At a time of year when home prices are generally at their lowest, the long-term financial goal of homeownership likely stayed out of reach for many would-be first-time buyers in the first quarter.
The past several years have seen dramatic home price growth paired with — and largely due to — a low supply of homes for sale. These conditions, along with high mortgage rates, sustained an unwelcoming market for would-be buyers at the beginning of 2024. And among those buyers, first-timers likely felt it the most.
People purchasing a home for the first time generally have lower down payments than repeat buyers, who may have equity in an existing home working in their favor. First-timers may also have lower incomes and less robust credit history, which can work against them in qualifying for the lowest available rates.
When homes become less affordable across the nation — whether through higher prices, higher interest rates or both — it’s often first-timers who are most affected. Indeed, first-time buyers made up just 26% of all home buyers in 2023, according to the National Association of Realtors. This is a decrease from 34% the year before and the lowest on record.
In the first quarter, prices didn’t rise, but they also didn’t come down. Inventory remained low and mortgage rates high. These continued conditions meant little relief in a tight housing market.
Affordability challenges in the cheapest homebuying season
Generally, the first quarter of the year sees the lowest home prices. Demand is low — fewer people buy during the coldest months. In 2024, while prices didn’t grow in the first quarter, home prices across the country remained very high for potential first-time buyers.
Homes were listed at prices five times the potential first-time buyer income in the first quarter, on average. Looking at homes priced around three times your annual income is an old rule of thumb used to help people gauge affordability. Under this guidance, some metros remained easier targets than others for first-timers.
Among the more affordable areas in the first quarter were Pittsburgh, where homes were listed at 2.8 times potential first-time buyer income, Detroit (2.9), Cleveland (3.0), Buffalo (3.2) and Baltimore (3.4). At the other end of the spectrum was Los Angeles, where homes were listed at 12 times first-time buyer income, San Diego (9.3), San Jose (7.7), New York City (7.1) and Boston and Miami, both 7.0.
Though prices were relatively unchanged from the last quarter of 2023, across the nation, they fell very slightly when compared to the first quarter of last year. In two metro areas, Miami and Oklahoma City, prices fell 10% year over year, after accounting for inflation. By contrast, they rose double digits in Richmond (11%), Pittsburgh (11%) and Los Angeles (13%).
First-time buyer tip: Home prices are largely driven by inventory. The number of homes available for sale is paltry, though it rose 15% from the first quarter of last year. If you’re shopping for your first home, keep in mind that buying in this market may mean making sacrifices beyond a high sticker price — you may not find a home that hits all (or even most) of the items on your wish list. Go into the shopping experience knowing what you’re willing to compromise on and where you draw your line to help ensure you don’t end up closing on a pricey home you’re not entirely happy about.
Mortgage rates continue to play an outsized role
Rates on 30-year fixed mortgages have risen from below 3% in 2020 and 2021 to around 7%, on average. In the first quarter of the year, there was brief and subtle respite as rates fell from over 7% to just below. But even this rate is more than twice what people faced when they purchased during the pandemic.
These higher rates play a significant role in affordability, particularly for first-time buyers or those with less room in their budgets. The change in rates from 2020 to 2024 translates to an additional $800 on the monthly payment of an average-priced home and several hundred thousand dollars in additional interest over the life of a 30-year loan.
Home buyer tip: If you’re considering waiting out the high rates, temper your expectations — rates may moderate toward the end of 2024, but they’re unlikely to go below 6%, according to the latest mortgage rate forecasts. You can use the time spent waiting for a less expensive mortgage to build a bigger down payment. Moderately lower rates and a larger down payment can make a considerable difference in the affordability of your monthly payments.
What constitutes affordability is shifting
The guideline that says an affordable home is one listed around three times your income may have originated decades ago when government officials promoting affordable housing and lenders used that ratio. But getting a rough idea of affordability by looking at homes listed at three times your income is most useful when homes are actually priced in that range. In other words, as home prices rise considerably and incomes don’t, such guidance makes an “affordable” home more elusive.
Looking at national averages, homes haven’t been selling for close to three times the typical income since 2011.
The three-times-income guidance isn’t meant to be the final say in whether you can afford a home, but rather a starting point. Affordability measures that account for expenses such as taxes and mortgage rates are a more precise gauge.
First-time home buyer tip: There’s no harm in estimating affordability when you’re looking at listings on your phone with a simple income-to-price ratio. Even if homes are priced four or five times your income where you’re looking, it starts to give you some sense of how far of a stretch the purchase might be. Be aware that much more goes into home buying and homeownership costs. A home affordability calculator can help you plan for the details, including your other debt obligations, down payment amount, mortgage insurance, interest rates and homeowners insurance.
METHODOLOGY
Monthly median list price and list count figures are from monthly inventory data from the Realtor.com residential listings database as of May 1, 2024. All nominal list prices were adjusted to March 2024 dollars using the U.S. Bureau of Labor Statistics’ consumer price index. All monthly median figures were compiled into quarterly averages.
The median age of first-time home buyers is 35, according to the National Association of Realtors’ 2023 Profile of Home Buyers and Sellers. Estimated income for first-time home buyers was derived from the U.S. Census Bureau’s 2022 American Community Survey metro-level median household income for householders ages 25-44 — the range likely to include most first-time home buyers — and adjusted to March 2024 dollars using the Bureau of Labor Statistics’ Employment Cost Index.
Interpret metro rankings with caution. Due to margins of error in income data and rounding, there may be overlap in affordability ratios.
San Juan, Puerto Rico, is among the 50 most populous metros but was excluded from the analysis due to insufficient inventory data.
“Fee cures and the costs associated with them – entirely preventable expenses – are contributing to the already ballooning cost to originate a mortgage,” said Tim Bowler, president of ICE Mortgage Technology. After reviewing nearly 90,000 mortgages, ICE found lenders wasted an average of $1,225 per loan on fee cure-related expenses to correct disclosure errors. … [Read more…]
‘Taking care of people’: Nurse opens downtown Wheaton home decor shop
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The wood floors are original. There’s an antique hutch against the brick wall. The tables were built by her husband. And the Midwestern-made candles smell fresh, like lilac and jasmine.
Jonna Kelleher’s customers may feel like they’ve strolled into her living room when they visit her new shop, The Cottage, in downtown Wheaton.
For someone so accustomed to scrubs and blood-pressure cuffs, Kelleher seems a long way from a hospital emergency room. But it’s not all that different from her job as a nurse.
