Best Cities to Work From Home in 2021

January 10, 2021 by Liam Lane Posted in Apartment Hunting, Checking Account, Work From Home Tagged apartments, best cities to work from home, Buy, Buying, Checking Account, Cities, covid19 work from home, employment, Financial Goals, Financial Wize, FinancialWize, Life, Saving, savings, Vs., wfh, work from home

Image shows a person's hands at the keyboard of their laptop; their laptop screen shows a grid of faces in a video conference call. SmartAsset analyzed data to find the best cities to work from home in 2021.

Since the onset of COVID-19, remote work has become the norm for many Americans, allowing them to continue to meet some of their expenses while saving where possible. In the late spring of 2020, about half of American workers were working from home, according to two surveys conducted by the National Bureau of Economic Research. Many researchers believe that increased work flexibility and work-from-home opportunities may continue even after the pandemic is over. With that in mind, SmartAsset looked at the best cities to work from home in 2021.

To determine our rankings, we compared 100 of the largest U.S. cities across seven metrics. They span work-from-home flexibility prior to and during COVID-19, along with employment opportunities, poverty rates and housing affordability. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs third annual study on the best cities to work from home. Our 2020 edition can be found here. Note: This yearâs methodology was adjusted to account for COVID-19 and its impact.

Key Findings

A strong showing from North Carolina. Three cities in North Carolina rank in our top 10: Raleigh, Durham and Charlotte, taking second, sixth and seventh place, respectively. In all three cities, the percentage of people working from home grew by more than 3% between 2014 and 2019, so that even prior to the onset of the COVID-19 pandemic, more than 7% of all three citiesâ workforces worked remotely.
Mid-sized cities also rank well. With the exceptions of Charlotte, North Carolina and Austin, Texas, all other cities in our top 10 have populations between 240,000 and 500,000. These cities potentially offer residents larger homes and apartments better suited to working from home. In all eight cities, more than 80% of residences have two or more bedrooms and workforces of which more than 7% were remote in 2019.

1. Scottsdale, AZ

Scottsdale, Arizona ranks in the top five cities for four of the seven metrics we considered. Census Bureau data shows that in 2019 about 17.9% of workers did work from home, a 6.7% increase from 2014. Additionally, Scottsdale has the fourth-highest estimated percentage of the workforce who can work from home â at about 37% â and third-lowest 2019 poverty rate â at 6.0%.

2. Raleigh, NC

Like Scottsdale, a high proportion of the workforce in Raleigh, North Carolina worked from home prior to the COVID-19 pandemic. In total, 10.5% of the workforce worked remotely in 2019 â the fourth-highest rate for this metric in our study. Raleigh also ranks in the top quartile of our study for four other metrics: It has the 21^st-highest estimated percentage of the workforce that can work from home (31.79%), fourth-largest five-year change in workers working from home (4.3%), 18^th-lowest October 2020 unemployment rate (5.3%) and 21^st-lowest poverty rate (10.9%).

3. Plano, TX

North of Dallas, Plano, Texas ranks as the No. 3 city to work from home in 2021. It ranks in the top 10% of the study for three metrics: percentage of the workforce who did work from home in 2019 (9.6%), estimated percentage of the workforce who are able to work from home (35.44%) and 2019 poverty rate (7.5%). Additionally, Plano has the 14^th-lowest October 2020 unemployment rate, at 5.2%.

4. Gilbert, AZ

Working from home often requires more space, whether thatâs a dedicated room or section of a room where one sets up shop. Gilbert, Arizona â one of our best cities to buy an affordable home â has the potential for just that, with a high percentage of residences that have two or more bedrooms. Census Bureau data shows that 96.3% of Gilbert apartments and homes have two or more bedrooms, the highest percentage for this metric in our study. Gilbert also ranks well in our study due to its high percentage of the workforce that worked from home in 2019 (9.5%) and relatively low poverty rate (4.6%).

5. St. Petersburg, FL

With particularly strong low unemployment numbers, St. Petersburg, Florida takes the No. 5 spot. As of October 2020, the greater Pinellas County unemployment rate was just 5.2%, which is 1.5 percentage points below the national average. Remote work has also grown more popular here over the years: The percentage of the workforce working from home grew by 4.6% in St. Petersburg from 2014 to 2019, the third-highest increase in the study.

6. Durham, NC

Durham, North Carolina ranks in the top third of cities across six of the seven metrics we considered, only falling behind for its high poverty rate (15.2%). Durham had the 10^th-highest 2014-2019 increase in the study of the percentage of the workforce working from home â and as of 2019, more than 7% of the cityâs workforce worked remotely. Taking into account recent changes during COVID-19, we estimate that an additional roughly 25% of the workforce could have telework flexibility.

The October 2020 employment rate in Durham stood at 5.7%. Furthermore, housing costs make up less than 36% of earnings and 86.3% of residences have two or more bedrooms.

