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Author

Anthony Hazzard
September 30, 2024

Several states consider a million-dollar home average. Later in this email, you will find out which states are on the list. 

💵 Today’s Top Stories
Money

A recent Charles Schwab survey determined a net worth benchmark that you need to be considered wealthy. Also, here’s how much you need to live “comfortably.” Read more.

Money question cash

Clark reveals how much cash he keeps in case there’s an emergency that prevents him from accessing his bank. He has a rule for you as well. Read more.

Insurance

Paying cash for a vehicle? Conventional wisdom says don’t tell the salesperson at the dealership. But what do you do if they ask? Read more.

No need to go to the store to replace these items. Use these simple tricks to get more life out of the products you have at home – and keep more money in your pocket. Read more.

Cell phone

We signed up for Cricket Wireless (plans as low as $30/month). Here’s how it compares to other cheap cell phone plans. Read more.

🏠️ Today’s Current Mortgage Rates

According to Freddie Mac, 30-year mortgage rates are 6.08% and 15-year rates are 5.16% as of September 26, 2024. The following chart shows the 30-year mortgage rate trend over the last year.

🏘️ Million-Dollar Homes Are “Average” in These U.S. States

Now that the Fed is cutting interest rates, we’re watching the housing market to see how it affects prices.

Those who weren’t interested in financing a home when the average 30-year fixed mortgage reached 7.76% (Nov. 2, 2023) may be interested now that the number is poised to dip under 6%.

One thing is clear: U.S. homes are extremely expensive already in certain states. A recent study based on Zillow data found that there are 621 U.S. cities where million-dollar homes are typical. It defined typical as the average home price in the 35th to 65th percentile.

Here are the five states with the most cities that meet that criteria:

1. California – 218
2. New York – 76
3. New Jersey – 60
4. Massachusetts – 44
5. Florida – 30

California has more cities that average million-dollar+ homes than New York, New Jersey, Massachusetts and Florida combined. And it added 20 such cities since 2023.

There are 15 states without a single city with average homes worth seven figures.

📊 Stat of the Day

👻 $100,000: The amount of money Ring will pay you. That is, if it selects you as the winner of a contest involving Ring cam footage that proves your current home is haunted. (Footage can be staged.) The judges include “Stranger Things” star Finn Wolfhard.

💰️ Deal Alert: Today’s Top Deals
Amazon
Sam's Club warehouse
🎙️ Podcast

It’s time for "Clark Stinks!" Christa reads the latest "Clark Stinks!" submissions and Clark responds. Also, the crowds in Europe are insane right now. When people are zigging, consider zagging. Clark lists some alternative travel destinations that can help you avoid crowds and save money.

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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