“I’m taking care of people in the hospital, and I’m taking care of people here,” the Geneva resident said. “I want you to be discharged home from the ER and be healthy and happy and feel calm, that you are OK. And same thing here.
“I want you to come in and be like, ‘I feel like I’m in my own home. I feel comfortable. I feel warm. I feel like I could just lose myself in here for hours.’”
The Cottage has a new and larger home at Hale and Wesley streets in downtown Wheaton. Rick West
Her store has a feel-good mix of vintage and new furnishings, tons of throw pillows, botanical prints, ceramics and tableware. Kelleher recently moved The Cottage to Wheaton after her business outgrew its “tiny but mighty” space in Geneva.
“The addition of a home goods type of store has been extremely well received,” said Allison Orr, executive director of the Downtown Wheaton Association.
When the corner storefront became available, close to the hustle and bustle of an outdoor dining scene, Orr reached out to Kelleher, who had been on an ongoing waiting list of retailers looking for “that perfect spot” downtown.
Jonna Kelleher, an ER nurse from Geneva, has coffee blends in her homey shop, The Cottage. The Downtown Wheaton Association helped her find a space for her expanding business. Rick West
“She was ready to make the leap from a small space,” Orr said. “Her space in Geneva was absolutely so cute. But it was about 450 square feet.”
The Cottage is now about three times that size. Kelleher has the room to display a 12-foot antique sideboard she found in Michigan. “It is quite a statement piece,” Kelleher said.
She’s too humble to call herself an interior designer. But it’s clear Kelleher gets her creative side, her love of antiquing, from her mom, Jill.
“She just is such an inspiration. I miss her so much,” Kelleher said. “When I opened…I just wish she was here.”
Kelleher’s mother died of breast cancer when she was 12, and her father died of sepsis when she was 16.
“I just know how people feel,” she said of choosing ER nursing as her career. “They’re scared. They don’t know what’s going on. And I just wanted to help. If I could make a difference in one person and help with trauma they’re going through, that means a lot.”
“We used to go antiquing together all the time,” The Cottage owner Jonna Kelleher said of her late mom, Jill, a “creative soul.” Rick West
After losing both her parents, she went from home to home. When people ask how she got here, Kelleher acknowledges “it’s not really a happy story.”
“But it’s definitely a story that I hope can inspire others, that things can get hard, but you’ll get through them as long as you work hard at it,” she said.
She’s worked in an ER since she was 19, first as a secretary, a tech and then as a nurse. You could say Elmhurst Hospital is her other home.
Jonna Kelleher
“I’m still an ER nurse. I still work one day a week. I’m very proud of that,” Kelleher said.
She went after her dream of opening her own shop in 2022. Kelleher had developed her “cottage farmhouse” style renovating her home with her husband, Sean, and helping neighbors decorate theirs.
“I know what it’s like not to have one,” she said. “So that’s why every single person who comes in here, I want you to feel like you can just talk to us, feel like we’re your friends or family, that you feel comfortable.”
It’s so warm and homey her Yorkshire terrier, Maisy, curled up on the floor on a recent morning. This Friday night, she’ll host a health care appreciation event during National Nurses Week. All health care workers are invited, regardless of their specialty. They’ll enjoy snacks and a store discount.
“It’s probably just as big as our Christmas event,” Kelleher said.
She also spotlights nurse- and veteran-owned brands — Craft+ Foster candles, for instance — in The Cottage. Her husband, a teacher, built the dining table. They’ve already welcomed in repeat customers who have made the store a “go-to place” for gifts, Kelleher said.
“It’s been really just more than we could have dreamed of.”
Do you want to learn how to make $50 a day? Whether you are looking to make extra income with a side hustle or if you are looking for a full-time career, there are many ways to make $50 or more each day. There are many ways to make $50 a day, like working from…
Do you want to learn how to make $50 a day?
Whether you are looking to make extra income with a side hustle or if you are looking for a full-time career, there are many ways to make $50 or more each day.
There are many ways to make $50 a day, like working from home or selling things online. Learning how to make extra money can change your life, whether it’s for daily expenses, saving for big goals, or even early retirement. Making $50 a day can be a stepping stone or a big achievement.
Best Ways To Make $50 a Day
Below are the best ways to make $50 a day.
Recommended reading: How To Make $100 A Day
1. Sell printables
Earning $50 a day can be possible with printables. Making and selling things on Etsy is a super creative way to earn money on the internet. It’s especially great for people who are into art and creativity to make some extra cash.
Printables are digital files that customers can download and print on their own. Some examples of what you can sell on Etsy include shopping lists, gift tags, art you can print and hang on your wall, travel checklists, and coloring pages.
Plus, if you want to learn how to make $50 dollars a day in passive income, then selling digital products like printables is one option to start with.
I recommend reading How I Make Money Selling Printables On Etsy to learn more.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
2. Proofreading
Earning $50 a day might seem tricky, but it’s totally possible if you try proofreading. That’s when you read writing to catch and fix mistakes.
If you like spotting mistakes in writing and want to make $50 every day, then learning to proofread could be a good fit for you.
Proofreading can be something you do on the side or turn into a full-time job that you can do from home. And yes, you can definitely make $50 a day with it. Lots of proofreaders make around $40,000 a year or even more.
To learn more about proofreading, please read How To Start A Proofreading Business And Make $4,000+ Monthly (this is actually an interview with my sister-in-law, who is a very successful proofreader and editor!).
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
3. Blogging
When I first started blogging, one of my goals was to make $50 a day. I have now completely surpassed that goal by a lot, so I know that it is possible!
Starting a blog can be an exciting way to earn some extra cash. You might be surprised to find out that blogging can be quite affordable to start. With a little bit of effort, your blog just might become a place where you can share what you love, and earn money doing it.
A blog is a website that can be about whatever topic you are interested in writing about, such as personal finance, travel, food, organization, family, pets, and more.
You can learn how to start a blog for free at How To Start A Blog FREE Course. In this free course, I teach you what you need to know about starting a blog, from the technical stuff to making your first money and getting people to read it.
There are also many other ways to make money similar to this as well, such as by starting a YouTube channel or TikTok.
4. Answering paid online surveys
Making $50 a day from just surveys would be hard, I will not lie. But, you can combine answering paid online surveys with some other side hustles so that you can reach your $50 a day goal.
