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Life Events

10 Cities Where Women Outearn Their Partners

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.

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Despite the growing prevalence of women in the workforce, the median earnings of women over the age of 25 was $32,679 in 2017, with men’s median earnings for that same age group at $46,152, per U.S. Census Bureau data, who estimated that women only earn nearly 71% of their male counterparts.

The reasons for this discrepancy are stridently debated, with theories ranging from personal preferences to mismatched family responsibilities, cultural pressure, institutional compensation or advancement bias. Whatever combination of factors are keeping women’s pay low, the fact remains that female workers make less than their male counterparts — both at work and at home.

Our new analysis takes a closer look at pay differences between men and women to see how it affects couples. To find out whether some places are more likely to have a balance between male and female breadwinners, we analyzed microdata from the American Community Survey conducted by the U.S. Census for the 50 largest metros in the country.

In an ideal world, men and women would be equally likely to be the breadwinner of a couple. But our analysis found that in the 50 largest metros, women were the main breadwinner in less than 31% of couples’ households.

Key takeaways

  • Women are far less likely to be the breadwinners in a couple, our study found. Even in the cities with the highest rates of female breadwinners, women outearned their partners in just one out of three coupled households.
  • Hartford, Conn., takes the No. 1 spot. In 31.1% of this city’s coupled households, a woman was the partner who earned more. Minneapolis and Columbus, Ohio, follow in second and third place, with female breadwinner rates of 31.2% and 30.7%, respectively.
  • Only 22.6% of couples in Salt Lake City have female breadwinners, earning it the last place spot (50th) on our list. Following at 49th and 48th place are Houston and Riverside, Calif., with female breadwinner rates of 23.5% and 23.9%, respectively.

Top 10 cities where more women outearn their partners

In the 10 major U.S. cities with the highest rates of couples with female breadwinners, roughly three in 10 couples have a woman earning more than her partner.

This is a contrast to other surveys that have found higher rates of female breadwinners, such as 49% of women who said they were the primary breadwinner in an NBC News-Wall Street Journal poll. The difference in these findings could be attributed to single women or single mothers who are the household’s sole income earners. Women may be more likely to be breadwinners in these surveys that include those who report they’re not competing with a partner for that title.

When they are paired up, however, our analysis shows that women are less likely to be the higher earner. Here’s a closer look at the 10 major U.S. cities that had the highest rates of female breadwinners.

1. Hartford, Conn.

Women who are partnered up are the most likely to be the breadwinner if they live in Hartford. Here, 31.3% of coupled women outearn their partner. This could be thanks to the higher parity of pay in this city, where the gap between men and women’s earnings shrinks to just 17.8%.

2. Minneapolis

Next is Minneapolis, which has almost the same rate of female breadwinners, with 31.2% of coupled women earning more than their partners.

Minneapolis also took the No. 2 spot in our ranking of the best cities for working women. Its high ranking is due to a number of factors, but it’s a true standout for low unemployment among women and decent workplace protections for pregnant women and mothers.

3. Columbus, Ohio

In Columbus, 30.7% of partnered women are the breadwinners. Overall, women here make about $0.19 less per dollar than their male counterparts, well in line with the average among all 50 cities included in this analysis.

4. Providence, R.I.

Providence, R.I. has a female breadwinning rate of 30.5%. This is no surprise, given that it was the eighth-best city for working women in our 2018 study.

While the gender pay gap is above average here, at 19.9%, Providence has above-average rates of women in management positions along with better policies for maternity and parental leave.

5. Baltimore

Among women in Baltimore who are part of a couple, 30.2% outearn their partners. Here, women earn just 18.8% less than men, giving them a better chance of landing pay that beats their significant other’s salary.

6. Sacramento, Calif.

The third-best city for working women, Sacramento, also has one of the highest rates of female breadwinners: 30.0%.

It offers a lower pay gap between genders, with women earning just 14.6% less than men. Sacramento also gets a boost from California’s robust policies and benefits for pregnancy, maternity and family leave.

7. Boston

Boston is the next city with the highest rate of coupled households for which women are the breadwinners, at 29.6%. The gender pay gap here is 18.9%, which is just below average.

