• Gen Z and millennials are delaying homebuying, and more older adults are renting.
• High home prices and maintenance costs are making renting more appealing than buying for many.
• Wealthy people are also choosing the flexibility and amenities that come with renting.

Gen Zers and millennials are postponing buying their first home, a growing number of older people are renting, and tenants are staying in their rentals for longer. This adds up to a record-high number of renters and an increasing share of those renters in older generations.

"Renting today isn't just for young adults starting out," said Nadia Evangelou, a senior economist for the National Association of Realtors. "It's actually a much more mixed picture. Over the past decade, we have seen more older millennials and Gen Xers staying in rentals longer, and even some boomers, for example, opting to rent later in life."

The overall number of renters has grown over the last several years. There were 45.6 million renter-occupied housing units in the US in 2023, up from 39.7 million in 2010, based on the Census Bureau's American Community Survey.

Are you renting a home longer than you thought you would, or have you become a renter again later in life? Share your experience with these reporters at [email protected] and [email protected].

The US is also seeing an uptick in older tenants. An Urban Institute projection found that the share of people 65 and older who rent their homes will grow from 22% in 2020 to 27% in 2040 — an additional 5.5 million renting households. Older Black renters will see the biggest jump, doubling in number between 2020 and 2040.

A smaller share of US renter-occupied housing units were headed by people under 35 years old in 2023 than in 2010. Meanwhile, the share of rental households headed by someone 65 or older grew over that period.

Renters are staying in their homes longer as well, per a Redfin analysis of Census Bureau data.

"Renting is becoming less of a short-term stop and more of a long-term reality for many households," Evangelou said.

Renting could be a smart financial move

The main reason people are renting for longer: the surging cost of homeownership. Home prices have soared across the country amid a housing shortage. At the same time, property taxes, home insurance, and home repair and maintenance costs are on the rise.

All of that has made renting a better deal than buying in many places — a reversal of the historic norm. Indeed, homebuyers purchasing starter homes in 50 major cities in 2024 spent over $1,000 more on housing costs each month than tenants do.

To be sure, many renters are struggling, too. Tenants' incomes aren't keeping up with rising housing costs, and a rising share of renters are cost-burdened, meaning they spend more than 30% of their income on housing.

Some Americans are renting for longer by choice. Rich renters are on the rise. Many millionaire millennials and boomers with healthy savings, who could afford to buy a home, are opting instead to rent. They like the flexibility of a lease, the convenience of having a landlord handle home maintenance, and the amenities luxury rentals offer, like in-building doggy day care, dry cleaning, and yoga classes.

"I think of renting as paying for a service, and liken it to a hotel," start-up founder Tori Dunlap, a 30-year-old multimillionaire, told BI last year. "Renting is flexible, and I don't have to worry about things that homeowners worry about, like committing to a particular place or neighborhood or dealing with a burst pipe."

Some of these affluent renters opt instead to keep their money in the market or other more flexible, higher-return investments.

"People are reevaluating whether or not they want their homes to be their asset wealth-builder," Doug Ressler, an analyst at Yardi Matrix, part of the property-management software firm Yardi, said. He added that higher-income tenants "want to have the freedom and mobility of time, and they don't want to be saddled with the things that a house brings with it."

Some financial advisors are also challenging the conventional wisdom that buying a home is a smarter financial decision than renting.

"You've been lied to about buying property," Ramit Sethi, a popular financial advisor and star of the Netflix show "How to get rich," said in a 2023 video titled "Why I Don't Own a House as a Multi-Millionaire."

Sethi recommends that those who buy a home take into account the "phantom" costs of maintenance, repairs, insurance, and buying and selling fees, and urges them to maintain diverse investments.

• A high school diploma or an associate degree can sometimes lead to high-paying work.
• About a dozen jobs that typically don't need a bachelor's degree had six-figure median annual pay.
• Air traffic controller is a high-paying job that doesn't usually require a bachelor's.

If you don't have a bachelor's degree but want to earn a lot, you could consider becoming an air traffic controller, a power plant operator, or a dental hygienist.

Business Insider ranked median annual wages of jobs that usually just need an associate degree, a high school diploma or the equivalent, a postsecondary nondegree award, or no formal education using data from the Bureau of Labor Statistics.

Almost a dozen jobs that typically don't need a bachelor's degree had a median annual pay in the six figures. Radiation therapists and nuclear technicians, where the typical requirement for entry is an associate degree, and power distributors and dispatchers, who typically need a high school diploma or the equivalent, had median annual wages of more than $100,000.

Below are the 20 highest-paying jobs that typically don't need a bachelor's or more advanced degree. Employment and pay estimates are for 2024, and the education needed for entry reflects 2023.

20. Models

Median annual pay: $89,990

Typical education: No formal educational credential

Employment estimate: 5,350

19. First-line supervisors of firefighting and prevention workers

Median annual pay: $92,430

Typical education: Postsecondary nondegree award

Employment estimate: 93,680

18. Electrical power-line installers and repairers

Median annual pay: $92,560

Typical education: High school diploma or equivalent

Employment estimate: 123,680

17. Postmasters and mail superintendents

Median annual pay: $92,730

Typical education: High school diploma or equivalent

Employment estimate: 13,810

16. Detectives and criminal investigators

Median annual pay: $93,580

Typical education: High school diploma or equivalent

Employment estimate: 110,790

15. Dental hygienists

Median annual pay: $94,260

Typical education: Associate degree

Employment estimate: 219,070

14. Nuclear medicine technologists

Median annual pay: $97,020

Typical education: Associate degree

Employment estimate: 16,960

13. Petroleum pump system operators, refinery operators, and gaugers

Median annual pay: $97,540

Typical education: High school diploma or equivalent

Employment estimate: 34,860

12. Power plant operators

Median annual pay: $99,670

Typical education: High school diploma or equivalent

Employment estimate: 30,720

11. Electrical and electronics repairers, powerhouse, substation, and relay

Median annual pay: $100,940

Typical education: Postsecondary nondegree award

Employment estimate: 23,040

10. Ship engineers

Median annual pay: $101,320

Typical education: Postsecondary nondegree award

Employment estimate: 8,580

9. Radiation therapists

Median annual pay: $101,990

Typical education: Associate degree

Employment estimate: 18,700

8. Transportation, storage, and distribution managers

Median annual pay: $102,010

Typical education: High school diploma or equivalent

Employment estimate: 213,000

7. Nuclear technicians

Median annual pay: $104,240

Typical education: Associate degree

Employment estimate: 5,990

6. First-line supervisors of police and detectives

Median annual pay: $105,980

Typical education: High school diploma or equivalent

Employment estimate: 153,130

5. Elevator and escalator installers and repairers

Median annual pay: $106,580

Typical education: High school diploma or equivalent

Employment estimate: 23,340

4. Power distributors and dispatchers

Median annual pay: $107,240

Typical education: High school diploma or equivalent

Employment estimate: 9,180

3. Nuclear power reactor operators

Median annual pay: $122,610

Typical education: High school diploma or equivalent

Employment estimate: 5,720

2. Commercial pilots

Median annual pay: $122,670

Typical education: Postsecondary nondegree award

Employment estimate: 51,830

1. Air traffic controllers

Median annual pay: $144,580

Typical education: Associate degree

Employment estimate: 22,400

• Some Republicans are once again targeting a cap on deductions for state and local taxes, aka SALT.
• The SALT deduction cap affects high-tax states like New York and California significantly.
• Part of the GOP tax and spending bill proposes raising the cap to $30,000, sparking debate.

A tax deduction known as SALT that helps affluent residents of high-tax states is standing in the way of President Donald Trump's "big beautiful bill."

A small group of Republicans is fighting to raise or abolish the $10,000 cap on the amount of state and local taxes you can deduct from your federal return that was originally introduced in Trump's 2017 tax law. Lifting that cap would allow high-earning taxpayers in states and cities with high taxes to cut down what they owe to the feds.

"It is a Republican principle to allow hardworking taxpayers to keep more of their hard-earned money," Rep. Nicole Malliotakis, a Republican from New York and member of the SALT caucus, a group of bipartisan representatives from states that would benefit from lifting the cap, said. "And that is the point that I have made over and over again in every room that I've been in on this discussion."

Whether or not you care about SALT depends on how much you pay in state and local taxes. Americans in higher-tax states, like New York or California, would benefit from being able to deduct more from their federal taxes, while residents of states like Tennessee and Florida have a much lower local tax burden.

The map below shows the per capita amount residents in each state pay in state and local taxes.

In fiscal year 2022, the most recent year available, Washington, DC, had the highest tax collections per capita. High rates are mainly due to the need to maintain federal property, the Tax Foundation said. New York and California followed DC in the ranking. States with the lowest collections per capita were mainly in the South.

The Tax Foundation said people making above $100,000, concentrated in six states, including Texas and New York, claimed 91% of the SALT benefit before the $10,000 cap was created in 2017.

Now, SALT is in Congress's crosshairs, with House Ways and Means Committee members voting for provisions that would raise that cap to $30,000. Marc Goldwein, the senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said that the figure "gives a bigger tax cut to people that already got a pretty big tax cut" under the 2017 legislation.

Even so, the $30,000 already drew ire from SALT hawks, who want even more relief. Malliotakis said it wasn't easy to triple the deduction in this iteration, but now they're in negotiations to see what they can do to balance varying SALT interests.

Meanwhile, hardliner GOP members shot down the first iteration of the bill, saying they wanted deeper cuts in federal spending and to not increase the deficit — a big contrast to the Republicans hoping to deliver more relief in high-tax states.

Malliotakis said that they're in active discussions with the chairman, speaker, and other committee members "to figure out if we can sweeten the pot a little bit." Discussions have touched on a higher deduction number, income limits, and the length of time the deduction will be in place.