When I was paying off my student loans, I made sure to fill out lots of surveys every week. I did it before work, during my lunch break, or after work. It was great because I could earn money from survey sites whenever I had free time.
Survey companies pay you to do things like answer surveys, watch videos, and try out products. Sometimes, they even give you free products so you can test them out and give your opinion.
Here are some online survey companies that pay you for your opinions:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
User Interviews – This is a great site for online focus groups that pay over $50.
Pinecone Research – This is a great site that occasionally lets you test out physical products (I was once sent toilet paper to review).
5. Bookkeeping
If you’re good with numbers, bookkeeping is a way to make $50 a day. Bookkeepers help businesses keep track of their finances. This job can be done from home, making it super flexible.
You don’t need to be an accountant or have any previous experience. This is a skill that anyone can learn and then do from home.
This job can make you more than $40,000 a year, and there’s a lot of potential for advancement. Many different kinds of businesses need bookkeepers, so it’s a great career choice to begin with.
Recommended reading: Online Bookkeeping Jobs: Learn How To Get Started Today
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
6. Sell dog treats
Starting a dog treat business at home is a fun way to make an extra $50 a day.
People love their pets and are willing to spend money on homemade, quality treats. With a low starting cost, you can bake treats right in your kitchen!
You can create all sorts of goodies like cupcakes, cookies, cakes, and more, just for dogs.
You can learn more at How I Make $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
7. Walk dogs
You can easily start getting clients by offering to walk dogs or pet sit in your neighborhood or town.
Many people need trustworthy people to look after their pets while they’re at work or away, and by offering this service, you can earn a good amount of money each day.
Here are some possible earnings:
Dog walking usually earns you between $15 to $35 an hour per dog.
For overnight pet sitting, rates can start at $25 per day and go up.
If you watch two dogs a day at $50 each, that’s a neat $100 per day.
I really like using Rover for dog walking, and it’s what I’ve used in the past. I like how user-friendly the site is, and there are always a bunch of pet owners searching for dog walkers, which means there’s plenty of demand. There are also other great sites out there, depending on what you’re interested in!
My sister and my mother-in-law are both pet sitters, and they really enjoy it!
8. Flip items for resale
Flipping items for a profit is a way to make an extra $50 a day. Flipping means you buy something at a lower price and sell it for more. And, you can start by selling stuff that you already have!
I have sold a lot of things online over the years, from clothing to furniture and even old tires.
You might have clothes you don’t wear, an old phone, books, unused gift cards, CDs, DVDs, kitchen items, jewelry, and more to sell. The possibilities are endless. I’ve heard that the typical household has about 300,000 things, so I bet you could look around your home and find some items to sell pretty easily.
And, if you want to learn how to make $50 in 10 minutes (or any other short amount of time), then selling something you already have is usually one of the quickest options.
You can sell on many different sites and online platforms as well, such as eBay, Craigslist, Facebook Marketplace, and more.
I recommend watching the free webinar Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days to learn how to make money by flipping items.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
9. Play games online
Earning $50 a day can be as fun as playing games on your computer or phone and being able to make money online.
Game apps pay real money rewards (as well as free gift cards) because they make their money from ads and in-app purchases. They share some of their earnings with you to keep you playing their games.
Here’s a quick list of the top game apps that pay real cash:
KashKick
Swagbucks
InboxDollars
You can get paid to play games like Coin Master, Monopoly, Yahtzee, and Bingo.
Recommended reading: 23 Best Game Apps To Win Real Money
10. Deliver groceries
Instacart is a popular website where you can earn extra cash by shopping for and delivering groceries. It lets you use your spare time to make some additional money.
I have used Instacart many times to order groceries for myself, and it is such a helpful service.
When you work with Instacart, you can make up to $25 per hour in the best cases, but typically, most drivers earn around $15 per hour.
You can learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
11. Deliver food
Earning $50 a day can be as simple as delivering food!
With the boom of food delivery apps, you have many options to choose from. Apps like Grubhub, DoorDash, and Uber Eats let you pick up food from restaurants and deliver it to hungry customers.
12. Freelance writing
If you want to earn $50 a day, freelance writing is a smart choice. You can write about things you know and love, and there are plenty of places looking for your words!
New freelance writers can typically make around $50 per article that they write. And, as you gain experience, you can increase your fee. I know many freelance writers who make $200+ per article and even some who make $1,000 or more per article.
Being a freelance writer has been one of my gigs for many years, and it is a great way to earn extra cash. You get to make your own schedule, call the shots as your own boss, write about topics you’re interested in, and more.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
13. Online tutoring
Would you like to earn extra cash by sharing your knowledge? Online tutoring could be a great fit for you! With the internet, you can connect with students all over the world.
As a tutor, you might spend 30 minutes to an hour teaching a lesson, answering questions online, or doing one-on-one video sessions with students.
The amount of money you can make depends on factors like the subject you’re tutoring, the length of the session, and more. For instance, tutoring in advanced subjects like college calculus usually pays more than tutoring in elementary school math.
14. Sell photos
Did you know your photography skills can become a way to earn some extra cash? It’s true! With the right approach, you can start making $50 a day or more by selling your photographs.
One of the easiest ways to start earning from your photos is by selling them on stock photo websites. These sites act as a middleman between you and customers who need photos for their own projects. You can sell pictures that you’ve already taken or capture new images for this purpose.
Places to sell photos include:
Shutterstock – This is a well-known site where you can upload photos and earn money every time they’re downloaded.
iStock by Getty Images – Here, you can sell your images across different platforms, and whenever someone downloads them, you earn income.
Adobe Stock – If you join Adobe Stock, you can potentially earn from the images that users download for their creative needs.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
15. Virtual assistant
Are you good at organizing things and helping others stay on track? If yes, then virtual assisting might be a great way for you to make $50 a day.
As a virtual assistant, you might handle tasks like managing social media, formatting and editing content, scheduling appointments or travel, managing emails, and much more. Essentially, you get paid to take care of any task in someone’s business that they don’t have to do themselves.
Typically, you can start making around $15 to $20 per hour as a virtual assistant, but sometimes you might even earn double or triple that when you’re just starting out.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
16. Online transcription
Transcription work is becoming more popular, and you can find online jobs from home as a transcriptionist. Your job would involve listening to audio and turning it into written text.
The average pay for online transcriptionists usually falls between $15 to $30 per hour, with newbies often starting at the lower end of that scale.
A helpful free workshop to take is Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
17. Affiliate marketing
Affiliate marketing lets you make money by promoting products or services online, and you don’t need anything special to begin.
