Oct

2025

Fewer Teens Are Working — and Could Be Missing Out

By Lora Shinn | | Comments Off

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Twenty-five years ago, a good 50% of 16-to-19-year-olds had some kind of job. Now it’s more like 35%, according to government data.

There are plenty of theories about why teenage jobs are less common, including that there are more demands on today’s teens and that more entry-level jobs are being filled by adults in states with $20-plus minimum wages.

But is something important being lost when young people don’t work?

In addition to a paycheck, a part-time gig at the local ice cream shop or convenience store can offer invaluable life lessons about managing money, communicating professionally, and being resourceful. And research has found that high school seniors who worked part-time ended up earning more than those who didn’t once they graduated.

If you have a teenager in the family and they’ve never had a job, it’s worth at least considering. While many have their hands full with schoolwork, extracurricular activities, and today’s intense college application process, working can give them a leg up in other ways. Here’s more on the benefits, the tradeoffs, and how you can help your teen find a job if they want one.

The pros and cons of working as a teen

“Adulting” can be a hard adjustment. When teenagers have a job, they’re able to flex adulting muscles before they’re full-fledged adults, learning how to serve customers, be diplomatic with co-workers, communicate with strangers, and manage their time. These “soft skills” are often what employers notice first in interviews, and they can give young people confidence that they can make it in the “real world.”

Working for a paycheck also helps teach teens the value of a dollar. It can help them foster good financial habits like saving, opening a checking account, and creating a budget. Plus, making mistakes as a teen employee can be easier than when you’re an adult in a full-time position. And as an unofficial career coach, you can help your teen develop resilience to tough days, seasonal layoffs, or just not being hired.

A potential bonus perk of working as a teen? Employee discounts can stretch a high-school clothing or food budget further.

Of course, a part-time job may not be feasible with your teen’s schedule, particularly if it doesn’t leave enough time for their schoolwork. Or it may be a matter of limiting how much time they devote to a job: Past research found that teens working 20+ hours a week had worse academic performance, and a job that requires neglecting volunteer work or a social life probably doesn’t make sense.

Helping your teen find a job

If you and your teen decide some part-time work makes sense, here are some basic steps (and inspiration):

Talk it over. Begin by discussing your teen’s goals, interests, and availability. Is it the paycheck or the job experience? What industry are they interested in learning more about? Do they want to practice their customer service and people skills, or are they more passionate about working with pets? Do they want to work on their feet, or would they prefer a more stationary job? Motivated teens can even start their own side hustles, such as lawn mowing, tutoring, or babysitting. Entrepreneurship skills are always a plus. Ideally, the job they choose will be something they can learn from and enjoy.

Cast your net. Work with your teen to compile a list of job possibilities, including teen-friendly clothing retailers and movie theaters. Do they have a favorite restaurant, bookstore, or cafe that they would love to be more than a customer at? Instead of paying to go to the bowling alley, would they consider working there? Alternatively, check with your school’s career center for lists of teen-friendly employers and paid internships.

Paperwork prep. Have your teen create a resume (including paid work, volunteer experience, and school achievements), and help them polish it. When they start applying to full-time roles after graduation, they’ll be glad they already have a resume to work from. Gathering references can also be helpful. Your teen may need help filling out their job application and W-2 forms, as well as understanding how a paycheck divides up wages. Prep your short, fascinating speech on Social Security now. (Here’s a cheat sheet.)

Get out there. Encourage your teen to walk into businesses and drop off resumes. They may resist — in-person applications can feel more intimidating — but the old-fashioned approach can help them stand out, especially at places that regularly hire for entry-level jobs. Help your teen practice a brief, confident introduction to managers and assemble an outfit that says, “Hire me. (Please).” Once they land an interview, help them prep by role-playing common questions.

Be there for them. As your teen goes through the job-hunting process and starts working for the first time, be a sounding board and source of moral support. This will help them build resilience to common situations like getting passed over for a role or dealing with unpleasant colleagues. And these early experiences can put them ahead of the pack when they start their careers.

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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OTM2025102201

Oct

21

2025

Cost of Living in Alaska

By Dana Jennings Jelter | Uncategorized | Comments Off

Cost of Living in Alaska

One perk to help outweigh those challenges is the Permanent Fund Dividend program, which provides an annual dividend from investment earnings of mineral royalties to Alaska residents. In 2024, the dividend amount was $1,702. Not bad if you’re considering a move to the Last Frontier. Whether or not that dividend is enough to make up for the Alaska cost of living is another story.

