Tulsa: Debt Scorecard

A Credit Karma Study

May 12, 2023

Written by: Andrew Depietro

Tulsa is Oklahoma’s second largest city, with a population of more than 400,000, according to 2020–2021 U.S. census estimates, and the 47th largest in America. Credit Karma data from Aug. 17, 2022, shows that the 105,379 Credit Karma members who live in Tulsa have an average overall debt of $37,482. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt. (Click here for the full methodology.)

Read on to see a snapshot of debt in Tulsa.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in Tulsa:

$6.68 billion

Average debt for residents of Tulsa who are Credit Karma members:

$37,482

Average VantageScore 3.0 for Credit Karma members in Tulsa:

658

Overall debt in Tulsa

The 105,379 Credit Karma members living in Tulsa held a combined total debt of approximately $6.68 billion. The average overall debt for individuals was $37,482, but the median overall debt was only $10,665. This suggests that a segment of Tulsa residents carry higher debt compared to the rest of the population. The average next payment on that debt is $402.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

Tulsa’s debt dial

Image: An orange heat dial labeled with low debt on the left side and high debt on the right. The hand of the dial leans far to the left, illustrating that Credit Karma members in Tulsa have lower debt than average in all categories.

Auto loans, student loans, mortgage and credit card debt in Tulsa

The following table contains averages and medians for different types of debt among Credit Karma members in Tulsa.

So how do residents of Tulsa compare to the national member averages? The table that follows compares the national average against the averages in Tulsa among Credit Karma members.

Overall, Credit Karma members in Tulsa had less debt than the national average across all categories.

How does Tulsa rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.

Out of the top 100 cities, Tulsa has the 91st highest overall average debt among Credit Karma members. Or, put another way, Tulsa has the 10th lowest overall average debt among Credit Karma members.

Here’s how Tulsa members ranked against the other top 100 cities in America.

• Auto loan debt: 78th highest
• Credit card debt: 73rd highest
• Student loan debt: 75th highest
• Mortgage debt: 90th highest

Credit, inquiries and past-due accounts in Tulsa

Among Credit Karma members in Tulsa, the average VantageScore 3.0 credit score was 658 and the median was 660, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

Tulsa members had an average of 4.3 inquiries on their credit reports, while the national average was 4.2.

Residents of Tulsa average 0.699 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt — we analyzed the accounts of about 105,000 Credit Karma members living in Tulsa who had been active on the site within the last 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on Aug. 17, 2022.

Wichita: Debt Scorecard

A Credit Karma Study

May 8, 2023

Written by: Andrew Depietro

Wichita, with a population of nearly 396,000, according to 2020–2021 U.S. census estimates, is the largest city in Kansas and 49th-largest in America. Credit Karma data from Aug. 17, 2022, shows that the 98,076 Credit Karma members who live in Wichita have an average overall debt of $35,458. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt. (Click here for the full methodology.)

Read on to see a snapshot of debt in Wichita.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in Wichita:

$6.19 billion

Average debt for residents of Wichita who are Credit Karma members:

$35,458

Average VantageScore 3.0 for Credit Karma members in Wichita:

662

Overall debt in Wichita

The 98,076 Credit Karma members living in Wichita held a combined total debt of approximately $6.19 billion. The average overall debt for individuals was $35,458, but the median overall debt was only $10,945. This suggests that a segment of Wichita residents carry higher debt compared to the rest of the population. The average next payment on that debt is $386.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

Wichita’s debt dial

Image: wichitadebtgauge-1

Auto loans, student loans, mortgage and credit card debt in Wichita

The table that follows contains averages and medians for different types of debt among Credit Karma members in Wichita.

So how do residents of Wichita compare to the national member averages? The table that follows compares the national average against the averages in Wichita among Credit Karma members.

Overall, Credit Karma members in Wichita had less debt than the national average across all categories. What really stands out is the average mortgage debt in Wichita, which is almost $90,000 less than the national average.

How does Wichita rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.

Out of the top 100 cities, Wichita has the 93rd-highest overall average debt among Credit Karma members. In other words, Wichita has the 8th-lowest overall average debt among Credit Karma members.

Here’s how Wichita members ranked against the other top 100 cities in America.

• Auto loan debt: 71st highest
• Credit card debt: 86th highest
• Student loan debt: 86th highest
• Mortgage debt: 97th highest

Credit, inquiries and past-due accounts in Wichita

Among Credit Karma members in Wichita, the average VantageScore 3.0 credit score was 662 and the median was 667, both of which are considered good. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

Wichita members had an average of 4.8 inquiries on their credit reports, while the national average was 4.2.

Residents of Wichita average 0.74 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt — we analyzed the accounts of about 98,000 Credit Karma members living in Wichita who had been active on the site within the last 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on Aug. 17, 2022.

Winston-Salem: Debt Scorecard

A Credit Karma Study

May 1, 2023

Written by: Andrew Depietro

Winston-Salem is home to a population of just over 250,000 people, according to 2020–2021 U.S. census estimates, making it one of the largest cities in North Carolina. According to Credit Karma data from Aug. 17, 2022, of the 12,705 Credit Karma members who live in Winston-Salem, the average overall debt is $33,626. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt (check our full methodology).

Read on to see a snapshot of debt in Winston-Salem.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in Winston-Salem:

$705.1 million

Average debt for residents of Winston-Salem who are Credit Karma members:

$33,626

Average VantageScore 3.0 for Credit Karma members in Winston-Salem:

653

Overall debt in Winston-Salem

The 12,705 Credit Karma members living in Winston-Salem held a combined total debt of approximately $705.1 million. The average overall debt for individuals was $33,626. The median overall debt was only $9,398, suggesting that a small segment of Winston-Salem residents carry higher debt compared to the rest of the population, pulling the average debt much higher than the median. The average next payment on that debt is $331.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

Winston-Salem’s debt dial

Image: An orange heat dial labeled with low debt on the left side and high debt on the right. The hand of the dial leans far to the left, illustrating that Credit Karma members in Memphis have lower debt than average in all categories compared to Credit Karma members in the other top 100 U.S. cities by population.

Auto loans, student loans, mortgage and credit card debt in Winston-Salem

The following table contains averages and medians for different types of debt among Credit Karma members in Winston-Salem.

So how do residents of Winston-Salem compare to the national member averages? The table below compares the national average against the averages in Winston-Salem among Credit Karma members.

Overall, Credit Karma members in Winston-Salem had less debt than the national average across all categories. Average student loan debt in Winston-Salem is close to the national average, off by close to $500. Average mortgage debt in Winston-Salem, on the other hand, is more than $60,000 less than the national average.

How does Winston-Salem rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.

Out of the top 100 cities, Winston-Salem has the 94th highest overall average debt among Credit Karma members. In other words, Winston-Salem has the 7th lowest overall average debt among Credit Karma members.

Here’s how Winston-Salem members ranked against the other top 100 cities in America.

• Auto loan debt: 91st highest
• Credit card debt: 99th highest
• Student loan debt: 56th highest
• Mortgage debt: 89th highest

Credit, inquiries and past-due accounts in Winston-Salem

Among Credit Karma members in Winston-Salem, the average VantageScore 3.0 credit score was 653 and the median was 658, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

Winston-Salem members had an average of 4.1 inquiries on their credit reports, while the national average was 4.2.

Residents of Winston-Salem average 0.78 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt —  we analyzed the accounts of about 12,700 Credit Karma members living in Winston-Salem who had been active on the site within the last 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on Aug.17, 2022.

Memphis: Debt Scorecard

A Credit Karma Study

April 21, 2023

Written by: Andrew Depietro

Memphis is home to around 630,000 people, according to 2020–2021 U.S. census estimates, making it the second largest city in Tennessee and the 29th largest in America. Credit Karma data from Aug. 17, 2022, shows that the average overall debt of the 192,886 Credit Karma members who live in Memphis is $32,826. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt (check our full methodology).

