Finance Visualizations
How Big of a House Can You Get for $1M Around the United States?
A million dollars is a million dollars, right? Well, it turns out that a million dollars can go a lot further in some U.S. cities than it can in others. This new 3D bar graph map visualization from RoofClaim.com reveals just how far (or not so far) your dollar can go when it comes to buying a house. The results are fascinating:
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In Detroit, Michigan, you can buy a 22,000-plus square foot mega-mansion for $1 million. That’s nearly half the size of a football field. And in Memphis, Tennessee, you can get a similarly-sized 17,847 sq ft home for the same amount of money. Although, the local market in Memphis seems to be turning around this year.
On the other end of the spectrum, the real estate market in San Francisco is a whole different story. With one million dollars you’d only be able to get about 909 square feet. In Detroit, a home of that size would only run you about $40,905. But, just because housing prices are low, doesn’t mean it’s a good buy. Be sure to do your own research.
So why is it that real estate markets in the same country can be priced so wildly different? Well, that’s a complicated answer. A lot of factors come into play when it comes to real estate value in a specific city. Some include housing availability, crime rate, the job market, waterfront or other favorable views, and more. In San Francisco, it’s emerging that housing prices are so high that even highly paid tech workers can’t afford to live there.
How does your local city or town stack up? Let us know in the comments!
Business Visualizations
New Study Ranks College Degrees by Return on Investment
With the high cost of college tuition making headlines, choosing a college major wisely becomes a crucial financial decision. Student Choice has analyzed college majors by their return on investment (ROI) and created a graph that ranks degrees by their ROI. Passion is certainly an important factor in choosing a college major, but knowing the ROI of a major helps prospective students plan for their future and understand their future financial prospects. This graph is a powerful tool for navigating a competitive job market.
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We can see STEM dominating the results, with an Engineering degree claiming the highest ROI at 326.6%. Computer Science earns second place with a 310.3% ROI, and Nursing has a 280.9% ROI. Student Choice gathered its data from the Bureau of Labor Statistics and compared five-year earnings to the cost of four years of college tuition. Unfortunately, Liberal Arts subjects are at the bottom of the list, although they still show a positive ROI. Education majors have a 169.8% ROI and Fine Arts have the lowest ROI at 163.3%.
The team also provided data on individual professions for which these majors qualify. The highest-paid engineers appear to be Aerospace engineers, with a whopping 427% ROI on their engineering degrees. Computer and IT Systems Managers with a degree in Computer Science have an even greater ROI, at 553.7%. Although Liberal Arts degrees have the lowest ROIs, there are still significant opportunities available in specific arts-related professions. For example, marketing managers can achieve a 511.4% ROI and earn degrees in Liberal Arts, Fine Arts, or Graphic Design to qualify. Art Directors show strong earning potential within the creative sector, with a 347.9% ROI.
Some might look at this data and conclude that they can aim for some of these careers without a four-year degree. Others might research how much more they would earn in the career path with a four-year degree. Many employers are willing to pay higher salaries to employees with higher levels of education. Some sectors offer student loan forgiveness options, which can help maximize ROI. There’s a public education loan forgiveness program that forgives student loans for teachers who work in low-income school districts for a certain length of time. Borrowers may find more flexible loan solutions from credit unions compared to federal loan systems as well. Data like this is key to helping prospective students plan for the future and achieve the best ROI.
While the data is useful and well-presented, all prospective students should consider several angles when making an important decision, like which major to declare. In addition to ROI, consider your personal instincts, financial circumstances, skills, and potential career satisfaction. While financial security is important and a strong ROI will help you secure it, job satisfaction is an important aspect of future happiness. Even so, Student Choice’s work here can help all prospective students plan for their financial future.
Business Visualizations
Chart Visualizes the Price of the Ford Mustang Every Year Since Debut
The Ford Mustang is a legendary American muscle car that symbolizes the culture of open-road freedom. The Ford Motor Company designed the vehicle to embody the European sports car, but with a price point that’s more attainable for middle-class Americans. The idea was a massive success. The first Mustang debuted in 1964, and the Mustang enjoys a legacy and loyal fans to this day. The team at Speedway Motors celebrates the Mustang with an illustrated graphic depicting each Mustang iteration, along with the price at release and the price adjusted for inflation.