So how much does it cost to live in Alaska? Keep reading to find out.

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What’s the Average Cost of Living in Alaska?

Average Cost of Living in Alaska: $62,900 per year

Tighten up your monthly budget if you have your heart set on moving to Alaska. Data gathered by MERIC ranked Alaska as the state with the fifth highest cost of living. (Hawaii had the highest cost of living in the whole country.) To put a number on it, the average total personal consumption cost in Alaska is $62,900 per year, according to the latest data from the Bureau of Economic Analysis. Here’s how that spending breaks down.

Category	Average Annual Per-Capita Cost in Alaska
Housing and Utilities	$9,146
Health Care	$13,015
Food and Beverages (nonrestaurant)	$4,798
Gasoline and Energy Goods	$1,037
All Other Personal Expenditures	$39,904

Housing Costs in Alaska

Average Housing Costs in Alaska: $921 to $2,198 per month

Housing doesn’t come cheap in Alaska. The average home value in the state was $368,985 in February 2025, Zillow reported. That is comparable with $357,138, the average home value for all housing types in the U.S. that month, according to Zillow.

You won’t have many neighbors wherever you end up living in Alaska, as the population estimate is just 740,133, according to the most recent U.S. Census Bureau data available.

Here’s what housing looks like monthly, per census data:

• Median monthly mortgage cost: $2,192

• Median studio rent: $921

• Median one-bedroom rent: $1,094

• Median two-bedroom rent: $1,439

• Median three-bedroom rent: $1,746

• Median four-bedroom rent: $2,198

• Median gross rent: $1,373

How much you’ll spend to live in Alaska will vary based on your specific location. These are the typical home values for major Alaska cities, from lowest to highest, according to Zillow in February 2025.

Alaska City	Average Home Value
Fairbanks	$286,960
Anchorage	$387,882
Ketchikan	$389,311
Juneau	$483,940

Utility Costs in Alaska

Average Utility Costs in Alaska: $516 per month

No matter where you live, you’ll need to have some room in your monthly budget to cover utility costs. Here’s what you can expect to spend in Alaska on a monthly basis.

Utility	Average Alaska Bill
Electricity	$138
Natural Gas	$164
Cable & Internet	$125
Water	$89

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Alaska: $400 per person, per month

If you really want to nail down your budget before you decide to make a move, it can help to get an idea of how much you’ll spend on food in Alaska.

As noted earlier, the Bureau of Economic Analysis estimates the average annual food cost per person to be $4,798, which equates to about $400 per person, per month. A family of four can expect to spend $1,600 a month on food, although children usually eat less, and appetites vary.

Because the specific area of Alaska you live in can affect food costs, let’s examine the Council for Community and Economic Research’s rankings for the food costs in major Alaska cities. The following rankings represent grocery costs, from lowest to highest.

Alaska City	Grocery Items Index
Anchorage	126.5
Fairbanks	126.8
Juneau	128.3

Transportation

Average Transportation Costs in Alaska: $11,609 to $21,603 per year

Whether it’s commuting to work or schlepping your child to snowboarding, you’ve gotta get around. The specific transportation costs you’ll incur depend on how many adults and children are in your family, and how many of the adults are working — but here’s a basic breakdown, according to the most recent data from MIT’s Living Wage Calculator.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$11,609
Two working adults, no children	$13,435
Two working adults, three children	$21,603

Health Care

Average Health Care Costs in Alaska: $13,015 per person, per year

The average annual per-capita cost of health care in Alaska is $13,015, according to the most recent Bureau of Economic Analysis Personal Consumption Expenditures by State report.

How much you will really end up spending depends on the type of coverage you have that year, your specific health care needs, and more.

Child Care

Average Child Care Costs in Alaska: $906 to $1,442 or more per child, per month

What you’ll spend on child care each month will greatly depend on how many children you have, what type of child care you choose, and where you live. In Alaska, it’s cheaper to choose home-based child care, whether you have infants or toddlers.

To learn more about how to obtain child care assistance for covering the costs of early childhood education, go to ChildCare.gov for resources you may find helpful.

