Fannie Mae on Wednesday released its October 2023 update to its Selling Guide, aiming to reflect changes in the mortgage industry, its surrounding regulatory environment and Fannie Mae policy positions.
The first update is a change to the documentation requirements for rental income that is used in a qualifying decision.
“We updated our policies for rental income to address various questions received from lenders,” the update explained. “These changes provide additional details for documenting rental income used for qualifying and reconciles differences in the way income earned from subject and non-subject properties is determined.”
For self-employment income, the Selling Guide has changed the tenure of qualifying history.
“We updated the Selling Guide to clarify the requirements for use of self-employment income when the borrower has less than a two-year history of self-employment,” the update document detailed. “These clarifications include a requirement for the signed personal and business federal income tax returns to reflect a minimum of 12 months of self-employment income from the current business.”
Requirements related to the Guide’s manufactured housing data plate have also been updated. Previously, the information from both the HUD Data Plate and HUD Certification Label were required to be included alongside photo exhibits, but now only one of the two will be required.
“If only one of these is available to the appraiser, that will satisfy compliance with the Selling Guide,” the update document explained. “If neither are available, the lender must obtain either a Label Verification Letter with the HUD Certification Label(s) information or [a] duplicate HUD Data Plate/Compliance Certificate from the Institute for Building Technology and Safety.”
This update does not apply, however, to newly constructed manufactured homes, since these documents are required on all newer units. This is a policy that lenders can take advantage of immediately, according to Fannie Mae.
Other updates include the clarification of value acceptance and property data, with Fannie Mae clarifying “to specifically state that property data collection must be obtained and submitted to Property Data API prior to the note date.”
Fannie Mae also lays out changes to pre-funding quality control (QC) sampling requirements that “allow lenders to exclude certain government loans that have the required government guaranty or government insurance,” as well as an “18-month lookback period (from the date of acquisition) for all post-purchase adjustments of loan-level price adjustments.”
While lenders are encouraged to make such updates to their own operations immediately, they must implement all of these changes by Jan. 1, 2024.
Inside: Are you thinking about moving out? This guide will help you identify the costs of moving, calculate how much you need to save, and advice on expenses. You need to learn and plan for the practicalities of living on your own.
Taking the leap to move out and start living independently is a significant milestone.
However, it’s important to ensure you’re financially prepared for this exciting new chapter in your life.
One vital step you need to take is to start saving money, essential for covering your future expenses, emergency fund, and even fun activities. Through careful budgeting, consistent saving, and efficient spending, you can make the transition smoother and stress-free.
Around here at Money Bliss, we focus on the need to save money before making a purchase or taking the next step, so you will be better equipped and stay debt free.
This way, you can fully enjoy the freedom and responsibilities that come with having your own place.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Why is Moving Out on Your Own Important?
There comes a time in one’s life when one feels the need to spread their wings and live independently. We all wanted to move out at 18 – I remember!
This crucial step, however, requires substantial planning. Yet, most just jump right to moving out.
The key thing you must do? Save. But, why so important?
Here’s why: independence means bearing your own expenses. Rent, groceries, utilities, they’re all on you.
Plus, unforeseen emergencies are less shocking when you have a well-stocked safety net.
What’s a good amount of money to have before moving out?
The amount you need to move out depends on many factors.
However, on average, you should aim to have between $6,000 and $12,000 stashed away before you pack your bags.
This sum would cover initial moving costs, deposits, furniture, essentials, and a few months of rent.
Remember, it’s not just about surviving your first month. You’ll need enough to keep you comfortable while you’re settling into your new life.
How much should I save before moving out?
Remember, there isn’t a “magic number.”
Yet, many wonder is $5000 enough to move out?
Your savings should cater to your housing costs, which ideally should not exceed 1/3 of your monthly income. Besides, factor in regional cost of living, moving expenses, and an emergency fund.
What determines the amount needed?
The amount to save before moving out varies greatly. It hinges on factors like your targeted living area because there is a wide fluctuation of HCOL vs LCOL areas, your projected expenses, and your income level. The rent in one city might be higher than in another.
As well as your personal lifestyle choices and spending habits will greatly affect monthly expenses.
Evaluation: Your Financial Status
Your financial status, including current income and expenditures, plays a crucial role in determining the proportion of your earnings you should save before moving out.
If you have a higher income with lower outlays, you can save more, whereas having roommates can significantly cut down your living expenses, enabling better savings.
A careful review of these factors allows you to create a realistic saving plan tailored to your unique financial circumstances.
You need to make sure you are on track to how much money should you have saved by 25.
Assessing your current income
Take a deep look at your income. How much do you earn each month? How regular is this income? These are vital questions.
Your net income (what you earn after taxes) sets the tone for what you can afford. This is the amount listed on your paycheck.
Learn more about gross pay vs net pay.
Understanding your debt load
Debt can be a significant hindrance when contemplating moving out. How much do you owe monthly?
You need to consider your debt-to-income ratio. This is what mortgage lenders do to figure out if I make 70000 a year, how much house can I afford.
If your debt is taking up more than 30% of your income, you need to be careful on how much you spend on rent and other mandatory expenses.
Learn how to pay off your debt faster using Undebt.it.
Know Your Expenses: Breaking Down the Costs
I’ll be honest. This is what most people overlook when they move out or even purchase a new home.
For instance, the couch I loved couldn’t fit into our new house. Sigh.
Now, is the time to learn how to save 5000 in 6 months.
Identifying the cost of moving
Moving costs can bite! They depend on relocation distance, packing supplies, and the complexity of the move.
Movers can range from hundreds to thousands. According to Moving.com, the average costs for a studio or one bedroom range from $501 – $985. 1
Thankfully, you are young and you can pay friends for help with pizza. But, you still need to account for a moving truck if needed.
Hidden costs you need to consider
When moving out, some costs aren’t glaring. These include fees for installing new services, delivery fees for new furniture, or penalties if foregoing a current lease. Yes, these hidden costs can pile up!
Even, the costs to put blinds up at your new place! A room darkening shade can easily set you back $50; I know, I like my sleep.
So, be sure to consider them when saving for your move.
Setting Up a Personal Budget
A budget plays a crucial role in being financially stable. Period.
Call it adulting if you want to, but you cannot spend more money than you make. That is a recipe for a disaster and way too much debt.
By adhering to a well-planned budget, one can prevent financial stress to ensure financial security and start your journey to financial independence.
How to start a personal budget
Starting a personal budget is simple.
List your income and expenditures. Include rent, groceries, utilities, subscriptions, and yes, even luxuries.
The goal is to spend less than you earn.
Then, you can save and plan for your future.
