Mar

2025

Week Ahead on Wall Street: Tariff Threats

By Mario Ismailanji | | Comments Off

Trading Blows

The spotlight falls squarely on tariffs this week, as trade policy developments have increasingly dominated market narratives over the past month.

Initially, the Trump administration had announced that tariffs on imports from Mexico (25%), Canada (10% for energy, 25% for non-energy), and China (10%) would go into effect at the start of February. The duties on Chinese imports went into effect but, after negotiations, the tariffs on the United States’ neighbors were delayed for a month.

Last week, President Trump stated that not only will the delayed tariffs on Mexico and Canada kick in on March 4, but that Chinese goods will also be subject to an additional 10% duty. Over 40% of U.S. imports come from those three countries, so a wide range of goods could become more expensive in a jiffy (assuming that implementation of the tariffs isn’t delayed at the eleventh hour).

On top of potentially stoking further inflation, the tariff storyline has put growth fears at the forefront for investors. Of course, international trade is complicated – the U.S. dollar could appreciate, offsetting some of the impact – but, all else equal, the March tariffs could pull GDP growth downward by more than a full percentage point.

That’s all quite abstract. Here’s a plausible scenario for how things could actually play out:

1. Tariffs push prices higher, so consumers and businesses reduce spending;

2. Lower revenue and/or higher costs result in lower profits;

3. Some firms absorb lower profit margins, while others are forced to cut costs (which could lead to layoffs, less investment, etc.);

4. Consumer and business confidence decline;

5. Growth declines further.

Declining growth and negative sentiment can create a negative feedback loop, but that often plays out over quarters, not days or weeks. That makes it hard for investors to fully integrate the impacts of policy decisions – especially when developments occur as fast as they are right now. Markets reacted swiftly to last month’s tariff announcement, but they’ve been less jumpy this time; perhaps investors view the administration as the “boy who cried wolf.” That suggests that this week might be a volatile one if the tariffs actually go into effect. Time will tell. It’s possible that by the time you’re reading this, another delay will have already been announced.

Economic and Earnings Calendar

Monday

• January Construction Spending: Construction data is a leading indicator of business activity.

• February ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment.

• February Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.

• Fedspeak: St. Louis Fed President Alberto Musalem will give a keynote speech on the economy and monetary policy.

Tuesday

• Fedspeak: New York Fed President will be interviewed at the Bloomberg Invest Forum. Richmond Fed President Tom Barkin will repeat a speech from last week called Inflation Then and Now.

• Earnings: AutoZone (AZO), Best Buy Co (BBY), CrowdStrike (CRWD), Ross Stores (ROST), Target (TGT)

Wednesday

• February ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends.

• February S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

• January Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

• February ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.

• Fed Beige Book: This report is released eight times per year and tracks the state of the economy based on qualitative information.

• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

• Earnings: Brown-Forman (BFB), Campbell Soup (CPB)

Thursday

• February Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.

• January Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.

• 4Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

• January Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

• Fedspeak: Atlanta Fed President Raphael Bostic will discuss the economic outlook with The Birmingham Business Journal.

• Earnings: Broadcom (AVGO), Cooper Companies (COO), Costco (COST), Hewlett Packard Enterprise (HPE), Kroger (KR)

Friday

• February Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month.

• January Consumer Credit: Borrowing activity gives insight into broader economic activity.

• Fedspeak: New York Fed President John Williams will participate in a University of Chicago discussion titled Monetary Policy Transmission Post-Covid.

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

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Feb

2025

Cost of Living in Washington, D.C.

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Washington D.C.

Ah, the nation’s capital. Known for its unparalleled cultural attractions — many of which are free — along with its professional-yet-swank mid-Atlantic attitude, D.C. is a popular place to live. In fact, according to 2023 U.S. Census data, 678,972 people live there, which is a pretty big number for a relatively minute 68.34-square-mile area.

But if you’re considering moving to the District, you should be aware: It’s definitely not a cheap place to live, free museums or no.

Here’s the data about the cost of living in Washington, D.C., so you can make an informed decision about whether or not it’s right for you.

What’s the Average Cost of Living in Washington, D.C.?

Average Cost of Living in Washington, D.C.: $92,037 per year

It’s not surprising that Washington is such an attractive place to live. It almost goes without saying.

