Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
American renters are fearful that their home-owning aspirations are increasingly getting out of reach, according to a recent survey by the real-estate platform Redfin, amid an environment of high home prices and elevated mortgage rates.
Almost 40 percent of the renters polled told surveyors they did not believe they would own a home of their own, up from 27 percent in a similar survey Redfin conducted in May and June. Part of the struggle for these Americans is that homes are beyond what they can afford. Securing a down payment can prove elusive, and high mortgage rates may discourage them from acquiring property.
Read more: How to Get a Mortgage in 2024
The Redfin survey sampled about 3,000 U.S. residents in February, and its analysis of renters’ expectations came from a 1,000 renters in the poll.
Mortgage rates in particular have stayed elevated over the past six months. After hitting a peak of 8 percent—the highest level since the turn of the century—mortgage rates declined to the mid-6 percent range at the end of the year and into 2024. In recent weeks, however, the cost of home loans have ticked up to above 7 percent, depressing activity in the mortgage market.
On April 11, the 30-year fixed rate rose to almost 7.4 percent, Mortgage News Daily reported, the highest levels since November 2023. The rise follows news that suggests borrowing costs may stay elevated for longer than economists initially anticipated.
High mortgage rates now mean that first-time buyers must earn about $76,000 to afford what the industry describes as a starter home, which is an 8 percent increase from a year ago and almost 100 percent higher than it was before the pandemic, Redfin said. It added that home prices have soared more than 40 percent since 2019, as buyers took advantage of low borrowing costs during the pandemic to acquire houses, increasing demand, escalating competition and pushing up prices.
Read more: Compare Top Mortgage Lenders
“Buying a home has become increasingly out of reach for many Americans due to the one-two punch of high home prices and high mortgage rates,” Redfin wrote.
Renters being unable to buy homes has in turn contributed to increased competition and price jumps in the rental market. The median asking rent is at $2,000 in the U.S., close to the record high it reached in 2022, Redfin said. Still, despite the elevated cost of rent, renting may be a more affordable option than homeownership.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now—especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” said Daryl Fairweather, Redfin’s chief economist. “While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.”
To purchase a house, a buyer would need about $60,000 as a down payment for a home loan, an amount that is out of reach for many Americans.
Fairweather added, “The sheer expense of purchasing a home is causing the American Dream of homeownership to lose some of its shine.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
CHARLOTTE — Inflation continues to overwhelm many families in the Carolinas, keeping the cost high for things like borrowing money to buy a home, and while you might think that would mean a drop in home prices, realtors in the Charlotte area say they’re seeing the exact opposite.
In Charlotte’s hot housing market, prices haven’t really gone down. Channel 9′s Evan Donovan spoke with realtors who say it’s not like the COVID-19 pandemic, but they’re having to get creative with their buyers.
“She sent me tons of properties, locations, we went to visit them but then I just said let’s build a home,” said Ebony Covington.
She got in the market to buy a home in January, but even with the help of her realtor, she couldn’t find the right fit in an existing home.
“We went to the design center, I was able to pick out exactly what I wanted in my home, inside and outside. It was a celebration every step of the way, and I probably asked a million questions,” Covington told Donovan.
But realtor Bre Gaither says it’s still a seller’s market. The Charlotte are has less than two months of inventory, but a balanced market is around six months of inventory. Gaither says the market is almost as hot as it was during the pandemic.
“We are still seeing multiple offers, we are still seeing bidding wars,” Gaither said. “Homes are being on the market and off the market in less than 24 hours. It’s not as crazy as the $50-60,000 over asking, but I’ve seen $15 to 20 thousand, for sure.”
A report from Rocket Mortgage in March showed the average home price in Charlotte is up nearly $15,000 over last year. In surrounding areas like Matthews, Pineville, and Huntersville, it’s even higher.
Covington says she’s happy to finally own a home that’s exactly how she wanted it.
“The outside is going to be blue. Since [we’re the] first house on the cul-de-sac, we get to choose and no one else can have that home color,” Covington said.
Moving into a new home in 2024 costs a lot more than in the past. According to data from Redfin, the average monthly housing payment just hit an all-time high of more than $2,700. The average 30-year fixed mortgage rate as of Thursday is about 6.8%, more than double the rate before the pandemic.