That means you may not be able to afford everything you want. And using credit cards to fill the gap isn’t smart.
The 50/30/20 budget rule explained
For many, the 50/30/20 rule serves as a rough guide for managing your finances.
It suggests allocating 50% of your income to necessities, 30% to wants, and 20% to savings.
This is a beginner-friendly method to manage spending without feeling overwhelmed.
Starting to use a budget app is extremely helpful.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Avoid These Budget Downfall
The most common expenses that are forgotten are irregular expenses such as vacations, weddings, or holiday spending. These variable expenses do not occur on a consistent schedule.
To manage these, note these big-ticket events on a calendar, estimate their cost, divide by 12, and contribute that amount to a high-yield savings account each month, offering you a guilt-free way to cover these costs without stressing over money.
Make sure you remember all of your expenses by checking out this full list of personal budget categories.
Creating and Managing an Emergency Fund
Why an emergency fund? It provides you with a safety cushion.
This fund prevents unexpected expenses from ruining your plans or sending you spiraling into debt. It acts as your financial parachute when you need it the most.
Around here at Money Bliss, we consider it a staple in financial wisdom.
Ideal size of an emergency fund
As a rule of thumb, your emergency fund should cover at least $1000-2000 in savings. This will provide money to cover a car breakdown or new car tires. Honestly, the goal is never to use your emergency fund.
However, you may look at a bigger rainy day fund that will cover 3-6 months of living expenses. This will provide you with a comfortable safety net against unexpected events like job loss or medical emergencies.
But remember: start small. Even $1,000 can buffer you from financial shocks. Check out these mini savings challenges.
Enough Money for One Year
A year’s worth of savings may sound excessive.
However, it provides unmatched stress relief and financial stability that can be life-changing, especially for young adults.
This tip will change your financial landscape immensely and provide you with more opportunities than you can imagine.
You can handle life’s ups and downs more easily when you have an entire year’s expenses sitting in your bank account.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
Better Planning for Potential Bills and Fees
When preparing to live independently, don’t forget to plan for unanticipated costs.
Rental fees and deposits explained
When you rent, you’re likely to encounter a range of fees.
First off, you’ll have to foot a security deposit – typically equal to one and a half month’s rent. This upfront cost acts as insurance for landlords against damages. If you leave the place in top shape, you’ll get your full deposit back!
Additional fees could include application fees or non-refundable move-in fees like background checks. Know what you’re paying for before you sign the lease.
Utilities and recurring expenses
Electricity, gas, water, and internet – these utilities fall on your shoulders when you’re living solo.
These costs can eat a hole in your wallet if unchecked!
To avoid surprises, ask for estimates before signing a lease or find a place that includes utilities.
Other recurring expenses? Consider subscriptions. Gym, Netflix, Spotify – they all add up!
Trim
Perfect for the person who hates to hassle with canceling subscriptions and checking spending.
Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.
Learn More
Go for a Trial Run Before Moving Out
Adopt the practice of “paying rent” beforehand by setting aside a third of your income into a dedicated savings account which can test your financial readiness for the move. See if you can move out and afford it before you actually move.
Remember, being savvy with money while planning to move out involves carefully auditing your spending over the last 3-6 months and developing a budget that accounts for future expenses, savings, and essential purchases.
This may save you headaches in the future.
Smart Moves: Making Rent Like a Boss
You need to understand how you are starting to make financial decisions.
In fact, reading this financial advice for young adults would be helpful.
Understanding rent payments.
Rent payments can be daunting as prices for a single bedroom apartment are $1700/month. 2
Many landlords may tenants to earn at least three times their rent.
Payments are usually due on the first day of the month. Late payments can lead to hefty fees!
Stay organized by setting reminders or setting up auto-pay.
Considering a roommate.
On the fence about getting a roommate? It’s worth considering!
A roommate can drastically cut your living expenses. Half the rent, half the utility costs… that sounds like a sweet deal.
On the flip side, you may have less privacy and there can be disputes.
However, with clear communication and shared responsibilities, it can be a great experience. It’s a great option if your income is tight. Choose wisely!
Opting for second-hand furniture
Furniture expenses can add up quickly, but there’s a savvy solution: opt for second-hand furniture! Yes, it’s cool to be frugal.
In fact, vintage pieces can add character to your home. Perhaps snag a few items from your parent’s home, Buy Nothing Group, or thrift stores. It’s not about being cheap, but about being smart!
You can always upgrade later.
Key Takeaways Before Taking That Leap
Moving out with roommates not only gave me a firsthand experience of independent living but also exposed me to the nuances of financial management. These initial steps helped me understand budgeting and the importance of balancing expenditures with earnings.
Then transitioning into renting my own place, I was armed with the knowledge I gained and was better prepared to face the challenges, creating a smooth transition to living completely on my own.
Checklist before getting your own place
Before making the big move, have you:
Saved enough to cover deposit, rent, moving, and utility hook-up fees?
Started a personal budget, tracking income and expenses?
Drafted a rough spending plan using the 50/30/20 budget rule.
Built an emergency fund?
Discussed potential apartment rental fees and deposits?
Considered recurring expenses and variable expenses?
Weighed the pros and cons of having a roommate.
Looked into second-hand furniture?
Can you comfortably cover living expenses with your income?
Have you accounted for all possible costs? Think of moving costs, utilities, groceries, health insurance, and more.
Have you considered the cost of living in your preferred location?
How stable is your income? Can it sustain your independence long-term?
Check out this first apartment checklist.
Frequently Asked Questions (FAQs)
Before moving out of your parents’ house, aim to save at least $5,000. But, you want to start off financially sound, so aim higher like $10,000. This amount would ideally cover your moving costs, early rent payments, and the setting up of utilities.
Remember, the real magic figure depends on your cost of living and your current income.
Put simply, saving $1,000 a month is excellent!
As an expert, Money Bliss often recommends saving at least 20% of your income each month. If you can stash away $1,000, you’re well above this bar.
Remember, every little helps when working towards financial independence. Check out our 52 week money saving challenge to get started.
Start Saving for How Much Money I Need to Move Out
Taking the leap into independent living can feel daunting. But with careful planning, budgeting, and saving, it’s an exhilarating journey.
The best advice I can give someone who is looking to move out is to plan ahead for the journey in front of you.
Remember, having anything between $6000 and $10,000 saved up is an excellent starting point.
As you navigate your financial freedom, adopt the 50/30/20 rule for managing expenses. Around here we call it the Cents Plan Formula.
Most importantly, stay prepared for life’s unexpected twists with an emergency fund. And don’t be shy to make some smart moves like considering a roommate or opting for second-hand furniture.
