Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
“Sarah has extensive experience in housing policy, tax credits, and advocacy. Her knowledge, innovative thinking, and deep commitment to advancing affordable housing demonstrate that she will be a great addition to NAAHL”, Roberts said. “I am confident that Sarah’s leadership will create opportunities and address challenges for NAAHL members and carry on the organization’s mission … [Read more…]
A strong U.S. economy will be a boon for the housing market, Mortgage Bankers Association’s (MBA) chief economist said on Thursday, as it will buoy demand and as inflation continues to fall, mortgage rates will decline as well making home loans more affordable for buyers.
The U.S. economy accelerated at a faster-than-expected clip in the fourth quarter of 2023 at 3.3 percent, the Commerce Department’s Bureau of Economic Analysis revealed on Thursday.
Meanwhile, the personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred measurement of inflation’s progress—jumped by 1.7 percent during the quarter. Core PCE, which excludes the often volatile food and energy prices, increased by 2 percent.
These dynamics bode well for the housing market that has been struggling under the weight of record-high mortgage rates, sparked in part by the Fed’s hiking of rate at the most aggressive clip since the 1980s to fight soaring inflation.
The Fed’s funds rate currently sits at 5.25 to 5.5 percent—the highest they have been in two decades—and policymakers have signaled that they will slash rates should inflation come down to their 2 percent target.
But an economy that may avoid a recession as inflation moderates without the Fed’s tight monetary policy doing too much damage to the jobs market would help the housing sector.
“Stronger economic growth will benefit the housing market, keeping demand robust,” Mike Fratantoni, MBA’s chief economist, said in a statement shared with Newsweek. “Moreover, today’s report also showed further reductions in inflation, which will enable the Federal Reserve to cut rates later this year—as they have been hinting.”
Mortgage rates ticked up slightly for the week ending January 25, Freddie Mac said on Thursday, with the 30-year fixed rate averaging 6.69 percent.
“The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
Rates look to have stabilized, Khater suggested, encouraging buyers to jump off the fence.
“Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace,” he said.
A slowdown in rates could have a negative impact on home buyers, some analysts say.
A decline in the cost of home loans would encourage more purchases, and this increase in demand will spark competition at a time when there is a limited supply of homes for sale.
More buyers who can afford mortgages entering the market will push up prices, analysts from Goldman Sachs said this week.
The investment bank’s experts project prices to soar by 5 percent in 2024, a marked revision from their earlier expectation of a 2 percent jump. That trend will continue through next year when prices are forecast to increase by nearly 4 percent, which is also a change from a previously estimated increase of close to 3 percent.
Amid the price increases, Goldman Sachs analysts anticipate that rates will fall to 6.63 percent for the year. This drop in rates from the near 8 percent highs of November 2023, will make house loans more affordable, sparking more demand for properties.
“We have very low inventory of houses for sale, which is generally supportive of prices, along with generally stable demand that is coming from things like household formation,” Roger Ashworth, senior strategist on the structured credit team at Goldman Sachs, said this week.
On Thursday, new home sales climbed up by 8 percent in December, according to government data, while prices declined to two-year lows. The fall in prices and a rise in sales was partly due to builders offering inducements to buyers, according to Yelena Maleyev, a senior economist at KPMG.
“Builders have pivoted to building smaller homes and offering more discounts and concessions, such as mortgage rate buydowns, to bring in buyers sidelined by rising mortgage rates,” she said in a note shared with Newsweek.
But the data from the U.S. Census Bureau also showed that inventory of newly built homes fell last month after going up the previous months. There were 453,000 houses available for sale at the end of December, which accounts for 8.2 months’ worth of supply.
This constituted a 3.5 percent decline from the same time a year ago, Maleyev pointed out.
The lack of inventory also comes at a time when the used homes market has struggled. Sales are down in that segment amid a lack of supply of homes as sellers are reluctant to give up their low rates for new home loans hovering in the mid-6 percent.
This lack of supply will be key to how prices shake out and the outlook for the year is not encouraging.
“If mortgage rates fall below 6 [percent] in 2024, more owners will feel comfortable listing their homes for sale, alleviating some of the shortages, but not enough to close the supply gap,” Maleyev said.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
What makes a city a great food city? Well, just like with any dish, it takes the right ingredients, which can vary. Perhaps the city is located in an agriculturally-rich area. Or the city is a diverse melting pot, creating a place for expression and creativity where chefs can share recipes from around the world or experiment with fusion cuisines. It also needs to have well-stocked grocers that carry specialty items.
No matter what, a great food city should be a place where chefs are supported by a population that loves dining out and supporting local restaurants. Whether you’re a chef looking for where to launch your next venture, or a food lover looking for the next big thing, here are the best cities for chefs to practice their craft.
So then, where do chefs thrive? There are different factors to consider, like grocery cost, population size and specialty stores where chefs can source high-quality ingredients. Taking all those into account, here are the ten best cities for chefs.
While Grand Rapids may not immediately jump off the page as a great dining destination, you’d be surprised. There’s a robust craft brewing scene, top-notch cafes and a range of beloved, non-chain dining options.