(WATCH: City of Charlotte unveils potential affordable housing developments)
©2024 Cox Media Group
Source: wsoctv.com
New Mexico’s desert landscapes and cultural heritage create a compelling backdrop for renters seeking a extraordinary living experience. From the sun-soaked streets of Albuquerque to the historic ambiance of Las Cruces, the state offers a diverse range of cities worth exploring. This ApartmentGuide article takes you through the pros and cons of living in New Mexico so you can learn more about the “Land of Enchantment” and help you make an informed decision about your next home.
New Mexico’s cultural heritage is a blend of Native American, Hispanic, and Anglo influences, present in everyday life. The state is home to numerous cultural festivals, such as the Albuquerque International Balloon Fiesta and the Gathering of Nations Pow Wow, which showcase its diverse traditions and history.
Water scarcity is a significant issue in New Mexico, affecting both urban and rural areas. The state’s reliance on the Rio Grande and its aquifers means that drought conditions can severely impact water availability, leading to restrictions and conservation measures for residents especially in the summer.
New Mexico offers unparalleled opportunities for outdoor activities, with landscapes ranging from the Chihuahuan Desert to the peaks of the Sangre de Cristo Mountains. Residents can enjoy hiking, skiing, and exploring national parks like White Sands and Carlsbad Caverns.
During the summer months, New Mexico often experiences extreme weather conditions characterized by scorching temperatures and intense sunlight. Heatwaves are common, with temperatures frequently soaring above 100°F, especially in the desert regions. These extreme weather patterns can pose health risks, strain energy resources, and exacerbate water scarcity concerns.
Housing, utilities, and daily expenses are generally lower in New Mexico, making it easier for residents to enjoy a higher quality of life. These affordable housing costs are evident in cities like Las Cruces which has a median sale price of $279,000 and an average rent price for a one-bedroom of $942.
New Mexico faces challenges in providing comprehensive public transportation options, particularly in rural areas where services may be limited or non-existent. However even Albuquerque, New Mexico’s largest city has a transit score of 29 which makes it a car-dependent location.
New Mexico boasts numerous historic landmarks that contribute to its rich cultural heritage. Iconic sites such as Taos Pueblo, a UNESCO World Heritage Site dating back over a thousand years, and the historic adobe structures of Old Town Albuquerque provide glimpses into the state’s storied past.
In rural areas of New Mexico, access to cultural amenities such as theaters, museums, and galleries may be limited compared to urban centers. Residents in these regions often have fewer opportunities to engage in cultural events and activities due to the sparse population and distance from major cultural hubs
New Mexico boasts culinary diversity influenced by Native American, Hispanic, and Anglo traditions, offering a unique and flavorful dining experience. Dishes such as green chile stew, Navajo tacos, and carne adovada showcase the fusion of these cultural influences in New Mexican cuisine.
New Mexico faces infrastructure needs, particularly in transportation and utilities, which can pose challenges for residents. Issues such as road maintenance, broadband access, and water distribution systems may be inadequately developed in certain areas, leading to inconvenience and potential safety concerns.
New Mexico offers exceptional stargazing opportunities thanks to its clear skies and minimal light pollution, making it an ideal location for astronomers and stargazers. Notable sites like the International Dark-Sky Association-designated communities of Silver City and Clayton, as well as observatories such as the Very Large Array and the Apache Point Observatory, provide unparalleled views of the cosmos.
New Mexico faces limited job opportunities, particularly in certain industries and regions, which can be a drawback for residents seeking employment. For instance, the state’s reliance on the government sector, including national laboratories and military installations, may result in fewer private sector job prospects.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from Redfin.
Source: apartmentguide.com
Homebuying demand also showed signs of softening. Home tours were up 15% compared to the start of the year, a slower increase than the 21% seen at the same time in 2023. Mortgage purchase applications remained flat for the week. Additionally, pending home sales dropped 2.8% year-over-year and unexpectedly declined during the last week of … [Read more…]
If you’re in the market for a home, here are today’s mortgage rates compared to last week’s.
Product | Rate | Last week | Change |
---|---|---|---|
30-year fixed | 6.91% | 6.91% | -0.00 |
15-year fixed | 6.36% | 6.42% | -0.06 |
10-year fixed | 6.27% | 6.38% | -0.10 |
5/1 ARM | 6.61% | 6.63% | -0.02 |
30-year jumbo mortgage rate | 7.00% | 7.02% | -0.02 |
30-year mortgage refinance rate | 6.96% | 6.92% | +0.04 |
Average rates offered by lenders nationwide as of April 3, 2024. We use rates collected by Bankrate to track daily mortgage rate trends.
Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.
About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.
Over the last few years, high inflation and the Federal Reserve’s aggressive interest rate hikes pushed up mortgage rates from their record lows around the pandemic. Since last summer, the Fed has consistently kept the federal funds rate at 5.25% to 5.5%. Though the central bank doesn’t directly set the rates for mortgages, a high federal funds rate makes borrowing more expensive, including for home loans.
Mortgage rates change daily, but average rates have been moving between 6.5% and 7.5% since late last fall. Today’s homebuyers have less room in their budget to afford the cost of a home due to elevated mortgage rates and steep home prices. Limited housing inventory and low wage growth are also contributing to the affordability crisis and keeping mortgage demand down.
Mortgage forecasters base their projections on different data, but most housing market experts predict rates will move toward 6% by the end of 2024. Ultimately, a more affordable mortgage market will depend on how quickly the Fed begins cutting interest rates. Most economists predict that the Fed will start lowering interest rates later this summer.
Since mortgage rates fluctuate for many reasons — supply, demand, inflation, monetary policy and jobs data — homebuyers won’t see lower rates overnight, and it’s unlikely they’ll find rates in the 2% range again.
“We are expecting mortgage rates to fall to around 6.5% by the end of this year, but there’s still a lot of volatility I think we might see,” said Daryl Fairweather, chief economist at Redfin.
Every month brings a new set of inflation and labor data that can change how investors and the market respond and what direction mortgage rates go, said Odeta Kushi, deputy chief economist at First American Financial Corporation. “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates,” Kushi said.
Here’s a look at where some major housing authorities expect average mortgage rates to land.
When picking a mortgage, consider the loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. You’ll also need to choose between a fixed-rate mortgage, where the interest rate is set for the duration of the loan, and an adjustable-rate mortgage. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market’s current interest rate. Fixed-rate mortgages offer more stability and are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.
The average interest rate for a standard 30-year fixed mortgage is 6.91%, which is a decline of 0 basis point compared to one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you’ll have a lower monthly payment.
The average rate for a 15-year, fixed mortgage is 6.36%, which is a decrease of 6 basis points from seven days ago. Though you’ll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.
A 5/1 ARM has an average rate of 6.61%, a decrease of 2 basis points compared to a week ago. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.
While it’s important to monitor mortgage rates if you’re shopping for a home, remember that no one has a crystal ball. It’s impossible to time the mortgage market, and rates will always have some level of volatility because so many factors are at play.
“Mortgage rates tend to follow long-date Treasury yields, a function of current inflation and economic growth as well as expectations about future economic conditions,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
Here are the factors that influence the average rates on home loans.
Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET’s mortgage calculator below can help homebuyers prepare for monthly mortgage payments.
Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.
Source: cnet.com
Buying a home can be exciting, exhausting and, no matter how smoothly the process may go, one of the most stressful things you can do in life. Not having enough money to adequately finance a purchase makes it all the more daunting. Fortunately, there are first-time homebuyer programs available in every state, making it easier for many people to access the resources they need to buy their new home, and to feel more secure through the whole process.
Keep in mind that first-time homebuyers don’t actually have to be buying their first home. A first-time homebuyer is defined as anyone who hasn’t had an ownership interest in a primary home in the past three years.
The U.S. Department of Housing and Urban Development (HUD) also includes in its list of qualified homebuyers:
• A single parent who has only owned a home with a partner while married
• A displaced homemaker who has only owned a home with a spouse
• Someone who has owned a principal residence not permanently affixed to a permanent foundation
• Someone who has only owned a property that wasn’t in compliance with state, local, or model building codes
Here are the homebuyer programs that qualified first-time buyers have available to them in the Northeast:
Thinking of buying a home in the land of lobster and lighthouses? You’ll want to learn about the market and assess your financial situation before you start searching for a home mortgage loan. (A guide to the different types of mortgage loans can help.)
The scoop on the Main market: Prices in the Pine Tree State were up 5.7% in February 2024 when compared to the prior year, with homes selling for a median of $360,200, according to Redfin. The three most competitive cities for homebuyers were Standish, South Berwich, and Gray.