7. Charlotte, NC

Charlotte, North Carolina saw the second-largest 2014-2019 increase in the study of the percentage of its workforce working from home, at 4.8%, such that in 2019, 10.0% of workers were remote. Charlotte ranks 23^rd-lowest out of all 100 cities for its relatively low poverty rate, at 11.2%.

8. Colorado Springs, CO

Though housing costs as a percentage of earnings are high in Colorado Springs, Colorado, the city ranks in the top quartile of cities for four metrics. It saw the seventh-largest 2014-2019 increase in percentage of workers reporting they worked remotely (3.6%), and it had the 13^th-highest percentage of 2019 remote workers (8.5%). Moreover, the cityâs 2019 poverty rate is the 12^th-lowest overall (9.3%), and it has the 17^th-highest percentage of homes and apartments with two or more bedrooms (87.3%).

9. Austin, TX

Working from home was on the rise in Austin, Texas prior to COVID-19. The percentage of workers reporting they worked from home increased by 3.7% over five years, from 7.1% in 2014 to 10.8% in 2019. With that increase, Austin had the third-highest 2019 percentage of the workforce who worked from home across all 100 cities. Employment in Austin has remained strong during COVID-19 relative to other cities. As of October 2020, its unemployment rate was 5.2% â the 14^th-lowest of 100 of the largest cities and 1.5 percentage points lower than the national average.

10. Fremont, CA

Fremont, California rounds out our list of the 10 best cities to work from home in 2021. Based on the occupational breakdown of workers, we found that upwards of 35% of Fremontâs workforce could work from home if necessary â a top-10 rate. Apartments and homes in Fremont also generally have the space for working from home. Census Bureau data shows that 87.7% of residences in Fremont have two or more bedrooms â the 13^th-highest percentage in our study.

Data and Methodology

To find the best cities to work from home in 2021, we examined data for the 100 largest U.S. cities. We compared those cities across seven metrics:

Percentage of the workforce who worked from home in 2019. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Estimated percentage of the workforce who can work from home. This metric was calculated using data from the Bureau of Labor Statisticsâ 2017-2018 Job Flexibilities and Work Schedules Survey and the Census Bureauâs 2019 1-year American Community Survey.
Five-year change in percentage of the workers reporting they work from home. This is the difference between the percentage of the workforce who worked from home in 2014 and 2019. Data comes from the Census Bureauâs 2014 and 2019 1-year American Community Surveys.
October 2020 unemployment rate. Data comes from the Bureau of Labor Statistics and is at the county level.
Poverty rate. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Housing costs as a percentage of earnings. This is median annual housing costs divided by median earnings for workers 16 years and older. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Percentage of residences with two or more bedrooms. This includes both owned and rented apartments and houses. Data comes from the Census Bureauâs 2019 1-year American Community Survey.

We ranked each city in every metric, giving a double weighting to one metric â the estimated percentage of the workforce who can work from home â and a full weighting to all other metrics. We then found each cityâs average ranking and used that average to determine a final score. The city with the best average ranking received a score of 100. The city with the lowest average ranking received a score of 0.

Deciding Where to Live?

Buy or rent? Even if you have the savings to buy a first home, be sure the switch makes sense. If you are coming to a city and plan to stay for the long haul, buying may be the better option for you. Additionally, a home may offer more space for people who do regularly work from home. However, if your stop in a new city will be a short one, renting may make the most sense. SmartAssetâs rent vs. buy calculator can help you see the cost differential between purchasing a home or apartment and renting.
Mortgage management. It is important when purchasing a home to know what youâll pay each month and for how long. To get a sense of what that might look like, check out SmartAssetâs free mortgage calculator.
Seek out trusted advice. No matter where you live, a financial advisor can help you get your financial life in order. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

Photo credit: Â©iStock.com/

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CIT Bank Savings Account: How Much Can You Earn

January 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide, Banking, Savings Account Tagged Banking, cit bank, cit bank savings, Financial Wize, FinancialWize, high yield savings accounts, Products, Saving, Savings Account, Uncategorized

A CIT Bank Savings account will help you boost your savings, earning 20 times more than what a traditional bank account will offer you.

If you have a regular checking and savings account at your local bank, you may notice that your rate on the savings account is less than a tenth of a percent.

You can keep your savings account at your local bank if you choose to. But you don’t have to.

Instead of getting crummy interest rates, you can switch to or open a CIT Bank savings account.

CIT Bank savings accounts are offered online, where you can earn a competitively high yield.

*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK	OFFER	REVIEW
CIT Bank Money Market	1.00% APY	Review
CIT Bank Savings Builder	0.95% APY	Review
CIT Bank CDs	0.75% APY 1 Year CD Term	Review
CIT Bank No Penalty CD	0.75% APY	Review

CIT BANK: AN OVERVIEW

In brief, CIT Bank is an online-only bank. That means, there is no local branch.

There are no ATMs. You will perform every transactions online. However, the bank does not charge its customers when they use another bank’s ATMs.