"At least we have a framework of what will satisfy the SALT caucus members or what potentially can satisfy the low-sodium members, as I like to call them," Malliotakis said. "And we will hopefully get to a good spot."

Do you have a story to share about the SALT deduction? Contact these reporters at [email protected] and [email protected].

• Egg prices fell over the month in April by about 13%, the biggest decline since 1984.
• Analysts warned that this may not bring too much relief to shoppers just yet.
• Prices have been high partly due to supply shortages from bird flu.

It's a great time to make breakfast.

The Bureau of Labor Statistics' egg price index fell about 13% over the month in April, the biggest decline since March 1984. Consumers have faced high egg prices and shortages over the last few years, partly due to outbreaks of bird flu that have cut into supply.

April's month-over-month drop is the fifth-largest on record since the BLS began the modern egg-price tracking index in 1947.

Analysts warned against reading too much into the monthly plunge.

"Lower prices are a welcome relief for consumers, but this month over month change glosses over how high prices have become due to the bird flu epidemic," Stephen Kates, a financial analyst for Bankrate, told Business Insider.

Kates said the average price of large Grade A eggs per dozen in April was 79% higher than a year ago at $5.12. That year-over-year increase is still cooler than the over 100% rise in March.

The eggs index increased 49% over the year in April, cooler than other year-over-year rises so far in 2025, but still the largest price hike among items tracked by BLS. Overall inflation slid to 2.3%, the smallest rise since February 2021.

"The little bit of relief offered in April is really a drop in the bucket considering how far egg prices have climbed," NerdWallet's senior economist Elizabeth Renter said. "That said, no one is going to argue with saving money on groceries, and grocery prices overall fell last month."

Renter added that food prices are volatile, so the drop may not last. The overall food index also fell in April from March, the first decline since 2020.

"When talking about food inflation, it's best to step back and get a full picture of the trajectory of prices," Renter said.

• The inflation rate unexpectedly cooled in April to 2.3% from March's 2.4% year over year.
• The year-over-year increase is the smallest since 2021.
• The Fed held interest rates steady in May, partly due to uncertainty around tariffs' effects.

Inflation unexpectedly slowed in April to 2.3% over the year, progressing toward the Federal Reserve's 2% target and the smallest increase since February 2021.

Price growth was expected to stay flat at 2.4%, but now inflation has cooled for three consecutive months.

The consumer price index increased 0.2% in April from March. An increase of 0.3% was expected following the 0.1% drop in March.

Core CPI, which excludes volatile food and energy prices, also increased 0.2% in April from March, less than the 0.3% expected but more than the previous 0.1% increase.

Core inflation held steady at 2.8% over the year in April, as expected.

A recent UBS note predicted that April data would mark the start of the impacts of Trump's implemented tariffs, and that May through October would show larger impacts if the trade policies stand.

Tariff effects haven't shown up much in inflation data yet. The index for new vehicles was unchanged in April after increasing 0.1% in March. Meanwhile, the food index fell 0.1%, the first month-over-month decline since 2020. Apparel also fell in April after an increase in March.

The energy index surged 0.7% in April from March, following a 2.4% decline. The index fell 3.7% from a year ago.

Growth in the shelter index held steady, rising 4% over the year again. It increased 0.3% over the month after increasing 0.2% in March.

Last week, the Federal Open Market Committee members decided to hold interest rates steady, as they wait for more certainty around tariffs' impacts. CME FedWatch, which shows what traders think will happen to interest rates, showed before and after the inflation report a 92% chance that rates will be unchanged at the FOMC's next scheduled meeting in June.

Trump announced what he called "reciprocal" tariffs on countries around the world on April 2, before quickly pausing many of them for 90 days. A baseline of 10% has been in effect, along with a 145% tariff on most imports from China and 25% tariffs on autos, steel, and aluminum. On Monday, the Trump administration announced a trade deal with China, a key trade partner for the US. Both countries will cut rates by 115 percentage points for 90 days. Last week, Trump said the US and UK reached a trade deal. The 10% tariff is still in effect, but the two countries negotiated agreements on vehicles, steel, and aluminum from the UK.

Karoline Leavitt, the White House press secretary, said on Friday that Trump "is committed to the 10% baseline tariff, not just for the United Kingdom but for his trade negotiations with all other countries as well."

BeiChen Lin, senior investment strategist at Russell Investments, said that businesses likely stocked up before Trump's 10% tariffs, which could be delaying their impact on inflation figures.

"If the broad 10% universal tariff doesn't get negotiated away, then eventually we will likely see a one-time boost to price levels, which would also translate into a temporary boost to the inflation rate," Lin said.

Tariffs could also affect overall economic growth and the job market.

"If the large increases in tariffs that have been announced are sustained, they are likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment," Federal Reserve Chair Jerome Powell said in a May 7 press conference.

Powell said at the press conference that the economy is resilient, with a solid job market and inflation just above the Fed's target of 2%. Real gross domestic product shrank in the first quarter of 2025, the first time since 2022, but a large rise in imports that subtracts from growth contributed to that contraction. Job growth was better than expected in April, but still indicated a tougher job market for unemployed Americans.

Powell said the Fed's policy is "100 basis points less restrictive than it was last fall. And so, we think that leaves us in a good place to wait and see."

This is a developing story. Please check back for updates.

• As the job market cools, many companies are focusing more on performance and metrics in evaluating employees.
• Big names like Meta have been in the news for making decisions using work performance, including job cuts.
• Keeping track of your performance at work and how you bring value to your company can be important.

A few big companies have been in the news for cutting underperformers and rewarding high performers. If you're looking to advance your career or keep your job in an increasingly frozen job market, you should take advantage of the classic advice to document your work wins and accomplishments.

Keeping track of your performance can be crucial to getting a raise or a promotion, and for job security. Microsoft and Meta have made performance-related job cuts. Business Insider's Eugene Kim reported that "Amazon is revising its compensation structure within pay bands to better recognize and reward long-term high performers."

Emily Field, a partner in McKinsey & Company's people and organizational performance practice, said performance management tends to follow economic and talent cycles. Companies were more relaxed about it during the pandemic and the Great Resignation, when workers were quitting their jobs en masse.

But now the Great Resignation is over, hiring has cooled, layoffs are still low, and more workers are staying put. That more static labor market could mean demonstrating your value at work can be even more important to get promoted or to try to protect your role from layoffs.

"What we're seeing is, particularly with AI, particularly with economic headwinds, we're seeing organizations say, we need to focus on high performance to be able to win, to be able to innovate, to be able to beat our competitors, and therefore we need to focus on performance management," Field said.

Below is advice on how to document your wins, who needs to see them, and how often you should be discussing performance.

First, you need to figure out what your boss expects from you

Amy Lentz, the founder of Hack Your HR and chief people officer of footwear company Toms, said, "If you are creating value in your job, I think it's important to document," Lentz said. "Where people get kind of hung up is, 'Well, what is success and how do I measure it?'"

Vicki Salemi, a career expert for Monster, said if a company is figuring out layoffs and their budget, workers need to also think of their job in terms of numbers.

"They're thinking about in terms of your wins, but also money saved, time saved as well as money earned, time earned in terms of efficiencies, streamlining," Salemi said.

Field said it's always been important to have quantifiable metrics. But in today's economy, "it's even more important to be able to say, this is how I'm contributing to the organization's success."

Salemi said not all companies have quantitative performance ratings because they are having ongoing conversations about performance and don't think there needs to be a formal process.

"In that case, it may be harder for you to show that you're a strong performer if they don't go by metrics," she said.

Salemi said to focus on what you can do to be a good employee, including whether you are hitting or exceeding goals and expectations. If you are worried about layoffs, Salemi said to ask your boss what you need to do differently or what you need to prioritize.

"That shows engagement, that shows that you care, and that you are willing to roll up your sleeves and do the work and hopefully get honest, helpful feedback," Salemi said. "Your boss might say, 'It's the company. It's not you.'"

Don't keep your wins to yourself, but you don't have to broadcast every success in real time

Lentz said documented wins should be measurable, objective, and factual, and less about your perception of that success. She said to document what you did, the outcome, and how it brought value. Salemi said to get in the habit of quantifying what you do because this can also be helpful if you apply for a new job. Salemi added that you can also document work testimonials and feedback you have received.

Salemi suggested workers document their success in real time, even if it's just a note on their phones that they can refer back to. However, she advised against showing them to your boss after every success.

"You do need to do that periodically and when it matters," Salemi said, adding that a good time to do so is during your organization's review of salaries, after a big project, or overcoming some work hurdles.

Lentz suggested making a document that you can add to and share with your boss, arguing that it could be more effective than just tracking everything in a single annual review.

Talk to your manager about what you need to demonstrate

Field said setting goals is important for documenting successes. She said to have check-ins with your manager because your priorities and what you need to deliver on might change over time.

Lentz suggested asking in your one-on-one meeting with your boss for a conversation in the next few months about goals and how to spend your time, so you can understand if you are working on what is of value at the company.

Salemi suggested asking your boss if they have a minute to discuss how to be rated as exceptional at the company this year and what metrics they need to see from you. Salemi said even if your boss isn't numbers-focused, you need to include figures in your documentation because your manager won't be the only one evaluating your performance. She added that it can also be important if you are considering an internal job switch.

"The first thing that potential new boss is going to do is they'll want to see your performance review," Salemi said. "It's important to highlight your wins and that means including numbers."

Are you a leader who can talk about layoffs, uncertainty, or performance management at your company? Reach out to this reporter to share at [email protected].

• Based on seven metrics, Bankrate found that Tennessee is the easiest state to save money.
• It ranked states using tax burdens, cost of living, and other measures.
• Saving money can be easier in the South and tougher in Hawaii and the Northeast.

It can be tougher to save money in the Northeast than in the South or Midwest, a recent Bankrate analysis found.

Bankrate identified how easy it is to save money across the US using household income growth, tax burdens, and other measures that can affect one's ability to put away money.

