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30k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $30,000 a year. The question that remains is can you make a living off $30k a year.
The median household income is $70,784 in 2021 and increased with hot inflation over the past couple of years (source). Think of it as a bell curve with $71K 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 $55,640 for a 40-hour workweek; that is an increase of 6.9% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 30,000 per year in today’s society since it is well below both the average and median household incomes. The question you want to ask all of your friends is $30000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $30000 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 $30k 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?
$30000 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 30k a year hourly. That way you can decide whether or not the job is worthwhile for you.
30000 salary / 2080 hours = $14.42 per hour
$30000 a year is $14.42 per hour
Let’s breakdown how that 30000 salary to hourly number is calculated.
For our calculations to figure out how much is 30K 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 $30000 by 2,080 working hours and the result is $14.42 per hour.
Between $14 an hour and $15 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 $5K to $35K per year, it would increase your hourly wage to almost $17 an hour – a difference of $2.41 per hour.
To break it down – 35k a year is how much an hour = $16.83
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $30K salary Per Month?
On average, the monthly amount would be $2,500.
Annual Salary of $30,000 ÷ 12 months = $2,500 per month
This is how much you make a month if you get paid 30000 a year.
$30k 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 a $30k 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$30000/52 weeks = $577 per week.
$30000 a year is how much biweekly?
For this calculation, take the average weekly pay of $577 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$30000 / 260 working days = $115 per day
If you work a 10 hour day on 208 days throughout the year, you make $144 per day.
$30000 Salary is…
$30000 – Full Time
Total Income
Yearly Salary (52 weeks)
$30,000
Monthly Salary
$2,500
Weekly Wage (40 Hours)
$577
Bi-Weekly Salary (80 Hours)
$1,154
Daily Wage (8 Hours)
$115
Daily Wage (10 Hours)
$144
Hourly Wage
$14.42
Net Estimated Monthly Income
$1,909
Net Estimated Hourly Income
$11.01
**These are assumptions based on simple scenarios.
30k 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 an all salary range 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 a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 30000 a year after taxes?
Gross Annual Salary: $30,000
Federal Taxes of 12%: $3,600
State Taxes of 4%: $1,200
Social Security and Medicare of 7.65%: $2,395
$30k Per Year After Taxes is $22,905.
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22,905 ÷ 2,080 hours = $11.01 per hour
After estimated taxes and FICA, you are netting $22,905 per year, which is $7,095 per year less than what you expect.
***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 that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $30000 income can range from $20,505 to $24,105 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 $30,000 income.
How Much Is 30K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 30k, here is a tool to convert salary to hourly calculator.
You can find many early morning jobs in this salary range and some pay this part time!
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 $30,000 a year is going to be extremely 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 afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $30,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $30,000 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.
You should be able to meet your basic expenses each and every month.
Save money with the 50 envelope challenge.
Not be able to afford many of the fun spending luxuries.
Ability to make sure that saving money is a priority, and very possibly save $1000 in 52 weeks.
When A $30,000 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 30k 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.
$30K 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 leftover is left for fun spending.
If you want to know how to manage 30k 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 $30000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$125
Savings
15-25%
$375
Housing
20-30%
$725
Utilities
4-7%
$100
Groceries
5-12%
$209
Clothing
1-4%
$25
Transportation
4-10%
$88
Medical
5-12%
$150
Life Insurance
1%
$13
Education
1-4%
$25
Personal
2-7%
$25
Recreation / Entertainment
3-8%
$50
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$591
Total Gross Monthly Income
$2,250
**In this budget, prioritization was given to basic expenses and no debt.
Is $30,000 a year a Good Salary?
As we stated earlier if you are able to make $30,000 a year, that is a low salary. You are making around or just above minimum wage.
While 30000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
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 $30k salary would be considered a lower class salary. You must make each dollar count in your budget.
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 30k 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 a 30,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 30,000 per year.
If you are looking for a career change, you want to find jobs paying at least 38000 a year.
Is 30k a good salary for a Single Person?
Simply put, you can make it work.
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 comfortably on $30000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 30k a good salary for a family?
Many of the same principles apply above on whether $30000 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.
At the 30K salary with a family, you would need more than one income stream to make this possible without government help.
The cost of raising a child is expensive! Any of us can relate to that!
