bonus

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American Express has made some negative changes to the Platinum card.

  • Annual fee for authorized user cards has increased to $195 for each card. Previously it was $175 for three additional cards.
  • Sign up bonus has new restrictive language:


You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card® from American Express Exclusively for Charles Schwab, the Platinum Card® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.

  • Some minor changes to the digital credit. WSJ has been added as an option, Audible has been removed as of October 1, 2023.

Our Verdict

Very annoying that Audible has been removed as an option, but the authorized user fee change and also more restrictive sign up bonuses are even worse.

Source: doctorofcredit.com

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Earning hotel elite status provides valuable benefits that enhance your stay while allowing you to earn bonus points and save money. While top-tier World of Hyatt status offers the best perks, most people don’t travel enough to earn it.

Mid-level elite status, like Hyatt Explorist, is more attainable for the average traveler. Here’s everything you need to know about Hyatt Explorist status, including how to earn it, the included benefits and if it’s worth it.

Hyatt Explorist benefits

The World of Hyatt hotel loyalty program has four levels of elite status — Member, Discoverist, Explorist and Globalist. Additionally, members can earn Lifetime Globalist status based on their cumulative spending at Hyatt properties.

When you reach this elite status level, numerous benefits improve your stay. The best Hyatt Explorist benefits are:

  • 20% bonus points: All World of Hyatt members earn five base points per dollar spent at Hyatt properties. With this 20% bonus, you’ll earn six points per dollar.

  • Complimentary upgrades: Explorist members are eligible for a free upgrade to the best available room when checking into their hotel and resort. However, suites and rooms with Club lounge access are excluded.

  • Late checkout: Enjoy your room longer with a 2 p.m. late checkout at no extra charge. This benefit is based on availability and may not be an option at some locations.

  • Guaranteed room availability: Explorist members receive guaranteed room availability when booking a paid reservation at least 72 hours in advance. This benefit ensures availability at a sold-out property when making advanced reservations.

  • Waived resort fees: Resort fees are hidden charges that many travelers don’t know about until finalizing their reservation or when checking into a hotel. These fees are waived for all members booking award reservations at Hyatt properties. Eligible reservations include rooms booked with points, credit card free nights and other free night certificates. Points and cash or paid stays do not include this benefit.

  • American Airlines bonus miles: Earn one World of Hyatt point for every dollar spent on qualifying American Airlines flights when you link your loyalty accounts. These miles are in addition to the miles earned from your flight.

How to earn Hyatt Explorist elite status

There are three primary ways that you can earn Hyatt Explorist status. The first two are based on the number of nights you stay or how many points you earn per year. A third option involves hosting meetings or events at Hyatt properties. Here’s how to get Hyatt Explorist status.

Staying at Hyatt properties

World of Hyatt members earn Explorist elite status by earning 30 qualifying nights per year. Qualifying nights include paid nights, award nights, and points and cash nights.

Limited-time promotions, such as staying four nights and getting a fifth night free would only count as four qualifying nights.

Holding a Hyatt credit card

Spending on your Hyatt card

Both Hyatt credit cards earn qualifying night credits based on your annual spending. You’ll receive two additional qualifying night credits for every $5,000 spent on the World of Hyatt Credit Card.

The World of Hyatt Business Credit Card earns five qualifying night credits for every $10,000 spent each year. Cardholders can combine nights earned from spending with their hotel stays to earn elite status.

Earning base points

Base points earned from hotel stays, on-site restaurants and other activities count toward the 50,000 points needed for Hyatt Explorist status. Members earn five base points per dollar on all eligible purchases at Hyatt hotels, Small Luxury Hotels of the World and other activities.

Bonus points earned from promotions, welcome bonuses and credit card purchases do not count as base points. They are “bonus points,” which can be used to book hotel rooms but don’t earn elite status.

Host meetings or events

Members who host ten or more meetings or events at an eligible Hyatt property earn Explorist elite status. To qualify, at least 10 paid guest rooms must be booked for the same night as the event. In some cases, there may be additional requirements for the events.

How much is Hyatt Explorist status worth?

Value of benefits

Cost to earn

Elite earning rate

Discoverist

With a cost to earn of $4,380, Explorist elite status provides members a 15% return in value. These benefits include complimentary upgrades, guaranteed room availability and waived resort fees on award reservations.

What else you need to know about Hyatt Explorist

Take advantage of Hyatt promotions

Throughout the year, Hyatt offers promotions that may accelerate your path to elite status. These promotions may include extra qualifying night credits or base points that count toward earning status. Even if you don’t have any hotel stays planned, register for every promotion in case your plans change. This will help you maximize every trip you take.

