Advertiser Disclosure

News

What the Minimum Wage Looks Like Across the Country

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

More than half of the American labor force is paid hourly, and for those workers, the minimum wage mandate under the Fair Labor Standards Act is an important part of protecting their salaries.

At a basic level, minimum wage is the minimum amount per hour employers can pay specific workers. It’s a figure that can only increase if and when Congress passes a bill and the President signs it into law. As a result, it has risen slowly over the years — it was last raised in 2009, with 2019 marking a record 10-year gap in increases. Adjusted for inflation, the minimum wage is 17% lower than it was in 2009, and 31% lower than it was at its peak in 1968.

It doesn’t apply equally to all workers, either. For example, those who receive tips earn a minimum wage of just $2.13 per hour, though their combined income (wages and tips) must equal the federal minimum wage. And those younger than 20 years old can be paid $4.25 per hour for the first 90 days of employment.

Many states have their own minimum wage laws, which can raise the required minimum further for those covered. At $14 an hour, Washington, D.C., has the highest minimum wage in the country.

Here’s what else you should know about the minimum wage:

The states with the most minimum wage workers

From a regional standpoint, the South claims both the highest raw number of workers who are paid at or below the minimum wage, as well as the largest percentage of those workers, as compared to other regions. On the other hand, the West has the smallest number and share of those workers.

Here’s how those numbers break down on a state-by-state basis:

Who is most likely to make minimum wage

According to the U.S. Bureau of Labor Statistics, those who earn at or below the minimum wage tend to skew young (under 25) and work in service industries. Here’s a closer look at minimum wage worker demographics:

Age: Workers 24 or under make up about half of those paid at or below minimum wage, despite the fact that they make up a fifth of all hourly earners. So although the makeup is split about 50/50 between those 25 or older and younger workers ages 16 to 24, the odds favor the latter group.

Race: Of those who were paid hourly and earned at or below minimum wage, 72.6% are white. Hispanic and Latino workers were the next most likely (18.9%), followed closely by African Americans (18.3%). Asian workers were the least likely, at just 4%.

Gender: Women are only slightly more likely to make at or below minimum wage, with 3% of the demographic fitting the category among those who are paid on an hourly basis. Two percent of men, on the other hand, are in the same position.

Occupation: Service industry workers — particularly those who work with food preparation and serving-related occupations — are the most likely to earn at or below the minimum wage, with about 6% of those workers falling into that earning category. Comparatively, only 2.1% of all hourly-paid workers 16 and older make the same rates.

State minimum wage laws

Twenty-nine states, as well as the District of Columbia, have minimum wage laws higher than the federal minimum wage and 16 states, as well as Puerto Rico, have minimum wage laws that match the federal minimum wage. Five states, on the other hand, currently do not have any such laws in place. Those are: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.

When a state has an established minimum wage law, employers are required to comply with both that law and the federal minimum wage. However, it’s worth noting that factors like age or student status may exempt certain people from those state laws.

For context, only two states — Alaska and Connecticut — had minimum wage laws above the federal limit in 1980. So, over time, significant progress has been made when it comes to states embracing their ability to guarantee a higher minimum wage to residents.

The future of minimum wage

At that current hourly minimum, a full-time worker would make just under $13,920 per year — that’s about $1,000 over the federal poverty level for a single person living in the contiguous United States. That’s why it’s important to make the distinction between minimum wage and a living wage. For instance, in some states, the median cost of rent is higher than what a minimum wage worker earns. That could be why some states, including California, New York and Massachusetts, and cities like Los Angeles, San Francisco and Washington, D.C., are making moves toward a $15 minimum wage.

The federal government seems to be following suit. In July 2019, the U.S. House of Representatives passed a bill that would also raise the federal minimum wage to $15 per hour by 2025. According to the Congressional Budget Office’s estimates, doing so would significantly boost the wages of 17 million workers, while about 1.3 million could lose their jobs. Of course, the law would have to pass the Senate and be signed by the President in order to become law.

How to manage your money on a tight budget

Managing your finances when you don’t have a lot of wiggle room is always a challenge. Here are some tips to help you deal:

Make a budget: Knowing where you stand — what all of your expenses are, including irregular expenses, as well as your average earnings — is a vital first step to planning for your financial future and setting realistic expectations. It can also help you identify creative ways to save money, even if you’re already doing as much as you can to minimize commonly targeted expenses, like food and entertainment. For example, you could look into negotiating for a lower price or changing providers for expenses like car insurance, or your cell phone or cable bill.