The journey towards independence is rewarding and fun – as long as you’re financially prepared. So pop that calculator, get budgeting, and start saving for your own place!
Source
Moving.com. “Moving Cost Calculator for Moving Estimates.” https://www.moving.com/movers/moving-cost-calculator.asp. Accessed October 25, 2023.
Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed October 25, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Arizona’s largest airport, Phoenix Sky Harbor International Airport, is located about four miles from downtown Phoenix. A focus city for both American Airlines and Southwest Airlines, Phoenix Airport is the 10th busiest airport in the United States by aircraft movements.
If you have a trip to or from Phoenix Sky Harbor Airport in the near future, this guide, which includes information on how to get to the airport by public transport, terminal details and what lounges are available, is for you.
Phoenix Sky Harbor Airport quick facts
Airport code: PHX.
Address: 3400 E. Sky Harbor Blvd.
Number of runways: Three.
Number of terminals: Two — Terminal 3 and Terminal 4.
Transport between terminals: PHX Sky Train.
Daily flights served: 1,200.
Daily passenger count: 125,000.
Phoenix Airport map
For PHX Sky Harbor terminals and an interactive map, visit this page.
Airlines with service to Phoenix airport
Nearly two dozen airlines, both U.S.-based and international, operate flights to and from Phoenix Sky Harbor International Airport. Depending on the carrier you’re flying, you’ll be departing from one of the terminals below.
Terminal 3 airlines
Advanced Air.
Air Canada.
Alaska Airlines.
Allegiant Air.
Breeze Airways.
Contour Airlines.
Delta Air Lines.
Denver Air Connection.
Frontier Airlines.
Hawaiian Airlines.
JetBlue Airways.
Southern Airways Express.
Spirit Airlines.
Sun Country Airlines.
United Airlines.
Terminal 4 airlines
American Airlines.
British Airways.
Condor Airlines.
Southwest Airlines.
TSA PreCheck lines at Phoenix airport
Both terminals have TSA PreCheck lines, so if you’re a member of the Trusted Traveler Programs, you can use the following checkpoints to breeze through security:
Terminal 3
North checkpoint.
Terminal 4
Checkpoint A.
Checkpoint B.
Checkpoint C.
Checkpoint D.
Getting to and from Phoenix airport
Bus
Two bus lines serve Phoenix Airport: Route 13 and Route 44. Route 13 stops near the airport’s operations building, west of Terminal 3, and at 24th Street PHX Sky Train Station. Route 44 stops at the 44th Street PHX Sky Train Station.
Train
Take the free Sky Train to the 44th Street PHX Sky Train Station and head to the Valley Metro Rail platform. You can use the light rail to reach Phoenix, Tempe and Mesa.
Ride-hailing apps
Both Lyft and Uber operate in the Phoenix metro area, meaning you can request a ride to and from the airport.
Rental car companies at Phoenix airport
If you need to rent or drop off a vehicle, you can take the PHX Sky Train between the rental car center and the terminals.
The following car rental companies have offices at the car rental center at Phoenix Airport:
Phoenix airport car rental options
Enterprise.
NÜ Car Rentals.
Phoenix airport lounges
Terminal 3
Location: Near Gate F8.
Hours: 4:45 a.m. to 12 a.m.
Location: At the intersection of E and F gates, mezzanine level, next to Passage by Hudson.
Hours: 4:30 a.m. to 10 p.m.
Location: Near Gate E3.
Hours: 5 a.m. to 11:30 p.m.
Terminal 4
Location: Above Gates A7 and A9.
Hours: 6 a.m. to 11:30 p.m.
Location: Between Gates A19 and A21.
Hours: 4 a.m. to 8 p.m.
Admirals Club, Concourse B
Location: Above Gates B5 and B7.
Hours: 6 a.m. to 8 p.m.
Escape Lounge – The Centurion® Studio Partner
Location: Across from Gate B22.
Hours: 5 a.m. to 10 p.m.
Location: Across from Gate B22, on the upper level.
Hours: 6 a.m. to 9 p.m.
USO Lounge
Location: Level 2, East End, near B and C elevators (pre-security).
Hours: 7 a.m. to 3 p.m. Monday through Thursday and 7 a.m. to 7 p.m. Friday through Sunday.
Restaurants at Phoenix airport
If you don’t have lounge access, you can grab a bite at many restaurants available at Phoenix Sky Harbor International Airport. The eateries include national chains as well as some local establishments.
Terminal 3 restaurants
Ajo Al’s Mexican Cafe.
Giant Coffee.
Humble Torta & Taco.
Panera Bread.
Peet’s Coffee.
PHX Beer Co.
SanTan Brewing Company.
Shake Shack.
Starbucks.
The Roadie.
The Tavern.
Terminal 4 restaurants
Barrio Cafe.
Blanco Tacos & Tequila.
Cartel Roasting Co.
Chelsea’s Kitchen.
Cheuvront Restaurant & Wine Bar.
Cowboy Ciao.
Deluxburger Express.
Dilly’s Deli.
Dunkin’.
Fazoli’s.
Focaccia Fiorentina.
Four Peaks Brewing Company.
Humble Pie.
La Grande Orange.
La Madeleine.
Los Taquitos.
Matt’s Big Breakfast.
McDonald’s.
O.H.S.O. Brewery.
Olive & Ivy.
Panda Express.
Peet’s Coffee.
Pei Wei Asian Kitchen.
Sir Veza’s Taco Garage.
Starbucks.
Sweet Republic.
Tammie Coe To Go.
Wendy’s.
Wildflower Bread Company.
Zinburger.
Zinc Brasserie.
Shops at Phoenix Airport
A slew of retail shops is available for passengers looking for last-minute items in between flights. Among the traditional travel swag, you’ll also find some merchandise showcasing the spirit of the American Southwest.
Terminal 3 shops
Best Of The Valley Market.
Discover Arizona.
Indigenous Mosaic.
InMotion Entertainment.
Ironwood by Hudson.
Johnston & Murphy.
Passage by Hudson.
Phoenix Public Market.
Stellar News + Market.
Tech On The Go.
Travel Outfitters.
Terminal 4 shops
Arizona Highways.
AZCentral.com.
Brooks Brothers.
Bunky Boutique.
Cactus Candy.
CASA Airport.
CNBC 12 News.
Connections.
Earth Spirit.
Hudson News.
Indigenous.
InMotion Entertainment.
Johnston & Murphy.
Lucky Break.
Phoenix Duty Free
Roosevelt Row.
Sonora Southwest Living.
Sunglass Hut.
TripAdvisor.
Uno de 50.
Uptown Phoenix.