According to data from the Missouri Economic and Research Center (MERIC), Washington, D.C., is low on the affordability scale. As of 2024, it ranks 49th on the list with a cost of living index score of 141.9. Only Hawaii, Massachusetts, and California are more expensive.

The Bureau of Economic Analysis estimates the average annual personal consumption expenditure in the District of Columbia at $92,037 in 2023. Here’s how that breaks down:

Category	Average Annual Per-Capita Cost in Washington, D.C.
Housing and Utilities	$16,481
Health Care	$13,239
Food and Beverages (nonrestaurant)	$7,500
Natural Gas and Energy Goods	$1,532
All Other Personal Expenditures	$53,285

Housing Costs in Washington, D.C.

Average Housing Costs in Washington, D.C.: $1,643 to $3,137 per month

Housing is often the highest single cost in people’s monthly budgets, and you definitely want to prepare for that expense if you’re going to live in Washington, D.C. Per January 2025 data from Zillow, the typical home price in the D.C. metro area is $594,337, which is significantly higher than the median single-family existing-home sale price of $355,328 in January 2025, the National Association of Realtors® reported.

Even for renters, the costs are pretty intense. Here’s how the cost of housing breaks down on a monthly basis:

• Median monthly mortgage cost: $3,062

• Median studio rent: $1,643

• Median one-bedroom rent: $1,935

• Median two-bedroom rent: $1,966

• Median three-bedroom rent: $2,630

• Median four-bedroom rent: $2,884

• Median five-bedroom (or more) rent: $3,137

• Median gross rent: $1,904

Utility Costs in Washington, D.C.

Average Utility Costs in Washington, D.C.: $438 per month

The cost of housing is sky-high in Washington, D.C., and once you get that roof over your head, electricity, water, gas, and cable are also on the higher end.

Here’s how the average monthly utility bill breaks down.

Utility	Average Washington, D.C. Bill
Electricity	$104
Gas	$105
Cable & Internet	$85
Water	$41

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2022; Rentcafe.com, “What Are Apartment Utilities & How Much Will They Cost Me?” June 2024

Groceries & Food

Average Grocery & Food Costs in Washington, D.C.: $625 per person, per month

If the average yearly estimated nonrestaurant food and beverage expenditure in the District of Columbia is $7,500 per person, divide that by 12 to end up at $625 per person, per month.

By that metric, you might expect to spend about $2,500 per month to feed a family of four, but keep in mind that this estimate doesn’t factor in the fact that most children tend to eat less than adults.

That’s a fairly costly food bill. According to the Council for Community and Economic Research’s 2024 Cost of Living Index, the Washington, D.C., area scores 105.9 on grocery items. For comparison, Baltimore sits at 102.8, and nearby Bethesda, Maryland scores 111.5.

Transportation

Average Transportation Costs in Washington, D.C.: $6,106 to $11,362 per year

Once you’ve got your home all set up, you still have to get around — work, school, and other activities beckon. Although Washington, D.C., does have public transit options, fares can run up to $6 per ride during peak times, and many Washingtonians opt to keep (and pay to park) a personal vehicle.

You might expect to spend approximately the following amounts on transportation around Washington, D.C., according to MIT’s Living Wage Calculator, last updated February 2025.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$6,106
Two working adults, no children	$7,066
Two working adults, three children	$11,362

Health Care

Average Health Care Costs in Washington, D.C.: $13,239 per year

Average annual health care costs in Washington, D.C., are fairly high at about $13,239, according to the 2023 Bureau of Economic Analysis data.

Of course, specific health care costs vary significantly depending on all sorts of things: your health insurance coverage, how often you need to seek medical attention, your family makeup, and more.

Besides, if you’re living in D.C., there’s a pretty good chance you’re working for the government, so hopefully you have good health care benefits.

Child Care

Average Child Care Costs in the District: $1,372 to $2,043 or more per child, per month

Raising kids might be some of the most fulfilling work we can do — but it’s also pretty expensive, especially in an already costly metro area like Washington, D.C.

While your exact child care costs will depend on how many children you have, what kind of care you’re after, and more, costofchildcare.org offers per-month, per-child care cost averages. (If you visit the website, you can even play with the toggles to see what certain extras, like bigger classrooms or better pay for caretakers, might add.)