Sourcing fish and seafood from the nearby Great Lakes and using area farms for fresh produce, seasonality is key. Chefs can even dine where they shop. They can tuck into fish and chips at fishmonger and restaurant Fish Lads, or grab a bite at the Grand Rapids Downtown Market while also shopping for produce, olive oil or spices.
Groceries are also the most affordable of all the cities in the top ten. Not only do chefs get to experiment with fresh, regional ingredients in Grand Rapids, but it’s extremely affordable to do so.
With its blend of cultural influences, the food scene in Santa Fe is unparalleled in the Southwest. With Native and Hispanic cuisines leading the playbill, an excellent supporting cast of other global offerings like Indian and Italian rounds it out. And lovers of spicy food find themselves falling under the spell of New Mexico’s famed Hatch green chiles, which feature heavily in local cuisine.
Against such a gastronomically diverse background, chefs also have a wide range of markets and grocers to choose from. There are 0.23 specialty grocers and 0.5 markets per 10,000 residents. So with a population of over 85,000, there are options aplenty. And that population, plus robust summer tourism crowds in Santa Fe, are only too happy to support local chefs.
Ah, Napa.
As the seat of California wine country, this town of just over 78,000 would naturally be a great place for chefs to create exceptional meals. With a strong focus on high-end fares like Italian, French and New American, there’s an incredible variety of tastes to try. And experimenting with pairing with local wines is another plus.
The area’s agricultural history and current reputation for viticulture give Napa chefs easy access to locally-grown, fresh foodstuffs at local markets and grocers. With 0.89 markets per 10,000 residents, chefs can find everything from fresh produce to meats at spots like the Oxbow Public Market. There are also 23 non-chain establishments per capita, making it incredibly easy to support the local restaurant community.
Sitting on edge of Lake Conroe, the 91,000-population town of Conroe is a lakeside slice of country living within driving distance of Houston. As with many smaller towns, community and hospitality are important. So the local dining is heavily focused on family-run, feel-good food and service. Obviously, barbecue is huge here, as well as Mexican.
Chefs have their pick of the litter when it comes to specialty markets and grocers, with 0.54 grocers and 0.21 markets per 10,000 residents. And the cost of groceries is one of the lowest on the top ten list, so chefs in Conroe can prepare excellent food on a reasonable budget.
Cincinnati chili. Reuben sandwiches. Ice cream. Gooey pizza. Tender ribs. If you love big food with big, bombastic flavor, Cincinnati is the place. From regional treasures like Cincinnati-style chili, which is piled on top of spaghetti or hot dogs, to creative riffs on classics like burgers, chefs here love going big.
As a larger city, grocery costs are elevated, but there’s an abundance of markets and grocers. With 0.42 markets per capita and 0.16 grocers, in a city of over 300,000, there’s always something fresh and delicious close by for chefs to work with. From getting meats and produce at Country Farm Fresh Market to finding global flavors and fun at the famed Jungle Jim’s International Market, accessing the best ingredients is never an issue.
Cincinnati also ranks among the top cities with the most non-chain dining establishments in the top 10. So if you’re a chef looking for a place that welcomes bold flavor and never-say-die energy, head to the Queen City.
Over the past decade, the Blue Ridge Mountains-based Asheville has emerged as North Carolina’s preeminent food city. This scenic mountain hideaway has it all, from excellent craft brews and comforting Southern fare to elevated fine dining. This dedication to authentic food in all its forms has created a restaurant scene with 35 non-chain restaurants per 10,000 residents.
As a food scene that revels in experimentation and pushing the envelope, chefs in Asheville have an environment in which they can creatively grow and thrive. And the local supply options support that as well, with 0.21 grocers and markets per capita. And don’t forget to try that famous North Carolina barbecue!
For seafood chefs seeking new stomping grounds, Pensacola, on the far western end of Florida’s panhandle, has enough attributes to crack the top five best cities for chefs. Sitting right on the edge of Pensacola Bay, fresh seafood is always within reach. The local food scene is rich with delicious seafood spots, as well as Southern and global fare.
With 0.94 markets per capita, chefs can head to specialty stores like Joe Patti’s Seafood and Four Winds International Market for both local and far-flung ingredients. And at 54 non-chain restaurants per 10,000 people, there are plenty of options for the nearly 53,000 residents of Pensacola.
Betcha didn’t know just how vital Iowa is to U.S. agriculture. The Hawkeye State is the nation’s biggest producer of eggs, corn and pork. It also produces 14 percent of cattle in the United States, giving us tender flavorful steaks and beef. With such high-quality produce and meat, it’s no wonder chefs and meat lovers can have a field day here.
In West Des Moines, which forms the western edge of greater Des Moines, chefs will find a particularly hospitable environment for their craft. There’s an abundance of specialty grocers to choose from, like Fresh Thyme Market, providing quality meats, produce and other ingredients. Dining-wise, chefs can express themselves at classic steakhouses and casual brewpubs or branch out into other meat-heavy cuisines like Brazilian. There’s also great Mexican and Asian dining to be found in West Des Moines.
