Category

Money Management

Jan 02
Love0

How Big Is Your Home? Here Is the Average Home Size by State

By Money Management No Comments

How does the size of your home compare to others in your state? 

Image source: Getty Images

The median home size in the United States is 2,014 square feet. But have you ever wondered what the median home size of your state might be?

Home size by state

The median size of homes across the United States is 2,014 square feet. However, this number varies significantly depending on where you live. For example, while the average home size in Colorado is about 2,500 square feet, the average home size in New York is only about 1,500 square feet, or 1,000 sq ft less.

In addition to geographic location, cost of living and local housing trends also play a role in determining the average home size. The median price per square foot in the U.S. is $203.61. This too depends on where you live, ranging from $130.46 per square foot in Mississippi to close to $750 in Hawaii.

Rank State Avg. square feet Median price per square foot 1 Utah 2,800 $259.05 2 Colorado 2,464 $279.55 3 Idaho 2,311 $286.85 4 Wyoming 2,285 $189.87 5 Delaware 2,277 $223.75 6 Georgia 2,262 $180.61 7 Maryland 2,207 $234.53 8 Montana 2,200 $324.53 9 North Dakota 2,190 $139.12 10 Washington 2,185 $335.73 11 Texas 2,170 $194.87 12 Connecticut 2,158 $238.21 13 Tennessee 2,157 $213.79 14 North Carolina 2,152 $213.62 15 Alabama 2,146 $155.82 16 South Carolina 2,123 $181.72 17 Virginia 2,105 $209.76 18 New Mexico 2,087 $182.27 19 Mississippi 2,065 $130.46 20 Nevada 2,060 $281.85 21 Arizona 2,049 $269.26 22 Pennsylvania 2,045 $180.82 23 Minnesota 2,026 $197.46 24 Kansas 2,020 $135.92 25 Nebraska 2,016 $169.26 26 Indiana 2,011 $153.55 27 Vermont 2,000 $232.92 28 Florida 1,960 $265.08 29 Louisiana 1,955 $149.65 30 Kentucky 1,953 $155.86 31 Oregon 1,946 $307.86 32 Oklahoma 1,941 $167.50 33 New Hampshire 1,934 $267.29 34 South Dakota 1,915 $181.86 35 Rhode Island 1,913 $270.42 36 Alaska 1,910 $227.69 37 California 1,860 $442.70 38 Arkansas 1,860 $134.74 39 Missouri 1,848 $162.46 40 Wisconsin 1,822 $185.48 41 Ohio 1,803 $146.77 42 Massachusetts 1,800 $398.77 43 New Jersey 1,753 $266.77 44 West Virginia 1,752 $119.56 45 Michigan 1,726 $178.57 46 Illinois 1,700 $181.70 47 Maine 1,680 $231.96 48 Iowa 1,623 $187.99 49 New York 1,490 $421.49 50 Hawaii 1,164 $743.86
Data source: The 2022 American Home Size Index.

The smallest homes

The states with the smallest homes tend to be located on the East and West Coasts and in the Midwest. The three states with the smallest average homes are Hawaii (1,164 square feet), New York (1,490 square feet), and Iowa (1,623 square feet). Maine and Illinois round out the top five.

The largest homes

Interestingly, the top four largest states are all located in the Mountain West: Utah (2,800 square feet), Colorado (2,464 square feet), Idaho (2,311 square feet), and Wyoming (2,285 square feet). People who live in these areas tend to have higher incomes and the cost per square foot is more reasonable than states like Hawaii and New York. This allows them to afford larger homes. Additionally, many people are moving to states with larger houses and low-density neighborhoods.

More: Check out our picks for the best mortgage lenders

Dense, coastal areas are pricey

States along the coast tend to have the highest cost per square foot. Coastal areas are more densely populated, leaving less room for real estate. They also have older housing stock. In addition, many people prefer living near coastlines because they offer better weather and access to beaches or other recreational activities that they enjoy. The data shows an inverse relationship between an area’s median price of real estate and the median home size.

As we can see from this data on home sizes across the U.S. by state, there is a wide range of variations between them. From Wyoming’s small 1,164 square foot houses to Utah’s 2,800 square foot abodes — it’s clear that location plays a major role when it comes to house size. Regardless of what state you live in, there are plenty of options for each individual home buyer as long as they do their research before purchasing a property. With this information at your fingertips now, hopefully you can make a more informed decision when looking for your next home.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Jan 02
Love0

Your Debit Card Got Stuck in an ATM. What Now?

