Whether you’re seeking the adrenaline rush of hiking through the Red Rock Canyon or the tranquility of kayaking along the crystal-clear waters of the Colorado River, Nevada delivers an array of outdoor experiences that cater to every adventurer’s desire. Moreover, the state’s vast expanses of desert terrain provide the perfect backdrop for stargazing under the clear night skies or embarking on off-road expeditions through rugged terrain.
2. Con: Water scarcity
Water scarcity is a significant issue in Nevada, particularly in densely populated areas like Las Vegas. The state’s reliance on the Colorado River and underground aquifers means that water conservation measures are a part of daily life.
3. Pro: Entertainment and leisure
Nevada is home to Las Vegas, the entertainment capital of the world. Attracting millions each year, residents and visitors can enjoy world-class shows, dining, and nightlife any day of the week. Beyond Las Vegas, cities like Carson City, the state capital, provide those with a rich history evident in museums like the Nevada State Museum. Additionally, smaller towns and communities throughout Nevada offer their own unique charm.
4. Con: Extreme heat
Summers in Nevada can be brutally hot, with temperatures often soaring above 100 degrees Fahrenheit. This extreme heat can be uncomfortable and necessitates high energy costs due to air conditioning needs. If you’re moving to the state, you’ll need time to adjust to these soaring temperatures.
5. Pro: No state income tax
Nevada is one of the few states that does not impose a state income tax, allowing residents to keep more of their earnings. This financial benefit is a significant draw for people moving to the state. The absence of a state income tax in Nevada not only attracts individuals seeking to maximize their earnings but also appeals to businesses looking to establish operations in a tax-friendly environment.
6. Con: Limited public transportation
Outside of the major urban centers, Nevada’s public transportation options are limited. This can make it challenging for those without personal vehicles to navigate the state, especially in rural areas. For instance, Spring Valley has a transit score of 38, indicating that most errands require a car.
7. Pro: Proximity to natural wonders
Nevada’s proximity to natural wonders such as the Grand Canyon, Lake Tahoe, and Death Valley providing residents unparalleled opportunities for outdoor exploration and adventure. Whether it’s hiking through majestic canyons, skiing on pristine slopes, or marveling at breathtaking landscapes, living in Nevada means easy access to some of the most iconic natural destinations in the country.
8. Con: High tourism traffic
Nevada’s high tourism traffic, particularly in cities like Las Vegas, can lead to congestion on roads, crowded public spaces, and increased noise pollution for residents. Additionally, the influx of tourists may result in higher demand for goods and services, potentially driving up prices for everyday essentials.
9. Pro: Minimal rain throughout the year
Nevada’s status as the least rainy state in the U.S. offers residents a predominantly dry climate with abundant sunshine, ideal for outdoor activities and recreation year-round. The low rainfall levels contribute to a lower risk of weather-related disruptions and natural disasters such as flooding, making it a more stable environment to live in.
10. Con: Air quality issues
Nevada’s air quality issues, particularly in urban areas like Las Vegas, can pose health risks due to elevated levels of pollution from vehicle emissions, industrial activities, and natural dust. Prolonged exposure to poor air quality may exacerbate respiratory conditions and contribute to long-term health concerns for residents.
11. Pro: Relatively low cost of living
12. Con: Risk of natural disasters
Nevada faces a range of natural disasters, including earthquakes, flash floods, and wildfires, which pose risks to residents and property. The state’s proximity to seismic zones increases the potential for earthquakes, with recent tremors reminding residents of the ongoing seismic activity. Additionally, flash floods, especially common in desert regions, can occur suddenly during heavy rainstorms.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Northwestern Mutual Releases 2023 Sustainability and Social Impact Report and Reaffirms Commitment to Building “A Better Tomorrow” MILWAUKEE, April 17, 2024 /PRNewswire/ — Northwestern Mutual, a leading financial services company, today announced the release of its 2023 Sustainability and Social Impact Report: A Better Tomorrow. The report shares details on the 167-year-old company’s investments in … [Read more…]
Average mortgage rates edged higher yesterday. It was a modest increase by any standards but tiny by comparison with Wednesday’s big jump.