Read on to see a snapshot of debt in Memphis.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in Memphis:

$10.4 billion

Average debt for residents of Memphis who are Credit Karma members:

$32,826

Average VantageScore 3.0 for Credit Karma members in Memphis:

628

Overall debt in Memphis

The 192,886 Credit Karma members living in Memphis held a combined total debt of about $10.4 billion. The average overall debt for individuals was $32,826, but the median overall debt was only $11,029. This suggests that a small segment of residents carry higher debt compared to the rest of the population, pulling the average higher. The average next payment on that debt is $349.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

Memphis’ debt dial

Image: An orange heat dial labeled with low debt on the left side and high debt on the right. The hand of the dial leans far to the left, illustrating that Credit Karma members in Memphis have lower debt than average in all categories but student loans compared to Credit Karma members in the other top 100 U.S. cities by population.

Auto loans, student loans, mortgage and credit card debt in Memphis

The following table contains averages and medians for different types of debt among Credit Karma members in Memphis.

So how do residents of Memphis compare to the national member averages? The following table compares the national average against the averages in Memphis among Credit Karma members.

Overall, Credit Karma members in Memphis had less debt than the national average across all categories, except for student loan debt. Average student loan debt in Memphis is a little over $2,000 more than the national average.

How does Memphis rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.

Out of the top 100 cities, Memphis has the 95th highest overall average debt among Credit Karma members.

Here’s how Memphis members ranked against the other top 100 cities in America.

• Auto loan debt: 59th highest
• Credit card debt: 89th highest
• Student loan debt: 37th highest
• Mortgage debt: 92nd highest

Credit, inquiries and past-due accounts in Memphis

Among Credit Karma members in Memphis, the average VantageScore 3.0 credit score was 628 and the median was 626, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

Memphis members had an average of 4.7 inquiries on their credit reports, while the national average was 4.2.

Residents of Memphis average 0.82 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt — we analyzed the accounts of about 193,000 Credit Karma members living in Memphis who had been active on the site within the last 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on Aug. 17, 2022.

Toledo: Debt Scorecard

A Credit Karma Study

March 21, 2023

Written by: Andrew Depietro

Toledo, Ohio, is home to more than 268,000 people, according to 2020–2021 U.S. census estimates, making it one of the largest cities in Ohio and the 83rd largest city in America. Credit Karma data from Aug. 17, 2022, shows that the 89,812 Credit Karma members who live in Toledo have a comparatively low average overall debt of $28,946. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt. (Click here for the full methodology.)

Read on to see a snapshot of debt in Toledo.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in Toledo:

$4.69 billion

Average debt for residents of Toledo who are Credit Karma members:

$28,946

Average VantageScore 3.0 for Credit Karma members in Toledo:

649

Overall debt in Toledo

The 89,812 Credit Karma members living in Toledo held a combined total debt of about $4.69 billion. The average overall debt for these individuals was $28,946. The median overall debt was only $10,163, which represents a smaller gap between average and median overall debt than in most other major cities. The average next payment on that debt is $330.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

Toledo’s debt dial

Image: An orange heat dial labeled with low debt on the left side and high debt on the right. The hand of the dial leans far to the left, illustrating that credit karma members in Toledo have lower debt than average in all categories but student loans compared to the other top 100 U.S. cities by population.

Auto loans, student loans, mortgage and credit card debt in Toledo

The table that follows contains averages and medians for different types of debt among Credit Karma members in Toledo.

So how do residents of Toledo compare to the national member averages? The table that follows compares the national average against the averages in Toledo among Credit Karma members.

Overall, Credit Karma members in Toledo had less debt than the national average across all categories, except for student loan debt. Average student loan debt in Toledo is a little over $200 more than the national average.

How does Toledo rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. census population estimates.

Out of the top 100 cities, Toledo has the 99th-highest overall average debt among Credit Karma members. In other words, Toledo has the second-lowest overall average debt among Credit Karma members.

• Auto loan debt: 98th highest
• Credit card debt: 95th highest
• Student loan debt: 48th highest
• Mortgage debt: 100th highest

Credit, inquiries and past-due accounts in Toledo

Among Credit Karma members in Toledo, the average VantageScore 3.0 credit score was 649 and the median was 653, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

Toledo members had an average of 4.8 inquiries on their credit reports, while the national average was 4.2.

Residents of Toledo average 0.76 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan, medical and total debt — we analyzed the accounts of about 89,800 Credit Karma members living in Toledo who had been active on the site within the previous 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on Aug. 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage, medical and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on Aug. 17, 2022.

Best States for First-Time Homebuyers in 2023

A Credit Karma Study

March 2, 2023

Written by: Andrew Depietro

The housing market in the United States has been on a wild ride since the onset of the pandemic in 2020. Across the country, housing markets got hot with activity, high demand and rising prices. Then came the Fed rate hikes in 2022, which contributed to a cooling of the housing market. For first-time homebuyers, navigating the housing market lately has been dizzying.

Credit Karma studied metrics including home prices, property tax rates, state-level homebuyer programs, homeowners insurance premiums, foreclosure rates and other factors to compile a list of the best states for first-time homebuyers. (Check our full methodology.)

The best states in the nation for first-time homebuyers are a mix in the South, the Mountain states and the Northeast.

The five best states for first-time homebuyers in 2023 (No. 1 being best) are …

1. Pennsylvania
2. North Carolina
3. Utah
4. Kentucky
5. Nevada

And here are the bottom five states for first-time homebuyers (No. 1 being worst).

1. Massachusetts
2. New Jersey
3. Rhode Island
4. Kansas
5. Hawaii

Read on for a deeper dive into the factors that figured into our rankings, and how states stack up on individual metrics.

Credit Karma Stat Snapshot

Best state for first-time homebuyers:

Pennsylvania

Worst state for first-time homebuyers:

Massachusetts

State with the lowest overall cost of living:

Mississippi

State with lowest effective property tax rate:

Alabama

Best states for first-time homebuyers

In determining the overall ranking of the best states for first-time homebuyers, we analyzed and scored 12 different factors to arrive at a combined score. This table shows the 10 best states for first-time homebuyers, along with factors in their ranking like availability of programs, sale prices, property taxes and foreclosure rates. Keep in mind that as with any program of this type, there are likely eligibility requirements you’ll have to meet to qualify.

10 best states for first-time homebuyers plus key factors

The No. 1 state, Pennsylvania, is in the Northeast Region and Middle Atlantic Division, as mapped by the U.S. Census Bureau.

Pennsylvania ranked highly due to a combination of factors. The state has several homebuying programs — some tailored specifically to first-time homebuyers and others that are open to them along with others. These offer benefits such as competitive mortgage rates, lower fees, and down payment and closing costs assistance. Home prices in Pennsylvania are comparatively affordable, with a 12-month average median sale price of $267,200. Home prices only rose by 4.1% over the past year. Pennsylvania’s average homeowners insurance premium of $955 ranks as the 13th cheapest rate of all 50 states.

The other 10 best states for first-time homebuyers ranked highly due to a similar combination of factors. For example, North Carolina has five state-level homebuyer programs available to first-time homebuyers, a comparatively low effective property tax rate, and a high number of building permits for new privately owned housing units. Kentucky has affordable home prices, a relatively low effective property tax rate, and a low foreclosure rate.

Worst states for first-time homebuyers

On the other end of the spectrum, some states have affordable home prices but still rank poorly in our analysis due to the impact of all 12 of the factors we considered.

This table shows the 10 worst states for first-time homebuyers and how different factors impacted their rankings.

10 worst states for first-time homebuyers plus key factors

Diving deeper into our 10 worst states for first-time homebuyers, we see some of the reasons these states didn’t rank well. Massachusetts, for instance, has a 12-month average median sale price of $560,933, which could be a lot for first-time buyers. The state’s overall cost of living is the second highest of all 50 states (behind only Hawaii), and its average homeowners insurance premium cost is the eighth highest of all 50 states. Also, despite high home prices, the one-year home value appreciation is weak compared to most states.

Thought it has multiple homebuyer programs open to first-time homebuyers, New Jersey suffers from the highest effective property tax rate in the study. New Jersey also has high foreclosure rates, with one foreclosure for every 855 housing units — equal to a foreclosure rate of 0.117%.