Snagging second-place for best cities for chefs is the 60,867-strong city of Marietta. Sitting northwest of Atlanta, Marietta is home to a hidden gem food scene. There’s something for everyone, from home-style Southern and farm-to-table to traditional Latin American cuisines.
This gives chefs a large playing field, allowing them to carry on the treasured culinary traditions to American diners, craft dishes from around the world or create exciting combos. Shopping is done at established specialty grocers like Cajun Meat Company, and with 1.15 markets per 10,000 residents, there’s plenty to go around.
One caveat: The cost of groceries is the highest of all the cities on the top 10 list.
The surrounding states must look on South Carolina with envy, as it’s home to two of the South’s best food cities. First, there’s Charleston (one of our best cities for brunch), and then, No. 1 on the list of the best cities for chefs, is Greenville.
This up-and-coming foodie haven has everything from top-tier Southern comfort food to sophisticated fine dining. Chefs can have fun with flavor at casual neighborhood spots, or get creative with elegant plating at high-end restaurants. And while grocery cost is second only to Marietta on this list, the local population is extremely supportive of their dining scene. There are 59 non-chain restaurants per 10,000 residents, so it’s plain to see that the inhabitants of Greenville love dining out and eating well. Here, chefs are sure to find a supportive and loving audience for whatever they want to cook.
Want to expand your cooking and culinary horizons beyond the top ten? There are many other options for chefs to choose from, as you’ll see from the top 50.
To determine the best cities for chefs, we looked at all cities with at least 50,000 residents according to the U.S. Census Bureau’s 2019 estimates that had at least one specialty grocer, market and non-chain (local) restaurant. That final list included 386 cities spread all across the country. We then ranked each city by the following factors:
Each of these factors was weighted equally, and the cities with the best overall score were determined to be the best cities for chefs.
Source: rent.com
Mortgage interest rates were mostly up compared to a week ago, according to rate data compiled by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates declined.
Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. As the Federal Reserve stopped raising rates in 2023, mortgages rates started to drop at the end of Q4. The central bank now may start to cut rates in 2024 — a move that would have broad economic impact, including on the 10-year Treasury, the primary influencer of fixed mortgage rates.
“The 10-year Treasury yield that serves as a baseline for fixed mortgage rates will have a bouncy journey lower, moving back above 4 percent early in 2024 but trending lower as inflation cools and the Fed gets closer to cutting rates,” says McBride. “For mortgage rates, that portends a general downtrend — albeit with fits and starts — in 2024.”
Rates accurate as of January 25, 2024.
These rates are averages based on the assumptions indicated here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, January 25th, 2024 at 7:30 a.m.
The average rate for a 30-year fixed mortgage for today is 7.03 percent, up 2 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.95 percent.
At the current average rate, you’ll pay $667.32 per month in principal and interest for every $100,000 you borrow. That’s $1.35 higher compared with last week.
Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.
The average rate for the benchmark 15-year fixed mortgage is 6.47 percent, up 3 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $869 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
The average rate on a 5/1 ARM is 6.13 percent, ticking down 24 basis points since the same time last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.13 percent would cost about $608 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
The current average rate you’ll pay for jumbo mortgages is 7.07 percent, up 1 basis point since the same time last week. Last month on the 25th, the average rate was lower, at 7.00 percent.
At the current average rate, you’ll pay a combined $670.01 per month in principal and interest for every $100,000 you borrow. That’s an additional $0.67 per $100,000 compared to last week.
The average 30-year fixed-refinance rate is 7.17 percent, down 5 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 7.09 percent.
At the current average rate, you’ll pay $676.76 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $3.38 lower.
The Federal Reserve has signaled that it intends to cut rates in 2024, depending on inflation and employment data and other factors. The Fed meets again on Jan. 31.
Current average 30-year mortgage rates are slightly below 7 percent as of mid-January. As the year progresses, expect rates to slowly trend downward, says McBride.
“Mortgage rates will spend the bulk of the year in the 6s, with movement below 6 percent confined to the back half of the year,” says McBride.
The rates on 30-year mortgages mostly follow the 10-year treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves. These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.
While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent any time soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Source: bankrate.com
Columbus’s housing market is a dynamic landscape with various trends and factors influencing residents’ choices. From affordable neighborhoods to luxury living options, this article delves into the overall market trends, neighborhood insights, market dynamics and renting scenarios in the Arch City.
The Columbus, Ohio, housing market exhibits a diverse range of trends, catering to individuals with varying preferences and budget constraints. Let’s take a deeper dive into Columbus real estate.
Columbus’s real estate market is categorized as “somewhat competitive”. On average, homes typically sell close to the listed price and enter pending status within approximately 39 days. Alternatively, certain homes may sell for approximately 2% above the list price and enter pending status in around 26 days.
In December 2023, Columbus witnessed a 6.0% increase in home prices compared to the previous year, with a median selling price of $265K. The average time homes spent on the market in Columbus was 43 days, slightly less than the 46 days recorded last year. The number of homes sold in December this year was 731, a decrease from the 820 sold in the same period last year.
The dynamics of the Columbus housing market are influenced by many factors, including economic conditions, job opportunities and urban development initiatives. These factors fluctuate between the varying Columbus neighborhoods. Home prices, buyer demand and overall Columbus housing market trends are dependent on the individual neighborhoods.
