Before most of us can even think of buying a home, we must shop around for a mortgage. In fact, a 2013 study by American Community Survey revealed that two-thirds of all housing units are occupied by a mortgage-holder.
As you might imagine, a mortgage is serious financial business involving credit reports, bank statements, and other methods of verifying your income and stability as loan grantee.
Fortunately, you do have some negotiating power in the mortgage process as a buyer— mainly by establishing a rate lock.
What Is a Rate Lock, You Ask?
A rate lock protects the borrower from unpredictable, rising interest rates. In basic terms, a rate lock is an agreement between you and your lender to freeze the interest rate on your mortgage.
It is a guarantee to freeze your interest rate wherever it is at the time of signing. The way mortgage companies arrive at the specific interest rate is on a point-based system that takes your finances into account as well as the size of your loan amount.
Essentially, every point you earn in this system translates to a better interest rate at a certain price and for a specific time period.
It’s important to remember that mortgage rates change daily or even hourly based on the market. As The Wall Street Journal once pointed out, following the weekly rates on 15-year and 30-year mortgages is a bit like a roller coaster.
But through rate locks, you might have the ability to freeze a low rate and therefore get a better deal on your mortgage. Obviously, this will save you money that you can put toward furniture, movers, and other living expenses associated with buying a new home.
Timing Is Everything.
The art of rate locking requires a knowledge of loan processing and a steady eye on market fluctuations. A rate lock is good for only a window of time, usually either 30, 60, or 90 days.
The goal is to sign your rate lock agreement at a time when the interest rates are down and when you have firm knowledge that the loan will be processed within that window of time. For those reasons, most experts recommend that you sign a purchase agreement before discussing rate locks.
It is critical not to lock in a rate too early because loan processing may take longer than expected. In a worst case scenario, your rate lock would be nullified. If this happens, you might incur some extra costs for a re-lock or be subjected to a worse rate.
So what’s important here is to hit the sweet spot between a low interest rate and a workable window of time.
Making the Most of Your Lock
Agreeing to a rate lock is usually binding, meaning that you are stuck with it even if the market rates fall a day later. There are, however, some exceptions to this rule.
When reading over your lender contract, make sure that there is a so-called “float down” provision, which would state that if the rate drops during your lock period, you can take advantage of the lower rate (typically, this provision is stated at the top of your Loan Estimate).
Lenders may charge a small fee for the flexible rate lock, but don’t be afraid to ask. And if all else fails, you could request to renegotiate your contract.
Are Rate Locks Worth It?
In a word, yes. With the correct approach, you could potentially earn huge savings on your mortgage. There is a definitely a difference in terms of short-term or long-term rate locks to consider.
Short term rate locks are often free or cost up to .25 or .5 percent of the total loan, or even as little as a few hundred dollars. Meanwhile, long-term rate locks while cost higher percentages, but offer a better security blanket should the loan process take longer than expected.
The best advice when choosing a rate lock is to do some research beforehand. Follow the fluctuation in mortgage rates for a few weeks. Find out the average time for processing loans in your area or ask your lender to estimate the time needed.
Take into account any other factors that could delay your settlement, such as unanticipated construction delays on a house or mistakes on your paperwork.
Quick Questions to Ask Your Lender About Rate Locks.
When will the lender let you lock in the interest rate? When you apply? When the loan is approved?
When will the lock-in be in writing? (This is a way to have a record of the lender’s agreement, in case of a dispute.)
Does the lender charge a fee to lock in your interest rate? Does that fee increase for longer rate lock periods?
How long does the lender expect the process of your loan to take?
If your rate lock expires and you want to get another, will the lender charge an additional fee for the second one?
A proposed set of higher risk weights for mortgage-related assets at banks could broadly compound current strains on home affordability and conflict with other policies and rulemaking promoting it, critics testified at a congressional hearing Thursday.
The new rules not only increase portfolio lending expenditures for low down payment loans, but aspects like a possible change affecting servicing rights also add costs for lenders and the market at large, said Bob Broeksmit, president and CEO, Mortgage Bankers Association.
The rights and associated work of handling loan payments are a key cost for the mortgage industry at large and if depositories further withdraw from investments in them, costs for nonbank lenders already struggling to profit due to higher rates could rise, he said.
“The mortgage servicing value is an integral part of how every mortgage is priced, not just mortgages made by these banks,” Broeksmit said at a House Financial Services subcommittee hearing. The subcommittee involved is focused on financial institutions and monetary policy.
Mortgage servicing rights already have a relatively high risk weighting under current bank capital rules that discourage holding them in amounts above 25% of Tier One common equity. The proposal would lower the cap to 10% of common stock or other assets in that category.
Broeksmit also reiterated his past criticisms of moving from a risk-weighting of 50% for most home mortgages outside the income-producing sector, to a proposed step-up of percentages in that category by loan-to-value ratio that’s in excess of global Basel III rules.
“If these increased capital requirements go into effect, banks will make fewer mortgage loans or they will raise the price,” said Broeksmit.
He also doubled-down on his previously stated concerns about the fact that the new requirements don’t account for the additional protection private mortgage insurance can provide to loans with lower down payments.
Others testifying said the capital rules could put a strain on mortgages that have balloon payments due in a higher rate market.
“In a time of historic inflation, the fastest increase in interest rates in modern history, and a growing likelihood of the credit crunch, now is not the time to raise capital levels,” said Committee Chair Rep. Andy Barr, R.-Ky. “Such action threatens to further constrain credit availability and put already-sensitive sectors such as commercial real estate in further peril.”
The new capital rules also could be a constraint on lines of credit used both by businesses and consumers, Broeksmit said.
“If I understand this voluminous proposal correctly, banks would be required to hold capital on the maximum amount that could be drawn rather than the amount that is outstanding. That could have a really chilling effect on … small business credit and also home equity lines of credit where consumers take that out and use it as they need it,” he said.
Other speakers and some Democratic members of Congress debated the assertion that the rule would hurt access to financing.
“We strongly disagree that new capital requirements will undermine credit availability,” said Alexa Philo, senior policy analyst, Americans for Financial Reform, after Rep. Ayanna Pressley, D.-Mass, asked whether the new rules could protect the availability of lending in a downturn.
There’s a significant body of research that has found that domestic financial institutions with higher reserves provided more financing than those with lower capital levels, Philo said.
“Well capitalized, large U.S. banks had higher loan originations and liquidity,” she said.
The U.S. government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year.
First reported this week by Bloomberg News, the bonds in question are part of $114 billion in assets the Federal Deposit Insurance Corporation (FDIC) recovered when it assumed control over both banks earlier in the year.
The bonds are secured by “long-term, low-rate” loans made primarily to developers of low-income multifamily apartment complexes.
To aid the impending sales, the FDIC has reportedly considered alternatives to cutting bond prices up to and including repackaging the associated debt into new securities, Bloomberg reported. BlackRock Financial Market Advisory had preliminary conversations with investors about the bonds, the report said, citing unnamed sources.
In April, the FDIC decided to sell a portfolio of $114 billion in MBS it obtained after seizing control of the banks, retaining Blackrock to conduct the sale. In March, First Citizens Bank & Trust Company announced its intent to acquire all of SVB’s deposits and loans that were moved to an FDIC-created bridge bank after the collapse.
