travel time has also increased 13.38% over the same five years.
2. Stockton, CA
Ranking second-worst, Stockton, California saw an increase of 18.68% in average travel time over the five-year period from 2014 to 2019. Data shows that 17.8% of workers in this Central Valley city average more than 60 minutes on their commute to work, the fifth-highest percentage for this metric across all 100 cities we studied. The average travel time for residents there is 32.4%, ranking 11th overall.
3. Hialeah, CA
Commute times in Hialeah, Florida, a Miami suburb, have spiked more than any other city in the study with a 26.81% jump between 2014 and 2019. Hialeah has also seen the biggest percentage 2014-to-2019 increase for workers commuting longer than 60 minutes, a 6.1% uptick. However, it is important to note that the cityâs percentage of commuters is relatively small: With just 91% of all workers traveling to work, this city ranks 90th out of 100 for this metric in our study.
4. Glendale, AZ
Between 2014 and 2019, the number of workers in Glendale, Arizona with commutes longer than an hour increased 5.6%. This is the second-highest uptick for this metric overall. The percentage of workers with a commute longer than 60 minutes is 12.1%, ranking 16th-highest out of 100. Data shows that with 94.9% of Glendale workers commuting, they average 31.5 minutes on each trip.
5. Los Angeles, CA
Los Angeles, California has seen a five-year (2014 to 2019) increase of 3.3% in workers commuting longer than 60 minutes, the ninth-biggest jump for this metric in the study. With 93.5% of the workforce commuting, 15.4% of Angeleno workers need more than one hour each way to their jobs, the 11th-highest percentage for this metric overall. That said, they only spend 7.91% of their income on commuting, ranking 77th out of 100 for this metric.
6. Oakland, CA
Workers in Oakland, California average 34.4 minutes on each trip to work, the seventh-longest travel time in the study. Oaklanders also rank seventh-highest for the percentage of workers with trips longer than 60 minutes, with 16% of them making treks longer than an hour to the office in 2019. However, Oakland has one of the cheapest commutes, as workers there spend only 5.45% of their income on travel to work, the fourth-lowest rate for this metric overall.
7. Fremont, CA
Fremont, California has seen a 4.3% increase in five years for workers commuting longer than 60 minutes on each trip, the fifth-highest in the study. Residents there also have the third-longest travel time, averaging 36.4 minutes on each commute, and the second-largest proportion of the workforce commuting longer than one hour, at 20.2%. Fremont workers, however, spend only 5.45% of their income on travel to work, tying for fourth-lowest for this metric.
8. San Jose, CA
Located in the heart of Silicon Valley, San Jose, California has the most affordable transportation on our list. Workers there spend only 5% of their income on travel to work. Despite those relatively low costs, San Jose still ranks as the eighth-worst commuting city on our list. Workers average 31.7 minutes on each commute, and they have seen a 14.44% increase in travel time over the five-year period from 2014 to 2019. Data also shows that San Jose has seen a 4.8% increase over that time period in commuters traveling more than one hour per trip.
9. San Francisco, CA
San Francisco, California averages 34.7 minutes on each commute, the sixth-longest travel time in the study. The Bay Area city also has one of the largest groups of workers commuting the longest, with 15.7% needing more than 60 minutes to commute one way. That said, San Francisco workers have a relatively affordable commute, as residents there spend only 5.45% of their income on travel for work. The city ties for fourth-lowest out of 100 for this metric.
10. New York, NY (tie)
New York City ties with Long Beach, California for the final spot in the 11 cities where residents have the worst commutes. The average travel time for New Yorkers is 41.7 minutes, the longest travel time in our study. New York City also has the highest percentage of workers who travel more than 60 minutes each way, at 27.2%. Despite the duration, the city ranks 16th-lowest out of 100 for transportation costs, with workers spending less than 8% of their income on commuting.
10. Long Beach, CA (tie)
Long Beach, California ties with New York as the 10th-worst U.S. city for residentsâ commutes. Residents there have seen a 2.1% increase over the five-year period from 2014 to 2019 in the number of workers traveling more than one hour to work each day. Long Beach has the 12th-longest commute on our list, averaging 32 minutes for each trip. And 14.9% of the workforce is traveling for longer than 60 minutes during each trip, the 12th-largest for this metric in the study.