The rental market in Columbus offers a diverse array of options, featuring varying prices and living experiences depending on the specific neighborhood. Let’s delve into the current status of the rental market in Columbus.
Columbus has experienced fluctuating rent prices, just as other large US cities have as well. Fifth by Northwest stands out with an average 1-bedroom apartment rent of $1,772, which is a 79% rise in rent YoY.
Areas like Northwest Columbus and Northern Lights saw a small change of 4-5%, raising their one-bedroom options to $1,427 and $965, respectively. Conversely, affordable options are available in Easton and Northeast Columbus, where average 1-bedroom rents are down 3%, bringing rent to $1,511.
In Columbus, the most affordable neighborhoods for renting a one-bedroom apartment include Forest Park East, with an average rent of $720, and Hyde Park, where the average rent is $749. Old North Columbus also offers competitive rental prices at around $750 on average.
For those searching for similarly priced options, North Linden and Indianola Terrace are worth considering, with one-bedroom apartments typically renting for $750 and $800 respectively. These neighborhoods provide more economical living options compared to the Columbus city average of $1,410 for a one-bedroom apartment, catering to budget-conscious renters seeking value and convenience.
Whether individuals are arriving in search of new opportunities or departing for different horizons, tracking these migration patterns contributes to a comprehensive understanding of the Columbus housing dynamics. According to Redfin market data gathered Oct 2023 – Dec 2023, 23% of Columbus homebuyers searched to move out of Columbus, while 77% looked to stay within the metropolitan area.
In Columbus, some of the more luxurious neighborhoods include Weinland Park, where the average rent for a one-bedroom apartment is approximately $1,802, and Dennison Place, with an average rent of $1,790.
For those looking for slightly less expensive options, Tuttle West and the Brewery District are attractive, with average rents for one-bedroom apartments at $1,740 and $1,695, respectively. These neighborhoods offer rental prices that are above the city average of $1,410 for a one-bedroom apartment in Columbus, yet they are known for their unique amenities and desirable locations.
Taxes play a significant role in the overall cost of living in any city. Columbus, Ohio’s minimum combined sales tax rate is 7.5%. This is the total of state and county sales tax rates.
Columbus’ housing market is full of diverse options, catering to a wide range of preferences and budgets. Whether you’re drawn to the affordability of specific neighborhoods or the luxury living options in the city’s busy and popular districts, this guide will assist you in making informed decisions in the pursuit of a home in the Arch City.
With a focused and persistent approach in your hunt for your perfect place, you’ll undoubtedly discover the right one in a remarkably short time.
Source: rent.com
Debt consolidation loans work by giving you access to a lump sum of money you use to pay off your unsecured debts, like credit cards, in one fell swoop. You’re then left with only one payment on your new debt consolidation loan.
Debt consolidation loans are a smart way to pay off debt if you can qualify for a lower annual percentage rate compared to the average rate across your existing debts. This lower rate means you’ll save money on interest, and you’ll likely get out of debt faster.
Debt consolidation loans also have fixed rates and terms, so you’ll pay the same amount every month, which makes the payment easier to budget for than revolving debts like credit cards. Plus, you’ll know exactly what day you’ll be debt-free, which can be especially motivating.
You can find debt consolidation loans at banks, credit unions and online lenders.
Banks typically offer the lowest interest rates on debt consolidation loans, but you may need good or excellent credit (a score of 690 or higher) to qualify. If you already have a relationship with a bank, it’s worth asking what their loan options and qualification criteria are before considering other lenders.
Credit unions also offer lower-rate loans and may be more lenient to borrowers with fair or bad credit (a score of 689 or lower). You’ll need to join the credit union before applying for a loan, but the membership process is typically quick and affordable. You can usually fill out the application online, and you may need to make an initial deposit of $5 to $25.
Online loans are available to borrowers across the credit spectrum, and they’re often the most convenient option. Some online lenders can make immediate approval decisions and fund loans the same or next day. Many also let you pre-qualify, which means you can check your potential loan terms without hurting your credit score. Since online loans can have a higher cost of borrowing, it’s best to pre-qualify with multiple lenders to compare rates.
You qualify for a debt consolidation loan based on the information in your application. Lenders typically look at three core factors: credit score, credit history and debt-to-income ratio.
Some lenders may publish minimum credit score or minimum credit history requirements to apply. Most like to see a good credit score and two to three years of credit history that shows responsible repayment behavior.
You’ll also need to list your income. This gives lenders an idea of your debt-to-income ratio, which divides your total monthly debt payments by your gross monthly income, and helps lenders assess your ability to repay a debt consolidation loan.
A debt consolidation loan should help build your credit score, as long as you use the loan to successfully pay off your debts and you pay back the new loan on time.
You’ll also undergo a hard credit check when you apply, which knocks a few points off your score, but this is temporary. Any missed payments on the loan can hurt your score.
The first step to getting a debt consolidation loan is knowing how much debt you have. Make a list of unsecured debts you’d like to consolidate, since this is the loan amount you’ll need to apply for.