Status matches are available

Travelers that have elite status with other hotel or airline loyalty programs may qualify for a World of Hyatt status match correlating to your current status. Status matches provide elite status for a limited time. You’ll retain your elite status for the rest of the year if you meet the qualifying nights or points requirement during the promo.

How long does Hyatt Explorist status last?

The Hyatt program year runs through the end of February each year. You earn Hyatt elite status based on your activity during the calendar year. When you earn elite status, you’ll enjoy Hyatt Explorist benefits through the end of the following program year.

For example, if you achieved Hyatt Explorist status in September 2023, your elite status is good through February 28, 2025.

World of Hyatt lifetime elite status

Hyatt doesn’t offer lifetime Hyatt Explorist status, but you can earn Lifetime Globalist status based on your cumulative points earned. Ironically, you can qualify for Lifetime Globalist even if you’ve never earned Globalist status in any single year.

To qualify for Lifetime status, you need to earn 1,000,000 lifetime base points. At five base points per dollar spent at Hyatt properties, this equates to $200,000 in total spending.

Is Hyatt Explorist status worth it?

Hyatt Explorist status offers numerous benefits that make focusing your hotel reservations with one brand worthwhile. Benefits like complimentary upgrades, late checkout and waived resort fees on award nights improve your trip and save you money.

It takes 30 nights per year to earn Explorist elite status, which is an average of 2.5 nights per month. The World of Hyatt Credit Card makes it easier to earn status through additional night credits based on your annual spending.

(Top photo courtesy of Hyatt)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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This article originally appeared on Spark Rental and has been republished here with permission. 

The views and opinions expressed in this article are those of the author only and are not endorsed by Credit.com.

What Is the Purpose of Bonds in Your Portfolio?

Bonds have historically served as a counterweight to stocks, as investors approach retirement. 

For all their advantages, stocks come with one enormous disadvantage: volatility. When you first retire, you face something called sequence risk: the risk of a stock market crash early in your retirement, before your stock portfolio has compounded enough to withstand a deep drop. 

Here’s how bonds protect you from sequence risk, and the role they play in your retirement portfolio.

1. Low Risk

Bonds are interest-only debts. When you buy a bond, the issuer (the borrower) agrees to pay you interest at a set rate for a certain period of time. At the end of that period, the bond matures and you get your principal investment back. 

Bonds come with two risks. First, and most relevantly to retirees, the bond issuer could default. That rarely happens, at least outside of the junk bond market. The other risk is that interest rates rise, so the value of your existing bonds goes down on the secondary market. But this risk doesn’t really apply to retirees simply looking for ongoing interest income rather than looking to trade bonds.

The low risk of bond default counterbalances the real risk of stock market corrections and crashes. Retirees can lean on their bond income if the stock market crashes, and (hopefully) avoid selling while stock prices are low. 

2. Low Correlation with Stocks

Bonds provide diversification for investors. Bond returns have a low correlation with stock returns: they rarely crash at the same time as stock markets. In fact, bond prices normally rise when stocks crash, as investors flee stocks for the safety of bonds. 

Once again, this protects retirees from the risk of a stock market crash. 

3. Stable Income

Retirees need passive income to live on, in the absence of a paycheck. Interest payments from bonds can provide that steady income. 

The same can’t be said for stocks. Not all stocks pay dividends, and even those that do can change their dividend payment at any time. They could lower or eliminate their dividend entirely, leaving retirees without income. The retiree could sell their stocks to generate income of course, but that reduces their net worth. 

Can Real Estate Fill the Role of Bonds in Your Portfolio?

The short answer: yes, if you know what you’re doing. Which, of course, not everyone does.

Real estate investments can earn you ongoing income, with low risk and low correlation to the stock market. So they can serve the same purpose as bonds in your retirement portfolio, at a higher return. In fact, one study reviewing all asset classes for the last 145 years found that rental properties offered higher returns than stocks, with far lower risk. 

Still, some types of real estate investments require work on your part. You could invest in publicly-traded REITs, bought and sold on stock exchanges and just as passive as stocks, but they tend to share a high correlation with stock markets. That gives them little diversification value. 

But there are many types of real estate investments, each with their own pros and cons. Real estate will never be completely risk-free like Treasury bonds, but it can offer strong returns at low risk, especially if you diversify.

Ways to Invest in Real Estate as a Bond Alternative

The permanent environment of low interest rates in the 21st century have made bonds unappealing and real estate far more appealing. Investors can use leverage to buy real estate with other people’s money, at low interest. 

Or not–many of the real estate investing options below don’t involve leverage at all. 

Consider the following ways to invest in real estate as options to replace bonds in your investment portfolio. 

