Inside: Learn how much your 55k salary is hourly. Plus find tips to make more money and live the lifestyle you want.
You want to know to look into this… Is 55k salary a solid hourly wage in today’s society?
When you get your first job and you are making just above minimum wage making over $55,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
But, the question remains… Can you truly live off 55,000 per year in today’s society since it is barely above the average income and yet still below household incomes? The question you want to ask all of your friends is $55000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $55000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $55k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$55000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 55k a year hourly. That way you can decide whether or not the job is worthwhile for you.
55000 salary / 2080 hours = $26.44 per hour
$55000 a year is $26.44 per hour
Let’s breakdown how that 55000 salary to hourly number is calculated.
For our calculations to figure out how much is 55K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $55000 by 2,080 working hours and the result is $26.44 per hour.
Right above $26 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $7,500, it would increase your hourly wage to over $30 an hour – a difference of $3.61 per hour.
To break it down – 62500 a year is how much an hour = $30.05
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $55K salary Per Month?
On average, the monthly amount would be $4,583.
Annual Salary of $55,000 ÷ 12 months = $4,583.33 per month
This is how much you make a month if you get paid 55000 a year.
$55k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $55k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$55000/52 weeks = $1,057.69 per week.
$55000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1057.69 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$55000 / 260 working days = $211.54 per day
If you work a 10 hour day on 208 days throughout the year, you make $264 per day.
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$55000 Salary is…
$55000 Salary – Full Time
Total Income
Yearly Salary (52 weeks)
$55,000
Monthly Salary
$4,583
Weekly Wage (40 Hours)
$1,058
Bi-Weekly Wage (80 Hours)
$2,115
Daily Wage (8 Hours)
$211
Daily Wage (10 Hours)
$264
Hourly Wage
$26.44
Net Estimated Monthly Income
$3,499
Net Estimated Hourly Income
$20.19
**These are assumptions based on simple scenarios.
Do you know how many work days in a year you work? This answer may surprise you.
55k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 55000 a year after taxes?
Gross Annual Salary: $55,000
Federal Taxes of 12%: $6,600
State Taxes of 4%: $2,200
Social Security and Medicare of 7.65%: $4,207.50
$55k Per Year After Taxes is $41,992.50.
This would be your net annual salary after taxes.
Hourly Wage After Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$41,992.50 ÷ 2,080 hours = $20.19 per hour
After estimated taxes and FICA, you are netting $41,992.50 per year, which is $13,007.50 per year less than what you expected.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based on Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $55000 income can range from $37,592 to $44,192 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $55,000 income.
My 55000 Salary To Hourly Calculator
More than likely, your salary is not a flat 55k, here is a tool to convert your salary to hourly calculator.
Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer.
If you are looking to change industries, you need to check out the freight broker salary.
55k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $55,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $55,000 a year is slightly above the average income that you would find in the United States. Thus, you still have to be wise with how you spend your money.
What a $55,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL and even a MCOL city.
Looking for ways to invest 100 to make 1000 a day.
Focus on becoming financially sound.
You should be able to meet your expenses each and every month.
Ability to make sure that saving money is a priority, and very possibly save $5000 in one year.
When A $55,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 55k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$55K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money is left for fun spending.
If you want to know how to manage a 55k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $55000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$275
Savings
15-25%
$825
Housing
20-30%
$1,100
Utilities
4-7%
$183
Groceries
5-12%
$346
Clothing
1-4%
$34
Transportation
4-10%
$229
Medical
5-12%
$252
Life Insurance
1%
$14
Education
1-4%
$34
Personal
2-7%
$69
Recreation / Entertainment
3-8%
$138
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1,084
Total Gross Monthly Income
$4,583
**In this budget, prioritization was given to basic expenses and no debt.
Is $55,000 a year a Good Salary?
As we stated earlier if you are able to make $55,000 a year, that is a decent salary. You are making more money than the minimum wage and almost double in many cities.