Data and Methodology
To find the cities with the worst commutes, we compared the 100 largest cities in the country across the following metrics:
- Commuters as a percentage of workers. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
- Average travel time to work in 2019. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
- Five-year change in average travel time. Data comes from the Census Bureauâs 2019 and 2014 1-year American Community Surveys.
- Percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
- Five-year change in percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureauâs 2019 and 2014 1-year American Community Surveys.
- Transportation as a percentage of income. Data comes from the Census Bureauâs 2019 1-year American Community Survey and the March 2020 MIT Living Wage Study.
First, we ranked each city in each metric. We then found each city average ranking, giving all metrics an equal weight except for average travel time, which received a double weight. Next, we ranked the cities based on this average, giving the city with the highest average an index score of 100 and the city with the lowest average an index score of 0.
Tips for Managing Your Money While on the Go
- Locate a one-stop shop for expert financial support. Need something to do on a long commute? Think about finding a financial advisor. Finding the right financial advisor that fits your needs doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now
- Take a new route in your budget management. If transportation is eating up a lot of money, consider creating a budget using SmartAssetâs free budget tool.
- Plan your road to retirement. Itâs never too early â or too late, for that matter â to start saving as much as you can for retirement. Get ready for your golden years by saving using a 401(k) or other workplace retirement plan.
Questions about our study? Contact firstname.lastname@example.org.
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The post Cities Where Residents Have the Worst Commutes â 2021 Edition appeared first on SmartAsset Blog.
Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which primarily consists of credit cards charges, fell below one trillion in April 2020 for the first time in close to two years. Data from Experian tells a similar story. Between the end of Q2 2019 and Q2 2020, the average credit card balance of borrowers fell by about 11% from $6,629 to $5,897.
Though average credit card debt is decreasing nationally, it remains high in some states and may increase during the holiday season. In this study, SmartAsset looked at states where residents tend to rely on credit the most. Using data from Experian and the Census Bureau, we ranked all 50 states and the District of Columbia based on five metrics relating to credit card debt. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is the 2020 edition of our study on where residents most rely on credit. Read the 2019 version here.
- Credit card debt is high in Southern states. Seven of the 10 states where residents rely most on credit are in the South: Oklahoma, Louisiana, Texas, South Carolina, Alabama, Georgia and Florida. In all seven states, average credit card debt exceeds $5,600 and makes up more than 10% of the median household income.
- 13 states saw one-year increases in average credit card debt. Though Experian data shows that national average credit card debt fell by 11.04% over the past year, certain states still saw increases. Average credit card debt increased by more than 3% in two states â Idaho and North Dakota â and rose by 1% or more in six additional states â Oklahoma, Hawaii, Mississippi, West Virginia, South Dakota and Iowa.
Oklahoma ranks as the state where residents most rely on credit. Experian data shows that though average credit card debt fell in many places between the end of the second quarter in 2019 and 2020, it rose by 2.00% in Oklahoma, from about $5,800 to almost $6,000. With that rise, we estimate average credit card debt for Oklahoma residents makes up 10.96% of the median household income â the fourth-highest percentage for this metric in our study.
Though average credit card debt in Louisiana ranks toward the middle of the study at 24th, it makes up the second-highest percentage of median household income, at 11.25%. Additionally, credit card debt may build up in Louisiana, as the state has relatively high poverty and unemployment rates. Data from the Census and Bureau of Labor Statistics shows that Louisiana also has the second-highest poverty rate (14.3%) and 15th-highest September 2020 unemployment rate overall (8.1%).
3. Alaska (tie)
Average credit card debt in Alaska fell by close to 5% over the past year, but it is still the highest in our study, at close to $7,700. Additionally, Alaska ranks in the worst half of the study for two other metrics, average credit card debt as a percentage of income and September 2020 unemployment rate. Average credit card debt makes up 10.15% of the median household income (the 10th-worst rate for this metric overall). In September of this year, unemployment stood at 7.2% (the 23rd-worst in the study).
3. Nevada (tie)
Nevada ranks in the bottom half of the study for all five metrics we considered. It has the 11th-highest average credit card debt, the 22nd-worst one-year change in average credit card debt and the 17th-highest average credit card debt as a percentage of median household income. Census Bureau data from 2019 shows that Nevada has the 20th-worst poverty rate of all 50 states and the District of Columbia, at 8.7%. Moreover, in September 2020, the unemployment rate (12.6%) was the second-highest in the country, behind only that of Hawaii.
