What totally different states are saving for, in response to Google

Like our lifestyle and Budgets have changed dramatically since the beginning of the COVID-19 pandemic. Many of us have spent less and saved more. With the personal savings rate In the US, with a record high of 33 percent, it's clear that consumer priorities have shifted. We decided to dive into Google search data to find out which long-term savings goals are most important to people in different states of America.

To find out, we've rounded up some of the best Google searches from Ahrefs SEO analytics tool related to saving money. We then selected five of the key savings-related terms over the past 12 months to analyze using the Google Trends tool. This is how we can determine the savings goals of Americans in different states. These top goals included saving for a car, college, home, retirement, and car Emergency fund. We have shown our results in the following figures.

Our high-level results include:

  • Finding saving for retirement was high on the list, followed by saving for a home.
  • The states in the Midwest and Northeast were the most heavily involved in saving for retirement, with New York, Iowa, Wisconsin, Massachusetts, and Nebraska in the top five.
  • Western states are looking for ways to save more than states in any other region on a home, with Colorado, Utah, and Idaho making the top three.

Which economy topics are countries looking for most?

Google search data shows that people looking for retirement and saving information for a home found significantly more people looking for other saving goals.

Could Americans have a different heart when it comes to retirement planning? Could an increased interest in saving for a home in the west be a by-product of the mass exodus from coastal cities after COVID-19? Take a look at the various search volumes of Google searches related to savings to see how the collective interest in savings overwhelms the desire to spend on non-essential things.

States most concerned with retirement provision

Although the Midwest and the Northeast have vastly different costs of living, the states in these two regions are the most concerned with saving for retirement, according to Google. Regardless of their current cost of living, internet search interest in long term savings goals outweighs interest in discretionary spending.

With health and safety concerns growing after the pandemic, it is no surprise that people across the country are re-evaluating their savings habits. After all, the US doesn't have the strongest track record when it comes to saving for retirement.

According to the Institute for Economic Policy (EPI), most American families – including those approaching retirement age – have minimal retirement assets. In fact, the 2016 EPI study found that nearly half of all working-age families have no retirement savings, while the middle family (50th percentile) only saved $ 7,800 in these accounts.

Even most workers in the top 10 percentiles do not have enough savings to maintain their savings Standard of living in retirement – The national median for this group is $ 200,000. Hopefully Americans will keep up with the post-pandemic saving prioritization. It won't be a big challenge Immerse yourself in their pension funds in times of financial stress.

States where saving for a home is a priority

We found that people from western states had the highest intentions to save for a home, with the three most interested states being Colorado, Utah, and Idaho.

With lower mortgage rates due to the ongoing pandemic, Potential home buyers get into bidding wars over high demand and low supply. Buyers were quick to jump on it, according to a report by the Colorado Association of Realtors limited inventory Now that strict home stay orders have been lifted.

But with Real estate prices On the rise across the country, it makes sense for people to save fervently in order to be able to afford the home of their choice. Given how expensive real estate prices are, it's not surprising that saving for a down payment has to be a financial priority.

This is especially true for residents of Hawaii and California, who ranked 4th and 9th for the highest search volume related to saving on home buying. Hawaii and California are two of the states that have the longest time to save for a down payment. Not only are the houses expensive, but renting in these states often doesn't save you much compared to a mortgage.

Status Median deposit required *
Colorado $ 81,759
Utah $ 71,097
Idaho $ 41,040
Hawaii $ 145,586
Oregon $ 74,574
Nebraska $ 29,965
Wisconsin $ 40,535
Alabama $ 28,614
California $ 117,610
Nevada $ 61,946

* An estimated median savings per month (20%) based on median household income per state is used to determine how many months it would take to save a 20% deposit based on each state's median home value.

While different states prioritize different types of savings and investments, it is clear that the collective interest in saving has increased over the past year. It is interesting to see the role of the pandemic as a contributor "Compulsory savings". As a result of nationwide deadlocks, there are fewer natural ways to spend money and Americans are saving to better prepare for their future.

There is no question that Americans are focusing again on the importance of a financial safety net to prepare for crises like COVID-19. If the pandemic continues, it will give people the opportunity to do so Develop budgeting habits and prioritize their financial health. With the right attitude and budgetAchieving a huge savings goal is doable for everyone.

methodology

First, we've rounded up some of the best Google searches Ahrefs related to saving money. Next, we analyzed the search volume of these savings-related terms in various states Google Trends. That way, we were able to use their Google search to determine which savings goals are most important to people in different states. These goals included saving for a car, college, home, retirement, and emergency fund.

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