Plan for bad months: As a general rule, it’s always best to plan for your worst-case scenario, rather than an average or best-case, if, for example, you have an irregular income. That way, you won’t be caught off guard during a lower-income month and you’ll be in a better financial position for all those months when you make more than that. To understand what that worst-case scenario looks like for you, try going back through your paychecks for the past six to 12 months and look for the lowest figures.

Avoid windfall spending: A sudden influx of extra cash can be tempting to spend since it can help alleviate financial pressure. But for those who are living paycheck to paycheck, saving that money can help you avoid taking on debt when unexpected expenses pop up. It’s not an all-or-nothing situation, though. You may, for example, find it best to split a windfall by saving half of it and using the rest to pay down existing high-interest debts.

Share housing: For many, rent or a mortgage payment is their largest monthly expense, so changing your living situation can go a long way to helping you save. That’s especially true if you’re able to split the costs with a roommate or partner. For those who can swing it, this can help create a larger, more comfortable financial monthly cushion and that can help you improve your overall finances.

Avoid high-interest debt: Taking on debt can sometimes be necessary, but if at all possible, avoid high-interest debts like payday loans. Those can come with interest rates in the triple digits, which can spell financial disaster if you aren’t able to pay them off right away. If you’re really stuck, opt for lower-interest options, like a zero-interest credit card or even a loan from a family member, before resorting to those kinds of dangerous funding options.

Look into government assistance: There are government programs which can help low-income individuals save money on necessities like food, healthcare and housing. Those can go a long way in alleviating the pressure of a tight budget as well. Just be aware that you may have to recertify annually for those, so be sure to familiarize yourself with the requirements so that you aren’t caught off-guard by a sudden drop from the program after the first year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Personal Loans

Peerform Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR range: 5.99% to 29.99%
  • Loan amounts: $4,000 to $25,000
  • Time to funding: Up to 14 days
  • Origination fee: 1.00% - 5.00%, depending on the “grade” Peerform gives your application. The fee is subtracted from the loan total. For example, if you request a loan of $2,000 with a 5% origination fee, you’d pay $100.
  • Prepayment fee: None
  • Late payment fee: After 15 days, you’ll be charged 5% of the monthly installment or $15, (whichever is greater).
  • Other fees: If you pay by check, Peerform charges a $15 fee per payment. A returned payment also incurs a fee of up to $15, depending on state laws.

Many people like the idea of bypassing traditional banks by choosing a peer-to-peer loan. Borrowers use the money for things like debt consolidation, unexpected home repairs or personal expenses or to fund a relocation. But these loans are not for everyone — and a loan through Peerform can’t be used for certain expenses.

For example, borrowers are prohibited from using personal loans to pay for college tuition or other education-related expenses, or to refinance student loans. Loans acquired through Peerform cannot be used to fund any “illegal activity” either.

Eligibility requirements

Even though Peerform allows borrowers with subprime credit to use its platform, applicants will need to show that their debt-to-income ratio is below 40% and show proof of having (or having had) one revolving account such as a credit card. Credit history must not contain any current delinquencies or a recent bankruptcy, court judgments, tax liens or non-medical-based collections opened in the past 12 months.

Applicants must be at least 18 years old (19 if you’re a resident of Nebraska or Alabama), and a U.S. citizen or permanent resident. Other requirements include a Social Security number, a valid email address and an open bank account.

Applying for a personal loan through Peerform

The online-only process is straightforward: Register at Peerform with your name, contact information and salary. To verify your identity, you’ll need to provide some form of photo identification: driver’s license, passport or state or federal ID. In some cases, additional paperwork – Social Security card, utility bills, credit cards or bank statements – may be requested.

You also have to show proof of employment by uploading or sending two pay stubs via email. Those who are self-employed will need to show a recent tax return plus two recent bank statements.

The Loan Analyzer then determines whether you’re eligible for a loan, and at which rates and terms. Once you select the best loan match, potential investors have up to 14 days to review it.

Peerform cannot guarantee that your loan will be completely funded by the end of the two-week period. If investors provide less than 60% but at least $4,000 of your requested amount within that time frame, you can decline this partially-funded loan. However, if at least $4,000 and more than 60% of your request is approved, then the loan is considered funded.

Once the request is funded and the loan completed with the lender, Cross River Bank, the money will arrive in your bank account via direct deposit.

