When we first moved out when we were 18, we moved into a very tiny house. Technically, it was not a “tiny home,” but to us it was.
It was extremely small home at around 400 square feet (less than that if you don’t count the basement), but it was cheap, had a backyard and was located very close to the college I was about to start attending.
Also, as a reminder, last year Jordann also posted about how she used to live in a 400 square foot house. I also recently published the interview I Live in a 175 Square Foot Tiny Home – Sailboat Living. I highly recommend you read these two posts!
I recently became interested in tiny homes again when I was watching a documentary on Netflix (we’re starting to find cable less and less worthwhile) called Tiny: A Story About Living Small. This documentary followed a man building his very own tiny home, and the documentary also showed others who lived in their own tiny homes.
I find tiny homes very interesting. They make great use of their space, they are usually very cute, and they are very affordable. Even with the positives below though, I don’t think it’s something I could do.
For me, the negatives greatly outweigh the positives. I think we could do something smaller than what we currently have, but a 200 square feet tiny home is just too extreme for me.
Below are the positives and negatives of living in a tiny house:
Pro: Your housing expenses will be cheaper with a tiny home.
The average tiny home costs less than $30,000 to build. You can also buy a tiny home for very cheap. That price before includes the exterior and interior of the home. That is very cheap! That is much cheaper than the average home.
However, I do think you have to remember about where you are going to place this tiny home. Yes, you can buy land for cheap, but land can also be very expensive in other areas.
Your home will also be cheaper in that your utility bills will be cheaper. It’s much cheaper to heat or cool down a 200 square foot house than a 2,000 square foot house.
Repairs, maintenance and replacements will also most likely be much cheaper in a tiny home.
Con: I think it would be difficult with children and pets.
We don’t have children yet, but we would like to have them in the future. With all of the people I’ve seen and read about who live in tiny homes, I don’t think there’s been a single one who had children or pets.
I think it would just be very difficult with a family. People need their space… Or, maybe that’s just me?
However, I think if it were just one or two people living in a tiny home, then it would probably be much more doable. When we lived in our 400 square foot house (let’s keep in mind that we haven’t lived there in a very long time), it wasn’t completely bad. The size didn’t really bother us at all at the time. I think it really helped that there were multiple small rooms to escape too, and there was also a front and backyard and porch.
Pro: You’ll spend less money on material items.
I am a bit of a hoarder. Just ask Wes and he will probably want to cry just thinking about how much stuff I have.
My closet is jam packed to the ceiling with stuff, and then I also have things in the guest bedroom and in our basement.
Moving into a tiny home would probably be a lifesaver in that I would be forced to think about each purchase I make. Since there’s only so much room in a tiny home, you will buy fewer items.
Con: Having guests over won’t be comfortable.
I remember watching in the documentary when the main person being filmed had guests over.
He invited his family over to see the home he just built and it was extremely cramped. It was almost like everyone had to bend over in order for their to be room for everyone.
Now, I’ll be honest, I don’t throw raging parties or anything, but I would like the option of having people over when I can. This is especially true since we plan on moving to a new state and we would like people to visit us occasionally.
Pro: You may be able to bring the tiny house when traveling.
Okay, this doesn’t apply to every single tiny house, but there are some that are small enough where you can actually travel with it.
You can bring your tiny home to where you want it to be, and you may even be able to do some road trips in it as well.
This makes the list of possible places to live pretty much endless.
Con: Not a lot of personal space.
This is no surprise. They are called tiny homes for a reason. According to the documentary, tiny homes are homes that are 200 square feet or less. That is extremely small.
That’s smaller than my bedroom, and my bedroom is not huge by any means.
Since I work from home 24/7 now, I would like to have more space since I’m at home more. I think I would get a little crazy if I was in the same exact room hour after hour, day after day.
Would you ever live in a tiny home? Why or why not? How small could you go? How big is your home currently?
Also, if you live in a tiny home (less than 250 square feet preferably), I’d love to hear from you and possibly conduct an interview for this blog. Please send me an email if you are interested.
Family travel is a whole other ballgame. The strategy, gear, planning, expectations and number of times you may answer “Are we there yet?” make it an entirely different sport than solo or adults-only trips.
While traveling with kids is arguably quite different than taking a trip without a child (notice we didn’t call it a “vacation” with kids), it doesn’t have to be intimidating. In fact, there are countless ways to experience memorable moments and make lifelong memories with your kids, whether you hike the mountains of Machu Picchu or ride the newest coaster at Disney World.
Related: TPG’s 10 top family vacation destinations
To make the journey a little easier, we’ve compiled our 43 favorite family travel tips. Whether you’re traveling with infants, teens or some of both, these tried-and-true tips are bound to ease travel headaches and ensure your family travels are as fun and carefree as possible.
Travel tips for infants and toddlers
Having a baby does not mean the end of your time as a traveler. It may cause you to temporarily pause your adventures, and it will certainly change how you travel. But traveling with a baby is still worth the effort.
While it’s true that your baby may not remember the details of your trips during the first few years, quality time together is invaluable. You will always remember their first big vacations.
Some travel is often easier with a small, snuggly baby than with a growing, active toddler, so don’t be afraid to plan something while your little one is still young.
Use the right travel stroller
If you plan on traveling with a stroller, you want one that is lightweight and easy to maneuver through the airport or rough terrain, if necessary, once you reach your destination.
Related: These are the 13 best travel strollers for your next trip
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If you choose to gate-check your stroller, foldability isn’t as important. Instead, prioritize protecting your stroller from dirt and damage by investing in a stroller with a bag. For long layovers, you can request to have your gate-checked stroller delivered to you between flights so that your baby has a safe and comfortable place to rest while you navigate the airport. Just ask the gate agent when you check your stroller.
Baby-wear
To keep your hands free and your baby snuggled, you may choose to baby-wear through the airport or on a flight (though most airlines don’t allow it during takeoff and landing).
The Transportation Security Administration rules state that infants may be carried in a sling or carrier while going through the walk-through metal detector, so you shouldn’t have to remove them for security — at least, according to the rules.
If it’s not too hot, baby carriers and slings also come in handy at theme parks, which allow baby-wearing on many family-friendly attractions. Just be sure you ask about safety restrictions before you ride.
Breastfeeding mamas should consider carriers that allow easy access for on-the-go nursing, such as those in sling or wrap styles.
Consider a Doona
If you don’t want to lug both a car seat and a stroller and your baby weighs between 4 and 35 pounds, you’re in luck: The Doona can serve the function of both. It transforms very easily from a stroller to a car seat and back again, all while your baby is strapped in.
Because of their convenience, Doonas are great for flights, cab rides, Uber rides and, frankly, any part of your busy life with a baby.
Think twice about flying with a lap infant
Most airlines allow children younger than 2 to fly as lap infants instead of purchasing separate seats for them.