Did you know raising a child born in 2015 is $233,610 (source). That is from birth to the age of 17 and this does not include college.
Each child can put a dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $30,000 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.
Desire to improve your career and make more money.
Your lifestyle choices.
You will not be able to afford everything on this salary.
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 30,000 per year, then the combined income for the household would be $60,000. 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 30000 Per Year?
As we outlined earlier in the post, $30000 a year:
$14.42 Per Hour
$115-144 Per Day (depending on length of day worked)
$577 Per Week
$1,154 Per Biweekly
$2,500 Per Month
Next up is making $32000 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 lower-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 29,000 a year, that is an okay place to be getting your career. However, if you have been in your career for over 20 years and still making $30K, 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.
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.
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Both certificates of deposit (CDs) and money market accounts (MMAs) are types of savings accounts that tend to earn higher interest rates than traditional savings accounts. But there are some key differences between them.
An MMA allows you to withdraw money as needed (and even comes with checks or a debit card), though you may be limited to a certain number of transactions per month. With a CD, on the other hand, your money is locked up for a set period of time. In exchange for leaving your money untouched, however, CDs generally pay higher rates than MMAs.
Whether you should choose a CD or MMA will depend on your financial needs and goals. To help you make the right choice, here’s a closer look at how these two savings options compare.
Main Differences Between Money Market Accounts and CDs
Here’s a quick snapshot of the differences between money market accounts and CDs.
Money Market Accounts
CDs
Interest rates
Variable; typically lower
Fixed; typically higher
Liquidity
Highly liquid
Lacks liquidity (early withdrawal incurs a penalty, in most instances)
Minimum balance requirements
Higher than regular savings accounts
Varies by CD
Debit card/checks
Yes
No
Money Market Accounts
A money market account (MMA) is a type of savings account offered by banks and credit unions that provides some of the conveniences of a checking account. Like a typical savings account, you earn interest on your deposits, often at a higher rate than what you could earn in a traditional savings account. In addition, these accounts typically come with checks and/or a debit card, making it easier to access your funds.
Money market accounts may come with withdrawal limits (such as six or nine per month), however, so they aren’t designed to be used as a replacement for a checking account. MMAs also often require you to keep a certain minimum balance in order to avoid fees or earn the advertised annual percentage yield (APY).
The money you deposit in an MMA is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), if held at an FDIC-insured bank, or by the National Credit Union Administration (NCUA), if held at an insured credit union. That means you can’t lose your money (up to certain limits) even if the bank were to go bankrupt or shut its doors.
Pros and Cons of Money Market Accounts
Here’s a look at some advantages of opening a money market account.
• Higher interest rate: Typically, money market accounts have higher interest rates than traditional savings accounts.
• Security: Because of the FDIC and NCUA insurance, the funds in a money market account are typically insured against loss.
• Funds are liquid: You can withdraw your money when you need to (though you may be limited to a certain number of transactions per month).
• Ease of access: It’s possible to access the funds in a money market account by withdrawing cash at an ATM, doing an electronic transfer, using a debit card, and/or writing checks.
MMAs also have some disadvantages. Here are some to keep in mind.
• Better rates may be available elsewhere: You may be able to find a high-yield savings account at an online bank that offers a higher APY than an MMA at a traditional bank (with potentially fewer restrictions and/or fees).
• Minimum balance requirements: Banks often require a minimum deposit to open an MMA, as well as a minimum amount you must keep in the account in order to earn the top APY and/or or avoid a monthly maintenance fee.
• Variable interest rate: APYs on MMAs are based on market interest rates at a given time. It’s difficult to predict how the market will perform and if this interest rate will rise or fall.
• Limited growth potential: If you’re looking for long-term growth, you can potentially make more by investing your money in the market.
Certificates of Deposits (CDs)
A certificate of deposit (CD) is a type of savings account that offers fixed interest rate that is generally higher than a traditional savings account. A CD also comes with a fixed-term length and a fixed maturity date. This means you need to leave the funds in a CD untouched for a set term, which can range anywhere from a few months to several years. Generally, the longer the CD’s term, the higher the APY, but this is not always the case.
CDs don’t charge monthly fees, but will typically have an early withdrawal penalty, and you usually can’t add any additional funds after the initial deposit.