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$2,043
Toddler Classroom	$2,043
Preschooler Classroom	$1,372
Home-Based Family Child Care	$1,404

Taxes

Highest Marginal Tax Rate in Washington, D.C.: 10.75%

Washington, D.C., like most U.S. states, levies a District-specific income tax in addition to the federal income taxes American earners pay. Like many states, D.C.’s income tax is charged at a graduated rate: The more you earn, the more you owe.

Per the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025, the highest marginal tax rate in Washington, D.C., is 10.75%, which is pretty darn high, nationally speaking. Neighboring Maryland and Virginia both cap out at 5.75%. Still, it’s a far cry from California’s sky-high 13.30%

Miscellaneous Costs

We’ve covered all the basic necessities, but still, the Bureau of Economic Analysis estimates that the average District denizen spends about $52,285 on “other personal expenditures.”

While D.C. is well known for its plethora of free must-sees — the majority of the Smithsonian Institution properties, including the National Zoo, and self-guided tours of many major government buildings, such as the Library of Congress and the U.S. Capitol, are all free of charge. Here are some ways that money might be getting spent in the city (costs accurate as of February 2025).

• Tickets to a performance at the historic Ford’s Theatre, where Abraham Lincoln was shot: $36 to $72 or more, depending on the program and where tickets are acquired.

• One year of undergraduate tuition at Georgetown University: $67,824

Lots of residents probably also spend a decent amount of money on the clothes, accessories, and gadgets expected of hip mid-Atlantic citizens, but again, if you’re looking for free entertainment and educational activities, the District of Columbia is pretty hard to beat.

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How Much Money Do You Need to Live Comfortably in Washington, D.C.?

While everyone’s definition of “comfort” is a little different, one thing’s for certain: Of the places to live in the United States, Washington, D.C., is one of the most expensive. As mentioned above, MERIC ranks it 49th, less expensive than only Hawaii, Massachusetts, and California.

Plus, 2023 data from the Bureau of Economic Analysis suggests that most people spend about $92,037 to live, work, and play here — so you’ll probably want to make more than that, after taxes.

SoFi Home Loans

If the nation’s colorful capital is calling you, despite the Washington, D.C., cost of living, you might find yourself hunting for a new home.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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

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 requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.

If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.

SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.

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Feb

2025

Unlimited 2% Card 15TT + $200 PT ESB Offer Terms and Conditions

By Nicholas Wong | 1_Web_CreditCard | Comments Off

SoFi Unlimited 2% Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	0% Introductory APR on purchases for the first 15 months from account opening. After that, your standard purchase APR will be 18.74% to 29.24% based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	0% Introductory APR on balance transfers for the first 15 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 18.74% to 29.24% based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Bonus Terms

In order to receive the $200 bonus, your SoFi Unlimited 2% Credit Card account must be in good standing, and you must spend $1,000 or more within 90 days of account opening. You will receive your bonus as 20,000 SoFi Reward Points, which are worth $200 when redeemed into an active SoFi account (eligible accounts include but are not limited to SoFi Checking and Savings, SoFi Money, SoFi Active Invest account, SoFi Automated Invest account, SoFi Personal Loan, SoFi Private Student Loan, Student Loan Refinance) or as a SoFi Credit Card statement credit. The following charges and transactions shall be excluded when calculating your total spend during the Promotion Period: reversed transactions, returned purchases, fees or interest charges, balance transfers or cash advances, purchase of traveler’s checks or other cash equivalents, purchase or reloading of prepaid cards, and quasi-cash transactions with certain categories of merchants. This offer does not change your responsibility to make the minimum monthly payment. Allow 45 days from qualifying for the Reward Points to be posted to your SoFi account. See Rewards details at https://www.sofi.com/card/rewards?cardType=c for more information on eligible purchases.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR and then to Balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Unlimited 2% Credit Card Terms & Conditions

The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application must be verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents; and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources, for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Unlimited 2% Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service or feature offered in connection with your Card Account may change or be discontinued at any time for any reason, except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Unlimited 2% Credit Card Rewards Program

With the SoFi Unlimited 2% Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Unlimited 2% Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Mastercard World Elite Benefits

You are also eligible for more rewards through the Mastercard World Elite Benefits program when shopping with eligible merchants. More details on the Mastercard World Elite Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Unlimited 2% Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Unlimited 2% Credit Card.

