Is 75K a Good Salary for a Single Person in 2024?

Have you just received a salary offer and now wonder, “Is $75K a good salary for a single person?”

In many cases, that salary can offer a comfortable lifestyle and plenty of opportunities to save. But if you live in an expensive area or have a lot of debt, you may find that living on $75,000 a year requires more careful planning and budgeting.

Let’s take a closer look.

Is $75K a Year a Good Salary?

If you make $75,000 a year, you’re earning more than half of all workers in the U.S. And in fact, many people would probably consider the salary as good pay.

After all, a $75,000 salary works out to around $6,250 per month, $1,442.31 per week, or $36.06 an hour. This may easily cover your expenses — depending on your situation. If you live in a high-cost area, you may find that you’d be more comfortable earning more.

Need help monitoring where your money is going each month? Online tools like a money tracker can help.

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Median Household Income in the US by State

When we talk about median household income, we’re referring to an income level that half of households earn more than and half earn less. As of 2022 — the most recent data available from the U.S. Census Bureau — the median annual salary in the U.S. is $74,580. Individuals may make more or less depending on where they live, their age, the type of work they do, and other factors. Here’s a look at the median household annual income in every state:

State Median Household Income
Alabama $59,910
Alaska $89,740
Arizona $73,450
Arkansas $53,980
California $85,300
Colorado $89,930
Connecticut $90,730
Delaware $80,750
Florida $65,370
Georgia $67,730
Hawaii $91,010
Idaho $72,580
Illinois $78,020
Indiana $70,030
Iowa $76,320
Kansas $73,040
Kentucky $55,880
Louisiana $58,330
Maine $75,160
Maryland $108,200
Massachusetts $93,550
Michigan $68,990
Minnesota $90,390
Mississippi $48,610
Missouri $71,520
Montana $72,980
Nebraska $78,360
Nevada $72,330
New Hampshire $84,970
New Jersey $92,340
New Mexico $56,420
New York $75,910
North Carolina $65,070
North Dakota $78,720
Ohio $67,520
Oklahoma $63,440
Oregon $86,780
Pennsylvania $72,210
Rhode Island $80,650
South Carolina $61,770
South Dakota $67,180
Tennessee $65,380
Texas $74,640
Utah $95,800
Vermont $72,190
Virginia $85,170
Washington $89,430
West Virginia $52,460
Wisconsin $73,330
Wyoming $73,090

Related: Average US Salary by State

Average Cost of Living in the US by State in 2024

The cost of living is the amount of money needed to cover basic living expenses, such as housing, food, taxes, and health care. Here’s what you need to know about the average cost of living in the U.S. by state:

State Average Cost of Living
Alabama $39,657
Alaska $54,331
Arizona $44,875
Arkansas $39,044
California $53,082
Colorado $53,374
Connecticut $55,803
Delaware $51,113
Florida $50,689
Georgia $43,482
Hawaii $49,155
Idaho $39,739
Illinois $49,558
Indiana $42,697
Iowa $41,758
Kansas $43,147
Kentucky $40,816
Louisiana $42,294
Maine $50,559
Maryland $48,650
Massachusetts $58,532
Michigan $45,591
Minnesota $48,615
Mississippi $36,445
Missouri $44,990
Montana $47,887
Nebraska $46,190
Nevada $44,831
New Hampshire $56,727
New Jersey $54,700
New Mexico $40,028
New York $53,255
North Carolina $43,959
North Dakota $48,182
Ohio $44,089
Oklahoma $38,650
Oregon $47,779
Pennsylvania $49,040
Rhode Island $46,909
South Carolina $43,305
South Dakota $47,740
Tennessee $42,469
Texas $45,114
Utah $42,653
Vermont $50,761
Virginia $48,249
Washington n/a
West Virginia $41,153
Wisconsin $45,165
Wyoming $47,832

Source: Bureau of Economic Analysis

Can You Live on $75K a Year?

While there’s an average pay in the U.S., there’s no one-size-fits-all salary needed for a single person to live comfortably. As the charts above show, $75,000 can go further in some areas than others. Regardless of what you make, it helps to understand how much money you’re taking home — and how much you’re spending — each month. Creating a budget and tracking all of your expenses can make it easier to keep tabs on your finances.

How Can You Budget for a $75K Salary?

There is no shortage of options when it comes to creating a budget. One of the most popular methods is the 50/30/20 budget. Essentially, this approach involves allocating:

•   50% of your after-tax dollars to necessities, including groceries, housing, utilities, transportation, insurance, child care expenses, minimum debt payments, and more.

•   30% to “wants,” such as going out to eat, gifts, travel, and entertainment.

•   20% on savings and additional debt payments (beyond the minimum payments).

Prefer something more straightforward? Consider a line-item budget, where you keep track of monthly expenditures so they don’t exceed spending targets. Another option: using an online budget planner to keep finances organized.

How Can You Maximize a $75K Salary?

Budgeting, putting every dollar you can into savings, and paying off debt can all help you get the most out of every paycheck. But those aren’t the only ways to maximize a $75,000 salary.

One strategy is to enroll in your company’s 401(k) plan. Some employers even offer matching contributions, meaning they’ll mirror your contribution to your retirement, often up to a certain percentage.

Another avenue to explore? Setting up autopay for recurring bills, which helps prevent missed payments and late fees. While you’re at it, you may also want to automate your savings so you don’t have to remember to move money between your accounts on payday.

What Kind of Quality of Life Can You Have With a $75K Salary?

Can you have a good quality of life with an annual salary of $75,000? For many people, the answer is yes. With that kind of income, you may find it easier to make ends meet and make progress toward your financial goals. But keep in mind that “quality of life” is subjective, and the amount needed to live comfortably can vary from person to person.

Recommended: 25 Highest-Paying Jobs in the U.S.

Is $75,000 a Year Considered Rich?

It depends on who you ask. A 2023 Bankrate survey showed that Americans do not feel rich with a salary of $75,000. Rather, respondents said they’d need to earn an average of $233,000 per year to feel financially secure and $483,000 per year to feel rich.

That said, a $75,000 salary can feel like a fortune to one person but not to the next. Whether you feel financially secure with that salary may also depend on your living expenses, whether you live within or below your means, and other factors.

Is $75K a Year Considered Middle Class?

There’s no single definition of “middle class.” According to the Pew Research Center, middle class households have an income that’s between two-thirds and twice the U.S. median household income of $70,784. (A $75,000 salary falls easily within this range.)

A 2023 Washington Post poll reported that Americans consider a $75,000 to $100,000 salary range as middle class. Respondents said being middle class involved such things as:

•   Having a secure job

•   Having health insurance

•   Ability to save money for the future

•   Affording an emergency $1,000 bill without incurring debt

•   Ability to pay all bills on time

•   Ability to retire comfortably

Recommended: What Is a Six-Figure Salary?