College is expensive, with the yearly cost of attendance at some private schools now topping $75,000. Looking at these numbers, you may wonder how you will ever possibly afford to send your kids to college.
But before you get too disheartened, it’s important to understand that a college’s published “sticker price” is often very different from what you actually have to pay (known as the net price). What’s more, just putting a small amount of money aside each month in a college fund can add up to a significant sum over time, especially if you take advantage of a tax-advantaged college savings account.
Read on to learn key things about how to save for college — from estimating how much you need to set aside to picking the right college saving fund.
Determining the Cost of College for Your Children
Tuition costs vary widely, depending on the type of school your child wants to attend, the type of degree they’ll earn (bachelor’s or associate), and even geographic location.
According to the College Board, the average annual college tuition costs for the 2022-23 school year were:
• $10,940: public four-year in-state (a 1.8% increase from 2021-21)
• $28,240: public four-year out-of-state (a 2.2% increase from 2021-22)
• $39,400 : private nonprofit four-year (a 3.5% increase from 2021-22)
• $3,860: public two-year in-district (a 1.6% increase from 2021-22)
The College Board also studied the annual, inflation-adjusted change in college tuition and fees over the last decade:
• -1%: four-year public schools
• -4%: two-year public schools
• +6%: four-year private (nonprofit) schools
If your kids are young, you may wonder how much college will cost when it’s time for them to head off. Fortunately, there are many online calculators that can help you figure this out, taking factors like your child’s age, the type of school you expect your child to attend, and the expected rise in the cost of college into account.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
Net Price vs. Sticker Price
Every college and university, private or public, lists a sticker price, which is also known as the cost of attendance (COA). This price includes tuition, fees, room and board, books, supplies, and miscellaneous expenses.
The net price, on the other hand, is what a student would actually pay, after factoring in any financial aid provided by the college and the federal government.
Financial aid is based on your family’s income, as well as the student’s academic achievement. Aid is offered in the form of grants, scholarships, work-study, and sometimes federal student loans. Schools offer aid based on financial need, a student’s “merit,” or a combination.
When you fill out the Free Application for Federal Student Aid (FAFSA), you will receive a Student Aid Index, or SAI. (Previously, this was called the Estimated Family Contribution, or EFC.) Colleges use this number to determine the amount of financial aid they award to accepted students. Typically, colleges come up with a financial aid package to help bridge the gap between the school’s sticker price and what your family can afford to pay.
Indeed, sometimes colleges with the highest sticker price end up costing less than a college with a much lower sticker price.
Recommended: How to Start Saving for Your Child’s College Tuition
Using a Net Price Calculator
Fortunately, you can get an idea of what the net price will be for a particular college before you apply by using the government’s net price calculator. This tool can help students and their families get a better idea of the cost of college, after subtracting scholarships, grants, and other financial aid.
Keep in mind, though, that the net price calculator is going to require specific details about your income and assets, so the more transparent you are regarding your personal finances, the more precise your calculation is likely to be.
When is a Good Time to Start Saving for Your Child’s Education?
Generally, the sooner the better. In fact, it can be wise to set up and start making small monthly contributions to a college savings fund soon after your child is born.
For some familes, however, it may not be possible to start saving that early. It’s equally important to pay attention to your other expenses and family’s needs. For example, you may want to prioritize building an emergency and paying off expensive credit card debt over saving for college. It’s also a good idea to make sure you’re on track with retirement savings. At the end of the day, students are able to get loans for an education but it’s not possible to take out loans to fund retirement.
Some Options for Saving
529 Plan
A 529 education savings plan is an investment account that can be used to save for the beneficiary’s qualified education expenses. The funds can be used to pay for higher education or private elementary or high schools. A 529 plan allows your savings to grow tax-free, and some states even offer a tax deduction on your contributions.
All 529 plans are set up at the state level. However, you don’t have to be a resident of a particular state to enroll in its plan.
If your child decides not to go to school, it’s possible to roll the account over into the name of another family member. If the funds aren’t used for education-related expenses, there may be taxes and penalties.
Family members and friends can also contribute to a child’s college savings plan. They may choose to make deposits to an existing 529 account or set up one themselves, naming a beneficiary of their choice.
Some 529 savings plans offer an age-based investment option to automatically adjust the risk of the investment strategy as the beneficiary gets older. This type of investment approach might be similar to how a target date fund works in your retirement plan.
Regular Savings Accounts
You can also save for your child’s college tuition using a savings account at a traditional bank, credit union, or online bank. Just keep in mind that interest rates, even for high-yield savings accounts, tend to be relatively low. Plus, savings accounts don’t offer the tax advantages you can get with some other college savings vehicles.
It may be difficult to reach education financing goals through a traditional savings account alone since the interest rate might not keep pace with the inflation of college expenses.
Roth IRAs
Although generally used for retirement savings, a Roth IRA can be used to pay for the cost of college. Contributions to a Roth IRA are made with after-tax dollars but earnings grow tax-free.
Generally, to withdraw the earnings from an IRA without paying a penalty (or taxes), the account holder needs to be at least 59 ½ years old. However, if you made the first contribution to your Roth IRA at least five years before, you can also withdraw the growth penalty-free for qualified education expenses, including tuition, books, and supplies.
Keep in mind that, while there may not be an early withdrawal fee, the earnings withdrawn may still be subject to income tax.
Other Options to Pay for College
Sometimes saving alone isn’t enough to cover the cost of college. In that case, there are other funding options available that could help students and their families pay for college.
Private Scholarships
Scholarships are essential free money for college because you don’t have to pay them back. Scholarships are typically merit-based and are offered through a variety of organizations and institutions, including nonprofits, corporations, and even directly from universities and colleges. In some cases, scholarships are awarded on the basis of nationality, ethnicity, or economic need. There are a number of searchable databases that compile different scholarship opportunities.
Federal Financial Aid
When you complete the FAFSA each year, you will become eligible for federal financial aid. This can include scholarships, grants, work-study, and federal student loans (which may be subsidized or unsubsidized).
Private Student Loans
If savings and financial aid aren’t enough to cover the full cost of college, you can fill in gaps using private student loans. These are available through private lenders, including banks, credit unions, and online lenders.
Loan limits vary from lender to lender, but you can often get up to the total cost of attendance, which gives you more borrowing power than with the federal government. Interest rates vary depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans.
💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
The Takeaway
College tuition can be a daunting expense. Setting up a dedicated account to save for college tuition can help make the process much more manageable. There are accounts, like 529 plans, that are designed specifically to pay for educational expenses.
In addition to savings, students and their families may rely on scholarships, grants, federal student loans, or even private student loans to pay for tuition and other educational expenses.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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When it comes to finding the ideal place to put down roots, West Virginia is a state that often flies under the radar. Offering a singular blend of natural beauty, thriving local economies and rich cultural tapestries make the towns and cities featured below fantastic places to live in West Virginia.
Whether you’re a young professional chasing career opportunities, a family seeking quality education and safe neighborhoods or retirees looking for a peaceful retreat, the Mountain State has something for everyone. Let’s embark on a journey to uncover the unique qualities that make each town below stand out as one of the best places to live in West Virginia.