Feb

2025

Massachusetts: Best Affordable Places to Live

By Annie Luc | Uncategorized | Comments Off

Best Affordable Places to Live in Massachusetts in 2025

Best Places to Live in Massachusetts

Finding the best places in Massachusetts to live requires a little research. This list gives you a head start, sharing the best affordable places to live in Massachusetts for families, young adults, young professionals, and retirees. Each city included in these rankings was evaluated based on these factors:

• Population

• Median household income

• Cost of living

• Median rent price

• Home price-to-income ratio

This guide includes larger metro areas as well as smaller cities. Dive in to see which locales made the list as the best places to live in Massachusetts.

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Best Affordable Places to Live in Massachusetts

The five cities listed below are among the most affordable overall. These cities are budget-friendly, and each one has something unique to make it an attractive choice for relocating. If you’re looking for the best place to live based on cost and you’re planning to buy a home, you may want to research some tips to qualify for a mortgage.

1. Leominster

Leominster, Massachusetts

Photo credit: iStock/DenisTangneyJr

Leominster is a suburban community of just over 40,000 people, located approximately 90 minutes from Boston. In terms of affordability, Leominster boasts a relatively low cost of living compared to other Massachusetts cities and features a family-friendly vibe. It’s much cheaper to buy in Leominster than many other Massachusetts towns, which could be ideal for first-time homebuyers. There’s plenty of variety, including single-family homes, condos, and townhouses.

Population: 43,627

Median Household Income: $81,556

Cost of Living: 114% of the U.S. average

Average Rent Price: $1,855

Home Price-to-Income Ratio: 5.4

2. Adams

Adams, Massachusetts

Photo credit: iStock/DenisTangneyJr

Adams could be ideal for people who are seeking a small-town experience. In terms of its appeal beyond the low cost of living, Adams is family-friendly, with plenty of nature trails and outdoor spaces, though it also attracts its fair share of retirees.

Population: 5,584

Median Household Income: $48,750

Cost of Living: 109% of the U.S. average

Average Rent Price: $1,275

Home Price-to-Income Ratio: 5.0

3. Westfield

Westfield, Massachusetts

Photo credit: iStock/DenisTangneyJr

Westfield is located near the Springfield area. With a population around 40,000, it’s a bustling city. While Westfield is a bit further afield from Boston, there’s still plenty to do here for young families and the students who attend Westfield State University. The cost of living is slightly above the U.S. average but still lower than many other Massachusetts cities and towns.

Population: 40,509

Median Household Income: $82,847

Cost of Living: 107% of U.S. average

Average Rent Price: $1,700

Home Price-to-Income Ratio: 4.3

Best Places to Live in Massachusetts for Families

Raising a family can influence your decision on where to move, as you’ll need to consider things like the local school system and kid-friendly activities, as well as income opportunities and the social scene for adults. Comparing different types of mortgage loans can help you plan your budget if you’re hoping to buy a home.

These cities are among the best places to live in Massachusetts if you’re looking for family-friendly options.

1. Springfield

Springfield, Massachusetts

Photo credit: iStock/Sean Pavone

Springfield is the largest city in the Western New England region and attracts plenty of young families, who are often drawn to its well-rated schools. Despite there being a seller’s market, housing is still highly affordable. The area’s median sale price at the end of 2024 was still less than $300,000.

Population: 153,672

Median Household Income: $51,339

Cost of Living: 110% of U.S. average

Average Rent Price: $1,695

Home Price-to-Income Ratio: 5.4

2. Stoneham

Stoneham, Massachusetts

Photo credit: iStock/DenisTangneyJr

Stoneham is located just a few miles north of Boston and has earned a reputation for being one of the friendliest towns in Massachusetts. Families might choose to move here for its combination of good schools and convenient access to the city.