With affiliate marketing, when someone you refer buys a product through your special link, you earn a commission. It’s as straightforward as that.
First, choose products you genuinely like and think others will enjoy too. Next, join their affiliate program. They’ll give you a unique affiliate link. This link keeps track of who clicks on it and makes a purchase based on your recommendation.
For me, I love affiliate marketing. I think it’s one of the best ways to make at least $50 a day, and it is what I do to make money with my online business.
I recommend signing up for Affiliate Marketing Tips For Bloggers – Free eBook to learn more.
18. Rent out your spare room
If you have an extra room in your home, renting it out could be a smart way to earn some additional cash.
Having a roommate, whether it’s someone living with you full-time or occasionally renting out a spare room on Airbnb, can help you earn extra cash every month.
It might not add up to $50 every day, but by having a roommate or renting out a spare room on Airbnb, you could make several hundred dollars a month, or even over $1,000 extra each month.
Some people take it even further by purchasing a large house with multiple bedrooms and renting out every single room (also known as house hacking). This way, you might have three or four renters living with you. This arrangement could cover your entire mortgage payment and maybe even leave you with some extra spending money on top of what you earn from having roommates.
Over the years, I’ve had many roommates. When I owned a home, I often rented out one or even two spare bedrooms to long-term renters, including a friend and my sister, to earn extra money. This helped us manage our monthly expenses better, reducing financial stress. We could earn around $300 to $400 per month for each bedroom. Although living with roommates isn’t always smooth sailing (arguments can happen), setting clear ground rules and having a contract can help prevent conflicts.
19. Rent out your RV
If you have an RV just sitting around, you might be able to earn $50 to $300 a day, or even more, by renting it out.
Many people have RVs that they don’t use very often. Instead of letting it sit there, you could earn extra cash by renting it out. Indeed, you might be able to make $100 a day or more by renting out your RV to others.
RVshare is helping travelers save money by cutting out the middleman through renting RVs directly from owners.
It’s like Airbnb, but for RVs.
Recommended reading: How To Make Extra Money By Renting Out Your RV.
Frequently Asked Questions
Below are answers to common questions about how to make $50 a day.
How to make $50 in one day?
You can make $50 in one day by selling services like pet sitting, house cleaning, or freelancing online. Platforms like TaskRabbit connect you with people who need quick assistance with chores and other odd jobs as well.
How can I make $100 in one day?
To earn $100 in one day, you might want to try a combination of gigs such as driving for Uber or Lyft, starting a freelance business (like writing, graphic design, or proofreading), or selling high-demand items online.
How to make $50 dollars in 10 minutes?
Making $50 in 10 minutes can be a challenge, but it can be possible by selling something online where you can get cash immediately. For example, you may be able to sell something that you have, like an old cell phone that you no longer use, and get cash for it.
What are some easy ways to earn $50 a day without leaving home?
You can earn $50 a day from home by tutoring online, transcribing audio files, or selling your craft on websites like Etsy. I make over $50 online every day from home, so it is definitely possible.
What are some quick methods to make $50 fast for beginners?
Beginners can make $50 quickly by doing tasks like yard work, signing up for food delivery services, or selling unused items on local marketplaces.
How can a kid earn $50 in just one day?
Kids can earn $50 in one day by setting up a lemonade stand, doing extra chores for neighbors, babysitting, or tutoring younger children.
How to make $50 dollars a day in passive income?
To earn $50 a day in passive income, you may want to rent out rental properties, invest in dividend stocks, or create online courses or ebooks that sell over time.
How To Make $50 a Day – Summary
I hope you enjoyed this article on how to make $50 a day.
You have lots of choices when it comes to being able to make $50 a day, so I recommend starting by picking gigs that match what you like and how you live.
For example, if you like giving your opinions, online surveys can make you money. Or, if you enjoy being out and about, delivering food or groceries might be good for you. If you’re into freelance work, there are tons of opportunities in writing, helping online, and teaching.
It’s possible to make $50 every day, and with some help, you can try out these options to see what works best for you.
With its rich industrial history, diverse cultural scene, and stunning riverfront views, Pittsburgh offers a unique blend of old-world charm and modern amenities. Considerations for residents include the city’s ever-evolving weather patterns and the abundance of outdoor recreational activities. So whether you’re searching for the perfect apartment in the heart of downtown Pittsburgh or eyeing a cozy rental house in the suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Pittsburgh. Let’s get started and see what awaits in the city of bridges and innovation.
Pros of living in Pittsburgh, PA
1. Rich cultural heritage
Pittsburgh boasts a rich cultural heritage, with a strong emphasis on the arts, music, and history. The city is home to world-class museums such as the Carnegie Museum of Art and the Andy Warhol Museum, offering residents a wealth of artistic experiences. Additionally, the Pittsburgh Symphony Orchestra and the Pittsburgh Opera provide top-notch performances for music enthusiasts. The city’s historical significance is also evident in its many landmarks and historic sites, allowing residents to immerse themselves in the rich history of the area.
2. Affordable cost of living
One of the major pros of living in Pittsburgh is its affordable cost of living. The average rent for a 2 bedroom apartment in Pittsburgh is only $1,712, less than nearby Philadelphia’s average rent of $1,925. Compared to other major cities, Pittsburgh offers residents a more budget-friendly lifestyle, with lower housing costs and overall expenses. This makes it an attractive option for individuals and families looking to stretch their dollars further and enjoy a comfortable standard of living without breaking the bank.
3. Vibrant neighborhoods
Pittsburgh is known for its diverse and vibrant neighborhoods, each with its own unique character and charm. From the trendy and bustling Strip District to the historic and picturesque South Side, residents have a wide range of neighborhoods to choose from, each offering its own distinct amenities and attractions. Whether you’re looking for a lively urban environment or a quiet suburban setting, Pittsburgh has a neighborhood to suit every lifestyle.
4. Outdoor recreational opportunities
For nature lovers and outdoor enthusiasts, Pittsburgh offers a plethora of recreational opportunities. With its proximity to the Allegheny Mountains and the three rivers that converge in the city, residents can enjoy a wide range of outdoor activities, including hiking, biking, kayaking, and fishing. The city’s numerous parks and green spaces provide ample opportunities for residents to connect with nature and stay active in the great outdoors.