And if the bank charges you a fee, CIT will reimburse you up to $15 every month.

The bank currently offers some of the highest interest rates on its savings accounts and its other products, such as CDs, checking account and money market account.

Lastly, there no are no account maintenance fees on any of the bank’s products.

HOW MUCH CAN I EARN WITH A CIT BANK SAVINGS ACCOUNT?

With a CIT Bank savings account, you will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.

But certain conditions will apply (more on this below).

CIT Bank Savings accounts offers interest rates that are 20 to 25 times higher than what a traditional, brick and mortar bank is currently offering.

Because of that big difference between CIT Bank’s high-yield savings accounts between a traditional savings account, you’ll earn more money.

For example, if you have $5,000 in a traditional savings account with a 0.10 APY%, you would get just $5 in a year.

But if you have that same amount of money in an account earning 2%, you return will be $100.

CIT Bank offers two savings accounts options: 1) the Savings Builder and the Premier High Yield Savings account.

Both accounts require a minimum opening deposit of $100. But neither has monthly maintenance fees.

Here’s a quick table of CIT Bank two savings accounts.

CIT Bank Savings Account	Minimum deposit	APY
Savings Builder	$100 or $25,000	0.95%
Premier High Yield Savings	$0	1.00%

The Savings Builder:

The CIT Bank Savings Builder will allow you to earn 0.95% APY, but only if you make at least one monthly deposit of $100 or more.

Or, if you keep a balance of at least $25,000. Interest in this high-yield savings account compounds daily to boost your earning.

Click here to learn more about CIT Bank’s Savings Builder.

The Premier High Yield Savings account:

With this account, you will earn 1.00% APY regardless of your account balance or monthly fees.

Interest in this savings account is also compounded daily to maximize your earning.

PROS AND CONS OF CIT BANK SAVINGS ACCOUNTS

Pros:

No monthly fees on deposit accounts;
a minimum deposit requirement of $100;
Refunds ATM fees — because the bank does not have ATMs, it does not charge customers who use another bank’s ATMs. And if there is a fee, CIT will refund you up to $15 per month.

Cons:

No bank branches or ATM;
No 24/7 customer support — as with all high yield savings accounts, most inquiries are handled online. While live telephone is available, hours are limited.

HOW TO OPEN A CIT BANK SAVINGS ACCOUNT?

To open an account, simply go to the CIT Bank homepage, and create the account online.

You’ll need to provide your name, address, phone number, and ID. You’ll also need to provide your social security number.

Note that CIT does not have any branches. Everything must be done online.

If you’re opening a CIT Bank Builder Savings account, you will need to make an initial minimum deposit of $100.

You will also need to make monthly deposit of $100 to take advantage of the 0.95% APY. Or, you will need to have a $25,000 balance.

If you’re opening the Premier High Yield Savings account, you’re not required to make any initial minimum deposit.

So, you can open the account first and fund it later.

HOW MUCH TO KEEP IN YOUR CIT BANK SAVINGS ACCOUNT?

How much should you keep on your savings account will depend on your savings goals.

If you’re opening the account to serve as an emergency fund, experts have recommended to keep at least three to six months of living expenses.

That money is reserved in case of an emergency like a loss of job, you fell ill, or need money for a major car repair.

But one thing you should know is that deposits at any banks are covered by the federal government up to $250,000.

So if you have more than that, you should split your money into multiple accounts.

WHO IS A CIT BANK ACCOUNT GOOD FOR?

A CIT Bank savings account is good for anyone who:

Wants to earn a higher yield on the savings accounts;
Does not mind having their banking online;
Can commit saving at least $100 every month; or
Can carry $25,000 balance.

WHAT OTHER PRODUCTS CIT BANK OFFERS?

In addition to the two savings accounts, the bank also offers a checking account, money market accounts and Certificate of deposits (CDs).

The checking account is called “eChecking.” It is the only account the bank offers. There is no monthly fees and you can open the account with as little as $100.

Note that CIT Bank does not have ATMs. But the bank does not charge you for using another bank’s ATM.

And CIT will refund you for ATM fees other banks charge you.

CIT bank also offers one money market account. This money market account has no monthly fees and requires an opening minimum deposit of $100.

CIT Bank has several terms CDs, which range from 6 months to 5 years.

There is also a no penalty 11-month term, where customers can withdraw money with no penalty.

CIT Bank also offers jumbo CDs, ranging from two to five years. You can open a term CD, including the no-penalty CD, with a minimum of $1,000.

The Jumbo CDs require a minimum of $100,000.

Click here to learn more about CIT Bank CDs.

THE BOTTOM LINE

A CIT Bank savings account, is a high yield savings account, where you can a higher yield than regular savings accounts.

You will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.

So, whether you’re saving money for an emergency fund, saving money to go on a vacation, or saving money to buy a house in the next few years, CIT Bank is the right bank for you.

Speak with the Right Financial Advisor

If you have questions about high interest savings accounts, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

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