Population: 22,854

Median Household Income: $112,635

Cost of Living: 34% higher than the national average

Average Rent Price: $3,100

Home Price-to-Income Ratio: 6.7

3. Wayland

Wayland, Massachusetts

Photo credit: Wikimedia Commons/
John Phelan , Creative Commons Attribution-ShareAlike 3.0 Unported

Families will appreciate the well-ranked schools here. This quiet bedroom community is one of the best places to live in Massachusetts for families in search of a pleasant environment in which to raise children. As a smaller town, it offers fewer amenities. However, it’s close to Boston, which is great for commuting or planning family outings on the weekend. Home prices here are on the high side, and some buyers will need to look into jumbo home loans when eyeing a pricier property.

Population: 13,752

Median Household Income: $221,250

Cost of Living: 138% of U.S. average

Average Rent Price: $3,374

Home Price-to-Income Ratio: 5.0

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Best Places to Live in Massachusetts for Young Adults

Jobs and entertainment tend to be key factors for young adults looking for a place to land in Massachusetts. They may flock to the Boston area to start their careers, but the surrounding suburbs can also attract plenty of up-and-coming professionals. These cities rate as the best places to live in Massachusetts for recent college grads and working young adults.

1. Wakefield

Wakefield, Massachusetts

Photo credit: iStock/WestWindGraphics

Wakefield is a smaller suburb of Boston that’s home to a number of young professionals. The local crowd here is both highly educated and diverse. About a quarter of residents are between 20 and 39 years of age. If you are looking to purchase a home, you may want to explore first-time homebuyer programs in Massachusetts to potentially make the process easier and/or more affordable.

Population: 27,810

Median Household Income: $130,320

Cost of Living: 137% of U.S. average

Average Rent Price: $2,676

Home Price-to-Income Ratio: 5.9

2. Waltham

Waltham, Massachusetts

Photo credit: iStock/DenisTangneyJr

Waltham is located approximately 30 minutes from Boston and is a bustling suburban community for young professionals who want to stay close to the metro area. The population is young, with a median age of 35. There are plenty of jobs to be had with both larger and smaller companies. In addition, young professionals will find a variety of things to do after work hours and on weekends, including restaurants, clubs, and even a circus school where adventurous students can learn acrobatics. Understanding the mortgage preapproval process can help if you are preparing to start your hunt for a house.

Population: 64,477

Median Household Income: $116,560

Cost of Living: 142% of U.S. average

Average Rent Price: $3,000

Home Price-to-Income Ratio: 6.7

3. Malden

Malden, Massachusetts

Photo credit: iStock/DenisTangneyJr

Malden is a diverse town and can be a good place for young adults to launch their careers. Job growth is a bit slower in Malden, but the fact that it’s less than 30 minutes from Boston makes it easier for residents to cast a wide net when seeking employment. Glow-in-the-dark mini golf and a craft brewery provide local entertainment. Of the various suburbs around Boston, Malden proves to be one of the most affordable for young professionals based on rent and housing prices.

Population: 65,133

Median Household Income: $95,298

Cost of Living: 139% of the U.S. average

Average Rent Price: $2,400

Home Price-to-Income Ratio: 6.7

Best Places to Live in Massachusetts for Retirees

Massachusetts could be a great place to retire from a tax perspective. Social Security benefits are not taxed here, and income from Massachusetts state and local government retirement plans is also tax-exempt. Retirees can choose from larger urban areas, quieter suburban cities, and cozy small towns.

1. North Adams

North Adams, Massachusetts

Photo credit: iStock/DenisTangneyJr

North Adams has one of the lowest costs of living in the state, making it one of the most affordable places to live in Massachusetts for retirees who may be on a fixed income. It’s small, but not so small as to lack all of the basic amenities you’d expect in retirement, including access to health care. Almost 25% of the population is over age 65. The North Adams Council on Aging offers numerous programs and services to support older residents, including transportation services, wellness and fitness programs, and assistance with applying for public benefits.

Population: 12,483

Median Household Income: $48,521

Cost of Living: 100% of U.S. average

Average Rent Price: $1,350

Home Price-to-Income Ratio: 4.8

2. Pittsfield

Pittsfield, Massachusetts

Photo credit: iStock/DenisTangneyJr

Pittsfield is another Western Massachusetts locale that’s ideally suited to retirees who are looking for an affordable cost of living. Around 20% of residents are 65 and over, and there are a significant number of single seniors here, which could make it ideal for older people who are interested in making personal connections. In addition to outstanding health care, Pittsfield offers access to the arts, dining, and shopping. One more upside to living in Pittsfield as a retiree: The public transit system makes it easy to get around.