Meanwhile, Kansas, which has affordable home prices, has only one state-level first-time homebuyer program. The state’s average cost of homeowners insurance premium is the 11th highest of all 50 states, and its home value appreciation is mediocre.

Hawaii, on the other hand, has very high home prices, with a 12-month average median sale price of $712,350. At the same time, Hawaii has only one state-level first-time homebuyer program. And though Hawaii benefits from the lowest effective property tax rate, the state’s overall cost of living is the highest in the U.S.

Overall ranking of best states for first-time homebuyers

The following interactive map of the U.S. shows all 50 states in the study and provides ranking details for each.

Interactive U.S. map: Best states for first-time homebuyers

States with the best first-time homebuyer programs

State-level programs specific to first-time homebuyers — or other homebuying programs that are available to eligible first-time homebuyers — were a key factor in our study. But since these programs were considered along with 11 other factors, it was not an end-all-be-all in deciding whether a state is one of the best for first-time homebuyers.

For example, California has seven different homebuying programs, but other factors — like expensive home prices, high cost of living and higher-than-average costs of homeowners insurance — kept the Golden State out of the top-ranked best states for first-time homebuyers.

The table below details the states that offer more than five first-time homebuyer programs (or programs open to first-time homebuyers).

States with more than five programs for first-time homebuyers

Most of the homebuying programs offered by these and other states are similar. They tend to offer lower down payment requirements combined with competitive interest rates and mortgage insurance assistance. These programs also tend to offer down payment and closing cost assistance, usually in the form of a loan with favorable terms and conditions.

Best states for first-time homebuyers by cost of living

Perhaps not surprisingly, states that have a lower overall cost of living also tend to have lower home prices. Several of these states have multiple homebuyer programs open to first-time buyers, but others do not.

The following table ranks the 10 states with the lowest cost of living and also notes the number of first-time buyer programs, median home sale prices and the 2021–2022 price change (in percent) for each. Keep in mind that eligibility requirements will apply.

Best states for first-time homebuyers by cost of living

Mississippi has the lowest overall cost of living, with a cost of living index of 84.5 versus 100 for the U.S. as a whole. This means that the cost of living in Mississippi overall is 15.5% lower than the cost of living for the national average.

Cheapest states to buy a house for the first time

If we’re looking strictly at the cheapest states to buy a home for the first time, the list is different from the overall list of the best states for first-time homebuyers.

This table ranks the 10 cheapest states to buy a house for the first time, ranked by 12-month average median sale price. It also notes the number of programs available to first-time homebuyers, the 2021–2022 percent price change and the cost of living for each.

Cheapest states to buy a house for the first time, by average median sale price

Ohio has the lowest home prices, with a 12-month average median sale price of $218,350. Bonus: Ohio has an overall cost of living that’s well below the average for the U.S. overall.

Foreclosure rates by state

Foreclosure rates can be represented as the number of foreclosures per number of housing units or as a percentage. Since the percentage rates of foreclosure are all less than 1%, it can be difficult to understand what these values mean. That’s why foreclosure rates are often represented as the number of foreclosed homes per all housing units.

The following table details foreclosure rates by state as a number per all housing units and as a percentage. States are listed in alphabetical order, with the foreclosure rate rank for each in the far left column (the lower the rank, the worse the foreclosure rate).

Foreclosure rates for all states

Vermont has the lowest foreclosure rate of 0.004%, with only one foreclosure for every 22,288 housing units. Illinois, on the other hand, has the highest foreclosure rate of 0.144%, with one foreclosure for every 694 housing units.

FAQs about the best states for first-time homebuyers

Here are answers to commonly asked questions about the best states for first-time homebuyers.

Methodology

To determine the best states for first-time homebuyers, we analyzed the 50 U.S. states using the following criteria:

1. 12-month average median sale price, October 2021 to September 2022, sourced from Redfin
2. 1-year median sale price change, calculated based on data sourced from Redfin
3. 2-year median sale price change, calculated based on data sourced from Redfin
4. State overall cost of living, third quarter 2022, sourced from the Missouri Economic Research and Information Center
5. Effective property tax rates, based on dividing the median property taxes paid by median home value, both sourced from Census Bureau’s 2020 ACS 5-Year Estimates
6. Building permits for new privately owned housing units authorized annually, 2021, sourced from the Census Bureau’s Building Permits Survey
7. Average homeowner’s insurance premium, sourced from the National Association of Insurance Commissioners
8. Foreclosure rates, third quarter 2022, sourced from ATTOM
9. Percentage of occupied homes built in 2010 or later, sourced from the Census Bureau’s 2020 American Community Survey 5-Year Estimates
10. 1-year home value appreciation, calculated based on Zillow Home Value Index (ZHVI)
11. 2-year home value appreciation, calculated based on Zillow Home Value Index (ZHVI)
12. Number of state homebuyer programs available to first-time homebuyers, sourced from individual state housing authority and organization pages

All these factors were scored, then added together to get a final score, which Credit Karma used to rank states from best to worst.

Sources

• Missouri Economic Research and Information Center for Q3 2022
• Census Bureau’s Building Permits Survey, 2021
• Redfin Data Center – Median sale prices, September 2020-2022
• National Association of Insurance Commissioners (NAIC)
• ATTOM, Foreclosure Rates
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table B25034 – Year Structure Built
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table B25077 – Median Value (Dollars)
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table B25103 – Mortgage Status by Median Real Estate Taxes Paid (Dollars)
• Zillow Home Value Index (download)

St. Louis: Debt Scorecard

A Credit Karma Study

Updated June 22, 2023

Written by: Andrew Depietro

St. Louis, with a population of over 293,000, according to 2020–2021 U.S. Census estimates, is the second largest city in Missouri, after Kansas City, and the 70th largest city in America. Credit Karma data from August 17, 2022, shows that the 26,237 members who live in St. Louis have an average overall debt of $35,735. In this case, overall debt is made up of auto loans, auto leases, student loans, mortgages, credit card balances and medical debt (see our full methodology).

Read on to see a snapshot of debt in St. Louis.

Credit Karma Stat Snapshot

Combined debt for Credit Karma members in St. Louis:

$1.6 billion

Average debt for residents of St. Louis who are Credit Karma members:

$35,735

Average VantageScore 3.0 for Credit Karma members in St. Louis:

652

Overall debt in St. Louis

The 26,237 Credit Karma members living in St. Louis held a combined total debt of approximately $1.6 billion. The average overall debt for individuals was $35,735, but the median overall debt was only $10,256. This implies that a segment of St. Louis residents carries higher debt compared to the rest of the population. The average next payment on that debt is $361.

In contrast, the national average debt for Credit Karma members is $49,454, and the median is $11,223.

St. Louis debt dial

Image: stlouisdebtgauge

Auto loans, student loans, mortgage and credit card debt in St. Louis

This table contains averages and medians for different types of debt among Credit Karma members in St. Louis.

So how do residents of St. Louis compare to the national averages? This next table compares the national average debt among Credit Karma members to the average debt among Credit Karma members in St. Louis.

Overall, Credit Karma members in St. Louis had less debt than the national average across all categories except in terms of student loan debt. Average student loan debt in St. Louis is almost $3,000 higher than the national average.

How does St. Louis rank against other cities?

We compared averages for Credit Karma members living in the top 100 cities by population according to 2021 U.S. Census population estimates.

Out of the top 100 cities, St. Louis has the 92nd highest overall average debt among Credit Karma members. Or, put another way, St. Louis has the ninth lowest overall average debt among Credit Karma members.

Here’s how St. Louis ranked against the other top 100 cities in America:

• Auto loan debt: 97th highest
• Credit card debt: 93rd highest
• Student loan debt: 28th highest
• Mortgage debt: 87th highest

Credit, inquiries and past-due accounts in St. Louis

Among Credit Karma members in St. Louis, the average VantageScore 3.0 credit score was 652 and the median was 657, both of which are considered fair. The national average VantageScore 3.0 for Credit Karma members was 673, while the median was 682.

St. Louis members had an average of 4.4 inquiries on their credit reports, while the national average was 4.2.

Residents of St. Louis average 0.75 accounts that were 30 days past due. The national average is 0.74 accounts.