💡 Learn about Maine first-time homebuyer programs
The housing market in the Granite State is hot. From February 2023 to February 2024, home prices rose 12.5% to an average sale price of $447,400, according to Redfin. And 41.8% of the homes sold above their list price. Still, there are good opportunities for the first-time buyer in the state, and there are first-time homebuyer assistance programs to help you reach your homeowning goal.
💡 Learn about New Hampshire first-time homebuyer programs
The Green Mountain State is paradise for outdoorsy types with forests, lakes, and mountains. No wonder then that the housing market has heated up: The number of homes sold increased 14.2% between February 2023 and 2024. Prices were up 6.5% as well, according to Redfin.
Homebuyers may need help to afford a home with the median price here hitting $361,300. Fortunately, the state has several programs to offer.
💡 Learn about Vermont first-time homebuyer programs
Glorious New England scenery, a rich history, and diverse cultural and educational opportunities are just some of the things Massachusetts has to offer residents. It’s no wonder that home prices here outpace the national average, or that they are rising. Prices in Massachusetts were up 9.9% in the year ending February 2024, Redfin reports. The median sale price in the state is now $576,900.
At the same time, the median number of days a home stays on the market has dropped by 5 year-over-year, an indicator that the market is warming. Still, there are plenty of opportunities for the first-time homebuyer in Massachusetts.
💡 Learn about Massachusetts first-time homebuyer programs
This small state is big on charm: Rhode Island’s miles of coastline offer beautiful beaches and picturesque inlets, and you’ll also find dynamic cities and rural small towns here. There’s a lot for the first-time homebuyer in Rhode Island to get excited about. But prices here are well above the national average of $342,941. The average property value is $438,711, up 8.3% year over year, according to Zillow. Wondering what a down payment would look like on a given property price? Use a mortgage down payment calculator to do the math.
💡 Learn about Rhode Island first-time homebuyer programs
You’re looking at a competitive market in the Constitution State: In February 2024, home prices in Connecticut were up 13.2% year-over-year. The median price of a Nutmeg State home is $375,300, according to Redfin, and the number of days a property stays on the market is declining. Fortunately you can still find affordable homes in Torrington and New Britain, among other affordable places in Connecticut.
💡 Learn about Connecticut first-time homebuyer programs
The housing market in New York state can be challenging, especially for first-time buyers. Home prices in the Empire State in January 2024 were up 6.3% over the prior year, with a median sale price of $518,800. The number of days on the market dropped as well. A stunning 37% of homes sold above their listing price.
💡 Learn about New York first-time homebuyer programs
The Garden State saw record real estate sales in some areas in recent years as city dwellers fled to the suburbs. In the year ending February 2024, home prices in New Jersey were up 14.5% over the prior year, and the median sales price was $479,100. The median days on the market dropped 15 year-over-year to 46. Buyers in New Jersey need to prepare themselves to compete in this market.
💡 Learn about New Jersey first-time homebuyer programs
Thinking of buying a home in Pennsylvania? Prices rose 6.6% from January 2023 to January 2024, to a median of $264,700, Redfin reported. It’s a seller’s market here, so you may have to compete to get the home you want, especially in cities like New Castle (home prices were up more than 31% in a year) and Mechanicsburg (up 55.5%). Harrisburg and Lancaster ranked as some of the best affordable places to live in Pennsylvania.
💡 Learn about Pennsylvania first-time homebuyer programs
Qualifying first-time homebuyers have many options available to them in the Northeast, including down payment assistance. If you’re looking to buy your first home and aren’t sure how to get started, researching homebuyer programs is a great place to start. Once you know what kind of assistance you may qualify for, it’s a good idea to estimate just how much house you can really afford using a home affordability calculator.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOHL0822026
Source: sofi.com
Imagine living in a neighborhood where everything you need is just a short walk away. For renters in Orlando, this isn’t just a dream, it’s a reality. Rentals may be a bit expensive, though, with the average one-bedroom apartment costing $1,755.
In this ApartmentGuide article, we’re taking you on a virtual tour of the most walkable neighborhoods in Orlando. Get ready to discover the charm and convenience these neighborhoods offer to those who prefer to navigate their day on foot.
All data sourced March 2024.
Walk Score: 91
South Eola is the most walkable neighborhood in Orlando, with a Walk Score of 91. Known for its beautiful lake views and charming streets, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include the Eola Wine Company and Lake Eola Park.
Search for South Eola apartments for rent.