This is what the average child care costs in Alaska, per the most recent data from CostofChildCare.org.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,442
Toddler Classroom	$1,299
Preschooler Classroom	$1,013
Home-Based Family Child Care	$906

Taxes

Highest Marginal Tax Rate in Alaska: None

While residents of all states have to pay federal income tax, of course, Alaskans are off the hook when it comes to state income tax, as noted by the Tax Foundation’s State Individual Income Tax Rates and Brackets.

Other states that don’t charge state income tax are Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, and Wyoming. The state of Washington also has no income tax, but does charge a capital gains tax on income of high-earning individuals. If you’re hoping to avoid a big bill come tax season, maybe a move to one of these states will ease your burden.

Miscellaneous Costs

Now that we’ve chatted about all of the necessary expenses you’ll encounter while living in Alaska, let’s look at some more exciting costs.

If the average Alaskan spends $34,904 a year on personal expenditures, where’s all that money going? Here’s a few potential places they’re spending on fun activities (costs are accurate as of March 2025):

• Tickets to H2Oasis water park in Anchorage: $29.99 for anyone 13 and older, and $24.99 for kids 3 to 12.

• The individual entrance fee to Denali National Park is $15 and good for seven days, or you can spend $45 on an annual pass that admits four adults for the year.

• Tickets to the Alaska Zoo in Anchorage: $25 (nonresident adult, 16 and older) or $18 for an Alaska resident adult with state ID.

• See the northern lights (aka the aurora borealis) if you time it right: Free. Or splurge on an all-inclusive wilderness lodge on Iniakuk Lake (about 200 miles north of Fairbanks) for 3-5 nights. Prices start at $9,895 per person.

• A jug of Alaska wild-harvested birch syrup collected in the spring: $19.95 for 3.4 oz. from Kahiltna Birchworks

Of course, if you’re looking for a free activity, there are tons of great hiking, boating, and exploring opportunities in Alaska.

How Much Money Do You Need to Live Comfortably in Alaska?

What it means to live comfortably will vary from person to person. Your family size, lifestyle choices, and other factors can affect how accessible a comfortable style of living is. Location also plays a role.

With that in mind, it’s worth noting that Alaska is considered to be one of the least affordable places to live in the United States. According to U.S. News & World Report’s Affordability Rankings, Alaska is the fifth least affordable state to live in.

That report measures the average cost of living in a given state against the average amount of money most households have. The low ranking isn’t much of a surprise, as the most recent MERIC data ranked Alaska as the state with the fifth highest cost of living.

What City Has the Lowest Cost of Living in Alaska?

As you’ve seen, living in Alaska can cost a pretty penny. Let’s take a closer look at the three major Alaska cities with the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index.

Fairbanks

While Fairbanks is the most affordable city to live in Alaska (cost-of-living index of 121.4), it’s a fairly small city located near the center of the state about 140 miles south of the Arctic Circle. Fairbanks city was home to 31,856 residents, recent estimated census data shows. With loads of natural history, you can visit hot springs, an ice cave, and even meet and greet local reindeer — all in the same day\!

Anchorage

The major Alaskan city with the second-lowest cost-of-living index (122.8) is the famous city of Anchorage. Known for outdoor activities such as hiking, canoeing, and biking, it’s located along the southern coast of Alaska with a robust seaport. It boasted 286,075 residents by last census estimates. Anchorage is home to the Alaska Native Heritage Center as well as the start of the Parks highway, which connects the city to Denali National Park. The city also has plenty of arts and entertainment opportunities as well.

Juneau

Juneau came in third in the C2ER data, with a composite cost-of-living score of 127.2. You’ll note that all three major Alaskan cities are well above the national average in terms of cost. Juneau is the furthest south city in this list, located along the southern shores of the state, along the western coast of Canada. Only an estimated 31,555 people live in Juneau. You can use the city as a great jumping off point to trek to glaciers, go whale watching, or go salmon fishing.

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Making a move to Alaska will be quite the lifestyle change for many but also the adventure of a lifetime. The cost of living in Alaska tends to be high, but the Last Frontier speaks to hardy souls.

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FAQ

Is living in Alaska expensive?

Alaska is one of the most expensive U.S. states to live in, ranking near the top of both U.S. News and World Report affordability rankings and the most recent MERIC scores for cost of living. It doesn’t have an income tax for residents, and does offer jobs that can pay well, but you’ll spend a lot on housing, food, and other costs to live in Alaska. According to data from the Economic Research Institute, Alaska is 26% more expensive to live in than the national average.

How much do you need to make to live comfortably in Alaska?