While 55000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $55k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 55k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities, 55,000 a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 55,000 per year.
If you are looking for a career change, you want to find jobs paying at least $75000 a year.
Is 55k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $55000 per year.
And… most of us probably regret that we didn’t learn how to spend money wisely. Oh well, lesson learned.
Is 55k a good salary for a family?
Many of the same principles apply above on whether $55000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child. Plus this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $55,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 55,000 per year, then the combined income for the household would be $110,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $55000 Per Year?
As we outlined earlier in the post, $55,000 a year:
$26.44 Per Hour
$211-264 Per Day (depending on length of day worked)
$1,057 Per Week
$2,115 Per Biweekly
$4,583 Per Month
Next up is making $60000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 45,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 15 years and still making under $55K, then you probably need to look at asking for pay increases, picking up a second job, or finding a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
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Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.
This course is designed for freight brokers in any setting, regardless of their employment status.
If you want to start your brokerage, we’ll show you exactly how to do it. If you are an agent or employee of a brokerage, we’ll take you through sales and operations modules designed to help you source more leads and move more freight.
The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.
Monica helps thousands find momentum and create revenue streams in their businesses.
After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.
Leaving behind the stress of teaching, now he sets his own schedule and makes more money than he ever imagined. He grew his account from $500 to $38000 in 8 months.
Check out this interview.
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With flight disruptions, natural disasters, and other issues, travel insurance has become a popular option for travelers. While you can purchase travel insurance through third-party providers (and get specific insurance when booking flights, hotels, and rental cars), you may already have credit card travel insurance at your disposal.
So, should you choose a credit card specifically because it offers travel insurance? Below, we’ll take a closer look at what credit card travel insurance is, how it works, what it covers, and why you might want a credit card with travel insurance ahead of your next adventure.
What Is Travel Insurance?
Travel insurance protects consumers against financial losses when traveling domestically or internationally. It can cover everything from lost luggage to new hotel arrangements because of canceled flights to medical emergencies while on vacation.
Travel insurance can also protect you before your trip. If something changes, like a family emergency, that will keep you from traveling as planned, travel insurance might get you a refund for your expenses.
You can find travel insurance through insurance companies, travel agents, and insurance comparison sites. Your car insurance policy may insure you even in a rental car, and certain hotel booking sites may allow you to make refundable accommodations for a fee. But did you know that your credit card may also already cover portions of your trip?
How Does Credit Card Travel Insurance Work?
Credit card travel insurance is a set of coverages offered by select credit cards to protect you when traveling on qualified trips. How credit card travel insurance works varies by card, however. It’s important to read the fine print of your credit card to understand what may and may not be covered.
The main thing to remember is that you typically need to use the credit card when booking your major travel expenses (airfare, lodging, and transportation) for those costs to be covered should something happen.
Recommended: Tips for Using a Credit Card Responsibly
Types of Travel Covered by Travel Insurance
Each travel credit card will have its own inclusions and exclusions for travel insurance. But generally, credit cards with travel insurance may offer trip protection and coverage for unexpected medical expenses.
Trip Protection
Trip protection covers a wide range of potential insurances your credit card might offer when traveling:
• Trip cancellation and interruption insurance: If you prepaid for a trip and have to cancel it, or are on a trip and need to end it early, your credit card may cover this. Read your credit card’s policy closely to understand how your credit card works and what qualifies as a covered trip cancellation or trip interruption. Unexpected injuries or illness, inclement weather, terrorist action, a change in military orders, and jury duty are examples of reasons a trip may be canceled or end early — and be covered by credit card travel insurance.
• Trip delay insurance: If your flight, bus, cruise, or other transportation (called a common carrier) is delayed or canceled and you miss activities or lodgings that you’ve already paid for, your credit card may cover this. In addition, such policies might cover your expenses as you scramble to find new lodging, meals, and transportation.