CDs are offered by banks and credit unions: at credit unions, they are often referred to as share certificates. Like regular savings accounts, CDs are typically insured by the FDIC or NCUA, so you get your money back (up to $250,000) in the unlikely event that the bank or credit union were to go out of business.
Pros and Cons of CDs
Here’s a look at some of the advantages that come with depositing money into a CD.
• Potentially higher rates: CDs tend to offer higher APYs than regular savings accounts and money market accounts.
• Guaranteed rate of return: Because CDs typically have fixed rates for fixed terms, you know up front how much interest you will earn.
• Security: Like other types of savings accounts, CDs are insured by either the FDIC or NCUA.
• Convenience: It’s fairly easy to open a CD, since most banks and credit unions offer them.
There are also some disadvantages of CDs that you’ll want to bear in mind.
• Relatively low returns: While CDs tend to earn more than a regular savings account, investing in stocks and bonds can be a better option if you’re looking to maximize your returns over the long term (though, unlike CDs, returns are not guaranteed).
• Rates won’t go up: Because CDs come with fixed interest rates, the APY won’t go up even if market rates rise during the term of your CD (unless you open a bump-up CD).
• No liquidity: Unlike other types of savings accounts, you can’t withdraw funds as needed. To benefit from a CD, you must wait until the CD term ends before you access your cash.
• Withdrawal penalties: If you end up needing the money before the CD matures, you will likely incur an early withdrawal penalty.
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When Should I Consider a Money Market Account or CD Over the Other?
MMAs and CDs have different requirements and benefits, and which one will serve you best will depend on your needs and preferences.
Choosing a Money Market Account Over a CD
A money market account may be a better choice than a CD if:
• You want the option to add and withdraw money regularly. You can save money over time with a money market account. You can also withdraw the money at any time, though you may be subject to some restrictions.
• You’re building an emergency fund. A money market account can be a good place to stash your emergency fund. You can likely maintain the minimum balance requirement and can benefit from the extra interest. Should you need the money, however, you can get it right away.
• You’re saving for a large purchase. If you’re saving for a big ticket item like a car, a money market account will allow you to write a check from the account when you’ve reached your goal and it comes time to use those funds.
Choosing a CD Over a Money Market Account
A CD may be a better fit than a money market account if:
• You have a longer-term savings goal. If you don’t need to use the money for a year or two, you may benefit from the higher returns offered by CD.
• You want to make sure you don’t touch the money. If you’re setting aside money for a specific future expense, like a wedding or vacation, a CD helps insure you won’t impulsively spend it on something else.
• You want some growth without risk. Unlike money invested in the market, the money you put into a CD is insured (up to certain limits) and the rate of return is guaranteed.
Recommended: How to Save Money: 33 Easy Ways
The Takeaway
Both money market accounts and CDs offer safe ways to earn more interest on your savings than you could in a traditional savings account. While money market accounts offer more flexibility and liquidity than CDs, CDs tend to offer higher APYs.
If you won’t need the money for a set period of time (say, six months to three years), and can find a good rate on a CD, you might be better off going with a CD over an MMA. If you may need to tap the funds at some point (but you’re not sure when), an MMA allows you to earn a higher-than-average interest rate while keeping the money liquid, with the added benefit of offering checks or a debit card.
Before choosing any type of savings account, however, it generally pays to shop around and compare current APYs. You may find another savings vehicle, such as a high-yield savings account, that offers the returns you want with minimal requirement, restrictions, or fees.
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FAQ
Are CDs or money markets better?
If you don’t need to access your funds for a while, a CD could be a better fit. CDs tend to offer higher interest rates than money market accounts, and the interest rate is fixed which makes the return predictable. Conversely, if you might need to draw on the funds in the near-term, an MMA may be a better route.
What are the tax implications of money market accounts vs. CDs?
With both certificates of deposit (CDs) and money market accounts (MMAs), the interest you earn is considered taxable income. You will receive a Form 1099-INT from your bank at the end of the year, which you must report on your tax return.
The Interest from CDs is typically taxed in the year it is earned, even if you don’t withdraw it until the CD matures. This means you might owe taxes on interest even if you haven’t received it yet. Interest on MMAs, however, is usually credited monthly and taxed in the year it is credited.
What are other options besides money market accounts and CDs?