A comfortable living is relative, but in Alaska, you’ll need to bring in a larger income than many other states, on average. The MIT Living Wage Calculator notes a living wage in Alaska for a single adult with no children is $24.11 per hour, or $50,149 per year. The latest data from the Bureau of Economic Affairs estimates that the average person in the state needs to spend $62,900 just to pay for the average costs of housing, health care, food, energy costs, and other personal expenses, which requires a higher salary.

Is it cheaper to live in Fairbanks or Anchorage?

Fairbanks does rank as a cheaper place to live when compared to Anchorage, per data from the Council for Community and Economic Research, but only slightly. Both cities rank as far above national averages. Fairbanks home values are nearly $100,000 less than those in Anchorage, but their grocery average costs are about the same.

Photo credit: iStock/Jacob Boomsma

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Oct

21

2025

Cost of Living in Arizona

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Arizona

What’s the Average Cost of Living in Arizona?

Average Cost of Living in Arizona: $53,921 per year

It turns out that living in Arizona may put a significant dent in your monthly budget.

Arizona ranks 37th when it comes to which states have the lowest cost of living, according to MERIC’s 2024 Cost of Living Index . If you’re looking to move to the Southwest, New Mexico is a much more affordable option. In the same ranking, New Mexico was found to have the 19th lowest cost of living.

So how much does coming in 37th place cost Arizona residents? According to 2023 data from the Bureau of Economic Analysis, the average total personal consumption cost in Arizona is $53,921 per year. Here’s how that total cost breaks down:

Category	Average Annual Per-Capita Cost in Arizona
Housing and Utilities	$10,961
Health Care	$7,943
Food and Beverages (nonrestaurant)	$3,923
Gasoline and Energy Goods	$1,346
All Other Personal Expenditures	$29,749

Housing Costs in Arizona

Average Housing Costs in Arizona: $1,206 to $2,676 per month

With more than 3.2 million housing units in Arizona, according to census data, you should have no trouble finding a home in Arizona, as long as the housing prices are within your budget. The typical home value in Arizona in June 2024 was $426,947, according to Zillow.

How much you’ll spend on housing each month will vary depending on if you rent or buy. Here’s what you can expect to spend, according to the latest census data.

• Median monthly mortgage cost: $1,739

• Median studio rent: $1,206

• Median one-bedroom rent: $1,345

• Median two-bedroom rent: $1,623

• Median three-bedroom rent: $1,860

• Median four-bedroom rent: $2,156

• Median five-bedroom (or more) rent: $2,676

• Median gross rent: $1,608

Where you want to live in Arizona can play a big role in how much it costs to buy a home. Here are typical home values for some major Arizona cities, according to Zillow, as of December 2024.

Arizona City	Typical Home Price
Phoenix	$452,778
Tucson	$344,460
Yuma	$276,716
Lake Havasu City	$352,460
Flagstaff	$621,579
Sierra Vista	$250,693
Show Low	$381,871
Payson	$374,540
Nogales	$266,223
Safford	$277,152

Utility Costs in Arizona

Average Utility Costs in Arizona: $390 per month

Even once you own a home and pay it off fully, you’ll still need to pay for utilities every month. Here’s what the average monthly utility bill expenses look like in Arizona.

Utility	Average Arizona Bill
Electricity	$148
Natural Gas	$82
Cable & Internet	$110
Water	$50

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Arizona: $327 per person, per month

Food is a major ongoing expense no matter where you live, but how much should you plan to spend on food per month in Arizona?

As previously noted, the Bureau of Economic Analysis found Arizona’s average annual (nonrestaurant) food cost per capita to be $3,923, which breaks down to about $327 per person, per month. That said, where you live in Arizona can play a role in how much food costs you.

According to the Council for Community and Economic Research, which ranks food expenses in major American cities, these are the rankings for Arizona cities’ grocery costs as of 2024.

Arizona City	Grocery Items Index
Bullhead City	98.5
Surprise	103.7
Phoenix	102.8
Lake Havasu City	98.9
Flagstaff	100.9

Transportation

Average Transportation Costs in Arizona: $9,783 to $18,205 per year

Getting from place to place can add up, especially if you have two commuting adults or children in your family.