Frequently asked questions
Does Phoenix Airport have Clear lanes?
Yes, Terminal 3 and Terminal 4 both have Clear lanes for Clear Plus members and enrollment options for passengers interested in joining the program. North checkpoint as well as Checkpoints A, B, C and D all have Clear lanes.
What terminal is Southwest at PHX?
Southwest Airlines is located in Terminal 4 at Phoenix Sky Harbor Airport.
Where is the Delta terminal at Sky Harbor Airport?
Delta flights depart from Terminal 3 at Phoenix Sky Harbor Airport.
What terminal is United at Phoenix Airport?
The Sky Harbor United terminal is Terminal 3.
What airlines are based at Phoenix Airport?
American Airlines and Southwest Airlines have operational hubs at Phoenix Airport.
How do I reserve parking at PHX Sky Harbor?
It’s possible to reserve a long-term parking spot at Phoenix Airport. To make a reservation, select the date and time of your entry and exit from the lot, select the preferred parking facility, fill out your information and provide payment details.
You can make a parking reservation as early as six months and as late as two hours before departure. The maximum number of days available for parking pre-booking is 60.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
“Ten-year Treasury yields climbed higher last week, as global investors remained concerned about the prospect for higher-for-longer rates and burgeoning fiscal deficits,” Kan said. “Mortgage rates followed Treasuries higher, with the 30-year fixed mortgage rate jumping 20 basis points to 7.9% – the highest since 2000. Rates have now risen seven consecutive weeks at a … [Read more…]
Wouldn’t it be great if we all had a crystal ball that told us what the interest rate environment would do? We could figure out the best time to get a mortgage or the best time to buy a car. And of course, we would know exactly when to put all of our money into certificates of deposit (CDs) to maximize our yield.Unfortunately, that isn’t the case. Nobody knows what interest rates are going to do in the future — not even the people in charge of setting benchmark interest rates. However, we can use the latest economic projections to consider the most likely scenario and what else could happen instead. So here’s what we know (and don’t know) about what CD yields will do in 2024.Where do CD yields come from?The short explanation is that CD rates are a combination of three main factors:The current interest rate environmentThe bank or financial institution that offers themThe maturity termIn other words, when benchmark interest rates rise, CD rates generally tend to rise along with them. However, the rates paid by CDs can vary dramatically between banks.For example, as I write this, our top 12-month CDs have APYs ranging from 4.25% to 5.65%. The same is true for CDs of other maturity lengths as well. But because the Federal Reserve has raised benchmark interest rates so aggressively in the past couple of years, this range is significantly higher than it was.When it comes to different maturity lengths, it’s a little tricky to explain, but the general idea is that shorter-term CDs tend to track benchmark interest rates rather closely. The current federal funds rate (the most important interest rate the Fed controls) is set to a range of 5.25% to 5.5%, and this is certainly aligned with most of the top 1-year CDs we track.With longer maturities, there are a lot of economic factors at work, but the simple explanation is that CD yields are a combination of the current interest rate environment and expectations for future interest rate movements. In most environments, longer-maturity CDs tend to have higher yields, since banks typically pay a premium if customers agree to leave their money on deposit for a longer time. But as of Oct. 2023, the range of 5-year CD yields on our top CD list is 3% to 4.85%, with the average yield significantly lower than the average 1-year CD.This makes sense. According to the latest projections from the policymakers at the Federal Reserve, the benchmark federal funds rate is expected to fall to 4.6% by the end of 2024 and to 3.4% by the end of 2025.What will CD rates do in 2024?There’s no way to predict with accuracy what CD rates will do next year. Even the Federal Reserve’s own projections can be very wrong. In fact, the Fed’s projections in Sept. 2021 called for a federal funds rate of just 1% at the end of 2023.Having said that, the latest projections call for one further quarter-point rate hike by the end of 2023, which would likely push CD yields slightly higher to start 2024. And if the Fed’s projection of a 4.6% federal funds rate proves to be accurate, we could expect 1-year CD rates to gravitate towards that level, with other maturity terms drifting generally lower as well.However, it’s tough to overemphasize that we don’t know what is going to happen. If inflation proves far more difficult to control than the Fed expects, it’s entirely possible that several more interest rate hikes will be needed and CD yields will be much higher at the end of 2024. On the other hand, there’s the possibility of a recession coming and the need for the Fed to aggressively cut rates if the economy takes a worse downward turn than expected.The bottom line is that CD rates are higher right now than they’ve been in a long time, and the best course of action is to put your money in CDs that make sense for you now — not to leave your cash on the sidelines in anticipation of rates rising even further.However, one smart strategy could be to create a CD ladder, which gives you the best of both worlds. If rates end up rising in 2024, you’ll end up with some money to take advantage. And if rates fall, most of your money will be locked in at today’s rates.
Costco Is Selling a Full Thanksgiving Meal Kit So You Don’t Have to Do a Thing
By: Maurie Backman |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023
Some people absolutely love hosting Thanksgiving and getting creative in the kitchen. But if you’re someone who dreads Thanksgiving and the hours upon hours of preparation that tend to come with it, then you may be in luck. Costco is selling a Thanksgiving meal kit for $199.99 that’s designed to feed a party of eight. You’ll need to pre-order yours by Nov. 5, but it could be worth it for the time-related savings involved. And you may even find that Costco’s Thanksgiving dinner kit saves you money, too.When you’re looking to outsource your Thanksgiving mealEven if you’re someone who likes to cook, being in charge of Thanksgiving isn’t easy. There’s a lot of pressure to throw together a massive feast, and you may not have the time or desire to spend an entire day preparing food. If you’re not at all looking forward to a day of cooking, let Costco come to your rescue. For $199.99, you’ll get the following:Five pounds of skin-on turkey breastA two-pound tray of stuffingA 1.5-pound trap for mashed potatoes with a side of gravyA 1.6-pound tray of macaroni and cheese A two-pound pack of sweet cornA two-pound pack of green beansCranberry relish12 dinner rollsOne pumpkin pieOne apple pieAll of this food will ship frozen, and you can expect delivery to your home between Nov. 8 and 17. Will Costco’s Thanksgiving meal kit save you money?You probably won’t save money by purchasing Costco’s meal kit compared to buying ingredients for the above dishes at Costco, or even elsewhere. At your local grocery store, turkey might cost about $3.50 per pound. So a five-pound turkey might cost you just $17.50. A Costco pumpkin pie, meanwhile, is generally only $5.99 (though prices can vary). So right there, you’re looking at $23.50 for 20% of your meal. The cost of the other items included in Costco’s Thanksgiving dinner kit can vary based on how you prepare your sides. But macaroni and cheese, for example, can be an extremely inexpensive dish to prepare. A single box of Kraft might cost under $1.50, so even if you need five boxes, you’re looking at $7.50 or less in total. (Of course, if you insist on making yours from scratch with high-end cheese, that’s a different story.)All told, you can probably throw together a Thanksgiving meal for eight for under $200 — but not so much under. So the question you’ll want to ask yourself is how much time you want to save.Also, if you’re so not looking forward to cooking to the point where you think you’ll pay to cater your Thanksgiving dinner, then you’re likely to put more than $200 on your credit card by going that route through a local restaurant or caterer. In that regard, Costco’s offering could save you some money.All told, Costco’s Thanksgiving dinner kit may be worth considering if you’re not excited to cook for the holiday this year. But chances are, this meal kit is going to be a popular item, which means it may sell out soon. If you are interested in ordering it, do so quickly so you don’t miss out.