Money market accounts and certificates of deposit (CDs) offer a low-risk way to earn a solid interest rate on your money. But they aren’t your only option. Here are some alternatives:
• High-yield savings accounts. These accounts offer higher interest rates than traditional savings accounts and provide easy access to your funds with no fixed terms.
• Treasury Securities. U.S. Treasury bills, notes, and bonds are government-backed securities that can offer competitive returns. They vary in term length and interest rate and are considered very safe investments.
• Bond Funds. These mutual funds invest in a diversified portfolio of bonds, offering potentially higher returns than money market accounts and CDs, though they come with higher risk.
Photo credit: iStock/Vanessa Nunes
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.
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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.
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Counterintuitive Reaction to Data, But We’re Not Upset
By:
Matthew Graham
Wed, Jun 5 2024, 4:08 PM
Counterintuitive Reaction to Data, But We’re Not Upset
The bond market did not stick to its usual script today. An important piece of economic data (ISM Services PMI) came out above the median forecast by an amount that is historically significant–an amount that would almost always result in immediate bond market weakness of at least several bps in terms of 10yr Treasury yields. Unsurprisingly, that happened right away, but then something else happened. Bonds quickly erased the losses and moved to the best levels of the day (where they stayed for the rest of the trading day). It’s a bit of a stretch to give credit to the components of the data, but it helps. Other explanations include anticipation for more palatable inflation data next week and, in the shorter-term, tame job creation in this Friday’s data.
ADP Employment
152k vs 175k f’cast, 192k prev
08:17 AM
Basically unchanged overnight and little reaction to ADP jobs. MBS unchanged and 10yr down less than 1bp at 4.319
10:38 AM
Volatility after ISM data with a brief pop to 4.358 in 10yr yields, but now back down 1.5bps on the day to 4.31+. MBS back up 1 tick (.03) after being down 2 ticks (.06) at the lows.
11:24 AM
Best levels of the day now with 10yr down 3.6bps at 4.291 and MBS up 5 ticks (.16).
02:25 PM
Fairly flat near best levels. Trading levels right in line as the last update.
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The phrase “data dependent” is ingrained in the current bond market psychology for good reason. Weaker trends in economic data will reliably cause the Fed to cut rates when the time comes. This is particularly true for inflation-related data, but other reports still matter. One of those reports came out this morning, but things didn’t go according to the data dependent script–at least not at first glance.
The Institute for Supply Management (ISM) publishes a monthly index on the health of the services sector called the PMI (purchasing managers index). Apart from the highest of the top tier economic reports, ISM PMIs are some of the most relevant considerations when it comes to data that moves the rate market.
Today’s Services PMI was HIGHER than expected, and not by a small margin. This is something that would normally be bad for rates. Indeed, that was the bond market’s initial reaction, but the first move quickly gave way to a rebound that resulted in even lower rates by the end of the day.
As for the rationale, it could have something to do with a component of the report that showed slightly lower price pressures versus last month. Combine that with the same message in ISM’s manufacturing PMI earlier this week, and the market could be hoping that next week’s all important Consumer Price Index (CPI) sings a similar tune.
The average mortgage lender moved one step closer to the lowest levels since early April, but there still a few days in mid May that were microscopically better.
From here, attention turns to Friday’s big jobs report. That’s one of those “top tier” pieces of data mentioned earlier. A counterintuitive reaction is less likely in the event that it, too, manages to do better than forecast.
California-based mortgage lender loanDepot (LDI) has made two additions to its sales leadership team.
On Wednesday, the company confirmed that Justin Andrews has been hired as the new area sales manager in the Seattle region. Andrews comes to loanDepot with 25 years of mortgage industry experience, including a recent stint as national director of branch partnerships at Movement Mortgage.
Andrews also previously worked in business development, sales and marketing roles at Hometown Lenders, Finance of America,Veristone Capital, Yarrow Bay Mortgage and Merit Financial. In his new position with loanDepot, he will be responsible for driving market share growth in Seattle and the surrounding areas.
“Justin is the poster child for servant leadership,“ loanDepot regional vice president Jeremy Bordner said in a prepared statement. “His ability to inspire and lead with confidence and clear direction will be an incredible addition to our rapidly growing Washington markets.”