• Rental car insurance: Check with your car insurance provider before booking a rental to understand if your coverage extends to rentals. If it does not (or if you do not want to make a claim with your car insurance provider), your credit card might also serve as an insurance option in the event of an accident. Read the fine print carefully; many credit cards require that you decline the insurance from the rental company for the credit card travel insurance to apply. Some credit cards only offer secondary car insurance, meaning they require you to file a claim through your personal car insurance first.
• Delayed or lost baggage insurance: If an airline loses or damages your baggage, you can make a claim for the (depreciated) contents of the bag. Some credit cards may even cover delayed baggage since it can put a dent in your plans. Just check your policy: You may have to put in a claim with the airline before your travel credit card will step in.
Medical Coverage
Travel insurance through credit cards may cover medical expenses as well, including:
• Medical insurance: If your health insurance doesn’t cover medical costs incurred abroad, travel medical insurance might cover qualified expenses. In most cases, Medicare does not cover health costs incurred outside of the U.S., so travel insurance can be helpful for seniors relying on a government health plan.
• Accident insurance: While we don’t want to assume the worst can happen, this insurance sometimes offered through credit cards offers a payout if you are killed or seriously injured (such as dismemberment or loss of sight, hearing, or speech). This applies while traveling on a common carrier or on a covered trip paid for with the card. In this way, accident insurance can operate like life insurance while traveling.
• Emergency evacuation: If you fall ill or are injured while traveling and need to be evacuated, including through emergency airlift, this coverage will pay for associated expenses. This also may cover emergency evacuations due to extreme weather or political unrest.
Recommended: Preparing Financially for Travel
Benefits of Credit Card Travel Insurance
Credit cards offering travel insurance have multiple benefits. Not all credit cards offer travel insurance, however, so it’s a good idea for consumers to weigh these benefits against benefits of other credit cards to determine which card is right for them.
Among the benefits of credit card insurance are:
• Financial security: Travel can be a big expense. When unplanned events cut trips short or leave you stranded, travel insurance can protect the money you have spent.
• Emergency coverage: Whether you encounter dangerous weather, a terrorist incident, or a medical emergency during travel, having travel insurance can make it easier to deal with crises while on vacation.
• A sense of comfort: Ultimately, insurance policies can ease consumers’ worries when traveling. Knowing that there is a Plan B when your best-laid travel plans go awry can be comforting, especially when facing an emergency in an unfamiliar place.
Recommended: Tips for Finding Travel Deals
Picking a Credit Card for Travel Insurance
When looking for a new credit card, you can search specifically for cards that offer travel insurance among different credit card rewards. Note that many of these can have annual fees, so they might only be a good choice if you’re a frequent traveler.
Before applying for a credit card, check your credit score to ensure you can qualify.
If travel insurance is not your top priority for choosing a credit card, you can consider other incentives, like credit card bonuses for new customers or cash back rewards.
Recommended: What Is a Charge Card?
Filing a Travel Insurance Claim
If you experience an unexpected event, like a delayed flight, during your trip, calling your credit card company to ensure your emergency expenses will be covered can be a smart idea. This might keep you incurring credit card payments for meals or lodging that won’t actually be covered.
Look at the back of your credit card to find the phone number for a benefits administrator. They can help you as you begin your claim process.
As explained previously, certain credit cards may require you to file a claim with another entity before they get involved. For example, a credit card offering secondary auto insurance requires that you file with your personal car insurance company first. Likewise, if an airline loses your luggage, a credit card’s travel insurance policy may stipulate that you file first with the airline.
When you know you will be filing a claim, saving your receipts (and taking photos of them as you go) can be a smart way to stay organized. Filing as soon as you’re home (or even while still traveling) may expedite the process. In fact, some credit card insurance policies might have deadlines for filing claims.