Methodology

To determine averages across categories of debt — including auto lease, auto loan, credit card, mortgage, student loan and total debt —  we analyzed the accounts of about 26,000 Credit Karma members living in St. Louis who had been active on the site within the last 36 months. Averages were based on information from members’ TransUnion credit reports from the 90 days previous to the data pull, which was on August 17, 2022. For the purposes of this analysis, auto lease, auto loan, credit card, mortgage and student loan debt is defined as any unpaid balances existing on members’ open accounts in aggregate at the time the data was pulled. All numbers in this report were rounded to the nearest whole.

Note that all data for this article were pulled on August 17, 2022.

Richest and Poorest Counties in the U.S.

A Credit Karma Study

January 31, 2023

Written by: Andrew Depietro

Credit Karma studied metrics on median household income, mean household income and rates of poverty, among other factors, and scored each county to compile a list of the richest and poorest counties in the United States overall, as well as in each state in the country. (Click here for the full methodology.)

The richest counties in the U.S. tended to be focused in the greater Washington, D.C., area; San Francisco Bay area; and greater New York City area.

The five richest counties in the U.S. (No. 1 being richest), based on our combination of factors, are:

1. Falls Church, Virginia
2. Loudoun County, Virginia
3. San Mateo County, California
4. Santa Clara County, California
5. Marin County, California

And the five poorest counties in the U.S. (No. 1 being poorest):

1. Todd County, South Dakota
2. East Carroll Parish, Louisiana
3. Jackson County, South Dakota
4. Presidio County, Texas
5. Mellette County, South Dakota

Read on for a deeper breakdown of the factors considered in our rankings and more details about these counties.

Credit Karma Stat Snapshot

Richest county:

Falls Church, Virginia

Poorest county:

Todd County, South Dakota

County with the highest median household income:

Loudoun County, Virginia

County with the lowest median household income:

Wolfe County, Kentucky

Main findings on the richest and poorest counties in the U.S.

Our list of the richest and poorest counties in the U.S. isn’t ranked purely by highest to lowest median household income. Instead, our scoring and ranking considers median household income, mean household income, and the percentage of the population living below the poverty line. This approach results in more meaningful findings.

For example, our study shows gaps between the median household income and the mean household income in the richest counties — shedding light on the wider range of incomes in each. In general, the mean (or average) household income tends to be higher than the median household income because high-income households pull the average income upward. That’s the case for Fairfield County, the 25th-richest county in Connecticut, which has a median household income of $97,539 versus a mean household income of $157,765. This is due in part to the fact that 22.2% of households in Fairfield County earn $200,000 or more.

The poorest counties tend to be clustered in the South and Midwest, with high levels of income inequality as measured by the Gini index of income inequality. The Gini index ranges from zero, which is equivalent to perfect income equality — to one, equivalent to perfect income inequality. The Gini index for the U.S. overall is 0.4817.

Of note: Seven of the 10 poorest counties in the U.S. have Gini indexes that are higher than the U.S. overall, meaning they have income inequality that’s greater than the nation as a whole.

Finally, in Virginia, “independent cities” are classified as counties. This is why, for example, a city (Falls Church, Virginia) ranks as the No. 1 richest county in the U.S.

Richest counties in the U.S.

Among the 20 richest counties in the U.S., four are in Virginia, four are in California and three are in New Jersey. In all of the 20 richest counties, at least 20% of households have incomes of $200,000 or more. In the four richest counties, more than 30% of households have incomes of $200,000 or more.

This table ranks the 20 richest counties and some of the factors considered in their rankings (the lower the score, the higher the ranking among the richest counties):

Richest counties in the U.S. by median and mean income and poverty rate

Note: Falls Church city is an independent city, meaning that Virginia considers it to be on the same level as a county. 

While most of the 20 richest counties have comparatively low rates of poverty, there are some outliers. The No. 12 richest county, San Francisco County, has a poverty rate of 10.1%. That’s the highest poverty rate among the top 20 richest counties and not far off from the poverty rate for the U.S. overall, 12.8%. It’s therefore understandable that the Gini index of income inequality in San Francisco County is 0.5079, higher than the national Gini index of 0.4817.

Loudoun County, Virginia, has the highest median household income, at $147,111. But it ranks just behind Falls Church (which has a slightly lower median household income) because Falls Church has a higher mean household income and lower poverty rate.

Poorest counties in the U.S.

Among the top 20 poorest counties in the U.S., five are in South Dakota, four are in Kentucky, and three are in Texas. All but three of the top 20 poorest counties have median household incomes of less than $30,000.

While the top 20 richest counties have large gaps between their median and mean household incomes, the gap is much smaller among the poorest counties. For example, in Buffalo County, South Dakota, the difference is only $4,622.

Below is a table that shows the top 20 poorest counties and some of the factors considered in their ranking (the higher the score, the higher the ranking among the poorest counties):

Poorest counties by median and mean income and poverty rate

An important pattern to note among the 20 poorest counties in the study is the number of counties with higher rates of income inequality than the U.S. rate of income inequality. Out of the 20 poorest counties, 12 of them have Gini indexes greater than the U.S. overall index of 0.4817.

The number of people living below the poverty line in these counties is also striking. In Todd County, South Dakota, the percentage of the population living below the poverty line is 58.9%. In East Carroll Parish, Louisiana, the poverty rate is 50.7%.

The county with both the lowest median household income and lowest mean household income is Wolfe County, Kentucky. But Wolfe County’s poverty rate of 36.1% is lower than many of the other 20 poorest counties — the reason it didn’t rank as the No. 1 poorest county in the U.S.

Richest counties by state

Some of the richest counties by state also made the list of the top 20 richest counties in the U.S. overall.

This table shows the richest county in each state based on the combined factors of median household income, mean household income and poverty rate:

List of states and the richest county in each

Median household incomes range from $146,922 in Falls Church, Virginia, to $67,799 in Maricopa County, Arizona. The mean household incomes range from $183,898 in Falls Church, Virginia, to $85,981 in Jefferson County, Montana.

Poverty rates among the richest counties in every state also have a wide range. At the highest is the poverty rate in Maricopa County, Arizona, at 12.7%. At the lowest is Falls Church, Virginia, at 2%. That being said, Maricopa County is a massive, sprawling county that covers major population centers like Phoenix and Mesa as well as a massive rectangular area to the west and southwest of the Phoenix area.

Additionally, the levels of income inequality among the richest counties in each state have a wide range. Fairfield County, Connecticut, has the highest Gini index, at 0.5403 (versus 0.4817 for the U.S.). Fairfield County also has a massive gap between its median household income ($97,539) and its mean household income ($157,765) — $60,226. On the other end of the spectrum, the richest county in Alaska – Chugach Census Area – has a Gini index of 0.3680, which makes sense considering the difference between the median household income ($90,776) and mean household income ($97,097) is only $6,321.

Poorest counties by state

Among the poorest counties by state, the ranges of median household incomes, mean household incomes and poverty rates all vary significantly. For instance, the poorest county in Connecticut — Windham County — has a median household income of $67,365 versus the poorest county in Kentucky (Wolfe County), which has a median household income of $22,292.

This table shows the poorest county in each state based on the combined factors of median household income, mean household income and poverty rate:

List of states and the poorest county in each

The mean household incomes in the poorest counties in every state range widely. On the high end is Hawaii’s poorest county — Hawaii County — which has a mean household income of $86,367. On the other end is Wolfe County, Kentucky, with a mean household income of $34,331.

Though poverty rates naturally tend to be elevated among the poorest counties in each state, the range here is also considerable. In two counties — Hawaii County, Hawaii and Providence County, Rhode Island — the poverty rate is comparatively low at 14%. Meanwhile, in Todd County, South Dakota, the poverty rate is 58.9%.

Looking at the Gini index of income inequality, the poorest counties in each state tend to have higher levels of income inequality than the richest counties. This can be seen best in reference to Louisiana’s poorest county, East Carroll Parish. There, the Gini index is 0.6524 (versus 0.4817 for the U.S. overall).