Population: 43,076

Median Household Income: $68,386

Cost of Living: 108% of U.S. average

Average Rent Price: $1,450

Home Price-to-Income Ratio: 4.2

3. Framingham

Framingham, Massachusetts

Photo credit: iStock/DenisTangneyJr

Framingham is a college town, but there are a sizable number of older adults and retirees who make their home here. The city is unique in that it blends some of the best elements of both urban and suburban living, with plenty of things for retirees to do along with access to excellent health care. Boston is less than a 40-minute drive, making it convenient enough for outings. Checking out a home loan help center can help you know how to navigate the buying process.

Population: 71,875

Median Household Income: $98,179

Cost of Living: 131% of U.S. average

Average Rent Price: $2,403

Home Price-to-Income Ratio: 6.5

Best Places to Live in Massachusetts Near the Beach

Here are the best places to live in Massachusetts if you’re looking for a community with beach access.

1. New Bedford

New Bedford, Massachusetts

Photo credit: iStock/DenisTangneyJr

New Bedford is located in the South Coast region, which may be perfect for homebuyers and renters who prefer to live near the water. The city has a rich history and a highly walkable downtown, with the town of Dartmouth and its zoo, wineries, and nature preserves just a 10-minute drive away. Overall, it’s a highly affordable pick for people who’d prefer to live in a larger city.

Population: 100,695

Median Household Income: $56,025

Cost of Living: 116% of U.S. average

Average Rent Price: $1,800

Home Price-to-Income Ratio: 7.3

2. Yarmouth

Yarmouth, Massachusetts

Photo credit: iStock/Wirestock

For those who want to be close to the water, Yarmouth deserves a look. It’s one of the oldest towns on Cape Cod and boasts a shoreline that spans Cape Cod Bay and Nantucket Sound. The area is a mix of historic sites and new developments, with the three villages of West Yarmouth, South Yarmouth, and Yarmouth Port attracting visitors. If you’re looking for things to do, there’s Whydah Pirate Museum and the Edward Gorey House, not to mention numerous nature trails.

Population: 25,103

Median Household Income: $81,985

Cost of Living: 127% of U.S. average

Average Rent Price: $3,000

Home Price-to-Income Ratio: 7.1

3. Gloucester

Gloucester, Massachusetts

Photo credit: iStock/Jill_InspiredByDesign

Gloucester is on Cape Ann, part of the North Shore area. Some of the best beaches in the state are located here, and vacationers frequently rub elbows with locals during the summer months. Gloucester is home to a mix of families, retirees, and young professionals who prefer the slower pace of beach living with the amenities of a larger suburban town.

Population: 29,959

Median Household Income: $87,898

Cost of Living: 134% of the U.S. average

Average Rent Price: $2,800

Home Price-to-Income Ratio: 8.2

The Takeaway

Overall, Massachusetts can be a pricey place to live, but there are options for people of varied budgets and life stages. Whether you’re a first-time homebuyer or anticipate renting for the near-term, it helps to know what you can expect to pay for housing as well as other costs, such as utilities and taxes. The cities included here represent the best places to live in Massachusetts that are also budget-friendly.

If you are planning to make a home purchase, shopping around for a mortgage is an important step to finding the right loan to suit your needs and your budget.

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Browse Other States

Best Affordable Places to Live in the U.S.

Best Affordable Places to Live in Michigan

Best Affordable Places to Live in New Jersey

FAQ

What is the best city to live in Massachusetts 2025?

The best city to live in Massachusetts is subjective and can depend on what you’re looking for as a resident. Some of the most popular places to live in Massachusetts include Boston, Cambridge, Worcester, and Springfield.

Where is the most affordable place to live in Massachusetts?

Some of the most affordable cities in Massachusetts include Leominster, Adams, North Adams, and Westfield. When comparing costs of living in Massachusetts, it’s helpful to look at things like housing, utilities, groceries, transportation, insurance, and property taxes.

What is the cheapest New England state to live in?

Based on the overall cost of living, Maine and Rhode Island are the cheapest of the six states that make up the New England region. Massachusetts, on the other hand, has the highest cost of living overall.

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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.

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Best Affordable Places to Live in Massachusetts in 2025

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