In late April, Jeff Wilkish joined loanDepot after seven years at Movement Mortgage. Wilkish will serve as the company’s regional vice president for New England, overseeing sales activty in the states of Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
“In line with our Vision 2025 plan, we are continuously recruiting top talent,” loanDepot executive vice president John Bianchi said in a statement. “As we considered how to fill this critical leadership position, we looked for someone who is both an exceptional developer of originator talent, and also part of the fabric of New England.
“A native New Englander, Jeff fits the bill all around. He is deeply involved with the regional Realtor, builder and mortgage communities and has built an impressive, two-decade track record leading top-producing teams. One of his core strengths is helping his team to achieve their career best.“
Prior to his time at South Carolina-based Movement Mortgage, Wilkish held sales leadership positions at Primary Residential Mortgage, Guaranteed Rate and First Financial Mortgage.
“Since our acquisition of Mortgage Master in 2015, New England has been a critical market for loanDepot’s vision of the future,“ LDI Mortgage President Jeff Walsh added. “Jeff’s expertise and leadership will be invaluable as we continue to strengthen our position and grow in this critical market.”
loanDepot and Movement Mortgage are embroiled in an ongoing legal battle over allegations that Movement poached more than two dozen loan officers in late 2021 and early 2022. The lawsuit was filed in the U.S. District Court for the District of Delaware in June 2023 and the case is still in the discovery phase, according to court documents reviewed by HousingWire.
A spokesperson for Movement Mortgage did not immediately respond to a request for comment on the Andrews and Wilkish hirings.
loanDepot remained unprofitable in first-quarter 2024, announcing last month that it posted a non-GAAP adjusted net loss of $38 million from January through March. It lost $26.6 million in Q4 2023 and $59 million in Q1 2023. A portion of the Q1 2024 loss was tied to a January cyberattack that impacted the personal data of nearly 17 million customers.
For some, “digital nomad” evokes the image of a young, unencumbered tech worker sending emails from the beach. Indeed, three-quarters of digital nomads are under age 40, according to a 2023 survey of over 1,200 digital nomads by Flatio, an online accommodation platform.
Yet some families have joined the digital nomad lifestyle, leaving their belongings — and the idea of a “home” — behind as they travel the globe. The lifestyle may not afford families the same hammock-swinging freedom that digital nomads without children enjoy, but these adventurous parents say the trade-offs are worth it.
“We really like the whole adventure,” says Chris Oberman, founder of Moving Jack, a blog about his family’s trips around the world. “Normal things like going to the supermarket become really special because it’s a new experience.”
Originally from the Netherlands, Oberman, his partner, their 6-month-old baby and their two cats are currently in Iraq. They plan to move to South Korea this summer.
“Logistically, it requires a lot of planning,” Oberman says. “Before we move abroad, we return to our home country to arrange all necessary documents. Since we don’t own a house, we either stay with family or rent a place. When we depart for our new destination, we stay in a temporary place such as a serviced apartment or hotel that allows cats (which isn’t easy to find).”
In the midst of this explanation, the power went out.
“The power goes out five times a day,” Oberman says with a laugh, highlighting some of the unexpected challenges of living abroad with a family.
Schools and social circles
Schooling poses one of the biggest challenges to families living on the road. Oberman’s infant is too young for school, so that’s not an issue, but other digital nomad families must get creative when it comes to education.
“Our decision on where to go is influenced by factors such as having internet access to educational opportunities for our kids, safety and cost of living,” Vasilii Kiselev said in an email. Kiselev is from Florida, and his family of four is currently nomading in Portugal. “[We] incorporate local culture and history into their learning experience.”
This approach reflects an educational movement called “world schooling,” an unofficial term that describes an educational approach centered around cultural immersion. Some, like Kiselev, still seek formal education while traveling, while others combine nomadism with homeschooling. The Facebook group “Worldschoolers” has over 67,000 members.
And while it might sound challenging for children to get uprooted regularly, Kiselev, whose children are ages 8 and 12, suggests that adjusting to nomadism is a matter of practice.
“They have adapted well to the lifestyle,” Kiselev said.
Changing friend groups and even languages from one month to the next can be a challenge for anyone, never mind a child. Oberman says he’s aware of the social difficulties that lie ahead for his son.
“As he makes friends, it could be tough for him.”
Budgets and trade-offs
Raising kids is expensive whether at home, abroad or on Mars.
It’s easy to be daunted by the cost of traveling full time with a family, especially given how expensive a few weeks’ vacation can be. Yet many nomadic families are able to maintain a budget when living full time on the road.