5. Thriving food scene
Pittsburgh’s food scene is thriving, with a diverse array of culinary options to satisfy every palate. From trendy farm-to-table eateries to iconic diners and ethnic restaurants, the city offers a wide range of dining experiences. Residents can indulge in local specialties such as pierogies and Primanti Brothers sandwiches, as well as explore international cuisines from around the world, making Pittsburgh a paradise for food lovers.
6. Strong sense of community
Pittsburgh is known for its strong sense of community, with residents who take pride in their city and actively participate in local events and initiatives. The city’s tight-knit neighborhoods foster a sense of belonging and camaraderie, making it easy for newcomers to feel welcomed and integrated into the community. Whether it’s through neighborhood block parties, volunteer opportunities, or local support groups, Pittsburgh residents value the importance of connection and community.
7. Access to top-notch healthcare
Pittsburgh is home to world-renowned medical facilities and research institutions, providing residents with access to top-notch healthcare services. The University of Pittsburgh Medical Center system is highly regarded for its quality of care and innovative treatments, ensuring that residents have access to the best medical resources and specialists. This can offer peace of mind for individuals and families, knowing that they are in good hands when it comes to their health and well-being.
Cons of living in Pittsburgh, PA
1. Weather extremes
One of the major drawbacks of living in Pittsburgh is its weather extremes, with cold and snowy winters and hot and humid summers. Residents must be prepared to endure the harsh winter conditions, including heavy snowfall and freezing temperatures, as well as the sweltering heat and humidity during the summer months. This can be a challenge for those who prefer milder and more consistent weather throughout the year.
2. Industrial legacy
Pittsburgh’s industrial legacy is still evident in certain areas of the city, with remnants of its steel and manufacturing past. While the city has undergone significant revitalization efforts, some neighborhoods still bear the scars of industrial decline, including environmental concerns and urban blight. This can detract from the overall aesthetic and appeal of certain areas, impacting the quality of life for residents in those communities.
3. Limited job opportunities in certain industries
While Pittsburgh has a diverse economy, there may be limited job opportunities in certain industries, particularly those that are not as prominent in the region. This can pose a challenge for individuals seeking employment in specific fields, requiring them to explore job prospects in other cities or industries. Major employers in Pittsburgh include UPMC, the University of Pittsburgh, PPG, and PNC Bank. It’s important for residents to carefully consider their career options and the job market in Pittsburgh before making a decision to relocate to the city.
4. Higher taxes
One of the cons of living in Pittsburgh is the higher tax rates compared to some other cities. Residents may face higher property taxes, income taxes, and sales taxes, which can impact their overall financial situation. It’s important for individuals and families to factor in the tax implications when considering the cost of living in Pittsburgh and to plan their finances accordingly.
5. Traffic congestion
Pittsburgh can experience significant traffic congestion, especially during peak commuting hours and major events. The city’s hilly terrain and complex road systems can contribute to traffic bottlenecks and delays, impacting the overall commute experience for residents. It’s important for individuals to consider their transportation needs and preferences when choosing a neighborhood in Pittsburgh, taking into account the potential traffic challenges they may encounter.
New loan application activity decreased for the first time in four weeks, dropping to its lowest mark in over two months, the Mortgage Bankers Association said.
The MBA’s Market Composite Index, a measure of weekly application activity based on surveys of the trade group’s members, fell a seasonally adjusted 5.7% for the period ending May 24. The dropoff came as mortgage rates also saw their first uptick in four weeks and followed a rise in activity of 1.9% seven days earlier. On a year-over-year basis, volumes were 3.6% lower.
“Both purchase and refinance applications fell, pushing overall activity to the lowest level since early March,” said Joel Kan, MBA vice president and deputy chief economist, in a press release.
The conforming 30-year fixed-contract rate for mortgages with balances eligible for sale to the government-sponsored enterprises edged up 4 basis points to 7.05 from 7.01% among MBA lenders last week. Meanwhile, borrower points used to help buy down the rate climbed up to 0.63 from 0.6 for 80% loan-to-value ratio applications.
“Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year’s levels,” Kan added.
Similarly, after three straight weeks of elevated activity, particularly for government-backed transactions, the Refinance Index saw a 13.6% tumble from the prior survey. But the index still ended up higher by 12.4% compared to subdued levels of one year earlier.
The steep pullback in refinances led their share in volume relative to overall activity to also shrink to 31.3% compared to 34% the previous week.
The seasonally adjusted Purchase Index took a more muted 1.1% fall, but still ended up lower for the third week in a row. On a year-over-year basis, purchase-application volumes decreased 10.4%, as housing market trends stymie would-be buyers.
“There continues to be limited levels of existing homes for sale, and many buyers are struggling to find listings in their price range that meet their needs,” Kan said. The MBA’s latest data correlates with recent trends reported by the National Association of Realtors, which said existing-home sales declined for the second straight month in April.
A retreat among borrowers in the federally sponsored lending market noticeably drove overall activity downward during the seven-day period. The seasonally adjusted Government Index dropped 12.4%, fueled by a significant plunge in Department of Veterans Affairs-backed refinance loans, MBA found.
The percentage of federally guaranteed loan volume also diminished in tandem, with VA-sponsored loans narrowing to a 12% share from 13.7% in the previous survey. Federal Housing Administration-backed applications edged back to 12.7% from 12.8%. The small slice of mortgages coming from U.S. Department of Agriculture programs grew to 0.4% from 0.3% week over week.
Average mortgage rates among MBA members finished higher across the board to end last week. Like the conforming rate, the mean contract average of the 30-year jumbo loan also increased 4 basis points to 7.22% from 7.18% seven days earlier. Borrowers typically took 0.43 in points, down from 0.44.
The 30-year FHA-backed mortgage came in at an average fixed rate of 6.85% rising from 6.77% in the prior survey period. Points climbed up to 0.95 from 0.88 the previous week for 80% LTV-ratio loans.
The average 15-year fixed-contract rate took a 24 basis point leap to 6.66% from 6.42%. Points used to buy down the rate rose to 0.69 from 0.54.
The contract 5/1 adjustable-rate mortgage averaged 6.64%, up from 6.48% one week earlier. Points finished at 0.77, rising from 0.55 for the loans, which start at a fixed term for 60 months before becoming variable.
At the same time, the share of ARM applications overall decreased to 6.4% from 6.6% seven days earlier, with the weekly slowdown also hitting the adjustable-rate mortgage market. MBA’s seasonally adjusted ARM Index fell 8.1%.