The following 2024 data from MIT’s Living Wage Calculator can give you an idea of how much you’ll spend on transportation in Arizona, depending on your family structure.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$9,783
Two working adults, no children	$11,322
Two working adults, three children	$18,205

Health Care

Average Health Care Costs in Arizona: $7,943 per person, per year

According to the Bureau of Economic Analysis Personal Consumption Expenditures by State report, the average annual per-capita cost of health care in Arizona is $7,943.

It’s worth noting that how much you’ll spend on health care can vary greatly depending on your specific health care needs and what type of coverage you have.

Child Care

Average Child Care Costs in Arizona: $787 to $1,283 per child, per month

No matter what your family’s financial situation is, child care is likely to be a large expense for you, especially during the early years of your child’s life. How much you’ll spend each month can depend on your child’s age.

For example, in Arizona you’ll spend an average of $1,283 a month on care in an infant classroom but $787 a month for care in a preschooler classroom.

For assistance covering these expenses, the Arizona Department of Economic Security offers child care assistance for working low-income families, teen parents attending high school or GED classes, domestic violence or homeless shelter residents, and parents who can’t care for their children because of emotional or physical conditions.

According to data from CostofChildCare.org, these are the average monthly child care costs by type of care:

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,283
Toddler Classroom	$981
Preschooler Classroom	$787
Home-Based Family Child Care	$1,080

Taxes

Highest Marginal Tax Rate in Arizona: 2.5%

Arizona charges residents a flat state income tax of 2.5%.

According to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025, Arizona’s 2.5% flat tax is one of the lowest in the region, with neighbor New Mexico charging a top rate of 5.9% and Utah to the north a 4.55% top rate. But it’s nowhere near California’s graduated-rate income tax rate, which tops out at 13.3%.

Miscellaneous Costs

Once you’re done funding all of your necessities, it’s time to have some fun. The Bureau of Economic Analysis found that the average Arizonan can expect $29,749 in personal expenditures a year.

Let’s look at where some of that spending might go (costs are accurate as of March 2025:

• A visit to Bearizona Wildlife Park, in Williams, to check out the bears: $20 to $35 depending on age and if you go during the week or on the weekend. Children 3 and under can enter for free.

• An adrenaline-pumping Pink Jeep Tour in Sedona: As much as $1,970 if you book a private tour.

• Entrance to Grand Canyon National Park for the whole family: $35 per private vehicle.

• A legendary Arizona meal, the Sonoran hot dog began as a street food staple and has grown to an iconic Arizonan foodie favorite. Order one at El Guero Canelo in Tucson for $4.

If you want to save on a trip to the Grand Canyon, there are a handful of entrance fee-free days throughout the year.

How Much Money Do You Need to Live Comfortably in Arizona?

We all have our own idea of what it means to live comfortably, but most of us share a general set of living standards we hope to afford. Arizona is not one of the more affordable states to live in.

U.S. News & World Report’s Affordability Rankings found Arizona to be the 36th most affordable state. That ranking measures the average cost of living in each state against the average amount of money most households in that state have.

The MERIC ranking found Arizona slightly less affordable — 37th for states with the lowest cost of living. (West Virginia had the lowest; Hawaii, the highest on that list.)

What City Has the Lowest Cost of Living in Arizona?

To make it easier to obtain a comfortable lifestyle in Arizona, let’s get to know the three major Arizona cities with the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index for 2024.

Bullhead City

A cost-of-living ranking of 92.8 snagged Bullhead City the top spot on the council’s index for Arizona. Bullhead City lies on the east bank of the Colorado River and spans 57.2 square miles of land near the southernmost tip of Nevada. Residents get to enjoy an array of watersports on the river, as well as historical opportunities at the Colorado River Museum and the nearby ancient petroglyphs at Grapevine Canyon near Laughlin, Nevada.

Surprise

With just over 158,285 residents (according to the most recent census data), residents of Surprise enjoy outdoor sports, like spring training baseball games for the Kansas City Royals and Texas Rangers, or indoors activities like racquet sports at the largest tennis complex in the Southwest. Surprise is actually on the northwest border of Phoenix, but offers a lower housing cost than the capital and a lower overall cost-of-living index score of 102.9, making it easier on your wallet, but still close to the hustle and bustle.

Phoenix

The state’s capital, Phoenix is still affordable with the third lowest cost-of-living index score at 106.3. This city boasts art museums, desert adventures, and even historical and architectural treasures like Frank Lloyd Wright’s winter home, Taliesin West. There are over 1.6 million people living in Phoenix, as of census data estimates, and you might find them playing golf at one of nearly 200 golf courses in the city or nearby.