Examples of Jobs That Pay $75,000 a Year

There are plenty of jobs that pay $75,000 per year, and some don’t require a degree. Let’s take a look at examples of positions that typically pay $75,000 or more.

•   Network administrator: Network administrators manage technical systems and networks.

•   Broker: Brokers mediate sales processes, particularly in real estate.

•   Quality assurance manager: Quality assurance managers establish quality standards, resolve concerns, and identify system and procedural needs.

•   Junior software engineer: A junior software engineer assists in developing and deploying computer software.

•   Dental hygienist: Dental hygienists perform cleanings, inspect teeth and gums, and educate patients on oral health.

•   Radiation therapist: Radiation therapists run machinery, perform X-rays, counsel patients, and more.

•   Clinical nurse: Clinical nurses work with patients and medications, and manage medical records.

The Takeaway

Is $75,000 a year a good salary for an individual in 2024? How about as an entry-level salary? In general, yes. A $75k salary is more than what half of U.S. workers earn, and depending on where you live and your expenses, may be more than enough to live comfortably.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Can I live comfortably making $75k a year?

Depending on your expenses, you should be able to comfortably make a $75,000 salary work in many areas of the country.

What can I afford with a $75k salary?

Many lenders use the 28/36 rule to help borrowers understand how much to use to repay a mortgage and other debts. Experts suggest spending no more than 28% of your income on housing expenses and no more than 36% on total debt payments. Consider using this rule as you make decisions about how large of a house to purchase or how much debt you’re willing to take on.

How much is $75k a year hourly?

A salary of $75,000 works out to $36.06 hourly.

How much is $75k a year monthly?

A salary of $75,000 is $6,250 per month.

How much is $75k a year daily?

A salary of $75,000 works out to $288.46 daily.


About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.



Photo credit: iStock/fizkes

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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How Much Does a College Professor Make a Year?

There might be more lucrative professions than teaching, but if you’re considering becoming a college professor, you can earn a comfortable salary. The average national salary for a full-time college professor was $97,762 in 2022-23, according to the National Education Association’s 2024 report, Educator Pay in America. That’s a 4% increase over the 2021-22 school year and higher than the average pay for educators working in elementary, middle, and high schools.

However, pay varies depending on a number of factors, including your faculty rank, the type of institution where you work, and even the subject matter you teach. Whether you’re considering becoming a professor or just curious about professor salaries, read on for more information about how you might benefit financially from being a professor.

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What Do College Professors Do?

What exactly do college professors do all day? Their typical duties include:

Teaching

College professors teach courses related to their areas of expertise and interest, and grade assignments, papers, and exams. They develop a curriculum, select textbooks, and create assignments and lecture notes. They may also run labs or research spaces on campus and attend professional conferences and training.

Conducting Research

Many professors conduct research, which means they make contributions to their field in the form of designing studies, collecting data, and publishing in academic journals.

Advising Students

Professors often serve as advisors to their students, guiding them on course selection and their future careers. They may even serve as connections between former and current students.

Serving in Leadership Positions

Professors could be asked to serve on committees to benefit specific areas of the college or university. This might involve shaping policy and the curriculum of their respective area by sitting in on departmental meetings. They may also sit on the hiring committee for new faculty members.

Recruiting

In many cases, small colleges need their professors to meet with prospective students to “sell” the college. They also serve as community engagement and brand ambassadors and help familiarize students with their programs and teaching style.

As they gain seniority, professors might choose when they want to teach their classes. They may also have the advantage of choosing sabbatical leave, which refers to time off related to research or other academic activities.

How Much Do Starting College Professors Make a Year?

A typical entry-level professor makes around $38 per hour. However, not every educator is paid by the hour. For instance, if you’re a part-time adjunct professor, you might get paid based on the number of classes you teach. If you’re a full-time lecturer who can’t take advantage of the tenure track, then you may get paid an annual salary.

Tools like a budget planner app can help you make the most of your income.

Recommended: What Is a Good Entry-Level Salary?

What Is the Average Salary for a College Professor?

By and large, professors who work full time at a larger institution can make a decent salary. But you may be able to command even more money if you’re willing to relocate to a state where educators earn more. Below, we break down the average salary for college professors by state:

State Average Yearly Salary
Alabama $101,236
Alaska $71,412
Arizona $53,825
Arkansas $48,816
California $73,483
Colorado $77,512
Connecticut $73,104
Delaware $46,384
Florida $48,694
Georgia $45,153
Hawaii $109,872
Idaho $63,180
Illinois $61,537
Indiana $52,756
Iowa $67,356
Kansas $66,180
Kentucky $65,064
Louisiana $66,648
Maine $66,276
Maryland $104,111
Massachusetts $83,780
Michigan $45,564
Minnesota $47,528
Mississippi $62,976
Missouri $76,068
Montana $63,504
Nebraska $66,288
Nevada $68,400
New Hampshire $71,352
New Jersey $73,512
New Mexico $54,084
New York $59,411
North Carolina $77,242
North Dakota $68,439
Ohio $68,208
Oklahoma $42,846
Oregon $57,263
Pennsylvania $68,977
Rhode Island $69,072
South Carolina $59,806
South Dakota $65,040
Tennessee $55,034
Texas $59,294
Utah $66,000
Vermont $66,756
Virginia $88,641
Washington $58,595
West Virginia $63,972
Wisconsin $52,482
Wyoming $76,600

Source: Indeed.com

If you’re wondering how these salaries compare to other salaries in your state, it can be helpful to check out the highest-paying jobs by state.

Recommended: Is $100,000 a Good Salary?

College Professor Job Considerations for Pay & Benefits

Not every institution releases information on the benefits and pay their faculty receives. But compensation surveys like the ones conducted by the American Association of University Professors (AAUP) and the National Center for Education Statistics (NCES) offer some details.

An analysis of those two surveys revealed that the most common benefits for professors include employer contributions to various types of retirement accounts and health insurance. Professors also often receive other compensation and fringe benefits, including:

•   College tuition reimbursement

•   Group life insurance

•   Workers’ compensation premiums

•   Parking on campus

•   Social Security contributions

•   Disability income protection

•   Unemployment insurance

•   Athletic event tickets and other nonsalaried benefits

Pros and Cons of College Professor Salary

Before you choose this career direction, it’s important to note the pros and cons of college professor salaries.

First, the pros:

•   Potential for a high salary: You have the potential to earn good pay as a professor. Although the figure varies depending on your position and institution, years of experience and expertise, you can earn a competitive salary and comfortable living. A money tracker app can help you monitor your spending so you can make the most of your earnings.