Inside: Learn what 22 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $22 a year, how much do I truly make? What will that add up to over the course of the year when working?
Is $22 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $22.50 an hour annually?
In this post, we’re going to detail exactly what $22 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$22 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $22 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $22 = $45,760
$45,760 is the gross annual salary with a $22 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s breakdown how that number is calculated
Typically, the average work week 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, multiply the hourly salary of $22 times 2,080 working hours, and the result is $45,760.
That number is the gross income before taxes, insurance, 401K or anything else is taken out. Net income is how much you deposit into your bank account.
Very close to $46000 a year.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $22 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $22 times 1,040 working hours, and the result is $22,880.
How Much is $22 Per Month?
On average, the monthly amount would average $3,813.
Annual Amount of $45,760 ÷ 12 months = $3,813 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $18 an hour, you average an extra $8000 per year. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,906.
How Much is $22 per Hour Per 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, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $22 = $880 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $440.
How Much is $22 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $880 and double it.
$880 per week x 2 = $1,760
Also, the other way to calculate this is:
40 hours x 2 weeks x $22 an hour = $1,760
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $880.
How Much is $22 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $22 per hour = $176 per day.
If you work 10 hours a day for four days, then you would make $220 per day. (10 hours x $22 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $88.
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$22 Per Hour is…
$22 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$45,760
Yearly Salary (50 weeks)
$44,000
Monthly Salary (173 hours)
$3,813
Weekly Wage (40 Hours)
$880
Bi-Weekly Wage (80 Hours)
$1,760
Daily Wage (8 Hours)
$176
Net Estimated Monthly Income
$2,911
**These are assumptions based on simple scenarios.
Paid Time Off Earning 22 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $45,760 per year.
This is the same as the example above for an annual salary making $22 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $22 times 2,000 working hours, and the result is $44,000.
40 hours x 50 weeks x $22 = $44,000
You would average $176 per working day and nothing when you don’t work.
$22 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $45,760
Federal Taxes of 12%: $5,491
State Taxes of 4%: $1,830
Social Security and Medicare of 7.65%: $3501
$22 an Hour per Year after Taxes: $34,938
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$34,938 ÷ 2,080 hours = $16.80 per hour
After estimated taxes and FICA, you are netting $16.80 an hour. That is $5.20 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a $16 an hour wage is much different.
Understand the difference between gross pay vs net pay.
$22 an Hour Salary
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $22.01-22.99.
This is super helpful if you make $22.25, 22.40, or $22.66.
You are probably wondering can I live on my own making 22 dollars an hour? How much rent can you afford at 22 an hour?
We have figured out how much is $18 an hour annually is $45,760.
Using our Cents Plan Formula, this is the best case scenario on how to budget your $22 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $22 an hour was $16.80 after taxes. That would average $2,911 per month.
According to the Cents Plan Formula, here is the high level view of a $22 per hour budget:
Basic Expenses of 50% = $1455.74
Save Money of 20% = $582.30
Give Money of 10% = $291.15
Fun Spending of 20% = $582.30
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and have fun money.
To further break down an example budget of $22 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $22 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$301
Savings
15-25%
$610
Housing
20-30%
$915
Utilities
4-7%
$191
Groceries
5-12%
$305
Clothing
1-4%
$38
Transportation
4-10%
$153
Medical
5-12%
$191
Life Insurance
1%
$15
Education
1-4%
$21
Personal
2-7%
$57
Recreation / Entertainment
3-8%
$114
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$902
Total Gross Income
$3,813
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Can I Live off $22 Per Hour?
At this $22 hourly wage, you are close to double the minimum wage. Things should be easy to live off this $22 hourly salary or about $45,000 a year.
However, it is still below the median income of over $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $22 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $22 an hour annually?
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
You need to do is change your money mindset.
This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 22 dollars per hour. No going into debt for me. I will start saving money.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $22 an hour.
Yes, you can do it, and as you can see that it is possible with the sample budget of $22 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $22.50 will add up over the year. An increase to $23 an hour is even better!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $22 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
It is important to uncover what should I do for a living.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Related Question: How Fast Can you Make Money in Stocks? The Real Answer
Tips to Live on $22 an Hour
In this last section, grasp these tips on how to live on $22 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $22 an hour. Highlight these!
1. Spend Less Than You Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $22 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $22 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your gross income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
It could be participating in a no spend challenge for the month.
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Try the 100 envelope challenge to save $5000.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are plenty of things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
Check out these low stress jobs that pay well without a degree!
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher-income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
Jobs that Pay $22 an Hour
You can find jobs that pay $22 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Customer service representatives
Bank tellers
Freelance writers
Restaurant Kitchen staff
Truck driver
Uber /Lyft driver
Security guard
Movers
Warehouse workers
Companies that pay more than $22 per hour: Target, In-and-Out Burger, Panera Bread, Burger King, Costco, Wayfair, Amazon, Best Buy, Target, Wells Fargo, Disney World, Disney Land, Bank of America, JP Morgan, Cigna, Aetna
$22 Per Hour Annual Salary
In this post, we detailed 22 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 22 dollars an hour annually…
$45,760
This is right between $45000 per year and $46k a year. In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Retail banking involves offering financial services to individual consumers rather than businesses or other banks. It encompasses a range of products and services, such as checking and savings accounts, mortgages, personal loans, credit cards, certificates of deposit (CDs), and more.
Retail banking is different from corporate banking, which is the part of the banking industry that serves large companies and corporate customers. Retail banks can be local community banks, online banks, or the divisions of large commercial banks. Credit unions also offer retail banking.
Read on for a closer look at what retail banking is and how it differs from corporate banking.
What Is Retail Banking?
Retail banking, also known as personal or consumer banking, refers to financial services provided to individuals. This type of banking is designed to serve the general public and to help people and families manage their money, obtain credit, and save for the future.
Retail banks focus on making banking services easily accessible, either through physical branches, ATMs, and/or online platforms. These banks play a crucial role in the economy by offering checking accounts, high-yield savings accounts, certificates of deposit, loans, and other financial products that help individuals safely store, manage, and grow their money.
Though some retail banks also work with small businesses, retail banking is different from corporate (also known as commercial) banking, which involves working with commercial entities, such as large businesses, governments, and institutions.
Most large-scale banks have retail banking divisions. Credit unions and smaller banks, on the other hand, may be exclusively focused on retail banking.
Recommended: 12 Things To Consider When Choosing A Bank
How Does Retail Banking Work?