This income inequality can be seen in the disparity between the median household income in East Carroll Parish ($24,551) versus the mean household income ($53,231). Among the poorest counties by state, Cameron County, Pennsylvania has the lowest Gini index 0.4126. But this Gini index is still higher than that of the richest state county with the lowest Gini index — Chugach Census Area, Alaska, at 0.3680.

FAQs about the richest counties in the U.S.

Methodology

To determine the richest and poorest counties in the U.S. overall and by state, Credit Karma analyzed all counties in the country, using the following criteria:

1. Median household income, sourced from the Census Bureau’s 2020 American Community Survey 5-Year Estimates
2. Mean household income, sourced from the Census Bureau’s 2020 American Community Survey 5-Year Estimates
3. Poverty status, percentage of the population living below the poverty line, sourced from the Census Bureau’s 2020 American Community Survey 5-Year Estimates
4. Gini index of income inequality, sourced from the Census Bureau’s 2020 American Community Survey 5-Year Estimates

All these factors were scored, then added together to get a final score, allowing Credit Karma to rank the counties accordingly.

Sources

• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table S1901 – Income in the Past 12 Months
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table S1701 – Poverty Status in the Past 12 Months
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, Table 19083 – Gini Index of Income Inequality

Most expensive and cheapest ZIP codes

A Credit Karma Study

Updated January 31, 2023

Written by: Andrew Depietro

Though most people associate ZIP codes with the mail, ZIP is actually an acronym for Zone Improvement Plan. Established in 1963, the five-digit ZIP code program became a convenient way for the postal service to divide the country into the location of individual post offices or delivery stations.

Credit Karma conducted a study to identify the most expensive and cheapest ZIP codes in the U.S. based on home values.

Read on for details and main findings.

Main findings on the most expensive ZIP codes in the U.S.

We looked at where the most expensive and cheapest ZIP codes are in the U.S. overall and in each state. We also evaluated ZIP codes by median home value for all homes in each area.

To get a broader understanding of which ZIP codes are the most and least expensive, we analyzed median home values using the 12-month average (from October 2021 to September 2022), instead of simply ranking ZIP codes by their most recent monthly home value.

Overall, California dominated the 50 most expensive ZIP codes based on the values of all homes and of just single-family homes.

When looking at the most expensive ZIP codes for all homes, eight of the top 10 ZIP codes are in California. But when it comes to the most expensive ZIP codes for single-family homes, New York state is home to six out of the top10 ZIP codes.

Most expensive ZIP codes in the U.S.

Looking at the geographic distribution of the most expensive ZIP codes in the U.S., we see that the majority of the 50 most expensive ZIP codes are in California. That holds true whether considering the value of all homes or just single-family homes.

The most expensive ZIP code in terms of home values for all homes in the U.S. is 94027, in Atherton, California, with a 12-month average value of more than $7.7 million.

When it comes to single-family homes, the most expensive ZIP code is 10065 in New York City, an area covering the Manhattan neighborhood of Lenox Hill, east of Central Park. In this ZIP code, the 12-month average home value is just over $8.2 million.

Most expensive ZIP codes in the U.S.

Nineteen of the 50 most expensive ZIP codes in the U.S. are in the San Francisco Bay Area or Silicon Valley, followed by another 15 in Southern California.

Even more striking: The median home value for all homes in the most expensive ZIP code (94027 in Atherton) has averaged more than $7 million for the past 12 months straight.

Here’s a table of the 10 most expensive ZIP codes in terms of the 12-month average median value of all homes.

10 most expensive ZIP codes in the U.S.

While ZIP code 94027 (Atherton) maintained a monthly median home value of at least $7 million for every month over the last year, note that its 12-month growth in value is only 1.63%. ZIP code 92661 in Newport Beach, on the other hand, had a 12-month increase of over 20%, from roughly $3.78 million in October 2021 to $4.24 million in September 2022.

The one New York ZIP code to make the top 10 list of most expensive ZIP codes — 11962 in Sagaponack — is in eastern Long Island, amid the Hamptons.

The only ZIP code to have a 12-month decline in median home value was 94301 in Palo Alto, but only by 0.01%.

Cheapest ZIP codes in the U.S.

On the other end of the spectrum, we found that the least-expensive ZIP codes geographically tend to be in the South and Midwest. The cheapest ZIP code in terms of home values for all homes — 24736 in Lashmeet, West Virginia — had a 12-month average of $16,389. West Virginia in particular, has many of the cheapest ZIP codes.

West Virginia’s 24736 ZIP code is also the cheapest when looking at single-family home values. In contrast to the most expensive ZIP codes for single-family homes, there’s less variation when comparing the cheapest ZIP codes for all homes to the cheapest for just single-family homes.

50 cheapest ZIP codes in the U.S.

Twenty-three of the cheapest ZIP codes are in a corridor through eastern Kentucky, western Virginia and West Virginia. Another geographic concentration of the cheapest ZIP codes exists along the Mississippi River, in Arkansas and Mississippi.

Some ZIP codes did not have data for October 2021, so a 12-month home value change wasn’t available for them in our table of the 10 least expensive in the U.S. Those ZIP codes for which we do have that data showed solid increases in home values over the last year.

10 cheapest ZIP codes in the U.S.

The table shows that ZIP codes in West Virginia form the majority of the 10 cheapest ZIP codes in the U.S. The cheapest ZIP code, 24736, covers several cities, including Garwood, Covel, Dott, and the largest city, Matoaka.

Most expensive ZIP code in each state

In addition to analyzing the most expensive ZIP codes overall in the U.S., we evaluated the most expensive ZIP code in each state — again based on each ZIP code’s 12-month average median monthly home value for all homes.

The median home values in the most expensive ZIP codes for each state span a wide range, from $424,991 in ZIP code 25443 in West Virginia to over $7.7 million in ZIP code 94027 in California (the most expensive ZIP code in the U.S. overall).

Most expensive ZIP code in each state

Wyoming’s most expensive ZIP code, 83014, is in Teton County, near the mountain resort town of Jackson Hole. In Kentucky, the most expensive ZIP code, 40025, is in the wealthy Louisville suburb of Glenview, along the Ohio River. According to the U.S. Census Bureau, the median household income in that ZIP code is more than $250,000 (with a mean household income of $480,965).

The 10 states that are home to the most-expensive ZIP codes are an interesting geographical mix. Along with states like California, New York and Massachusetts, which you’d expect to see on the list, there’s also ZIP code 31561 in Georgia. That area covers the Sea Island resort and has a 12-month average home value of nearly $3.73 million.

Another standout is ZIP code 89413 in Nevada, which lies along scenic Lake Tahoe and has a 12-month average home value of over $3.3 million.

Most expensive ZIP codes for single-family homes

A slightly different way of assessing the most expensive ZIP codes in America is to look at the highest home values for single-family homes, rather than for all homes. While many of the most expensive ZIP codes in terms of all homes and single-family homes overlap, there are some notable differences, especially among the top 10 ZIP codes.

Most expensive ZIP codes based on single-family-home values

Notice how the 10 most expensive ZIP codes for single-family homes largely consist of ZIP codes in New York City as opposed to the previous list’s domination by California ZIP codes.

That said, the most expensive ZIP code for single-family homes has had a 12-month decline of 3.5%, from nearly $8.44 million in October 2021 down to $8.2 million in September 2022.

ZIP codes with the highest increases in home value

The ZIP codes that have had the greatest growth in median home values over the past 12 months do not rank among the 50 most expensive ZIP codes in the U.S. These ZIP codes have 12-month home value averages ranging from $74,176 to $465,682.

ZIP codes with the highest increases in home value

Interestingly, the majority of the ZIP codes with the highest increases in home value are in Ohio. The growth rates are impressive, with ZIP code 44606 going from a median home value of $365,199 in October 2021 to $606,781 in September 2022 — an increase of almost 66%.

ZIP code 44691 isn’t far behind, with a 12-month growth rate of over 64%, from $289,032 in October 2021 to $474,126 in September 2022.

ZIP codes with the greatest declines in home value

On the flip side, the ZIP codes with the greatest decreases in median home values are geographically more diverse. Some of these ZIP codes, too, have high 12-month average home values, such as ZIP code 94060’s roughly $1.38 million.