•   Perks: What other job allows you to attend football games for free or take in nationally recognized speakers and performers who come to campus? Whether you take advantage of these or other perks, you likely won’t find fringe benefits quite like those on a college campus.

•   Unions can work in your favor: Professors in unions receive higher pay on average, and those who work in the same state and belong to a union get paid about $5,000 more, according to the National Education Association. Professors who work in states without unions make, on average, $17,000 less.

•   Opportunity for tenure: College professors can sometimes maintain their roles permanently, meaning that they cannot be dismissed except under clearly outlined circumstances. After about seven years, you may achieve a guaranteed income and academic freedom.

Now, the cons:

•   Lack of job security: In a highly competitive field like academia, it may be difficult to find a permanent position. Some professionals can only find contract positions or cannot secure tenure track positions, since many colleges have moved away from that model.

•   Higher private sector salaries: Professors may find that the private sector offers higher salaries. Some professors may even pursue multiple roles to maximize their earnings.

•   Unsavory parts of the job: No job is perfect, but faculty jobs often require long hours, sometimes include unmotivated students, politics, and other professional challenges. Some individuals may not find the high potential pay worth the trade-off.

The Takeaway

Now that you know how much money a college professor makes, you can determine whether the job is the right fit for you. Becoming a faculty member can offer an incredibly rewarding career with excellent pay. However, be sure to learn about the qualifications for the type of job you’d like to pursue in academia, because you may have to follow a very specific career path to qualify. Some professionals in the private sector make the jump to teaching after a solid career in the same field they teach.

While you’re unlikely to find professor jobs on the list of jobs for introverts due the very public-facing nature of the profession, many people find a niche — and a lucrative career — in academia.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Can you make $100k a year as a college professor?

Yes, you can make $100,000 per year as a college professor. However, you’re unlikely to make that much as a first-year, adjunct, or part-time professor. Some experience and time in the field are typically required to qualify for that salary.

Do people like being a college professor?

Many people find that becoming a professor is very rewarding and consider teaching a calling rather than a job. Consider shadowing a college professor before you make the leap yourself. Interviewing a professor can also help you determine whether it’s for you. There are many other job responsibilities involved in the career besides teaching, some of which might not fit your preferences or personality.

Is it hard to get hired as a college professor?

It can seem hard to get hired as a college professor, especially for highly specialized fields in a competitive job market. You may need to follow a specific job path to become a tenure track professor, including achieving certain degrees, completing research or a postdoctoral fellowship, tackling professional development, gaining teaching experience, and more. You may also have to pass a final tenure review later on if you choose that path.


About the author

Melissa Brock

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.



Photo credit: iStock/FG Trade

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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12 Best Small Cities to Live in the USA

More Americans are choosing to leave the hubbub of big cities in order to move to smaller towns, according to multiple studies. Reasons include a desire for a less stressful environment, more affordable housing and lower cost of living, and a shorter commute. Currently, as of early 2025, the Southeast is a hot area to move to, and people are flocking away from pricey urban hubs like New York City and the San Jose area.

Thousands of smaller U.S. cities offer all of the above and more. But which one to choose? Below you’ll find 12 prime candidates, drawn from public data and our own personal favorites.

Key Points

•   The best small cities to live in the U.S.A. offer a high quality of life, affordability, and job opportunities.

•   Cities like Boise, Idaho; Durham, North Carolina; and Provo, Utah rank highly for their livability.

•   Factors such as cost of living, safety, education, and access to amenities contribute to the rankings.

•   These cities often have a strong sense of community and offer a balance between urban conveniences and natural beauty.

•   When considering a small city to live in, it’s important to research and visit to determine if it aligns with your lifestyle and preferences.

What Is Considered a Small City?

According to the U.S. Census Bureau, “urban” areas have at least 5,000 people. A midsize city has a population of 100,000 to 250,000, and a large city counts more than 250,000 inhabitants.

Our list includes small cities with a population of 5,000 to 100,000 residents.

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Why People Choose to Live in a Small City

People find life in a small city appealing for a variety of reasons. If you’re coming from a bigger city, a less populated one often means reduced traffic, noise, crowds, and pollution. You may see lower housing costs, or find you get more space and amenities for your buck. The overall cost of living also tends to be more affordable, given lower prices for groceries, gas, utilities, and dining out. Lower sales and property taxes can also be a factor.

Smaller cities can be much easier to navigate. For families, the public school system may rank higher and be less competitive (no more stressing out trying to get your kid into pre-K). Smaller populations may also result in tight communities, where residents feel safe and welcome.

Living in a smaller city can be more manageable for older adults especially, providing a peaceful, happy place to retire.

Some retirees for whom taxes are a prime concern gravitate to small towns in states with lower taxes on retirement savings.

Recommended: Price-to-Rent Ratio in 52 Cities

Pros and Cons of Living in a Small City vs a Big City

If you’re not sure whether a small city is better for you, here are some pros and cons of each. Note that some factors — such as large populations of young singles or a slower pace — may be pros or cons, depending on your demographic.

Pros of a Small City

Cons of a Small City

Lower cost of living Fewer employment opportunities
Slower pace Limited entertainment and culture
Less crowded Too sparsely populated
More indoor and outdoor space Less access to medical care and major airports
Reduced crime Less diversity
Larger populations of families and retirees More college students, recent grads, and young singles
Quieter and cleaner, with less pollution Little to no public transportation

Traditionally, many people migrate to big cities to establish themselves professionally, since small cities tend to provide fewer employment opportunities. That may be changing due to the rise of remote work. Consider the following pros and cons of living in a big city.

Pros of a Big City

Cons of a Big City

Personal autos may be optional Public transportation can be unreliable or unpleasant
Access to arts, culture, entertainment, and sporting events Higher local taxes and cost of living
Larger job market More competitive employment standards
More diverse population Potentially overcrowded
More social opportunities for singles, younger people, and couples without children Higher crime rate
Access to medical care and major airports Streets can be dirty, with greater noise and pollution

5 Tips for Living in a Small City

Whether you’re moving from a rural area, the suburbs, or a large U.S. city, a small city can take some getting used to. Here are five suggestions on how to find your way as the new kid in town:

•   Get to know the locals. Dive in, and meet people, whether at the local cafe or a newcomer’s event. Chat up your neighbors. Locals know the best places to go, from basic services to restaurants and cultural venues. Plus, they can tell you how to get there, including shortcuts, streets to stroll, and areas to avoid. And of course, meeting people helps you feel a part of the community.

•   Allow time for adjustment. A small city may not have all the amenities you had in your previous hometown. But given time, you’ll likely find that for every perk you give up, you’ll discover at least one new advantage.