"The lower the tax rates, the more likely you're going to be to save, and the ability to save is more important than your ability to actually earn in some of those money markets or CDs," Stephen Kates, a financial analyst for Bankrate, told Business Insider.

Bankrate found Tennessee to be the easiest state to save in, followed by Missouri and Texas. Tennessee and Texas don't have income taxes. Kates said Tennessee also did well for its local economy and employment growth rate.

"Southern states, Midwestern states, they have got the lower cost of living," Kates said. "Some of them have the lower taxes or no taxes, and that does go a long way."

You can hover over the map below to see how each state ranked, where 50 means it's the toughest state to save. We also included the figures Bankrate used to determine the ranking.

Many Americans have already migrated South to take advantage of a cheaper cost of living. Vered DeLeeuw moved from California to Memphis, Tennessee, and enjoyed the live music scene, a more relaxed life, and the area's affordability.

"Groceries, restaurants, and even utilities are less expensive and Tennessee has no state income taxes," DeLeeuw told Business Insider. "Having a lower cost of living enables us to save significantly more each month compared to in California, where we could barely save anything."

While it can be easier to build up savings in the South, Bankrate found Hawaii to be the hardest state to save money in. New Jersey and California were also challenging states.

California's high cost of living and taxes can make it relatively harder to save money, Bankrate found. "It hurts the real income growth rate over time," Kates said.

Fabiana Muñoz, a freelance writer and author, moved to Florida after living in different places in California, including San Francisco.

"While paying far too much to rent just one room, I struggled to picture myself building a life here in the long run," Muñoz wrote about San Francisco.

Danielle-Ann Kealohilani Rugg, who moved back to Hawaii from Oregon, told Business Insider Hawaii's cost of living is a con. She said rent in Oregon for a three-bedroom, two-bath home with a yard was $1,500, while her rent in Hawaii "for a slightly larger home" was $3,550.

"I may earn more money in Hawaii, but it's offset by the cost of living in Hawaii being much greater than in Oregon," she said.

Living in a state where it's harder to save doesn't mean it's impossible to do so. Still, Kates said you have to prioritize saving in your budget. Kates said having a direct deposit to your savings or investment account can help with being disciplined and consistent.

Kates said there are other factors beyond saving money that people think about when choosing where to live, such as how close a location is to family or things that are important to someone's lifestyle.

"If people are thinking about, 'Where do I want to live? How do I want to live?' It's important to think about can you get a job? Is that job going to have the ability for my income to grow? Am I going to be able to save? But you want to be able to, outside of that, have a good lifestyle. For different people that may involve different things," Kates said.

Do you have a moving, cost of living, or saving money story to share? Reach out to this reporter at [email protected].

• Not all healthcare jobs that pay decently need an advanced college degree.
• A radiation therapist gig typically pays well and requires an associate degree.
• Some jobs that require no more than an associate degree are projected to see robust employment growth.

Respiratory therapists, dental hygienists, and occupational therapy assistants all typically make more than the median salary.

These are also jobs that generally need just an associate degree and are projected to grow quickly.

The US healthcare sector has been adding many new jobs, outshining other fields. The aging population will need new workers to help with medical needs as healthcare workers retire.

Business Insider previously looked at which jobs in the US are high-paying based on May 2024 average annual pay. Many of the top occupations were doctors, who usually need years of schooling and high-level degrees. That could mean being saddled with thousands of dollars in student loans and other schooling costs.

There are other ways to enter the medical workforce. BI analyzed annual median pay from the Bureau of Labor Statistics to determine which healthcare practitioners, technical occupations, and support jobs that don't need a bachelor's degree or higher educational attainment typically pay the best. We excluded a few catchall unspecific occupation titles.

Below are the jobs that paid above the national median annual wage, $49,500 in May 2024, along with their employment estimates from that month. We also included the education usually needed and projected employment change from 2023 to 2033, based on what the Bureau of Labor Statistics said.

18. Medical records specialists

Median annual pay: $50,250

Typical education: Postsecondary nondegree award

Employment estimate: 187,910

Projected employment change: 16,700

17. Massage therapists

Median annual pay: $57,950

Typical education: Postsecondary nondegree award

Employment estimate: 96,040

Projected employment change: 26,000

16. Paramedics

Median annual pay: $58,410

Typical education: Postsecondary nondegree award

Employment estimate: 99,530

Projected employment change: 5,900

15. Surgical assistants

Median annual pay: $60,290

Typical education: Postsecondary nondegree award

Employment estimate: 22,860

Projected employment change: 1,400

14. Hearing aid specialists

Median annual pay: $61,560

Typical education: High school diploma or equivalent

Employment estimate: 10,580

Projected employment change: 1,600

13. Licensed practical and licensed vocational nurses

Median annual pay: $62,340

Typical education: Postsecondary nondegree award

Employment estimate: 632,430

Projected employment change: 16,900

12. Surgical technologists

Median annual pay: $62,830

Typical education: Postsecondary nondegree award

Employment estimate: 113,890

Projected employment change: 6,500

11. Physical therapist assistants

Median annual pay: $65,510

Typical education: Associate degree

Employment estimate: 108,010

Projected employment change: 27,500

10. Cardiovascular technologists and technicians

Median annual pay: $67,260

Typical education: Associate degree

Employment estimate: 61,180

Projected employment change: 2,400

9. Health information technologists and medical registrars

Median annual pay: $67,310

Typical education: Associate degree

Employment estimate: 37,620

Projected employment change: 6,400

8. Occupational therapy assistants

Median annual pay: $68,340

Typical education: Associate degree

Employment estimate: 47,910

Projected employment change: 10,600

7. Radiologic technologists and technicians

Median annual pay: $77,660

Typical education: Associate degree

Employment estimate: 223,460

Projected employment change: 13,100

6. Respiratory therapists

Median annual pay: $80,450

Typical education: Associate degree

Employment estimate: 136,420

Projected employment change: 17,500

5. Magnetic resonance imaging technologists

Median annual pay: $88,180

Typical education: Associate degree

Employment estimate: 41,530

Projected employment change: 3,600

4. Diagnostic medical sonographers

Median annual pay: $89,340

Typical education: Associate degree

Employment estimate: 86,460

Projected employment change: 12,800

3. Dental hygienists

Median annual pay: $94,260

Typical education: Associate degree

Employment estimate: 219,070

Projected employment change: 19,600

2. Nuclear medicine technologists

Median annual pay: $97,020

Typical education: Associate degree

Employment estimate: 16,960

Projected employment change: -200

1. Radiation therapists

Median annual pay: $101,990

Typical education: Associate degree

Employment estimate: 18,700

Projected employment change: 500

• The US added 177,000 jobs in April, more than the forecast of 138,000.
• Unemployment stayed at 4.2%, as expected.
• The new jobs report comes less than a week before the Federal Reserve decides on interest rates.

The US added 177,000 jobs in April, surpassing the forecast, and unemployment remained at 4.2%.

Economists expected a gain of 138,000 jobs and for unemployment to hold steady. Unemployment has been at least 4% since May 2024.

This follows real gross domestic product shrinking for the first time in three years, sparking fears of a recession. However, some economists think this could be avoided.

"We're on a path toward a recession, but it is clear what can get us off that path, and that would be less aggressive policies," Claudia Sahm, chief economist at New Century Advisors, told Business Insider.

Labor force participation increased from 62.5% in March to 62.6%. The employment-to-population ratio rose from 59.9% to 60%.

March's job growth was revised from 228,000 to 185,000, and February's gain was revised from 117,000 to 102,000. That means 58,000 fewer jobs.

Stock futures jumped after the strong report.

There are other warning signs beyond the drop in real US GDP. KPMG chief economist Diane Swonk recently told BI that the "deterioration in job security we are seeing is particularly worrisome" and that the "drop in consumer attitudes is in recession territory."

President Donald Trump announced tariffs on April 2, including higher ones than the 10% base on individual countries. While tariffs could result in some job losses, Trump announced on April 9 a 90-day pause on many of the tariffs announced earlier that month.

"This data is too soon to show the full impacts of the tariffs," Daniel Zhao, lead economist at Glassdoor, told BI.

It could be a long time before those impacts appear. "Even in the optimistic scenario in which tariffs have the effect of bringing production of some goods back to America, those gains are likely years away," Kevin Rinz, senior fellow and research advisor at the Washington Center for Equitable Growth, said. "Businesses will face increased costs of imported inputs and decisions about how those costs will affect their operations much more quickly."

However, new tariffs aren't the only policy from the Trump administration that will likely affect the job market.

"Large cuts to the federal workforce and the cancellations of many government contracts will also be a drag on payroll growth in coming months while tighter immigration flows will weigh on labor supply dynamics, further constraining job growth," Lydia Boussour, senior economist at EY, said.

Federal employment fell by 9,000 in April. The Bureau of Labor Statistics said workers on paid leave or getting severance are considered employed.

Healthcare drove overall job growth in April; the sector increased by 50,600 jobs. Employment in transportation and warehousing rose by 29,000. Employment in manufacturing was fairly stable, losing 1,000 jobs after economists expected a 5,000 drop. Employment in retail trade fell by 1,800.

Wage growth was steady. Average hourly earnings increased from $34.75 in April 2024 to $36.06 this past April. That 3.8% increase matches March's year-over-year increase.

The next scheduled Federal Open Market Committee meeting, where members will decide what to do with interest rates, is less than a week away. CME FedWatch, which estimates the chances of rate moves based on market trades, shows a strong probability the Fed will hold rates steady again. It showed a 97% chance of a hold, slightly higher than before the release of the jobs report.

This is a developing story. Please check back for updates.

• In the first quarter of 2025, the US economy shrank for the first time in three years.
• That doesn't mean a recession is here.
• Here's what economists say about whether a recession will materialize and its potential effects.

Is a US recession going to happen soon? Economists have varying opinions.