The cost savings can be hard to pass up, and during those early months when the little one is nursing or sleeping a lot, it can be the easiest way to go. However, if your baby is fussy or you are flying solo, you may feel more comfortable keeping them in their car seat. If they can sleep through anything or you have someone you can split baby-care duties with, you may have more success flying with a lap infant.
If you do purchase a seat for your baby, there are dozens of portable car seats out there that are much easier to travel with than the bulky car seat you may have at home.
Get a car seat just for travel
The Cosco Scenera is a perennial favorite when it comes to travel car seats. At around 10 pounds and only $50 to $60, this car seat is a winner for travel when you need something easy and affordable. It’s rated for rear-facing little ones weighing between 5 and 40 pounds or forward-facing kiddos weighing 22 to 40 pounds.
Another model to consider is the WAYB Pico portable car seat, which was recommended by several TPG readers.
Use a car seat on the plane
Every kid is different, but if your little one sleeps well in a car seat in the car, they may do the same on a plane. If your kids are generally comfortable in car seats and have their own seat assignments on the plane, consider bringing the car seat on board for a secure flight experience.
Related: Car seats that are airline approved
Bring a Boppy pillow if you’re holding an infant
TPG’s senior director of engineering Mitchell Stoutin recommended using a Boppy nursing pillow for long flights with an infant. In addition to being handy for nursing, it gives your baby a comfortable place to rest. He also advised stashing your Boppy in a vacuum Ziploc bag to save space when not in use.
Sign your kids up for frequent flyer programs
Once you make the transition to buying your child a seat — either because they turn 2 or because you think having a separate seat will work best for your family — sign them up for a frequent flyer account and let the miles start rolling in.
No minimum age requirements exist for kids, so enroll them while they’re young to maximize their earnings.
Related: Earning frequent flyer miles for your kids just got a little easier
Board last
Most airlines let families with young children board early in the process, but as long as your family has assigned seats, you don’t need to worry about rushing to board before others.
Instead, have one parent get all the gear ready and board first while the other waits as long as possible before bringing the baby on board. This will help minimize the amount of time you have your little one in tight quarters, reducing the likelihood of a meltdown or further disrupting their schedule.
Pack your carry-on strategically
Think about everything you may need to easily access for yourself and your baby before organizing your carry-on. That way, you don’t forget any of your must-have items or struggle to find them while on board.
Consider packing food, diapers and extra outfits for at least twice as long as you think you’ll need them for your little one while in transit. Don’t forget to also bring clothes, snacks and drinks for yourself so you have everything you need.
As a general rule of thumb, it’s a good idea to have enough essentials to survive at least 24 hours off of what you bring on board, as you never know what is going to happen.
Bring large Ziploc bags and black trash sacks
Avoid packing a suitcase without tossing in a few Ziploc bags, grocery bags or trash bags. They can be used to stash snacks and store wet or dirty clothing.
As TPG executive editor Scott Mayerowitz shared, large black garbage bags can also work as blackout shades in a pinch.
Related: The best family beach vacation destinations to kick off summer
Find a space in your hotel for the baby to sleep
In the best-case scenario, you’ll have accommodations with at least two bedrooms so your baby has a dark, quiet place to sleep while you relax without disturbing them. However, there are times when having multiple rooms isn’t possible.
If you only have one bedroom, try putting a crib in a hotel closet or bathroom to achieve the same result.
Travel with gear that will help your baby sleep in the hotel
When it’s time for the baby to sleep, there are numerous sleep tents, shades and white noise machines to choose from. Here are a few of our most trusted options:
You don’t always need to buy new gear for a successful trip, though. One reader suggested using painter’s tape to cover outlets as a quick, cost-effective way to baby-proof your hotel room.
Related: These are the best New York City hotels for families to check out
Have diapers and essentials shipped to your final destination
While you need plenty on hand for that first day or two, you can purchase what you need from Amazon and have it shipped directly to your destination instead of traveling with an entire week’s worth of needed items like diapers and wipes.
Alternatively, you can use a service like Shipt or Instacart to have essentials delivered to your hotel or home rental after you arrive.
Pack the snacks
This is true for all ages but especially applies when traveling with infants.
Don’t ever assume anything baby-appropriate will be available while you are in transit. The last thing you want is the stress of scrambling to find what you need at the last minute.
To avoid this potential headache, pack enough formula, snacks and more so you have whatever your little one may need to stay happy and content.
Related: How to pack — and prepare — for travel with a baby
Travel tips for preschoolers
The good news is that when kids are old enough for preschool, they don’t need quite as much sleeping and transportation gear.
With preschoolers, you’ll want to pay particular attention to toys and activities that will keep them entertained, night lights that will help keep the “scaries” away and a few other important travel essentials.
Bring mess-free toys
When choosing toys to pack for a flight or road trip, keep in mind that you don’t want anything that will create a mess or get lost easily, such as Legos or slime.
For mess-free coloring, we love Crayola Color Wonder Markers and coloring pages. If you’re taking a long flight or road trip, consider suction toys that can stick to a car or airplane window.
Related: 14 mistakes parents make when traveling with kids
Pack hidden toys to reveal during your trip
A surefire way to keep your child content for extended periods of time is to hide some toys until your travel day arrives so they feel new and exciting. You can even wrap them up or dole them out periodically throughout your trip — we recommend packing one toy for each hour of a flight — to add an element of surprise.
Try visiting a dollar store or dollar aisle in a store to dial up the surprise factor. Trust us, the $5 investment will pay off in spades.
Related: Your guide to flying with kids of every age
Consider an inflatable booster seat
If your child has graduated to a booster seat (congrats!), there are inflatable and fold-flat booster seats available that are easier to haul when traveling by car.
While there are several options currently on the market, the BubbleBum inflatable booster seat is a TPG reader favorite.
Use a stroller
Should you find yourself covering lots of miles on your trip, having a stroller can come in handy, even if you don’t normally use one at home.
For example, at a large theme park like Disney World, you may find yourself needing a stroller until your kid is 6, 7 or even 8 years old if you are moving quickly and want them to easily keep up (or if you know they will fall asleep before you are ready to call it a night). This may mean renting one when you get there, though you may prefer to have your own if you’re doing more than spending time at Disney.
Get stroller straps
Because it isn’t socially acceptable to AirTag children (though they do come in handy for finding lost luggage), we instead suggest getting stroller straps that bigger kids can hold on to while you push younger children in the stroller. We’re particularly fond of the Tagalong Stroller Accessory.
Preschedule car service from the airport
If you need car seats or want to be sure you have a ride waiting for you when you land, Uber and Lyft now both have options for prescheduling a ride if you need one.
While the best service depends on where you are going, one option to try is Blacklane. Consider having your driver meet you inside at baggage claim if you’re traveling with a lot of gear.