1. Crowdfunded Private REITs

Publicly-traded REITs come with several downsides, beyond high correlation with stock markets. They’re volatile, with prices bouncing up and down similarly to stocks. But they’re also required by the SEC to distribute at least 90% of their profits each to shareholders, in the form of dividends. That gives them high dividend yields, but it also makes it hard for REITs to invest money in new properties to grow their share price.

Private, crowdfunded REITs such as Fundrise, Streitwise, and Diversyfund don’t have the same restriction. They can grow the value of their fund share prices by reinvesting profits into new properties. 

Even so, many do still offer high dividend yields that rival or even beat public REITs. Fundrise pays dividend yields in the 4-7% range, while Streitwise pays dividends in the 8-9% range.

Crowdfunded REITs represent one of the easiest and most passive ways to invest in real estate. No mailings or labor to find good deals on properties, no tenant screening or rent collection hassles, just buy shares and sit back. 

2. Crowdfunded Investment Property Loans

Hard money lenders issue short-term loans to investors who fix and flip properties, or refinance them after renovating them (the BRRRR method). But where do hard money lenders get their funds to lend? 

From you, in some cases. For example, GroundFloor lends short-term investment property loans for buying and renovating, and they raise the money from retail investors.

You get to pick and choose which loans you want to fund, and you can lend as little as $10 per loan. Which means anyone with $10 in their pocket can invest in real estate, at least indirectly through property-secured loans. 

If the borrower defaults, the lender forecloses, and you get your money back that way. Since hard money lenders fund at a relatively low LTV, that provides strong protection against default. Read: relatively low risk. 

Related Read: Thinking of Getting into Retail Investing? Here Are 7 Things to Consider

3. Rental Properties

You can also buy rental properties, of course. 

Direct real estate investing comes with plenty of advantages. You can leverage other people’s money by using an investment property loan to fund 75-80% of the cost. Investors get spectacular tax benefits, from rental property tax deductions to property depreciation. And rental income in retirement doesn’t expire or diminish — quite the opposite. Rental cash flow rises over time, as rents rise and provide a hedge against inflation.  

Is rental income good for retirement? Absolutely, but it does come with a few caveats. As noted above, buying and managing rental properties takes work. Even if you hire a property manager, you still have to manage the manager. 

Rental income is predictable as a long-term average, so you can forecast returns with a rental income calculator. But net rental cash flow each month varies wildly, as you experience vacancies, turnover, or repairs. That means retirees need to budget accordingly with an emergency fund, and not depend on a steady paycheck from every property, every month. 

4. House Hacking

Want free housing? Explore options for house hacking, or finding ways for other people to cover your housing expenses. 

The traditional model involved multifamily house hacking: typically buying a duplex or triplex, moving into one unit, and renting out the neighboring unit(s). The rents from your neighbors cover your mortgage payment and ideally your maintenance costs as well. 

But that’s not the only way to house hack. You can also bring in housemates, or rent rooms or units on Airbnb, or rent out storage space on Neighbor.com.

By eliminating–or at least greatly reducing–your housing payment, you don’t require nearly as much passive income from your investments to live on in retirement. 

5. Private Notes

A “note” is the legal document that you sign when you borrow money. For example, when you took out your last mortgage, the most important document you signed was the promissory note. 

You can lend money privately to other real estate investors, having them sign a private note. You set the terms of the loan, including the interest rate, any fees, loan term, and any other factors.

Beware, however, that lending money to other investors largely comes down to trust. Unless you file a lien against their property, you have little recourse if they default on you. Only lend money to experienced investors you know well and trust implicitly to pay you back. 

Get it right, and you can earn high returns completely passively. 

6. Land Notes

There’s a lot to love about land investing.

To begin with, land offers low risk and high returns. It also doesn’t necessarily require much cash to invest. Best of all, you don’t have to hassle with contractors or tenants, which means low stress and far fewer complications. No repairs or renovations, no chasing tenants for rent collection, no property damage by uncaring renters.

For all that, land investing requires you to approach it like a business. You can eventually automate that business to run in the background with only an hour or so required each week from you, but it takes time and labor to get to that point. Many retirees (and employees for that matter) don’t want to launch a side hustle. 

7. Real Estate Syndications

Syndications offer another way to invest in real estate for high potential returns. But unlike land investing or rental properties, syndications are largely passive investments. 

They work like this: an experienced real estate investor goes out and finds a (hopefully) great deal that costs more than they can afford to buy on their own. So they bring in outside investors to partner with them on the deal, on exchange for a deal-finder fee or bonus. 

The outside investors become partial owners of the property and share in its cash flow and profits upon sale. But we surrender most management decisions to the syndicator, the person who found and continues to oversee the deal. 