•   Seek out like-minded people. Maybe you’ll immediately find your crowd. But even in cities where the bulk of the populace doesn’t share your political or social perspectives, you can still find people who do. It might just take a little effort. Volunteering, taking a class, or hanging out in a particular neighborhood can foster new friendships.

•   Rejigger your budget. If you’re paying less than you used to for housing and essentials, don’t fritter away that extra cash. Download a good spending app and channel that disposable income toward emergency savings, retirement, or other financial goals.

•   Seek out hidden treasures. Smaller cities tend to have more mom-and-pops and independent businesses, which can be a nice change from national chains. And small cities are often rich in green spaces, hiking and biking trails, and local festivals and historical societies. Make time to wander and discover all that your new home has to offer.

Recommended: Average Salary in the U.S.

12 Best Small Cities to Live in the USA

To compile our list, we reviewed numerous roundups of the best small cities to live in the U.S., along with government statistics and personal anecdotes. Read on for our recommendations.

1. Apex, NC

•   Population: 72,213

•   Median household income: $151,386

•   Median home value: $608,000

•   Average monthly rent: $2,200

•   Mean travel time to work: 24 minutes

•   Cost of living: 4% higher than the national average

•   Crime statistics: 1 in 1,921 chance of being a victim of a violent crime

Apex, N.C., is consistently rated a “best place to live,” thanks to its small-town feel, natural beauty, and school system that families appreciate. The downtown area is a historic district, and the 1867 train station is a designated local landmark. It’s had significant growth recently with the hot job market in the Triangle area of North Carolina, but residents say it retains its charm and friendliness.

Because Apex is close to Raleigh, which has a population of almost half a million, residents can take a quick trip to visit the North Carolina Museum of Art and other attractions. But Apex itself has plenty of activities for locals. Some favorites include exploring the American Tobacco Trail and Jordan Lake Recreation area, visiting the Halle Cultural Arts Center, and checking out the local microbreweries, vineyards, and farmers’ markets.

The vibe is family-focused, with the average age of Apex residents being 38.3 years old, and 66% of the population is married. With almost 74% of residents holding a bachelor’s degree, it’s a professionally-oriented community. However, with a cost of living a bit above the national average, you may want to tweak your budget and use a spending tracker to make sure you stay financially savvy.

2. Greenville, South Carolina

•   Population: 72,822

•   Median household income: $73,536

•   Median home value: $317,341

•   Average monthly rent: $1,574

•   Mean travel time to work: 20 minutes

•   Cost of living: 7% lower than the national average

•   Crime rate: 1 in 162 chance of becoming a victim of a violent crime

If you’re looking for a picturesque setting worthy of a postcard, Greenville may be the place for you. Situated in the northwest part of the state about halfway between Charlotte, North Carolina, and Atlanta, Greenville is a stone’s throw from the Blue Ridge Mountains, lakes, rivers, and more than 50 waterfalls.

Greenville’s population is diverse, and the city is well-suited to families, retirees, and singles. Parents will find it appealing because of a highly rated public school system and myriad family friendly activities including Falls Park on the Reedy River, Greenville Zoo, and the Children’s Museum of the Upstate.

For older adults, Greenville is often recommended as an ideal place to settle. The pace of living is slower, the weather is mild, and South Carolina is one of the best states to retire in when it comes to taxes.

Like many smaller towns and cities, Greenville has a dedicated Main Street and lively downtown area catering to pedestrians. “Mice on Main” is a series of nine life-size bronze sculptures scattered up and down the main drag, providing a fun scavenger hunt for all ages.

Foodies can enjoy an array of international and regional specialties, including a bustling weekend farmer’s market and several food trucks. More than 20 local breweries also serve as music venues and community centers.

The city has a rich African-American heritage, with 13 cultural sites across the greater Greenville area. Residents and tourists can catch the city’s minor league baseball team, the Greenville Drive, the Swamp Rabbits hockey team, plus professional men’s and women’s soccer teams.

3. Ames, Iowa

•   Population: 65,676

•   Median household income: $58,693

•   Median home value: $260,676

•   Average monthly rent: $1,250

•   Mean travel time to work: 17 minutes

•   Cost of living: 5% lower than the national average

•   Crime rate: 1 in 525 chance of becoming a victim of a violent crime

Home to Iowa University, Ames is a bustling college town in the center state, north of Des Moines. This energetic city is frequently listed as one of the best places to live in the country and one of the best college towns in the U.S.

Schools here win national recognition, and the cost of living is reasonable. If you’re looking for racial and ethnic diversity, Ames comes up short, with 78% of the population white. The city also skews young, with many college kids. While the city might not suit all retirees, families will find many parks, with opportunities for biking, golf, and an indoor ice arena.

Ames has an old town historic district and a downtown full of shopping, dining, art galleries, and live music. The Iowa summers can be warm, humid, and often rainy, while the winter brings cold temperatures and often snow. But if you enjoy the heartland, Ames is a charming place to consider.

4. Fredericksburg, Texas

•   Population: 11,254

•   Median household income: $57,474

•   Median home value: $496,229

•   Average monthly rent: $1,600

•   Mean travel time to work: 17 minutes

•   Cost of living: 7% lower than to the national average

•   Crime rate: 1 in 1,282 chance of being a victim of a violent crime

Fredericksburg is located in the middle of the state, in Texas Hill Country. It’s often voted one of the best places to retire, with retirees making up more than a third of the population. Older adults are drawn to the warm weather, low property taxes, and affordable housing, and low crime.

Fredericksburg was founded by German immigrants back in 1846, and the city retains a strong German connection. About 79% of the population is White, and 19% of the population is Hispanic or Latino.

Tourism makes up a good part of the local economy, along with the medical and agricultural industries. A staggering 400 festivals take place each year, including a three-day Oktoberfest. Visitors will find a raucous live music scene, numerous breweries and distilleries, and more than 100 wineries in the area. In fact, Fredericksburg is the most popular wine-tasting destination in the state of Texas.

The Fredericksburg public school system is highly rated, and the many kid-friendly activities make it a great place to raise a family. Things to do include hiking trails and parks, and a Main Street featuring art galleries, restaurants, ice cream parlors, and toy stores. Younger adults and couples can take advantage of the many dance venues and bars.

5. Bloomington, Indiana

•   Population: 74,028

•   Median household income: $41,799

•   Median Home value: $310,327

•   Average monthly rent: $1,116

•   Mean travel time to work: 17 minutes

•   Cost of living: close to the national average

•   Crime rate: 1 in 215 chance of becoming a victim of a violent crime

Bloomington is the home of Indiana University and their legendary Hoosiers basketball and football teams. Often called B-Town, Bloomington is frequently cited as one of the best places to live in Indiana and in the U.S for its lively, bohemian vibe.

