Rent is Going Way Down in This North Carolina City

The cost of housing can be jarring, especially in certain areas of the country. Thankfully, rent is going way down in one North Carolina city. Two cities, actually. That's good news if you're looking to rent in the near future. That said, I'm happy to report on these two cities and also the most affordable cities to live in America. Let's get into it.

The new report comes from Rent.com, and it was released at the end of January. In it, they have some good news, stating that, "On a monthly basis, asking rents declined for the fourth consecutive time," although they add that, "declines from November to December slowed by just -0.1 percent." Also, "current asking rents decreased by 0.11 percent month-over-month, compared to -0.57 monthly percentage drop between October and November and a little over 2 percent between August and September."

What does that amount to in dollars and cents? Well, rent prices peaked, according to Rent.com, in August of 2022 at $2,054. The current national median price for an apartment, they state, is $1,964. While that might not seem like a significant decline, any decrease in rent costs is a good thing. Specifically, December's asking rent decreased by 0.1 percent from November, when prices were $1,967. "December is the third month in a row that median rent prices have dipped below $2,000," the report states. So, it's good news all around that rent and housing costs are coming down. That could be reflected in home prices, too.

So, rent is going way down in which North Carolina city? That city is Raleigh, where rent has gone down a whopping −12.18% over the same time last year. That's incredible. Another North Carolina city is on the list, too, with Charlotte, where rent has gone down −3.51% over the same time last year. The city with the highest rent increase over the past 12 months is Providence, Rhode Island, at +21.55%. Wow. That's a massive increase. The city where rent has decreased the most over the past year is Salt Lake City, Utah, at −20.75%. Find the full list here. Also, the state with the lowest rent in the US, according to Forbes, is North Dakota at $880 per month. The highest is Hawaii at $2,418.

As workers get older and continue on their career paths, in theory, their 401K should reflect that and go up. So, the average and median amount of money that people have in their 401Ks end up being a factor of how long they've worked (their age). It's also, of course, a factor of how much money they make and put into their 401Ks. So, have you ever wondered if you have more or less in your 401K than most people your age?

Let's get into retirement details. According to Fidelity, "The age you plan to retire can have a big impact on the amount you need to save, and your milestones along the way," they state on their website. "The longer you can postpone retirement, the lower your savings factor can be." They add that if you delay saving, your savings will take a longer time to grow.

Also, if you're wondering how much money you need to retire comfortably, that really is different for everyone. You have to look at how you want to live in your retirement. Do you want to have lots of extra money to travel? Or, would you rather retire earlier with less and live a less elaborate lifestyle?

According to Citizensbank.com, you want to have enough money to make up 60% to 100% of your pre-retirement annual income. "This rule of thumb aims to maintain a quality of life similar to the one you enjoy immediately prior to retirement, while keeping in mind the realities of different budget levels per line item, like lower work-related and housing costs likely offset by higher healthcare costs," they explain. They also say that "becoming a 'millionaire' is still an impressive financial milestone, but $1 million today doesn't go nearly as far as it did in 1980, when $1 million had the same buying power as $3.1 million today."

Now, let's get into the question at hand. How does your retirement savings hold up to those in your age group? Here are some details from Vanguard.

In this age group, the average 401K balance is $5,236 and the median is $1,948. You're obviously just getting your feet wet in investing. Some people fresh out of high school or college probably don't have anything in their 401Ks at this point.

In this age group, the average 401K balance is $30,017 and the median is $11,357. This is significantly higher than the under 25 age range. But, it's definitely not enough to retire on. So, keep grinding.

In this age group, the average 401K balance is $76,354 and the median is $28,318. Notice the big difference between average and median. Obviously, with the median, that means half of people in that age group have less than $28,318 and half have more.

In this age group, the average 401K balance is $142,069 and the median is $48,301. This is another one where the average and median are very different. Half of people in that age group have less than $48,301 and half have more.

In this age group, the average 401K balance is $207,874 and the median is $71,168. Some people "early retire" in this age group. But, only if you have enough cash. People with pensions are sometimes able to retire in this age group. Also, you can receive Social Security retirement benefits as early as age 62.

In this age group, the average 401K balance is $232,710 and the median is $70,620. Since you can receive Social Security retirement benefits as early as age 62, many people do choose to retire when they hit 65.

So, there you have it, the average and median 401K balance by age. The stats are from Vanguard's "How America Saves 2023" report, which offers data on the average and median 401K account balances by age. Find the full report here.