Population: 29,219
Average age: 24.2
Median household income: $36,991
Average commute time: 23.6 minutes
Walk score: 59
Studio average rent: $442
One-bedroom average rent: $750
Two-bedroom average rent: $742
Morgantown offers a harmonious blend of college-town energy and Appalachian tranquility. Home to West Virginia University, the town hums with a youthful vibe that infuses everything from its trendy coffee shops to its bustling arts scene. The university acts as a hub, drawing in world-class performances, sporting events and academic conferences. At the same time, its healthcare and biotech industries offer solid employment opportunities, making it a stable place to plant roots and raise a family.
Outdoor enthusiasts will never have a dull weekend here. Morgantown is just a stone’s throw away from the Cheat River, offering a playground for kayakers, anglers and hikers. Morgantown is also famous for its Personal Rapid Transit (PRT) system — an eco-friendly public transportation marvel — that whisks residents and students around town with futuristic flair. Affordable housing options, highly rated schools and an array of eateries serving everything from Appalachian comfort food to global cuisines make Morgantown an appealing choice for people of all ages and backgrounds.
Population: 48,018
Average age: 42.1
Median household income: $54,101
Average commute time: 17.1 minutes
Walk score: 33
Studio average rent: $549
One-bedroom average rent: $725
Two-bedroom average rent: $784
As the capital city, Charleston secures its spot as one of the best places to live in West Virginia through a compelling mix of political gravitas and natural beauty. It’s where marbled government buildings stand just a short walk from artisan boutiques and casual eateries. The Charleston Coliseum and Convention Center serves as the heartbeat of entertainment in the city, hosting concerts, sporting events and even the annual state dance festival. Job opportunities are abundant here, particularly in healthcare, education and government, making it a prime location for career-driven individuals and families alike.
Even if you’re not into politics or live shows, Charleston knows how to keep its residents engaged. The Kanawha River snakes through the city, providing a waterway for boating or a scenic backdrop for an afternoon jog. An appealing blend of modern amenities and a serene Appalachian setting make Charleston an irresistible place to call home.
Population: 46,025
Average age: 35.6
Median household income: $33,012
Average commute time: 17.9 minutes
Walk score: 49
Studio average rent: $690
One-bedroom average rent: $750
Two-bedroom average rent: $1,050
Huntington presents an engaging mix of academic excellence and industrial strength. This riverside town is home to Marshall University, an institution that contributes not just educated graduates, but also a youthful energy that permeates the city. You’ll find eclectic shops, buzzing cafes and a range of art galleries, thanks to this infusion of student spirit. Huntington is also a working town with deep roots in manufacturing and healthcare, providing diverse employment prospects for its residents.
Ritter Park is a community favorite, with trails for runners, gardens for botany enthusiasts and playgrounds for the little ones. The Ohio River provides an inviting setting for a variety of water activities, from fishing to boating. On the food front, Huntington surprises with a diverse menu of options that defy its small-town status, offering everything from classic American fare to sushi bars. Top-notch schools and community-centered events like the annual ChiliFest round out Huntington’s appeal as a hometown with both heart and hustle.
Population: 26,568
Average age: 43.9
Median household income: $43,483
Average commute time: 18.9 minutes
Walk score: 37
Studio average rent: $620
One-bedroom average rent: $745
Two-bedroom average rent: $910
Wheeling stakes its claim as one of the best places to live in West Virginia by elegantly blending its rich history with a dynamic present. As a gateway to the West in the early days of America, this city has a storied past visible in its Victorian architecture and historic sites like the Capitol Theatre, a 1928-built venue that still hosts shows today.
When it comes to recreation, Wheeling doesn’t skimp. The Ohio River offers ample opportunities for boating, fishing and scenic picnics. The Wheeling Heritage Trails system provides miles of well-maintained paths for bikers, runners and anyone looking to enjoy the outdoors. On weekends, residents flock to the Wheeling Artisan Center to shop for local crafts or head to Centre Market to enjoy quality food with a side of live music. With its strong sense of community, excellent school system and plentiful entertainment options, Wheeling is the sort of place that wins you over and convinces you to stay for the long haul.
Population: 9,257
Average age: 45.2
Median household income: $87,936
Average commute time: 16.9 minutes
Studio average rent: $610
One-bedroom average rent: $620
Two-bedroom average rent: $740
Bridgeport doesn’t just make the list, it shines brightly as one of the best places to live in West Virginia, thanks to its top-rated schools, booming economy and family-friendly atmosphere. This growing city is a hub for the aerospace and healthcare industries, drawing in professionals and families with its promise of well-paying jobs and a high standard of living. Those eager to ascend the corporate ladder will find companies like Pratt & Whitney and United Hospital Center offering a plethora of career opportunities.
Beyond its corporate and educational accolades, Bridgeport is a town that knows how to kick back and enjoy life. Options for recreation abound, from golf courses that would delight even a PGA pro, to the sprawling Bridgeport City Park with its sports fields, hiking trails and summer concert series. Add to this the appealing mix of dining options — everything from old-school Italian joints to modern farm-to-table experiences — and you’ve got a city that satisfies every palate. Combining a robust economy with a laid-back lifestyle, Bridgeport truly offers the best of both worlds.
Population: 18,209
Average age: 34.2
Median household income: $47,618
Average commute time: 24.1 minutes
Walk score: 40
Studio average rent: $830
One-bedroom average rent: $840
Two-bedroom average rent: $1,050
If you’re looking for small-town charm with big-city conveniences, Fairmont effortlessly earns its spot as one of the best places to live in West Virginia. Fairmont is a hub for technology and education, serving as the home for Fairmont State University, which not only educates but enriches the community through cultural and sporting events. Job seekers will find a range of opportunities in healthcare, education and technology. But Fairmont doesn’t lean solely on its academic and economic credentials; it also has a thriving arts scene, featuring galleries, theatres and even a symphony orchestra.
Fairmont sits along the Tygart Valley River, providing ample opportunities for fishing, kayaking and enjoying serene waterfront views. The local parks are generously dotted with playgrounds, skate areas and baseball fields, ensuring that families have ample space to spread out and play. Foodies can explore an array of culinary delights, from mouth-watering pepperoni rolls right from the Fairmont bakery where they first came to life — The Country Club Bakery — to upscale dining experiences. Coupled with affordable housing and a strong sense of community, Fairmont proves that you can indeed have it all.
Population: 1,494
Average age: 21.2
Median household income: $53,125
Average commute time: 17.2 minutes
Studio average rent: $830
One-bedroom average rent: $840
Two-bedroom average rent: $1,375
Anchored by Shepherd University, Shepherdstown easily ranks as one of the best places to live in West Virginia. As the oldest town in the state, it exudes a sense of timelessness through its cobblestone streets and centuries-old brick buildings. However, the presence of the university injects a youthful energy that manifests in trendy boutiques, indie bookstores and a surprisingly strong arts scene. From live music festivals to theater performances, the town’s cultural calendar is perpetually filled, offering an intellectual and artistic smorgasbord for locals and visitors alike.
But Shepherdstown isn’t just for the intellectually curious or artistically inclined; it also serves up a treasure trove of outdoor adventures. Situated along the Potomac River, kayaking and fishing are practically local pastimes. For outdoorsy types, the C&O Canal National Historical Park provides ample hiking and biking trails to explore. With its low crime rate, strong sense of community and high standard of living, Shepherdstown checks all the boxes for anyone looking for a charming yet modern place to call home.