3 Costco Perks You Aren’t Taking Advantage of — but You Should
By: Brittney Myers |
Updated
Oct. 23, 2023 – First published on Oct. 23, 2023
Just $250 a month at Costco would earn enough back to pay for the upgrade. In other words, if you spend more than $250 a month at Costco, upgrading makes financial sense.If that sounds like a ton of money to you, then definitely stay with your regular membership. But if your family goes through Kirkland Signature toilet paper like they flush it down the toilet, and you’re one of the people who actually finishes that 3-liter bottle of olive oil, then a membership upgrade could be a smart idea.Double up with rewards cardsWhether an Executive membership is right for you or not, there’s another way to earn rewards that everyone should be taking advantage of: rewards credit cards.Unfortunately, you can only use Visa credit cards in a Costco warehouse. If you’re shopping at Costco.com, you can use Visa or Mastercard credit cards. While these restrictions certainly stymie some of my favorite rewards cards, you’re not completely out of luck. There are still some great options from either issuer. Costco even offers its own cobranded Visa card, which can be especially rewarding when it comes to gas purchases. I prefer to use my Chase Freedom Unlimited®, however, for 1.5x points per $1.
I Bought a $278.99 Walmart Mattress. Here’s How It Compares to My Expensive Tempur-Pedic
By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023
Recently, we bought a mattress that we plan to use temporarily for a few months as most of our furniture is in storage while we complete a remodeling project. We didn’t want to spend a lot of money since this mattress will be relegated to a guest room, if it is used at all, once we get our furniture back in place.We opted to buy a memory foam mattress from Walmart and paid $278.99 for a king size. This was a fraction of the cost of our regular mattress, which is a Tempur-Pedic that cost several thousand dollars.After sleeping on the cheap mattress for a while, here’s how they compare.Both are equally comfortableFirst and most importantly, my husband and I have found that both of the mattresses are equally comfortable to sleep on. Both provide a similar level of firmness and support. And, we don’t feel the other person moving around in either bed. In fact, if forced to pick which of the two we like better, we would not be able to based on the comfort factor alone.Both have the same warrantyOur Tempur-Pedic mattress came with a 10-year warranty. We didn’t expect our new bed to offer this same guarantee since it cost so much less. But, we were wrong. The new, inexpensive mattress also has a 10-year warranty and a 30-day refund policy to make sure we’re comfortable with it.Both have multiple layersOur Tempur-Pedic came with multiple different layers of material including a comfort layer on the top, a support layer in the middle, and a base layer. Each of these layers is supposed to serve a purpose, like distributing body weight evenly along the mattress or dispersing heat.Our inexpensive mattress actually comes with more layers, referred to as the “five floors of comfort.” There’s a top breathable fabric, a second layer to avoid heat, two separate support layers, and a non-slip layer at the bottom.I’m not exactly sure if all of these layers are serving their exact purpose, but I have noticed that neither bed sleeps warm and both feel like they provide adequate support. The non-slip layer on the cheaper mattress also seems to help it stay in place on my box springs.The Tempur-Pedic feels heavier and more substantialThe Tempur-Pedic stands out by feeling more substantial. The cheaper mattress came vacuum packed in a tiny little package and it took a while to fluff up. And it just doesn’t have the same heft as the Tempur-Pedic mattress.However, while this is a point in the Tempur-Pedic’s favor because the substance has me feeling like it may last longer, it also means the Tempur-Pedic is more of a pain to move around.Ultimately, I feel like the cheaper mattress was a better buy. It left more money in my bank account than the Tempur-Pedic, and it provides a similar level of comfort as well as the same warranty.The experience has shown that buying a more expensive bed isn’t always the best option, so before breaking out your credit cards, be sure to explore and fully compare different mattresses to find one that feels the best at a fair price. Visit some stores and try them out. Don’t immediately dismiss one just due to a lower price point, as you might miss out on a comfortable mattress at a great discount. And don’t forget to consider the return policy and warranty so you end up happy with your purchase in the long run.
Mark Cuban Thinks You Should Buy a 2-Year Supply of Toothpaste. Here’s Why
By: Christy Bieber |
Updated
Oct. 27, 2023 – First published on Oct. 27, 2023
Mark Cuban is the owner of the Dallas Mavericks and is well-known for his business skills and investing prowess. Over the years, he has provided some tips to others who want to get rich, and one of them was a pretty surprising one.His advice: Buy a two-year supply of toothpaste. Here’s why the billionaire suggested making this unconventional move.Cuban has a simple reason for buying so much toothpasteMark Cuban doesn’t just want your teeth to be really clean. He had a good reason for suggesting purchasing such a large stockpile. Specifically, he advised doing this if you use the same brand of toothpaste regularly and can find it at a deep discount.”If we, hopefully we’re all using toothpaste every day, right, couple times a day, and we’re gonna go through toothpaste every month, whatever it may be, you’re better off buying two years’ worth of toothpaste when it’s on 50% discount,” he said. “That’s an immediate return on your money.”Cuban’s point was that the prices of items go up over time, so you’re better off purchasing them at the lowest possible price as this puts guaranteed money in your pocket. You also immediately benefit from the savings since you get to spend less now and in the coming years, keeping more cash in your bank account.Toothpaste isn’t the only item Cuban believes you should stock up on. “Any of your reusables, consumables that you have to have, when they’re on a huge sale on Amazon, buy them, because chances are, their prices are gonna go up, but that’s a real savings that you get to put in your pocket.”Cuban said that while it can feel difficult to make a profit by investing in a brokerage account, this is a simple step that anyone can take that will have an immediate positive impact on their personal finances.Should you follow Cuban’s advice?Listening to Cuban just makes good sense — especially as the recent few years of rising prices and surging inflation have demonstrated that routine products and services that we use every day can and do see big price increases.If you’re able to get many of your consumer products at discounted prices, this can make a noticeable difference in your personal finances. It’s not difficult to do either. Most stores put items on sale on a predictable schedule, such as marking down a product once every six or eight weeks. If you can stock up when there’s a good price — and especially if there’s a deep discount, then you’ll be able to slash what you spend on groceries and personal care.Use this extra money wisely to do things like repay debt or invest for your future, and you will end up being able to build wealth without changing your lifestyle at all. But, no matter what you do with the money, you probably have better stuff to spend it on than paying full price for toothpaste.