By Money Management No Comments

Oh, great. 

Image source: Getty Images

Your trusty debit card is a cornerstone of your finances. It gives you access to the bank accounts linked to it by letting you make purchases or by taking cash out of an ATM. While debit cards don’t offer the same level of fraud protection as credit cards do, they still have their place. And according to research from The Ascent, 83.14% of Americans had a debit card in 2020.

It can be pretty devastating to have your debit card stolen — or eaten by an ATM. If you’ve never experienced this, you might be wondering what to do if it happens to you. Keep reading for the steps you should take, and to learn a few reasons why ATMs sometimes do this.

Discover: This card has one of the longest intro 0% interest periods around

More: Consolidate debt with one of these top-rated balance transfer credit cards

Oh no, what now?

You’re standing in front of an ATM, you’ve entered your PIN, you just want to take out some cash. But the ATM has decided to keep your debit card instead of spitting it back out to you, and you’re left empty handed. What should you do?

1. Wait a few minutes

It’s entirely possible that there’s just been a little glitch in the machine, and your card will be returned to you shortly if you’re patient. Hang out near the ATM for a little while and see if it spits your card back out. It may reboot itself. It’s also not a bad idea to check out the physical condition of the machine itself, particularly the card slot. Does it look damaged, or are the parts loose? This is a sign the machine may have been tampered with by criminals.

2. Ask for help, if the ATM is at your bank

If the ATM you’re using is at a branch of your bank and the bank is open, go find a bank employee to tell them about the issue ASAP. They will likely mark the ATM as out of service, and if there’s someone on staff who can service the machine, you might be able to get your card back soon.

3. Make note of the ATM’s details, if it’s not

If the ATM is at another bank, or is a freestanding machine inside a business, you’re going to want to have a record of where it is, what type of ATM it is, and what bank it’s connected to. Also write down the time that the card loss occurred. Your bank is going to want these details. And chances are, under these circumstances, you won’t be getting this debit card back.

4. Contact your bank

Don’t delay, it’s time to get in touch with your bank. Call customer service (or reach them through your bank’s mobile app), tell them what happened, and arrange to have your debit card canceled and a new one issued. If you rely on your card for purchases, you’re going to want to have them issue you a new one in a hurry, which may cost extra. Don’t forget to update any autopay bills you have linked to your debit card when you get the new one.

5. Monitor your bank account

If you have reason to suspect the ATM was tampered with and your card was eaten because of criminal activity, you’re going to want to be vigilant about checking your bank account for any suspicious charges. It’s an especially good idea to be on top of this and to contact your bank ASAP if you lose your card in any way due to the limited liability coverage on debit cards.

If you tell your bank the card is lost before someone uses it to spend your money, your liability will be $0. If you notify your bank within two days of the loss, it’s $50. But after two days (but less than 60 days), you’ll be out $500 on fraudulent charges. If for some reason you don’t report the problem for more than 60 days, you could be out all the money in your accounts if some criminal has spent you dry.

Why did this happen?

There are a few possible reasons why the ATM ate your debit card:

You entered the wrong PIN too many times, and the machine’s security protocols kicked in.The chip in your card is damaged, and again, the machine’s security took over.You’ve had a string of suspicious transactions on your account.The ATM itself is broken or has been tampered with.

Ultimately, losing a debit card to an ATM stinks, and can definitely ruin your day, but if you take the steps above, you can stop potential crooks in their tracks and get your card replaced ASAP. Consider using ATMs at branches of your bank in the future, if possible, both for security reasons and to ensure you’re not paying ATM fees.

Top credit card wipes out interest until 2024

If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Jan 02
Love0

10 of Your Favorite Stories From 2022

By Money Management No Comments

 These Money Talks News articles are full of wisdom that will serve you well in 2023 and beyond. G-Stock Studio / Shutterstock.com

With a new year dawning, it’s time to look back at some of the most popular stories of the past year. What follows are the most-read stories that Money Talks News published during 2022. But the guidance that you will discover in many of these stories will serve your finances in 2023 and beyond. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. So, if you don’t…

 Read More 

Jan 02
Love0

See How Much You Can Save With a No-Spend Challenge

By Money Management No Comments

 Are you ready to take the no-spend challenge? Learn everything you need to succeed and more here. Ariya J / Shutterstock.com

Editor’s Note: This story originally appeared on Living on the Cheap. If your spending has gotten out of control or you want to cut down on unnecessary expenses, it might be time to embark on a no-spend challenge. Going an entire month without spending beyond necessities can be an eye-opening experience. We think any budget-minded individual should try a no-spend month at least once.