The Takeaway
Some credit cards include travel insurance among their perks. Insurance coverage can vary, but it might cover delayed flights, trip cancellations, emergency medical expenses, and lost luggage. Travel cards with such coverage often have annual fees, so it’s a good idea for consumers to weigh multiple options when selecting a credit card and insurance policies.
Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you.
SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.
Wherever you’re going, get there with SoFi Travel.
FAQ
How do I know if my trip is covered?
Not every credit card offers travel insurance. Always read the fine print of your credit card before making travel insurance decisions ahead of and during your trip. If the legal jargon is confusing, you can typically contact a benefits administrator for clarification. Look at the back of your credit card to find the number.
What does travel insurance cover?
Every credit card travel insurance policy is different. Common coverages include trip cancellation or interruption, accident and medical, lost luggage, and even rental car insurance. Research your card’s policy ahead of your next vacation.
Will the expenses not charged to my card be covered?
Some credit cards with travel insurance require that you use those cards on travel expenses for the insurance to apply. Others may automatically apply certain types of coverage, like medical coverage, regardless of what card you used to book your trip. Reach out to your card’s benefits administrator before travel if you need help interpreting the travel insurance policy.
Photo credit: iStock/Atstock Productions
**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
Eligibility:
You must be a SoFi registered user. You must agree to SoFi’s privacy consent agreement. You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia’s website or app, or any other site operated or powered by Expedia is not eligible. You must pay using your SoFi Credit Card.
SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.
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.
Today’s only event that has any precedent of inspiring rate volatility was the release of the minutes from the Fed meeting that took place 3 weeks ago. The fact that 10yr Treasury yields held roughly inside a 1bp trading range after the release tells us everything we need to know. It was every bit as uneventful as we expected. Even so, was there anything to learn? Not really… The Minutes were wholly unsurprising to anyone who’s seen most of the recent Fed newswires. Bonds were slightly weaker in the overnight session due to UK inflation coming in hot, but mostly in the shorter end of the curve. That meant modest underperformance for MBS (mortgages’ average life span is still seen as being quite a bit lower than 10 years, so they take cues from shorter-term bonds as well).
11:23 AM
Moderately weaker overnight, led by UK inflation. Mostly back to unchanged now with MBS down 2 ticks (.06) and 10yr up half a bp at 4.422
01:57 PM
Off the strongest levels ahead of Fed Minutes. MBS down an eighth. 10yr unchanged at 4.417
03:10 PM
Minimal reaction to Fed minutes. MBS down 5 ticks (.16) and 10yr up 0.9 bps at 4.427.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Home equity loan
Home equity line of credit (HELOC)
Interest rate
Fixed
Variable
Monthly payment amount
Fixed
Variable
Closing costs and fees
Yes
Yes, might be lower than other loan types
Repayment period
Typically 5-30 years
Typically 10-20 years
FAQ
What is a rate lock?
Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.
What are mortgage points?
Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.
What are closing costs?
Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.
If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
Movement Mortgage, a multichannel mortgage lender, has appointed Joe Thompson as its new regional director. Thompson, recognized as a HousingWire Rising Star in 2018, will oversee more than 60 loan officers across Texas, Oklahoma and New Mexico.
In his new role, Thompson will also be responsible for driving growth and expanding the company’s market presence while fostering relationships with real estate partners.
”Movement is the only lender that gives nearly 50% of its profits, manufactures originations at a high level, generates creative content and branding, leverages innovative products and technologies, and has a customer-for-life mentality,” Thompson said. “Casey Crawford has assembled an all-star cast of forward-thinking leaders, and I feel extremely fortunate for this opportunity to serve alongside them. I align perfectly with Movement’s core conviction of existing to love and value people.”
Prior to joining Movement Mortgage, Thompson served as the senior vice president and regional sales manager at PrimeLending, where he oversaw $1 billion in annual retail volume across the Texas markets of Houston, Austin, San Antonio and Laredo.