You can also calculate the average annual percentage rate across your current debts using a debt consolidation calculator. You’ll want to get a debt consolidation loan with a lower rate in order to save money on interest and pay off the debt faster.
Not all lenders offer pre-qualification, so take advantage of those that do. This typically involves filling out a short application with basic personal information, including your Social Security number. The lender will run a soft credit check, which won’t hurt your credit score, and then display potential loan offers.
If your lender doesn’t offer pre-qualification, it doesn’t hurt to call and see what information they can tell you over the phone about applicant requirements, including minimum credit score.
Once you’ve pre-qualified or decided on a lender, it’s time to fill out your loan application.
A loan application asks for personal information — think name, birthdate, address and contact details — as well as information about the loan you want, including loan purpose, desired loan amount and repayment term. You may need to show proof of identity, address, employment and income. Once you submit your application, you’ll undergo a hard credit check.
Most applications are available online, but a smaller bank or credit union may ask you to visit a branch.
You can typically expect to hear back from the lender within a few days.
Once approved, funding time is typically within a week, though some lenders may offer same- or next-day funding. Lenders can deposit the loan funds in your bank account, but some may offer to send the money directly to your creditors on your behalf, saving you that step.
This is a convenient way to pay off your debts, but make sure to check your accounts to confirm your balances are $0. If the lender doesn’t offer direct payment, use the loan funds to pay off your debts yourself.
Once your debts are paid off, you’re left with only your new loan payment. Your first payment is typically due one month after funding and will be due every month until the loan is paid off. Make sure you add this payment to your budget. Missing a loan payment can result in costly late fees and hurt your credit score.
Debt consolidation loans aren’t the right choice for everyone, and they can be risky, particularly if you’re someone who struggles to stay out of debt. For example, if you use a debt consolidation loan to pay off your credit cards, but then start using your credit cards again, you’ll have even more debt than you started with. This can hurt your credit score and leave you struggling to repay your loan.
Terms on debt consolidation loans can also be long — sometimes up to seven years, depending on the lender. If you have good or excellent credit, you may want to consider other types of consolidation, like balance transfer cards, which come with 0% promotional periods. This can help you pay off debt faster, since there’s no interest.
If you can’t qualify for a balance transfer card or for a low enough rate on a debt consolidation loan, it may be best to choose a different debt payoff method.
Source: nerdwallet.com
With the Space Needle soaring, Olympic Mountain looming and a buzzing city coming to life, there are more than a few reasons to settle down in Seattle. If you’re new to the city you may be wondering, how much does rent cost in Seattle? The average monthly rent prices are $1,422 for a studio, $2,145 for a one-bedroom unit and $2,991 for a two-bedroom unit. However, these prices may not fit your budget.
If you’re looking for a more affordable alternative in the Emerald City, you’re in the right place. Below, we’ll explore 12 of the most affordable Seattle suburbs, where you can still enjoy the Pacific Northwest charm without breaking the bank. From scenic landscapes to tight-knit communities, these economical enclaves are budget-friendly ways to enjoy the stunning beauty of the Puget Sound region.
Average rent for a one-bedroom: $1,450
Average rent for a two-bedroom: $2,218
Distance from Seattle: 17 miles
Apartments for rent in Des Moines
Claiming the first place on our list of affordable Seattle suburbs is Des Moines. Only about 17 miles south of Seattle, you’re just a short distance from the city center. You’ll also save close to $700 monthly on rent if you’re planning to lease a one-bedroom apartment.
There are plenty of things to do in Des Moines. For example, you can explore Saltwater State Park along the shores of Puget Sound or spend the afternoon checking out the sea life at MaST Center Aquarium.
Average rent for a studio: $1,275
Average rent for a one-bedroom: $1,522
Average rent for a two-bedroom: $1,765
Distance from Seattle: 11 miles
Apartments for rent in Tukwila
Just 11 miles south of Seattle is our second suburb, Tukwila. The area is home to about 21,600 residents. The average rents are also much less than in Seattle. For example, a one-bedroom unit in Tukwila costs $1,522 compared to $2,145 in Seattle.
Tukwila is home to the Museum of Flight, an expansive museum with over 175 aircraft and plenty of displays, giving you plenty to explore. You can also visit the sprawling Southcenter Mall, which houses plenty of options for shopping, dining and killing a few hours in the middle of the day.
Average rent for a studio: $1,699
Average rent for a one-bedroom: $1,560
Average rent for a two-bedroom: $1,845
Distance from Seattle: 20 miles
Apartments for rent in Kent
As a renter searching for affordability, you might want to consider Kent. It’s a fantastic suburb located about 20 miles south of Seattle. The average rent for a one-bedroom unit is about $600 less than in Seattle.
In Kent, you can easily explore the scenic Green River Natural Resources Area, which has walking and biking trails that are perfect for enjoying the picturesque riverbanks. Kent is also home to the ShoWare Center, a popular venue for hockey games, concerts and more.