Walk Score: 85
Adjacent to South Eola, the Central Business District has a Walk Score of 85, making it the second most walkable neighborhood in Orlando. There’s a lot to love about the area, from its bustling business scene to its lively nightlife. While you’re walking around the neighborhood, check out the Dr. Phillips Center for the Performing Arts and the Orlando Public Library.
See Central Business District apartments for rent.
Walk Score: 85
Lake Eola Heights is the third most walkable neighborhood in Orlando. There are numerous walkable areas and attractions throughout this historic neighborhood, like the Downtown Orlando YMCA Family Center and the Orlando Farmers Market. And if you’re in the mood for an adventure, you’re not far from Dickson Azalea Park.
Find Lake Eola Heights apartments for rent.
Walk Score: 84
Park Lake-Highland has plenty of amenities a resident might need within walking distance. From the Orlando Science Center to the Orlando Museum of Art, you’re sure to find something to love. A notable amenity is the Leu Gardens, which is a great spot for locals and visitors alike.
Browse Park Lake-Highland apartments for rent.
Walk Score: 84
As the fifth most walkable neighborhood in Orlando, Colonialtown South is known for its unique shops and local eateries. Consider exploring the East End Market or getting a bite to eat at Black Rooster Taqueria with friends. There are plenty of other amenities in this lively community as well, like the Colonial Plaza Mall and the Orlando Fashion Square.
Discover Colonialtown South apartments for rent.
Walk Score: 83
Thornton Park has a Walk Score of 83, making it the sixth most walkable neighborhood in Orlando. Known for its brick streets and colorful bungalows, residents and visitors can choose from walkable amenities such as the Greenwood Urban Wetlands and Lake Underhill Park. While you’re out, check out the Lake Lawsona Historic District.
Look for Thornton Park apartments for rent.
Walk Score: 77
Colonialtown North is the seventh most walkable neighborhood in Orlando. This bustling community has quite a few hotspots for residents to visit on foot, including the Mills 50 District and the Quantum Leap Winery. While you’re walking, take a moment to smell the flowers at the Harry P. Leu Gardens.
Search for Colonialtown North apartments for rent.
Walk Score: 73
East Central Park has a Walk Score of 73, making it the eighth most walkable neighborhood in Orlando. There’s a lot to love about the area, from grabbing a bite to eat at nearby Tako Cheena, to taking a walk at Festival Park. If you’re up for a longer outing, nearby Demetree Park is popular among locals.
Find East Central Park apartments for rent.
Walk Score: 72
The ninth most walkable neighborhood in Orlando is Holden-Parramore. Home to the University of Central Florida’s Downtown campus, Pedestrians can enjoy the variety of restaurants, cafes, and shops, like the Amway Center, Exploria Stadium, and Orange Blossom Trail. It’s also easy to walk over to the Camping World Stadium for a great day out.
Peruse Holden-Parramore apartments for rent.
Walk Score: 72
Callahan is the tenth most walkable neighborhood in Orlando. Local attractions here include the Orange County Library and the CityArts Factory, providing residents a spot to get together and enjoy their community.
Discover Callahan apartments for rent.
Check out more walkable cities in Florida.
Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.
Mesa, with its rich history and unique southwestern charm, is a city that invites exploration. It’s not just about the scenic beauty, but also the convenience of getting around, especially for renters who prefer to navigate on foot. Rentals are fairly expensive, though, with the average one-bedroom apartment costing $1,300.
In this ApartmentGuide article, we’re taking you on a virtual tour of the most walkable neighborhoods in Mesa. So, get ready to discover the pedestrian-friendly charm of this Arizona city.
All data sourced March 2024.
Walk Score: 75
Downtown is the most walkable neighborhood in Mesa, with a Walk Score of 75. Known for its bustling city life, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include the Mesa Arts Center and Pioneer Park.
Search for Downtown apartments for rent.
Walk Score: 65
C.A.N.D.O. has a Walk Score of 65, making it the second most walkable neighborhood in Mesa. There’s a lot to love about the area, from its historic charm to its community events. While you’re walking around the neighborhood, check out the Mesa Grande Cultural Park.
See C.A.N.D.O. apartments for rent.
Walk Score: 65
Adjacent to C.A.N.D.O., the Escobedo Historic District is the third most walkable neighborhood in the city. There are numerous walkable areas and attractions throughout the Escobedo Historic District, like the Mesa Historical Museum and the Arizona Museum of Natural History. And if you’re in the mood for an adventure, you’re not far from the Usery Mountain Regional Park.