Pack a night light
For kids who are afraid of the dark, night lights may come in handy. This affordable nightlight is small, sleek and easy to pack.
If you are going on a cruise and don’t have access to traditional power outlets, TPG senior travel editor Erica Silverstein suggests bringing along battery-operated tea lights instead.
Travel somewhere with a kids club
A magical milestone in travel is when your child turns 3 and is potty trained, as this unlocks access to a variety of kids clubs.
Whether you’re on a Disney cruise (like the new Disney Wish cruise ship, pictured below) or at a resort with a kids club (some of which are free to use), children’s clubs are great for preschoolers.
By going somewhere that caters to younger children, you’ll be able to get a well-deserved break while the kiddos are taken care of.
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Plan down days and afternoon rest
Even if your preschooler has dropped daily naps at home, it’s still smart to build some downtime into your vacation schedule. This is especially important because it’s likely that their sleep schedule will be a little off while you’re traveling and that your vacation will be more action-packed than what they’re used to at home.
To help your overtired kid adjust, plan a relaxing pool day or take an afternoon break in your hotel room to keep crankiness at bay.
Travel tips for elementary-age kids
As kids get older, they can do more while on vacation with less help, but the tried-and-true tricks for keeping them entertained may no longer work.
Because their brains are developing and becoming more complex, elementary-age kids will need to have access to more activities while they’re away from home. As a result, you’ll need to adjust your strategy for vacations so they continue to have a good time.
Use packing cubes for the family
This tip applies to all age groups but can be especially helpful when your child starts taking more of an interest in choosing their own clothes. By relying on packing cubes, you can keep clothing for every member of your family organized while saving space.
If you decide to use packing cubes, there are a couple of good methods to choose from.
You can have a packing cube for each day of your trip and put your family’s clothing for each day in one cube. This works well if you will be making multiple stops and don’t want to pack and unpack everything.
You could also pack each family member’s clothing in a separate packing cube, which is helpful when you are encouraging kids to get dressed on their own and choose their own outfits.
Leave 1 day free in the schedule
We’ve already covered the importance of leaving some flex time in the afternoons, but if you are traveling for more than a long weekend, we highly recommend leaving an entire day unscheduled. That way, the kids can either rest and chill or you have the ability to say yes to something they spot along the way.
Depending on your child’s interests, you may want to use your free day for activities like splashing around at a water park, checking out some animals at a zoo, enjoying an epic ice cream-tasting adventure or spending more time at the kids club.
The key is to leave this day flexible so you can cater some activities to what your kid is enjoying the most.
Take advantage of your hotel’s club lounge
Club access can be invaluable when traveling with kids.
If you stay in a club-level room at a hotel, you’ll often have daily access to breakfast, snacks and drinks. An added bonus is that the club can serve as a gathering spot for enjoying more time (and often gorgeous views) with them.
Related: Can you use a World of Hyatt club lounge access award for someone else?
Plan trips with another family
This is the age where having other kids around really starts to matter.
If at all possible, try planning the trip to at least overlap with time spent with cousins or friends. Doing so will virtually guarantee the kids will have a better time, which means you will, too.
For these types of trips, you may want to look into finding a good vacation home rental.
Related: Why the best big family vacation may be skiing
Travel tips for tweens and teens
Traveling with tweens and teens is completely different than traveling with younger kids — something you probably know all too well if you are currently living with them.
At this age, kids are well on their way toward becoming full-fledged adults. As a result, they deserve a taste of the space, privacy and independence that comes along with adulthood.
Build an activity bag
It’s easy to assume the phone will do the trick, but TPG editor Kristy Tolley is a proponent of custom activity bags to keep kids (including older ones) occupied on long trips.
For your activity bag, consider anything from snacks to quiet toys to new games for their Nintendo Switch to art supplies — whatever will keep them entertained while you get to your final destination.
Double-check downloaded content
Wi-Fi on airplanes can be quite finicky. Even if you pay for it, there’s never a guarantee it’ll work for the entirety of your flight. Because of this, download movies, music, games and more to your device (or your child’s) before your trip.
When downloading movies or TV shows, turn to multiple sources like Netflix, Disney+ and Apple. That way, if you run into issues with one provider, you still have content from the others.
Also, remember that messaging others is free on many flights, so be sure your teen has the airline app downloaded if you want them to be able to keep using services such as iMessage while in the air.
Enroll your child in TSA PreCheck
Until they turn 13, kids traveling with a parent or guardian with TSA PreCheck will be allowed to go through the expedited security line even if they themselves don’t have TSA PreCheck.
Even after they turn 13, kids 17 and younger can typically use the TSA PreCheck lines with their parent or guardian as long as the teen has the indicator on their boarding pass.
If you have a credit card that reimburses fees for TSA PreCheck, you can recoup the cost of your child’s application. Note that Clear continues to work to bring kids through until they turn 18.
Related: Why you should get TSA PreCheck and Clear — and how you can save on both
Consider connecting rooms
The days of squeezing two or three kids into one queen-size bed are probably long gone once they reach their teenage years. Not to mention, trying to have the whole family use one bathroom is an ordeal you likely won’t want to go through.
To keep the peace, consider reserving connecting hotel rooms.
With connecting rooms, you’ll have double the beds, bathrooms and storage space. Plus, teens and tweens will have the space and privacy they need without you being too far away to keep an eye on them.
Related: Big news for families: Hilton to guarantee adjoining rooms with ‘Confirmed Connecting Rooms’
Let kids choose a few activities (or plan the whole day)
At this age, kids are not just along for the ride. Give them some input (and independence) by allowing them to help plan your trip. Odds are they’ll be more engaged by being involved in the planning.
Bring a friend
While planning trips with other families is a good strategy with elementary-age kids, by the time kids are teens, just bringing along one of their friends could be sufficient.
To keep the costs down, consider using an airline companion certificate to bring along that friend without spending extra.
Go somewhere with a teens club
If you are visiting a resort or destination where you may be going light on activities, lean into places that have a space just for teens.
Cruise ships are fantastic when it comes to this, as they often have kid-focused spaces divided into pretty distinct age ranges. For example, Disney Cruise Line has a club for kids ages 3 to 12, another for those between 11 and 14 and then one for teens ages 14 to 17.
By taking advantage of clubs that are broken up into designated age groups, your teen can have plenty of fun without the annoyance of hanging out with younger kids.
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Related: Child turning 18? Here’s everything you need to know before the next time they travel
General family travel tips
Some family travel tips transcend age groups.
Regardless of how old your kids are, where you’re traveling or how you’re getting to your vacation destination, there are a few tips you’ll always want to keep top of mind.
Utilize airport lounges
Airport lounges are becoming more and more kid-friendly, as they offer dedicated family rooms with toys and kids shows on TV, plus food that will please picky eaters. Additionally, if you have a long layover or are dealing with flight delays or cancellations, you’ll be much more comfortable waiting in a lounge instead of at your gate.