3. Texas (tie)
Texas ties with Alaska and Nevada as the No. 3 state in the country where residents rely most on credit. Though average credit card debt in Texas fell by almost 5% over the past year, it remains elevated compared to other states. Experian data shows that at the end of the second quarter in 2020, average credit card debt was $6,423 â the seventh-highest of any state. Additionally, Texasâ poverty rate is the ninth-highest in the study, at 10.5%.
6. New Mexico
Credit card debt in New Mexico is high relative to average incomes. We found that average credit card debt as a percentage of the median household income was third-highest in our study, at 10.98%. New Mexico residents may also struggle with credit card debt more, as unemployment and poverty rates are high. In 2019, the unemployment rate was 9.4% (eighth-highest in the study) and in September 2020, the poverty rate was 13.7% (the third-worst in the country).
7. South Carolina
South Carolina actually has the lowest September 2020 unemployment rate (5.1%) of any of the 10 states where residents most rely on credit. However, the state ranks relatively poorly on the other four metrics we considered. It has the 18th-highest average credit card debt, 14th-worst one-year change in average credit card debt, eighth-highest average credit card debt as a percentage of income and 11th-highest poverty rate.
Using Experian and Census Bureau data, we found that average credit card debt for Alabama residents makes up almost 11% of the stateâs median household income. Additionally, Alabama has the sixth-highest 2019 poverty rate (11.2%) of all 50 states and the District of Columbia.
At the end of the second quarter of 2020, average credit card debt in Georgia stood at roughly $6,200. This debt may affect residents more in Georgia, as debt makes up more than 10% of the median household income in the state. In addition, almost 10% of individuals fall below the federal poverty line.
Florida has the 12th-highest average credit card debt (about $6,100) and ninth-highest average credit card debt as a percentage of median household income (10.31%). In September 2020, the unemployment rate in Florida was the 20th highest in the country, at 7.6%.
Data and Methodology
To determine the states where residents rely most on credit, we compared all 50 states and the District of Columbia across five metrics:
- Average credit card debt. Data comes from Experian and is for Q2 2020.
- One-year change in average credit card debt. Data comes from Experian and is from Q2 2019 to Q2 2020.
- Average credit card debt as a percentage of median household income. This is the average credit card debt (per borrower with credit card debt) divided by median household income. Data for average credit card debt comes from Experian and data on median household income comes from the Census Bureauâs 2019 1-year American Community Survey.
- September 2020 unemployment rate. Data comes from the Bureau of Labor Statistics.
- Poverty rate. This is the percentage of the population below the federal poverty level. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
First, we ranked each state in every metric, giving a double weight to both of the average credit card debt metrics, a single weight to the change in average credit card debt metric and a half weight to September 2020 unemployment rate and poverty rate. We then found each stateâs average ranking and used the average to determine a final score. The state with the best average ranking received a score of 100. The state with the lowest average ranking received a score of 0.
Tips for Managing Credit Card Debt During the COVID-19 Downturn
- Contact your credit card company. Many credit card companies are offering financial relief to their customers during the COVID-19 pandemic. The Consumer Financial Protection Bureau recommends that the best first steps in receiving relief are contacting your credit card company, telling them youâve been affected and asking questions about the relief packages they offer.
- Create a plan to pay it off. Credit card debt can be incredibly stressful, especially during a recession when jobs are less secure and employment opportunities are more limited. Our credit card calculator is here to help. By adding your credit card details, you can calculate the total interest and time it will take you to pay off your debt.
- Consider a financial advisor. A financial advisor can help you make smarter financial decisions to be in better control of your money and get previous debt under control. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Questions about our study? Contact us at email@example.com.
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The post States Where Residents Most Rely on Credit â 2020 Edition appeared first on SmartAsset Blog.
When we bought our first home in 2013 we thought it would be our forever home. We planned on renovating once we were in a better place financially, but 6 years later we found ourselves struggling with the decision to renovate or sell.Â
Though the COVID-19 crisis has resulted in widespread fitness center closures, many Americans still want to stay as healthy as possible. Depending on the level of services and equipment required, staying active can affect peopleâs budgets in a variety of ways. For now, virtual exercise classes and home gyms are the route most people are taking. Eventually, though, gyms will reopen at full capacity, and everyone will be able to reestablish his or her normal workout routine. When that happens, some places will be more conducive to jumping into a full-on fitness frenzy, and SmartAsset crunched the numbers to find where they are.