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Steve Bailey, Senior Managing Director of Loan Administration for Countrywide Financial, testified before the Senate yesterday, calling the recent allegations regarding its bankruptcy cases “unfounded” while claiming that the mortgage lender was committed to helping its borrowers avoid foreclosure.
He said the many recent allegations made in the media related to its bankruptcy systems and servicing practices were not based on fact, and stressed that the cases are legally complex.
At the same time, he was quick to note that Countrywide’s processes were the best in class, and resulted in a small number of errors.
A series of internal reviews conducted by Countrywide indicate an error rate below one percent for mistakes that “adversely impact a borrower.”
Bailey went on to say that Countrywide’s policies and practices are designed to avoid unnecessary fees, especially in bankruptcy cases, citing the fact that the lender doesn’t charge late fees on post-petition (after BK is filed) delinquencies or collect prepayment penalties on payoffs tied to a BK.
He added that Countrywide typically waits 45 to 60 days into a post-petition delinquency before referring the account to attorneys to file motions for relief from the bankruptcy stay (foreclose).
Additionally, Countrywide has or will in the near future implement changes to its bankruptcy servicing system to improve the transparency and accuracy of the process.
These changes include an independent review of a random sample of loans in bankruptcy by an outside auditor, the establishment of the Bankruptcy Ombudsman’s Office, and the adopting of best practices which are expected to be recommended shortly by the National Association of Chapter 13 Trustees.
He concluded that a successful bankruptcy was not only in the interest of the homeowners in question, but also the mortgage lender, investor, and servicer.
Countrywide is currently involved in tens of thousands of bankruptcy cases throughout the country.
Shares of the Calabasas, CA-based home loan lender were down 32 cents, or 5.99%, to $5.02 in afternoon trading on Wall Street.
About a week ago, Bank of America released details of its so-called “Mortgage to Lease” program, which as the name implies, allows homeowners to lease the homes they previously mortgaged.
So let’s take a closer look to see just what Bank of America is doing here.
First things first, this is a very limited pilot program, so don’t assume you can head down to Bank of America, fill out some paperwork, and then ditch your pesky mortgage but not your beloved house.
In fact, fewer than 1,000 customers will be “invited” to participate in the Mortgage to Lease program, meaning your chances of being selected are only slightly better than winning the Mega Millions jackpot.
Additionally, only homeowners in Arizona, Nevada, and New York are part of the pilot, so if that’s not you, you’re out of luck, at least for the moment.
Requirements for the Mortgage to Lease Program:
[checklist]
Mortgage is owned by Bank of America
Mortgage is 60 days + delinquent
All other loan modification solutions have been exhausted or ignored
Face high risk of foreclosure
Have no second mortgages
Still occupy the home
Have enough income to make affordable rent payments
[/checklist]
So while this looks like a lengthy list, it’s probably not all that uncommon. Well, the lack of second mortgages probably is, as most homeowners who are currently in trouble went with 100% financing. And most used second mortgages to get there.
But for those with one loan who still managed to find themselves underwater, or at least behind on mortgage payments, and couldn’t manage a short sale or deed-in-lieu of foreclosure, this program may be a winner.
That is, if you actually want to stay in the home that gave you so much heartache.
How the Mortgage to Lease Program Will Operate
Assuming you do, participants in the program will agree to transfer title of their home to Bank of America, and their outstanding principal will be forgiven. In other words, you won’t owe the bank anything for owing more than the mortgage is worth.
In exchange, you’ll have the opportunity to rent the house you currently reside in for up to three years, with rental payments set at or below the current market rental rate.
The rental payment will be less than the old mortgage payment, and the homeowner will be relieved of normal homeowner costs, such as homeowners insurance and property taxes.
Bank of America will have a property management company oversee the rental properties, and eventually the inventory of homes will be transitioned to investor ownership.
However, if all goes well, the investors can keep the tenants in the homes for as long as they see fit. And possibly even sell them back to the homeowners.
Will it Work?
Bank of America’s Mortgage to Lease program isn’t at all groundbreaking. In fact, Fannie Mae’s very similar Deed for Lease program has been around for more than two years.
Regardless, it seems like Bank of America’s new initiative is very limited in scope, and only targets customers who have made no effort to change their unfortunate situation.
If anything, it seems like a last gasp opportunity to avoid a foreclosure for BofA (and the losses that come with it), while the homeowner in question is probably just seeing how long they can hang on without making a payment (free rent).
My guess is a homeowner that hasn’t shown any interest in a loan mod or any other foreclosure alternative probably won’t be all that interested in this program, given the only upside is staying in a house they can’t afford, or aren’t willing to fight for.
These days, you can insure almost anything. Did you know, for example, that Julia Roberts has insurance for her teeth, and before Daniel Craig filmed a James Bond movie, he insured his entire body? While you probably don’t need to insure any of your body parts for millions of dollars, you might find yourself wondering when you should buy life insurance, or whether renter’s insurance is really necessary.
To help you decide on the right type and amount of coverage, we’ve broken down which kinds of insurance you will most likely need (other than health insurance, of course).
1. Life insurance
Life insurance is about more than just financing your funeral. It also allows your family to keep paying the bills if something happens to you.
People often think they don’t need life insurance if they don’t have dependents. But if you have debt such as student loans that someone has co-signed, your life insurance can be used to pay off your loans.
It’s common for employers to offer life insurance as part of their benefits package, but it’s worth noting that the life insurance your employer offers may not be enough, especially if you have dependents. Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need $1 million in coverage to replace a $50,000 income.
Here’s an overview of some of the most common life insurance options you might consider.
Term Life Insurance
Term life insurance is the simplest and most common form of life insurance. It covers your life for a specific period of time, and pays only if your death occurs during the term. This timeframe is typically anywhere from one to thirty years, the longer the term the higher the premium. Term life insurance can be more affordable than other types of life insurance.
💡 Quick Tip: Term life insurance coverage can range from $100K to $8 million. As your life changes, you can increase or decrease your coverage.