In the first quarter of this year, real US gross domestic product fell for the first time since 2022, partly due to a surge in imports as businesses prepped for tariffs from the Trump administration.

That doesn't mean we're in a recession, and job growth and other measures don't indicate a downturn just yet. It could take a while to see evidence of a recession in the hard data, and the US could even avoid a recession this year.

But consumer sentiment has tanked, and business optimism has dropped amid rising economic uncertainty. Some companies are pulling back on earnings forecasts.

Here's what economists have said about the chances of a recession coming soon and how it would affect Americans.

Claudia Sahm

"We're on a path toward a recession, but it is clear what can get us off that path, and that would be less aggressive policies," Sahm, the chief economist at New Century Advisors, told Business Insider.

The Trump administration has attempted to ease the pressure with steps like issuing a 90-day pause on many tariffs.

"At the end of the day, it'll depend on what these policies are, but I don't think a recession is imminent," Sahm said.

She added that even if there's not a recession in 2025, the economy is likely to slow, and people will have to get used to some adjustments, such as a tougher job market. If there is a recession, she said it would be "not a severe drop-off-a-cliff type of recession."

Paul Krugman

Krugman, a Nobel Prize-winning economist and a CUNY Graduate Center professor, cautioned in a Substack post against reading too much into the latest GDP estimate.

"Remember, measured GDP shrank in the 1st quarter of 2022, and that didn't presage a recession — in fact, that was probably just statistical noise," Krugman said on Wednesday.

Despite that, he warned in a Substack on Tuesday about the "disastrous effect" of the trade war.

"Tariffs always raise prices," Krugman said. "But the sheer size and suddenness of Trump's tariffs, combined with the paralyzing effect of uncertainty about what comes next, are about to deliver a Covid-type supply shock to an economy already sliding into recession."

Torsten Sløk

Sløk, the chief economist at the asset management firm Apollo Global Management, said in a post on April 19 that "tariffs have been implemented in a way that has not been effective, and there is now a 90% chance of what can be called a Voluntary Trade Reset Recession."

A chartbook from Apollo showed that a recession could begin this summer. But Sløk said it's not too late to avoid one. The US could form some kind of agreement with Mexico, Canada, China, and others.

"For Mexico and Canada, there is a unique opportunity for the US to move first and get an agreement where labor, capital, and natural resources can be efficiently used in the North American economy," Sløk said.

Olu Sonola

"For now, we don't have a recession in the cards," Sonola, the head of US economic research at Fitch Ratings, told Business Insider. "That view is predicated on the assumption that tariff rates do not escalate further. A stagflationary shock is a more likely scenario with relatively weak growth and higher inflation; that risk has materially increased since April 2nd."

Diane Swonk

"We have a shallow recession starting in the second quarter and persisting through the fourth quarter," Swonk, chief economist at KPMG, told Business Insider. "The rebound is also weak, barring a major stimulus package, which could see backlash from the bond market."

Swonk sees some early recession indicators flashing red. "The drop in consumer attitudes is in recession territory," she said. "The deterioration in job security we are seeing is particularly worrisome."

Some Americans could be more affected by a recession than others.

"Inequality has worsened, with the top 10% of earners accounting for nearly half of all consumer spending," Swonk said. "Low- and middle-income households lack the cushion on savings triggered by COVID-era stimulus, which leaves them the most vulnerable to those losses."

Cory Stahle

Stahle, an economist at the Indeed Hiring Lab, said in commentary Tuesday after new job openings and turnover data that "fears of an impending recession have drowned out the calls for a soft landing. Since economic decisions are often shaped by expectations, it's possible that conditions may worsen in the coming months if people start behaving like they are in a recession. Softening some of the recent trade policy changes may ease some business concerns, but it may already be too late."

Eric Rosengren

Rosengren, the former president of the Federal Reserve Bank of Boston and a visiting scholar at MIT, recently told Yahoo Finance there's a 50% or 60% chance of a recession, higher than earlier this year.

"Tariffs can both slow down growth, which causes higher unemployment, and they can also raise prices and potentially start affecting the underlying rate of inflation," he said.

Dana Peterson

Peterson, the chief economist at The Conference Board, told Business Insider in mid-April that a recession isn't The Conference Board's base case, but it expects weakening growth, faster inflation, and increasing unemployment.

"The US actually is coming off of very strong fundamentals," Peterson said, adding that many people are working and there had been "sizable contributions from government spending on the industrial policies."

David Kelly

"The most likely scenario, at this stage, is that having lingered at the edge of recession, the economy slides into a shallow one later this year," Kelly, the chief global strategist at J.P. Morgan Asset Management, said in a note on Monday.

However, a mild recession this year could spur the government to take action, and Kelly said it "could set the stage for moderate fiscal stimulus in 2026, which, while further worsening the deficit, should be enough to restart economic growth. The Administration would likely take note of the damage done by tariffs and extreme reductions in immigration and federal government employment and could soften these policies."

Desmond Lachman

Lachman, a senior fellow at the conservative-leaning think tank American Enterprise Institute, said in an op-ed on April 21 that there are several reasons to expect a US recession.

"Tariff policy-induced economic uncertainty now delays investment and consumer spending; a tax increase is hitting households in the form of higher prices; equity and bond prices are being pummeled by a loss of faith in American economic exceptionalism; and the upending of the rest of the world economy will certainly have spillover on the U.S. economy," Lachman said.

Mark Hamrick

Hamrick, a senior economic analyst at Bankrate, told Business Insider that there's a risk that a contraction continues, but it's not guaranteed.

"At issue is whether the consumer continues to power the economy and whether they'll have the wherewithal and desire to remain engaged as purchasers," Hamrick said. "With imports being sharply curbed and prices likely set to rise, their ability and desire to buy, not dissimilar from the supply chain disruption days of COVID, will be watched closely."

Hamrick said there's "a difference between the official declaration of a recession and how consumers can feel, as affirmed by the fact that many consumers have incorrectly associated their reduction in buying power in the face of elevated prices with a recession."

• Real GDP fell in the year's first quarter at an annualized rate of 0.3%.
• That doesn't mean a recession, but Americans have been worried one will happen this year.
• The new data shows how the economy has looked in the first three months of Trump's second term.

US real gross domestic product fell at an annualized rate of 0.3% in the first quarter of this year.

The last contraction was in the first quarter of 2022, which triggered fears of a recession that didn't materialize. It's also far below the growth rate of 2.4% in the last quarter of 2024.

"The decrease in real GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, and a decrease in government spending," a Bureau of Economic Analysis news release said. "These movements were partly offset by increases in investment, consumer spending, and exports."

The new report from the Bureau of Economic Analysis showed how the economy has performed during the first three months of President Donald Trump's second presidency. Since the inauguration, the administration has made cuts to the federal government and announced tariffs, including on key trade partners like China and automobiles and some automobile parts.

"Anytime you see a contraction, or the opposite of economic growth, it is a concern," Mark Hamrick, a senior economic analyst at Bankrate, told Business Insider before the GDP release. "But ultimately the question also is about the outlook."

Hamrick added there are global headwinds to the US economy — tariffs and trade. "Tariffs present an upside risk to inflation and a downside risk to employment," he said.

Federal spending fell at a seasonally adjusted annual rate of 5.1% in the first quarter of 2025.

The new report provides insight into how businesses prepared for tariffs. While imports increased 41.3%, exports increased 1.8%.

Personal consumption expenditures also increased 1.8%, a smaller gain than in the last quarter of 2024. Gross private domestic investment climbed 21.9% in the first quarter, with fixed investment in equipment surging 22.5% after a decline in the last quarter of 2024.

Stock futures were down after the report.

"While the softer Q1 GDP figures were likely significantly skewed to the downside by the record widening of the U.S. trade deficit, the economic outlook remains pessimistic and uncertain," Ryan Weldon, investment director and portfolio manager at IFM Investors, said.

Weldon added that the "negative impacts of the current tariff policy will only compound every day there are no resolutions, as imports stagnate on tepid demand and small and medium businesses are forced to make tough decisions on employment."

Several hard data measures haven't reflected policy changes just yet. Still, the back and forth on tariff announcements and suspensions have contributed to people feeling worried or like they must spring into action, which has been reflected in some recent data.

In March, retail sales increased at motor vehicles and parts dealers. Consumers could face higher prices there and other areas of the economy as dealerships and business owners make tariff-related decisions. Inflation has continued to slow down, but people are worried that it could accelerate because of tariffs. Hamrick said the "economy is being affected by both the perceived and anticipated impacts of tariffs."

David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note before the GDP release that "without a quick resolution to the trade war, imports, exports and inventories all look set to fall sharply." He added people may slow down on making purchases, and companies may make some business changes like scaling back on hiring.

"Further federal cutbacks should prevent an overall government spending bounce-back, while tourism will likely be hit by the international reaction to the Administration's policies," Kelly said. "Given all of this, real GDP growth could be very slow, or even negative, over at least the first three quarters of 2025."

Wednesday's release reflects an advance estimate, so there's a chance real GDP could be revised in the coming months. While the new GDP report doesn't mean a recession, there are concerns about how the economy will evolve. "This is a huge wildcard in the face of a high degree of uncertainty felt by consumers and business leaders all of which undermines their ability to make decisions including on spending which would lend support to the economy," Hamrick said.

• President Donald Trump's first 100 days have been full of economic activity, from tariffs to federal firings.
• While much of this hasn't yet shown up in job numbers or inflation measures, several other measures are flashing red.
• BI looked back at how stocks, consumer confidence, and business optimism have changed.

It's the 100th day of President Donald Trump's second term, and it's been full of economic changes.

He's signed over 100 executive orders, could push the average effective tariff rate to the highest in over a century, and has cut large swaths of the federal government.

Hard economic data doesn't reflect much of Trump's new policies just yet: The job market is still on the same cooling but strong trajectory it's been on, and inflation was still marching down toward the Federal Reserve's target before the bulk of new tariffs kicked in.