B-Town offers a walkable downtown area where you’ll find restaurants, bars, shops, museums, art galleries, and venues for live music and comedy. Bloomington also features many parks, forests, lakes, and other spots to commune with nature.

Much of life in Bloomington revolves around the university and its large student body, so retirees may not find it ideal. The city is often voted a great place to raise a family and gets high marks for its public schools. The cost of living is right at the national average, and the city is considered relatively safe.

Indiana winters can be very cold and snowy, and summers are warm, wet, and humid. It’s cloudy a good part of the year too. Bloomington is flush with youthful energy and rife with perks, making it a great Midwestern city to hang your hat.

Recommended: Check Your Home Value

6. Cedar City, Utah

•   Population: 37,202

•   Median household income: $63,789

•   Median Home value: $404,529

•   Average monthly rent: $1,200

•   Mean travel time to work: 14 minutes

•   Cost of living: 3% lower than the national average

•   Crime rate: 1 in 587 chance of becoming a victim of a violent crime

Cedar City is located in the southwestern part of Utah, situated 5,800 feet above sea level. To the east you’ll find 10,000 foot mountains, and to the west, a large desert. If you’re an outdoors enthusiast, look no further than Cedar City for fishing, rock climbing, skiing, kayaking, and star gazing. Often called the gateway to Utah’s parks, Cedar City offers easy access to the spectacular Zion and Bryce Canyon National Parks.

Besides the amazing natural landscapes of red hills and alpine mountains, Cedar City plays host to a number of arts festivals, earning it the nickname of Festival City USA. Some of these events include the popular annual Utah Shakespeare Festival, the Neil Simon Festival, the Groovefest American Music Festival, and the International Red Rock Film Festival.

Cedar City provides a dense suburban atmosphere that primarily attracts young professionals and families, due to its lower cost of living and above average public schools. The city is home to the small Southern Utah University, and the city’s economy benefits from the school, along with tourism, agriculture, some mining, and industrial complexes.

7. Ithaca, New York

•   Population: 31,792

•   Median household income: $48,617

•   Median Home value: $332,205

•   Average monthly rent: $1,950

•   Mean travel time to work: 18 minutes

•   Cost of living: 1% higher than national average

•   Crime rate: Chances of becoming a victim of a violent crime is 1 in 461

Ithaca is often identified with its two colleges, Ithaca College and Cornell University. The busy college city is situated on Cayuga Lake, the second largest of the Finger Lakes. The region is also known for its gorges and numerous picturesque waterfalls.

Cornell is Ithaca’s largest employer, attracting educators and students from all over. While diverse, more than half the population is in the 18-24 age group. Retirees may prefer the summer months in Ithaca, when the universities are on break and the weather is mild. Winters in Ithaca can be extremely cold and snowy.

There’s no shortage of things to do in Ithaca for children, teens, and adults. Kid-friendly attractions include many area state parks, the Sciencenter, Ithaca Children’s Garden, and the Museum of the Earth. Everyone can enjoy strolling on Ithaca Commons, a pedestrian walkway offering a vast array of restaurants, shops, and events. Autumn brings the Downtown Ithaca Apple Harvest Festival, followed by the Chili Cook-Off in winter.

Downtown Ithaca offers an immersive street-art experience, with murals, sculptures, and a distinctly hippie vibe similar to Woodstock. Entertainment covers the gamut, with theater, film, and music. The State Theatre of Ithaca is an historic 1,600-seat venue featuring year-round concerts, comedy shows, readings, dance performances, and more.

Ithaca is considered safe, offering a lower cost of living, highly rated public schools, an inclusive sensibility, and lots of outdoor recreational options against beautiful scenery.

8. Easton, Maryland

•   Population: 17,202

•   Median household income: $73,460

•   Median home value: $436,267

•   Average monthly rent: $1,500

•   Mean travel time to work: 23 minutes

•   Cost of living: 3% lower than the national average

•   Crime rate: 1 in 253 chance of becoming a victim of a violent crime

A charming town located on the Eastern Shore of the Chesapeake Bay, Easton offers a blend of historic charm and up-to-the-minute amenities. It’s popular with families and retirees. Known for its well-preserved 18th- and 19th-century architecture, Easton boasts a picturesque downtown area with tree-lined streets and a vibrant arts scene. The town is home to a diverse community of residents, including artists, professionals, and families who appreciate the small-town feel and strong sense of community. Tuckahoe Street is a focal point, featuring boutique shops, galleries, and restaurants that cater to both locals and visitors.

The job market in Easton is diverse and growing, with opportunities in healthcare, education, and tourism. The presence of institutions like the University of Maryland Eastern Shore and Chesapeake College typically provides a steady stream of educational and employment opportunities. Additionally, the town’s proximity to the Chesapeake Bay and its natural beauty make it a hub for outdoor and recreational activities, attracting businesses and professionals in the tourism and hospitality sectors.

Residents of Easton enjoy a high quality of life, with an array of cultural attractions and activities. For example: The Tidewater Inn, a historic landmark, hosts events and gatherings, while the Academy Art Museum showcases local and national artists. The annual Waterfowl Festival and the Easton Farmers’ Market are beloved community events that celebrate the town’s heritage and natural beauty. Outdoor enthusiasts can explore the Miles River and the Tred Avon River by boat or kayak, or enjoy the many parks and trails, such as the Easton Waterfowl Park and the Tuckahoe State Park.

9. Santa Fe, NM

•   Population: 89,157

•   Median household income: $70,940

•   Median home value: $573,092

•   Average monthly rent: $1,804

•   Mean travel time to work: 20 minutes

•   Cost of living: 14% higher than national average

•   Crime rate: 1 in 116 chance of being a victim of a violent crime

The capital city of New Mexico, Santa Fe is a popular place to visit, attracting about 2 million tourists a year. It’s also frequently touted as one of the best cities to live, especially for those approaching retirement. In fact, about a third of the city’s population is 60 and older. You’ll note that the cost of living is somewhat higher than the national average.

Sante Fe promotes a laid-back lifestyle amid a stunning Southwestern setting. Because of its slower pace, the city skews suburban and doesn’t feature a lot of nightlife. It does provide a diverse, culturally rich scene with a strong artistic and intellectual community. Visitors include authors, scholars, and global thought leaders giving lectures on a variety of topics. Entertainment offerings include productions by the Santa Fe Opera, the Sante Fe Symphony, the local Santa Fe Playhouse theater company, and live music at multiple venues.

People looking to move to Sante Fe to bring up children can count on an above average public school system. Some people find Santa Fe a relatively expensive place to live, especially when it comes to housing. But the city has a relatively low crime rate and dry climate. Summers are warm to hot, with temps typically staying under 90 degrees, while winters are cold and snowy.