First thing, it was looking as if mortgage rates today could fall. But that could change later in the day.
Current mortgage and refinance rates
Find your lowest rate. Start here
Our table is having technical problems. But we’re working hard to fix them.
Program
Mortgage Rate
APR*
Change
30-year fixed VA
7.222%
7.262%
+0.05
Conventional 20-year fixed
7.007%
7.058%
+0.07
Conventional 10-year fixed
6.51%
6.584%
+0.09
Conventional 30-year fixed
7.127%
7.173%
+0.07
30-year fixed FHA
7.056%
7.1%
+0.09
Conventional 15-year fixed
6.64%
6.713%
+0.1
5/1 ARM Conventional
6.785%
7.888%
+0.08
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Markets have turned gloomy over the prospects of the Federal Reserve cutting general interest rates over the next few months. And that’s been pushing mortgage rates higher.
So, for now, my personal rate lock recommendations remain:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCKif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes fell to 4.50% from 4.55%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices increased to $87.42 from $85.57 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices climbed to $2,414 from $2,361 an ounce. (Good for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Because gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — fell to 51 from 54 out of 100. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So, lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
Today
Two economic reports are scheduled for this morning.
The March import price index (IPI) landed at 8:30 a.m. Eastern. And that would normally be bad for mortgage rates. Markets had been expecting it to hold steady at 0.3% and it came in at 0.4%.
So, how come mortgage rates were falling first thing? Well, it’s too early to be sure. But those rates often move in the opposite direction after a sharp movement one way or the other. That’s simply markets reflecting on the change and deciding they over-reacted.
This morning’s other report isn’t due until 10 a.m. Eastern. And that means I won’t have time before my deadline to assess its likely impact on markets. They were expecting the preliminary consumer sentiment index for April to improve slightly to 79.9% from 79.4%.
A lower figure may help mortgage rates to fall while a higher one could push them upward. But this is one of those reports that rarely move those rates far unless they contain shockingly good or bad data.
Mortgage rates might also be affected by earnings reports later from three of the biggest U.S. banks, JPMorgan Chase, Wells Fargo and Citigroup. If they all tell a really positive story, stock market reactions could spill over into the bond market that largely determines mortgage rates.
Next week
We’ve had April’s two most important reports over the last six days. And, taken together, they were pretty bad for mortgage rates.
Next week’s reports aren’t typically as influential by a long way. But a couple of them (retail sales and industrial production) could move mortgage rates higher if they feed markets’ current pessimism over Fed rate cuts — or push them downward if they contradict it.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Apr. 11 report put that same weekly average at 6.88%, up from the previous week’s 6.82%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Mar. 19 and the MBA’s on Mar. 22.
Forecaster
Q1/24
Q2/24
Q3/24
Q4/24
Fannie Mae
6.7%
6.7%
6.6%
6.4%
MBA
6.8%
6.6%
6.3%
6.1%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
So, for the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
Indeed, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account as evidence of their financial circumstances. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. And this gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders. And it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
Reverse mortgage volume dropped in February compared to the month prior, and new data compiled by Reverse Market Insight (RMI) shows that the primary culprit for the month was retail reverse mortgage originations.
The retail channel volume decrease of 15.7% effectively “masked” a gain of 3.9% posted on the wholesale side of the business, according to RMI. To get a better idea of the dynamics driving this data, RMD spoke with Jon McCue, RMI’s director of client relations, for additional perspective and a breakdown of why business moved this way.
Retail vs. wholesale drop
When asked about why retail suffered a heavier drop for the month, McCue said it could stem from a few different factors.
“I know some companies have gone back to brokering their loans because the volumes are not high enough to support their own staff to compete in the full correspondent space, so I’m sure there is an uptick in part to that,” McCue said. “Outside of that, a one-month decline like this is really too early to weigh in heavily with speculation. If this becomes a trend, then I think that would tell us more.”