You can purchase a day pass to many lounges but may be able to get yourself and your family in for free with certain credit cards or airline status. For example, The Platinum Card® from American Express grants the cardmember and one guest complimentary access to Priority Pass lounges and access to Centurion and Escape lounges, though complimentary guest access depends on how much you spend annually.
Related: Best credit cards for airport lounge access
Upgrade to a suite
Similar to springing for connecting rooms, upgrading to a suite will buy you additional space and, sometimes, a pullout sofa that adds another sleeping option.
You’ll also have more room for your family’s belongings and areas for relaxing and dining so your kids don’t spend all their time jumping, eating and lounging on the beds.
Check for reciprocal zoo and museum memberships
If you have a membership to your local zoo or museum, you may be able to use reciprocal benefits for free or discounted entry to other zoos and museums that you can visit on vacation.
This information is usually available on your zoo or museum’s website, but you can also check lists on the Association of Zoos & Aquariums’ page about reciprocal admissions or on the North American Reciprocal Museum Association website.
Get a travel tracker that doubles as a memento
There are so many unique travel souvenirs you can get that also serve as keepsakes for remembering your child’s travel “firsts.”
These Junior Frequent Flyer flight logbooks allow you to record your child’s flights while teaching them about aviation.
If a national park visit is in your future, order a standard or junior National Parks Passport and collect stamps every time you visit a new park.
Don’t forget important medicines
When you are away from home, you have to be prepared for anything. That includes unexpected sicknesses and accidents.
Pack kid-safe and grown-up medicines, as well as Band-Aids, antibiotic ointment and other first-aid necessities in your carry-on bag so you won’t be without them if your checked luggage is delayed or lost.
Bring an extra bag
If you are traveling between a cold climate and a hot one, pack a lightweight tote bag that can fold into your carry-on so you can easily gather up everyone’s coats once on the plane. By keeping this tote tucked away until you’re on board the aircraft, you’ll enjoy an extra allowed bag, saving you the headache of trying to determine where to put bulky coats.
Get Global Entry for each family member
Unlike TSA PreCheck, which allows kids to travel with an eligible adult until they turn 18 (in most cases), anyone wishing to use Global Entry to expedite reentry into the U.S. needs to apply for the program.
Global Entry can save valuable time spent waiting in line. However, you’ll need to apply well in advance of your trip so you have time to submit your application, complete an in-person interview and await approval.
Similar to TSA PreCheck, you can use a credit card that will reimburse your child’s Global Entry application fee.
Try out the games built into many spaces
It’s easy to miss, but many resorts, theme parks and cruise ships have a hidden layer of fun that ranges from traditional scavenger hunts to interactive activities you can unlock with an iPhone or similar device.
While the youngest travelers won’t benefit from these types of experiences, they can be fun for a variety of age ranges, especially elementary-age kids and tweens.
Related: Disney World rolls out all-new MagicBand+: Here’s what this wristband can do for your trip
Bottom line
Family travel has its own built-in challenges, but it also comes with immense rewards.
By knowing all the tips and tricks to traveling with kids, having the right gear with you, mapping out a game plan and having the right attitude and realistic expectations, you can have a memorable vacation every member of the family enjoys.
You may not get to do everything you want or sometimes feel like it’s more of a hassle than a vacation. However, if you’re willing to be flexible and appreciate when things go according to plan — even if the end result isn’t quite what you had hoped for — you’ll find yourself eager to book your next family trip before you have the bags unpacked and put away.
The most-read piece I ever wrote for MSN Money’s Smart Spending blog was an essay called See a penny? Pick it up! It got more than 1,657,000 hits before MSN changed blog platforms. After that, the penny essay and most of the other things I’d written went to live on a farm, where they can run and play with all the other articles.
And me? Still gleaning dropped coins. I pick up road pennies with copper coatings ravaged by traffic. I fish nickels out of puddles. I’ve spied dimes glinting across parking lots. I rescue quarters from bus-stop gutters.
Occasionally I find paper money, usually one-dollar bills. This year was unusual because I found a $10 and a $20 bill along with 23 quarters, 52 dimes, 15 nickels and 288 pennies.
I can cite the particulars because I save my found money all year, in a vase that my daughter gave me when she was in third or fourth grade. She was so proud of that gift, which she found in the free box at a yard sale. I was so proud that she’d found treasure in someone else’s trash.
Which brings me to the reaction a lot of people have to my picking up pennies: Eeeewwww! That money’s DIRTY!
Well, no kidding. This year I traveled twice to Philly (where I used to live) and to Manhattan, where I reacquainted myself with this fact: No matter where you sit, stand or lean in a big city, somebody has probably urinated there.
But it’s not as though I carry these coins home in my mouth. And sorry to burst your hygienic plastic bubble, but the money you get from the bank or in change at the comic-book store is probably just as invisibly appalling as the stuff I find on the bike path.
Filthy Lucre?
Science News reported on an Australian study about bacteria found on paper money. The U.S. dollars harbored anywhere from 20 to 25,000 bacteria apiece. (Ever held a folded bill between your lips or teeth while you fished in your wallet for change? I bet you won’t do it again.)
A fungicidal agent is added to U.S. currency ink, and the metal in some of our coins has anti-microbial properties. This may be small consolation if you, like me, have ever seen people pull money from socks, shoes and bras. Or watched someone sneeze into his hand before fishing around in the take a penny, leave a penny dish.
This explains why so many cashiers have bottles of hand sanitizer at their stations. Bank employees also know that most money is unspeakably germy. They treat it all as though it came from under fresh piles of dog poo.
Helpful hint: Want to break a nail-biting habit? Go to work at a bank. When you see how dirty your hands are 8 hours of counting currency, you will never willingly touch your mouth again unless you’re wearing latex gloves spritzed with Clorox.
But folks, we’re surrounded by bugs. Doorknobs, vending machines, women’s purses, shopping carts, bus seats, yoga mats and libraries are crawling with cooties. So are our children and our pets. (Elementary schools are Petri dishes for rhinoviruses. And those of you who kiss your kitties would do well to remember that a cat’s tongue is its washcloth and also its toilet paper.)
I don’t sweat the grime on my street funds because:
I have soap and water at home and hand sanitizer in my backpack, and
I’m not picking up the coins for myself
At the end of the year I roll up my coins and deposit them, then write a check to the food bank that helped both my daughter and me when times were grim. (This year’s finds totaled $44.58 but I made the check out for $50.)
Some people don’t think it’s worth their time to stop and pick up change. Others don’t think it’s dignified to pluck coins from a vending machine coin return. I’ve even heard it said that you should leave the money for someone who really needs it.
Here’s what I think:
If it isn’t worth your time, don’t do it.