Find Escobedo Historic District apartments for rent.
Walk Score: 64
Concord Village has plenty of amenities a resident might need within walking distance. From the Fiesta Mall to Mesa Community College, you’re sure to find something to love. A notable amenity is the Val Vista Lakes Tennis Club, which is a great spot for locals and visitors alike.
Browse Concord Village apartments for rent.
Walk Score: 61
As the fifth most walkable neighborhood in the city, Reed Park is known for its recreational facilities. Consider exploring the namesake [ark or getting a bite to eat at Casa rivas Mexican Food & Mariscos with friends. There are plenty of other amenities in this community as well, like the Mesa Public Library and the Mesa Amphitheatre.
Discover Reed Park apartments for rent.
Walk Score: 61
Dana Ranch has a Walk Score of 61, making it the sixth most walkable neighborhood in Mesa. Known for its suburban feel, residents and visitors can choose from walkable amenities such as Village Square at Dana Park and the Riparian Preserve at Water Ranch. While you’re out, check out the Superstition Springs Center.
Look for Dana Ranch apartments for rent.
Walk Score: 60
Northpointe is the seventh most walkable neighborhood in Mesa. This residential community has quite a few hotspots for residents to visit on foot, including the Alta Mesa Golf Club and Valencia Park. While you’re walking, take a moment to smell the flowers along the Velda Rose Desert Nature Trail.
Search for Northpointe apartments for rent.
Walk Score: 60
Sherwood has a Walk Score of 60, making it the eighth most walkable neighborhood in the city. There’s a lot to love about the area, from grabbing a bite to eat at Backyard Taco, to taking a walk along the 8.7-mile Sun Circle Trail. If you’re up for a longer outing, nearby Red Mountain District Park is popular among locals.
Find Sherwood apartments for rent.
Walk Score: 59
The ninth most walkable neighborhood in Mesa is Roosevelt. Pedestrians can enjoy the variety of restaurants, cafes, and shops, like LA Crab Shack and Oregano’s. It’s also easy to walk over to Sloan Park for a great day out.
Peruse Roosevelt apartments for rent.
Walk Score: 59
Nuestro is the tenth most walkable neighborhood in the city. Local attractions here include Kleinman Park, the Mesa Arts Center, the Broadway Recreation Center, and the Mesa Aquatic Complex, providing residents spots to get together and enjoy their community.
Discover Nuestro apartments for rent.
Check out more walkable cities in Arizona.
Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.
Madison, a city known for its unique blend of urban charm and natural beauty, is a haven for renters who prefer to navigate their neighborhoods on foot. From the lively streets of Downtown to the serene paths of Bay Creek, Madison offers a variety of pedestrian-friendly areas. Rentals are fairly expensive, though, with the average one-bedroom apartment costing $1,580.
In this ApartmentGuide article, we will take you on a virtual tour of the most walkable neighborhoods in Madison. So, get ready to discover the charm of the Wisconsin capital’s walkable neighborhoods, where every step brings a new experience.
All data sourced March 2024.
Walk Score: 92
Downtown is the most walkable neighborhood in Madison, with a Walk Score of 92. Known for its bustling city life, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include the Wisconsin State Capitol and the Madison Museum of Contemporary Art.
Search for Downtown apartments for rent.
Walk Score: 91
State-Langdon has a Walk Score of 91, making it the second most walkable neighborhood in Madison. There’s a lot to love about the area, from its historic architecture to its proximity to the University of Wisconsin-Madison. While you’re walking around the neighborhood, check out the Memorial Union Terrace.
See State-Langdon apartments for rent.
Walk Score: 85
Marquette is the third most walkable neighborhood in the city. There are numerous walkable areas and attractions throughout Marquette, like the Yahara River Parkway and the Williamson Street shopping district. And if you’re in the mood for an adventure, you’re not far from Olbrich Botanical Gardens.
Find Marquette apartments for rent.
Walk Score: 83
Vilas has plenty of amenities a resident might need within walking distance. From the Henry Vilas Zoo to the University of Wisconsin Arboretum, you’re sure to find something to love. A notable amenity is Vilas Park, which is a great spot for locals and visitors alike.
Browse Vilas apartments for rent.