However, that could all change in the coming months. Implementing tariffs could result in a surge in inflation and more stock sell-offs. More reorganization in the federal government could mean more job seekers for fewer positions, sending unemployment higher.

"While we believe that there are policy agenda items that will ultimately be positive for growth — namely, tax and deregulation — uncertainty from potential implications of tariff policy on the labor market and direction of inflation has dampened sentiment," Michael Hans, chief investment officer for Citizens Wealth, told Business Insider.

Sentiment data, chaos in the markets, and interviews with small business owners, consumers, and economists suggest Americans are worried.

"Within 100 days of President Trump's second term in office, Americans saw the first monthly price drop in years in the March inflation report, while industry leaders ranging from Apple to Hyundai to Nvidia have made trillions in historic investment commitments to reshore manufacturing back to the United States," said White House spokesman Kush Desai. "President Trump delivered a historic economy in his first term, and he's running back the success in his second term."

Here's how people feel, how markets have changed, and what tariffs could mean.

Consumer sentiment has sunk

The University of Michigan consumer sentiment index has fallen each month this year. Sentiment was better at the start of 2017, when Trump was first in office, despite higher unemployment rates and comparable inflation.

Matt Colyar, an economist at Moody's Analytics, said it's reasonable to think sentiment could drop further once the "material effects" of tariffs and other policies kick in. Some consumers have already started panic-buying cars and electronics, and a handful of companies have already announced price increases.

"I do think hard data is going to converge with soft data and we're going to start to see a much more slowly growing economy," Colyar said.

The S&P 500 is looking better than earlier this month, but short of the year's start

Colyar said this year's ups and downs in stock prices have been driven by reactions to tariff announcements and their potential impacts.

The S&P 500 plunged after Trump announced new tariffs on April 2. The index had somewhat recovered, but dipped after Federal Reserve chair Jerome Powell's comments on tariffs and inflation on April 16.

"The level of the tariff increases announced so far is significantly larger than anticipated," Powell said. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth."

Dana Peterson, chief economist at The Conference Board, told Business Insider many consumers use the market to gauge the economy. She added with its volatility and recent losses, "it's possible that consumers can internalize that and have even worse expectations for the economy, their finances, their jobs."

People are willing to accept less money to get a job

The unemployment rate is low, but people are taking a while to find work. This has been the case since before Trump's second presidency. Expectations of finding a new role have been flat this year.

However, how much money people would accept for a job fell in March from the New York Fed's previous survey in November, suggesting that prospective job seekers are feeling more anxious about finding work and are less choosy with their options.

Business optimism has cooled from a postelection high

Small business optimism spiked when Trump was elected, peaking in December. Since then, the National Federation of Independent Business's small business optimism index has cooled. The index is still higher than readings in the past few years, suggesting some optimism remains.

Bill Dunkelberg, NFIB's chief economist, said business owners "have scaled back expectations on sales growth" as they determine how policies would affect them.

The Conference Board's Peterson said that the tariffs would affect some industries more than others. Some small businesses have been stocking up ahead of tariffs or holding off on business plans.

"Oftentimes, when businesses and consumers are concerned about the future because of uncertainty, they will stop their activity," Peterson said. "Businesses won't invest or they won't hire, consumers won't spend, they'll just kind of sit there and wait and see what happens."

The effective tariff rate could be the highest in more than a century

Trump has made several announcements about tariffs, including during what he called "Liberation Day" on April 2, when he announced broad tariffs with rates of over 40% on some countries. Many of these plans have been paused for now. China has retaliated, imposing tariffs on the US.

The Budget Lab at Yale projects the average effective tariff rate could hit 28%, the highest since 1901, assuming that businesses and consumers keep buying their current mix of imports. Even after factoring in likely spending shifts to less-tariffed imports, The Budget Lab estimates it would be 18%, the highest rate since 1934.

The Budget Lab found leather products, apparel, and electrical equipment could especially see higher prices. The increase could be small for food.

Confidence in the economy has dropped

The Conference Board's consumer confidence index, which is based on opinions of current and future economic conditions, has declined.

Peterson said that people are worried about inflation and job prospects. She said there's also uncertainty about taxes.

"If they continue to remain low, there's no impact on the economy really, but if these taxes suddenly spike back up, then that's a real weight on the economy," she said.

The dollar index has fallen to its lowest since 2022

The dollar index has plunged during Trump's 100 days, recently falling to its lowest since 2022.

"Typically, you impose tariffs, the dollar would appreciate, but I think the dollar is depreciating right now because there's a lot of nervousness," Peterson said.

Analysts said Trump's recent comments about Powell, including wanting Powell to cut interest rates immediately and saying he doesn't intend to fire him, have contributed. Investor Louis Navellier thinks the dollar will rebound because "alternative currencies like the British Pound and the euro are also in the midst of their own recessions."

Uncertainty has skyrocketed

In March, the US Economic Policy Uncertainty Index, based on media stories about the economy, expiring federal tax code provisions, and forecasters, has about doubled its level from January. Many Americans are feeling uncertain about what policies mean for them or the outlook of the economy.

One person told BI she panic bought a laptop because of announced tariffs, a business owner said he's holding off expanding, and a long-term unemployed person hopes he can find a job that fits soon because he's worried about a recession.

The 10-year Treasury has fluctuated

The bond market has also been very sensitive to Trump's tariff moves, which sparked sharp losses for investors.

The 10-year US Treasury yield soared as much as 50 basis points to 4.49% after Trump's tariff announcements on April 2. The swift move in yields sent bond prices plunging, which especially hurt retirees who typically invest the bulk of their assets in fixed-income securities.

The Bloomberg Aggregate Bond Index dropped as much as 4% in a week as investors reassessed the direction of interest rates under Trump's tariff regime. The new import duties sparked fears of resurging inflation that the Fed could be compelled to fight with higher rates in the future.

The higher interest rates also caught the Trump administration off guard, as they are laser-focused on refinancing government debt at a lower interest rate.

The ups and downs of the bond market in response to policy moves "will likely be a focal point and may help guide policymakers within the administration," Hans of Citizens Wealth said.

• Melissa Harlow quit her job to travel with her husband.
• She made a career pivot to voice-over work after trying to sell boats.
• She has worked with some big names, loves that she can be there for family, and still has time to travel.

This as-told-to essay is based on a conversation with 62-year-old freelancer Melissa Harlow. It's been edited for length and clarity.

Before I freelanced, I was the manager of the home caregiver department at our local trauma center and medical center.

It was probably the best job I've ever had.

I was at my job for about a year. Most of my career was in nonprofit.

My husband and I had planned to travel for a couple of years. I knew that I was going to have to quit my job.

We made a bunch of micro goals — selling our belongings by this date, paying off all of our debt by this date, having a boat by this date, and finishing our sailing lessons by this date. We bought the boat in early 2015, and I resigned in December 2015.

Sailing across the Pacific

On January 14, 2016, at 11 p.m., we went off to the dark abyss in our boat.

We went from San Diego across the Pacific Ocean, just the two of us. It took 24 days, and we landed in the islands of French Polynesia. We sailed all around the islands, and then we sailed to Hawaii, and then back to California.

My husband was in the Coast Guard, and he's also a surfer. For him, water was just a comforting thing. I wasn't a surfer. I had a fear of water. I knew nothing about sailing.

I would say that sailing isn't what it looks like in the movies. It was epic and dangerous, but I would not say romantic and fun, at least for me. It was more like, OK, I said I was going to do this and now I'm going to do this, and dang it, I'm going to learn how to do it.

We sold the boat, and with that same pot of money, we bought an RV and traveled around the country and up through Canada and Alaska for a year.

We actually heard on a podcast while we were traveling about a gal who did voice-overs in her RV as she traveled around with her husband. I was thinking maybe that's something I could do when we get back, because I felt myself changing.

I knew I was a different person, and I couldn't go back to the corporate world.

Switching to freelance life

When we got back, I literally had no job. We had nowhere to live. We had one car between the two of us. And so that was a sobering thing for me. I'd always been very independent and a career woman.

We tried to sell boats for a little while. Neither one of us was into it. In the background, I was creating a business plan for my voice-over work.

Finally, I just said, I'm going to pull the trigger and I'm going to do this. I set up a profile on Fiverr and some other platforms. It was months before I heard anything. After that first order, that's when it really started happening.

Freelancing allows me to give real time to my parents, not just "I'll be there when I can." My husband and I go off-grid a lot. We backpack, we go camping, we go to exotic places, we go to tropical places.

I don't wish I had made this career change earlier. I wasn't ready.

My self-taught voice-over work has attracted NASA and other organizations

I knew nothing about voice-over work. I didn't even know what a voice waveform looked like. I had to learn everything. I had nowhere to really record. I had to learn what kind of microphone to talk into and all the different aspects of sound engineering.

I just dove in and self-taught everything. 2018 was when I took freelancing seriously.

I average about $30,000 to $35,000 a year on Fiverr. Overall, I have made $200,000 on the platform. I could push it even more if I wanted to, but I need to be available for my parents and my children. This is why I want to live this lifestyle.

Our lives are very minimal. We don't need a lot. I knew it would take time to build up freelancing, and that was OK. We didn't have any debts or anything that we had to worry about.

My degree is in psychology, and so it's important for me just to help people. Maybe that's why I'm OK with making 35 grand a year, because I like the orders I get from the mom and pop people that come to me that need a professional voice-over.

Orders come to me on Fiverr. I work really hard to make my profile professional and put samples on there. I've not paid a professional to do any of my demos, and yet I have still attracted Airbus, NASA, places like this.

It'd be amazing to do voice-over work for Google or Amazon, or a big national commercial. I don't really get starstruck because, to me, a $40 job is as important as a $1,000 job.