Founded in 2008 and based in Fort Mill, South Carolina, Movement Mortgage offers a range of products including conventional, jumbo and government-insured loans, as well as a dedicated reverse mortgage division. The lender also provides rate-and-term and cash-out refinancing, along with construction and renovation loans.
You can expect to spend between $3 and $8 per square foot when refinishing your home’s hardwood floors. A single room could cost a few hundred dollars, while expenses could exceed $6,000 for the whole house.
The main considerations that affect the price are the size of the floor, type of wood and type of finish. When it comes time to pay for your floors, you can explore different methods of financing to find the best solution for your needs.
Cost factors
Size
The square footage of the space will play a large role in calculating the final price.
40 square feet: $120-$320.
100 square feet: $300-$800.
400 square feet: $1,200-$3,200.
1,000 square feet: $3,000-$8,000.
Wood type
The type of flooring in your home will be factored into your cost estimate.
Bamboo: $2-$6 per square foot.
Cherry: $3-$5 per square foot.
Engineered wood: $3-$6 per square foot.
Oak: $3-$5 per square foot.
Parquet: $3-$6 per square foot.
Mahogany: $5-$8 per square foot.
Maple: $6-$8 per square foot.
Refinishing process
Your costs will also depend on the refinishing processes required for your floors.
Sanding: $0.50-$3 per square foot.
Staining: $1-$3 per square foot.
Recoating: $1-$2 per square foot.
Does refinishing hardwood floors add value?
According to the National Association of Realtors’ 2022 Remodeling Impact Report, refinishing hardwood floors had greater cost recovery than every other interior project measured. By their estimate, the average homeowner spent $3,400 on this project and gained $5,000 of value, recovering 147% of the project investment.
How to finance refinishing hardwood floors
If you’re not planning to pay for your floors out of your savings, you have several options for financing the project.
Credit card
You can seek out a card with a 0% APR introductory period, which typically lasts for 15 months. Provided that you can pay off the card before this period ends, this strategy allows you to stretch the payments over time without accruing interest. See NerdWallet’s picks for the best 0% APR and low interest credit cards.
Personal loan
These are unsecured loans, making them less risky than home equity options that put your house on the line. They’re also available to homeowners regardless of how much equity you’ve built up. See NerdWallet’s list of the best home improvement loans to learn more.
Home equity borrowing
Homeowners with equity have options for borrowing at a lower interest rate than you’ll find with most unsecured personal loans.
There are three main options for borrowing against your home’s equity. The first is a home equity line of credit (HELOC), which is an open line of credit that you can borrow from as needed for 10 years. During this time, you’re only required to repay interest, which is typically calculated at a variable rate. After that initial period, you can’t borrow anymore, and minimum payments will include both interest and principal. See NerdWallet’s list of the best HELOC lenders to find the right choice for your needs.
A second option for accessing your home’s equity is through a home equity loan. These loans are delivered as a lump sum, and have a fixed interest rate and a fixed balance that you start paying back right away. See NerdWallet’s selection of the best home equity loan lenders to explore your options.
Finally, if you want to change your mortgage rate or repayment terms, you could use a cash-out refinance to cover the cost to refinish your hardwood floors. A cash-out refinance replaces your mortgage with a new, larger loan at current interest rates. You can use the difference in any way you like, including to make your floors shine like new. See NerdWallet’s assessment of the best cash-out refinance lenders to find a match for your needs.
On the exclusive, man-made island neighborhood of Palm Island, just off the coast of Miami Beach, a newly built waterfront home sold for a whopping $40,000,000, setting a new record in the process.
This sale marks the highest price ever paid for a property on Palm & Hibiscus Islands, surpassing the previous record of $32 million set in February 2023.
“40 Palm Ave sold at a 25% premium over any other property that has ever been sold on Palm & Hibiscus Islands,” listing agent Liz Hogan of Compass tells us, undoubtedly excited about the home run she brought in for the brokerage.
And just in case you were wondering what $40 million buys you in the ultra-exclusive Palm Island, here’s a breakdown of everything this record-breaking property has to offer.