We get to invest fractionally in a large real estate project, such as an apartment building, that we would never be able to buy individually. And an experienced real estate investor does all the work for us.

Of course, no investment is perfect. To begin with, most syndication deals only allow accredited investors to participate. The SEC makes the regulation too onerous to allow retail investors to partner on these deals. Along similar lines, syndications typically require a high minimum investment, often in the $50,000-$100,000 range. 

And like any managed investment, you place your trust in the manager–in this case, the syndicator. You need to do your due diligence on both the property and the syndicator if you want peace of mind in your investments.

Source: credit.com

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Capital One has added some new restrictive language to cards with sign up bonuses. The language states:

Existing or previous cardmembers are not eligible for this product if they have received a new cardmember bonus for this product in the past 48 months.

Previously cards stated

existing or previous cardmembers may not be eligible

It’s often difficult to get approved for Capital One cards anyway and there is a limit of one new card per six months as well.

Hat tip to DDG

Source: doctorofcredit.com

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A home for sale by owner opens the door for you to buy the property without a middleman—though you may choose to use your own real estate agent to facilitate the transaction.

Here’s a look at how the homebuying process with a for-sale-by-owner deal can differ from a typical real estate transaction.

For Sale by Owner: Good for Buyers?

When homeowners choose the FSBO (“fizz-bo”) route, they take on all of the responsibilities real estate agents would typically shoulder, from listing the house and showing it to negotiating and closing the deal.

The main motivation for doing so is often cash. Sellers who go it alone can save money on the commission that real estate agents would normally earn. If neither side uses an agent, the deal sidesteps the typical 5% to 6% for agent commissions.

On the buyer’s side there can be a number of benefits of buying a house for sale by owner. First of all, the lack of a listing agent means you have more direct contact with the seller, which might give you more negotiating power.

The seller will also likely have detailed knowledge of the house and neighborhood, which can be a bonus as you decide whether or not you want the property.

However, you may run into some pitfalls with FSBO properties. A seller may love her home and overprice it, potentially complicating matters when you get an appraisal.

Recommended: How to Buy a House Without a Realtor

Using a Buyer’s Agent

Just because a home’s seller doesn’t want to use a listing agent doesn’t mean you can’t engage the services of a buyer’s agent.

You may already be working with an agent who can contact a FSBO seller for you. Or you may need to look for an agent who is willing to take on the job.

In some cases, buyer’s agents may be hesitant to work on a FSBO property. They may be wary of taking on extra liability, or extra work for which they will not necessarily be compensated.

That said, a buyer’s agent can negotiate the sale on your behalf and walk you through the complicated paperwork. If the seller is putting the contract together, your agent can also check the work to make sure you don’t run into any problems.

Sellers typically pay the agent commission. Just be sure the seller agrees to pay the buyer’s agent commission in the purchase agreement.

Here’s what to expect in the buying process when using a buyer’s agent.

Shopping for a Mortgage

Before making an offer on a home, it’s a good idea to shop for a mortgage to get an idea of the terms different lenders offer and how much you are likely to pay each month.

A mortgage calculator can help you understand how down payments of various sizes will affect the numbers. And you may consider getting preapproved for a mortgage to see exactly how much you can afford to spend.

In an FSBO situation, homeowners may have no experience with the home financing process, and getting prequalified or preapproved for a home loan may remove some roadblocks on your path to making a purchase.

Viewing the Home

Your agent can contact the seller and set up an appointment to view the home.

Be on the lookout for sagging floors or cracks in walls that might indicate structural issues. Test windows. Look for water damage on ceilings or walls that may indicate a leaky roof.

Since the seller will most likely be showing the house, take this opportunity to get as much detail about the home’s history as possible. What repairs have been made recently, and which ones haven’t been made in a while? It’s smart to ask about any warranties, and to be sure they will remain after a sale.

Recommended: What to Look for When Buying a House

Getting an Inspection

When buying a home for sale by owner, it’s not in your best interests to skip an inspection. Home inspectors go over the house with a fine-toothed comb, looking at structure, plumbing, electricity, and appliances to see whether they need repair now or in the near future.

If the inspector finds any problems, you can ask the seller to fix them, credit you the cost of repairs, or reduce the sales price. If you’ve already signed a purchase agreement, severe problems found during an inspection can be a reason to pull out of the contract.

Recommended: The Ultimate Home Inspection Checklist

Negotiating a Sale Yourself

If you decide not to use a buyer’s agent, you and the seller will have to negotiate the sale and write up the purchase contract yourself.

You may also choose to hire a transactional agent or attorney who can help you write the contract and ensure it is done legally and in a way that protects your rights.

