As 2023 winds down, Americans are casting an uneasy eye toward the future. A new survey of 1,000 Americans revealed that 39% say they’ve gone deeper into debt this year, and fewer than half say they have enough money to live comfortably. 

Looking ahead, it would be an understatement to say many are deeply concerned about how their personal finances will fare in 2024. 

To learn more about how consumers feel about the future, Semya-Moya surveyed 1,000 Americans about their financial goals for 2024. Here are 10 of the most common goals for the upcoming year. 

1. Cutting back is still number one

Starting in the same place as the previous year doesn't always feel great, but in 2024, the top financial goal in the study is to spend less money — the same as in 2023. Some respondents in the study couldn’t quite get a handle on their wallets, but many blamed systemic factors like inflation and rising interest rates for their overspending.

That’s not to say they did not take responsibility for buying a few too many lattes. Just under half of people surveyed admitted they had made poor financial choices (and recommitted to doing better in 2024).

2. It’s time to tighten up the budget

With the holidays approaching and consumer spending continuing to rise, many people plan to tighten their belts after the first of the year. With dwindling savings and stagnant wages, there’s a sense of urgency in 2024, with 41% of people in Clever’s study making this one of their top financial priorities.

3. Saving for a rainy day is increasingly important

The financial clouds building on the horizon have made Americans even more concerned about how they’ll weather the storm. That’s why building emergency savings is top-of-mind for one-third of Americans. People expect prices to rise in 2024, and many worry that they are just one month away from financial ruin if they lose their jobs. 

4. Retirement is looming large

The group closest to retirement will also likely need more money to retire. About 63% of baby boomers say they're not on track to have enough savings to retire. Among non-retired Americans, many are bracing for working more years than expected — about 23% say they won't be able to retire before they turn 80. 

This grim response is why 30% of respondents are kicking it into high gear and planning to save more for retirement in 2024.

5. Reining in credit card debt is key

If your average paycheck isn’t covering rising cost of living expenses, you might start putting more purchases on your credit cards. This tactic has led to an unhappy milestone: Americans now carry $1 trillion in credit card debt. 

That’s why 29% of people are focusing on paying down their debt in 2024. It’s going to be a challenge, with interest rates still rising and inflation moving very slowly in the right direction. But combined with reducing daily expenditures and cutting back on holiday shopping, many feel it’s a goal that’s attainable in 2024.

6. Investing is the way to go

One way Americans are planning their financial future is through investments. About 27% of people surveyed set their eyes on investing more in 2024. In addition to traditional stocks, many people are looking toward investments in real estate to help boost their portfolios. This long-term strategy for building (or restoring) wealth may signal a return of cautious optimism in some financial sectors.

7. Switching jobs is an option

Facing inflation and growing credit card debt, about 20% of Americans plan to look for a higher-paying job to get them out of the hole in 2024. This might mean selling a house and relocating for higher wages, but workers are up for it if that leads to less stress.

8. Dependents are finally moving out

The number of people over 18 who are financially dependent on someone else exploded during the pandemic as housing became expensive and scarce. In many cases, it was not mismanagement of personal finances that was the issue. 

As a result, many young adults still depend on their parents for financial support, including nearly half of Gen Z and about one-third of millennials. Overall, 18% of Americans say they want to become financially independent in 2024. 

9. People want to bloom where they’re planted

Although 20% of people in the U.S. plan to look for a higher-paying job in 2024, 17% just want a raise where they are right now. Keeping their current position can lend stability in a tumultuous financial landscape, and many people are committed to making it work — for just a bit of a pay bump.

10. When it comes to housing, there’s cautious optimism

Now is one of the most challenging times to buy a house, especially for the first time, but 16% of survey respondents have made home-buying a goal for 2024. Buying a home in a competitive market can be tricky, but some young buyers are optimistic. About 58% of people in the survey feel they will be on better financial footing by the end of 2024, which might be contributing to the drive to buy a new home.

Bonus: People are serious about student debt

Student loan debt has been in the news — and on the minds of the 43.6 million borrowers who are still paying off their degrees. The pandemic offered a reprieve on payments, but with the moratorium ending and payments picking back up in October, about 10% of survey respondents are making it a priority to pay off student loans in 2024. 

This article was first published on Semya-Moya.

The post 2024 Vision: Americans' Top 10 Financial Goals for the Year appeared first on Semya-Moya.

If your social media feeds and friend circles are to be believed, both young and middle-aged adults are enjoying a carefree, yet event-filled life of singlehood. From posts that highlight the joys of filling your life with plants and cats instead of spouses to websites selling solo vacations, it seems like more people are putting off marriage as a threshold into adulthood.