Retail banking works by offering financial products and services tailored to consumers. These services are designed to help individuals and families manage their finances efficiently, save for the future, and access credit cards and loans. Retail banks make money primarily through interest on loans, fees for services, and charges for various banking products.
Features of Retail Banking
Retail banking offers a hub for all of your basic financial transactions. Here’s a look at some of the products and services they provide.
• Savings and checking accounts: Retail banks offer savings and checking accounts to help individuals manage their money. Savings accounts typically earn interest, while checking accounts provide easy access to funds for day-to-day transactions.
• Consumer loans: Retail banks commonly offer personal loans, auto loans, and home mortgages. These loans can help people finance significant purchases or investments, such as buying a home or car.
• Credit Cards: Retail banks issue credit cards that allow consumers to borrow money up to a certain limit for purchases. These cards often come with rewards, cash back, and other incentives.
• Online and mobile banking: Retail banks typically provide online and mobile banking services, allowing you to manage your accounts, transfer money, pay bills, and access other banking services from your computer or smartphone.
• Investment services: Some retail banks offer investment products like mutual funds, retirement accounts, and brokerage services to help customers build wealth over time.
• Customer service: Retail banks typically emphasize customer service. Many provide personalized financial assistance through branch staff, call centers, and online support.
Types of Retail Banks
Retail banks come in various forms, each catering to different customer needs and preferences. Here’s a look at some of the main types of retail banks.
• Commercial banks: Many people access retail banking through one of the large, commercial banks, which generally offer a retail banking division along with corporate banking services.
• Credit unions: Credit unions are nonprofit financial institutions owned by their members. They often provide similar services to commercial banks but with a focus on serving the financial needs of their members, usually offering lower fees and better interest rates.
• Online banks: Online banks operate exclusively online, without physical branches, though you typically have access to a partner network of ATMs. They often offer higher interest rates on savings accounts and lower fees due to reduced overhead costs.
• Community Banks: Community banks are smaller, locally-focused institutions that prioritize serving the needs of their local communities. They offer personalized customer service and often have a strong understanding of their local markets.
Recommended: Big Banks vs Small Banks: Key Differences?
How Is Retail Banking Different From Corporate Banking?
Retail banking and corporate banking represent two different sectors of the banking industry, each serving different customer bases and offering different services.
Retail banking focuses on individual consumers, providing them with products like bank accounts, personal loans, and credit cards. Corporate banking, on the other hand, serves businesses and corporations, offering services like business bank accounts, commercial loans, trade finance, and employer services.
Transactions in retail banking are typically smaller in size and higher in volume compared to corporate banking, which tends to focus on larger, more complex transactions.
If you’re wondering whether you would be better served by retail vs. corporate banking, here’s a snapshot how the two compare.
Retail Banking
Corporate Banking
Client base
Individual consumers
Businesses, institutions, banks, government entities
Products and services
Personal checking/savings accounts, mortgages, personal loans, credit cards
Business checking/saving accounts, business loans, merchant services, global trade services, employee benefits plans
Loan amounts
Lower
Higher
Transaction frequency and amounts
High number of transactions for low amounts
Low volume of transactions for more significant amounts
The Takeaway
Retail banking is the public face of banking that provides banking services directly to individual consumers rather than businesses or other banks. Most of us bank at a retail bank or retail division of a large commercial bank whether we realize it or not.
Whether you use a brick-and-mortar bank, online bank, or credit union, retail banking offers products and services that allow you to manage your money, access credit, save for the future, and work toward your financial goals.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What is an example of retail banking?
An example of retail banking, also known as consumer banking, is when an individual opens a savings account at a local bank. The bank then allows them to deposit funds, withdraw money, and earn interest on their deposits. The same bank might also offer them a checking account for daily transactions, a mortgage to buy a home, and a credit card for everyday purchases. These services are all examples of retail banking, which is aimed at meeting the personal financial needs of individual consumers.
What are the largest retail banks?
The largest banks in the U.S. that offer retail banking include:
• Chase
• Bank of America
• Wells Fargo
• Citibank
• U.S. Bank
• PNC Bank
• Goldman Sachs Bank
• Truist Bank
• Capital One
• TD Bank
Who uses retail banking?
Retail banking is used by individual consumers to manage their personal finances. This includes:
• Students
• Young adults
• Working professionals
• Couples
• Families
• Retirees and seniors
• Small business owners
What are the retail banking products?
Retail banking offers a variety of products and services tailored to the financial needs of individual consumers. These include:
• Savings accounts
• Checking accounts
• Personal loans
• Mortgages
• Credit cards
• Certificates of deposit (CDs)
• Investment products
• Online and mobile banking services
• Debit cards
Photo credit: iStock/Passakorn Prothien
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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Outdoor living spaces are extensions of our homes, offering a serene escape from the hustle and bustle of daily life. Whether you have a spacious patio on your rental home in Charlotte, NC, or a cozy balcony off your house in San Diego, CA, transforming these areas into inviting retreats can enhance your overall living experience. Here are some inspiring decor ideas to help you make the most of your patio and balcony spaces.
1. Comfortable seating
Consider a mix of seating options to cater to different activities and spaces. A large sectional sofa with weather-resistant cushions provides a comfortable spot for lounging, while a set of cushioned chairs and a coffee table create an intimate area for conversation. Flossie, with Super Mom Hacks, recommends mixing and matching other seating options for the best use of space. “When thinking about how to furnish your patio or deck, consider all the possible ways you might use the space and keep your choices versatile to match,” Flossie shares. “When we had a new enclosed porch built a few years ago, we wanted it to be an extension of our living room, so it’s got comfy seating, a small bookshelf, and a hammock that is perfect for curling up with a good book or taking a nap.”
For smaller balconies, bistro sets with foldable chairs are perfect for dining without occupying too much space. Hanging egg chairs or compact loveseats can add comfort without overwhelming the area. Multifunctional furniture, such as benches with built-in storage, helps maximize space, perfect for if you have a small balcony space off your studio apartment in NYC.
2. Greenery and plants
Greenery can transform any outdoor area into a lush retreat. Large potted plants or raised garden beds can serve as focal points, while vertical gardens and trellises covered with climbing plants like jasmine or clematis add height and visual interest.