8. San Francisco

Next is another top city for working women, San Francisco. Here, the gap in median pay by gender is 18.7% and women outearn their partners 29.5% percent of the time. As another Californian city, women workers in San Francisco are also likely to benefit from strong parental and family work policies.

9. Memphis, Tenn.

In Memphis, women are the breadwinners in 29.4% of couples’ households — that’s despite its ranking as the second-worst city for women. It has just a few redeeming factors, however, such as the above-average number of female managers and the below-average childcare costs in Memphis.

10. Richmond, Va.

Couples in Richmond are among those most likely to be led by a female breadwinner, with 29.2% of women out-earning their partners. Women here earn $0.19 less for every $1 male workers earn, only slightly above the average. Still, working women in Richmond are more likely to receive employer-provided health care and more affordable child care costs, which can offset this pay gap.

10 cities where women aren’t breadwinners


Along with the 10 cities that had the highest rates of women out-earning their partners, we also found the 10 major U.S. cities where women were the least likely to be breadwinners. In these cities, around a quarter (or fewer) of women with partners bring home higher pay than their significant other.

Most of these cities were also among the worst places for women to work, including Detroit and Oklahoma City. Still, low rates of female breadwinners isn’t always a sign of a city that disadvantages women, as three of these cities were among the 15 best places for working women: Austin, Texas; Phoenix; and Virginia Beach, Va.

How the gender pay gap affects shared finances

Overall, this study is another sign of how women are often behind when it comes to pay. The gender pay gap is a big contributor to the low rate of female breadwinners, but it affects more than just women.

When a woman is paid less, this impacts her partner too. The entire household comes up short, setting back financial goals such as paying down debt, building security and savings, and managing money day-to-day.

Some women will also feel the pain of the wage gap more than others, too. Same-sex couples comprised of two female earners, for example, will be doubly hit by the setbacks of the gender pay gap. Women who are the sole breadwinners might also find that they’re having to support their family on less pay than many men in the same position. And for women who earn less than their partner, a separation or divorce can be particularly problematic for their finances.

Many of these factors are outside of U.S. women’s immediate control — but that makes it all the more important to focus on improving their finances where they can.

Here are some ways women can work to close, offset, or compensate for the gender pay gap.

Work on increasing your income. The top cities are proof that the gender pay gap doesn’t have to be universal, and many women are finding ways to close or even overcome it. Take a look at your current pay and do some research through sites such as PayScale or Glassdoor to figure out if it’s fair. If it’s not, it might be time to ask to be paid what you’re worth, either with your current employer or a new one.

You can also look out for career training and opportunities that could act as stepping stones to higher-paying positions. You can even create your own opportunities to boost your income and grow your skills with a side hustle.

Share costs fairly. There are a lot of ways for couples to manage their money together, so look into different methods and decide together on one that’s equitable. If your partner earns twice as much as you, for example, does it really make sense to split expenses 50-50? Discuss how you can work with differences in pay to ensure that both assets and expenses are equally and fairly shared.

Make savings a priority. Women in a couple must save for their own future, regardless of what they earn. It can be wise to have your own checking or savings accounts that are held in your name alone, where you can build financial security independent of your partner. It’s also wise to set up your own retirement accounts and contribute to those regularly, as well.

Manage debt wisely. Debt can be a huge source of stress for couples. On top of that, debt accrued in marriage can be considered jointly shared, making you equally responsible for its repayment even if your spouse took it out. So it’s smart to practice good budgeting habits, live within your means and avoid getting into debt. Even if you’re not married, your or your partner’s debt will still affect shared money goals and lower the debtor’s ability to contribute as equally. Work on paying debt off faster, and look into ways to lower costs such as credit card consolidation.

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A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

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While women with a partner are still less likely to be the breadwinners than partnered men, it doesn’t have to hold back their finances. Choose a significant other who values and equal partnership and practices sound financial management. Aim for higher-paying positions at work to try to close the gender gap. Then improve your own money skills and knowledge so you can make the most of your income.

Methodology

Analysts used the U.S. Census’ American Community Survey 2017 microdata hosted on IPUMS to determine the percentage of coupled households with a female partner, where a female partner had the higher income. The analysis was limited to the 50 largest metropolitan statistical areas in the U.S.