To locate the most fitness-friendly places for 2021, we compared 301 metropolitan areas across the following metrics: percentage of residents who walk or bike to work, fitness professionals per 10,000 workers, fitness establishments per 10,000 establishments, the percentage of restaurants that are fast-food establishments and the average wage of personal trainers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAssetâs seventh annual study on the most fitness-friendly places in the U.S. Read the previous version here.
- Western and Midwestern metro areas populate the top. For the second straight year, cities in the Midwest and West dominate the top 10 of this list. Six metro areas are in the West and three are in the Midwest. Western metro areas do well in terms of fitness establishments per 10,000 establishments â all rank within the top 8% of study for this metric â and they also rank within the top 14% of the study for the percentage of residents who walk or bike to work. Only one metro area in the top 10 is not in either of these regions â Ithaca, New York.
- Fitness-friendly cities are light on the drive-thrus. On average, across the 301 metro areas in our study, fast-food establishments represent 45% of all restaurants. Though fast food is popular, convenient and inexpensive, it tends to be relatively high in calories and low in nutritional value â making it tougher to be healthy if you eat a lot of it, regardless of your exercise levels. In the top 10 of this study, all but three metro areas have fewer than 40% of their restaurants serving fast food, so there is less temptation to go for an easy-but-unhealthy meal that can ruin all your hard work. The metro area with the lowest percentage of restaurants that are fast food is Wenatchee, Washington, where it is just 27%.
1. Missoula, MT
The Missoula, Montana metro area is the most fitness-friendly place in the U.S. for 2021. There are 131 fitness establishments â including places like gyms and sporting goods stores â per 10,000 total establishments in Missoula, the third-highest rate for this metric in the study. There are also plenty of fitness professionals living in Missoula, 59 per 10,000 workers, placing it sixth-best for this metric. Residents in Missoula also get plenty of exercise simply by walking or biking to work: 7.1% of residents choose to do so, the 17th-highest rate for this metric across the 301 areas we studied.
2. La Crosse-Onalaska, WI-MN
The La Crosse, Wisconsin metro area, which also includes parts of Minnesota, has 130 fitness establishments for every 10,000 total establishments, the fourth-highest rate for this metric. The metro area finishes in the top quartile for three other metrics as well, ranking 28th for fitness professionals per 10,000 workers (with 42), 33rd for the percentage of residents who walk or bike to work (at 5.2%) and 64th for the percentage of restaurants that are fast-food establishments (around 39%).
3. Bend, OR
The Bend, Oregon metro area cracks the top 10 for two of our metrics. It places fourth in terms of fitness professionals per 10,000 workers with 61, and seventh for fitness establishments per 10,0000 total establishments, at 116. Bend can be a bit pricey of a place to stay in shape, though. The average hourly wage of personal trainers is $18.72, placing Bend at 176th out of 301 for this metric.
4. Ann Arbor, MI
There are 67 fitness professionals per 10,000 workers in the Ann Arbor, Michigan metro area, the second-highest rate for this metric of the 301 metro areas we analyzed. For their commutes, 7.4% of residents walk or bike to work, the 15th-highest percentage in this study. There are also plenty of fitness establishments in the metro area if you prefer to work out in a dedicated space: At 112 per 10,000 residents, this is the 10th-highest rate of the 301 places we analyzed.
5. Bloomington, IN
Folks in the Bloomington, Indiana metro area might have more of an opportunity to get a workout in during their commute, with 8.0% of residents walking or biking to work, the eighth-highest rate in the study for this metric. Bloomington has two other metrics for which it finishes in the top fifth of the 301 metro areas of the study â fitness establishments per 10,000 total establishments (ranking 48th-highest, with 93) and average wage of personal trainers (ranking 49th-lowest, which makes it cheaper for the consumer, at $14.53).
6. Santa Cruz-Watsonville, CA
The metro area around Santa Cruz, California finishes ninth overall for its relatively low percentage of restaurants that specialize in fast food, at 33%. Santa Cruz also comes in 12th for the percentage of residents who walk or bike to work, at 7.5%. If youâre looking for help getting in shape, though, itâll cost you. The average wage of a personal trainer in the area is a steep $20.59, ranking in the bottom third of this study.
7. Flagstaff, AZ
Flagstaff, Arizona has the third highest percentage of residents who walk or bike to work we saw in this study, at 11.5%. There are also 109 fitness establishments per 10,000 total establishments, the 14th-highest rate we observed. Flagstaff is hurt, though, by its price: The average wage of a personal trainer in this metro area is $22.27, in the bottom sixth of this study.