Property overview
The stunning Palm Island estate spans an expansive 14,930 square feet. The property boasts 8 bedrooms, 9 bathrooms, and 4 half baths, with plenty of space for residents and guests.
With nearly 15,000 square feet to work with, the architect designed an open and airy floor plan optimized for entertaining. The home seamlessly combines indoor and outdoor living spaces and comes with some extra cool features like a state-of-the-art home theatre and a gym with steam and sauna.
Architecture and design
Designed by renowned tropical modern architect Cesar Molina, 40 Palm Avenue is a stunning new construction masterpiece featuring his signature style.
Molina is considered one of the preeminent architects in Miami and has designed some of the area’s most exclusive waterfront estates. His aesthetic combines clean lines, an abundance of natural light, and seamless indoor-outdoor living spaces.
For this property, Molina opted for a contemporary facade with sleek white stucco walls, floor-to-ceiling windows, and minimalist detailing. The layout takes advantage of the home’s waterfront location, with rooms oriented towards water views and the Miami skyline.
Molina’s trademark tropical modern look shines through in the open floor plan, breezy rooms, and abundance of outdoor living areas like balconies, patios, and sundecks. Natural stone and wood accents add warmth, while black accents add a note of drama and elegance to the space.
Interior highlights
The interior design of 40 Palm Avenue showcases the finest craftsmanship and luxurious amenities. The gourmet kitchen features custom Mia Cucina cabinetry with integrated appliances by Subzero and Wolf.
The cabinetry offers a seamless blend of form and function, with soft-close drawers, pull-out shelves, and clever storage solutions. Gorgeous countertops made from exotic stones complement the clean lines of the cabinetry.
The finest finishes
Beyond the kitchen, the home is outfitted with only the best furnishings and finishes.
Fine detailing abounds, from the lighting fixtures to the door hardware. No expense was spared to create a refined, comfortable ambiance using quality materials and impeccable attention to detail.
Primary bedroom with private oasis
The primary bedroom is an oasis unto itself, featuring a private patio area complete with a luxurious pool just steps from the master bed.
After waking up in the sprawling bedroom suite, residents can walk out to their own secluded outdoor paradise without even leaving the main bedroom.
The patio provides plenty of space for lounge chairs, dining areas, and landscaping around the pool and surrounding the patio itself. Palm trees sway below while sunshine reflects off the turquoise water, creating a serene ambiance.
Rooftop terrace with rare elevator access
One of the most unique features of 40 Palm Avenue is the rare rooftop terrace with elevator access.
The spacious rooftop terrace provides stunning 360-degree views of the surrounding palm trees, turquoise waterways, and the Miami skyline in the distance. It’s an ideal spot for entertaining or simply relaxing and soaking in the scenery.
The rooftop terrace comes with the added perk of having direct elevator access from the inside the home. The elevator opens right onto the rooftop, making it easy to transport guests, food, and decor upstairs.
The Zen spa
“Aside from the incredible tropical architecture design found throughout the home, 40 Palm Ave had an incredible spa with a stone-clad steam room & sauna,” agent Liz Hogan shares, when ased about the most impressive areas of the record-breaking house.
“It is a very zen space and a room that I would use quite often if I lived there.”
The guest house
The estate features a detached upstairs guest home, providing private accommodations separate from the main residence. This self-contained guest house is located above the 4-car garage and can be accessed via a separate entrance and staircase.
With its own bedroom, bathroom, and living space, the guest house functions as a secluded apartment ideal for visiting friends and family or live-in staff.
Boat dock and water frontage
The property features a private boat dock along with a generous 100 feet of water frontage, providing direct access to Biscayne Bay and the Atlantic Ocean.
Set in a ritzy enclave
Surrounded entirely by water, Palm Island provides a secluded oasis for Miami’s elite seeking privacy and luxury living.