If you do decide to go it alone, there are a few things to keep in mind.

Recommended: Guide to Buying, Selling, and Updating Your Home

Making an Offer

Before making an offer on a house, check comparable properties in the neighborhood and see if the listing price is reasonable. Doing so can help you pin down what a reasonable offer is.

Consider offering less than the listing price. The seller may ask you to come up in price, but if you start too high, it’s difficult to negotiate down again. You can use the neighborhood comps you’ve researched as a negotiating tool.

Including Contingencies

Contingencies are certain conditions that must be met in order to close the deal. Some common contingencies are a satisfactory home inspection and appraisal.

If a home is appraised at less than the agreed-upon price, a lender may be unwilling to loan the buyer the money. In that case, the appraisal contingency can be an opportunity to negotiate the sales price.

A clear title is another common contingency. The title is a document that shows who has owned and now owns the home. The title company will make sure there are no liens or disputes associated with the property. If there are unresolvable issues, the clear-title contingency gives the buyer a way out of the contract.

Negotiating Fees

It can’t hurt to ask for seller concessions, closing costs that the seller agrees to pay. A seller may agree to help pay for property taxes, attorney fees, appraisal inspections, and the like.

Even in a seller’s market, if the property has been sitting, possibly because the price was too high, a seller may offer a financial incentive to move the home.

Putting Earnest Money in Escrow

Your earnest money deposit is the money you submit with your offer to demonstrate your serious intent to buy.

The listing agent would usually put this money into escrow. But if you’re going it alone, it’s a good idea to engage a title company or escrow company to hold the money for you until the sale goes through.

If you give the money directly to the seller, they may refuse to give it back to you if a contingency causes the deal to fall through, which could mean suing to retrieve your cash.

Determining When You’ll Get Possession

It’s a good idea to be sure your purchase agreement specifies when you will take possession of the new house and receive the keys. Possession may take place immediately after closing, or the contract may give the seller time to move.

The Takeaway

Buying a house for sale by owner can come with challenges and opportunities. It may make sense to engage a professional to help you negotiate, safeguard your interests, and deal with the documents.

If you’re in the market for a mortgage, check out SoFi’s line of fixed-rate mortgage loans that may allow you to put less than 10% down.

SoFi also offers investment property loans.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

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

SOHL0421020

Source: sofi.com

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Known for its views, Wyoming offers so much more on top of Yellowstone National Park. With an overall cost of living slightly below the national average in the state’s larger cities and plenty of small-town living for the taking, Wyoming is an affordable place to call home.

There’s no shortage of wide open spaces, but there are also plenty of opportunities for work, a low crime rate and more outdoor activities than you can list off the top of your head.

If it’s time to live somewhere a bit more relaxing, with the ability to hike, ski and explore nature on a whim, Wyoming is for you. To make sure you can afford it, tally up average prices in the key areas that create a cost of living in Wyoming. It gives you a clear picture of what you can expect in everything from apartment rent to the taxes you’ll pay.

Learn more about what it costs to live in Wyoming by looking at:

Wyoming housing prices

Lacking a ton of big cities, most of the best places to live in Wyoming are a little smaller, a little more laid-back and a little less expensive. Nowhere is far from stunning views and outdoor activities, either. Picking Wyoming as the place to call home pretty much opens the door to a totally unique adventure, all without leaving the country.

Casper

With a quaint, historic downtown area and plenty of excellent fishing, Casper, once a stop on the Oregon Trail, is now Wyoming’s second-largest city. Housing prices here are 15.7 percent below the national average. It’s similar to Laramie, but Casper is seeing more growth.

Up 46 percent over last year, one-bedroom apartments in Casper average out at $1,091 per month. Two-bedroom apartments are rising more slowly in price, up only 12 percent over last year. Expect rents for these units to average out at $1,229 per month.

Home prices in Casper are only slightly more than in Laramie, as well, averaging out at $363,157.

Cheyenne

Cheyenne is Wyoming’s largest city, and with this distinction comes the state’s highest home prices. Also the state capital, Cheyenne has an Old West feel, complete with the world’s largest rodeo. It’s also a great family-oriented city with plenty of parks, museums and all-ages fun.

Though living here costs a little more, housing prices are still 7.3 percent below the national average. Apartments are still within an affordable range, as well, not really changing much over last year. One-beds, with an average monthly rent of $800, actually dropped a percent over last year, and two-beds, at an average of $880 per month, only went up by a single percent.

For those who’re thinking of buying in Cheyenne, the average home price is currently $392,483.