ZIP codes with the greatest declines in home value

The ZIP code with the biggest drop, 82643, saw its median home value sink by almost 25%, from $129,622 in October 2021 to $97,250 in September 2022. Meanwhile, the most expensive ZIP code in the table, ZIP code 94060, saw its median home value decline from approximately $1.57 million in October 2021 to $1.21 million in September 2022.

FAQs about the most-expensive ZIP codes

Methodology

We identified the most-expensive ZIP codes in the U.S. and in every state based on monthly home value data for the 12-month period from October 2021 to September 2022. These monthly median home values were then assessed to get a 12-month average home value. This gave us a broader picture of home values than we could get by simply looking at data from the most recent month for which data was available. We gathered home value data for all homes and for single-family homes for every ZIP code in the U.S.

Sources

• Census Bureau 2020 American Community Survey 5-Year Estimates: Table S1901 Income in the Past 12 Months
• Zillow, Zillow Home Value Index (ZHVI)

Best and Worst Places to Retire in the U.S. in 2023

A Credit Karma Study

January 25, 2023

Written by: Andrew Depietro

Whether you’re actively planning retirement or just dreaming about the future, we’ve done the homework for you.

Credit Karma compiled and analyzed data on more than 800 cities, looking at 28 factors including taxes on Social Security income, home prices, weather, social and health conditions for seniors, healthcare costs, and cost of living in general to compile a list of the best and worst places to retire. Take note: Cities that did not have data available for all 28 of these factors were disqualified from ranking. (See the full methodology.)

Here are the five best places to retire (No. 1 being the best), according to our rankings.

1. The Villages, Florida
2. Englewood, Florida
3. Venice, Florida
4. Punta Gorda, Florida
5. Wauwatosa, Wisconsin

And here are the five worst places to retire (No. 1 being worst).

1. Saratoga, California
2. Palo Alto, California
3. Beverly, Massachusetts
4. Newport Beach, California
5. Cupertino, California

Cities in Florida ranked quite well against our specific criteria for best places to retire. But not everyone loves warm weather, or necessarily values other criteria we’ve identified in our methodology. That’s why we provide additional details below to help put into context why some cities ranked as the best places to retire and why others ranked among the worst.

Read on for a deeper dive into some of the factors that went into our rankings, and how different places to retire stack up by individual factors.

Credit Karma Stat Snapshot

Best place to retire in the U.S.:

The Villages, Florida

Worst place to retire in the U.S.:

Saratoga, California

Median home sales price in the best place to retire:

$359,562

Place with highest-rated nursing home quality:

Anchorage, Alaska

Place with highest percent of population age 65 and older:

Sun City West, Arizona

Place with highest livability score:

Westerville, Ohio

Best places to retire in the U.S.

Many of the best places to retire by our criteria are in Florida, but this isn’t simply because of the state’s strong weather scores. Florida has no state income tax, which means Social Security benefits aren’t taxed. Also, many of these Florida cities have 12-month average median home prices (2021–2022) that are low compared to cities in other warm-weather states, like Hawaii and California.

This table shows the 20 best places to retire, with an overall score and data on select factors. In our scoring system for this study, a lower score means the city is better when it comes to retirement. Scores ranged from 13.4 to 27.2.

20 best places to retire, based on our scoring

Several cities in Wisconsin ranked among the best places to retire, by our criteria. This was due to a variety of factors, including low poverty levels among 60-year-old residents in Wauwatosa (1.7% live below the poverty line), Sheboygan (2.7% live below the poverty line), and Kenosha (1.7% live below the poverty line). Though these Wisconsin cities have low annual average temperatures, relatively low average median home sales prices, and strong scores in terms of low social-isolation risk for seniors and high rates of dedicated healthcare providers.

Many of the top-ranked Florida cities have high percentages of their populations that are 65 years and older, good livability scores, annual average temperatures in the 70s, and solid social support for seniors at the state level — with a high percentage of older adults connected to the internet and one of the highest levels of community support expenditures per person age 60 or older.

Worst places to retire in the U.S.

Cities that ranked among the worst places to retire, according to our specific criteria, were brought down by several factors: high home prices, low levels of seniors among the population, high cost of living and expensive annual senior healthcare costs.

Many of the worst places to retire, by our criteria, are in California, with Alaska and Massachusetts making the list as well. These cities share characteristics such as high cost of living, median home prices above $1 million, low community-support expenditures per adult age 60 or older, and some strikingly high senior healthcare costs.

This table details the 20 cities ranked as the worst places to retire.

20 worst places to retire, based on our scoring

Alaska has the highest average annual cost for an assisted living facility, as well as semiprivate rooms and private rooms at nursing home facilities, which (along with other factors) landed Anchorage among the worst places to retire. Meanwhile, though California cities like Saratoga, Newport Beach and Rancho Palos Verdes are seeing roughly a quarter of their population at age 65 or older, housing costs are high.

In terms of weather, California cities are generally mild temperature wise, but too many other key factors worked against these places in the ranking. The annual average cost of senior healthcare in California is quite high across the board, from housekeeping services to private rooms at a nursing facility. Community support expenditures for adults ages 60 and older were also very low.

Best places to retire for low cost of living

Places that rank highly for cost of living (meaning cost of living is low) tend to be the overall best places to retire. Florida’s state cost of living is only 3% higher than the national level. Meanwhile, Wisconsin’s state cost of living is more than 5% below the national level. In comparison, California has an overall cost of living that’s nearly 40% higher than the national average, and Massachusetts has an overall cost of living that’s nearly 50% higher.

Best places to retire for quality of life

The AreaVibes Livability Score is a measure of the quality of life in cities and towns. This score considers amenities, housing, crime rates and cost of living, among other factors. Among the 20 top-ranked best places to retire, the cities with the best livability scores are listed in the following table.

Best livability scores among our top 20 places to retire

Very few cities among the 832 analyzed in our study had a livability index of 90 or above, so these figures in the 80s are comparatively very good.

Best places to retire for weather

When it comes to warm weather, it’s tough to beat Florida. The average annual temperatures in all our top-ranking Florida cities are within the 70-degree range (Fahrenheit). Among the 20 best places to retire, Appleton, Wisconsin, has the lowest average temperature at a chilly 47.1 degrees.

This table shows the cities with the warmest temperatures among our 20 best places to retire.

Warmest average temperatures among the 20 best places to retire

Cities in Arizona also boasted warm annual average temperatures, but they lie outside of the top-ranked 20 best places to retire. For example, Green Valley, Arizona, ranked No. 23 and had an annual average temperature of 69 degrees. And Sun City West, Arizona, ranked No. 28 and had an annual average temperature of 71.9 degrees.

Best places to retire for lower crime rates

The top-ranked cities can be split by two factors: violent crime per capita and property crime per capita. In general, property crime per capita tends to be higher than violent crime, because property crimes include a broad swathe of illegal acts, from simple vandalism to burning down a house.

Palm Harbor, Florida, leads both lists with the lowest rates of violent and property crime per capita. In general, places in Florida dominate the list of the top places to retire for low crime rates.

Lowest violent crime per capita among our top 20 places to retire

Lowest property crime per capita among our top 20 places to retire

Best places to retire for healthcare

Healthcare was a major factor in our study of the best places to retire. Healthcare for older adults was analyzed both in qualitative and quantitative terms, the latter by annual costs of healthcare.

West Virginia has the lowest median annual cost of housekeeping services and home health aides, but no city in the state ranked highly in the study overall. Similarly, Minnesota boasts the cheapest median annual cost of adult day healthcare, but also has no cities that rank among the top places to retire. Missouri has the cheapest median annual assisted living facility costs, yet other factors, in combination, kept Missouri cities from ranking among our best places to retire.

In terms of the annual costs of a semiprivate room at a nursing facility, Texas proved to be the most affordable. However, cities in Texas did not rank among our best places to retire in large part due to weak scores for qualitative healthcare for older adults. Texas saw above-average rates of food insecurity among adults age 60+ and above-average rates of adults 65+ who avoided care due to cost, as well as low community support expenditures for its older population.