If you’re embarrassed, don’t do it.
The food bank’s constituency defines “someone who really needs it.” And according to the hunger-relief charity Feeding America, $1 provides the makings for eight meals. I keep that in mind every time I pick up a penny: Another 99 of these and eight people get to have supper.
The Bottom Line, Dime by Dime
If it’s more than a penny, so much the better. But in my experience, the one-cent piece is the one that lots of folks think isn’t worth noticing. I disagree, respectfully.
In part that’s because I’m so old that I remember penny candy. When we walked to and from school I kept a sharp eye out for stray specie. A single cent could be traded for a Squirrel Nut Zipper (the candy, not the band), a sour grape gumball, a roll of Smarties, a peppermint stick or any number of delights from our rural township’s one store. You could even get two Hershey’s Kisses for a penny. Those were the days.
More to the point, I believe in that old saw, Take care of your pennies and your dollars will take care of themselves. It’s not that I think a lone Lincoln will generally make or break the bottom line. (You must pay the rent! But I can’t pay the rent! I’m one penny short!) No, it’s that seeing dropped coins everywhere makes me wonder about our sense of what money is.
After all, it’s only a penny. Why pick it up? But pennies add up to dollars, and dollars that aren’t properly managed dissolve into tarnished coppers. One way to lose sight of the bottom line is to forget that it’s made up of small change.
Note: Sam Walton, the founder of Wal-Mart, was famous (perhaps apocryphally so) for picking up dropped coins.
Or maybe you’re one of the people for whom a few cents really will make your day, or break your heart. A common example: The supermarket shopper with five store-brand items, one of which he has to put back. Or would have to, if someone behind him in line didn’t pony up the extra 17 cents.
Best Places to Look for Coins
Under the couch cushions (duh)
In the rejected-change bin of coin-counting machines like Coinstar
Near parking meters in early springtime, as the snow melts
Under your feet at the checkout counter of just about any supermarket or drugstore
Around the self-service vacuum at car washes and gas stations
The bottom of the ball crawl at Chuck E. Cheese (or so an MSN Money reader claimed)
Beaches and playgrounds, especially if you have a metal detector
(The funniest place I ever found spare change? Under couch cushions — but the sofa in question was sitting on a street corner wearing a free sign.)
Small Expenses
I don’t pick up every coin I see. A few days ago I was getting off the bus while carrying two incredibly heavy bags. I walked right by a dime in the aisle because I couldn’t get it easily and didn’t want to hold up the line by trying.
Occasionally I’m in a hurry, or for some reason just don’t feel like stopping and reaching for a coin. Generally I tell myself, Come on, it’s for the kids — i.e., the hungry kids — and then pick up the change.
This is not my only form of charitable giving, incidentally. I give money all year long to health, social service and educational organizations. The found-coins fund is just another string in my fiddle — but why not play it for all it’s worth? That $44.58 rounded up to $50 equals 400 people not going to bed hungry.
The expression nickel-and-dime in its adjectival sense means of little importance. If you think of coins in that way, they’re easy to dismiss.
As a verb, nickel and dime means to impoverish through small expenses. Minor obligations — bus fare, cough medicine, class trips — can really bust a budget, especially if you’re a 99er or a minimum-wage worker.
Yes, earning more money is preferable to washing plastic bags. But not everyone can earn more money right now. (Hello, Detroit!) If that’s you, I propose a simple three-part plan:
Pick up any coins you find
Save them in a jar
Every time you get a dollar’s worth, exchange them at the corner store and put the singles back in the jar
Congratulations! You nickel-and-dimed your way to a teeny little emergency fund!
Each Coin has Value
Picking up coins is my personal choice. I’m not saying anyone else has to do it. I’m just putting it out there as a possibility. You should do whatever works for you. What works for me is picking up the money and giving it to a food bank. That’s just how I roll, so to speak. (J.D.’s note: I’ve docked Donna’s pay for that pun.)
Even if you decide not to do this, at least pay attention to the coins in your pocket or wallet. Viewed singly they may seem insignificant. But each one has value — and power. Just ask the underemployed or the 99ers. If you’re a buck short on bus fare the day before payday, that found-coin dollar from the glass-jar EF means you can get to work. If your unemployment check isn’t due until Friday, a palmful of coins buys five packages of on-sale ramen for a week’s worth of lunches.
Neither situation is ideal. Still, be glad that a whole lot of people couldn’t be bothered to pick up those pennies before you got there.
I’ve lived in a small town for most of my life. The drive home includes steep hills with panoramic views and winding country roads that ramble past ranches and wide-open fields.
But I didn’t always have positive feelings about the country life. In high school, I hated it. All of the action was in the city, where coffee shops, museums, restaurants, and concerts happened. When I moved to the city my freshman year of college, I thought that would be the end of country living — I was finally a city mouse.
As it turned out, after seven years in the city, I did move back. It began as a purely financial decision, and one that, at the time, made me feel a twinge of anxiety. I remember that as my husband and I were packing up our apartment in town to get ready for the move, I had a mini meltdown, asking him, “Are you sure you want to do this? Are you really sure you want to do this?” (He probably thought I was nuts since the whole thing was my idea, but he’s a wise man and kept that to himself, simply saying that yes, he was sure.)
The Move Becomes Permanent
We planned to save money for a down payment on a home, but none of the houses that we viewed were just right. Then one day we happened upon a beautiful lot that was for sale, and we started thinking about the possibilities of building a home. More excited about the prospect of building than we were about any of the homes we had toured, we bought the 4.5-acre lot and have now started the slow process of paying-with-cash home construction.
This bit of background is just to let you know that I don’t view country life as better than city life, or vice versa. Having lived in both places, I see advantages and disadvantages to each, especially when it comes to finances. (There are exceptions to every rule, but for the purposes of this article I’ll make a general comparison between living in a rural town of large ranches and 2-plus acre lots with living in a mid-sized city.)
Advantages of Being a Country Mouse
One of the biggest financial advantages of living in a small town is a lower cost of living. Housing is cheaper, and where I live, the closest parking meter is 40 minutes away. Using CNNMoney’s Cost of Living Calculator, I compared the cost of living in Austin, Texas, population 790,390, with Seguin, Texas, population 25,175. The results were as follows:
Groceries will cost 2% more in Seguin
Housing will cost 8% less
Utilities will cost 6% less
Healthcare will cost 3% less
Another benefit I’ve noticed with living in the country is that one is less prone to lifestyle inflation. No one who lives down a gravel road wants to own a BMW. As long as I’ve lived here, I’ve never met “the Joneses,” so there’s zero compulsion to try to keep up with them.
I’ve also found that entertainment and recreation costs are lower — I can’t go to a shopping center, coffeehouse, restaurant, or the movies without a some significant drive time. If I lived around the block from a coffeehouse, I’d probably never make coffee at home. I also really get my money’s worth from my Netflix Watch Instant account.