Laramie

Aside from the cost of living, college is on the mind of almost every Laramie resident. Home to the University of Wyoming, football is a huge pastime here. The whole town even closes down for certain games. With a high value on fun and family and the Snowy Range ski area nearby, Laramie is a great and affordable community. Housing prices are 16.6 percent below the national average.

What this means for those looking for a place to live is there are plenty of low-cost options. An average two-bedroom apartment in Laramie is $950. Not only that, but home prices are averaging out at $348,038, which isn’t too bad for those looking to buy.

Wyoming food prices

Another cost of living in Wyoming is food. Big game like elk and bison are big winners in Wyoming, along with trout fished fresh out of crystal clear water. Even though these favorite foods are local, they’re not always the cheapest thing in the store. As a result, the average Wyoming resident spends between $267 and $300 per month on groceries and has higher-than-average food prices.

  • Casper is 3.2 percent above the national average
  • Laramie is 3.3 percent above the national average
  • Cheyenne is 8.5 percent above the national average

What this means for individual products you may have on your own grocery list varies by the city, as well. Steak in Cheyenne, for example, is around $16.34 but can get as low as $10.68 in Casper. Other items, like lettuce, cost almost the same no matter where you are. A head of lettuce is $1.78 in Casper and Laramie, but just a penny more in Cheyenne.

Food pricing also makes a difference when it comes to date night. A three-course meal for two is only $35 in Casper. It’s actually also the exact same average price in Laramie. But, you’ll pay 46 percent more in Cheyenne when the bill comes to you for $65.

Wyoming utility prices

Wyoming boasts some low utility bills when compared to other states in the country.

  • Cheyenne is 19.3 percent below the national average
  • Laramie is 16.6 percent below the national average
  • Casper is 11.9 percent below the national average

These percentages translate to energy bills that are on the more reasonable side of your general expenses list. Cheyenne and Laramie have identical energy bill averages at $125.83 per month, while Casper is only a little higher at $141.44 per month.

Energy bills in Wyoming do get a little bit of a break thanks to the state’s capacity to produce wind power. As of 2021, 22 percent of the state’s electricity came primarily from the wind. Concentrated in the southeastern corner of Wyoming, this is where regularly blowing winds get funneled through mountain passes onto the high prairie. From there, farms capture the wind and put it to good use.

Wyoming transportation prices

Not a highly walkable state when you’re within city limits, you’ll most likely get around in Wyoming by car. All the cities on our list do have the added bonus of being bike-friendly, as well. Laramie has the highest bike score of 74, and Casper’s and Cheyenne’s scores are in the 50s.

With increased dependence on owning your own vehicle and a lack of public transportation everywhere you go, overall transportation prices in Wyoming vary by a lot.

  • Casper is 16.9 percent below the national average
  • Cheyenne is 8.4 percent below the national average
  • Laramie is 33.3 percent above the national average

Laramie is also the only city on the list that is without a public transit system.

Casper Area Transit

Consisting of six color-coded bus lines, the Casper Area Transit system runs through Casper, Mills and Evansville. A one-way fare is $1, and monthly passes are available for $30.

No busses run on Sundays, and the purple and orange lines don’t run on Saturdays. It’s also worth noting that bus service stops on the early side, concluding at 6:30 p.m. during the week and at 3:30 p.m. on active lines on Saturday.

Cheyenne Transit Program

Fixed-route bus service is currently on hold with the Cheyenne Transit Program. Those needing a ride are able to schedule a trip using the Cheyenne Transit app. Even though this is a more unconventional system at the moment, a single-way fare is still $1.50. No passes are available.

Service runs Monday-Saturday only, ending at 7 p.m. on weekdays and 5 p.m. on Saturdays.

Wyoming healthcare prices

Healthcare prices average out a little higher than other elements composing the cost of living in Wyoming. While still close to the national average, there’s not as much difference between the cities as in other areas.

  • Cheyenne is 6.1 percent below the national average
  • Casper is 0.8 percent below the national average
  • Laramie is 1.1 percent above the national average

Since healthcare prices include a variety of medical visits and all your prescriptions, too, it’s easier to understand how these numbers impact cost by looking at what specific services would cost.

The most expensive city to see the doctor in is Laramie, with an average visit cost of $120.66. The most expensive city to get your eyes checked in is Casper, where an average visit will cost you $178.80. For the dentist, who you should visit every six months, an average visit costs the most in Cheyenne at $110. Each city grabs the highest-priced medical visit at some point.

Wyoming goods and service prices

Although all the hiking and outdoor activities in Wyoming will keep you pretty busy, there are certain ‘extras’ you most likely include in your budget each month. These are goods and services, the non-essentials you want to have, but don’t have to have. If your budget ever became tight, these would be the items you’d start removing until you bounced back.