And for the most part, this is true. Semya-Moya recently conducted a study on the state of marriage, and the results indicate that a significant portion of Americans are souring on marriage: 1 in 4 Americans (25%) think marriage is an outdated concept.

Generational Shifts in Marriage

Perhaps unsurprisingly, boomers are more likely to be married or believe in the benefits of marriage than any other generation. There are several reasons why this might have occurred.

Priorities Have Changed

One major generational shift relates to not only why people get married but also why they stay single. In the U.S., priorities have shifted in the younger generations that prioritize mental health (49%), physical health (44%), personal growth (31%), and even remaining debt-free (25%) over marriage.

But boomers lead the generational charge when it comes to prioritizing marriage above everything else. They are 75% more likely than Gen X, 168% more likely than millennials, and 394% more likely than Gen Z to place the importance of marriage above everything else. Contrast this boomer belief in the sanctity of marriage with their high divorce rate and it starts to become apparent why younger generations may be leery about entering into the marriage contract.

Marriage Does Not Equal Happiness

When the bloom is off the rose and the work of building a life together begins, newlyweds may be in for a big surprise: marriage does not automatically make you happier. Approximately 14% of couples are unhappy in their marriage. And although 11% of people admit to not liking their spouse and 19% label their marriage "loveless," 38% of married people feel obligated to stay together.

The Path to Marriage is Littered with Deal Breakers

For some people, relationships are headed in the marital direction until certain deal breakers pop up. Women more than men (65% more) require their families to approve of their partner before they get married, but that’s not the only deal breaker separated by gender.

Other deal breakers include:

• Rudeness to service workers: 53% more women than men

• Different views on pets: 50% more women than men

• Friends’ opinions: 39% more women than men

Too much debt is a big reason why couples postpone marriage or end their relationship altogether. Twenty-eight percent of people surveyed would postpone marriage with someone carrying too much debt, and another 65% would not consider marrying a person with excessive debt.

These deal breakers vary across generations, too. Gen Z values partners who are kind to service workers and meet with their friends’ approval. Boomers seem less concerned with any of the above deal breakers.

Why People Continue to Tie the Knot

These days, those who choose to get married are not only jumping the broom to prove their commitment to themselves and future generations. One in five people said they would marry solely for financial benefit, such as combining financial forces to buy a home in a tight real estate market. Another 7% married for insurance purposes.

Of course, people have a variety of motivations for marriage. Other reasons cited for a marriage ceremony include:

• To demonstrate commitment: 73%

• To have kids: 29%

• To fulfill a societal obligation: 13%

When it comes to marrying for religious reasons, the data skews away from expected generational trends. Millennials are surprisingly motivated to marry for religious obligations — 16% cite this as a primary reason for marriage. That’s double the number of Gen X and 2% more than boomers. This change may reflect an overall secular change in attitudes in the U.S., but it may also reflect a reduced feeling of obligation when it comes to religious norms that "require" marriage before children.

Trouble for the Wedding Industry

A pause in elaborate wedding ceremonies in the COVID era was followed by a rush of weddings in 2022 and 2023, but the wedding industrial complex is still headed for a downturn. Declining marriage rates mean less income for wedding-related businesses, but that’s not the only threat on the horizon. Couples who are choosing to marry are opting for pared-down ceremonies and even eloping to avoid the average wedding cost ($30,000 as of this writing). Some are cutting matrimonial costs and shifting wedding funds to large purchases (such as a new car or home).

Thoughts on Divorce

Even with their high divorce rates, boomers believe that divorce is too easy – boomers are 38% more likely than millennials to believe it's too easy to get divorced. The most common reasons cited for divorce are infidelity (37%), too many arguments (32%), falling out of love (27%), and abuse (25%). Younger generations tend to feel less obligated to stay married and may be more likely to leave situations that are dangerous or simply no longer working.

The Future of Marriage

With more Americans delaying marriage, a downward trend will continue in the years to come. Some couples are delaying marriage long enough to build stable finances and good credit scores that help them shift from renting to owning. Others are choosing to marry but shrugging off big receptions in favor of saving money

It’s also not clear what impact legalization of same-sex marriage will have on younger generations, but one thing shines through Clever’s study: more people are shrugging off the knee-jerk marital obligation in favor of taking a more thoughtful, considered approach to this commitment.

The post Generational Wedlock: Are Younger Americans Souring on Marriage? appeared first on Semya-Moya.

No matter where you live in the United States, a great bike city is waiting for you. Whether your idea of a stimulating bike ride is a leisurely pedal down manicured bike paths or a 25-mile sprint on a rugged trail, these 10 U.S. cities are racing ahead of the pack when it comes to accommodating cyclists in 2023.