Country life gives kids plenty of free entertainment, too. As a child, I didn’t have cable TV. I thought it was a drag — my friends would talk about shows on Nickelodeon and I was left out. When I’d launch a campaign to get cable, my dad would tell me to play outside or read a book. I spent hours playing with my best friend next door, hanging out in trees, and shaking hands/paws with the sweetest golden retriever that ever did live — shaking hands was her favorite trick. When I wasn’t doing those things, I was reading a book. (Dad might have refused to pay for 100 TV channels, but he never refused me a book.)
There’s also a certain independence that comes with country living. Homesteading is more likely to be an option, and you’re less likely to run into restrictions. I’ve heard of homeowner’s associations that don’t allow energy-saving tactics like hanging clothes on a clothesline to dry. In the country, you’re free to hang your shorts wherever you please.
Advantages of Being a City Mouse
Living in the country is great for tree-climbing and composting, however, there are some drawbacks. Cities come with more employment opportunities, for example. Many professionals would have to commute to a city to find work. A neurosurgeon won’t find work in a town of 2,400, and it’s just not a possibility for someone who has to commute to the city and be on call.
City life also gives you more options to lower your transportation expenses. Most cities have decent public transportation, and some have excellent public transportation that’s a much better option than driving your own vehicle. Car sharing, biking, and walking are all possibilities, which reduces costs like fuel and wear-and-tear on your vehicle (if you own one).
Finally, if you’re a city mouse, you’ll find it more convenient to network because you live where the action is, meaning you’ll probably do more networking and socializing. Done correctly, networking is a powerful tool that will improve your job prospects. With a wider network of people who live nearby, you’ll also find that it’s easier to have someone pet-sit while you’re in Europe (something very difficult for me to arrange where I live — I pay extra to compensate for the long drive) or give you a ride to work when your car is in the shop. Another example: Even though I know a couple of neighbors very well, it would be a big hassle to ask them for a lift to the airport because that would mean almost a 2-hour round-trip.
For my husband and me, the best living situation is having a home in the country that’s 30 minutes from city life. Sure, the drive can be a pain sometimes, but I feel like we get the small town life with many of the city benefits. Despite the drawbacks, the benefits to being a country mouse sway me more — plus, I really love that I can stand on my porch at night and look up at the Milky Way.
Readers, what have I left out? What are other ways that country life saves money? What about city life?
On this Memorial Day Weekend, we honor the men and women of
the United States who put everything on the line to protect our country and the
freedom we hold. In 1944, President Franklin D. Roosevelt signed the VA loan
into law helping Veterans achieve the American dream. In 1970, under President
Nixon, the VA loan landscape changed with the Veterans Housing Act of 1970. There
was no longer a time limit on loan eligibility, and veterans now had the option
to refinance into another VA loan. Today, the VA loan has guaranteed more than
24 million homes across the United States.
VA Home Loan Military and Service Requirements:
With a VA loan, there are service requirements that need to be
met in order to qualify. These are based on the time period during which you
served, and the number of days active duty. For example, if you are currently
active duty, you would have had to of served 90 continuous days to meet the
requirements. For a further breakdown, those who served during:
WWII – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-WWII – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
Korean War – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-Korean War – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
Vietnam War – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-Vietnam War – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
1980-1990 – 24 continuous month or 181 days that you were called into active duty
Gulf War – 24 continuous months or 90 days in active duty, at least 90 days if you were discharged for a hardship, a reduction in force, or convenience of the government or less than 90 days if you were discharged for service-connected disability
If you separated from service after September 7, 1980 – 24 continuous months, 181 days of active duty or less if discharged for hardship, a reduction in force, convenience of the government or a service-connected disability
On Memorial Day, we honor those who have given their lives for
our freedom. For those who have a spouse serving or who has served, you may be
able to qualify for a VA loan through a Certificate of Eligibility. However,
there are requirements that you will need to meet as well. Most, COE’s are
given to those surviving spouses of a Veteran or the spouse of a Veteran who is
missing in action (MIA) or being held as a prisoner of war (POW).
However, you meet these requirements, be sure to talk to your Total Mortgage Loan Officer about
your options to be able to receive a Certificate of Eligibility (COE).
Credit Score Requirements for VA Home Loans:
VA loan credit score requirements are similar to USDA
credit score requirements. The Veterans Administration or the VA
doesn’t set a minimum credit score requirement, however, the lender is able to
set a benchmark. Typically, the benchmark for a VA loan is set at a 620 FICO
score. This does not mean that you will not be approved with a lower score.
Your credit score eligibility will be determined once a credit report and
analysis are complete. No matter your credit score, there is always room for
improvement.
VA Home Loan Down Payment Requirements:
Another advantage of a VA loan is the down payment, or lack
thereof. Once again, similar to USDA loans, VA loans don’t require a down
payment from borrowers. In fact, about 90% of VA loan holders borrow the loan
without a down payment placed on the loan, although when a down payment is
made, the VA Funding Fee decreases.
A VA Funding Fee on a first-time VA borrower is typically 2.3%
of the loan when no down payment is made. When a down payment of 5% is made by
the borrower, the fee drops to 1.65% of the loan. As the down payment amount
increases, the VA Funding Fee decreases.
The down payment on a VA loan does not have to come from your
accounts. It is acceptable for a down payment gift to be given on a VA loan. If
the down payment is a gift, a letter is required and needs to have the donor’s
information, relationship to the borrower, details about the gift, and legal
phrasing that states that the payment does not need to be repaid.
What are my options:
Depending on your credit score and where you would like to
live, you have more options available to you. Here are some of the most
noteworthy loan options:
VA Loans – Are serving and meet the requirements? Is your spouse a Veteran or MIA or POW?
Benefits:
No down payment requirement
No credit score requirement, lender may set one
USDA Loan – Are looking to live in a rural or suburban area?
Benefits:
No down payment requirement
No credit score requirement, lender may set one
FHA Loan – Are a first-time home buyer with a credit score that is in repair?
Benefits:
3.5% down payment minimum, PMI for the life of the
loan
Lower credit score requirements set by lenders
Conventional 97 Loan – Are you a first-time home buyer who has a good to excellent credit score?
Benefits:
3% down payment minimum, 20% down payment without
PMI on the loan
Summary:
Mortgages are
not a “one size fits all” financial decision. VA loans offer Veterans a great
option to achieve the American Dream with no down payment required and no
credit score requirement set by the VA. However, to find the best loan for you
and your financial situation, contact a Total Mortgage Loan Officer or visit
our
mortgage builder today!
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Rhode Island enacted a new law this week to make permanent a requirement that servicers provide sufficient mediation and loss mitigation efforts before proceeding to foreclosure.