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Through this detailed and illustrated chart, we can see the evolution of this vehicle. The first Mustang Hardtop was priced at $2,368, which is $24,3444 in today’s market, emphasizing its affordability in the world of muscle cars. While the Mustang was a gamble, it proved to be a phenomenon and sold over 100,000 cars in its first four months. The Mustangs’ popularity persisted throughout the ‘60s, and Ford focused on improved performance and power, which meant prices rose. This trend continued until the early ‘70s gas crisis when Ford had to adjust to new consumer demands for better fuel mileage. They designed the Mustang II with a smaller chassis and less muscle to adjust to the changes in the economy.
The Mustang’s popularity hit a dip in the early ‘80s, and the Camaro almost outsold it. Ford innovated and adjusted again with the release of the Fox Mustang, designed to be versatile as a day-to-day muscle car. As technology advanced into the ‘90s, Ford introduced popular new features like a V8 engine and SN-95 chassis, which we can see featured in the Mustang GT.
Today’s Mustang is loaded with the most innovative features, designed for performance and comfort. The current model is the Dark Horse Premium, which sells for $69,375. While it’s a flashy and popular car, it lacks some of the performance boosts of past models, yet the price is high.
The Mustangs’ prices have risen a lot over the decades, for several key reasons besides inflation. First, safety standards have increased with innovative technology making drivers safer. Some safety features are required, while others are sought-after bonuses that drivers are looking for. A key aspect of a muscle car is the power and performance. Modern technology advances the performance of the vehicle, but that engineering comes at a higher price point. Material costs have advanced as well, from labor to raw materials. Cars, in general, are now more expensive to build.
The team’s chart is a true testament to the power of visual data. Through the images and price points, we can see changes in the Mustang reflecting cultural and economic shifts, creating a fascinating timeline of an icon among automobiles. Do you have a favorite Mustang model? What do you think about the price changes over time?
Charts
Study Examines What Americans Spend the Most Money On
As the economy shifts, we can see changes in consumer spending habits, as reflected in this Qualtrics study, which reveals what Americans spend the most money on. These insights show us what Americans prioritize and how much flexible spending money they have available for non-essentials. Using data from the U.S. Bureau of Labor Statistics, the team created a chart breaking down spending by category and then a further breakdown of spending categories by income bracket.
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According to the data collected, Americans spend around $77,280 per year. This spending was divided into these categories, ranked by the amount spent on each.
- Housing – $25,436 (32.9% of total annual expenses)
- Transportation – $13,174 (17% of total annual expenses)
- Food – $9,985 (12.9% of total annual expenses)
- Personal insurance and pensions – $9,556 (12.4% of total annual expenses)
- Healthcare – $6,159 (8% of total annual expenses)
- Utilities, fuels, and public services – $4,625 (6% of total annual expenses)
- Entertainment – $3,635 (4.7% of total annual expenses)
- Household furnishings and equipment – $2,508 (3.2% of total annual expenses)
- Apparel and services – $2,041 (2.6% of total annual expenses)
- Personal care products and services – $950 (1.2% of total annual expenses)
- Alcoholic beverages – $637 (0.8% of total annual expenses)
- Tobacco products and smoking supplies – $370 (0.5% of total annual expenses)
Across income categories, Americans spent the most money on housing, which comes as no surprise. Housing costs and mortgage interest rates have been on the rise since 2020 in response to a shortage in housing stock. That means Americans must spend more if they dream of home ownership. The team’s data takes rent into account as well.
Many people also spent a lot on transportation. This is due to a combination of rising fuel costs leading to higher vehicle prices, as well as parts shortages that affected vehicle stock and prices. Another necessity takes number three on the list. According to the data, Americans are spending $1,174 a month on groceries. Grocery prices have dominated newsfeeds for the past few years. We all need food to survive, so seeing this item so far up the list is no surprise.
With so much uncertainty in the world, it seems Americans are investing heavily in insurance and pensions. The data shows that the more money someone makes, the more they spend on insurance, which makes sense as they need to protect expensive assets. Insurance can help offset unforeseen costs and protect investments. Unfortunately, this insurance spending is shared with high healthcare spending as well. Americans spend more than most citizens of other wealthy nations. As the cost of living has increased, so have health insurance premiums. Healthcare spending not only includes health insurance, but also co-pays, medical supplies, and surprise bills.
We live in an era full of strange relationships with money and wealth. Many Gen Z Americans state feeling “pressured” to show off wealth and luxury on social media, while 41% of Americans don’t feel they’re financially secure. Despite rising expenses, Americans still enjoy shopping, with many of them choosing to go shopping as a treat once a month. Gen Z cites boredom as their number one reason for spending money. Even so, 73% say they are willing to cut back on their daily spending to save for longer-term goals. It seems that although prices are rising, many Americans, particularly younger ones, are still willing to spend on a variety of areas.
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