Four of the top 10 lenders in the space — South River Mortgage, Goodlife Home Loans, Longbridge Financial and Liberty Reverse Mortgage — managed to post gains for the month. When asked about why the bigger lenders sustained drops in the retail and consumer-direct business channels compared to the wholesale side, McCue said part of it is data visibility.
“Given that the vast majority of brokers in the space only do zero to one loans a month, it is easier to see the significant decreases in the larger players since their volumes are more visible to the entire space,” he said.
“Because of this fact, when there are industry headwinds, we tend to see it first in the larger lenders simply because it is easier to see. However, if we go back to the November and December case number assignments, the writing was sort of on the wall that a month like this was coming.”
That’s because those were the two lowest case number assignment months in all of 2023, McCue said. South River Mortgage does not have a wholesale channel, so its growth was due entirely to retail, but for the other lenders it was a bit more channel-driven, with the exception of Longbridge, he added.
“Longbridge led the wholesale channel in February and was No. 3 in retail, so when combined it gave them a nice boost month over month,” McCue said. “Goodlife was all from their wholesale channel, and Liberty was a little bit of a combined effort as well from both its channels.”
Case numbers, product types
In terms of case numbers, the low-issuance months at the end of 2023 served as a bit of a telegraph, McCue noted.
“Since we are speaking of February endorsements, we need to go back to around the November and December case number assignments, which happened to be the lowest in all of 2023 at just over 2,600 and 2,200 respectively,” he explained.
“With that said, you shouldn’t be too surprised to see endorsements fall off in February. However, ever since the start of the year, we have seen an uptick in case numbers, which correlates to the uptick in activity LOs have been seeing and that [RMD has] reported on.”
Earlier in the year, RMD spoke to reverse mortgage managers and loan officers across the country, who did in fact report a more steady stream of inbound inquiries and product interest. Part of that was also due to an apparent increase in originator sentiment around the HECM for Purchase (H4P) product, which RMI hopes to see more of in the months ahead.
“We are firm believers that the H4P product is prime to take off,” McCue said. “When looking at H4P volumes over the years, interest rates have had very little to do with its success. In fact, the lowest levels of H4P were in the lowest rate environment during the 2020 pandemic as inventory tightened and seniors were not interested in moving given all that was happening.”
Industry perseverance
But other data suggests that seniors may be more willing to move again. He cited the 2024 Generational Trends report from by the National Association of Realtors (NAR), which indicated that the senior demographic made up the second-largest portions of buyers and sellers.
“This tells me [seniors] are moving again, so what are their options? For the right people in this high interest rate environment, an H4P may just be what they need,” McCue said. “And now that the program has gone through some recent changes, it is more closely related to its forward counterpart.”
The reverse mortgage industry, he added, is adding its own brand of perseverance to the table.
“With the rate environment we are in, it is tough, but case number assignments have been on the rise since January, the H4P product got some much needed improvements, and in speaking with LOs, it sounds like they are keeping busy,” McCue said. “Currently, all signs are pointing in the right direction, but that isn’t because of rates. It’s because of the hard work of all the professionals in this space working very hard to help their clients.”
Michigan has a beautiful array of landscapes, ranging from the Great Lakes’ expansive shores to the lush forests of the Upper Peninsula. Its cities, like Grand Rapids with its craft brewery scene and Ann Arbor as a vibrant center of education and innovation, present diverse living environments. However, navigating life in Michigan has its hurdles. In this ApartmentGuide article, we’ll uncover the pros and cons of calling the Great Lakes State home, giving you insights on whether you’ll want to call this state home.
Renting in Michigan snapshot
1. Pro: Rich cultural heritage
Michigan’s cultural heritage is deeply rooted in its history, from the Motown Museum in Detroit that showcases the city’s musical legacy to the numerous festivals celebrating its diverse communities like the East Lansing Film Festival. Along with festivals, the state’s history of innovation and manufacturing, particularly in the automotive industry, is displayed in museums like The Henry Ford in Dearborn.