My previous job, which was the best job I had, the tools were there. I've had to make voice-over work the best job of my life. I've also founded Volunteer Voice Over, which pairs volunteer voice actors like me with nonprofits who need help. That has kept me grounded and feeling like I'm doing something good for society. I want to leave a legacy.

The two things together are just literally perfect. It keeps me busy. It keeps me learning. All the things that that perfect job that I had when I quit are now here, but I've made all this myself.

Anyone saying, "I want to quit my job. I want to do what she's doing," you have to have no fear. You have to be able to say, "I'm going to do it, get out of my comfort zone, stop spending money on stupid stuff, and put it on the calendar."

Have you made a career change? Reach out to this reporter at [email protected].

• The typical starter home costs at least $1 million in 233 US cities, a Zillow study found.
• Just five years ago, only 85 cities had starter homes that cost at least $1 million.
• It's a telling sign of how pricey homes are, even in areas once considered relatively affordable.

The typical price of a starter home was $1 million or higher in 233 US cities last month, a new report from Zillow found.

To define starter home prices, Zillow looked at estimated home values toward the bottom of the market in each city, between the 5th and 35th percentiles for each area.

The real-estate listings site found that the typical price of starter homes in at least one city in half of all US states reached $1 million or higher.

The typical price for a starter home nationally stood at $192,514 — well under $1 million. However, the Zillow data shows just how expensive homes have become since 2020, including in states like Rhode Island and Minnesota that aren't historically known for ultra-pricey real estate. Five years ago, only 85 cities had typical starter homes costing $1 million and up.

California led Zillow's 2025 list of places with the most expensive starter homes, with 113 cities where the typical one is $1 million or higher. New York, with 32 cities, and New Jersey, with 20, followed.

In fact, eight California cities made the top 15 most expensive cities for starter homes, with the typical price exceeding $3 million. Four cities in Washington, all located in the Seattle metropolitan area, also made the top 15.

Jupiter Island, Florida, where celebrities like Bill Gates and Tiger Woods have owned waterfront mansions, took the top spot overall, with a staggering $5,850,442 typical price for a starter home in March 2025.

Two new states joined the list this year: Rhode Island and Minnesota. New Shoreham, Rhode Island, the main town on Block Island, a popular summer destination, and Minnetonka Beach, Minnesota, a lakeside suburb of Minneapolis, reached the $1 million starter-home milestone.

Relatively expensive homes put many homebuyers in tough spots

Homeownership can feel frustratingly out of reach for anyone, but first-time homebuyers are particularly squeezed.

In 2024, the National Association of Realtors found that the median age of a first-time homebuyer hit an all-time high of 38. At the same time, first-time homebuyers made up only 24% of all transactions, a record low.

The median sales price of a US home in the US has risen by 42.5% in the past five years, according to real-estate site Redfin, from $302,487 in March 2020 to $431,078 in March 2025.

Mortgage rates are also relatively high, which makes borrowing money more difficult. Rising homeowners' insurance rates nationwide and increasingly pricey homeowners' association, or HOA, fees are additional costs that make homebuying even more expensive.

Increasing costs can lead potential buyers, like Virginia resident Lawrence Talej, to delay homebuying plans. Talej was in contract for a $315,000 house in 2019, but pulled out when maintenance issues arose. Four years later, the median price for a home in his suburb of Richmond jumped more than $100,000, according to Zillow, causing him to put his plans on hold.

"We're royally screwed," he told BI at the time.

Some people even feel their six-figure incomes aren't enough to comfortably purchase a home.

Last year, tech worker Madelyn Driver and her husband set out with a $700,000 budget and remote-work flexibility, looking at houses from Colorado to Pennsylvania. They told BI that finding a home that fit their budget and broad location preferences felt impossible.

"We're finding that even in a vast country like the US, housing options that align with our desires for green spaces, a somewhat metropolitan vibe, and cultural vibrancy are surprisingly out of budget," Driver said. In June 2024, Driver said they would keep looking for another year and then re-evaluate their search.

Even for the lucky ones who do manage to buy a home, it's not always smooth sailing.

First-time homebuyer Elsa said she felt pressure to buy a home in 2022, before she was ready. She and her husband purchased a $975,000 home in a Washington, DC, suburb, taking on credit card debt to keep up with the mortgage and other costs that cropped up.

"We definitely didn't anticipate having as many repair expenses. The house we bought is older, so we have been overwhelmed with repairs like multiple water leaks," she told BI.

• Elon Musk announced his plans to step back from DOGE to focus more on Tesla.
• BI spoke with 17 federal workers about what a possible Musk retreat would mean.
• Several said they hope they no longer have to send Musk's weekly "What did you do last week" email.

Whether or not Elon Musk actually steps back from the West Wing, federal workers want to know one thing.

"Can we stop sending this weekly email now?" an employee at the Internal Revenue Service asked.

Business Insider spoke to 17 federal workers after the Tesla CEO said on a Tuesday earnings call that he hopes to devote more time to the company because the "major work of establishing" DOGE is complete.

Several referenced the "What did you do last week" email required by Musk's DOGE office since February. Many said they're skeptical that Musk will forfeit his White House influence. Even if he does, some said Musk's legacy will live on in DOGE through cuts to the federal workforce and government budget. Others are simply hopeful they'll have one less weekly email to send.

As a special government employee, Musk is only legally allowed to work for the Trump administration for 130 days a year. Still, the federal workers BI spoke with said they expect him to continue making political headlines.

"My reaction is 'I'll believe it when I see it,'" a programmer at the IRS said, adding, "I believe the richest man in the world has hacked his way into the most powerful government in the world, and there is nobody to stop him from keeping that access, even if he looks 'gone' on paper."

A former employee at the National Oceanic and Atmospheric Administration said that they aren't taking Musk's announcement seriously. An employee at the Office of Personnel Management added that Musk's vow to step back seems like "PR spin."

Other federal workers said that, even if Musk does leave DOGE, his actions will have a lasting impact on the government and its staff.

"The effect he's had on the federal government can't be as neatly defined as quarterly earnings reports," the OPM employee said. Several workers expressed concern over reports that DOGE and Musk have access to sensitive information like internal government databases and Americans' Social Security details.

Some reflected on the anxiety that DOGE's federal firing spree has caused in their own lives. A few said they are constantly worried about losing their livelihood. Federal workers who voted for Donald Trump and support his money-saving goals have also previously told BI they felt betrayed by Musk's abrupt mass firings of what DOGE called "low performers."

"There is a methodical way to downsize, and I'm all for right-sizing to meet current events," a Department of Agriculture employee said. "The way Musk and his team have handled and are continuing to handle the situation is harmful to federal workers (who are real people with families), harmful to American institutions, and ultimately harmful to the American public."

A Department of Defense employee hopes Musk's stepping back will give them "a little relief" about their job security.

And then there are the possible effects on their day-to-day work. Several federal workers told BI they hope Musk's departure signals the end of his "five bullets" email. It's unclear what Musk and his colleagues do with the information or if it has directly led to any employee firings.

"I have to look and research and see what I did — that's 10 minutes that's wasted," one Social Security Administration employee said, adding, "I could be spending my time more efficiently doing other things." Another IRS employee said they send nearly the same email every week.

Musk said on Tuesday's Tesla call that he will still spend a day or two a week on government matters, "as long as it is useful" to the president. When reporters asked Trump in the Oval Office on Wednesday about Musk's departure, he said that Musk "is an incredible guy" and "was a tremendous help both in the campaign and what he's done with DOGE." Neither Musk nor Trump elaborated on Musk's future role in the administration.

The possible DOGE shake-up comes alongside plummeting first-quarter Tesla earnings. The electric vehicle company's earnings per share and revenue were down 71% and 9% year over year, respectively. Musk said last month that his role in the White House is "costing me a lot" and that he's running his businesses with "great difficulty." With news that he could be retreating from Trumpworld, Tesla's stock was trading up over 5% after hours and jumped again Wednesday.

One federal employee said they aren't surprised Musk is leaning back into his CEO role. They said working in the government is likely "too much trouble for someone who is trained to see things as engineering problems."

• Some millennials and Gen Zers still live with their parents, particularly in the Northeast and West.
• Economic challenges and cultural factors drive young adults to put off forming their own households.
• Cities in Texas, Florida, and California had the highest shares of young adults living with parents.

Some millennials and Gen Zers are still opting to live with their parents, especially in the Northeast and the West.

A new Pew Research Center analysis looked at where younger Americans, ages 25 to 34, lived in a parent's home in 2023; cities in Texas, Florida, and California had the highest shares of these home-dwellers.

Five of the six metros with the highest shares were in California, with about a third of younger adults living in a parent's home. Meanwhile, the Midwest and the South had the lowest shares of young adults living with parents.

Young people are much more likely to live with their parents when jobs are hard to come by and wages are stagnant, Pew researcher Richard Fry, who authored the report, told BI. Previous Pew research also found that Black, Hispanic, and Asian young adults were more likely than their white counterparts to live with their parents.

"This may be reflecting economic differences in terms of being able to afford to live independently, and it also may be reflecting some cultural differences," Fry said.

There's also a gender gap: 20% of young adult men lived with a parent, while just 15% of women fell into that category.

The share of younger Americans living with their parents has dropped in recent years, coming down to 18% in 2023, but it's still well above historic lows in the 1970s. The 2008 financial crisis and Great Recession supercharged the trend, with many young adults living in their parents' homes for years after.

Many recent college graduates and millennials found themselves back in their parents' homes when the pandemic hit, closing schools and forcing widespread remote work. As of 2022, some Gen Zers considered it a more permanent arrangement, especially as housing costs and inflation raised the barriers to living independently.

A 2023 Pew survey found that nearly two-thirds of young adults who were living with their parents said it was good for their wallets. "Even if you got a job, even if earnings are coming in, as a young adult, you may indeed want to live with your parents because it improves your finances," Fry said.