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.

Elyssa Kirkham
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Elyssa Kirkham is a writer at MagnifyMoney. You can email Elyssa here

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Life Events, Mortgage

The Risks and Rewards of an Out-of-State Investment Property

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.

Mortgage

They say real estate is all about “location, location, location.” That’s especially true when it comes to buying a rental. Where you choose to buy an out-of-state investment property can have a significant impact on your return on investment.

For example, in a state like New York, where the median mortgage exceeds the median rent by nearly $250, buying a property to rent out doesn’t make much financial sense. If you consider buying rental property in a different state, such as North Carolina where rents in the city of Charlotte top mortgages by $84 per month, you’ll net a profit instead of a loss every month your tenant pays rent.

Before you start the interstate home search process, you should know the risks and rewards of out-of-state investment properties.

Potential rewards of buying an out-of-state investment property

Very often, the primary reason to buy an out-of-state investment property is rental properties where you live are too expensive. In some cases, you may decide to hold onto an existing home when moving to another state. There are some other more strategic reasons that we’ll cover next.

Diversify your real estate assets

Real estate markets rise and fall. During the housing boom of 2003 to 2007, many of the “sand” states, such as California, Arizona, Florida and Nevada, experienced home price appreciation at rates well above historic levels.

Investors learned a painful lesson in the danger of not diversifying when the housing markets in those states crashed during the housing crisis. Investors who had investment real estate concentrated only in these states lost big, while those who spread their portfolios out to other states fared better.

Purchase future vacation or retirement residences

If prices and rents are competitive in a state you’ve always wanted to vacation in, you may want to purchase the property first as a rental and allow tenants to build some equity for you while you generate income. After a few years, you may decide you want to spend a few months a year vacationing in the home and rent it out seasonally with a rental plan from a service such as Airbnb or VRBO.

Alternatively, you may live in a cold-weather state, such as Massachusetts, and want to retire to the warm winters of Arizona. You could put the wheels in motion on your retirement plans by buying a rental property there first that has the amenities you would want in a home for retirement.

Once you’ve pocketed some rental income and equity from renters, you can pack up for the cross-country move into the rental, throw out the snow shovel and enjoy wearing shorts instead of parkas during the holiday season.

Buy where the laws suit your rental strategy

Short-term rentals have become very popular for real estate investors, but they face legal challenges in some places. For example, New York City subways are covered with signs warning riders to avoid short-term rentals.

If you are interested in renting out your investment property through a service like Airbnb, buying in a state that has more flexible laws about short-term tenants is your best bet.

Net more income monthly with lower property taxes

According to a recent LendingTree study, homeowners in San Jose, California, paid on average $9,626 in property taxes each year. In Salt Lake City, homeowners pay only $2,765 per year — which means you’d have to get an additional $567 per month in rent in California just to cover the property tax expense before you could make any profit.

Risks of buying an out-of-state investment property

Like any investment, there are risks associated with buying out-of-state rental properties. We’ll discuss those next.

Long-distance property management problems

If you have a rental in the city you live in, you can deal with an unexpected tenant move-out or a late-night plumbing problem by driving over to the property and taking care of the issue yourself. But you’ll need to make some decisions about how to manage an out-of-state rental.

If you hire a property management company, they’ll take 8% to 12% of your monthly rent as a fee, eating into your monthly rent profit. If you self-manage, you’ll need to make sure you build relationships with local handymen, roofers, plumbers and pest control professionals so you have their numbers handy if a tenant emergency comes up.

State laws that restrict how you rent your property

Short-term rentals, such as Airbnb, may be a great way to generate a higher monthly income than you would get with a 12-month lease, but some cities and neighborhoods aren’t too keen on having a lot of different people coming and going through a nearby house. If the laws prohibit short-term rentals in an area you’re interested in, you’ll have to crunch the numbers to see if market rents for long-term leases provide you with a good return on your rental investment.

What to look for when considering an out-of-state investment property

When you’re buying in another state, take extra precautions to make sure you understand everything about the local housing market, building standards and how the local economy is doing before you start making offers. The last thing you want to do is end up with an out-of-state money pit.