Population: 3,868
Average age: 48.6
Median household income: $37,875
Average commute time: 15.0 minutes
Walk score: 73
Studio average rent: $630
One-bedroom average rent: $900
If you’re a fan of the arts and outdoor beauty, Lewisburg secures its spot as one of the best places to live in West Virginia. This quaint town in the Greenbrier Valley isn’t just a postcard-perfect scene; it’s a thriving cultural hub with a robust calendar of events, ranging from live theater at the Greenbrier Valley Theatre to the annual Lewisburg Literary Festival. Once named the “Coolest Small Town in America”, it’s a place where artists find inspiration, bringing visitors from all over to experience its unique creative ambiance. The town also has excellent schools and healthcare services, making it an ideal place for families and retirees alike.
When the curtain falls and the paint dries, Lewisburg offers a wealth of outdoor adventures to keep you active. Whether you’re an angler tossing lines into the Greenbrier River or a hiker eager to explore the surrounding Appalachian Mountains, there’s something for everyone. With an inviting mix of culture, convenience and the great outdoors, Lewisburg proves you can have sophistication and nature all in one stellar package.
Population: 18,835
Average age: 38.5
Median household income: $45,901
Average commute time: 28.8 minutes
Walk score: 45
Studio average rent: $775
One-bedroom average rent: $682
Two-bedroom average rent: $1,877
Martinsburg holds its own as one of the best places to live in West Virginia, particularly for those seeking a blend of small-town charm and big-city amenities. Conveniently located along the MARC commuter rail line, it offers easy access to Washington, D.C., making it a perfect base for professionals craving a peaceful retreat without losing the pulse of the city. Job prospects are abundant in healthcare and manufacturing, but the commuting option opens the doors to countless additional opportunities in the nation’s capital.
The nearby Shenandoah and Potomac Rivers are a paradise for fishing, kayaking or lazy scenic floats. For land-based fun, hiking trails offer miles of woodland exploration. Families enjoy quality time at the local parks, where weekend soccer games and barbecues are common scenes. Shopping centers and farmers markets offer everything from fresh produce to artisanal crafts, making errands more of a pleasure than a chore in the Eastern Panhandle of West Virginia.
Population: 29,403
Average age: 41.8
Median household income: $38,960
Average commute time: 20.5 minutes
Walk score: 46
Studio average rent: $625
One-bedroom average rent: $700
Two-bedroom average rent: $780
Straddling the banks of the Ohio River, Parkersburg defies expectations and proudly stands as one of the best places to live in West Virginia. This city refuses to be boxed into stereotypes, offering a captivating blend of industrial ingenuity and natural beauty. Parkersburg serves as a regional center for the petrochemical industry, providing robust job opportunities, while also boasting an array of museums, historical landmarks and even a wildlife refuge for bald eagles. You get the sense that this city is all about balance, serving as a stable foundation for working professionals, families and everyone in between.
The Ohio River supports boating and fishing, while Parkersburg City Park has a zoo, skate park and swimming pool to keep the entire family entertained. For the culturally inclined, the Smoot Theatre showcases local talent and brings in performances that you’d typically expect in much larger cities.
Downtown features an intriguing mix of antique stores, specialty shops and restaurants that offer everything from farm-fresh West Virginia produce to international delicacies. With low housing costs, excellent schools and a quality healthcare system, Parkersburg presents a compelling argument for anyone seeking an enriched life without the big-city chaos.
There’s a West Virginia apartment waiting for you
As we’ve seen, there’s a wealth of options when it comes to the best places to live in West Virginia. Each town and city offers a unique set of advantages, whether it’s the career opportunities in bustling economic hubs, the familial warmth in close-knit communities or the serene natural landscapes that offer a break from the frenetic pace of modern life.
West Virginia proves that the quest for a balanced life doesn’t require a compromise between economic stability and a high quality of life. The state serves as a microcosm of what’s possible when communities invest in education, infrastructure and cultural enrichment, making any of these towns not just a place to live, but a place to thrive.
Our way of honoring first responders is by educating our podcast listeners, readers and coaching clients in the real estate industry about how to help those who helped all of us and are still being of service every day. We all owe a debt of gratitude to those who have our backs in times of need.
One of the best ways to help first responders is to be of service yourself, as a professional real estate advisor. Listen to all of these really great mortgage programs (most agents and buyers don’t know about these!) for first responders and consider doing any or all the following:
1. Make a video about some of the special programs available. Send it to your database, post it on your social media and submit a press release to your local media sources.
2. Take that information and provide a Facebook Live session or a series of Facebook Lives, invite your friends and followers to learn more about these loan programs. You can split the programs up and do a weekly series.
3. Work with a lender who specializes in first responder types of loans, FHA, VA and HUD programs and interview them for a video, Facebook live session or if you have a podcast.
4. Submit an article to your online and offline news publications about these available programs.
5. Create a First Responder seminar or webinar, in person or online. Present at local firehouses, police stations and more Bring your first-responder-program lender specialist with you.
In all cases, close the video, article or session with a call to action: For more information about these and other special programs, call or text today at: enter your phone number.
Let’s take a look at some available programs to help our special first responders.
You all know people who can benefit from these programs. What a great way to be of service yourself!
FHA mortgage programs
The Federal Housing Administration (FHA) provides easy-to-qualify government insured loans. These loans have lower down payment requirements and more forgiving credit requirements. For example, first responders who qualify for this plan may be able to place a minimum down payment as low as 3.5%.
Requirements for these loans are typically:
-Two years of stable employment, ideally at the same job.
-Fewer than two, 30 day late payments over the past two years.
-30% of the buyer’s gross income should be available to use towards their mortgage payments.
-Monthly debt payments cannot be more than 43% of income.
Of course, other restrictions and overlays may apply. Loan requirements are fluid and we, like you, are disclosing that we are not mortgage lenders! Ask your professional loan originator for the details and refer your clients to someone who specializes in these programs.
Good Neighbor Next Door
Good Neighbor Next Door is a mortgage program by the U.S. Department of Housing and Urban Development (HUD) which is offered to public servants, such as first responders. This program allows qualified applicants to purchase homes in revitalized communities.
The Good Neighbor Next Door Program allows someone who qualifies to purchase a home for 50% of the appraised value based on where the house is located.
The HUD provides a listing of properties that you may check to find which houses and locations are available. Check HUD.gov for lots of details on this and tons of other great programs. They’re a little known resource for many Realtors. Be the one who’s in the know!
Did you know that HUD has an online search where you can find homes for sale all over the country that qualify for different special programs? You can even search for investors, first time buyers, first responders, etc. Stop relying so heavily just on your MLS!
To qualify, the buyer must comply with HUD’s program regulations and meet the first responder requirements. They must be employed, for example, as a full time firefighter, or an EMT, paramedic or law enforcement officer by a fire department, EMS unit or law enforcement agency, a unit of general local government or an Indian tribal government. They must be serving in the locality in which the home is located. Think of how much value you would bring when you present these programs locally to firehouses and police stations.