Kiselev’s family budgets about 1,500 to 2,500 euros ($1,629 to $2,715) per month for housing.
“It’s pricey but necessary for a comfortable living space.”
Another cost is private school, which costs Kiselev about 500 to 1,000 euros ($543 to $1,086) per month, or $6,516 to $13,032 per year — an attractive price for many U.S.-based parents in high cost-of-living areas.
For comparison, according to a study last updated in October 2023 by the Education Data Initiative, a research group focused on the U.S. education system, the average annual private school tuition across grade levels K-12 in Massachusetts is $25,061, and California’s average is $16,637.
Of course, that doesn’t include last-minute hotels, airfare, travel insurance and all the other expenses accrued from shuttling a family around the globe. Oberman’s family found themselves flying back and forth from Iraq to the Netherlands and Dubai during the pregnancy because of concerns about the quality of health care in Iraq. Those expenses can add up in a hurry and swamp any savings from lower overall costs of living.
Yet many families find the financial trade-offs worth it in terms of the experiences they and their families are able to accrue.
“Showing our child so much of the world is very rewarding and helps him grow with a global perspective,” says Oberman.
It’s not even completed yet and THE 74 is already making waves on the Upper East Side with its fresh take on luxury living.
Designed by the visionary architects at Pelli Clarke & Partners and the AD100 superstar Rafael de Cárdenas, the still-under-construction condo building is a modern reinterpretation of the classic New York skyscraper, conjuring city icons like the Chrysler Building, Rockefeller Center and the Waldorf Astoria, but with a distinctly modern twist.
Upon completion — set for summer 2025 — the 32-story tower will feature 42 homes with prices ranging from $3.6 million to $13.55 million, and the finest high-end finishes money can buy.
Here’s what you need to know about this exciting new addition to the NYC skyline — along with a first look at some of the most notable residences at THE 74: a 5-bedroom duplex with a 317-square-foot terrace and a full-floor, 5-bedroom home with Central Park views.
The vision behind THE 74
Elad Group, known for their iconic residential developments, which include Tribeca’s newly converted Clock Tower building and The Plaza’s conversion, has brought together some of the best minds in architecture and design to create THE 74.
“We created THE 74 for the Upper East Side buyers who want a modern home that reflects their modern lifestyle,” said Orly Daniell, President of Elad Group. “Pelli Clarke & Partners and Rafael de Cárdenas have delivered precisely what we envisioned and what this neighborhood has been missing.”
Pelli Clarke & Partners are known for their skyline-defining masterpieces, and Rafael de Cárdenas has once again showcased his genius with interiors that blend romance and rigor. This collaboration has resulted in 42 high-style homes that are nothing short of breathtaking.
Modern living on the Upper East Side
Located at 201 East 74th Street, this 32-story tower offers a mix of two- to five-bedroom residences, including a duplex penthouse and a unique townhome. Each home is designed with high-quality materials and finishes, reflecting the modern lifestyle of today’s Upper East Siders.
“The mid-70s is one of the most prestigious neighborhoods in Manhattan, with such incredible history, legacy, and beauty. We designed THE 74 to contribute sympathetically to the community with a resonating aesthetic,” said Craig Copeland, Partner at Pelli Clarke & Partners. “Too many contemporary buildings are lifeless, flat and all glass, while THE 74 is animated with rich textures and colors.”
With no more than three homes per floor, privacy and intimacy are key features of THE 74.
Stunning design and thoughtful amenities
The design of THE 74 is a modern twist on classic New York architecture. The building features a pleated facade with white terracotta and bronze aluminum-framed windows, creating a dynamic look that changes with the light.
Inside, Rafael de Cárdenas has created spaces that are both luxurious and calming. Think European White Oak flooring, bespoke hardwood millwork, and floor-to-ceiling windows that flood the rooms with natural light.
Luxe living spaces
The residences at THE 74 are all about quiet luxury. Kitchens are equipped with top-of-the-line Miele appliances, polished Bianco ice marble countertops, and custom Ash wood cabinetry with fluted glass doors.
The bathrooms are equally impressive, with Calacatta Vagli marble, radiant heat flooring, and Dornbracht fixtures. Whether you’re in a two-bedroom or the duplex penthouse, every detail is designed to impress.