Get a thorough home inspection

No matter how nice the home may look in pictures or at an open house, there can always be problems beyond the smell of new paint and carpet. Building standards and practices may vary from state to state and city to city, and you don’t want to be caught by surprise because you didn’t know polybutylene pipes behind the walls of homes built in Tucson, Arizona, have been known to burst without warning.

A good local home inspector will also help you understand whether a property has been built and maintained according to local building standards and identify any issues, such as an unpermitted room addition, that could cause you trouble with local housing inspectors down the road.

Interview several property management companies

Depending on the town, you may find very high-tech, organized property management shops with decades of experience or small mom-and-pop shops that offer real estate property management services. Either way, you want to know what they do for their fee. The graphic below provides a list of questions you should ask to make sure the property manager is a good fit for your out-of-state rental.

  • How many rental units do you manage? Ideally, you want a manager who has between 200 and 600 rental units. This indicates that the management company has a solid enough client base to understand the local market but not so extensive that they won’t be able to handle managing yours.
  • What experience does your company owner have managing rentals? When the long-distance plumbing hits the fan you don’t want to be dealing with a company that’s never managed rentals. There is no college of rental property management, and you don’t want to have your rental managed by someone who’s still learning the ropes.
  • Are you actively investing in real estate in your market? If you are buying in a housing market you’ve never purchased in, you may want to have a property manager who understands the nuances of the local rental market. This is especially important intel when you’re dealing with an out-of-state investment property in a neighborhood that may be going through changes that only an experienced local investor would know about.
  • How do you collect rent? In order to track cash-flow of a rental property, you should be able to easily track payments. The best method is through an online payment system that gives you real-time information about any late payments. If you took out a mortgage to purchase the rental property, you want to know as early as possible if a tenant is going to miss rent, so you can move money to cover the mortgage payment.
  • What is your average vacancy time on rentals? The correct answer should be two to four weeks. An experienced property management company should have the marketing and rental pricing know-how to make sure your property is not vacant for more than a month. It’s bad enough having a rental vacant, but when it’s out-of-state, you want to know the company managing the property has a track record of getting renters quickly to minimize the expenses you incur when a rental is without a renter.On the other hand, a property manager that rents out your place in less than two weeks may be pricing it too low.
  • How do you handle maintenance and repairs? It’s not uncommon for a property manager to have “preferred” vendors to help with the inevitable issues that come up with maintaining and repairing a rental. You’ll want to get a list of these preferred providers and keep track of their expenses.Also be sure to put a cap on the cost of repairs that can be done without your authorization. You should trust the company to handle a $100 fee, but you may want to cap them on anything more than $200 so you can have a chance to see if you need a second opinion with a different vendor.

Track property tax trends in the neighborhood

Property taxes are a fixed expense you can’t get around paying, so be sure to track the last five years of property taxes to see what the average increase has been. If you’re seeing an acceleration in the tax rate, figure that into your return-on-investment analysis, so you don’t end up in a situation where your monthly expenses are more than the rent you’re taking in.

Make sure you understand the rental market in the area

Rental markets ebb and flow as new homes are built, new employers set up shop nearby or new schools are built in the area. A good property manager or experienced real estate agent should be able to give you a good idea of where the market is headed with a comparable rental analysis.

When you bought your first home, you may have gotten a comparable market analysis (CMA), which analyzes what homes are selling for in the area you’re thinking of buying. A comparable rental analysis looks at rentals nearby to give you an idea of what your monthly income is going to be.

If you finance the property with a mortgage, you’ll likely need a rental analysis form 1007, which is an additional report in a residential home appraisal that provides an opinion of the market rent for the home you’re buying. In some cases, the appraiser’s projected market rent can be used to help you qualify for the new mortgage, even if you don’t have a lease on the property you’re buying.

Special mortgage considerations for out-of-state investment properties

If you’ve been buying investment property in your hometown, you already know financing a rental property comes with higher down payments and interest rates. There are a few more factors to consider.

Are transfer taxes due and who pays them?