Whole Life Insurance
Whole life insurance covers you for your entire life. If you make consistent payments toward your policy, you’ll build a cash reserve for your family upon your death.
Universal Life Insurance
In exchange for premiums, universal life insurance can provide coverage for as long as the policyholder is alive, and some policies also accrue cash value. When the policyholder dies, their beneficiaries typically receive a tax-free death benefit in the amount specified by the policy.
Indexed Universal Life Insurance
Indexed universal life insurance (IUL) gives policyholders the option to put money towards either a fixed account or an equity index account. Index accounts with universal life policies often include well-known indexes and can be a good option if you’d like to accumulate tax-deferred cash as well as maintain a set amount of money in a fixed account.
2. Disability Income Insurance
Disability income insurance, also referred to as disability insurance, replaces a portion of your salary if you become disabled. Some employers don’t offer disability insurance, but even if yours does, you may want to consider a supplementary policy to top up the amount that you receive.
Depending on the policy, disability insurance kicks in when you become partially, completely, temporarily, or permanently disabled. Keep in mind that there is often a waiting period before benefits start, which could range from one month to a year, depending on your policy and whether you have short-term or long-term disability insurance. The longer the waiting period on your policy, the cheaper your premiums often are.
If you have to take a job that pays less because of a disability, some policies may pay you part of the difference.
Note that disability insurance is expensive, often between 1% and 3% of your salary, and many organizations offer it as a benefit. If you’re evaluating offers between two employers, it’s worth factoring in how valuable this type of insurance is to you.
3. Long-Term Care Insurance
If you’re considering a nursing home, day care, home health aide, or other type of long-term care, be prepared to pay. A Genworth survey found that the average price of a private room in a nursing home is $9,034 a month. A typical assisted living facility charges around $4,500 a month, while a home health aide runs $5,148 a month.
To ensure you can foot the bill, the American Association for Long-Term Care Insurance recommends buying a policy in your mid-50s to qualify for the best premiums. Benefits kick in when someone isn’t able to take care of everyday activities or suffers from severe cognitive impairments. Policies vary by the specific level of impairment, the type of services provided, and the length of time the covered person lives after becoming impaired.
Depending on your policy, your benefits may not start until up to 90 days after impairment, and some may require that you receive paid care in the meantime.
Recommended: 8 Popular Types of Life Insurance for Any Age
4. Car Insurance
If you own or lease a car, car insurance is a must. But there are different kinds to consider.
Collision and comprehensive insurance will cover damage to your car and can help replace it if it’s been stolen.
Liability insurance covers you if you get sued after causing an accident. There are three maximum liability limits you can get in a car insurance policy: bodily injury per person in a given accident, bodily injury for all injuries in a given accident, and personal property damage in a given accident. Each state requires different insurance minimums by law.
However, you may want higher limits than the minimum. You may be able to save money on collision and comprehensive coverage by getting a higher deductible of $500 or $1,000. If you drive a car that’s worth less than $1,000, you may want to consider dropping collision and comprehensive, though you’ll still need liability.
💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.
5. Homeowners or Renter’s Insurance
Homeowners insurance covers damages to your home or theft of personal possessions. It also includes liability insurance to cover accidents that happen on your property. However, it excludes things like floods, earthquakes, and the (hopefully unlikely) event of war.
You should have at least enough insurance to cover the replacement value of your home and possessions. This usually means getting guaranteed (or extended) replacement cost coverage. That’s different from actual cash value coverage, which covers you for the current value of your possessions.
If you’re renting instead of buying, renter’s insurance is similar, but only covers your possessions and personal liability for damages. It’s worth having in case you leave the water on and accidentally flood your kitchen. The minimum deductible for tenant or homeowner’s insurance is usually $500, but according to the Insurance Information Institute, raising the deductible could save you money.
One important element for both of these is liability insurance. This helps protect you against lawsuits, and covers things like people slipping and falling on your property. One hundred thousand dollars of liability coverage is a fairly standard amount.
Recommended: How Much Homeowners Insurance Do You Need?
6. Umbrella Liability Coverage
Umbrella coverage is essentially extra liability insurance, and most importantly, it protects you and your assets in the event of a lawsuit. It covers you beyond the limits of your car or home liability coverage. For example, umbrella coverage will protect you from libel, slander and false imprisonment.
Often it is more economical to get an umbrella policy rather than getting excess home or car liability coverage. It’s a good idea to coordinate car, home, and liability coverages. After all, you wouldn’t typically have a $100,000 deductible on your umbrella policy if your car and homeowner’s insurance have $100,000 of coverage.
The first $1 million in umbrella coverage typically costs about $150 to $300 a year, which is often less than what most people would pay for additional coverage in that amount. As your income grows and you accumulate assets, you may want to consider raising the limit.
The Takeaway
Insurance can offer peace of mind and a degree of financial security. But the type and amount of coverage you need will depend on a number of factors, including your lifestyle, health, budget, and financial goals.
When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.
Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.
Photo credit: iStock/urbazon
Insurance not available in all states. Experian is a registered service mark of Experian Personal Insurance Agency, Inc. Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.
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.
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.
Natural beauty. Plenty of golf. Perpetual sunshine. You know all there is to know about Phoenix, right? Well, maybe. But we’re pretty sure there are a few Phoenix secrets that non-residents aren’t aware of.
Everyone loves a good secret and every person has at least one. Just imagine how many secrets there are within the boundaries of a single city. Some good, some bad. They can determine whether you become friends with someone, work for a company or even move to a city.
We’re going to spill the tea and share some interesting Phoenix facts, some of which may intrigue you so much that you want to investigate the city even more!
30 juicy Phoenix secrets that just might make you want to move to this city
1. Phoenix is the 5th largest city in the country — growing by more than 163,000 residents in the past decade alone. The total population is 1.63 million. Another 16 million visitors come through the city each year.
2. You can go on an interdimensional art experience at the Phoenix Art Museum. The Fireflies exhibit by Yayoi Kusama surrounds visitors with mirrors and LED lights. Before you know it, your sense of depth feels like an illusion, and you feel like you’re floating through the night sky surrounded by fireflies or drifting through space encircled by millions of sparkling stars.
3. One of the things that draw people to Phoenix is the natural desert beauty. However, residents (for the most part) try to stay away from touristy destinations so they can get some peace and quiet and enjoy their hometown. One way to do this is to head over to Cholla Trail near Paradise Valley. It’s a 3-mile trail where you can hike and take in some of the breathtaking natural rock formations of the area.
4. Road Runner Farmer’s Market is one of the best-kept Phoenix secrets. It’s a sensory extravaganza where you can look, touch, taste and smell some delicious foods and incredible handmade, local products. The great thing about the farmer’s market is that it doesn’t cost a thing to soak up the atmosphere or even to sample some of the produce.