See also: Step inside 130 William Street, one of NYC’s finest new skyscrapers
Residence 6A: A luxe duplex
One of the standout homes at THE 74 is Residence 6A, a 5-bedroom, 5.5-bathroom duplex listed for $11.95 million.
This 5,383-square-foot residence is a quiet luxe oasis carved from sculptural neutrals. It features beautifully proportioned rooms, east and west exposures, and a 317-square-foot terrace. Floor-to-ceiling windows from Italy allow abundant light to stream across the 5″ stained oak floors.
The generous living and dining spaces open to an island kitchen featuring bespoke, stained ash wood cabinetry with fluted glass upper cabinets and polished Bianco ice marble countertops and backsplash. The top-of-the-line Miele appliance suite includes a speed oven and gas cooking, complemented by a Sub-Zero wine refrigerator.
The primary en-suite bathroom is a highlight, with Calacatta Vagli marble walls and floors, radiant heat flooring, and a soaking tub with a marble surround. Secondary bathrooms boast European Porcelain flooring and walls, while the powder room is adorned with Pink Namibia marble vanity and flooring, and Dornbracht brushed platinum fixtures.
FLOOR24: Unmatched luxury
Occupying an entire floor, Residence 24 aka FLOOR24 is another jewel in THE 74’s crown. This expansive 5-bedroom, 4.5-bathroom home is priced at $12.65 million and offers unparalleled light and breathtaking views of Manhattan and Central Park.
The private elevator opens to a formal gallery, providing the perfect entry to the grand living and dining rooms with double exposures. The gourmet kitchen boasts floor-to-ceiling windows, an oversized island, bespoke stained ash wood cabinetry with fluted glass upper cabinets, and polished Bianco ice marble countertops and backsplash. The top-of-the-line Miele appliance suite includes two-speed ovens, a refrigerator, freezer, gas cooking, and a direct vent range hood.
The primary bedroom features an en-suite, five-fixture bath with Calacatta Vagli marble walls and floors, radiant heat flooring, and a soaking tub with a marble surround. Secondary baths include European Porcelain flooring and walls, custom medicine cabinets, and Didimon Light marble vanity. The powder room features Pink Namibia marble vanity and flooring, and Dornbracht brushed platinum faucets.
Amenities to die for
Residents of THE 74 will enjoy a host of curated amenities. There’s a library lounge with a wet bar and private garden, an entertainment suite with catering facilities and video conferencing capabilities, a state-of-the-art fitness center and Pilates studio, and a children’s playroom.
The building’s lobby, with its travertine floors and custom lacquer walls, sets the tone for the elegance that pervades every corner of THE 74.
Sales and pricing
Sales for these luxury condos are now underway, with prices ranging from $3.6 million to $13.55 million. Douglas Elliman Development Marketing is handling the sales, and given the unique offerings of THE 74, these homes are sure to attract a lot of attention.
For more information, visit THE 74’s sales gallery at 1277 Third Avenue or check out their website.
Prime location with exciting new spots
THE 74 isn’t just about the building; it’s about the neighborhood too. The Upper East Side is seeing a surge of new restaurants and bars, making it a hotspot for those moving from trendier areas downtown and in Brooklyn.
You’ll find Cafe Boulud, American Bar, and Casa Tua all opening up nearby, adding to the area’s already vibrant dining scene.
Construction update
THE 74 has topped out, and construction is progressing well, with completion expected by the summer of 2025. The building is already making an impression with its nearly complete facade and the installation of terracotta panels expected this summer.
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The deal will combine GO Mortgage, headquartered in Columbus, Ohio, with PacRes Mortgage, a boutique lender based in Beaverton, Ore., that has specialized in serving the West for over two decades. “This merger is a strategic move that blends our commitment to outstanding service and community support,” GO Mortgage CEO Michael Isaacs said in a … [Read more…]
Homebuyers retreated from the market for the week ending May 31 as they balked at high mortgage rates, sending applications for home loans plunging during what is typically the hot season for the housing sector.
Read more: How Much House Can You Afford?
Applications for mortgages fell by more than 5 percent compared to the prior week, according to the Mortgage Bankers Association (MBA). Refinancing of home loans also fell 7 percent, while the Purchase Index, which focuses on buying activity independent of those looking to change terms on their loans, dropped 4 percent.