Pros and cons of using Peerform for a personal loan

Pros:

Cons:

  • Minimum 600 credit score: A low minimum credit score requirement means borrowers with less-than-stellar credit may still qualify for a loan.
  • Flexible repayment: If cash flow is a problem, you can delay a payment for up to 14 days without paying a late fee.
  • Return your loan perk: You can opt to accept or decline a partially-funded loan.
  • No prepayment penalty: With no prepayment penalty, you can pay off your loan early without fees.
  • A low score means a more expensive loan: Those with lower Peerform Loan Analyzer scores face APRs up to 29.99% and high origination fees.
  • Limited repayment terms: The only available terms are for 36 or 60 months, and the latter may have limited availability.
  • No joint applications or cosigners: For borrowers having trouble qualifying, being unable to have a joint applicant or cosigner could be a notable downside.
  • Slow decision turnaround: It could take up to two weeks to find out whether you get the money, and another three days after final approval to get the cash, which is a problem if you need the cash right away.

Who’s the best fit for Peerform?

Those with lower credit scores who have been rejected elsewhere may still qualify at Peerform. Those with good credit scores may find solid interest rates, with an APR as low as 5.99%.

Borrowers who are able to pay off their loans relatively quickly should find the three-year term manageable. Those who are cash-strapped may prefer the longer, five-year terms offered by some competitors.

Peerform personal loan consumer reviews

Peerform has an A rating from the Better Business Bureau, though it is not accredited by the organization.

Peerform personal loan FAQ

No. Your credit score will only be impacted if your loan application is successful and you attract “sufficient investors.”

All loans obtained through Peerform come with a fixed interest rate.

Personal loans in general are pretty flexible in how you can spend them. Common uses include: credit card consolidation, life event funding, and house or auto repairs. Keep in mind, however, that you can’t use a consolidation loan obtained through Peerform to pay for educational expenses, like college tuition and fees, or to refinance an existing student loan.

For most people, income is verified by uploading two recent pay stubs. Those have to include the following information to be considered valid: Your name, your employer, and they must be dated within the last three months.

Within one to two business days after you provide your bank account details, Peerform will deposit a small amount (less than $1) and auto-withdraw that amount from your account. After that, you’d need to log back into your account and select “Verify your bank account,” listed under your To Do list.

In the event that your loan isn’t funded for at least $4,000, the application will automatically end and your credit will not be impacted, freeing you up to look for other loans without a ding to your score.

Once approved, you’d be set up on a regular monthly repayment system, with schedules that never change over the course of the loan. You can either opt for direct debit, or for a $15 fee, you could also pay via check.

You’ll have up to 14 days before your account would get hit with a late fee (5% of the monthly installment or $15, (whichever is greater)). Keep in mind that late payments and “other acts of default” are regularly reported to credit bureaus, so missing payments can negatively impact your credit score.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

Using the peer-to-peer lending platform LendingClub, borrowers can find loans for between $1,000 and $40,000 with 36 or 60 month terms. LendingClub’s minimum credit requirements are not specified. The APR range is 6.95% to 35.89%. LendingClub is not available to borrowers in Iowa.

Prosper

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Prosper is another pee-to-peer lending platform. Borrowers can find loans from $2,000 to $40,000 for 36 or 60 months. APRs range from 6.95% to 35.99%.

Prosper’s minimum credit score is . The service does not operate in Alabama, Arizona, Arkansas, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Vermont and West Virginia.

OneMain Financial

APR

18.00%
To
35.99%

Credit Req.

Not specified

Terms

24 to 60

months

Origination Fee

1.00% - 10.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial is a traditional lender that offers personal loans with rates from 18.00% to 35.99%. You can borrow between $1,500 and $20,000. OneMain Financial does not operate in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Where Educated Workers Are Moving

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

millennial workers
iStock

As shown by the bidding process for the new Amazon headquarters, states and cities will do just about anything to attract a high-income, highly educated workforce. With more workers come higher demand for local services and businesses. Additionally, from the local government’s perspective, these workers create a reliable tax base.

Where these companies and workers decide to move says a lot about their preferences today. But maybe more importantly, where these workers decide to move reveals which states may be the economic winners of tomorrow.

In order to understand these trends, we utilized migration data from the Integrated Public Use Microdata Series (IPUMS). Using this data set, we found out which states workers with bachelor’s degrees (ages of 25 to 65) were moving between 2016-17.