 Read More 

Jan 02
Love0

10 Secret Ways Frugal Travelers Slash Their Costs

By Money Management No Comments

 Some people are experts at traveling on the cheap. Here are some of their secrets. Bogdan Sonjachnyj / Shutterstock.com

The recent holiday cold wave that put much of the nation on ice probably has you dreaming of travel to warmer climates. Before you book a trip, make sure you look for ways to save. By tapping into the wisdom of the most seasoned — and frugal — globetrotters, you can trim travel bills now or anytime during the year when you plan a vacation. Following are some of the secret ways that frugal…

 Read More 

Jan 02
Love0

4 Reasons I Will Drive My 13-Year-Old Car Until the Wheels Fall Off

By Money Management No Comments

It’s not so pretty anymore, but it does the job. 

Image source: Getty Images

It’s funny how humans come to regard inanimate objects with genuine affection. This is true even for personal vehicles. I’ve been driving the same car since June 2009, and to say we’ve been through a lot together would be a massive understatement. This is the car I’ve driven coast to coast (from Maine to California, and many points in between) for various road trip vacations and moves. And I’ve even explored four Canadian provinces in it.

It was my first-ever new car (I had owned two used vehicles before it), and I bought it after my previous car was totaled in a wreck. I was new in my old career then, young and a year out of graduate school, and I needed reliable transportation.

Neither of us is really young anymore, and as I now work from home, most days my car sits outside my apartment, ready to go to the grocery store or on other errands. We still take road trips, and I hope to explore another Canadian province in 2023. It’s not so pretty to look at anymore, but it still runs well, and I still take the time to get it in for regular maintenance. Here’s why I keep my old car running, even though I could conceivably afford a newer one after the moves I made in 2022.

1. I love not having a car payment

Monthly car payments have gotten expensive. They reached an average of $733 for new cars in July 2022. When I paid my car off in 2014, I was elated. My 60-month period of car financing included 14 months during which I was unemployed and one full week’s worth of my benefits went to making a car payment. Despite being unemployed, I managed to keep making my car payments. I am proud of that, and happy to not have a car payment now. Many of the financial difficulties I’ve encountered since then would have been much worse with that extra bill to pay.

2. It’s inexpensive to run and insure

In yet more money-saving news, owning an older car can sometimes mean cheaper auto insurance. And while I don’t drive many miles these days, I appreciate the fact that my older car is cheap to run as well. It’s a sedan, and sips on gas during highway driving, which is great for my bank account.

Discover: Save money with one of these top-ranked car insurance companies

More: Check out our picks for best car insurance companies

3. I don’t care if it gets dinged

An older car often tells a story. Mine tells the story of the former spouse who dented a wheel rim and lost a hubcap, so I removed the remaining three. It also tells the story of the other former spouse who forced open the gas tank cover when it was frozen shut, breaking the hinge off entirely.

It’s got scratches and little dings from road debris, a fire hydrant (don’t ask), and rocks kicked up from lawn mowing. But it’s the mechanical soundness of the car that matters, not its looks. If I was a person who was fussed over those things, I probably would be considering buying a new car. Thankfully for my bank account, I’m not.

4. It has fewer modern features that are prone to breaking

Finally, my 2009 car has fewer bells and whistles to malfunction or break, saving me money on repairs for these things (the car is more than 10 years out of warranty). There is no Bluetooth and no in-car GPS, and the car’s key must be inserted in the ignition and turned to operate the vehicle — no fancy electronic fob that sits in my purse while I drive.

Some things have broken in an annoying fashion. Two out of four window motors no longer function (which makes crossing the Canadian border more fun, as border guards ask you to put down your back window and you explain that you can’t). The trunk’s hinges are broken, which is another inconvenient problem and I generally avoid using the trunk except on road trip vacations. But neither of these problems impedes my use of the car — to me, at this point, they’re just quirks.

While I never planned to keep driving this car for as long as I have, I have always recognized and been grateful for one of the smartest financial decisions I’ve ever made: keeping an old car and reaping the benefits.

Our best car insurance companies for 2022

Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More