How would you invest $10,000 given to you tax-free? Despite the fact that it is highly unprobable that somebody will just randomly gift you this amount of money, it is a very interesting question to ask as the answer reveals a lot about the problems and wishes of a person.
Well, as this infographic shows, some 27 percent of all Americans asked in a survey conducted by LendEDU, would pay down their debt first. Secondly, they would invest in real estate and if anything is left, they would rather add it in their savings account than put it in their children’s education.
However, there are high disparities on how to invest a $10,000 check. Whilst millennials are more open to converting their money into cryptocurrency (9.2%), Baby boomers would rather stash their money on a savings account which comes with more security of investment but also with much smaller interest rates.
Unison took a look at the scale of problem facing young house-hunters by calculating the salary needed to purchase a home in the country’s major cities. It found that prospective buyers would need highest salary in New York where an average home would require a salary of $418,000 today, the least affordable city nationwide. According to the research, somebody living in the New York metropolitan area would need to save for 12 years to purchase their own house or apartment. When it comes to America’s least affordable homes, San Francisco is in second place with a salary of $349,650 necessary while in Boston, someone would need to earn $199,755.
It isn’t all negative, however, and it will certainly come as a relief to know that some cities are bucking the trend of high property prices. Chicago is a good example with the salary required to purchase a home there just $64,948. The situation in Dallas is also relatively positive with the necessary earnings coming to $48,887. At the very opposite end of the scale, Detroit is one of the cheapest major U.S. cities for home-buyers. Someone searching for a house or an apartment there would only need a salary of $8,328.