Key findings

  • Florida is the biggest winner with a net gain of nearly 19,000 bachelor degree-holding workers. The state is probably more famous for attracting an older, non-working population, but — thanks to its low cost of living and low taxes, perhaps — bachelor degree-wielding workers are also flocking to the Sunshine State.
  • The Orlando and Tampa metro areas are the major attractors in Florida, taking in a net flow of 8,500 and 4,400 educated workers respectively.
  • Arizona and Texas, two other warm, low cost-of-living states, also took top spots, with Phoenix and Dallas servings as the most popular relocation spots within their states. Texas came in second with a net flow of more than 14,400 educated workers, while Arizona took fourth with nearly 11,840. Interestingly, Arizona has a relatively low total population, so scoring the fourth-highest net flow is particularly impressive.
  • One state mirroring the trend of affordability and low taxes is Colorado, which earns the No. 3 best spot on this list. This state attracted 38,817 educated workers while losing just under 25,700, for a net increase of about 13,100. Denver is also notable as one of America’s biggest boomtowns.
  • Illinois was the second largest loser with a net loss of nearly 19,500 educated workers. The Chicago metro area led the charge in this state, with migration data showing losses of roughly 13,400 bachelor degree-holding workers. It is worth pointing out, though, that the metro area also encompasses territory in Indiana and Wisconsin and is not the only reason for Illinois’ overall losses.
  • New York City, with its unfortunate reputation as being one of the most expensive places in the country, was the biggest loser for metro areas, with a net loss of 19,269 educated workers. A large number of New York residents would actually prefer to live elsewhere, with losses of nearly 49,000 people between 2017 and 2018, according to Census Bureau data. However, similar to Chicago, the New York City metro area also includes people living in New Jersey and Pennsylvania, and is not the sole cause of its state’s losses.
  • Educated workers are not alone in leaving New York state and its namesake city: Census Bureau data shows the overall population of the famed urban area has declined for two straight years now. That may be due, at least in part, to migration to nearby New Jersey. There’s been a large growth in population in the state of late, including cities just across the Hudson River from Manhattan, like Jersey City and Hoboken.

Top states in our rankings

Florida tops our rankings, netting nearly 19,000 workers over the 2016-17 period we measured. The next-highest net gain was just under 14,500, in Texas. But the Southeast had other winners in the top 10: North Carolina (No. 5) and South Carolina (No. 9).

Those with the lowest influx of educated workers are more common in the central and eastern parts of the country. States around the Great Lakes — Wisconsin, Illinois, Indiana, Ohio — fared poorly in our rankings, though Michigan came in at No. 15 overall. In the Northeast, meanwhile, New York came last in our rankings, with a net flow of -23,007 workers. Massachusetts (-7,223) and Pennsylvania (-5,371) also found themselves in the bottom five.

Southeastern states were a mixed bag — Louisiana, Mississippi, Alabama and Georgia are in the red, while Florida and North Carolina land the first- and fifth-best spots on this list, respectively.

1. Florida

With over 60,000 educated workers flowing into the state, Florida is the ultimate hot-spot for workers who have relocated. And when you look at the stats, it’s easy to see why.

The median household income for those who live within the state is just over $50,000. Nearly 65% of residents own their homes, which have an overall median value of about $180,000. Plus, only about 3.5% of the overall population are unemployed, as of March 2019.

The cost of living is relatively affordable, too. Homeowners with mortgages pay about $1,400 per month on housing, while renters pay $1,077 per month.

2. Texas

Coming in with a higher influx of Bachelor-degree holding workers than Florida (but a lower overall net), is Texas. The Lone Star State boasts a median household income of about $57,000 per year, and it has an overall unemployment rate of just 3.8%. Its housing costs for renters are also a bit cheaper than the No. 1 state on this list, coming in at $952 per month. It’s also worth noting that Austin was the third most-popular destination for millennials on the move, according to our ranking of millennial boomtowns.

3. Colorado

Colorado is another popular destination for workers moving out of state.

Working women in the Denver metro area, for example, are doing well there — an impressive 65.4% of women have employee-provided health insurance, about 40% of managers are women, and just 4.2% are unemployed, according to our study on the best cities for working women. In fact, the metro area earned the fifth-best ranking for those workers, compared to other U.S. cities. It’s also popular among millennials — Denver experienced the second-largest influx of that demographic, compared to other cities, between 2011 and 2016.

4. Arizona

Home to vast deserts and the Grand Canyon, Arizona is also experiencing an influx of workers. It’s a popular place for homeowners — 63.1% of Arizonans own their home, and the median value for those homes is $193,200. Renters, on the other hand, pay an average of $972 per month for their spaces. Compared to the overall average household income for state residents, which is a little more than $53,000, that accounts for about 20% of annual earnings.