2. Con: Harsh winters
Michigan experiences extreme winters with heavy snowfall and below freezing temperatures, particularly in the Upper Peninsula. This weather can lead to difficult driving conditions, increased heating costs, and the need for regular snow removal, impacting daily life during the winter months.
3. Pro: Abundant natural beauty
The state is home to stunning natural landscapes, including the Great Lakes, over 100 state parks, and thousands of miles of beaches. Places like Sleeping Bear Dunes National Lakeshore and Pictured Rocks National Seashore offer breathtaking views and a plethora of outdoor activities such as hiking, fishing, and camping.
4. Con: Summer humidity
Michigan ranks among the states with some of the highest humidity levels in the nation. Humidity can lead to discomfort and exacerbate existing health conditions for some residents. The combination of heat and humidity can make outdoor activities feel more oppressive and challenging. Additionally, increased humidity can contribute to issues like mold growth and indoor air quality concerns in homes and buildings.
5. Pro: Vibrant arts and music scene
Michigan boasts a vibrant arts and music scene, with Detroit known as the birthplace of Motown music. The state hosts numerous art fairs, music festivals like the Detroit Jazz Festival, and live performances throughout the year, reflecting its rich cultural diversity and artistic talent.
6. Con: Infrastructure concerns
Infrastructure in some parts of Michigan, including roads and bridges, requires significant improvement. The state has faced challenges with aging infrastructure due to climate change, leading to concerns over safety and the need for extensive repairs and upgrades. This can pose as a challenge to residents who commute.
7. Pro: Educational opportunities
Michigan is home to prestigious universities and colleges, including the University of Michigan and Michigan State University. These institutions offer a wide range of programs and contribute to research, innovation, and the state’s educational landscape.
8. Con: Unpredictable weather
Michigan’s weather is famously erratic, with residents often experiencing dramatic shifts in temperature and sudden weather changes. From unexpected snowstorms in April to heatwaves in October, predicting the weather can be a challenge. This variability can impact daily life, requiring residents to be prepared for a wide range of conditions throughout the year.
9. Pro: Sports and recreation
Michigan is a haven for sports enthusiasts, hosting professional teams like the Detroit Lions and Detroit Tigers, as well as offering numerous recreational activities such as boating, fishing, and skiing. The state’s diverse landscapes provide the perfect backdrop for a wide range of outdoor adventures.
10. Con: Seasonal allergies
Michigan’s lush natural landscape brings with it seasonal allergies, with pollen levels often peaking during the spring and summer months. For allergy sufferers, this can mean dealing with symptoms like sneezing, itchy eyes, and congestion. While the state’s beauty is undeniable, those prone to allergies may need to take precautions during peak pollen seasons to minimize discomfort.
11. Pro: The Great Lakes
Michigan’s proximity to Lake Huron, Lake Michigan, Lake Superior and Lake Erie offer residents unparalleled access to recreational opportunities, including swimming, boating, and fishing. The vast expanses of freshwater provide not only stunning natural beauty but also opportunities for water-based activities year-round.
12. Con: Limited public transportation
Outside of major cities, Michigan’s public transportation options are often limited, leaving residents reliant on personal vehicles for commuting and travel. In fact, in Ferndale, the transit score is 13, meaning the city is car-dependent where almost all errands require a car. This lack of comprehensive public transit infrastructure can pose challenges for those without access to cars, particularly in rural areas.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Welcome to the charming city of Tallahassee, where the sun shines bright, and the Southern hospitality is always in full swing. With its rich history, diverse culture, and stunning natural beauty, Tallahassee offers a unique blend of urban amenities and outdoor adventures. So whether you’re searching for the perfect apartment in Tallahassee or a cozy home for rent, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Tallahassee. Let’s get started and see what awaits in the capital city of Florida.