Average rent for a studio: $1,595
Average rent for a one-bedroom: $1,604
Average rent for a two-bedroom: $1,600
Distance from Seattle: 28 miles
Apartments for rent in Auburn
A bit farther from Seattle you’ll find Auburn, which is around 28 miles to the south. Auburn is an affordable suburban alternative to much of the surrounding area. The slightly longer commute might be a trade-off worth considering as the average rent is considerably less.
There’s plenty to do in Auburn, like exploring Game Farm Wilderness Park, where you can camp and explore the trails. You can also check out Emerald Downs, a great racing track to kick back and watch the ponies fly.
Average rent for a studio: $1,215
Average rent for a one-bedroom: $1,621
Average rent for a two-bedroom: $1,913
Distance from Seattle: 24 miles
Apartments for rent in Federal Way
About 24 miles away from downtown Seattle is Federal Way, another great suburb for renters to consider. Home to 99,000 residents, Federal Way is an excellent option for renters looking for a less busy city – and more affordable rent prices.
Federal Way supports a range of activities, including the Pacific Bonsai Museum, where you can admire a stunning collection of bonsai trees from around the world. You can explore Dash Point State Park, where you’ll find a beach, hiking trails and waterfront views. The city is also home to the Wild Waves Theme & Water Park, which provides thrilling rides and water slides, perfect for a family day in the heat of the summer.
Average rent for a studio: $1,950
Average rent for a one-bedroom: $1,651
Average rent for a two-bedroom: $1,852
Distance from Seattle: 30 miles
Apartments for rent in Everett
Securing the sixth spot on our list, Everett is a familiar Seattle suburb. This area is home to roughly 110,800 residents, making it feel much more city-like than many of the other towns featured in this article.
Everett is home to the Boeing Future of Flight Aviation Center, where you can take tours and learn about the aviation industry’s history and innovation. For outdoorsy types, Jetty Island, a sandy beach destination perfect for kiteboarding and kicking back by the beautiful Puget Sound, is a must-see.
Average rent for a one-bedroom: $1,722
Average rent for a two-bedroom: $2,250
Distance from from Seattle: 15 miles
Apartments for rent in Mountlake Terrace
Claiming the seventh spot on our list of renter-friendly Seattle suburbs is Mountlake Terrace. It’s only about 15 miles north of downtown, making it a great option for daily commuters.
While a smaller city, there is plenty to do in Mountlake Terrace. You can take a quick trip to the serene Ballinger Park, full of walking trails, a lake, picnicking and more. For a taste of local culture, you can visit Mountlake Terrace Pavilion, which hosts a ton of events and activities throughout the year.
Average rent for a studio: $1,672
Average rent for a one-bedroom: $1,930
Average rent for a two-bedroom: $2,119
Distance from Seattle: 12 miles
Apartments for rent in Burien
If you’re a longtime Seattle resident, then you probably know about Burien. In Burien, one-bedroom units generally rent for $1,930 and two-bedroom units are available for around $2,119, providing considerable savings compared to Seattle.
If you’re wondering what to do in Burien, you can explore Seahurst Park, which has gorgeous tidepools and scenic waterfront views. Burien’s bustling downtown area offers a stellar food scene with lots of restaurants, making it a great destination for foodies looking to expand and refine their palettes.
Average rent for a studio: $1,894
Average rent for a one-bedroom: $1,974
Average rent for a two-bedroom: $2,200
Distance from Seattle: 18 miles
Apartments for rent in Edmonds
Edmonds is home to about 42,700 people and is just a bit over 17 miles north of downtown Seattle. Located along Puget Sound, living in Edmonds means you’re never far from the water and the many activities that come with it. You can explore Edmonds Beach and Brackett’s Landing North, or simply enjoy stunning sunset views over Puget Sound.
The town is also known for its strong arts community, with plenty of art galleries and the Edmonds Center for the Arts, providing a variety of events for artsy folks to enjoy.
Average rent for a studio: $1,710
Average rent for a one-bedroom: $2,000
Average rent for a two-bedroom: $2,620
Distance from Seattle: 14 miles
Apartments for rent in SeaTac
Ranking 10th on our list of affordable Seattle suburbs for apartment hunters is SeaTac. This suburb has a population of 30,700 and is roughly 14 miles south of Seattle.
SeaTac is most well-known as home to the SeaTac International Airport, but there’s plenty to do on an afternoon or weekend. You can explore Angle Lake Park, which boasts a scenic lake stocked for fishing and ideal for boating, making it a great spot for nature lovers of all persuasions. The city also provides convenient access to the Light Rail, allowing making trips into downtown Seattle a breeze.
Average rent for a studio: $1,877
Average rent for a one-bedroom: $2,039
Average rent for a two-bedroom: $2,662
Distance from Seattle: 20 miles
Apartments for rent in Bothell
Bothell is the 11th suburb on our list. You’ll find Bothell about 20 miles northeast of Seattle. Commute times can vary depending on bus routes and traffic, but you’ll still save significantly on rent costs.
Bothell is home to beautiful Bothell Landing Park, a picturesque spot along the Sammamish River with walking trails, a historical museum and a tranquil setting for soaking up the Seattle sun. Beyond that, the McMenamins Anderson School, a historic schoolhouse turned into a unique entertainment complex, offers dining, bars, a movie theater and a pool, making it a great spot to start or end a night on the town.