One thing to keep in mind, Santa Fe sits at 7,000 feet above sea level, so it can take a couple of days to adjust. For a small city, Sante Fe is rich with culture, history, the arts, and great Southwestern cuisine. If you crave peace and quiet set against mountain scenery, Sante Fe might be the perfect place for you.

10. Bellingham, Washington

•   Population: 94,712

•   Median household income: $54,867

•   Median home value: $667,629

•   Average monthly rent: $1,925

•   Mean travel time to work: 18 minutes

•   Cost of living: 23% higher than national average

•   Crime: 1 in 302 chance of being a victim of a violent crime

Looking for a home in the Pacific Northwest that’s not Seattle or Portland? Consider Bellingham. While its cost of living is above average, it has many positives. This coastal city in northwestern Washington serves up an expansive view of the Puget Sound. The area is known for its clean air, eco-friendly attitudes, and chill ambiance. Bellingham is positioned halfway between Vancouver, Canada, and Seattle, with easy access to the San Juan Islands and the Mount Baker and North Cascade mountain ranges.

Outdoor enthusiasts enjoy hiking, biking trails, fishing, boating, kayaking, and whale watching. Numerous beaches offer visitors a variety of landscapes, from hidden white sands to rocky shorelines and wetlands.

Families with children can rest assured the Bellingham public school system is highly rated. There are lots of kid-centric things to do, including Boulevard Park, where kids can frolic in a pirate-themed playground, and the Family Interactive Gallery at the Whatcom Museum.

Bellingham’s active Downtown area offers shopping, dining, art, and entertainment. You’ll find public art exhibitions, a classic bowling alley, theaters, performing arts venues, museums, and the Pickford Film Center, where you can catch independent and classic movies.

Bellingham has a strong and growing retiree population, along with college students from Western Washington University, and many young professionals. At nearly 80% white, Bellingham isn’t particularly diverse.

The area enjoys comfortable summers with temperatures rarely exceeding 82 degrees. However, winters bring overcast skies, cold, and rain. It’s a relatively safe city though it can be more expensive than others of its size. But if you want a small, seaside city with plenty of amenities, Bellingham lives up to its hype.

11. Portland, Maine

•   Population: 69,104

•   Median household income: $83,399

•   Median Home value: $559,709

•   Average monthly rent: $2,141

•   Mean travel time to work: 20 minutes

•   Cost of living: 11% higher than the national average

•   Crime: 1 in 443 chance of becoming a victim of a violent crime

It’s understandable why Portland is frequently recommended as one of the best small cities in the U.S. Located on the Casco Bay shoreline, this small New England city is known for its connection to the sea, with its many lighthouses, rocky beaches, and sublime seafood.

People of all ages enjoy visiting and living in Maine’s largest city. Portland is home to the University of Southern Maine, and many former students make the city their home. Portland is considered one of the healthiest places for older adults, due to access to the outdoors and many recreational activities. Portland’s public school system is highly rated. The area is also more racially diverse than many other small cities, and crime is low.

There’s an abundance of room to stretch out in Portland, with more than 7,000 acres of public parks and open space. Fishing, sailing, and kayaking are popular ways to enjoy the area’s natural resources.

The quaint historic district of Old Port and the downtown area offer shopping, art galleries, restaurants, entertainment, and excellent people-watching. You can find plenty of cultural sites downtown too, including theater, movies, and live music. Many Portland locales cater to children, such as the beachfront amusement park Palace Playland and the Children’s Museum and Theater of Maine.

You’ll enjoy comfortable summers in Portland, but expect very cold, windy, and snowy winters. Portland can be the ideal spot if you love the Northeast, spending time outdoors, and living in a coastal town.

12. Burlington, Vermont

•   Population: 44,649

•   Median household income: $68,854

•   Median Home value: $507,170

•   Average monthly rent: $2,100

•   Mean travel time to work: 19 minutes

•   Cost of living: 15% higher than the national average

•   Crime: 1 in 241 chance of becoming a victim of a violent crime

Burlington is known for its warm and welcoming inhabitants, growing racial diversity (one in four people moving here is a person of color), and excellence in public school education. It’s also home to two institutes of higher education, the University of Vermont and Champlain College.

Ski resorts are a major draw, especially Stowe Mountain Resort and Cochran’s Ski Area. Burlington gets six feet of snow each year, making it a true winter wonderland. The summers are warm, and the change of seasons is visually dramatic.

Burlington has a flourishing arts and culture scene, with the city playing host to the annual Vermont International Film Festival, theatrical and musical productions at the Flynn Theater, and comedy shows at the Vermont Comedy Club.

Kids here are encouraged to stay active, with many opportunities for biking, hiking, sailing, and winter sports. Younger kids flock to Vermont Teddy Bear Factory, where they can shop for a handcrafted plush friend.

The cost of living in Burlington can be challenging, and affordable housing hard to come by. But Vermont is one of the safest states to live in the U.S., making it a good option for well-off retirees who aren’t afraid of the snow.

The Takeaway

With thousands of small cities in the USA to choose from, naming even the top 100 would be quite a challenge. Our list of the 12 best small cities in the U.S. is based on safety, quality of education, arts and culture offerings, overall cost of living, and climate, among other factors. Whether you’re looking for a great place to raise kids or retire, we hope that one of our suggested small cities will pique your interest and prove to be a budget-friendly home base.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is the best small city to live in the United States?

No two small cities are alike, and the best small city for you depends on what you’re looking for. Generally, you want to find a safe, affordable city offering a vibrant cultural scene and opportunities for indoor and outdoor activities. We like Apex, NC; Cedar City, UT; and Greenville, SC, among others. But the best small city boils down to personal choice.

Where are some of the best small towns to live in?

Which small town is best to live in is a matter of personal taste. That said, some of the small towns — with populations under 5,000 — many people give a thumbs-up to include Sedona, AZ; Carmel-by-the-Sea, CA; Mystic, CT; Gatlinburg, TN; and Telluride, CO.

What is the friendliest little town?

According to Conde Nast Traveler’s most recent survey, Murray, Kentucky, and Charleston, South Carolina, are the friendliest small towns in the U.S.


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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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Important Factors That Affect Property Value

7 Important Factors That Affect Property Value

A number of factors affect house prices, including the age, condition, location and size of your home. Also, broader factors like the economy and current interest rates can play a role.

If you’re considering putting your house on the market, it’s important to know what determines property value so you can ensure you get the most out of what’s likely your largest asset.

Read on to learn more about the main factors that make property value increase and how you can figure out how much your home is worth.

Key Points

•  Location, size, and condition significantly influence property value, forming the core of assessment.

•  Real estate comparables and economic factors offer essential market context for valuation.

•  Age of a property and maintenance impact the value through and influence a prospective buyer’s renovation expectations.