Pros of living in Tallahassee
1. Abundant outdoor activities
Tallahassee is a haven for outdoor enthusiasts, with its proximity to numerous state parks, nature reserves, and the Apalachicola National Forest. Residents can enjoy hiking, biking, birdwatching, and kayaking in the picturesque surroundings of the city. The mild climate also allows for year-round outdoor recreation, making it an ideal destination for nature lovers.
2. Rich cultural heritage
Tallahassee boasts a rich cultural heritage, evident in its historic architecture, museums, and art galleries. The city is home to the Museum of Florida History, showcasing the state’s diverse history, and the Tallahassee Museum, which offers a glimpse into the region’s natural and cultural heritage. Residents can also explore the vibrant arts scene through local galleries, theaters, and music venues, providing a deep appreciation for the city’s cultural offerings.
3. Affordable cost of living
Compared to other cities in Florida, Tallahassee offers a more affordable cost of living, making it an attractive option for those seeking a balance between quality of life and expenses. The average rent for apartments in Tallahassee, is between $1,035 and $1,399 in 2024. Housing, groceries, and utilities are relatively affordable, allowing residents to enjoy a comfortable lifestyle without breaking the bank.
4. Strong sense of community
Tallahassee fosters a strong sense of community, with its friendly and welcoming atmosphere. Residents can engage in various community events, farmers’ markets, and local gatherings, creating a tight-knit and supportive environment. The city’s emphasis on community involvement and volunteerism further enhances the overall sense of belonging for its residents.
5. Educational opportunities
As the capital of Florida, Tallahassee is home to several prestigious educational institutions, including Florida State University and Florida A&M University. This provides residents with access to a wide range of academic and cultural resources, as well as opportunities for lifelong learning and personal growth.
6. Diverse culinary scene
Tallahassee offers a diverse culinary scene, with an array of restaurants, cafes, and food trucks serving up a variety of cuisines. From Southern comfort food to international flavors, residents can indulge in a culinary adventure without leaving the city. The local farmers’ markets also provide access to fresh, locally-sourced ingredients, contributing to the city’s vibrant food culture.
7. Proximity to beaches
Although not directly on the coast, Tallahassee is within driving distance of several stunning beaches along the Gulf of Mexico. Residents can take day trips to enjoy the sun, sand, and surf at popular spots like St. George Island and Shell Point Beach, making the city an appealing location for beach lovers.
Cons of living in Tallahassee
1. Limited public transportation options
Tallahassee’s public transportation system is relatively limited, with fewer options compared to larger metropolitan areas. With a transit score of 30, this can pose challenges for residents who rely on public transit for their daily commute or prefer not to drive. Potentially leading to transportation issues and longer travel times.
2. Humid climate
Tallahassee experiences a humid subtropical climate, characterized by hot, humid summers and mild winters. The high humidity levels can be uncomfortable for some residents, especially during the summer months, and may require adjustments in daily routines and activities to cope with the weather.
3. Limited job market
While Tallahassee is the state capital and home to government institutions and universities, the job market may be limited in certain industries. Residents seeking employment opportunities outside of these sectors may find fewer options available, requiring careful consideration when planning their career paths.
4. Seasonal weather challenges
Tallahassee is susceptible to seasonal weather challenges, including the potential for hurricanes and tropical storms during the summer and fall months. Residents need to be prepared for inclement weather and follow safety protocols, which can be a concern for some individuals.
5. Traffic congestion
As the city continues to grow, traffic congestion has become a common issue in certain areas of Tallahassee. Commuters may experience delays during peak hours, leading to longer commute times and potential frustration for those navigating the city’s roadways.
6. Limited entertainment options
While Tallahassee offers cultural and outdoor attractions, some residents may find the entertainment options to be more limited compared to larger cities. The nightlife and live music scene, in particular, may not be as extensive as in other urban centers, requiring residents to seek out alternative forms of entertainment.