VA mortgage program
Many first responders have military experience. This service record may qualify for a Veteran Affairs (VA) loan. VA loans are not well understood by many Realtors. When you really know the benefits, you’ll be more of an advocate of these loans both on your buyer sides as well as when you’re a listing agent considering accepting a VA loan.
VA loans have no down payment requirement. Additionally, qualified borrowers do not need to pay for mortgage insurance, unlike with FHA mortgage plans. These features make VA loans one of the most attractive loan programs available in the industry.
Did you know that: In addition to first responders with previous military service, VA loans are also available for active-duty service members, qualified spouses and other veterans.
Your buyers can apply for a VA loan if:
-They or their spouse served 181 days during peacetime or 90 consecutive days in wartime.
-They or their spouse served for six years with the National Guard or Reserves.
Other great things about VA loans:
No Prepayment penalties, sellers can contribute to closing costs, refinancing can happen up to 100% of the home’s value and repayment workouts if the veteran has payment issues.
The more you know about these special mortgage programs, the more you’ll talk about real estate and offer value. Don’t just learn about these things, get out there and present a seminar, a Facebook live session, videos, press releases and social media. Add the links to your website.
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
My name is Steven Wynands and I’m the co-founder and CEO of Peer Reputation. Over 60,000 real estate agents and brokers use our platform to discover and leverage their professional relationships. This is my personal reflection on what happened over our first 12 months that finally gave me the courage to believe in myself and pursue this project full-time. I hope you find it interesting and that it helps you if you’re going through the same decision.
Facing The Big Decision
I never thought I’d find myself in this position. Saddled with student loans, credit cards, a mortgage, and childcare for two, it would be very irresponsible for me to leave my cushy, government job to pursue my own startup ambitions. I tried to delay this decision as long as possible. I sacrificed sleep so that I could be there for my family and deliver everything my job expected of me. Wishfully, I hoped that the universe would take care of it for me by turning the startup into an overnight success or burying it to the ground. Neither of those things happened, but I did get plenty of signs that helped me make a decision.
Getting Inspired (Again)
I was just one year removed from an unsuccessful real estate startup that spanned two years. I had no intention of jumping into another project, but one afternoon of phone calls changed everything. The first phone call was from a buyer’s agent whose clients were interested in one of my listings. Her call made me uneasy and I wanted to protect my sellers so I made a few more calls of my own.
I reached out to other listing agents who had recently worked with this buyer agent and was surprised by the responses. I wasn’t connected to these other agents in any way yet they openly shared detailed warnings with me about working with this buyer’s agent. They were eager and grateful for the opportunity to protect other agents and consumers from reliving their nightmares and wished there was an easier way to do so. Thankful and inspired, I called up my friend Steve with an idea.
Starting Up, Extra Lean & First Signs from The Universe
I’ve known Steve since middle school. We worked together throughout secondary school as well as college where we studied computer engineer together at Virginia Tech. We continued working together on projects after graduation including the recent unsuccessful real estate startup. At this point we were each raising two small kids and a bit burned out from long nights and weekends so I approached him with a very simple project based on the phone calls I just had that afternoon. We discussed the backstory and basic specs and agreed to meet a few days later to test out my idea.
The basic premise was simple. I wanted to know if other agents were just as eager to share their feedback to protect other agents and consumers too. To test out this idea I created a list of 600 recently sold homes along with the listing and selling agent information, and Steve coded up a test project to request feedback between these cooperating agents. We built this out on Saturday and Sunday and were ready to launch the following Monday.
Immediately after launching our test I was prepared to throw in the towel. I thought the experiment had failed and I was just happy to know that we had only spent a few days on it. It turned out that the only failure was my uninformed expectations and analysis. I showed the results of our testing from that day to my brother who enjoys marketing as a Product Manager for Zappos and he was blown away! He said that we were hugely successful by achieving a 70% total email open rate and 20% email click rate.
I still wasn’t sure exactly what we were building but I knew enough from his reaction that we had to keep on going. The next week we doubled the sample size and tweaked some wording in our emails and achieved an 80% total open rate and 27% click rate! It was very clear that we were building something that people wanted. We just had to keep it going while we figured out exactly what that thing was.
Product? Market? Fits!
Over the next few weeks, we increased our survey sample sizes and maintained high open and click rates. We received over 10,000 responses in our first month! The manual data loads were becoming so overwhelming that we didn’t have time to work on the platform. I buckled down and focused on creating a web scraper to automate the data routines while Steve worked on building out the infrastructure that could house a richer experience.
Four months after conducting our first test we finally had our platform shell in place. We relaunched our feedback platform more broadly in the same local market and watched the results come in immediately. Now that we finally had a user dashboard, agents were registering and interacting directly with us. A thousand agents registered the first month and I knew we had a hit when they were telling us how surprised they were that this kind of platform hadn’t existed before. They were also asking us for more features! We could not believe how smoothly everything was happening! Things were continuing to ramp up based on user demand.
Traction and Scaling
Eight months into our project, things were going very smoothly. Peter joined us as a co-founder and freed us up to be more strategic and engaged with the user community. Our friends saw their friends using our platform from social media and asked if they could help with our startup. We all had fun learning and growing together while watching thousands of feedback and hundreds of new users register every week, but I could feel the transformation of startup project to company taking place.
10 months into the project, I was spending nights and weekends at Steve’s house again. We’d plan and program into the morning hours and then I would sleep just enough that I could drive home safely and spend time with my family. I was also working nights and weekends to deliver on my full-time job and doing 20 real estate transactions on the side. I knew it was time to come out of the startup honeymoon and figure out if this thing was going to last before I burned out again and so we put ourselves through a major test-expansion.
For the first ten months, we only served one market as we built and fine-tuned the platform. We had grown at a compound monthly growth rate of 27%, and we were ready to find out if we could replicate our success nationally. We expanded to a few test markets and were thrilled to see that the email open and click rates stayed high as we increased our registered users 42% over the previous month! Everything was going so well but I couldn’t seem to take the leap of faith and work on this project full-time. This is around the time that the universe sent more signals my way.
Our Users Established Our Product Messaging
As an engineer who got into PropTech and then became a top-producing real estate agent, I’m keenly aware of how sensitive the real estate industry can be. I studied how RedFin pulled its Scouting Report project and how Keller Williams opposed AgentMatch. But I also saw how NAR and Houston Realtors had tried moving forward with ratings, and that the agent performance analysis was enough to propel HomeLight to a $40M Series B. Since our platform was built on top of agent-to-agent ratings, I didn’t feel comfortable taking the full-time plunge yet and thrusting myself into major industry scrutiny. That changed very quickly with one phone call from a real estate agent.
Every week we receive feedback from tens of thousands of real estate agents. We also get lots of phone calls and emails about our platform that I answer personally. After I finished my usual explanation on one of these phone calls, the agent responded, “Oh, it’s about professionalism? That’s awesome.” That was the key. Although our system was built on top of ratings that’s not really what we stood for. I learned from our users that they were actually utilizing it for professionalism and accountability. We finally had a message that we could promote publicly with great confidence and it came just in time for the next big moment.