SoFi Home Loans

The cost of living in Arizona isn’t low, but if the land of cacti and coyotes speaks to you, you may be on the hunt for an Arizona home and a home loan.

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.

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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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

‡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.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

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Oct

21

2025

Cost of Living in Utah

By Dana Jennings Jelter | mortgage | Comments Off

Cost of Living in Utah

What’s the Average Cost of Living in Utah?

Average Cost of Living in Utah: $51,027 per year

Before you make any decisions about where to put down roots, you might want to take your monthly budget into consideration.

Thinking about moving to Utah? Get ready to tap your savings or earn quite a bit, as Utah has the 36th lowest cost of living across the United States, according to MERIC’s Cost of Living Index.

If Utah is out of your price range, you can consider making a move to nearby Idaho, which ranks 32nd, or Wyoming, which is in the same region but ranks 25th for states with the lowest cost of living.

How much does it cost to live in Utah? According to data from the Bureau of Economic Analysis, the average total personal consumption cost in Utah is $51,027 annually. Let’s take a closer look at that spending:

Category	Average Annual Per-Capita Cost in Utah
Housing and Utilities	$9,220
Health Care	$6,833
Food and Beverages (nonrestaurant)	$3,878
Gasoline and Energy Goods	$1,449
All Other Personal Expenditures	$29,647

Looked at as average monthly expenses, that’s $4,252.

Housing Costs in Utah

Average Housing Costs in Utah: $946 to $1,840 per month

Housing in Utah can be expensive in some areas, but in others it can be on the affordable side. How much you’ll spend depends on what type of living arrangements you choose. With more than 1.26 million housing units, according to census data, you’ll have plenty of options to choose from.

Utah’s typical home value was $517,505 in December 2024, according to Zillow, but this is what you can expect to spend monthly if owning or renting, the most recent census data shows.

• Median monthly mortgage cost: $1,927

• Median studio rent: $1,143

• Median one-bedroom rent: $1,282

• Median two-bedroom rent: $1,460

• Median three-bedroom rent: $1,739

• Median four-bedroom rent: $2,072

• Median five-bedroom (or more) rent: $2,268

• Median gross rent: $1,551

Where you live in Utah can play a major role in how much you spend on housing. These are the typical home values for a handful of major Utah cities, according to Zillow, in December 2024.

Utah City	Typical Home Price
Salt Lake City	$543,783
Ogden	$491,731
Provo	$528,815
St. George	$519,083
Logan	$443,968
Heber	$1,084,944
Cedar City	$393,713
Vernal	$372,290
Price	$256,646

Utility Costs in Utah

Average Utility Costs in Utah: $285 per month

How much should you budget for utilities every month if you plan to live in Utah? Here’s what the average monthly utility costs look like.

Utility	Average Utah Bill
Electricity	$85
Natural Gas	$35
Cable & Internet	$102
Water	$63

Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price; Statista.com, “Average monthly residential utility costs in the United States, by state”; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report; and Rentcafe.com, What Is the Average Water Bill?

Groceries & Food

Average Grocery & Food Costs in Utah: $323 per person, per month

How much you spend on food each month can vary depending on where you live. The Bureau of Economic Analysis found that Utah’s average annual (nonrestaurant) food cost per person is $3,878, which equates to about $323 a month.

The Council for Community and Economic Research, which ranks the food costs in American cities, ranked Utah major cities’ grocery costs for 2024.

Utah City	Grocery Items Index
Ogden	98.0
Cedar City	96.6
Provo-Orem	96.7
Salt Lake City	98.1
St. George	98.2

Transportation

Average Transportation Costs in Utah: $10,875 to $20,236 per year

From weekend ski trips to more mundane weekday commutes, transportation expenses add up. To get a clearer idea of how much you’d spend on transportation in Utah, take a look at the following annual estimates from MIT’s Living Wage Calculator, based on data from February 2025.

Family Makeup	Average Annual Transportation Cost
One adult, no children	$10,875
Two working adults, no children	$12,586
Two working adults, three children	$20,236

Health Care

Average Health Care Costs in Utah: $6,833 per person, per year

The average annual per-capita cost of health care in Utah comes out to $6,833, according to estimates from the Bureau of Economic Analysis Personal Consumption Expenditures by State report.