7. Limited diversity in shopping options
Residents of Tallahassee may find that the city has a more limited selection of shopping options compared to larger metropolitan areas. While there are shopping centers and malls, the variety of stores and brands may not be as extensive. Potentially impacting the shopping experience for some individuals.
Bonds began the overnight session in modestly stronger territory but the gains started adding up in earnest after European markets opened for the day. A slew of respectable inflation readings and another survey on inflation trajectory helped juice European bonds and US Treasuries came along for the ride. Then in early domestic trading, there was some speculation about flight-to-safety trading with stock prices and bond yields moving lower together. The jury is still out on geopolitical events driving bonds over the past 2 days (i.e. there are other ways to reconcile the move that could be more relevant). Either way, the net effect was a solid improvement overnight.
Additional gains have followed the Consumer Sentiment data with the only caveat being that we’ve barely begun to unwind this week’s losses.
Welcome to the charming city of Akron, Ohio, where the blend of urban amenities and natural beauty creates a unique and inviting atmosphere. Nestled along the banks of the Ohio and Erie Canal, Akron boasts a rich history and a thriving arts and culture scene. Residents of Akron enjoy a close-knit community, affordable living, and a wide range of recreational activities. So whether you’re searching for the perfect apartment in Akron or eyeing a cozy home for rent, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Akron. Let’s get started and see what awaits in this vibrant city of Ohio.
Pros of living in Akron
1. Affordable cost of living
Akron boasts an affordable cost of living, making it an attractive option for individuals looking to stretch their budget. The average rent for apartments in Akron, is between $799 and $1,099 in 2024. Housing prices are reasonable, and the overall expenses for groceries, transportation, and healthcare are also relatively low compared to other cities. This allows residents to enjoy a comfortable lifestyle without breaking the bank.
2. Rich cultural heritage
Akron has a rich cultural heritage, with a strong emphasis on the arts and history. The city is home to numerous museums, galleries, and theaters, offering residents a diverse range of cultural experiences. From the Akron Art Museum to the Stan Hywet Hall & Gardens, there are plenty of opportunities to immerse oneself in the city’s vibrant cultural scene.
3. Access to outdoor recreation
Residents of Akron have easy access to outdoor recreation opportunities, thanks to the city’s proximity to parks, hiking trails, and nature reserves. The Cuyahoga Valley National Park is just a short drive away, providing a picturesque setting for hiking, biking, and birdwatching. The city also offers a variety of recreational activities, including golf courses, community pools, and sports leagues, catering to outdoor enthusiasts of all ages.
4. Strong sense of community
Akron is known for its strong sense of community, with residents actively participating in local events, volunteer initiatives, and neighborhood associations. The city’s close-knit neighborhoods foster a supportive and friendly environment, where neighbors look out for one another and come together to celebrate traditions and milestones. This sense of community creates a welcoming and inclusive atmosphere for new residents.
5. Diverse culinary scene
Akron offers a diverse culinary scene, with a wide range of dining options to satisfy every palate. From cozy diners serving up classic comfort food to trendy eateries offering international cuisine, there’s no shortage of delicious meals to enjoy. The city also hosts food festivals, farmers’ markets, and culinary events, showcasing the local flavors and talents of Akron’s culinary community.
6. Educational opportunities
Akron is home to several reputable educational institutions, including the University of Akron and Kent State University’s satellite campus. This provides residents with access to quality higher education and lifelong learning opportunities. The city also has a strong public school system, with a focus on academic excellence and extracurricular activities for students of all ages.
7. Thriving job market
Akron has a thriving job market, with employment opportunities in various industries such as healthcare, manufacturing, and technology. The city’s strategic location and business-friendly environment make it an attractive destination for job seekers and entrepreneurs. Additionally, Akron’s commitment to economic development and innovation contributes to a dynamic and diverse workforce.
Cons of living in Akron
1. Harsh winters
Akron experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents who are not accustomed to such weather conditions. The winter months often require extra precautions for driving and outdoor activities, and the need for snow removal and maintenance can be a hassle for homeowners.