The island was developed in the 1920s and became a haven for wealthy business tycoons, socialites, celebrities and politicians over the years. Notable residents have included notorious gangster Al Capone, actor Nick Nolte, musician Gloria Estefan and more.
Palm Island is accessible only by the MacArthur Causeway and is guarded by a security gate, adding to its appeal as an exclusive enclave. The neighborhood consists mostly of waterfront estates, many in Mediterranean style, on lots measuring an acre or more. And prices reflect the exclusivity of the area.
Home values on Palm Island range from $3.5 million to over $40 million for the most exclusive properties, with the median listing price for the ritzy enclave sitting at a hefty $12 million.
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Susan Collins, president of the Fed in Boston, said at an Atlanta Fed conference that “mixed” recent inflation data showed the battle to reach the central bank’s 2% target was “going to take longer than I had previously thought” – and Cleveland president Loretta Mester also said she expected a months-long wait for lower rates. … [Read more…]
Mortgage rates fell across all terms from a week ago, according to rate data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all receded.
The multiple rate cut predictions from the start of the year may be no more, as many experts expect rates to stay higher for longer. The movement of fixed mortgage rates parallels the 10-year Treasury yield, which moves as investor appetite fluctuates with the state of the economy, inflation and Federal Reserve decisions. At the close of the latest Fed meeting on May 1, policymakers held firm and opted not to cut rates. The recent April Consumer Price Index (CPI) data shows inflation slowing, but still not to the 2 percent rate the Fed wants.
“The market was enamored with a slightly lower CPI. We are in a ‘buy on any positive news no matter how modest’ state,” says Dick Lepre of RealFinity.
Often, the decision to buy a home isn’t based on market shifts. It comes down to what you need. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.
Rates last updated May 22, 2024.
These rates are averages based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, May 22nd, 2024 at 7:30 a.m. ET.
30-year fixed-rate mortgage retreats, -0.15%
The average rate you’ll pay for a 30-year fixed mortgage today is 7.02 percent, down 15 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.30 percent.
At the current average rate, you’ll pay principal and interest of $666.65 for every $100,000 you borrow. That’s $10.11 lower, compared with last week.
Learn more about 30-year mortgage rates, and compare to a variety of other loan types.
15-year fixed mortgage rate trends down, -0.19%
The average rate for a 15-year fixed mortgage is 6.48 percent, down 19 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost $870 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.
5/1 ARM trends down, -0.05%
The average rate on a 5/1 ARM is 6.80 percent, ticking down 5 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.80 percent would cost about $652 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage rate declines, -0.07%
The average rate for a jumbo mortgage is 7.15 percent, a decrease of 7 basis points over the last seven days. A month ago, the average rate was higher at 7.35 percent.
At today’s average rate, you’ll pay principal and interest of $675.41 for every $100,000 you borrow. That’s lower by $4.73 than it would have been last week.
Mortgage refinance rates
30-year mortgage refinance moves lower, -0.18%
The average 30-year fixed-refinance rate is 7.04 percent, down 18 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.32 percent.
At the current average rate, you’ll pay $667.99 per month in principal and interest for every $100,000 you borrow. That’s lower by $12.15 than it would have been last week.
Where are mortgage rates going?
The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market, while the cost of variable-rate home loans more directly mirrors the Fed’s moves.
If and when the Fed cuts interest rates depends on economic reports of new data, such as the inflation rate and the jobs market. April’s CPI data — which measures inflation — showed inflation at 3.4 percent. While inflation has fallen since its peak in 2022, it’s still above the Fed’s target rate of 2 percent.
“The April CPI report revealed that the rate of inflation has cooled for the first time in 6 months,” says Melissa Cohn of William Raveis Mortgage. “While this one report is not enough evidence of cooling inflation to get the Fed to implement a rate cut, it is the first step.”