Perhaps surprisingly, local housing markets didn't seem to have much influence on younger people living at home. The Pew analysis found that housing costs weren't strongly correlated with the rates of younger Americans living at a parent's home.

As BI previously reported, the reliance of Gen Z and millennials on their parents has led to new conversations on when — or if — to cut off support. After all, Gen Zers are facing their own set of economic hurdles, which may only be accentuated in another downturn.

It's not clear how the trend will change in the coming years — much depends on how well the US economy fares. And whether young adults rent or buy their own homes will have implications for the US economy, broadly, as well as their personal finances.

"Household formation is important for the national economy, so in terms of an economic driver, this is a bad thing," Fry said. But, if living with parents helps young adults "manage their finances and maintain their credit scores and be able to pay their student loan payments, that's probably a good thing."

Are you an adult living with a parent or a parent with adult kids living at home? Reach out to these reporters to share at [email protected], [email protected], and [email protected].

• Americans are dealing with a palpable sense of uncertainty about the economy.
• Most react to money fears in three ways: fight, flight, or freeze.
• Which are you? Identifying your reaction can help regain a sense of control when anxiety strikes.

Job applications, panic buying, and tuning out the news: Which one's closest to your reaction to economic anxiety?

"We want the economy to keep rolling smoothly in the background while we live our lives," Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab told Business Insider. "So when we see this great uncertainty, it only adds to the stress that we're already trying to manage."

Coughlin said that many people cope in three ways: fight, flight, or freeze. In other words, Americans' money anxiety mirrors their natural reactions to other fears.

In recent months, BI has heard from dozens of Americans who are dealing with uncertainty regardless of their age, financial situation, or political affiliation.

The US isn't in a recession yet, but most of the people we spoke to are worried about short-term price increases, their student loan payments, or their 401(k)s. Some fear a more dire scenario of job losses and a downturn in the months to come.

Amid flip-flopping trade policies, stock market fluctuations, and DOGE cuts, consumer sentiment fell again in April, reaching its second-lowest level since 1952. Consumer spending trends indicate households are feeling the heat of high prices and tariffs.

If you feel powerless in the current financial environment, focus on what you can control and be aware of your own natural fear reaction, said Bradley Klontz, psychologist and professor at Creighton University's business school. He added that the US economy has faced downturns before and always recovers.

"We have a fight, flight, freeze response," Klontz said. "You need to point it in the right direction."

Do you have a story to share about your finances? Fill out this survey.

People in 'fight' mode are busy making plans

Those with a fight mentality toward uncertainty are working hard to make plans. As Coughlin said, they are likely calling their financial advisors, reading news articles, saving extra money, and doing anything else they can to prepare for a potential downturn.

Robert Kistler, 71, retired a decade ago from his career as a product engineer. He and his wife built a seven-figure net worth and strong nest egg, but they're working to dial back their spending. With the long-term future of the Social Security trust fund in question and current staffing turmoil at the Social Security Administration, Kistler said they aren't confident benefits will support them as they age.

"It turns out our annual spending is roughly 20-25% more than in our plan — I am certain this is going to impact our retirement plan confidence level somewhat," Kistler said, adding that he met with his financial advisor this month to make a plan.

Similarly, 65-year-old professor Gail Lisenbard recently paid off her car and started grooming her mini golden doodle at home to save more money. She hopes to retire in the next few months and said she's carefully planned her nest egg, but is now concerned about rising prices.

Younger Americans are taking action to protect their finances, too. Millennial mom Jen Miller had planned to buy a new car before May because her family has a third baby on the way, and they need more room. But, concerned about new tariffs on auto imports, she moved up her timeline because she's worried US car inventory will decline: "We certainly felt spurred into action," she said.

Haylee Bachman, a 30-year-old mother of three near Seattle, said her family lives on a low income and receives some government aid, but their budget has been especially tight lately. Her fiancé's job in car manufacturing became less stable in recent months because the industry is in turmoil with the auto tariffs.

Bachman said she's teaching herself to bake bread, cinnamon rolls, and other kitchen staples from scratch because it's cheaper and has visited food banks to pick up groceries. She's trying to save enough to afford rent and pay for activities like soccer and tumbling that make her kids happy.

"I know that things could get very bad for us since we are low-income and a one-income household," she said. "I'm not sure what the future holds, so I'm just trying to make those tiny changes."

People with a 'flight' reaction make snap financial decisions

A "flight" reaction to economic turmoil can take a few different forms. To protect their finances, Coughlin and Klontz said people with this response are likely panic buying or pulling their investments out of the stock market — snap financial decisions that may not be the wisest, but make people feel better in the moment. Coughlin refers to it as the "I need to get out of here" feeling.

BI has heard from teachers cashing out their pensions, families with tariff nerves overstocking their pantries, and investors primed to sell at the first sign of trouble. Some Americans are considering literal 'flight' — they're moving to other states or countries to escape high costs or policies they disagree with. Others are anxiously stepping back from newspapers or social media to tune it all out.

Klontz said when people get scared, "our survival brain tends to take over."

"Our instincts are great if we're being chased by a rabid dog," Klontz said, "but our instincts are not good when it comes to investing and spending." He advised people to avoid major or impulsive purchases where possible.

Still, Olivia Iverson, 28, doesn't regret choosing to "panic buy" a new MacBook laptop in early April. She pulled the trigger because many laptops are imported from China, and tariffs are likely to raise prices. Trump has since announced a pause on tariffs on electronics for now.

"A laptop is a one-time purchase," Iverson said, adding, "there's some stuff people panic buy that you're going to have to keep buying week to week, even if prices of these items change."

A flight response can lead to moves and major purchases, but it can also be a much-needed emotional break. As a busy mom balancing a household budget, Bachman said she often turns off the news. She said it can be stressful to constantly be on alert for changes in politics or the economy that might affect her family.

"I try to take care of myself as much as possible, just because I can't be the best mom without doing that," she said. "I do self-care, skincare, like face masks, or I sit in silence. That's a big one. I just sit in silence, in the dark sometimes, and just relax."

People who 'freeze' don't know what to do with uncertainty

The most common reaction to economic uncertainty is freezing, Coughlin said. Freezers are looking at the economy — the tariffs, stock ups-and-downs, the tough white-collar job market, and DOGE cuts — and they don't know what to do.

The slow job market has left Christopher Smith's financial plans on ice. The 41-year-old has been looking for a job for about two years, but hasn't found the right fit. He's trying to stay optimistic, but he's "admittedly terrified" of what will happen to his employment prospects if there's a recession. He's taken on a roommate to help with bills.

"I am begging the universe to send me a job ASAP," he said. "I really hoped to be working by now, and I am slowly drowning under my finances."

Michael Salvatore, similarly, isn't sure what to do next. He operates several bars and coffee shops in Chicago. His businesses are at risk of higher costs on everything from eggs to coffee beans. He said he's put all kinds of decisions on hold, including hiring and opening a new location.

"Especially as a small-business owner, the unknown makes it impossible to have a vision that you can execute on," he said, adding, "I'd rather the market crash and know that, 'hey, we're on a level playing field."

Rebecca Walriven-Lawson, 74, is also feeling stuck. She recently lost Medicaid because her Social Security cost-of-living increase put her over the qualification threshold. Without health insurance, she can't afford the surgery she needs to walk comfortably. She isn't sure what to do next.

"There's nothing for any of us to do but wait," she said.

• Auto sales jumped in March, likely because of tariff concerns.
• Loan applications rose after Trump's tariff announcement, and inventory at dealerships has slipped.
• Different kinds of businesses, from vehicles to clothing, may increase prices due to tariffs.

Car buyers weren't waiting around for potential price increases once tariffs took effect.

New advance data showed motor vehicles and parts sales increased 5.3% in March from February and by 8.8% from a year prior.

While some of that could be due to typical car purchases, recent reports and economists suggest people were trying to get ahead of President Donald Trump's auto tariffs that took effect in April and parts tariffs scheduled to take effect by early May. Consumers could have been concerned over price hikes or low inventory.

Lydia Boussour, senior economist at EY, said this monthly increase in auto sales was the largest jump since January 2023 "as consumers rushed to their dealership to buy cars still available at pre-tariff prices."

Beyond the new data, reports indicate consumers were making shopping decisions before tariffs kicked in. A Bank of America Institute report found that after Trump announced tariffs on imported vehicles and certain parts on March 26, more of the bank's customers were applying for auto loans.

Cox Automotive found new vehicle supply has tumbled across the US, suggesting a rush to buy cars.

"The new retail sales pace increased almost every week in February and March, with a strong surge at month-end with the import tariff announcement creating urgency in the final five days of the month," Cox Automotive said.

Electronics and appliance stores as well as grocery stores had small upticks in sales over the month in March. Sales in building materials and garden equipment and supplies dealers rose 3.3%. Those sectors could also see price hikes as a result of the new tariffs.

Ted Rossman, senior industry analyst for Bankrate, said vehicles, furniture, and clothing are likely to become more expensive because of tariffs.

Sales at department stores, furniture and home furnishings stores, and gas stations declined from February. Boussour said the drop at gas stations reflects lower prices.

Have you made a big purchase lately because of tariffs or other economic concerns? Reach out to this reporter at [email protected]

• How long does it take a CEO to make what workers at their company earn in a year?
• BI analyzed the compensation of CEOs and median employees from S&P 500 companies to find out.
• For some CEOs at big companies, it would only take several hours.

For some chief executives, it would take about a day to make what a typical employee at their company makes in a year. For some leaders, it would take even less time than that.

We looked at the compensation of dozens of CEOs working for some of the biggest S&P 500 companies to figure out how long it would take them to get to the median employee's annual compensation based on data filed with the Securities and Exchange Commission for the 2024 fiscal year.

We then ranked the executives from longest to shortest time, rounded to the nearest minute. The CEOs of Starbucks, McDonald's, and several other retail companies ranked high on the list.