8. Fort Collins, CO
Fort Collins is the first of two metro areas in Colorado to rank in the top 10 of this study, and it gets there on the strength of having 113 fitness establishments per 10,000 total establishments, ranking ninth of 301 metro areas for this metric. It also scores in the top 15% of the study for the percentage of residents who walk or bike to work (5.2%) and fitness professionals per 10,000 workers (46).
9. Boulder, CO
Boulder is the second Colorado metro area in the top 10, and it has two metrics for which it finishes in the top 15 out of 301 in the study overall. It comes in 11th for fitness professionals per 10,000 workers, at 53, and 12th for the percentage of residents who walk or bike to work, at 7.5%. Its final ranking is dragged down a bit due to its bottom-10 finish for the average hourly wage for personal trainers, at a pricey $27.25. However, it still ranks in the top 20 of the study for fitness establishments per 10,000 establishments, at 105.
10. Ithaca, NY
A whopping 14.5% of residents of Ithaca, New York walk or bike to work, the second-highest percentage in this study for this metric. Ithaca finishes eighth in terms of fitness establishments per 10,000 total establishments with 114. It is very expensive to get help with fitness in Ithaca, though. The average hourly wage for a personal trainer is $29.30, finishing third-worst out of 301 metro areas in this study for its high cost.
Data and Methodology
To find the most fitness-friendly places in the country for 2021, we examined data for 301 metro areas across the following five metrics:
- Percentage of residents who walk or bike to work. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
- Concentration of fitness professionals. This is the number of fitness professionals per 10,000 workers. Our list of fitness professionals includes dietitians and nutritionists, recreational therapists, athletic trainers as well as fitness trainers and aerobics instructors. Data comes from the Bureau of Labor Statistics (BLS) Occupational Employment Statistics and is for May 2019.
- Concentration of fitness establishments. This is the number of fitness establishments per 10,000 establishments. Our list of fitness establishments includes sporting goods stores and fitness and recreational sports centers. Data comes from the Census Bureauâs 2018 Metro Area Business Patterns Survey.
- Concentration of fast-food restaurants. This is the percentage of restaurants that are limited-service establishments. Data comes from the Census Bureauâs 2018 Metro Area Business Patterns Survey.
- Average hourly wage of personal trainers. Given the limited availability of direct data about the cost to consumers for personal training services, this metric acts as a proxy to indicate the relative affordability of hiring a personal trainer in a given metro area. Data comes from the BLS and is for May 2019.
First, we ranked each metro area in each metric. Then we found each placeâs average ranking, giving all metrics a full weight except for concentration of fast-food restaurants and average hourly wage of personal trainers, each of which received a half weight. Using this average ranking, we created our final score. The metro area with the highest average ranking received a score of 100, and the metro area with the lowest average ranking received a score of 0.
Tips for a Fit and Financially Secure Life
- Find the right financial fit. No matter what your fitness goals are, financially you want to make sure you are secure, and a financial advisor can help. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- Consider the health of your budget. If you live somewhere where fitness is expensive, make a budget so that you can work the price into your monthly spending.
- Making bigger money moves? If youâre considering moving to one of the places we listed above, use SmartAssetâs tool to find out how much house you can afford before you make the big move.
Questions about our study? Contact firstname.lastname@example.org.
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The post Most Fitness-Friendly Places for 2021 appeared first on SmartAsset Blog.
Rafal Wazio/ Cary John Photography
A custom-built waterfront house with serious “Miami Vice” vibes is on the market for $3.2 million.
Built in 1986, this throwback house on Belle Isle Avenue in Belleair Beach, FL, is on the Intracoastal Waterway. Located near the warm waters of the Gulf, it sits on a key just outside the city of Clearwater.
âFrom the exterior, itâs an architecturally stunning home, because it doesnât conform to anything in todayâs easy, breezy, coastal, aesthetic demands. Itâs quite the opposite of that,â says the listing agent, Rafal Wazio.
No gray walls, quartz countertops, and vinyl plank flooring here. Instead, you have an 1980s masterpiece with oodles of color, recessed and neon lighting, and bold geometric shapes.
âIt’s a completely architecturally stunning home from the outside and from the inside. You know, it just wasnât built as a McMansion,â Wazio says.
The colorful residence measures 5,579 square feet but has only three bedroomsâand the agent is well aware of the unique floorplan.