In terms of the annual costs of a private room at a nursing facility, Oregon was the most affordable. Unfortunately, other factors kept cities in Oregon from ranking among our best places to retire, such as high annual cost of adult day healthcare, housekeeping services and home health aides, as well as the state imposing an estate tax on residents.

Frequently asked questions about the best places to retire

Methodology

To determine the best places to retire in the U.S., we analyzed 832 cities that had data available for all 28 factors considered the following:

1. Percentage of total city population that is age 65 or older, sourced from the U.S. Census Bureau’s 2020 American Community Survey 5-year estimates
2. Overall cost of living in the state, based on data from the Missouri Economic Research and Information Center for Q2 2022
3. Whether the state has an estate and/or inheritance tax, sourced from Center on Budget and Policy Priorities (CBPP)
4. Whether the state taxes Social Security income, sourced from Tax Policy Center
5. Percentage of households with retirement income, sourced from the U.S. Census Bureau’s 2020 American Community Survey 5-year estimates
6. Percentage of 60-year-old and older population that lives below the poverty line, sourced from the U.S. Census Bureau’s 2020 American Community Survey 5-year estimates
7. Food insecurity as percent of adults ages 60+, sourced from America’s Health Rankings 2022 Senior Report
8. SNAP reach measured by participants per 100 adults ages 60+ in poverty, sourced from America’s Health Rankings 2022 Senior Report
9. Community support expenditures measured in dollars per adult ages 60+, sourced from America’s Health Rankings 2022 Senior Report
10. High-speed internet access as percent of households with adults ages 65+, sourced from America’s Health Rankings 2022 Senior Report
11. Risk of social isolation measured as percentile of adults ages 65+, sourced from America’s Health Rankings 2022 Senior Report
12. Volunteerism as percent of adults 65+, sourced from Genworth’s 2021 Cost of Care Survey
13. Avoided care due to cost as percent of adults ages 65+, sourced from America’s Health Rankings 2022 Senior Report
14. Dedicated healthcare provider as percent of adults ages 65+, sourced from America’s Health Rankings 2022 Senior Report
15. Nursing home quality as percent of beds rates four or five stars, sourced from America’s Health Rankings 2022 Senior Report
16. Annual median cost of homemaker (housekeeping) services, sourced from Genworth’s 2021 Cost of Care Survey
17. Annual median cost of home health aide, sourced from Genworth’s 2021 Cost of Care Survey
18. Annual median cost of adult day healthcare, sourced from Genworth’s 2021 Cost of Care Survey
19. Annual median cost of assisted living facility, sourced from Genworth’s 2021 Cost of Care Survey
20. Annual median cost of semiprivate room, sourced from Genworth’s 2021 Cost of Care Survey
21. Annual median cost of private room at nursing home facility, all sourced from Genworth’s 2021 Cost of Care Survey
22. Weather score, based on average annual temperature for the year 2021 (latest year to have full annual average temperature), sourced from the NOAA National Centers for Environmental information
23. Annual property crimes reported by city or county police department (for cities that don’t have their own police department and rely on county sheriff’s department), whichever was applicable because they covered the city in question, and divided by the city’s or county’s total population to determine crime rates per capita, sourced from the FBI’s Uniform Crime Reporting, with data pulled Oct. 13–17, 2022
24. Annual violent crimes reported in 2020 and 2021 (depending on availability of data), by city or county police department (for cities that don’t have their own police department and rely on county sheriff’s department), whichever was applicable because they covered the city in question, and divided by the city’s or county’s total population to determine crime rates per capita, sourced from the FBI’s Uniform Crime Reporting, with data pulled Oct. 13–17, 2022
25. Livability index, sourced from AreaVibes, with data pulled Oct. 19–20, 2022
26. Walkability, sourced from Walk Score, with data pulled Oct. 19–20, 2022
27. Median sales price for all homes for Aug. 2021–Aug. 2022, sourced from Redfin
28. Year-over-year change in median sale price, based on data sourced from Redfin.

Cities that did not have data available for all 28 of these factors were disqualified from ranking. All these factors were scored for each city, and then city scores were added up to arrive at a combined score that was then ranked.

Sources

• America’s Health Rankings 2022 Senior Report
• AreaVibes
• Center on Budget and Policy Priorities
• Cost of Living, Missouri Economic Research and Information Center (MERIC)
• FBI Uniform Crime Reporting
• Genworth Cost of Care Survey
• NOAA National Centers for Environmental Information, Climate at a Glance
• Redfin — Median sale prices
• Tax Policy Center — Social Security taxes
• U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates
• Walk Score

10 Cheapest and Most Expensive Cities to Travel to in the U.S.

A Credit Karma Study

January 13, 2023

Written by:Christy Rakoczy Bieber and Andrew Depietro

Travel costs can vary dramatically from one location to the next. Identifying bargain destinations in the U.S. involves considering many factors, including airfare, hotel and transportation expenses.

Credit Karma identified some of the best bargains for travelers as well as the places to avoid if you want to stick to a smaller budget.

Credit Karma analyzed data from Expedia, the Bureau of Transportation Statistics, the Bureau of Economic Analysis and Lyft to estimate the price of flights, hotels, transportation and local cost of living in the cities that are home to the 52 busiest U.S. airports. Using this information, we identified the most and least expensive U.S. cities to visit. (You can check out our full methodology here.)

Based on our analysis, here are the five cheapest U.S. cities to travel to.

1. Cleveland
2. Omaha, Nebraska
3. Las Vegas
4. Memphis, Tennessee
5. Orlando, Florida

And these are five most expensive cities to travel to in the U.S.

1. New York
2. San Diego
3. Seattle
4. San Francisco
5. West Palm Beach, Florida

Keep reading to learn more about the costs of traveling to different urban metro areas in 2023.

Credit Karma Stat Snapshot

Most expensive city to travel to:

New York

Cheapest city to travel to:

Cleveland

City with the most expensive average airfare:

San Francisco

City with the cheapest average airfare:

Fort Lauderdale, Florida

City with the highest cost of living:

San Francisco

City with the lowest cost of living:

Cleveland

Least and most expensive U.S. cities to travel to in 2023

The table lists 52 U.S. cities in order of the cost of traveling to each city based on airfare, hotels, transportation costs and local cost of living — ranked from least expensive to most. It includes U.S. cities near the top 52 busiest U.S. airports, and it excludes secondary airports within those same cities. For example, the data for Chicago includes Chicago O’Hare and omits Midway Airport.

The least expensive city in the U.S. to travel to was Cleveland, while the costliest urban area to visit was New York City. The cost of living was more than 30% higher in New York versus in Cleveland, and the average price of a flight to Cleveland was $362 compared with $436 to New York. Considering these factors, it makes sense that Cleveland is the most budget-friendly destination while New York carries a far higher price tag.

Cleveland didn’t have the cheapest hotels in the U.S., though. Atlanta takes that title, with the average cost of the cheapest four- and five-star rated rooms coming in at $104 per night. By contrast, the city with the highest prices for lower-budget accommodations was West Palm Beach, Florida, where the average nightly cost of the cheapest hotel rooms was a whopping $290 per night.

When it comes to airfare, San Francisco travelers paid by far the highest price with an average fare of $498.55. That’s $218.92 more than the average fare paid by travelers to Fort Lauderdale, Florida, the city with the cheapest average ticket cost.

Top 10 cheapest cities to travel to in the U.S.

The table ranks the top 10 most affordable urban destinations, with the cheapest at the top of the list.

Key findings on the cheapest U.S. cities to travel to

Among the 10 cheapest cities to travel to, three are in the Midwest with another three in the South — four if you count Orlando, Florida.

The cheapest city in the U.S. to visit was Cleveland. Another Midwestern city, Omaha, Nebraska, came in at number two. Traveling to cities in the Midwest may be less expensive than visiting other parts of the country because of the overall lower cost of living in these areas. Consumer price index data show the price of goods and services for urban consumers in the Midwest and the South is below the national average.