Coming Out of Stealth Mode (Product Timing & The Parker Principles)
On April 2, 2018, Inman News published The Parker Principles: A Real Estate Manifesto. It was created based on input from agents, brokers, companies, and associations from around the country as a series of principles to make real estate better. It echoed so many tenets of our startup: Quality, professionalism, and accountability in real estate. When I read The Parker Principles I felt like these industry leaders were screaming for the solution our team had built. The universe was clearly telling me to pop out of my shell and so I did. I reached out to Inman News about our platform and they covered us two months later in June. I had outed myself as the real estate agent behind Peer Reputation and there was no going back now.
Something’s Gotta Give
We were about 11 months removed from the weekend project that turned into a full-blown startup and the major Inman Connect real estate conference was coming up in mid-July. I knew we had to keep the momentum going so I took a week off from work and flew out to San Francisco to mingle with the industry I had just revealed myself to.
On the second day of Inman Connect I was standing in the lobby of the Hilton when the COO of Remine, Jonathan Spinetto, said, “Follow me.” He led me through a series of halls and we stopped outside of a suite. When the suite doors opened a few minutes later, MLS executives walked out and I walked into a dim room lit blue by a portable projector and populated with the CEO, COO, and CFO of Remine. Jonathan handed me a display cable and said, “Demo.”
We went over the platform, the processes, team, and potential roadmap. At one point during our discussion I remember that Mark Schacknies, then-CFO and now-CEO, told me, “You need to sleep.” It actually wasn’t the first time I had heard something like that. When Gill South interviewed us for the Inman News article, she told me that I should devote my full attention to the startup. Smart industry folks were telling me that I needed to quit my full-time job and I was finally ready to consider it.
The Tipping Point & Decision
A few weeks after coming back from Inman Connect, my boss called me into his office and asked me, “Do you have outside employment?” I responded openly and honestly and from there my work life began to unravel. My telework was cut in half which meant I spent more time driving through grueling DC area traffic. I wasn’t prepared to scale back on my startup activities when things were going so well so I just continued sleeping less.
I was tired. The startup was going great and the work environment was souring. Why couldn’t I just quit and focus on the startup? The answer was that I wanted to provide a stable environment for my wife and children, and that requires income. I had been so focused on building the platform and acquiring users that I hadn’t considered income until now. Now I was motivated, confident, and ready to take a leap. On October 17th, 2018 Peer Reputation welcomed its first paid subscriber. 10 days later, I quit my job.
Fast Forward
It’s been 9 months since I quit my job and I don’t regret it one bit. Things have not slowed down and continue to look better and better. I’d love to write more about it but, unfortunately, I’m out of time! I’ve got to get back to preparing for some major events. I’m heading to Inman Connect in Las Vegas where we’ve been selected as a finalist for the Inman Innovator Award. I’ll also be pitching onstage at the conference as one of eight selected startups at Tech Connect. If you’re going to the conference as well please swing by our table in Startup Alley to say hi! (I still can’t believe this is all happening!)
How much do Twitch streamers make? Twitch is a popular live streaming site where you can watch people play video games online. Yes, you can actually get paid to play video games online! And, over the last few years, Twitch has added many more ways you can live stream other than just gaming, such as…
How much do Twitch streamers make?
Twitch is a popular live streaming site where you can watch people play video games online.
Yes, you can actually get paid to play video games online!
And, over the last few years, Twitch has added many more ways you can live stream other than just gaming, such as cooking, advice, talking, travel, and more.
I remember when Twitch first came out and it was still pretty new. So many people dreamt of making it big on Twitch and were wanting to play video games all day and make a lot of money. I even had many friends who tried to get popular on the site.
Twitch’s wide reach has allowed so many people around the world to make money. So, you may be wondering how much Twitch streamers can make and whether it’s even possible for you.
In today’s article, I will be diving further into how much Twitch streamers make and how they make money.
Recommended reading:
Quick Summary – How much do Twitch streamers make?
Twitch is a site where you can make money playing video games, talking, and more.
You can make money with paid subscriptions, ads, selling merchandise (such as a t-shirt with your logo on it), and more.
The highest-earning Twitch streamers make millions of dollars each year, while the majority of Twitch streams don’t earn much at all (the top 100 streamers on Twitch make at least $30,000 each month).
What is Twitch?
Twitch is a live-streaming site that was started in 2011 and is now owned by Amazon.
There are a whopping 7,000,000 streamers who go live on Twitch regularly and there are 35,000,000 daily viewers. That is a lot of people!
Content creators can live record themselves playing video games (such as Fortnite, Minecraft, Grand Theft Auto, World of Warcraft, Call of Duty, and Valorant) and people will watch.
While Twitch used to be all about watching people just play video games, now you can also watch people live stream themselves cooking, talking to viewers, traveling, doing their daily routine, and more.
Who is the biggest streamer on Twitch?
There are many popular channels on Twitch such as Ninja, Shroud, and Pokimane. The top streamers on Twitch earn millions of dollars each year!
Twitch streamer categories
On Twitch, streamers are categorized into three main groups:
Streamers – These are new and casual creators who might not be making money from their content yet. Or, maybe they don’t ever plan on making money and they are just doing it all for fun. When you first join Twitch, this is what you start as. It gets a little confusing because there’s the name Streamers, but there are also Twitch streamers (which is everyone who streams).
Affiliates – These are streamers who’ve reached a certain level of success and can receive donations, subscriptions, and ad revenue.
Partners – These are some of the most popular streamers on Twitch. They get many perks, such as being able to keep a higher revenue percentage from some of the Twitch monetization methods.
Unlike Twitch Affiliates, where you are invited automatically when you meet the requirements (talked about below), you must apply and be selected to join the Twitch Partner Program.
How to Become a Twitch Affiliate
To make money on Twitch and work from home, you will first need to become a Twitch Affiliate (becoming a Twitch affiliate is not required in order to apply to become a Twitch Partner, but it is encouraged by Twitch.). That is what they call a broadcaster (someone who is live streaming on Twitch).
The Twitch Affiliate program is available around the world. You can stream and make money on Twitch no matter where you live. To get started streaming on Twitch, you can do so from a desktop computer, laptop, Xbox, Playstation, or even your cell phone.
To become a Twitch affiliate, you must meet 4 requirements within a 30-day period:
Reach 50 followers
Stream for 8 hours
Stream on 7 different days
Reach an average of 3 viewers per stream
Once you reach all four of these requirements (at the same time), you will then receive an automatic invite to their program. It may take a few days to receive the invite, but it will come!
What percentage of streamers are successful?
There are some stats out there if you are curious about how much money people make on Twitch – The top 1,000 streamers earn at least $7,000 per month, while the top 10,000 streamers make around $900 per month or more.
So, that means that there are 7,000,000 streamers on Twitch, and only 10,000 of them earn $900 or more per month. That’s not a very high success rate, but I’m sure a lot of those 10,000 people who are earning at least $900 a month are happy.
Plus, as I said earlier, many of the 7,000,000 may be streaming on Twitch just as a hobby, and may not even be trying to make it big.
Is it hard to get big on Twitch?
Yes, it is hard. The average person on Twitch makes less than $900 a month, with many making just a few dollars a month or nothing at all.
This is because there’s a lot of competition on the site. You’ve got to remember that there are 7,000,000 other people on the site and many of them are probably trying to make money on Twitch as well.