The Foreclosure Mediation Act mandates lenders to advise delinquent mortgage borrowers of options available to them that could prevent loss of their properties. If a vulnerable homeowner requests mediation, the lender will be obligated to make good-faith efforts on providing a pathway toward making the loan current and may not initiate foreclosure proceedings until a coordinator affirms it has complied.
Mediation coordinators must come from Department of Housing and Urban Development-approved counseling agencies in the state and have “no authority to impose a solution.” They must meet certain other requirements requirements related to having sufficient mortgage industry knowledge, including at least three years of experience with loss mitigation guidelines
The act codifies temporary legislation the Ocean State introduced 10 years ago that was due to expire on July 1. The 2013 Foreclosure Mediation Act was originally slated to end in 2018, but given a five-year extension.
Introduced in February this year and sponsored by Sen. Dawn Euer and Rep. Leonela Felix, the legislation passed in both Rhode Island House and Senate chambers earlier this month. Gov. Daniel McKee signed the act into law on Wednesday.
“I know how devastating foreclosures can be for families and communities firsthand,” said Felix, whose family lost their home when she was a child, in a press release. “If we had had this program back then, we could have gotten on a payment plan we could afford and stayed in our home. This program has given other families security we didn’t have.”
According to RIHousing, more than 1,500 homeowners have taken part in mediation conferences since 2013. Approximately 46% of the efforts completed resulted in the borrower retaining possession of the home through loan modification, reinstatement or a revised repayment plan.
“To a lender, a mortgage might just be a line on a spreadsheet. But to a homeowner, it’s so much more than that,” Euer said. “These additional protections help people get back on their feet, stay in their homes and keep paying their bills.”
Meanwhile, officials in neighboring Massachusetts introduced similar foreclosure-prevention legislation last month.
The new state proposals come as government agencies attempt to come up with successor plans to some of the mortgage relief measures introduced during the COVID-19 pandemic. With foreclosure moratoria and forbearance offered at the federal level either already expired or sunsetting, pressure has come from the likes of the Consumer Financial Protection Bureau to ensure mortgage companies remain attentive to requirements to provide other types of new or existing assistance to distressed borrowers.
Earlier this year, the Federal Housing Administration agreed to extend pandemic loss-mitigation options to a broader range of struggling mortgage holders, while the Department of Veterans Affairs will unveil a new program in July that adds a loss-mitigation step before struggling borrowers reach the foreclosure stage.
Another sign of the priority the federal government is assigning to foreclosure prevention came in a new Department of Housing and Urban Development report this week. The agency alleged Mr. Cooper, the country’s largest nonbank servicer, failed to provide adequate home retention options to more than 80% of delinquent borrowers with FHA-insured loans after their COVID forbearance plans ended.
Last month, new foreclosure starts nationwide increased by 4% on a year-over-year basis and 5% from April, according to real estate data and analytics provider Attom. The number of distressed properties turned into completed repossessions took its biggest jump this year to 4,020 homes, 41% higher than in May 2022.
From golf simulators to wide open spaces filled with weight-lifting machines, these are the ten best apartment gyms in San Antonio.
Whether you’re working to tack on some muscle, hoping to get your sweat on or looking to play some beach volleyball from the comfort of your home, there’s an apartment fitness center in San Antonio that’s perfectly fitted to your needs.
You just need to know where to look to find it.
Source: Rent. / Cypress at Stone Oak
Boasting two state-of-the-art fitness centers, two swimming pools and a yoga studio, the workout resources at Cypress at Stone Oak are second to none. With large windows, high ceilings and motivational messaging on the wall, the fitness centers at Cypress at Stone Oak feel more like an expensive gym than an apartment complex workout room.
These Stone Oak apartments also back up to a golf course and are only a stone’s throw away from Bracken Nature Preserve. Bracken is a great place for hiking and features a cave that sees a mass exodus of bats each night. A great option to switch up your workout and get some steps in while seeing something new.
Source: Rent. / Celeste at La Cantera
With designer lighting, top-tier equipment and plenty of space to clear your mind and get your heart rate up, it’s obvious the design team behind Celeste at La Cantera takes their workouts seriously, or at least new future residents would.
Boasting a long row of elliptical machines, treadmills and even a Stairmaster, in addition to all of the other traditional trappings you’d find at a membership-based gym, the fitness center at La Cantera is one of the best places to enjoy a workout in the University of Texas at San Antonio area.
Source: Rent. / The Mark at Huebner Oaks
How many apartments have an indoor golf simulator? Not many. With temperatures regularly soaring into the triple digits, having an indoor option to (virtually) hit the links is essential for dedicated golfers. While this unique feature isn’t all that’s provided in terms of fitness at The Mark at Huebner Oaks, it does help to set them apart.
The Mark at Huebner Oaks also has an expansive fitness center with high ceilings and natural light in addition to a dedicated stretching/yoga area. With flatscreens on the walls and oversized ceiling fans overhead, this Huntington Place complex sets the standard for communal workout areas.
Source: Rent. / The View at Crown Ridge
The View at Crown Ridge is a great complex for active people to call home. The slanted ceiling gives the fitness center here an airy vibe and the windows make it so you don’t feel like you’re missing out on the day while you work your core or get your cardio in.
These Cross Mountain apartments are situated right next to Crownridge Canyon Park, one of North San Antonio’s best-kept secrets. This outdoor recreation area features walking paths, scenic bridges and beautiful rivers. Sound like a good way to spend a Sunday getting your sweat on, right?
Source: Rent. / The Estraya Westover Hills Apartments
The Estraya Westover Hills Apartments complex has one huge fitness center. With 200 units to serve, The Estraya went big and embraced a resort-style feel from the brightly colored gym. They packed it to the gills with high-quality equipment and paired it with a dreamy pool with a waterfall feature and tanning ledge. Estraya is a great place to be active and then kick back in comfort.
This Oak Creek area complex boasts professional quality stationary bikes, enough ellipticals to ensure waiting is never an issue and free weights for days. Long story short, this fitness center has it all.
Source: Rent. / 1800 Broadway
1800 Broadway invites people looking in the Westfort area to enjoy the best of what loft living has to offer. And the best of loft living includes a well-equipped, elegantly designed gym. The fitness Center at 1800 Broadway makes the most of its smaller footprint with multiple multipurpose machines that can support full workout circuits in and of themselves.
The other reason this Westfort complex makes the list is because of its proximity to the North River Walk, just a few blocks away. This scenic walking path provides the best of both worlds by being the premier spot to take a stroll and stop (more than a few times) for some shopping or a coffee.
Source: Rent. / The Mosaic
Drawing design inspiration from all around the world, The Mosaic has an aesthetic entirely of its own. That same aesthetic transitions to the fitness area where you’ll find high ceilings with exposed duct work, a versatile selection of workout equipment and extra equipment for plyometrics if that’s your thing.