Both Las Vegas and Orlando, Florida, also made the list of the top five cheapest cities to travel to. Because these are prime tourist destinations, costs are lower due to many airlines servicing both cities — and there are a lot of hotels for travelers to choose from. Orlando, Florida, alone has more than 130,000 hotel rooms compared with just 30,000 in San Francisco.

Top 10 most expensive cities to travel to in the U.S.

The table ranks the 10 most expensive U.S. cities to travel to, listed from the most expensive to the cheapest.

Key findings on the most expensive cities to travel to in the U.S.

Most of these high-priced destinations are in areas of the country with a high cost of living, as well as with airfares above the national average. For example, while the national average fare was $395.01, the average in New York was $435.70 and the average in San Francisco, the country’s most expensive airport, was $498.55.

Average Lyft fares were also very expensive in many of the destinations on this list. In New York, the average fare was $89 — $80 more than the $9 average fare in Honolulu, where Lyft prices are the lowest in the United States. Seattle had the second highest average Lyft fare in the country at $52.50.

Expensive lodging is also a trend in these high-cost urban areas. The average cost of a hotel in June 2023 near downtown Fort Lauderdale is $779. That’s the highest in the country, and it’s $652 more than the average of $127 in Ontario, California, where downtown-adjacent lodging is the cheapest in the U.S.

Note that the average cost of a cheap hotel in Fort Lauderdale, regardless of distance to downtown, is a much more affordable $189.

Tips for getting a good travel deal

No matter your destination, it’s likely possible to reduce the price of your next trip by making smart decisions during the planning process. Here are some of the best ways to save on travel.

• Be flexible about travel dates. Early-morning and late-night flights can cost less, as can midweek flights.
• Choose a budget airline. While seat sizes may be smaller and you’ll generally have to pay extra to bring bags aboard, budget airlines can come with far lower fares than larger competitors.
• Pay with points. Travel credit cards can help you to earn miles or points that you can cash in for free trips. This is especially helpful when traveling to destinations like San Francisco, where airfare comes at a premium.
• Opt for a hotel away from the urban center. In the Virginia Beach/Norfolk area, for example, the average nightly cost of cheap hotel rooms with four- or five star-ratings totals $133, while the average cost of a hotel room in the same area but close to the downtown center totals $612 per night.

Methodology

In order to identify the most-expensive places and least-expensive places to travel to in the U.S., 52 popular U.S. travel destinations, chosen by busiest airports, were analyzed against the following criteria:

1. Average domestic airline itinerary fares by airport, Q2 2022 (latest data available), sourced from the Bureau of Transportation Statistics 2)
2. Average cost per night at the three cheapest hotels with four- or five-star ratings, for a hypothetical travel period of June 3, 2023, to June 10, 2023, sourced from Expedia
3. Average cost per night at the three hotels closest to downtown with four- or five-star ratings, for a hypothetical travel period of June 3, 2023, to June 10, 2023, sourced from Expedia
4. Regional price parities, a measure of the cost of goods and services versus the U.S. cost index equal to 100, for each city’s metropolitan area, sourced from the Bureau of Economic Analysis
5. Average cost of a Lyft ride in each city, sourced from Lyft on Dec. 15, 2022

Sources

• Expedia
• Bureau of Transportation Statistics
• Bureau of Economic Analysis
• Lyft

Home price increases in 2022: Which cities saw the biggest jumps?

A Credit Karma Study

January 9, 2023

Written by:Andrew Depietro and Jennifer Brozic

Housing prices increased in many parts of the country in the past year, but some locations were more affected than others.

To determine where home prices went up the most in 2022, Credit Karma developed a methodology to score and rank 250 of the largest cities in the U.S. based on two factors.

1. Year-over-year growth in median home sale price from June 2021 to June 2022
2. Growth in median home sale price from January 2022 to June 2022

Jump to our full methodology at the end of this article.

Here’s a quick snapshot of the five cities with the greatest median home price increases, starting with the city that had the biggest rise in prices.

1. Beaumont, TX
2. Tyler, TX
3. Irving, TX
4. Dayton, OH
5. Newark, DE

And a look at the five cities with the biggest decreases.

1. Yonkers, NY
2. Glendale, CA
3. New York, NY
4. Salinas, CA
5. Canton, OH

Keep reading to learn more about the cities where home prices have increased the most and least.

Credit Karma Stat Snapshot

City with the greatest home price increase:

Beaumont, Texas

City with the greatest home price decrease:

Yonkers, New York

States with most top 20 cities seeing increases:

Florida and Texas

Key findings on home price increases

The three cities that experienced the greatest median home price increases are in Texas: Beaumont, Tyler and Irving. But prices in all three cities remain lower than many areas of the country.

Of the 20 cities in the U.S. that had greatest price increases in 2022, more than half are either in Texas or Florida.

The three cities with the biggest price decreases were Yonkers, New York; New York City; and Glendale, California. Glendale saw a drop of 8.8% in median home price from January to June 2022. And Yonkers saw more-sustained decreases — it dropped 1.5% from January to June 2022, a much less pronounced decrease than Glendale experienced during that six-month period, but from June 2021 to June 2022, prices in Yonkers dropped 9.9%. 

Top 5 cities with the greatest median home price increases

Credit Karma used Redfin data to determine its rankings for the cities with the greatest increases and decreases in median home sale prices.

Top 5 cities with the greatest median home price decreases

Top 5 cities with the highest home prices

Credit Karma used Redfin data to identify the cities with the highest and lowest median home prices in the country.

Unsurprisingly, four of the five most expensive cities to buy a home in the U.S. are in California — the country’s fourth-most-expensive state after Hawaii, Washington, D.C., and Massachusetts.  

Sunnyvale, San Francisco, Bellevue and San Jose experienced modest price increases, while Fremont was among the top 20 cities with the greatest overall price decrease — coming in at 16th on our list.

Top 5 cities with the lowest home prices

The five cities with the lowest home prices are clustered in Ohio and Michigan. Canton and Saginaw had the fifth- and sixth-lowest price increase, while Dayton and Detroit had the fourth- and seventh-largest price increase. 

Toledo had a modest year-over-year price increase, with a bigger jump from January 2022 to June 2022.

Will U.S. home prices show a drop for 2022?

Across the 250 cities we analyzed, the average median home price increase from January to June 2022 was 14.31%. A combination of factors, including increased demand, decreased supply, pandemic-related supply-chain disruptions, and low interest rates combined to create a steep increase in housing prices in the last year. But home prices aren’t likely to continue their rapid rise indefinitely.

Interest rates have increased by more than three percentage points since the beginning of the year, home sales in October 2022 were down by 28.4% from October 2021, and mortgage applications are falling — all signals that the housing market may be cooling.

But real estate trends typically vary by location. Whether home prices may be decreasing near you and by how much depends in part on exactly where you live.

Tips for mortgage shopping as home prices increase

Securing a mortgage is a critical step for most potential homebuyers. Here are some tips to help you navigate the process and zero-in on the best rate possible for your situation.

• Get your credit in order. People with higher credit scores and solid credit reports typically qualify for lower interest rates. Go over your scores and reports carefully, and if your credit needs work, consider taking the time to improve it before applying for a mortgage — it may help you qualify for a lower rate. Be sure to dispute errors on your credit report if you find any.
• Pay down debt. In general, you need a debt-to-income (or DTI) ratio of 43% or less to qualify for a mortgage, but lower is better, and requirements vary by lender. If your DTI is too high, work on reducing your debt before you begin house hunting.
• Shop around. Rates vary from lender to lender. Get quotes from multiple lenders to help ensure you get the lowest possible rate.
• Get preapproved. Providing a mortgage preapproval letter with your offer shows sellers you’re serious and can likely get financing. In general, sellers are more likely to consider offers from buyers who are preapproved.
• Gather your documents. To process your application, lenders need a variety of home loan documents, which may include tax returns, pay stubs, W-2s or other proof of income, bank statements, investment statements, gift letters, photo ID and renting history (if applicable).

Methodology

1. Year-over-year growth in median sale price from June 2021 to June 2022, sourced from Redfin
2. Growth in median sale price from January 2022 to June 2022, sourced from Redfin

Sources

• Redfin, median home sale price by city from 2017 to 2022