2. Limited public transportation
Akron has limited public transportation options, which can be inconvenient for residents who rely on buses or trains for their daily commute. With a transit score of 30, the city’s public transit system is not as extensive as in larger metropolitan areas. Making it necessary for many residents to own a car for their transportation needs. This can lead to traffic congestion and parking issues in certain areas.
3. Industrial landscape
Akron has an industrial landscape, with a history rooted in manufacturing and rubber production. While the city has diversified its economy over the years, some neighborhoods still bear the remnants of heavy industry, including abandoned factories and industrial sites. This can detract from the aesthetic appeal of certain areas and impact the overall environmental quality.
4. Limited nightlife options
Akron has limited nightlife options compared to larger cities, with fewer bars, clubs, and entertainment venues available for residents to enjoy. While the city has a growing arts and music scene, the nightlife may not be as vibrant or diverse as in other urban centers, leading some residents to seek entertainment options in neighboring cities.
5. Weather-related challenges
In addition to harsh winters, Akron experiences weather-related challenges such as heavy rainfall and occasional flooding. The city’s proximity to the Cuyahoga River and its tributaries can result in localized flooding during periods of intense precipitation, posing potential risks for residents living in flood-prone areas.
This ApartmentGuide article dives into the essence of life in the Empire State, highlighting the pros and cons of living there. With New York’s rich cultural heritage and endless opportunities for entertainment, dining, and outdoor activities, it’s an ideal destination for those looking to experience the best of both worlds. Whether you’re interested in upstate living with charming suburbs like Saratoga Springs, or want the hustle and bustle of Manhattan, New York has it all. Join us as we take a look on what life is like, so you can navigate what to expect.
Renting in New York snapshot
1. Pro: Diverse cultural experiences
New York is a melting pot of cultures, where you can immerse yourself in a multitude of cultural experiences. From the dazzling Broadway shows like Wicked in Manhattan to its numerous cultural festivals, such as the Greek Festival in Astoria, New York has plenty of experiences to appreciate all over the state.
2. Con: High cost of living
The cost of living in New York is significantly higher than the national average, especially in New York City where housing, groceries, and transportation can be particularly expensive. The median sale price in New York City is $776,500 and the average rent for a one-bedroom apartment is $5,147, making it challenging for residents to manage their finances comfortably.
3. Pro: Abundant natural beauty
New York boasts a variety of natural landscapes, from the scenic beaches of Long Island to the majestic Adirondack Mountains. The state offers countless opportunities for outdoor activities such as hiking, skiing, and boating, appealing to nature lovers and adventure seekers.
4. Con: Weather extremes
New York faces a range of extreme weather conditions, including flooding, severe storms, heatwaves, and winter blizzards. Additionally, heavy rainfall, exacerbated by factors like urbanization and climate change, can lead to flash floods in various regions of the state. Moreover, winter blizzards bring heavy snowfall and below-freezing temperatures, posing challenges for transportation and infrastructure maintenance.
5. Pro: World-class education institutions
New York is home to some of the world’s most prestigious universities and colleges, including Columbia University and New York University. These institutions attract individuals from all over the globe, contributing to the state’s vibrant intellectual community.
6. Con: Noise pollution
Noise pollution is a significant issue in many parts of New York, especially in urban areas. The constant background of traffic, construction, and urban activities can affect residents’ quality of life and well-being. If you’re walls are thin, you’ll want to learn how to soundproof a room.
7. Pro: Economic opportunities
As a global financial and business hub, New York offers vast economic opportunities across various sectors such as finance, media, technology, and healthcare. The city is home to Wall Street, the epicenter of the global finance industry, attracting top talent and investment from around the world. Additionally, New York City’s vibrant media landscape includes major publishing houses, television networks, and digital media companies, driving innovation and creativity in the industry.