Thankfully, Wyoming averages for goods and services, all combined, sit on the lower end.

  • Cheyenne is 7.6 percent below the national average
  • Casper is 3.2 percent below the national average
  • Laramie is 2.4 percent below the national average

All these cities are pretty close together, overall, but you may notice bigger price differentials when you drill down to those specific goods and services unique to your list. Here are how a few common ones to look at.

At least you’ll get a pretty consistent price when it comes to a six-pack or a burger out with friends. The other goods and services seem to run a much wider gap between the least expensive option, Cheyenne, and the most expensive, Casper. Of course, Laramie does take its top spot back when it comes to burgers and brew.

The average vet expenses may seem on the high side, but it costs a lot to take care of the smaller members of the family. This is also true when it comes to childcare. This potentially jaw-dropping expense possibly isn’t on your radar yet, but get ready. There’s often a little sticker shock attached to this particular good and service. In Laramie, for example, it’s $1,258.33 a month for a full-day, private preschool. Yikes!

Taxes in Wyoming

The cost of living in Wyoming gets even sweeter by the fact that there’s no individual income tax. Sales tax is also not that bad. The state imposes a 4 percent sales tax rate and allows localities to add up to 2 percent more.

The most you’ll pay in sales tax, in any given area, is 6 percent, which is the case in both Laramie and Cheyenne. Here, for every $1,000 you spend shopping, $60 goes right to taxes.

Casper’s local sales tax of 5 percent sits closer to the state-wide average of 5.22 percent.

How much do I need to earn to live in Wyoming?

Calculating what you need to live comfortably in Wyoming starts with being able to afford rent. It doesn’t matter what your overall cost of living is, if you can’t afford a home, you’re in trouble. Since most experts suggest you should spend no more than 30 percent on your rent, it’s easy to calculate what you can and can’t cover.

The average two-bedroom apartment in Wyoming costs $1,071 per month. That means a year of rent would be $12,852. If that’s 30 percent of your annual salary, you must make at least $42,840 to live comfortably.

This is quite possible, given that the average annual salary in Wyoming is almost $10,000 higher at $52,110.

Even with these estimates, though, it’s best to do some math with your own budget using our rent calculator.

Living in Wyoming

With a more affordable cost of living and plenty of open space, Wyoming is the place for you if you’re in need of a laid-back lifestyle. Without the bustle of highly urbanized areas, you’re free to take in all the natural beauty the state has to offer and get outside for all sorts of activities. If the peace and quiet are calling your name, it’s time to see if Wyoming fits into your budget.

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

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All the best places to live in Maine offer up something unique and special. If you’re looking for a thriving art scene, fine dining and high-end marinas, a city or even a rural area, Maine has you covered. With so many options, your next question isn’t whether or not to move to Maine, but can you afford to live there.

Looking at the cost of living in Maine can help you check average city living against your own budget and see if it’s a perfect match.

Checking prices in these specific areas can help you decide.

Maine housing prices

The largest city in Maine, Portland is one of the state’s most prestigious culinary destinations. The food scene is eclectic and delicious, set in the perfect coastal location. Rocky beaches and lighthouses abound, but there’s nothing sleepy about this northeastern city. Portland has an excellent cultural scene and many consider it a world-class destination. With the cost of living in Maine for housing 26.2 percent above the national average, paying a little extra could be worth it.

Although rent prices for one-bedroom apartments are on the rise, going up 12 percent over last year, two-bedroom rents stayed the same. They’re now only slightly above smaller units at an average of $1,950 per month. The average monthly rent for one-bedroom apartments in Portland is $1,850.

Home prices are also on the rise, although by a smaller amount. Up 7.6 percent over last year, the median home price in Portland is $570,000.

Maine food prices

There are plenty of iconic foods in Maine, but, of course, seafood tops the list. We’re talking lobster, clams and more. But, the one thing you should definitely try when in Maine is a whoopie pie (it’s the state’s official treat.) Adding whoopie pies to your grocery list won’t impact the price too much, especially when the average Maine resident spends at least $333 per month food shopping.

Although that average is on the pricer side, it makes sense. Food prices in Portland, for example, are 5.5 percent above the national average. This can make individual grocery items a bit more costly, so don’t be surprised when:

  • Steak costs $16.49
  • A dozen eggs cost $1.69
  • One banana cost $0.56
  • A loaf of bread costs $4.34
  • Coffee costs $4.24

Grocery items can definitely add up, but higher-than-average food prices can also impact the cost of going out. A three-course meal, for two, in Portland, has an average cost of $82.50.