Broader economic factors, such as inflation and employment, affect the Fed’s decisions on rate changes, but your rate is also affected by your personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What today’s rates mean for you and your mortgage
Mortgage rates change daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
The Sustainable Home Decor report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market.
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The global Sustainable Home Decor Market Size was valued at $331.0 billion in 2021, and is projected to reach $556.3 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031. A complete and wide-ranging evaluation of the aspects that drive and restrain market growth is also provided throughout the study.
This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
The report helps clients in comprehending their first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contains in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA.
North America and Europe.
Due to its highly developed retail infrastructure, North America held the global market share for sustainable home decor in 2021. Additionally, intense advertising and celebrity brand endorsements have increased the acceptance of sustainable home decor goods globally, which is boosting the market’s expansion.
The appeal of sustainable home design items in this region is also boosted by customers spending more on such items and by an improvement in living standards. However, due to the region’s rapid infrastructural upgrades in the retail sector and rising consumer disposable income, Asia-Pacific is anticipated to develop at the greatest CAGR during the projected period.
The market is being driven by the increasing use of sustainable materials in furniture manufacture to protect the environment. Additionally, expanding programs like ecologically friendly housing projects in several countries have increased customer interest in eco-friendly furniture.
Additionally, the market is anticipated to be driven by the growing number of millennial and generation Z consumers who are purchasing sustainable home decor products.
Due to the abundance of small and medium enterprises, the market for environmentally friendly home decor is quite competitive. A few sustainable strategies include expanding the use of salvaged wood in public and private sector furniture goods and certifications like FTC certification for wooden frames.
Businesses are utilizing industry 4.0 technologies to increase manufacturing capabilities. Another aspect that fuels growing competitiveness is the use of e-commerce methods of distribution in high-potential locations.
Additionally, expanding programs like ecologically friendly housing projects in several countries have increased customer interest in eco-friendly furniture. Additionally, the market is anticipated to be driven by the growing number of millennial and generation Z consumers who are purchasing sustainable home decor products.
Due to the abundance of small and medium enterprises, the market for environmentally friendly home decor is quite competitive. A few sustainable strategies include expanding the use of salvaged wood in public and private sector furniture goods and certifications like FTC certification for wooden frames.
Businesses are utilizing industry 4.0 technologies to increase manufacturing capabilities. Another aspect that fuels growing competitiveness is the use of e-commerce methods of distribution in high-potential locations.
Sustainable Home Decor Key Players Mannington Mills Inc., Mohawk Industries Inc., Moso International B.V., Inter IKEA Systems BV, Duresta Upholstery Ltd., Shaw Industries Group, Inc., Ashley Furniture Industries Ltd., Kimball International, Vermont Woods Studios, Greenington, Cisco Bros. Corp., Armstrong World Industries, Inc., Herman Miller Inc., Forbo International SA, La-Z-Boy Inc.
The Sustainable Home Decor report is analyzed across Type, Application, End-Use Industry Product Type ✤Floor Covering ✤Furniture ✤Home Textile
Price Point ✤Premium ✤Mass
Income Group ✤Lower middle income ✤Upper middle income ✤Higher income
Distribution Channel ✤Supermarkets and Hypermarkets ✤Specialty Stores ✤E commerce ✤Others
➡️𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬: Canada Sustainable Home Decor Market www.alliedmarketresearch.com/diy-hom…ket-A16855
Mexico Sustainable Home Decor Market alliedmarketresearch.com/mexico-…ket-A17786
Europe Sustainable Home Decor Market www.alliedmarketresearch.com/europe-…ket-A17787
Germany Sustainable Home Decor Market www.alliedmarketresearch.com/germany…ket-A17788
France Sustainable Home Decor Market www.alliedmarketresearch.com/france-…ket-A17789
Italy Sustainable Home Decor Market www.alliedmarketresearch.com/italy-s…ket-A17791
Spain Sustainable Home Decor Market www.alliedmarketresearch.com/spain-s…ket-A17792
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