8. Con: Traffic congestion
Traffic congestion is a common issue in New York, particularly in densely populated areas like New York City. This can lead to long commute times and increased stress for residents who rely on road transportation for their daily activities. Traffic congestion also allocates to the city’s noise pollution, stated above.
9. Pro: Culinary diversity
New York’s culinary scene is renowned for its diversity, offering everything from high-end dining experiences to street food from around the world. Food enthusiasts can explore a wide range of cuisines, reflecting the state’s multicultural population. For example, in New York City’s boroughs, one can find authentic Italian trattorias in Little Italy, while in upstate New York, be sure to try some amazing farm-to-table restaurants.
10. Con: Overcrowding in urban areas
Overcrowding is a problem in many areas of New York, particularly in New York City. High population density can lead to crowded public spaces, long lines, and a general sense of congestion, impacting residents’ daily lives. This issue is particularly evident in popular tourist destinations like Times Square and Central Park, where people gather year-round.
11. Pro: Vibrant arts scene
New York is a global center for the arts, home to iconic institutions like the Metropolitan Museum of Art, Museum of Modern Art and the The Corning Museum of Glass. The state’s vibrant arts scene includes a wide range of performances, exhibitions, and cultural events throughout the year.
12. Con: Limited affordable housing
Finding affordable housing in New York can be a significant challenge, especially in major urban centers. The high demand for housing often leads to competitive rental markets and high prices, making it difficult for many residents to find suitable accommodations.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
The most anticipated economic report of the month showed that inflation has not just stalled, but increased. The news almost certainly rules out a rate cut in June, and traders are increasingly skeptical there will be more than a couple cuts in 2024, if any at all.
Consumer prices in March were up 3.5% from a year earlier, up from 3.2% in February, according to data released by the Bureau of Labor Statistics on Wednesday. This marks the second month in a row of rising inflation and represents the biggest jump since August.
Core inflation, the Fed’s preferred inflation measure, stayed at 3.8% annually in March, unchanged from February. The Fed’s target for core inflation remains 2%. On a monthly basis, the index increased by 0.4% in March, unchanged from February’s rate.
This month’s inflation reading is the last set of price data officials will see before their April 30-May 1 meeting. While officials are on track to hold rates steady at the next Federal Open Markets Committee meeting, the next inflation data, set for release on April 26, could shape the debate over what to do at the subsequent meeting in June.
“Inflation is down from the high of 9.1% in June 2022, but it is not down far enough for the Federal Reserve to begin cutting interest rates,” Bright MLS Chief Economist Lisa Sturtevant, said in a statement. “The Fed is looking for core inflation to be at 2% before it lowers the federal funds rate. The rationale is that prices are increasing too fast because demand is still too strong, and higher interest rates are needed to cool that demand and bring prices down.”
Uncertainty looms over the Federal Reserve’s timeline for initiating cuts to its benchmark federal-funds rate. Many traders predicted up to seven rate cuts at the beginning of 2024, now many are betting on one or two—or none, especially after the release of the latest jobs report.
The index for shelter and gasoline accounted for 50% of the monthly increase in the index for all items in March. The annual rent inflation in March was 5.7%, unchanged from last month and still high enough to help keep inflation elevated.
“Rents have been coming down in many parts of the country as record levels of new apartments were delivered in 2023,” Sturtevant said. “However, data on rents enter the CPI calculation with a lag—sometimes by as much as 12 to 18 months. So, we might not see the effect of lower rents in the CPI until this summer or fall, which means hitting a 2% target won’t be possible until at least then.”
Since the strong March labor market reading, interest rates have posted a general upswing, with the 10-year moving toward 4.4%, its highest yield since November. Meanwhile, mortgage rates have steadied recently.
Shelter costs are known for keeping inflation artificially high, the consumer price index minus shelter stood at 1.9% in March, thesixth month in a row below 2%.
“By sticking hard-and-fast to its inflation target, the Fed risks waiting too long to lower interest rates and is not taking into account the particular way in which the housing market is driving inflation,” Sturtevant said.