Average rent for a one-bedroom: $2,050
Average rent for a two-bedroom: $1,915
Distance from Seattle: 7 miles
Apartments for rent in Mercer Island
Taking the 12th and final spot on our list of renter-friendly, affordable Seattle suburbs is Mercer Island. Primarily known for its luxurious homes, its rental prices are surprisingly more budget-friendly than one might expect. On average, you’ll save about $100 a month renting a one-bedroom unit or about $1,000 for a two-bedroom unit. It’s also commuter-friendly, as Mercer Island is a mere 7 miles from Seattle’s city center.
The area is surrounded by the shimmering waters of Lake Washington, offering opportunities for boating, swimming and lakeside relaxation at Luther Burbank Park. The town is also known for its scenic parks and large green spaces, making it an ideal area for renters seeking a peaceful escape from city life without fully cutting the tether to urban conveniences and entertainment.
Remember, if you’re looking to hop over from renter to buyer, make sure to also check out the most affordable Seattle suburbs to buy a home.
Affordability is based on whether a suburb’s one and two-bedroom rent was less than Seattle and under 30 miles from downtown Seattle. Average rental data from Seattle rental market trends on October 26, 2023. Population data sourced from the United States Census Bureau.
Source: rent.com
OFHEO Director James Lockhart spoke about GSE reform and the notion of raising the conforming loan limit today at the American Enterprise Institute, a Washington, D.C.-based think tank.
Lockhart said a temporary increase in the conforming loan limit “might make some sense,” but only if the mortgage financiers improve the risk management of their loan portfolios.
Fannie Mae and Freddie Mac “would need to put in all the proper safety and soundness risk management around it rather than just jumping in,” Lockhart said, but also warned that entering the jumbo loan market could threaten their main purpose, which is to provide affordable housing.
Last month, the OFHEO decided to keep the conforming loan limit at $417,000 for the third straight year, despite the fact that the average October-to-October change in home prices fell 3.49%.
The California Association of Mortgage Brokers has been lobbying to raise the conforming loan limit from $417,000 to $625,000, which they estimate will allow tens of thousands of homeowners to obtain more favorable financing terms.
Fannie Mae and Freddie Mac, as well as certain Senators have also been pushing for a temporary lift of the conforming limit to ease the credit crunch, though the Bush Administration and Fed Chief Bernanke have been strongly opposed.
The House of Representatives approved legislation in May as part of their GSE reform bill that would permanently increase the conforming loan limit and take into account higher home prices in pricier markets throughout the United States.
Lockhart said the recent turmoil in the financial markets “prove it is time for the Senate to act” on its version of GSE reform, remarking, “if not now, then when?”
In regard to recent capital woes plaguing the GSEs, Lockhart said he would consider whether the 30 percent capital surplus “is lifted entirely or changed” and said “portfolio limits could come off as early as late February.”
But said, “I’d hate to relax the capital requirement just because they are losing money. That is not the reason to relax the capital requirement.”
Government sponsored entities Fannie Mae and Freddie Mac own or guarantee roughly 40 percent of the $11.5 trillion U.S. residential mortgage debt.
Source: thetruthaboutmortgage.com
With its iconic Golden Gate Bridge, tech-driven economy and unique neighborhoods, San Francisco is a city that captures the hearts of many. However, it’s no secret that the city’s housing costs can make finding a place to call home within your budget much harder.
If you’re wondering how much rent costs in San Francisco, here’s the average. The rent is $2,737 a month for a studio, $3,432 a month for a one-bedroom unit and $4,522 for a two-bedroom unit.
If you’re a San Franciscan seeking a more affordable living option that doesn’t mean compromising on the city’s culture and opportunities, you’re in the right place. We’ll highlight seven of the most affordable San Francisco suburbs. These areas offer a budget-friendly alternative to the city’s high rents while still providing access to everything that San Francisco offers.
Average rent for a one-bedroom: $2,000
Average rent for a two-bedroom: $3,250
Distance from San Francisco: 15 miles
Apartments for rent in Millbrae
Our most affordable San Francisco suburb is Millbrae, where the average rent for a one-bedroom apartment is nearly $1,430 less than in San Francisco. It’s only about 15 miles south of San Francisco, so you’re not too far from the city center.
Millbrae has plenty of parks to explore, such as Bayside Manor Park, Spur Trail and Bayfront Park, which has views of the San Francisco Bay. Millbrae is also conveniently located next to the San Francisco International Airport, making it a great area for those who travel often.
Average rent for a studio: $2,183
Average rent for a one-bedroom: $2,407
Average rent for a two-bedroom: $3,289
Distance from San Francisco: 9 miles
Apartments for rent in Daly City
Daly City is just nine miles south of San Francisco and is the second suburb on our list. The area is home to about 101,200 residents, and the average rents are much less than in San Francisco. For example, a one-bedroom unit in Daly City costs $2,407, compared to $3,432 in San Francisco.