1. Minneapolis, MN

Minneapolis boasts a whopping 10.8 bike share docking stations per 100,000 residents and features a bikeability score of 83 out of 100. There’s no stress when deciding where to ride. With 98 miles of designated bike lanes and another 101 for off-trail riding, almost every neighborhood in the city is easily accessible by bike.

2. Portland, OR

The City of Roses was our most bike-friendly city in 2022, but it took a tumble in 2023 — knocked out of first place by Minneapolis. But there’s still a lot to love about this bike town with its events to promote cycling and rider safety. Portland also has the country's highest percentage of commuters who bike to work (1.1%).

3. San Francisco, CA

If you're looking to relocate to California, bring your bike. California has three cities in the top 15, but San Francisco has the edge with 9.8 bike share docking stations per 100,000 residents, 460 miles of bike lanes, and 2.2 trails per 100,000 residents. San Francisco cyclists can also choose from double the number of bike shops and bike rental businesses as the average city.

4. Boston, MA

Boston is just shy of our top three after jumping four spaces from No. 8 in 2022. The rise in the ranking is the result of improved cycling infrastructure. That city has plans to add nearly 10 miles of dedicated bike lanes to its already impressive 17.5 miles of bike lanes and 59 miles of off-street trails for stress-free rides around the city.

5. Washington, D.C.

Capital Bikeshare originated in the U.S. capital, and it's one of the reasons D.C. is a great place to buy a home and hop on a bike. With 100 miles of bike lanes and 10.8 bike share docking stations per 100,000 residents, the District has more than earned its bikeability score of 92 out of 100. Community advocates are also dedicated to raising awareness of bike safety and promoting good biking behavior among riders.

6. Salt Lake City, UT

Since 2022, Salt Lake City has increased the number of bike trails by 6% and boosted its ranking on this list from No. 9 to No. 6. The city has a bike share program with 3.9 docking stations per 100,000 residents, which students and employees can use to bike to school or work. Salt Lake City is a great place to experience the natural beauty of Utah on two wheels, and as one of the best food truck cities in America, cyclists have plenty of options to refuel so they can keep exploring.

7. San Jose, CA

Start your (search) engines. San Jose cyclists search for bike-related terms online 71% more than residents in other cities. With 4.2 bike trails per 100,000 residents, San Jose already has the second-highest number of trails per capita, but the Better Bike Plan aims to add 100 miles of dedicated bike lanes by 2025. The city also plans to boost its already-impressive bicycle commuter rate (1%) to a sky-high 20% in that same time period.

8. Denver, CO

Denver boasts more online search activity for bicycle-related terms than any other city in the top 10. Snow and inclement weather don’t faze Mile High residents who flock to the city’s trails and bike lanes. Denver has also committed to the Vision Zero network, which has resulted in 24% fewer cyclist-involved fatal crashes than the average city.

9. Seattle, WA

If you received a home buyer rebate after purchasing a beautiful Craftsman home overlooking the Puget Sound, consider using it to buy a bike. You'll build leg muscles as you bike up one of Seattle’s seven famous hills during your morning commute. Approximately 0.6% of the city’s employees regularly bike the rainy streets of the Emerald City to the office. Leaning rails, traffic signals for cyclists, and barriers make Seattle safer for cyclists, too, with a cyclist-involved fatal crash rate that's 60% lower than the studied city average.

10. Providence, RI

Rounding out the top 10 is Providence, which has twice the number of bike trails (3.7 per 100,000 residents) as the average city (1.8). The Great Streets Initiative — implemented by avid cyclist and former Providence Mayor Jorge Elorza — added 43 miles of trails and 22 miles of greenways since 2020. The city also doubled down on safety and joined the Vision Zero network in 2022.

Back of the pack

Not every major U.S. city is amenable to cyclists. Memphis, Tennessee, is the least bike friendly, with the fewest number of employees commuting to work by bike. Even though Memphis has added 270 miles of bike lanes in the last decade, its cyclist-involved fatal crash rate (0.37) is 20% higher than the average rate (0.31) among all 50 cities studied.

On the other hand, Dallas moved from last place in 2022 to No. 41 in 2023. After a three-year ban on rental bikes, docking stations have returned to the city to encourage residents to get on two wheels. In addition, construction on new bike trails is ongoing. A 66-mile trail between Dallas and Fort Worth is scheduled for completion by the end of 2023 and a 50-mile loop trail around Dallas is expected to be complete in 2026.

Other notable cities at the back of the pack are Charlotte, North Carolina, and Birmingham, Alabama. Both have a bikeability score of 31, the lowest among all cities. This means that trails and safety measures are inadequate to protect cyclists and promote bike riding.

The post Top 10 Gold Pedal Cities for Cycling in 2023 appeared first on Semya-Moya.

These days, it seems like the price of everything has doubled or tripled, including rent.