Arizona is also a good option when you consider high-interest debt. Our study on U.S. credit card debt found that Arizona residents tend to carry less credit card debt ($4,299.70) than the average American ($6,358). However, it does have a slightly higher unemployment rate (5.0%) than you would find in Florida (No. 1) or Texas (No. 2).

5. North Carolina

Rounding out the top five, North Carolina has proven itself to be a popular destination for workers who move across state lines. And it does have some desirable factors going in its favor.

Unemployment (which stands at 4.0% as of March 2019) has been on a steady decline since the recession. And the median household income is comparable to what you might find in Florida (No. 1) or Arizona (No. 4). Plus, residents enjoy an average commute of fewer than 30 minutes.

However, it’s worth pointing out that the state is also home to the lowest-ranked metro area for working women — its most populous city, Charlotte — with gendered underrepresentation in leadership roles.

View our complete rankings

The figures below are based on the number of bachelor’s degree-holding individuals who have moved across state lines, either in or out of a particular state. Net flow is calculated by taking the total “moving in” minus amount of those “moving out.” Entries are also listed in order of net flow, from the most popular to least popular states for educated workers.

Interestingly, the top-five states are the only ones on this ranking which achieved five-figure net flow status. And all states which fall below the 23rd-best rated option (Arkansas) have a negative net flow, meaning more people are leaving than coming in.

It’s also worth noting that the moving-in and moving-out figures vary quite a bit from state to state. Georgia’s (No. 38) moving-in figure, for example, is nearly 30,000 (which is more than some of the top-ten ranking states on this list), while Vermont’s (No. 26) moving-in figure is just 2,003.

Moving for opportunity: How to afford the expense

Moving almost always brings up a mix of excitement and nerves. But for those who aren’t sure if they can afford the expense, it tends to lean more toward nerves. While tight finances, or a lack of funds, aren’t ideal when contemplating that kind of life change, there are ways to make it work.

Creating a budget and starting to save is the best first step if your move is still a ways off. Some of the usual expenses that renters should plan for include:

  • Security deposits (keep in mind that those with pets may be required to pay an additional deposit, and your landlord may ask for pet rent)
  • First (and possibly last) month’s rent
  • Transportation costs (like airfare) for you and your family
  • Shipping costs for your belongings
  • Packing materials, like boxes and tape
  • Storage costs (if, for example, your stuff doesn’t fit in your new apartment)
  • Cash for tipping movers
  • Repairs and new purchases to fix, furnish or decorate your new place

Trimming expenses for your move

Delaying your move to give yourself time to save can help avoid taking on debt — but that isn’t always possible. Still, if you’re willing to do a bit of work, you can minimize your expenses through other means.

If you’re planning on using professional movers, for example, it’s vital to shop around for the best rate by asking for estimates from local companies (while you’re at it, check out reviews to make sure your items would be in good hands.) Curbing personal spending is another thing to keep in the front of your mind as you come up to your move date. It’s also worth checking out other options, like having family members pitch in with packing supplies or transportation, renting a moving truck instead of using movers, or opting to move on during the week rather than during the weekend (or around a holiday).

You may also choose to streamline your belongings to cut down on moving costs. (Selling those items through an app like LetGo or on a site like Craigslist could also help you fund your move.)

It’s also a good idea to consider asking your employer if they would be willing to cover some of your relocation costs, especially if you’re moving for a new job or you have a good track record with your current company. While approval for that certainly isn’t a guarantee, it is possible and can help you save, so it may be worth the ask.

Using a personal loan for moving expenses

For those with strong credit, a personal loan might be a good option to fund your move. In general, the better your credit, the better the loan terms you’ll qualify for, and the less it will cost you to borrow. Personal loans can help you avoid putting large balances on a high-interest credit card and thereby save you money, long-term.

However, they aren’t a fix-all: You’d still have to qualify first, then pay interest charges and keep to the monthly repayment schedule to avoid late fees. But for the right borrower, they can provide a bit of breathing room and help get your move funded, faster.

Methodology

In order to find where educated workers are moving, researchers analyzed IPUMS migration over the 2016-17 period. Specifically this analysis tracked the movements of people in the workforce who moved across state lines. Researchers compared the number who moved into a state to those who moved out of the state. The states were then ranked by net flow (the difference between immigration and emigration).

Statistics on individual states comes from the United States Census Bureau and the Bureau of Labor Statistics, unless otherwise noted.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score