Depending on what state you are buying property, transfer taxes may be charged for you to take ownership of the property you are buying. Unlike property taxes, these are a set lump sum percentage of your sales price, added to your closing costs.

Transfer taxes are often paid by the seller, but in some cases they may be payable when buying a home, adding to your total closing costs. It’s also good to at least know how much they are so they don’t end up being one of those hidden costs of selling a home. In places like New York City, that could mean an extra 1% to 2.625% of your sales price subtracted from your profit, in addition to real estate fees that usually run between 5% and 6%.

Are you buying in an attorney or escrow state?

Depending on where you purchase your rental property, you may need an attorney to handle your contract negotiations. That means higher costs than you’ll find in an escrow state, where an escrow offer can handle the signing usually at a much lower cost.

Are you buying in a community property state?

If you’re currently married or have a domestic partner, the community property laws could affect what happens to the property in the event of a divorce. Community property states require a split of equity down the middle, whereas the equity can be split up in negotiable amounts in a non-community-property state.

Final considerations

A little due diligence and research will help you avoid unpleasant surprises if you’re considering buying an out-of-state investment property. While many real estate companies offer “virtual tours” of homes, there’s nothing like an in-person tour to soak up the light, views, smells and feel of a home before you buy it.

If you can, budget enough time to take a trip to the state you’re considering buying in to inspect the top contenders before you start making offers on an out-of-state investment property.

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.

Denny Ceizyk
Denny Ceizyk |

Denny Ceizyk is a writer at MagnifyMoney. You can email Denny here

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Life Events, Mortgage

The Hidden Costs of Selling A Home

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.

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When you decide to sell your home, you may dream of receiving an offer well above your asking price. But putting your home on the market requires you to open your wallet, which could cut into your potential profit.

While some line items probably won’t come as a surprise, you may find that there are a handful of hidden costs.

Below, we highlight those unexpected expenses and everything else you need to know about the cost of selling a house.

The hidden costs of selling a home

It’s easy to fixate on the money you expect to make as a home seller, but don’t forget the money you’ll need to cover the cost to sell your home.

A joint analysis by Thumbtack, a marketplace that connects consumers with local professional services, and real estate marketplace Zillow, found that homeowners spend nearly $21,000 on average for extra or hidden costs associated with a home sale.

Many of these expenses come before homeowners see any returns on their home sale. Money is spent in three main categories: location, home preparation and location.

Location

Your ZIP code can influence how much you pay to sell your home. Many extra costs are influenced by regional differences — like whether sellers are required to pay state or transfer taxes.

For example, if you’re in a major California metropolitan area like Los Angeles, you may pay more than double the national average in hidden costs when selling your home.

Below, we highlight 10 of the metros analyzed in the Thumbtack/Zillow study, their median home price and their average total hidden costs.

Metro Area

Median Home Price*

Average Total Hidden Costs of Selling

New York, NY

$438,900

$33,510

Los Angeles-Long Beach-Anaheim, CA

$652,700

$46,060

Chicago, IL

$224,800

$18,625

Dallas-Fort Worth, TX

$243,000

$19,350

Philadelphia, PA

$232,800

$21,496

Houston, TX

$205,700

$17,477

Washington, D.C.

$405,900

$34,640

Miami-Fort Lauderdale, FL

$283,900

$24,241

Atlanta, GA

$217,800

$18,056

Boston, MA

$ 466,000

$35,580

Source: Thumbtack and Zillow analysis, April 2019.


*As of February 2019.

Generally, selling costs correlate with the home price, so expect to pay a little more if you live in an area with a higher-than-average cost of living or one that has a lot of land to groom for sale.

Home preparation

Thumbtack’s analysis shows home sellers may spend $6,570 on average to prepare for their home sale. These costs can include staging, repairs and cleaning.

Buyers are generally expected to pay their own inspection costs; however, if you’ve lived in the home for a number of years and want to avoid any surprises, you might also consider paying for a home inspection before listing the property for sale. Inspection fees typically range from $300 to $500.

Staging is often another unavoidable expense for sellers and can cost about $1,000 on average, according to HomeAdvisor. Staging, which involves giving your home’s interior design a face-lift and removing clutter and personal items from the home, is often encouraged because it can help make the property more appealing to interested buyers.