Maine utility prices

In Maine, residents don’t really feel the budgetary impact of their utility bills until winter hits. Summers are full of perfect weather conditions, with average temperatures between 60 and 70 degrees Fahrenheit. However, cold, snowy winters and temperatures between 15 and 25 degrees Fahrenheit mean big electricity, natural gas and heating oil bills. That’s a major hit to the cost of living in Maine.

In Portland, average utility prices are 8.6 percent above the national average, and the average energy bill is around $211 each month. That’s definitely on the high side, and most likely dragged up thanks to the long winter months.

Thankfully, other utility bills, like water, are relatively low. The average water bill in Maine is only $24 per month. The average internet bill is also on the low end at only $45 per month.

Maine transportation prices

While the entire state provides transportation options that include buses, trains and even ferries, Maine is the kind of state where owning a car is particularly useful. This is in part because Maine is close to other states in New England. You’re able to day-trip to Vermont, New Hampshire or even Massachusetts.

In Portland, transportation costs are 9.1 percent above the national average. That’s on the more expensive side, but the fact that Portland is both a highly walkable and bike-friendly city can ease some of the costs associated with other forms of transportation. The city has an 80 walk score and a 76 bike score.

The city also offers an extensive public transportation system through the Greater Portland Metro. Local service consists of 10 routes. There are also three South Portland bus routes and the Metro Breez Express, which travels to nearby cities along the coast. The Husky Line connects Portland to two additional cities and two University of Southern Maine campuses.

Local fares are $2 for a one-way ticket, or 90-minute pass and $60 for a monthly fare. Express fares are double this cost.

Maine healthcare prices

Healthcare costs compose a broad category of doctor’s visits, medications, trips to the eye doctor and those two annual dentist appointments. Even unexpected trips to urgent care count. While you can’t really guess how much you’ll end up paying for the cost of living in Maine for healthcare in a single year, it’s good to know where the city you’re thinking of moving to compares with the rest of the country.

Healthcare prices in Portland are 5.6 percent above the national average. This translates to an average visit to the doctor costing about $143, your annual trip to the eye doctor costing around $154 and a dentist visit costing $106. Insurance could lower these prices, but it’s always good to have a baseline average.

Maine goods and services prices

When thinking about goods and services, look at your monthly budget. All the items you want, but don’t need, on that list fall into this category. These are the things that keep you happy, but if you had to cut them out of your budget, for whatever reason, wouldn’t prevent you from functioning. That doesn’t mean they’re not important, just expendable.

Portland’s goods and services, all combined, are 14.4 percent above the national average. That could mean fewer of these bonus items get into your budget should you call Maine home.

The best way to figure this out though is by looking at the individual goods and services you would want to include. A few popular ones in Portland have some surprisingly reasonable average price tags.

  • A six-pack of beer: $9.99
  • Yoga class: $16
  • Movie ticket: $11.90
  • Haircut: $31.25

Not all of these prices may seem low to you. It all depends on where you’re coming from, but that doesn’t mean they wouldn’t be affordable should you move.

There are some goods and services expenses, however, that just stay high no matter what. Childcare is one of them, and in Portland, the average monthly cost for a full-day, private preschool is $1,430. This isn’t cheap and could throw off your entire monthly budget when the time comes to factor it in. Knowing about this cost in advance can make a big difference though.

Taxes in Maine

Maine is a very straightforward state when it comes to taxes. There’s a graduated individual income tax, with rates between 5.8 and 7.15 percent.

When it comes to sales tax, Maine has a 5.5 state rate and doesn’t allow localities to add on anything additional. That means for every $1,000 you spend, no matter where you’re shopping in the state, only $55 is going toward taxes. That’s not too bad for the cost of living in Maine.

How much do I need to earn to live in Maine?

Calculating whether or not you can afford to live in Maine starts with rent. To get exact confirmation that rent isn’t outside your budget, use our rent calculator.

To look at some general numbers, you can compare income against average rent information. In Portland, the average two-bedroom apartment $1,950. This is on the high side when compared to other areas of the state, but it’s a good place to start. At this rate, assuming you’ll put 30 percent of your income toward rent (as experts suggest), you’ll need an annual income of more than $77,000.

With the median annual income across Maine at $58,489, certain places in Portland are out of reach. However, there are always options if Maine is your ultimate destination, whether it’s looking at lower-priced neighborhoods near Portland, or even other cities within the state.

Living in Maine

Forests, coastline, cities and country living — Maine has it all. The beauty of this state is truly unique and relaxing, but calling the Pine Tree State homes comes with a financial commitment. With the cost of living in Maine above the national average, you’ll have a shell out a few extra bucks to settle in here. Make sure you can afford it first by looking closely at your own budget. Then, all this northeastern beauty — and fresh seafood — is yours.

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com