The depressed activity in the mortgage market came amid rising costs of home loans, Mike Fratantoni, MBA’s chief economist, said in a note shared with Newsweek.
“Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent—its highest level since early May—despite incoming data indicating somewhat slower economic growth,” Fratantoni said. “After adjusting for the Memorial Day holiday, both purchase and refinance application volumes were down, with purchase activity specifically 13 percent below last year’s level.”
Home loan applications across the different mortgage market segments were down, though some less than others.
Read more: Guide to FHA Loans
“Government purchase volume was down less, helped by growth in VA applications. The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs,” Fratantoni added.
The decline in mortgage applications echoed recent market trends that show buyers are staying out of the market amid rates that are at their highest in close to two decades. Sales of homes are down during the spring season, a time of the year that typically tends to be highly active.
Mortgage rates are elevated while price of homes are also expensive, a double whammy for buyers interested in purchasing property.
Read more: Compare the Best Mortgages for First-Time Homebuyers
One development that experts note has been growing is lower-priced properties that are smaller, offering an opportunity for first-time homebuyers. While price per square foot is still rising, the share of homes priced between $200,000 to $350,000 available in the market is increasing, according to Realtor.com’s chief economist, Danielle Hale.
“We have seen the number of homes, that are priced in those lower price categories, are a growing share of what’s on the market,” Hale told Newsweek recently. “So that means, even though prices are still going up on a per-square-foot basis, there are more options in that affordable price tier which tend to be smaller homes and so that is good for entry-level buyers.”
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
One home trend that never goes out of style? Neutrals. The soft color palette can often be overlooked, but it stands the test of time in providing a light and clean space. If you’re looking to brighten up your home this spring, these elevated yet affordable finds should do just the trick.
Amazon’s A New Take on Neutrals Home Storefront provides a variety of textures to enhance every area of your home. Layer in some depth with wood wall hooks and woven decorative baskets, or open up your room with sheer curtains and bamboo blinds. Either way, these popular finds feature an array of neutral colors and designs to create a luxurious and relaxing feel within your home. And our picks are all under $50.
Neutral Home Items Under $50 at Amazon
Felidio Wood Wall Hooks Set, $17 with coupon (was $19)
Zybt Rattan Mid-Century Modern Nightstand, $33 (was $35)
Lush Decor Rosalie Window Curtains, $26 (was $31)
Chicology Cordless Bamboo Shades, $50 (was $55)
Mkono Woven Jute Rope Basket, $24
Rool Wood Knot Decor, $24 (was $26)
Qlofei White Ceramic Vase, $13 with coupon (was $16)
Lioobo Rustic Wood Bead Garland, $8 with coupon (was $10)
This set of handmade wooden wall hooks makes for a stylish and useful accent on your walls. With more than 1,600 five-star ratings, it’s no surprise to see why shoppers rave about the minimal, space-saving design. The hooks can hold up to 25 pounds of jackets, bags, hats, or other household items. Hang them in your entryway, laundry room, or closet in just a few easy steps. No matter where you put them, the sleek hooks are guaranteed to “blend into the wall.”
Who says neutrals have to be boring? This mid-century modern rattan nightstand brings a fun edge to a traditionally polished theme. The table makes for the perfect nightstand or side table with its compact shape and drawer storage. And its bold black color instantly creates a stand-out piece in any neutral bedroom or living room. Top off the table with a clear or light-colored lamp and your favorite coffee table books.
To create an even brighter and lighter neutral-colored room, cover your windows with these linen and lace curtains. Not only do the sheer curtains have more than 3,900 five-star ratings, but they are also currently on sale—up to 68 percent off. The delicate curtains are made from a cotton and linen blend and feature a lace trim on the outside for a touch of elegance. Shoppers say they “add charm to the room” and “let in the perfect amount of light.”
These best-selling bamboo shades are an easy neutral upgrade to add to your home. Each set of shades are handcrafted from 100 percent bamboo to naturally blend into your windows without any harsh chemicals. Plus, the cordless design is kid- and pet-friendly so you don’t have to worry about any tangled cords or broken blinds. Add them into your kitchen, living room, or bedroom and layer with curtains for an enhanced look.
Want to keep shopping for even more neutral decor and furniture pieces under $50? Keep scrolling through for popular picks at the new Amazon Home storefront.