It also helps to have great photos and vivid descriptions of the property online to help maximize exposure of the property to potential buyers. If your agent is handling the staging and online listing, keep an eye on the “wow” factors they include. Yes, a virtual tour of your house looks really cool, but it might place extra pressure on your budget.

You could potentially save hundreds on home preparation costs if you take the do-it-yourself route (DYI), but expect a bill if you outsource.

Closing costs

Closing costs are the single largest added expense of the home selling process, coming in at a median cost of $14,,281, according to Thumbtack. Closing costs include real estate agent commissions and local transfer taxes. There may be other closing costs, such as title insurance and attorney fees.

Real estate agent commissions range from 5-6% of the home price, according to Redfin. That amount is further broken down by 2.5-3% being paid to the seller’s agent and the other 2.5-3% being paid to the buyer’s agent.

The taxes you’ll pay to transfer ownership of your home to the buyer vary by state.

Other closing costs include title search and title insurance to verify that you currently own the home free and clear and there are no claims against it that can derail the sale. The cost of title insurance varies by loan amount, location and title company, but can go as high as $2,000.

If you live in a state that requires an attorney to be present at the mortgage closing, the fee for their services can range from $100 to $1,500.

There are also escrow fees to factor in if you’re in a state that doesn’t require an attorney. The cost varies and is usually split the homebuyer and seller.

If you have time to invest, you could try listing the home for sale by owner to eliminate commission fees. One caveat: Selling your home on your own is a more complicated approach to home selling and can be more difficult for those with little or no experience.

Other home selling costs to consider

Now that you have an understanding of the costs that may get overlooked, remember to budget for the below expenses as you prepare to sell your home.

Utilities

It’s important that you make room in your budget to keep the utilities — electricity and water — on until the property is sold. (This is in addition to budgeting for utilities in your new home.) Keeping these services active can help you sell your home since potential buyers won’t bother fumbling through a cold, dark property to look around. It may also prevent your home from facing other issues like mold during the humid summertime or trespassers.

Be sure to have all of your utilities running on the buyer’s final walk-through of the home, then turn everything off on closing day and pay any remaining account balances.

Homeowners insurance

Budget to pay for homeowners insurance on the home you’re selling as well as your new home. You’ll still need to ensure coverage of your old property until the sale is finalized. Check the terms first, as your homeowners insurance policy might not apply to a vacant home. If that’s the case, you can ask to pay for a rider — an add-on to your insurance policy — for the vacancy period.

Capital gains tax

If you could make more than $250,000 on the home’s sale (or $500,000 if you’re married and filing jointly), take a look at the rules on capital gains tax. If your proceeds are less than the applicable amount after subtracting selling costs, you’ll avoid the tax. However, if you don’t qualify for any of the exceptions, the gains above those thresholds could be subject to a 15% capital gains tax, or higher. Consult your tax professional for more information.

How to save money when selling your home

Keep the following tips in mind when you decide to put your home on the market:

  • Shop around and negotiate. Don’t settle on the first companies and professionals you come across. Comparison shop for your real estate agent, home inspector, closing attorney, photographer, etc. It could also work in your favor to try negotiating on the fees they charge to save even more.
  • Choose your selling time carefully. The best time to sell your home is during the spring and summer months. If you wait until the colder months to sell, there may not be as much competition for your home.
  • DIY as much as possible. Anything you can do on your own to spruce up your home — landscaping, painting, minor repairs, staging — can help you cut back on the money you’ll need to spend to get your home sold.

The bottom line

There are several upfront costs to consider when selling your home, but planning ahead can help you possibly reduce some of those costs and not feel as financially strained.

List each cost you’re expecting to pay and calculate how they might affect the profit you’d make on the home sale and your household’s overall financial picture. If you’re unsure of your costs, try using a sale proceeds calculator to get a ballpark estimate of your potential selling costs. Be sure to also consult a real estate agent.

If you’re starting from scratch on your next home, here’s what you need to know about the cost to build a house.

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.

Crissinda Ponder
Crissinda Ponder |

Crissinda Ponder is a writer at MagnifyMoney. You can email Crissinda here

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