What you’ll actually spend on health care will depend on your specific care needs and coverage.

Child Care

Average Child Care Costs in Utah: $786 to $1,381 per child, per month

Many parents struggle to make room for child care costs. Utah residents who need help covering the costs can look into state child care assistance programs.

To get a better understanding of how much you’d need to spend on child care in Utah, these are the average costs in that state, per data from CostofChildCare.org.

Type of Child Care	Average Cost Per Month, Per Child
Infant Classroom	$1,381
Toddler Classroom	$1,003
Preschooler Classroom	$794
Home-Based Family Child Care	$786

Taxes

Tax Rate in Utah: 4.55%

Utah residents pay a flat-rate state income tax of 4.55%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2025.

That’s fairly low when you consider the fact that, not too far away, Californians are paying as much as 13.3% in a graduated-rate state income tax system, while Arizona to the south tops out at 2.5%. That said, if you change plans and move to nearby Nevada or Wyoming, you won’t pay any state income tax at all.

Miscellaneous Costs

After you pay all of your bills, it’s time to kick back and relax. What does it cost to pass the time in Utah? According to the Bureau of Economic Analysis, personal expenditures come out to $29,647 per person, per year.

These fun outings may be where some of that money is going (costs are accurate as of March 2025):

• A family-friendly educational day at the Natural History Museum of Utah in Salt Lake City: $0 to $22.95, depending on age.

• More family fun at the Hogle Zoo, also in Salt Lake City: $0 to $24.95, depending on age and season.

• Exploring Zion National Park: Entrance pass $20-$35 per vehicle for seven days, depending on the time of year.

• A 40-minute swim, soak, or snorkel, at the Homestead Crater, a geothermal spring hidden beneath a 55-foot tall limestone rock formation in Midway: $15 (ages 8+), $12 (kids 3-7), Free (kids 2 and younger) plus tax, Monday-Thursday. (Snorkeling gear rental $8/person.)

• A “dirty Dr. Pepper” soda at Swig in St. George: $1.90

• A pastrami burger at Crown Burger in Salt Lake City: $8.99

How Much Money Do You Need to Live Comfortably in Utah?

How accessible a comfortable style of living feels to you will vary depending on your family’s needs and your chosen lifestyle, as well as where you live.

So, just how easy is it to live comfortably in Utah? Utah ranks 27th in the U.S. News & World Report’s Affordability Rankings which means it’s one of the more expensive states in the country to live in. The rankings measure the average cost of living against the average amount of money most households in that state have.

As mentioned, MERIC gave Utah a pricier ranking (36th) on its cost-of-living list.

What City Has the Lowest Cost of Living in Utah?

To make it easier to have a lower-cost lifestyle in Utah, take a look at the three major cities with the lowest cost of living, according to the Council for Community and Economic Research’s Cost of Living Index.

Cedar City

With a cost-of-living index of 95.4, Cedar City is the most affordable major city in Utah, the council says. How many people call Cedar City home? About 40,000, according to the most recent census data. If you enjoy a low cost of living and a small-town feel, Cedar City may be the right fit for you.

Ogden

Ogden came in second place, with a cost-of-living ranking of 100.4. Ogden is just 35 minutes from Salt Lake City International Airport, so you can easily get away for a vacation or enjoy everything the local area has to offer. You’ll also be close to Uinta-Wasatch-Cache National Forest, where you can explore hundreds of miles of hiking and mountain biking trails.

Provo

If Cedar Valley is too small for you, try Provo (cost-of-living index of 100.4), which is home to over 113,300 people, according to census data, but home values in the Provo-Orem metro area are on the steep side. Luckily, there’s lots to do in Provo that doesn’t cost much, like enjoying Utah’s largest freshwater lake on the west side of town, or hiking and chasing waterfalls in the mountains on the east side of town.

SoFi Home Loans

Living in Utah has its perks, including close proximity to world-renowned ski resorts, but keep in mind that the cost of living in Utah is relatively high. If you’re drawn by all the buzz of the Beehive State and want to buy a home, you might need to secure a mortgage.

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.

View your rate

Photo credit: iStock/Rui Mesquita Cordeiro

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

‡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.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

SOHL-Q125-155

Oct

20

2025

Business Credit Cards | Compare top options

By Dana Paltao | Uncategorized | Comments Off

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How do business credit cards work?