âThere aren’t too many 5,500-square-foot, three bedroom homes. This one is designed as an en suite, so each bedroom comes with its own bathroom, its own closet, and beautiful open water view,â he explains. âItâs designed for the lifestyle of the owners.â
Each of the bedrooms comes with a not-so-modest feature: An open-air bathtub occupies the same space as the sleeping quarters.
Wazio compares the look to the Venetian Hotel in Las Vegas or the Parker resort in Palm Springs.
Watch: Kansas’ Most Expensive Home Has a Water Feature You Won’t Believe
âThe bathrooms themselves are separate, but the tubs are all within the bedrooms,â he notes.
The master bedroom features elaborate glass doors and a statement mirrored ceiling, with a black jetted bathtub near the entry doors. An all-black bathroom with a number of accent lights and pops of gold is a private retreat.
A secluded outdoor space right off the master bedroom includes a spiral staircase leading up to the other decks.
The kitchen is sleek and glossy, including a cooktop on the peninsula and space for eating. The dining space nearby overlooks the water.
The main living space is two stories high, with plenty of chrome and a wall of windows. The bedroom entrances are on a balcony overlooking the space. A game room is located off the central space.
Several interested parties have toured the property and some have put in bids. Wazio says. Most of the visitors say they would keep it as it is, he says, with only one advocating for a complete overhaul.
The outdoor space is ideal for the Sunshine State lifestyle, with a pool, dock, and terraces on multiple levels.
âItâs an entertainer’s homeâand itâs unapologetically an entertainer’s home. That’s probably one of the coolest features,â says Wazio.
The entertaining deck atop the home has 2,300 square feet of party space, with easy access to the home’s multiple levels via a glass elevator.
Quite apart from the sheer amount of space for throwing a bash, it’s the breadth of the vistas that attract attention.
âItâs incredible,â Wazio says. âYou basically have four different views from four different directions from up there. You can look east, west, north, south.â
On the ground level, a patio area offers a gorgeous spot to take a dip.
âThe pool and spa are stunning with unique tile accents, using the same tiles the designers of the Versace pool in South Beach used,â Wazio says.
The home also boasts a dock out back, making it easy for the owners to navigate the short distance to the Gulf of Mexico.
The sellers designed and built the home and are planning to move out of the area. Theyâre waiting for the perfect buyer to come along in an area that is not known for its flamboyance.
âItâs an architecturally cool beyond words home. Itâs probably going to end up selling to an entertainer,â Wazio says. âIf we were in Miami, Vegas, or L.A., this would already have been a done deal.â
The post Wild on the Waterfront: This Custom-Built Florida Mansion Is So Totally ’80s appeared first on Real Estate News & Insights | realtor.comÂ®.
According to the Census Bureau, almost 20 million renters allocate at least 30% of their household income towards rent, indicating that they are housing cost-burdened. This can be especially true in larger cities where the cost of living is higher. And if time is money, then many Americans will have to resort to working longer hours to make ends meet without having to use up any existing emergency funds.
In this study, SmartAsset measured the hours of work needed to pay rent in the 25 largest cities in the U.S. To determine our estimates, we considered data on the following metrics: average annual take-home pay, average hours worked per year and median monthly rent. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAssetâs fourth annual study on the hours of work needed to pay rent. Check out the 2020 version here.
- 56.6 hours. The average number of work hours needed to pay rent across the largest 25 U.S. cities is 56.6. In the six cities at the top of our list, renters must work at least 6% longer to pay rent alone. It takes more than 60 hours of work in all six cities to cover average rental costs.
- California cities stay at the very top, but Los Angeles drops for the first time in recent years. In every version of this study since 2018, the three cities where the average worker needs to work the most to pay rent have been as follows: San Jose, Los Angeles and San Diego, California â in that order. In this yearâs study, however, San Diego jumps to the No. 2 spot and Los Angeles drops to No. 3.
1. San Jose, CA
In San Jose, California, it takes more than 76 hours of work on average to pay median monthly rent, which is $2,223 or almost $26,700 per year. The median worker earns $41,419 after taxes, with an estimated hourly wage of about $29.
2. San Diego, CA
The average annual take-home pay in San Diego, California is $34,157, or an hourly wage of less than $25. According to our estimates, the average worker in this city would need to work almost 74 hours to be able to pay a monthâs rent, which is $1,806.