•  Professional appraisers can provide accurate valuations, essential for understanding true property worth. Websites and apps can be useful, too.

•  House price index calculators help project future values, aiding in investment decisions.

Factors that Affect Home and Real Estate Value

Factor #1: Location

There’s a reason everyone will tell you that real estate is about location, location, location — it’s true. When it comes to factors that affect property value, location is one of the biggest determinants.

Keep in mind that while your home’s location works for you, others will have their own criteria. For example, how good are the schools in the area? Is shopping and entertainment accessible? What are property taxes like in the neighborhood? Is it a long commute to downtown or wherever many jobs may be?

Factor #2: Size

Size often isn’t the be-all-and-end-all, but it’s nearly so when it comes to what determines property value. Square footage plays a big role when it comes to house prices. For example, if the median price per square foot in the U.S. is $231 (the March 2025 figure from the Federal Reserve Bank of St. Louis), you’ll be getting more for a house that’s 4,000 square feet than one that’s 2,000 square feet.

It also matters how much of the space in your house is actually usable. Spaces like unfinished garages and basements as well as attics typically won’t boost your home’s value even if they do tack a lot onto the total square footage. What will matter in terms of square footage are areas like bedrooms and bathrooms.

Recommended: Should I Sell My House Now or Wait?

Factor #3: Real Estate Comparables

You’re supposed to love thy neighbor, but you might give them the side-eye if their home is not well-maintained and becomes a drag on the desirability of your street as well as on home prices. When it comes to home values, your neighbors are critical. If their homes are being highly sought by buyers, you’ll likely benefit from the popularity of the area.

The word to know here is comps, or comparable homes in your area that have sold in the last 12 months. These are part of what realtors and home appraisers rely on when estimating how much your home is worth.

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Factor #4: Age

While it may be frowned upon to ask someone their age, it’s an essential detail when it comes to home buying. If you’re dealing with a home that has a few decades in the rear-view mirror, you’ll have to do some math. How soon might the roof and other major systems need to be replaced or upgraded? That can affect the price someone is willing to pay, as they might want to pay less if they’re anticipating needing to shell out money for those repairs.

A house that is less than 10 years old — and even better if it’s less than five — can command more money because the buyer has a certain amount of confidence that repair bills shouldn’t be on the immediate horizon. They expect they’ll have time to save money for when that day eventually arrives.

Factor #5: Condition

If your home isn’t in tiptop shape, don’t expect to bring in the big bucks. In fact, if you have the luxury of time, it might behoove you to make any necessary repairs and do any upgrades and updates before you put your house on the market so you can maximize the chances it will get set at a higher price. Consider the cost of home improvements an investment.

At the same time, you don’t want to get too carried away here, as it is possible that you won’t be able to recoup all that you spent. Do just enough so that you might be able to squeak out some profit when you sell. While it varies by region of the country and other factors,projects that can pay off include a garage and/or front door replacement, adding manufactured stone veneer and a minor kitchen remodel. Some of the less profitable projects included an upscale bathroom addition and an upscale master suite addition.

Recommended: Does Net Worth Include Home Equity?

Factor #6: The Economy

You could have crossed all your t’s and dotted all your i’s — your home is attractive inside and out and you’re in a great location. Trouble is, if the economy is less than stellar, you could be stuck until it swings back into positive territory. If people are uncertain and feeling insecure due to the economy, they may decide to delay major life changes, such as buying a home. Or, if they do move forward, they may be looking for bargains, which is a downer for you.

Your local economy and market also figure into the equation. It’s about supply and demand. If there is a shortage of available housing in your area and tons of potential buyers on the hunt, you could capitalize big time on a hot market — think bidding wars and selling your home faster than you could have imagined.

Factor #7: Interest Rates

When interest rates are low, it’s an incentive to buy. This is because doing so can be dramatically less expensive. On the flipside, when interest rates tick upward, fewer people may be able to home shop because it’s more costly. If demand slows, the price you can command may dip as well.

Recommended: Which Credit Bureau Is Used Most?

How to Check What Your Home Is Worth

Get an appraiser: One way to check how much your home is worth is to get an appraiser, someone who is licensed or certified by the state, to conduct a home appraisal. The appraiser will review your home from top to bottom and compare it to other homes in the area and beyond to determine its fair market value.

Make a list of comparables: You could also go dig up property comparables on your own. For example, you can call real estate agents with homes in escrow to learn the sales prices. There are also several websites that could give you valuable insight on your home’s value, including Zillow, Trulia, Redfin, Realtor.com and Eppraisal, among others. You might also use other property tracking apps as well; see if your financial institution offers one.

Use an HPI calculator: Another option is to use a house price index (HPI) calculator , which uses data from mortgage transactions over time to estimate a home’s value. The calculator makes projections based on the purchase price of the home and the changing value of other homes nearby. This tool is ideal for seeing how much a house has appreciated over time and any estimated future changes in mortgage rates.

Recommended: Net Worth by Age Calculator With Examples

The Takeaway

Knowing what factors impact your home’s value is like knowing how much money you have in the bank. Determine where you may have weaknesses so you can make the necessary adjustments to get the maximum value for your home when you go to sell.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What factors affect the value of a property?

Comparable home values, the age, size, and condition of a property, neighborhood appeal, and the health of the overall housing market can affect home prices.

What decreases property value the most?

Among the key factors lowering property value can be delayed maintenance, sloppily executed home improvements, out-of-date bathrooms, and kitchens, roof damage, and mold.

Can I sue my neighbor for lowering my property value?

Technically speaking, you can, but it may be an uphill battle to prove that your messy or otherwise less-than-desirable neighbor’s property had a negative impact on your financial standing. If you file a lawsuit, you may need to hire a real estate professional to prove that your value dropped due to the neighbor as well as an attorney.


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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This article is not intended to be legal advice. Please consult an attorney for advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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What Hurts a Home Appraisal?

What Hurts a Home Appraisal?

The main factors that can hurt a home appraisal include undone but needed updates and repairs, the price of comparable properties, market conditions, your home’s location, and whether you hired an inspector to flag issues or necessary repairs. By getting ahead of the factors within your control before an appraisal, you may get a more favorable answer to the all-important question of what your house is really worth.

The more you know and understand about the home appraisal process, the better. Here’s a crash course of sorts on the process and what negatively affects home appraisal.

Key Points

•  Outdated features and deferred maintenance, such as an old kitchen, can lower a home’s appraisal value.

•  Comparable property values in the area influence the home’s appraisal, potentially reducing it if neighbors sell low.

•  An undesirable location, like being near a noisy street, can negatively impact the home’s appraisal value.

•  Providing records of upgrades and repairs can help appraisers recognize the added value of home improvements.