Below are the 20 that took the shortest length among the CEOs we looked at.

20: Thermo Fisher Scientific CEO Marc Casper: 21 hours and 46 minutes

CEO compensation: $30,449,599

Median worker compensation: $75,643

19. Microsoft CEO Satya Nadella: 21 hours and 27 minutes

CEO compensation: $79,106,183

Median worker compensation: $193,744

The financial filing said that the company identified the median employee using workers as of the last day of its fiscal year but didn't include people who joined the company as part of the acquisition of Activision Blizzard.

18. Uber CEO Dara Khosrowshahi: 20 hours and 40 minutes

CEO compensation: $39,408,629

Median worker compensation: $92,958

"Our median employee is an entry level Operations Manager, based in Hong Kong," the financial filing said.

17. Philip Morris CEO Jacek Olczak: 20 hours and 23 minutes

CEO compensation: $20,237,916

Median worker compensation: $47,109

"Approximately 58% of our employees are located in non-OECD countries, which tend to be lesser developed countries with lower wages than OECD countries," the financial filing said.

16. Home Depot CEO Edward Decker: 19 hours and 48 minutes

CEO compensation: $15,574,678

Median worker compensation: $35,196

"Our median-paid associate for Fiscal 2024 was an hourly employee in the U.S.," the financial filing said.

15. Citigroup CEO Jane Fraser: 19 hours and 44 minutes

CEO compensation: $31,142,602

Median worker compensation: $70,138

"The 'annual total compensation' of our median employee includes salary as of December 31, 2024, overtime pay, other fixed pay, incentive compensation, if applicable, and company-paid benefits," the financial filing said.

14. Chubb CEO Evan Greenberg: 18 hours and 22 minutes

CEO compensation: $30,138,094

Median worker compensation: $63,197

"The median employee is an accounts specialist based in the United States," the financial filing said.

13. IBM CEO Arvind Krishna: 16 hours and 56 minutes

CEO compensation: $25,143,682

Median worker compensation: $48,582

12. PepsiCo CEO Ramon Laguarta: 16 hours and 17 minutes

CEO compensation: $28,814,759

Median worker compensation: $53,551

11. Eaton CEO Craig Arnold: 15 hours and 34 minutes

CEO compensation: $22,597,466

Median worker compensation: $40,157

10. American Express CEO Stephen Squeri: 14 hours and 15 minutes

CEO compensation: $37,164,405

Median worker compensation: $60,421

9. Apple CEO Tim Cook: 13 hours and 28 minutes

CEO compensation: $74,609,802

Median worker compensation: $114,738

"We offer a wide range of benefits to our global employee population, and we are committed to paying our employees competitively and equitably based on their role," the financial filing said.

8. Disney CEO Bob Iger: 11 hours and 44 minutes

CEO compensation: $41,122,670

Median worker compensation: $55,111

"The median Disney employee works in a full-time hourly role in parks and has been with the Company for over seven years," the financial filing said.

7. Walmart CEO Doug McMillon: 8 hours and 59 minutes

CEO compensation: $26,968,924

Median worker compensation: $27,642

6. McDonald's CEO Chris Kempczinski: 8 hours and 25 minutes

CEO compensation: $18,195,263

Median worker compensation: $17,492

"Our median employee for 2024 is a restaurant crew employee located in Poland," the financial filing said.

5. Accenture CEO Julie Sweet: 7 hours and 46 minutes

CEO compensation: $24,915,146

Median worker compensation: $22,106

"Because of the geographical distribution of our workforce, our compensation program reflects many factors to determine how we compensate our employees in different countries around the world," the financial filing said.

4. GE Aerospace CEO Larry Culp: 6 hours and 51 minutes

CEO compensation: $88,954,586

Median worker compensation: $69,553

"As a result of the employee population changes in connection with the spin-off of GE Vernova in April 2024, we determined that a new median employee should be selected," the financial filing said, which also said, "General Electric Company operates as GE Aerospace."

3. TJX Companies CEO Ernie Herrman: 5 hours and 51 minutes

CEO compensation: $22,222,769

Median worker compensation: $14,857

The financial filing said the "median employee for purposes of our pay ratio estimate was a part-time hourly retail store Associate" for the 2024 fiscal year.

2. Coca-Cola CEO James Quincey: 4 hours and 25 minutes

CEO compensation: $28,002,284

Median worker compensation: $14,144

The financial filing said that "employees in flexible, part-time roles, such as certain employees at retail stores operated by Costa Limited, our coffee business, lower the annual total compensation for our median employee."

1. Starbucks CEO Brian Niccol: 1 hour and 19 minutes

CEO compensation: $97,813,843

Median worker compensation: $14,674

"Partners frequently work in flexible, part-time roles, which has the effect of lowering the annual total compensation for our median employee," the financial filing said.

• Trump's tariffs on imports may raise prices for groceries like coffee and seafood.
• Most US fresh fruit, coffee, and seafood are imported, and much of it will face 10% tariffs.
• Canada and Mexico are exempt from certain tariffs, providing a buffer for some US imports.

President Donald Trump promised to make Americans' grocery bills more affordable. But his sweeping tariffs on imports of everyday staples like fresh fruit, coffee, and seafood are expected to raise prices, food industry analysts and retailers have said.

Most of the fresh fruit, coffee, and fish Americans consume are shipped from overseas from places such as Peru, Chile, and Indonesia, federal data shows. Meanwhile, France and Italy are among the top suppliers of wine to the US market. Vanilla, a key ingredient in pastries and other sweets, mainly comes from Madagascar.

On April 2, Trump, on what he called "Liberation Day," announced a 10% baseline tariff on imports from nearly all countries. Some countries were hit harder than others, including a threatened 20% tariff on products from the European Union and a 46% tariff on Vietnam.

As the stock market plummeted, Trump on Wednesday announced a 90-day pause on those steeper tariffs — except on China, which faces an even higher 145% rate — but kept a 10% tariff intact on most other countries.

"A 10% tariff is still likely to pose inflationary pressures on food prices, but with much less intensity and speed than the much higher rates included in the country-specific tariff list," Andrew Harig, the vice president of tax, trade, sustainability, and policy development at the Food Marketing Institute, a trade group representing grocery chains and food manufacturers, told Business Insider.

Harig added that while the 90-day pause is a good thing for retailers and consumers, the ongoing uncertainty over US trade policy will be challenging for them to navigate.

"For a company to change where they source product, they really need to know what the market is going to look like on a broader time horizon than three months," Harig said.

Kush Desai, a White House spokesperson, said in a statement that "Chicken Little 'expert' predictions" didn't pan out during Trump's first term and will not during his second term when the president "again restores American Greatness from Main Street to Wall Street."

Over the past five years, grocery staples like eggs, coffee, and olive oil have gotten more expensive thanks to a confluence of issues, including the bird flu outbreak, supply-chain disruptions from COVID-19, weather disasters in some countries, and broader inflation.

Fresh fruits like bananas, pineapples, and avocados could see price hikes quickly because they don't have a long shelf life. Suppliers can't build up large inventories of produce and try to sell them later if prices rise because of tariffs.

For packaged foods, it could be months before costs go up. How much depends on whether importers, manufacturers, and retailers spread out the additional cost hikes, Harig added.

He said one silver lining is that agricultural and other goods from Canada and Mexico that comply with those countries' free trade agreements with the US are exempt from higher tariffs. Most of America's fruit and vegetable imports come from those two countries, and Canada is also a top supplier of fish.

Here are five grocery items that likely will be more expensive:

Coffee

The US relies on Brazil, Colombia, and several other Central American countries for much of its coffee supply. These countries, as well as Kenya and Ethiopia, are now facing 10% tariffs.

"Coffee is seasonal, so at this time of year, coffees from Ethiopia and Kenya are in some stage of transport," Noah Namowicz, the chief operating officer and a partner at Cafe Imports, a Minneapolis-based company that sources coffee from 24 countries, told BI. "They will be subject to these tariffs, in addition to most Central American coffees."

Coffee growers in Peru and Brazil typically start shipments in August and September.

Namowicz said the coffee industry was already experiencing unprecedented cost increases this year because of a drought in Brazil and a typhoon in Vietnam that shrunk production. Adding tariffs to the equation exacerbates the costs.

"Ultimately, the average cup of coffee or a bag in stores in cafés is going to increase," Namowicz said.

He added that the US produces some coffee in Hawaii and California, but the climate is not ideal for growing coffee elsewhere in the country.

Bananas and broccoli

Mexico and Canada are the top suppliers of US fruit and vegetable imports overall, and most agricultural goods are exempt from Trump's new tariffs.

However, federal data shows that Guatemala, Ecuador, and Costa Rica are leading exporters of bananas. Guatemala is also the third-largest exporter of fresh and chilled broccoli and cauliflower to the US.

Bananas are the most popular fruit in the US, and the majority are imported. While broccoli and cauliflower are grown in California year-round, it isn't enough to meet all of the US demand.

Wine

Wines and all other products imported from France and Italy — the two largest suppliers to the US — will be hit with 10% tariffs. Wines from Argentina, Chile, and New Zealand will likely be more expensive, as well.

"Previously, when the cost of those wines went up, consumers switched to California wine," Harig said. "But then sometimes you see those costs go up, too, because there's more demand. So it creates a little bit of a counterintuitive result."

Harig said wine goes through a multistep distribution process, through shippers, receivers, brokers, and distributors. Each player may absorb some of the tariff increases to limit the impact on consumers.

Seafood

The US relies on other countries to feed Americans' growing appetite for seafood. About 80% of US seafood comes from abroad.

India, Ecuador, Indonesia, and Vietnam are the top suppliers of shrimp — the most popular seafood in the US — while Chile and Norway export a lot of farmed salmon.

Do you have a story to share about how the tariffs are affecting your finances or business? Email this reporter at [email protected].