Tucked away north of Downtown in Tobin Hill, The Mosaic is a workout warrior’s paradise thanks to its mix of traditional machines and newer CrossFit-inspired materials, this gym has it all to help you reach your fitness goals.
Source: Rent. / The Ranch at West End
The Ranch at West End may not have the largest gym on the list but what it may lack in size, it makes up for in alternative workout options. The Ranch at West End has a full-size beach volleyball court and a midsize circular basketball court, perfect for a game of HORSE or two on two with your neighbors.
The actual fitness center is nothing to scoff at either. Equipped with kettlebells, a calisthenic area and muscle-boosting machines, this Westcreek complex has the complete setup for anyone hoping to have options for physical activity right outside their door.
Source: Rent. / Vineyard Springs
Vineyard Springs is known for its large floor plans and those spacious spots are now supported by a brand-new fitness center. The on-site fitness center features a mirrored wall, a rowing machine and a conveniently placed TV that can be seen from nearly every machine and station in the gym.
Beyond a new gym, there is also an on-site trainer, educated with the skills to make sure you meet your fitness goals. And outside the gym are two bespoke pools that may be the best spots in all of The Vineyard to cool off after a long workout.
Source: Rent. / Cielo
What’s better than an elliptical with a pool view? Cielo’s light-filled gym leverages its prime location to ensure that anyone dedicated enough to take a trip to the gym gets rewarded with a relaxing pool view while they work up a sweat.
Cielo also backs up to Ladybird Johnson Park. Ladybird Johnson Park features large open fields, an expansive skatepark and a playground, making this park the perfect spot for a full day of active fun with the entire family. This Oak Grove complex really is a great spot for active people of all ages to call home.
San Antonio is calling
If you’re looking for an apartment in San Antonio and have a passion for personal fitness, start your search with this list. These aren’t all the apartments in Alamo City, but they are the ones with the best gyms. Get out there and find the perfect place with the gym that was built for you.
Featured image source: Rent. / Celeste at La Cantera
Now before you go running for the hills, let me just preface that I too was VERY skeptical of this color at first. I mean, the name itself sure isn’t doing the color any favors…Burnt…Orange? Sounds downright repulsive.
BUT with that being said, I challenge you to set aside your judgement for just a moment and allow me to make a case for this under-appreciated color. Sure, in fairness, perhaps burnt orange will never be “the new black” but it’s certainly worthy of some serious attention.
See? Not bad, huh? It gives off a 60’s Mod-vibe without feeling too dated or retro. Plus, when it’s in flowy lightweight fabric form it looks ultra-elegant and contemporary. Even when incorporated as a statement color into decor, it offers a healthy dose of character and an inviting sense of warmth.
Are you convinced? What are your thoughts on the color?
Image 1 via Nanushka // 2 via JCrew // 3 via Dust Jacket Attic // 4 via The D Pages // 5 via Blueberry Modern // 6 via Nordic Design
Early Data-Driven Rally And Not Much Drama After That
By:
Matthew Graham
Thu, Jun 15 2023, 4:12 PM
Earl Data-Driven Rally And Not Much Drama After That
Despite a slew of other economic data that was stronger than expected in the 8:30am time slot, the bond market was perfectly content to focus on yet another instance of the highest jobless claims since 2021. As far as we’re concerned, that’s the highest claims number since 2017 considering 2021 was still on the way down from the post-covid stratosphere. As far as the market is concerned, that’s a potential early indication of a shift in the labor market–something that could help solidify a downward trend in inflation. Traders saw it that way, at least, as bond rallied sharply after the data and didn’t move too much after 10am except for a brief correction heading into the EU close. MBS made a bigger deal of that than Treasuries due to illiquidity.
Jobless Claims
262k vs 249k f’cast, 261k prev
Retail Sales
0.3 vs -0.1 f’cast, 0.4 prev
Philly Fed
-13.7 vs -14 f’cast, -10.4 prev
Import Prices
-0.6 vs -0.5 f’cast, 0.4 prev
NY Fed Manufacturing
6.6 vs -15.1 f’cast, -31.8 prev
08:35 AM
Modestly weaker overnight with little spillover from Europe and the ECB announcement. 10yr up 1.6bps at 3.806. MBS down just over a quarter point.
11:22 AM
Steady gains into 1040am but losing ground since then. MBS down about 6 ticks from the highs (.19), but still up 3 ticks (0.09) on the day). 10yr yields down 4bps on the day at 3.75, but up from lows of 3.707.
12:15 PM
Bouncing back toward stronger levels. MBS up a quarter point. 10yr down 5.6bps at 3.734
02:47 PM
Holding gains with both MBS and Treasuries still in line with levels from the last update.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Individuals across the country chasing the American dream of homeownership helped to push mortgage application volume up by 2.5% for the week ending April 29, compared with the prior week.
The uptick, as measured by the Mortgage Bankers Association‘s (MBA’s) Market Composite Index, was propelled primarily by purchase-application activity, as rates remain elevated, hovering in the low 5% range and a drag on refinance volume.
The seasonally adjusted purchase index rose 4.1% from the prior week, fueled by increased conventional, Federal Housing Administration (FHA) and Veterans Affairs (VA) loan-application volume. That’s a good sign for the spring homebuying season, which has seen a slow start, according to the MBA. Meanwhile, refinance applications increased by only 0.17% from the prior week.
Compared to a year ago, overall applications declined 49.7%. Interest in purchases fell 10.9%, while refinances dropped 70.7% from the prior period.
“Treasury yields eased slightly last week but remained close to 2018 highs, as financial markets await the news from the Federal Reserve on its latest plans for rate hikes and reducing its balance sheet holdings,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.
According to the MBA, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.36% this week, down from 5.37% the previous week, but still 2 percentage points higher than a year earlier. The average contract interest rate for 30-year fixed-rate mortgages with jumbo-loan balances (greater than $647,200) jumped to 4.92 percent, up from 4.89 percent the prior week.
How lenders can accelerate access to credit for marginalized communities
For those in marginalized communities, it can be much more challenging to achieve the American dream of homeownership. Here’s a look at a lending technology that can help forge a pathway for underserved populations to build generational wealth through homeownership.
Presented by: Equifax
“The purchase market remains challenged by low levels of housing inventory and rapid home-price gains, as well as the affordability hit from higher mortgage rates that are forcing prospective buyers to factor in higher monthly payments,” Kan said.
The refinance share of all applications dipped to 33.9%, down from 35% the previous week. The MBA report also noted that the adjustable-rate mortgage share remained unchanged at 9.3% of total applications.
The FHA share of total applications increased to 11.1% from 10.6% a week earlier, and the share of VA applications rose slightly to 10.3% from 10.2%. The USDA share dropped from 0.5% to 0.4%.
The survey, conducted since 1990, covers over 75% of the retail residential mortgage applications.