To grow on Twitch, you will want to be consistently live streaming (at least a few times a week!), engage with your viewers (talk to them, use their names, and say hello), and find a way to stand out from your competition. You will most likely need to spend a lot of hours on Twitch to make any money.
How to make money on Twitch
There are several different ways that you can make money on Twitch, such as:
Twitch subscriptions
As a Twitch streamer, one of the main ways you can make money is from subscriptions. A subscription is when a viewer gives you money on a regular basis and pays a minimum of $4.99 per month for your Twitch channel.
A viewer may subscribe because they can watch live chats, get to watch your live streams without advertising, or simply just want to show their support because they enjoy your live streams.
Subscriptions come in tiers from $4.99, $9.99, and $24.99, with Twitch taking 50% of the revenue for Twitch Affiliates. Once you reach Twitch Partner status, your revenue share may increase to 60%-70%.
Bits donation earnings
Another income source for Twitch streamers comes from donations made by your viewers. Donations can come in the form of Twitch Bits or direct donations. You receive $0.01 for each Bit used in your chat.
Now, one penny may not seem like much, but it can add up quickly. Plus, you get to keep 100% of the donations you receive.
Twitch Bits are virtual tokens used to support content creators on the Twitch platform. Your viewers can purchase Bits through Twitch and these can then be used to “cheer” in a streamer’s chat by typing “cheer” followed by the amount that they want to give you. When a viewer cheers, their message is highlighted, and the streamer receives the Bits. The streamer may then publicly thank them for their support.
Twitch ads revenue
As a Twitch Affiliate and Partner, you can run advertisements during your streams and make money.
Twitch ads are short video clips shown during a Twitch stream, giving you a way to make money. Think of this like an ad that you may see when watching a YouTube video.
While ads can earn you money, they can impact the viewer experience (don’t you hate a lot of long ads when you’re watching something?). Twitch Partners have control over when and how ads are shown on their channels, which can help make the ads better for viewers.
Amazon Associates
This is one of my favorite ways to make money online.
Affiliate marketing with Amazon on Twitch is when you can get paid to share links to products on Amazon. For example, a product that you can share with your viewers could be the video game that you are playing on a live stream.
Then, when a viewer makes a purchase through an affiliate link, the streamer earns a commission.
Sponsored partnerships
Twitch streamers can make money from their channels through sponsored partnerships with brands. This is when you partner with a company and promote their product on your Twitch channel, social media account, and so on.
This may include talking about a product, wearing a clothing item with their logo on it, or showing their product in a live stream.
The earnings from a sponsored partnership are negotiated between the streamer and the brand, and depend on the channel’s reach, engagement, and more. Some sponsored partnerships may earn you a couple hundred dollars and the most popular Twitch channels may earn hundreds of thousands of dollars for a sponsored partnership.
Patreon
To make even more money, many Twitch streamers use Patreon. Patreon is a site where creators can receive monthly contributions from fans. Fans support you because they like watching your content.
Depending on your content, you could offer perks just for your fans who are monthly contributors, early access to content, merchandise (I’ve seen many creators give out stickers and other merchandise for certain levels), secret content that is only on Patreon for people who are paying the monthly fee, or more for different pledge levels.
You get to choose how much each level is, and your fans get to choose which level they want and how often they want to pay.
Merchandise
Selling merchandise, such as t-shirts, hoodies, mugs, stickers, or accessories, can be another way that a Twitch creator can make money online.
For example, if someone likes watching your content, then they may be interested in things like what you’re wearing.
Twitch streamers can partner with merchandising platforms to set up an online store, making it easy for viewers to look at and purchase.
Average Twitch streamer earnings
Wondering what the average Twitch streamer makes? Below, I will be talking about small, medium, and the most popular Twitch streamers.
Small Twitch streamers
Wondering how much small Twitch streamers make?
As a small Twitch streamer, it’s important to know that your earnings will likely be lower in the beginning. Many small streamers are still working towards reaching Twitch’s $100 minimum payout threshold (and many will never reach that).
It will most likely take a long time before you will make $1,000 from Twitch. Many people quit just a month or a few months in, and that is simply not enough time to make money on Twitch.
To make more money, you should spend time growing your following, engaging with viewers, and finding a way to stand apart from the crowd.
Medium Twitch streamers
For medium-sized Twitch streamers, you can possibly earn more money as your number of concurrent viewers, followers, and subs grows. You can become a Twitch Partner with an average concurrent viewership of just around 75 viewers.
But, that’s not all that you need to become a medium Twitch streamer. You’ll want many more viewers to make a full-time income.
This can lead to an increase in your earnings from revenue streams like subscriptions, bits, and ads, as well as sponsorships.
Medium Twitch streamers at this level can expect to earn anywhere between $1,000 to $5,000 per month, depending on their popularity and sponsorships.
Top Twitch streamers
When it comes to the top Twitch streamers, they usually have tens or even hundreds of thousands of viewers during their live streams.
The top Twitch streamers can make hundreds of thousands or even millions of dollars each year. They make money through sponsored partnership deals, Twitch subscriptions, and viewer donations (bits). You also can sell a lot of merchandise once you’re big because everyone will want your stuff.
Frequently asked questions
Here are answers to common questions about how much money you can make on Twitch.
How much does a Twitch streamer make per 1,000 views?
I did a little research, and it looks like Twitch streams make around $3.50 for every 1,000 views on average. Of course, you can make more than that if you are talking about subs, which I talk about below.
How much does a Twitch streamer make per subscriber?How do Twitch streamer subscription revenues work?
A Twitch Affiliate makes around 50% of subscription fees, with some Twitch Partners earning up to 70%. For example, if you have 100 subscribers at around a $5 subscription price, you could make around $250 per month.
At 1,000 subscribers, you may be able to earn around $2,500 per month from just subs.
At 10,000 subs, you may be able to earn $25,000 each month from just subs.
That is a lot of money! And, on top of that, you can earn money from ads, affiliate marketing, sponsored partnerships, and merchandise.
How much do Twitch streamers make a year?
The amount you can make in a year depends on different things – you may make $0, $100,000, or over $1,000,000 a year.
Do Twitch streamers get paid daily?
No, they don’t get paid every day. Payouts happen every 45 days for Twitch Affiliates and every 15 days for Twitch Partners, as long as you have reached a minimum payout earnings of $50.
So, for example, if you make $100 on March 5th, then you will get paid around April 15th.
You can choose your payout method too – from ACH/direction deposit, check, or PayPal.
Do Twitch streamers keep 100% of donations?
Yes, Twitch streamers get to keep 100% of donations.
What other ways do Twitch streamers make money?
Besides subscriptions, donations, and ad revenue, Twitch streamers can also make money from brand sponsorships, selling merchandise (like mugs and shirts), and affiliate links (like video games). They can even sell courses, start a Youtube channel, sell ebooks, and more.
How hard is it to make a living on Twitch?
Making a living on Twitch is definitely hard, as you will have to do a lot of streams, be personable with your viewers (talk to them during your live stream, for example), and learn how to grow.
Twitch is a very competitive platform, and only a small percentage of streamers make enough money to support themselves on a full-time basis. So many people want to see success on Twitch, but there is so much more that goes into it other than just playing video games. The top Twitch streamers are running a full-time business!
How Much Do Twitch Streamers Make? – Summary
So, how much do Twitch streamers make?