Like personal credit cards, business credit cards provide a revolving line of credit. You can borrow up to a specific credit limit, make purchases, and then pay back what you’ve spent. The primary purpose is to cover business-related expenses, such as inventory and supplies, equipment and machinery, travel expenses, and software subscriptions.

What are the benefits of using a credit card for business?

Besides making purchases, the most important benefit of using a business credit card is to separate business and personal finances for easier accounting and tax preparation. Also, it can help build business credit in order to secure future financing. Small business credit cards offer improved cash flow management through short-term credit, show detailed expense tracking and reporting, and can deliver valuable rewards tailored to business spending, such as cash back on office supply purchases.

How do I apply for a business credit card?

You’ll need to gather personal and business information like your Social Security Number and Employee Identification Number, business revenue, and legal structure. A personal guarantee is sometimes required. This means you, as the small business owner, are personally liable for the debt if your business cannot repay it. Once you apply for a card, approval can be instant or take a few weeks.

Are business credit cards suitable for small businesses?

Yes. Business credit cards are crucial for separating business and personal finances, and simplifying taxes and bookkeeping. They help build business credit, preparing the way for financing. Small businesses benefit from improved cash flow, expense tracking, and valuable rewards tailored to business spending. While a personal guarantee is sometimes required, the advantages—like convenience, fraud protection, and financial management—make a business credit card a helpful tool for most small operations.

Can I get a business credit card with bad credit?

It’s possible to get a business credit card with bad credit, but your options will be more limited. One option is a secured business credit card. You provide a cash deposit that acts as collateral, and your credit limit is typically equal to that deposit. A second option is a card like the Nav Prime, which doesn’t require a personal credit check or a security deposit, because instead of a fixed limit, the Nav Prime dynamically adjusts its credit limit based on your linked bank account’s balance and activity. Another goal could be trying to get a business credit card intended for “fair” credit, because “bad” and “fair” overlap somewhat. These cards are unsecured but might carry higher APRs and lower credit limits.

Can an LLC get a business credit card?

Yes, a Limited Liability Company (LLC) can and should get a small business credit card. It’s recommended for maintaining the LLC’s limited liability protection, as it separates business and personal expenses. This separation is vital for legal clarity and simplifies accounting and tax preparation. A business credit card also allows your LLC to build its business credit history, independent of your personal credit, which is crucial for future financing and vendor relationships.

Can I use my EIN to get a credit card for business?

You can use your EIN (Employer Identification Number) when applying for a small business credit card. It’s a standard piece of business information requested. However, many credit card issuers will also require your Social Security Number and a personal guarantee.

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Cost of Living in Alaska

Cost of Living in Alaska

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On this page:

Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What’s the Average Cost of Living in Alaska?

Average Cost of Living in Alaska: $62,900 per year

Housing Costs in Alaska

Utility Costs in Alaska

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in Alaska?

What City Has the Lowest Cost of Living in Alaska?

Fairbanks

Anchorage

Juneau

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FAQ

Is living in Alaska expensive?

How much do you need to make to live comfortably in Alaska?

Is it cheaper to live in Fairbanks or Anchorage?

Cost of Living in Arizona

Cost of Living in Arizona

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Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What’s the Average Cost of Living in Arizona?

Average Cost of Living in Arizona: $53,921 per year

Housing Costs in Arizona

Utility Costs in Arizona

Groceries & Food

Transportation

Health Care

Child Care

Taxes

Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in Arizona?

What City Has the Lowest Cost of Living in Arizona?

Bullhead City

Surprise

Phoenix

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Cost of Living in Utah

Cost of Living in Utah

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Get matched with a local real estate agent and earn up to $9,500‡ cash back when you close.

What’s the Average Cost of Living in Utah?

Average Cost of Living in Utah: $51,027 per year

Housing Costs in Utah

Utility Costs in Utah

Groceries & Food

Transportation

Health Care

Child Care

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Miscellaneous Costs

How Much Money Do You Need to Live Comfortably in Utah?

What City Has the Lowest Cost of Living in Utah?

Cedar City

Ogden

Provo

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Business Credit Cards | Compare top options

See business credit card options at CardRatings.

Manage your business expenses.

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Earn rewards from your business expenses.

Apply for a small business credit card in three easy steps.

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Tips and news—
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Get matched with a local
real estate agent and earn up to
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Get matched with a local
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Get matched with a local
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Manage your business
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Earn rewards from your
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Apply for a small business credit card in
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