Daly City is known for its stunning coastal views and outdoor activities, making it a great destination for nature lovers and hikers. You can visit Thornton State Beach or Mussel Rock Park for scenic hikes and breathtaking views of the Pacific Ocean. Additionally, the city offers a variety of diverse dining options, showcasing a wide range of international cuisines and experiences for residents to enjoy.
Average rent for a one-bedroom: $2,600
Average rent for a two-bedroom: $3,395
Distance from San Francisco: 8 miles
Apartments for rent in Brisbane
For those on the hunt for a budget-friendly suburb near San Francisco, Brisbane is just eight miles to the south. The rental prices are great as the average rent for a one-bedroom unit is $2,600, compared to San Francisco’s $3,432 rent.
A small town nestled between South San Francisco and Daly City, Brisbane offers access to the scenic San Bruno Mountain State and County Park, where you can enjoy hiking and bird watching while taking in panoramic views of the San Francisco Bay Area. You can also explore the Brisbane Marina, where you’ll find a fishing pier and a couple of small cafes.
Average rent for a studio: $2,495
Average rent for a one-bedroom: $2,625
Average rent for a two-bedroom: $3,100
Distance from San Francisco: 14 miles
Apartments for rent in Pacifica
About 14 miles south of San Francisco, Pacifica offers an affordable suburban alternative. The slightly longer commute might just be a trade-off worth considering. With the average rent for a one-bedroom costing about $800 less than in San Francisco, Pacifica may be the suburb for you.
Pacifica is known for its scenic beaches, including Rockaway Beach and Linda Mar Beach, where visitors can enjoy surfing, sunbathing and taking in the beautiful Pacific Ocean views. The town is also surrounded by picturesque hiking trails in the nearby Montara Mountain and Sweeney Ridge, offering opportunities to explore the coastal landscapes and enjoy nature.
Average rent for a studio: $2,358
Average rent for a one-bedroom: $2,709
Average rent for a two-bedroom: $3,309
Distance from San Francisco: 17 miles
Apartments for rent in Burlingame
Another stellar affordable suburb south of San Francisco is Burlingame. Home to 30,100 residents, Burlingame is a great option for renters looking for a less busy city — and affordable rental prices.
If you’re moving to Burlingame, make sure to check out the charming downtown area, filled with boutique shops, local restaurants and historic architecture. You can also explore the peaceful beauty of Washington Park, offering lush green spaces and tennis courts, making it an ideal spot for outdoor recreation and relaxation.
Average rent for a studio: $2,087
Average rent for a one-bedroom: $2,715
Average rent for a two-bedroom: $3,332
Distance from San Francisco: 11 miles
Apartments for rent in Colma
Ranked sixth on our list, Colma is a lesser-known San Francisco suburb. The area only has about 1,600 residents, making it feel more like a small town. Colma is a small incorporated community close to San Bruno Mountain State & County Park, featuring hiking trails and scenic views.
Average rent for a studio: $1,890
Average rent for a one-bedroom: $2,787
Average rent for a two-bedroom: $3,494
Distance from from San Francisco: 12 miles
Apartments for rent in San Bruno
Rounding out our list of affordable San Francisco suburbs is San Bruno. The area is 12 miles south of downtown, so this is a great area for renters who need to commute. San Bruno is also conveniently located near the San Francisco International Airport. In this city, you can find plenty of local shops, restaurants and green spaces.
Remember, if you’re looking to make the move from renter to buyer, be sure to check out the most affordable San Francisco suburbs to buy a home.
Affordability is based on whether a suburb’s one and two-bedroom rent was less than San Francisco and under 17 miles from downtown San Francisco. Average rental data from San Francisco rental market trends on October 26, 2023. Population data sourced from the United States Census Bureau.
Source: rent.com
The United States Congress passed new legislation extending a tax provision that allows homeowners to deduct the cost of mortgage insurance premiums from their federal income tax returns through 2010.
“This legislation has the potential to help thousands of low- and moderate-income Americans secure affordable mortgages that keep them in their homes and keep their communities strong,” Steve Smith, Chief Executive Officer of The PMI Group, Inc. and PMI Mortgage Insurance Co., said in a press release.
“The median home price in the United States today is over $200,000, which means borrowers would need to save more than $40,000 in order to make a traditional down payment of 20 percent. Making the cost of mortgage insurance tax deductible for qualified borrowers creates opportunities for more Americans to secure safe, predictable mortgage loans with a down payment of as little as 3 to 5 percent,” Smith added.
The cost of mortgage insurance first became tax deductible for transactions, such as home purchases and mortgage refinances, closed in 2007.
Borrowers with adjusted gross incomes below $100,000 were able to deduct 100 percent of their mortgage insurance premiums paid between January 1 and December 31, 2007, while families with incomes up to $109,000 were eligible for a partial deduction.
“On average, this annual tax break amounts to $350 per taxpayer. That’s cash in the pockets of hard working homeowners,” said Kevin Schneider, president of the U.S. mortgage insurance business for Genworth Financial, Inc, in a statement.
The legislation is part of the Mortgage Forgiveness Debt Relief Act of 2007 approved by both the U.S. House of Representatives and the U.S. Senate, and now goes to President Bush for final approval.
Source: thetruthaboutmortgage.com