•  Maintaining the home’s appearance and making required updates can potentially improve the appraisal value.

A Primer on Home Appraisals

A home appraisal reveals the fair market value of a home, which is important whether you’re buying, selling or refinancing a mortgage. An appraisal can also be used to determine property taxes. Lenders require appraisals because they ensure that the lender won’t offer you a loan that’s more than what the home is appraised value is worth.

So, what do appraisers look for when they do a home appraisal? A real estate appraiser, who is a third party licensed or certified by the state, will review a home inside and out, looking at a home’s age, size, foundation, appliances and neighborhood, among other things. They will then compare the house to similar homes in the area to assess its value.

An appraisal is usually required by a lender when a buyer is getting a mortgage or when someone is refinancing their mortgage. If an appraisal is for a home sale, neither the buyer nor the homeowner can be present.

When someone is refinancing a mortgage, on the other hand, the homeowner is permitted to attend. That no doubt is a plus as it’s an opportunity for the homeowner to ensure the appraiser takes note of any upgrades and new features that could increase their home’s worth.

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Things That Can Hurt Your Home Appraisal

Much hinges on the home’s appraisal itself, so you’ll want it to go as smoothly as possible. Start by knowing what hurts a home appraisal so you can avoid any hiccups that could prevent you from getting the highest value for your home.

1. Much-Needed Updates That Never Happened

If you’ve been putting off any needed upgrades, this is when it could come back to bite you. Say you’ve been meaning to renovate your kitchen and somehow just didn’t get around to it. A kitchen that looks pretty much like it did 30 years ago isn’t going to wow anybody, least of all an appraiser who will wonder what else is in decline.

While it can be helpful to take care of some common home upgrades that can net you a return on your investment, you don’t necessarily want to go crazy updating either. Not only could it be tougher to recoup all the money you put into home improvements, you may find that while you love the changes you’ve made, your taste may not have universal appeal. It’s a delicate balance to make upgrades that will get two thumbs up from the appraiser and the potential buyers.

2. Comparable Properties

When it comes to housing, you do kind of have to keep up with the Joneses. With appraisals, it’s all about sales of comparable homes over the last 12 months. What are homes similar to yours on your street or a few blocks over selling for? If they are getting top dollar that will push up the price of your home. On the flip side, if those homes are hanging around on the market for months and selling at prices below expected, that could put a drag on what you can get for yours.

Comparable sales help determine the market, which is why both your real estate and your appraiser will look at them. Ideally, the appraiser, as much as possible, is comparing apples to apples so you get a fair appraisal. The other properties should be similar in size, age and amenities, among other factors. It’s a losing proposition for you if the appraiser goes for the extreme, say a house that sold at a bargain because someone was in a hurry to bail for whatever reason.

Recommended: Should I Sell My House Now or Wait?

3. Skipping a Home Inspection

When it comes to your house, ignorance is not bliss. While you may know when you need to make a repair to a leaky roof, for instance, there can be plenty wrong that’s not obvious to you. That’s why it’s a good idea to have a home inspection before you put your house on the market.

A home inspector can suss out all manner of malfunctions that could be plaguing your house, particularly things you may be clueless about. If you get bad news, think of it as good news since you’ll now have the opportunity to make necessary home repairs before you put your house on the market and an appraiser comes with a magnifying glass of sorts looking for signs of trouble.

4. An Undesirable Location

Few things matter more in the real estate market than location. If you’re in a neighborhood that’s seen as flawed or your house is on a busy or noisy street, that could all come into play when it comes to the value of your property.

Location also counts within your home. If your layout is dated — say it’s old-fashioned and highly compartmentalized instead of today’s more in-demand open layout concepts — that could be less attractive to buyers. Or, they might only be interested in knocking down walls and reconfiguring the space, which likely means they’ll want to pay less for the house if they are going to have put money into it to bring it in line with what they’re looking for.

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4 Ways to Prevent Low Home Appraisals

Just like there are some things you can get out ahead of before they hurt your home appraisal, there are also some moves you can make to prevent your home appraisal coming in lower than you’d like.

1.   Hire your own appraiser: Typically, the lender hires the appraiser. However, there’s no reason you can’t hire your own appraiser before the sale. Your realtor should have a handle on someone who is experienced and has a reputation for giving fair estimates. You then can ask the buyer or lender’s appraiser to review what your appraiser produced.

2.   Provide records: If you have records of repairs and upgrades that’s the kind of proof that works in your favor. It also doesn’t hurt to have documentation like photos — before and afters aren’t just for an Instagram post of your new haircut.

3.   Prepare for the appraiser’s visit: Don’t dismiss the importance of maintaining curb appeal. Your home should be clean inside and outside before the appraiser comes over. Strive to get as close to an interior design catalog as you can.

4.   Dig up property comparables on your own: You don’t have to leave it to the appraiser and real estate agents to do all the homework. Go the extra mile and consider calling real estate agents with homes in escrow to get the sales prices. Create a list that you can pass along to the appraiser.

Checking Your Home Value Without an Appraisal

You can get a sense of what your home is worth even if you don’t get an appraisal. There are several websites that can give you valuable insight into your home’s potential value, including Zillow, Trulia, Redfin, Realtor.com and Eppraisal, among others.

Another option is to use a house price index (HPI) calculator, which relies on data from mortgage transactions over time to estimate a home’s value. Projections are based on both the purchase price of the home and the changing value of other homes nearby. This tool can help you see how much a house has appreciated over time. You’ll also get a glimpse of estimated future changes in mortgage rates.

You might also try a property tracking app (your financial institution may offer one) to keep tabs on pricing.

Recommended: Does Net Worth Include Home Equity?

The Takeaway

Because the appraisal value of your home is likely your biggest asset, it’s worth putting the time and effort into the appraisal process. The payoff could be huge if you tend to the major factors that hurt an appraisal or get proactive about preventing a low appraisal. Managing your real estate investment is a key component of monitoring and even growing your wealth over time.

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FAQ

What should you not tell an appraiser?

When talking with an appraiser, it can be wise to avoid expressing personal opinions about the property’s value, pushing them to reach a specific valuation, or suggesting that they are wrong. Rather, focus on providing factual information.

What hurts a home appraisal most?

There’s no one factor that is most damaging to a home appraisal. It could be the location (say, next to the town recycling center or in a less well-regarded school district), or it might be deferred maintenance, a dated kitchen, or an issue like mold or termites. The issue can be as unique as the house. While you can’t change your property’s location, you can keep on top of maintenance and design problems.

What will fail a home inspection?

Typically, problems that cause a bad inspection are structural issues: a foundation in poor repair, roof damage, improper plumbing or electrical work, or the presence of mold, asbestos, radon, or termites.


Photo credit: iStock/ucpage

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