5. There’s no Daylight Savings Time in Phoenix. No irritation over losing an hour of sleep. Time is just constant here.
6. There are four deserts in North America and Arizona is home to a section of all four of them, including the Sonoran Desert. This is one of the few wet deserts, which makes it one of the greenest and most lush deserts in the world.
7. Arizona is famous for the saguaro cactus. The Sonoran Desert is one of the few native habitats of this type of cactus. They can live to 150 years old, though it can take up to 100 years before the cactus grows its arms. Phoenix secret: You’ll receive a felony charge if you cut one down without a permit, even if the cactus is on your own property.
8. Phoenix is sunnier than any other metropolis in the country with over 300 days of sunshine each year. Just be aware that more than 100 of those days will end up in the temperature range of 100+ degrees Fahrenheit.
9. There are approximately 15,500 golf courses in the U.S. and Phoenix has 200 of them. The city is definitely a golfer’s heaven. If you’re one of those people who think golf is a game that ruins a good walk, don’t worry, there are plenty of activities in the city for you, too.
10. The sunshine draws a crowd, particularly those who are older or who are sick of the snow and cold weather in other parts of the country. Because of this, hospitality is one of the top industries in Phoenix with approximately 500 hotels and over 40 resort properties.
11. Phoenix has an average annual rainfall of around 8 inches. Yet, farming has always thrived in Phoenix, due in large part to the irrigation canal system started by the Hohokam people, who inhabited the area around 700 A.D.
12. This city isn’t all about golf and hiking. Some residents here also strive to keep the Wild West alive. Pioneer Village consists of old west buildings, homes and cabins that date back to the late 1800s. You can choose to go on a guided tour or roam the town freely on your own.
13. One of Phoenix’s best-kept secrets is the Shemer Art Center and Museum. It’s such an awesome place, though, that its popularity has gained traction and it’s becoming one of the most beloved cultural centers in the city. In addition to special exhibitions and lectures, you can attend workshops and classes to learn about painting and jewelry making.
14. Desert Ridge Marketplace is one of the best places to go if you want to catch some live music. It’s a great date spot where you can listen to music (for free!) under the gorgeous Phoenix night sky. Or, you can watch a free movie during Movies in The Courtyard.
15. This city has a franchise in all four major sports leagues — the NHL, MBL, NBA and NFL. Only 13 other cities in the country can boast the same thing.
16. Phoenix has lower than average rental rates. That’s kind of hard to believe since the city is so big and has so many tourists and lux amenities. But the average rent in the city is on par with many smaller cities in the U.S., making it a hot destination for people looking to relocate. If you’re looking for apartments for rent in Phoenix, you’ll be happy to know there’s something for nearly every budget.
17. In 1940, there were only 65,000 residents in Phoenix. After World War II, though, the population started to grow swiftly, in part due to the availability of affordable in-home air conditioning and an untapped labor pool that industrialists took advantage of by moving manufacturing facilities into the area.
18. Phoenix is a haven for music lovers, particularly those who love playing instruments and have a high level of appreciation for said instruments. The Musician Instrument Museum is home to more than 16,000 instruments from nearly 200 countries.
19. Batman is actually from Phoenix. Just kidding — it’s really Dracula. Nope. Just kidding again. But there is a bat cave in the city (it’s actually a flood control tunnel) that is home to thousands — yes, thousands — of Mexican free-tailed bats. The bats gather to rest together during the day and then flock back to their destination during the evening hours.
20. If you thought the 16 million tourists visiting Phoenix each year was impressive, we think you’ll be even more awestruck by this number: 46.3 million. That’s the number of passengers that make their way to and from the Phoenix Sky Harbor International Airport each year. It’s one of the top 10 busiest airports in the U.S.
21. You might not think of Phoenix right away when you think of film locations, but film crews visit often to create their motion pictures. Films shot in Phoenix include Transformers: “The Last Knight,” “Psycho,” “Jerry Maguire,” “Raising Arizona,” “Little Miss Sunshine,” “Moneyball” and “The Karate Kid” just to name a few.
22. Locals love a low-key day in nature every once in a while. And they get their fix by visiting the Desert Botanical Gardens. Besides all the amazing plants, another perk of visiting these gardens is that at least twice a month, admission is free.
23. If you want to eat where the locals eat, you’ll love this Phoenix secret! Dick’s Hideaway is well-known to locals but not necessarily to tourists. The restaurant doesn’t have a sign and sits inconspicuously next to a hardware store. And yet, it’s an upscale restaurant that serves American classics, as well as local cuisine, for breakfast, lunch and dinner.
24. There’s a real castle here! In the 1930s, a father built the structure as a gift for his daughter. It’s now known as the Mystery Castle. This architectural masterpiece has stone hallways, a cantina, a dungeon in the substructure and a private chapel.
25. Another restaurant known to locals is a cash-only, dive bar called the Silver Pony. You can enjoy a cold, adult beverage and live music while you play some pool. Oh, and there’s a hitching post out front for your horse (that you rode in on, of course!). Yeehaw!
26. Interesting Phoenix fact: The city purchased Sky Harbor in 1935 for $100,000. Considering the fact that the airport handles over 1,000 tons of cargo and 1,200 aircraft each day — and over 46 million passengers per year — we think they made a pretty good investment.
27. Unless you live in Phoenix or have visited the city, you won’t know about an awe-inspiring kinetic sculptural masterpiece called “Her Name is Patience” that towers over downtown Phoenix. The structure is around 100 feet tall and has flowing lights that make the piece appear to come to life each evening. People are in awe of the structure no matter how many times they’ve seen it.
28. If you’re a car lover, you’ll love the Martin Auto Museum, dedicated to the preservation of automobiles for future generations.
29. Fashion lovers will feel right at home in the Biltmore Fashion Center, which is home to some of the most well-known, upscale shops in the state. It’s great for window shopping but if you have the cash, you can have some serious fun. Think Julia Roberts in “Pretty Woman” kind of fun.
30. Victorian history might not be the first thing that springs to mind when you think of Phoenix, but there’s a rich history dating back to the late 18th century. Heritage Park is home to restaurants, museums and some of the most beautiful Victorian architecture you’ll ever see.
Want to learn some more fascinating Phoenix secrets?
The best way to get to know a city is to spend some time there. Whether you just want to visit Phoenix or are considering a move there, make sure to get to know some of the locals. They can give you a unique perspective that guidebooks can’t always provide.
And in addition to giving you the low-down on some super fascinating Phoenix secrets, they can also tell you where to find the best apartments in Phoenix.