Angie of Angie’s Roost notes that the power of plants and their containers can be harnessed to add magic to your balcony or patio. “Nothing brings a patio to life more than potted plants and the containers you use matter,” Angie notes. “Group plant pots that complement each other in the style you’re going for. A collection of timeless terracotta pots gives a classic cottage feel while sleek concrete planter cubes are more modern. If you’re looking for a more farmhouse-style look, fill galvanized containers with flowers.
Ang Paris, of Juggling Act Mama, recommends using railing planters and wall-mounted pots to save floor space, especially on balconies. “Transform your outdoor space with container gardening. It’s ideal for compact areas such as patios or balconies because you can maximize limited space,” Paris shares. “Whether you’re adding a tall planter, mini herb garden, or even window boxes, you can personalize your space by choosing containers and plants that reflect your own style.”
If you don’t have a green thumb, there is no need to worry. Amy of Genius Mom Hacks shares her tips for adding greenery without adding too much stress. “Unless you have a green thumb and are committed to daily watering, buy sturdy faux plants that are sun resistant so they will not fade, to bring immediate color to your patio. To me, this is one of the easiest ways to spruce up your patio/balcony/porch.”
3. Outdoor rugs and textiles
Outdoor rugs define different areas and add a pop of color and texture. Choose rugs made from durable, weather-resistant materials. Layering rugs can create a cozy, eclectic look. Add throw pillows and blankets in coordinating colors and patterns for comfort and style. Smaller rugs can make a significant impact on balconies, where vibrant patterns can add character. Outdoor cushions and throws soften hard surfaces and make the space more inviting. Ensure all textiles are designed for outdoor use to withstand the elements.
4. Lighting
Lighting sets the mood for your outdoor space and is very important, shares Jenifer Lea, founder and CEO of Entry Envy. “Ambient lighting is essential,” Lea exclaims. “Solar string lights or solar “up lights” in planters or dark corners will make the space feel more inviting and open.” Lanterns, both standing and hanging, also offer a warm, inviting glow. Solar-powered garden lights can highlight pathways and plantings, adding both functionality and beauty.
For balconies, string lights are an excellent choice due to their versatility and ease of installation. Battery-operated candles or small lanterns provide a cozy atmosphere. Consider wall-mounted sconces if there’s an electrical outlet, or use solar-powered options for an eco-friendly touch.
It’s important to note that with proper, bright lighting comes the necessity of keeping the space tidy, as light can highlight even the smallest of messes. Lea also shares that, “By keeping it clean, you will be able to enjoy your space more when it is tidy. Outdoor areas are challenging, but a little daily maintenance to minimize spider webs and dust can go a long way.”
5. Personal touches and accessories
Personalize your space with art and accessories that reflect your style. Crystal Allen, owner of Hello Creative Family, recommends using a mix of bold colors and neutrals to help reflect the space of your personality. “I love lots and lots of bright bold colors. Think about how you will be using your outdoor living space (dining, curling up to read a book, an outdoor office, entertaining, etc) and look for pieces that have maximum comfort for your needs in neutral color palettes,” Allen suggests. “Next, add all of your favorite colors with the accessories. Throw blankets, cushions, trays, flowers, plants, pots, outdoor rugs, table cloths, plates, napkins, and cups are all great ways to add pops of your favorite colors and personalize your space– and if your favorite colors change from year to year they are easier to swap out and replace than your large outdoor furniture pieces.”
Your personal preferences and individual needs matter as well when it comes to decorating. “Decorating a patio will completely depend on the amount of space, your budget, and where you live,” shares Jennifer with Crazy DIY Mom. “The necessities for my patio are comfortable furniture, plants, and a piece that creates sound. A wind chime or a water fountain is the perfect touch to help disguise neighborhood noise and create a calm environment for enjoying the outdoors.”
For those with front porches, Lilia Ramirez, with Modern House Numbers, recommends focusing on revamping curb appeal. “For those seeking to boost their curb appeal this summer, upgrading your address numbers is a great place to start,” Ramirez shares. “This essential detail not only helps emergency responders, delivery drivers, and guests locate your home, but it also offers an opportunity to enhance your exterior and showcase your personal style. Experiment with different fonts, finishes, and sizes to find the perfect look for your home.”
6. Functional additions
Incorporate functional elements that make your outdoor area a true extension of your home. Stacy Elmore, co-founder of The Luxury Pergola, recommends shade solutions like pergolas that can make the space comfortable even on hot days. “When decorating your patio or balcony, you have to think how people will use it and where people will congregate.
The biggest component that most people overlook when decorating their space is providing a cover from the scorching rays on a hot day, or rain that threatens a perfectly good gathering,” Elmore notes. “Covering a portion of your patio or balcony with a versatile shade solution is key to crafting a beautiful and functional space. An adjustable pergola, like the ones at The Luxury Pergola, is a great option as you can choose between sun or shade and get rain protection, all in one package.”
Consider installing a sound system for music and entertainment along with outdoor kitchen features like built-in grills or small, foldable tables for more elevated entertaining, dining, or even working. “A patio is used in both the day and night time so think about what would enhance your space in both of these situations,” Dustin Heiner shares. “Since you are most likely going to entertain friends in this space, add a small bistro table or bar cart to keep the drinks and snacks ready for guests.” Privacy screens or outdoor curtains can assist in creating a secluded retreat, shielding the area from neighbors and adding a sense of enclosure.
7. Avoid overcrowding
When decorating your outdoor space, it’s essential to avoid overcrowding. Nikki Lo with Hip and Home, recommends leaning into what the space already offers to avoid the space feeling too busy. “Patio styling is so much more than just sticking a table and chairs outside. Take advantage of other structural features your space might have, like a ceiling, roof, railing, etc. There are so many creative ways you can expand your patio decor beyond a table and chairs,” Nikki shares.
“With that being said, don’t overcrowd the space. There are tons of spots around your patio you can decorate, but that doesn’t mean you have to style every one of them. Make sure you and your guests have enough room to move around freely and remember to take into account other items you might have out while you’re entertaining, such as speakers, coolers, and extra seating.” Keeping a balance between decor and open space will make your patio or balcony feel more spacious and relaxing.
Create your perfect outdoor retreat
Whether you’re working with a sprawling patio or a modest balcony, thoughtful decor and functional elements can transform your outdoor space into a personal haven. By incorporating comfortable seating, lush greenery, vibrant textiles, and ambient lighting, you can create a stylish and inviting retreat perfect for relaxation and entertainment. Embrace your outdoor living area and let it become a true extension of your home, reflecting your style and enhancing your overall living experience.