As you learned above, the amount depends on many different factors.
Thankfully, though, there are many different ways for a person to make money with their Twitch channels, such as with subscriptions, sponsorships, ads, donations, selling t-shirts, and more.
The average Twitch streamer does not make a full-time income, but there are quite a few streamers who make over $100,000 per year. And, some even make in the millions of dollars each year.
Wouldn’t that be amazing?
Are you interested in learning how to make money on Twitch?
Everyone predicted a revival in purchase money mortgage lending in 2013, and it looks like they’re right, so far.
During the first quarter of the year, an estimated $119 billion in purchase-mortgage loan originations were recorded, according to new figures from Inside Mortgage Finance.
This represented a 15% improvement over the same quarter in 2012. However, purchase originations were down 13% from the fourth quarter.
Still, things are only expected to get better, if the loan application data from the Mortgage Bankers Association (MBA) is any indication – demand for purchase mortgages was at a three-year high this spring.
And it appears as if the purchase market is just starting to heat up for the big summer buying period.
Late last year, the MBA predicted purchase activity would increase from $503 billion to $585 billion, while refinances were slated to slip from $1.2 trillion to $785 billion.
With mortgage rates on the rise, we’re finally starting to see the refinance share of the market cede to purchases, though the former still has a commanding 71% share.
Will the Higher Mortgage Rates Hurt or Help?
In case you haven’t heard, mortgage rates shot up over the past month, and the 30-year fixed is now going for somewhere in the low 4% range, as opposed to the low 3% range. Ouch.
Clearly this will make many rethink a refinance, and it could even influence some home buying decisions. Let’s hope most borrowers were locked prior to the onslaught.
Still, it’s easy to freak out over nothing – if you allow me to get historical for a moment, mortgage rates are still on the low, low end, even with this most recent uptick. And anyone purchasing a home today should be happy with a 30-year fixed at 4%.
However, happiness aside, there still is the qualification issue. Even if motivation is unscathed, there’s the more black and white numbers game.
Now that mortgage rates have increased nearly one percent, a lot of would-be home buyers may have been thrown out of the qualification pool as purchasing power has been diminished.
Even if they can afford the monthly mortgage payment, their higher debt-to-income ratio may not fly with banks and lenders.
Let’s face it, mortgage rates aren’t the main problem right now; the issue is finding a property that doesn’t involve a bidding war.
It’s hard to believe that the recent increase in rates would sway someone’s interest in purchasing a property, especially if they are willing to offer $50,000 above the list.
But it could thin out the eligibility pool, which would actually make it easier to land a property for those who do still qualify for a mortgage. So there is a silver lining there for some.
Good News for Mortgage Brokers?
While the higher rates may or may not be good for homeowners, the shift from refinance to purchase money should benefit local mortgage brokers.
When it comes to refinancing, borrowers tend to shop around for the lowest rate, whether that’s with their own bank or credit union, or with an online lender.
With home purchases, buyers are heavily influenced by their real estate agents, and many agents have broker friends they refer business to.
So as purchase mortgages gain traction, brokers may see an uptick in business, while online lenders and other not-present players will probably see volumes decline.
After all, a lot of borrowers will want to meet the individual handling their ever-important purchase loan.
If you’re a buyer, take a moment to think about your agent’s referral. Make sure you’re actually getting the best deal, and using someone reliable. Don’t just believe everything your agent tells you.
Read more: Is the real estate market about to be tested?
The U.S. housing market is short by at least 6.5 million homes. After more than a decade of under-building relative to population growth, there are simply not enough affordable entry-level and first-time move-up options available for buyers. Renters are finding themselves priced out of areas within a reasonable commuting distance to work.
The scarcity of housing has driven home prices and rents prices to an all-time high and pushed affordability to a multi-decade low. Over the next decade, there will be more than two million adults added annually to the U.S. population, due to a combination of aging and immigration. This shift will drive a voracious need for more housing, especially among entry-level and first-time move-up homes at lower price points given structural affordability challenges.
Reasons for the housing shortage plentiful
Housing has been materially unbuilt for the past 15 years. Most production builders have focused on ever larger and more expensive new homes, and relatively few new homes have been built that cater to lower-income households and entry-level buyers, especially in high-cost coastal markets.
Most recently, rising interest rates have intensified the fight for housing. From February 2011 to April 2022, mortgage rates never rose above 5%, making the cost to borrow money and buy a home very cheap. However, since 2022, there has been a rapid rise in rates that has created a “lock-in effect” and stalled many families who would have otherwise considered moving. Homeowners who “locked-in” a mortgage rate of 3-4% during the pandemic are unwilling to buy a home at a 7%+ on a new mortgage, which means even fewer homes are going on the market as existing homeowners choose to stay put.
For those hoping to buy a home for the first time, the rise in rates means that monthly payments are effectively double what they would have been a year ago, a reality that has priced many people out of buying. Couple that with rising costs of home insurance and the general price inflation, and there is a massive housing affordability problem facing the majority of the country.
A need for alternatives
This persistent housing shortage has generated a pressing need for alternatives that can bridge the gap between demand and supply, while accounting for a limited availability of land in top areas.
Enter the Accessory Dwelling Unit, commonly known as an ADU, or more informally called an in-law suite, granny flat or backyard home. ADUs are small, self-sufficient structures that usually have one to three bedrooms, a private entrance, and all the amenities that a resident would require including kitchens and bathrooms. ADUs are one of the most effective ways to add density and rental properties in a higher cost market. These generally detached structures can be built in less than a year and cost far less to build than primary homes. Depending on where you live, there are also various state-run programs such as the CalHFA ADU Grant in California that can bring down building costs tremendously.
For homeowners, ADUs offer an opportunity to provide affordable housing on the rental market or house relatives that would otherwise be unable to afford the neighborhood. These structures can generate rental income to offset rising mortgage payments, and create more long-term rental supply, ultimately lowering the average rental cost for tenants. For local governments, ADUs can increase the number of tenants in areas where high-rise dwellings are not a desirable option. ADUs also offer a compelling option for multi-generational living, which can be a tremendous help with families that want to reduce burdens of childcare and senior care.
Changing policies good for ADUs
Fortunately, we are seeing many government authorities focusing on changing housing policies and zoning codes to make ADUs a more actionable solution. It’s a rare example of government housing policies driving the private market to solve a critical problem. For example, California’s changes in laws and regulations have made ADUs much easier to build. The momentum from these regulations has resulted in a large increase in ADU construction activity: permits for ADUs in California have increased nearly 22x from around 1,100 in 2015 to nearly 24,000 in 2022 and roughly 68,000 ADUs were built across California between 2017-2021. As a result, there are a large number of new housing units that have been added to high-cost locations where people hope to live and work.
Nationwide, many local and state governments are starting to follow the California example. Washington, Oregon, Florida, and Colorado, to name a few states, are starting to make ADUs a more prevalent part of solving the housing affordability issue. Ultimately, ADUs alone won’t solve decades of housing issues. But they can close the gap between the number of people looking for affordable housing and the number of homes available for rent or purchase.
Sean Roberts is CEO of Villa, an ADU builder in California.
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story: Sean Roberts at [email protected]
To contact the editor responsible for this story: Tracey Velt at [email protected]