3. Los Angeles, CA
In Los Angeles, California, the average worker needs to clock almost 73 hours to cover median monthly rent, which is $1,554. The average number of hours worked in the city is about 38 hours per week, which means that it would take this person almost two weeks to cover that total amount of time. The average worker in Los Angeles earns $34,669 before taxes and takes home about $28,815 â or a little more than $21 per hour.
4. Boston, MA
In Boston, Massachusetts, the average worker earns $35,800 after taxes, or about $25 an hour. The median monthly rent in Boston is $1,735, which means residents there will have to work more than 69 hours to pay for a monthâs rent. At an average of about 38 hours worked per week in Boston, it would take nearly 13 days for a worker to cover this amount.
5. New York, NY
New York City has the fifth-highest number of hours needed to pay rent across the 25 largest cities in this study. With a median monthly rent in the city of $1,483, a worker person would have to work 62.0 hours to cover rent. The average worker in New York earns $42,326 and takes home $32,608 after taxes, or $23.90 per hour.
6. San Francisco, CA
In San Francisco, California the median monthly rent is $1,959. This is the second-highest monthly rent amount across all 25 cities in our study, following only San Jose, California. The average worker in the city earns about $32 per hour, or $51,548 after taxes. This means that the worker would have to work 61.2 hours to cover rental costs. At an average of 40.2 hours worked per week in San Francisco, it would take this worker about a week and a half to do so.
7. Denver, CO
In order to cover the costs of the average rental apartment or home in Denver, Colorado, the average worker would need to work almost 60 hours. The median monthly rent in Denver is $1,433. The average worker in Denver earns $47,146 before taxes, with a take-home pay of $37,922 or $23.92 an hour.
8. Nashville, TN
The median monthly rent in Nashville, Tennessee is $1,191 or $14,292 per year. With the average worker there earning $31,889 after taxes or $20.77 per hour, it would take him or her approximately 57 hours of work to cover the cost of rent each month.
9. Austin, TX
The average worker in Austin, Texas earns $42,416 and takes home $35,739 or $23.34 per hour. Monthly rent costs in Austin reach $1,334 per month, or $16,008 per year. At that rate, it would take this worker more than 57 hours to cover rental costs.
10. Charlotte, NC
Median earnings for a worker in Charlotte, North Carolina are $38,528. This worker would take home $31,118 or $20.61 an hour. Charlotte has the lowest median monthly rent across the 10 cities on this list, at $1,174, resulting in a total annual rent of $14,088. To be able to pay for a monthâs rent in Charlotte, the average worker would have to work 57 hours.
Data and Methodology
To find out how many hours of work are needed to pay rent in the 25 largest cities in the U.S., we looked at data on the following three metrics:
- Average annual take-home pay. This is the average workerâs earnings after accounting for income taxes. To find out how much each worker would pay in income taxes, we ran median workerâs earnings data through our income tax calculator. We assumed the average worker would contribute nothing to an IRA or 401(k), take the standard deduction and file as a single filer. Earnings data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Average hours worked per year. This is the number of weeks worked per year multiplied by the number of hours worked per week. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
- Median monthly rent. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
First, we found the average hourly wage for each worker by dividing average annual take-home pay by average hours worked per year. Then we divided the monthly median monthly rent by the average hourly wage. This resulted in the average hours of work needed to pay a monthâs rent. Finally, we ordered the cities from highest to lowest based on the average number of hours needed to pay rent.
Tips for Managing Your Savings
- How much are you really taking home? When budgeting how much to allocate to needs, wants and savings, itâs important to know how much youâre actually starting with. Use SmartAssetâs paycheck calculator to find out your post-tax earnings.
- Budgeting is key. If the cost of living in an area is high and moving is not an option, consider using our online budget tool to make sure your expenses are all covered.
- 401(k) matching. Taking advantage of a 401(k) employer match program is an ideal way to build your retirement savings faster. When considering a new job always review the retirement plan offerings to be sure that itâs the right one for your needs.
- Expert financial advice. You already work hard to make ends meet, so why put in any more hours than you need to in order to get expert help with your assets? Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.
Questions about our study? Contact email@example.com.
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The post Hours of Work Needed to Pay Rent in the 25 Largest Cities â 2021 Edition appeared first on SmartAsset Blog.
Join bloggers Amanda and Corey Hendrix as their family embarks on a new homebuying journey. From previously living in older homes that require plenty of love (and renovations), they’re looking at opening up their option into new build territory.