Walk Score: 83
As the fifth most walkable neighborhood in the city, Greenbush is known for its rich history. Consider exploring Brittingham Park or getting a bite to eat at the Greenbush Bakery with friends. There are plenty of other amenities in this charming community as well, like Edward Klief Park and the Italian Workmen’s Club.
Discover Greenbush apartments for rent.
Walk Score: 81
Tenney-Lapham has a Walk Score of 81, making it the sixth most walkable neighborhood in Madison. Known for its beautiful parks, residents and visitors can choose from walkable amenities such as Tenney Park and James Madison park. While you’re out, check out Picnic Point.
Look for Tenney-Lapham apartments for rent.
Walk Score: 78
Regent is the seventh most walkable neighborhood in Madison. This historic community has quite a few hotspots for residents to visit on foot, including the Camp Randall Stadium and the Monroe Street shopping district. While you’re walking, take a moment to smell the flowers at the Allen Centennial Garden.
Search for Regent apartments for rent.
Walk Score: 77
Emerson East has a Walk Score of 77, making it the eighth most walkable neighborhood in the city. There’s a lot to love about the area, from grabbing a bite to eat at nearby Ogden’s North Street Diner, to taking a walk at Demetral Field. If you’re up for a longer outing, nearby Warner Park is popular among locals.
Find Emerson East apartments for rent.
Walk Score: 74
The ninth most walkable neighborhood in Madison is Eken Park. Pedestrians can enjoy the variety of restaurants, cafes, and shops, like the Tip Top Tavern, MOKA, and the North Street Cabaret. It’s also easy to walk over to the Irwin A. & Robert D. Goodman Sports Complex for a great day out.
Peruse Eken Park apartments for rent.
Walk Score: 71
Bay Creek is the tenth most walkable neighborhood in the city. Local attractions here include Goodman Park and the Wingra Creek Bike Path, providing residents a spot to get together and enjoy their community.
Discover Bay Creek apartments for rent.
Check out more walkable cities in Wisconsin.
Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.
Older Americans who own their home are financially incentivized to stay put, which is likely to worsen the ongoing inventory shortage, two Redfin studies found.
In one recent survey, Redfin found that over three-quarters (78%) of older American homeowners (ages 60 and up) are planning to stay in their current home as they age. Meanwhile, about one in five baby boomers (19%) are considering moving into a community with older people or have already done so. Smaller shares of baby boomers are considering moving in with an adult child, moving to an assisted-living facility or moving in with friends.
The inertia of baby boomers is making it harder for young Americans to find a family home, according to a Redfin analysis. In fact, empty-nest baby boomers own 28% of three-bedroom homes in the U.S., while millennials with kids own just 14%. Furthermore, nearly 80% of boomers own the home they live in, compared to 55% of millennials.
Additionally, 54% of boomers carry no mortgage, and for those who do have a mortgage, nearly all of them have a much lower interest rate than they would if they sold and bought a new home today.
According to the April 2024 Mortgage Monitor report from Intercontinental Exchange (ICE), homeowners who took out mortgages with near-record-low rates in 2020 and 2021 face much higher monthly payments even if they move to an equivalently priced home. A “lateral move” of this type would cost 60% more per month, ICE reported.
There are now 517,000 single family homes on the market, up by 26% from a year ago, according to data from Altos Research. Inventory has been expanding steadily for 20 weeks in a row but still remains at historically low levels. Mike Simonsen, founder and president of Altos Research, forecasts that there will be 700,000 homes on the market by August or September of this year, the most homes available since 2019.
“Older Americans are aging in place because it makes financial sense, but also because it’s human nature to avoid thinking about challenging scenarios such as needing help as you get older,” Redfin chief economist Daryl Fairweather, said in a statement. “In reality, many homeowners and renters will need to move somewhere that better meets their needs as they age, like a senior-living community or a one-story home in an accessible neighborhood.
“But the government isn’t prioritizing building housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage. Politicians should focus on expanding housing stock that meets the needs of older Americans, which could help with housing affordability and availability for all.”
In certain states like California or Texas, tax systems make it advantageous for people to stay in their homes as they age. Medical and technological advancements have also made it increasingly easy for people to stay in their home as they get older.
More than half (51%) of baby boomers who don’t plan to move say that they like their home and see no reason to move, according to Redfin’s survey. The real estate brokerage conducted this survey in February 2024, collecting 838 responses from baby boomers (ages 60 to 78) and 62 responses from members of the Silent Generation (ages 79 and older).
Source: housingwire.com