Soaring rent prices aren’t new, however. Rent growth has exceeded inflation by 40% from 1985 to 2021, the last year for which full data is available. If rent grew at the same rate as inflation, the average apartment would cost $939 a month instead of $1,163.

Rent has grown at a steady upward trajectory over the years, but wages haven't always kept up. Although the average annual income has nearly tripled since 1985, rent growth has outpaced income growth by 7% in the same time period. Adjusted for inflation, wages have only grown 2% each year in the past decade.

That's why it’s important to keep track of where every dollar goes. Unfortunately for many renters who want to avoid the extra costs of homeownership, 2023 will likely remain an expensive rental market.

In-demand markets can continue to expect an influx of people, causing rent prices to remain elevated. In Charlotte, North Carolina, where the population grew the most since 2009, rent outpaced income by 56%, the third-highest rate among the 50 largest U.S. metros.

Clever's sister site, Real Estate Witch, conducted a study of the most expensive cities for renters in 2023. If you’re not ready to buy a home and are shopping for your next place to rent, here are four expensive cities to avoid and several affordable alternatives for renters.

4 most expensive U.S. cities for renters

On average, U.S. renters pay about 20% of gross monthly income on rent, but in these six cities, rent accounts for 25% or more of their monthly income.

The cities with the highest rent-to-income ratios are:

1. Miami, FL (28.5%)
2. Los Angeles, CA (25.5%)
3. Orlando, FL (25.1%)
4. San Diego, CA (25%)

Miami has the highest rent-to-income ratio at 28.5%. Residents in this South Florida locale spend $1,492 a month on rent, which is 28% more than the median U.S. rent price, while earning $62,870 in annual income, which is 9% less than the national median.

Los Angeles is already a notoriously expensive place to live, and it hasn't gotten any more affordable over the past 12 years. The rent-to-income ratio increased 10% from 2009 to 2021. Terrible commutes and the occasional earthquake haven't scared off renters, though, and rent prices remain high while wages remain low.

Orlando, though it's a popular travel destination, has become relatively challenging for locals to afford. The city has one of the fastest-growing populations, which increased 2,072% from 2009-2021. When an exploding population meets limited housing, prices quickly become hard to afford. Rental prices increased 36% more than income from 2009 to 2021.

Finally, San Diego may have great tacos, but with rent rising about 34% more than income, tenants may be hard pressed to afford eating out when housing costs are so high.

Where rent is rising the fastest

San Jose, Denver, and Seattle may not be the most expensive cities in terms of the rent-to-income ratio, but rent is rising so quickly in these cities they could soon find themselves on that list.

Among the 50 largest U.S. metros, rent grew at the fastest rate in these three cities, rising at least 80% from 2009 to 2021:

1. San Jose, CA (85%)
2. Denver, CO (82%)
3. Seattle, WA (81%)

With an astronomical 85% increase in price from 2009 to 2021, San Jose experienced the largest rent hike. A San Jose rental property that cost $1,360 a month in 2009 now rents for nearly double that amount at $2,511.

Rent rose at the second- and third-fastest rates in Denver and Seattle, respectively. In Denver, rent prices exceeded income by 71% from 2009 to 2021, while rent prices eclipsed income by 55% in Seattle. As the home of Microsoft, Amazon, and delicious coffee, it's not surprising that Seattle would make this list.

Most affordable cities for renters

Depending on your ability to relocate, there are still pockets of affordability across the U.S.

If frigid temperatures and snowdrifts that reach the roof are your thing, Providence, Rhode Island; Buffalo, New York; Cleveland; and Pittsburgh are the only four cities among America's 50 largest metros where wage growth outpaced rent growth.

Not surprisingly, these are the only four cities where the rent-to-income ratio declined from 2009 to 2021.

If you're looking for a warmer climate and don't mind living in the desert, head to Las Vegas. Sin City is still one of the most expensive U.S. cities based on its rent-to-income ratio of 23.5%, but there are signs the rental market is starting to cool. From 2009 to 2021, rent increased 23% — the smallest margin among all 50 cities studied. What's more, rent prices actually declined 1% from 2022 to 2023.

Another surprising pocket of affordability is Cincinnati, which has the lowest rent-to-income ratio in the U.S. at 15.5%. With renters earning annual income that's 2% higher than the national median and paying rent prices that are 22% lower than the median, it's no surprise the population of Cincinnati has grown 1,360% since 2009.

Rent prices in Cincinnati have remained relatively stable over the past 12 years. While they soared 71% in Denver from 2009 to 2021, they increased just 8% in Cincinnati during that time period.

The post 4 Expensive Cities for Renters to Avoid in 2023 and Where to Move Instead appeared first on Semya-Moya.