You find the perfect apartment, but someone already lives there. Good news though, they’re willing to do a lease transfer. So, what does that actually mean?
Although everything you can and can’t do when renting is often spelled out in the lease agreement, there are some gray areas. Say, for example, someone needs to move out before their lease is up in a place that’s perfect for you. With the landlord’s approval, you can initiate an apartment leave takeover, which sounds much harsher than it actually is.
A lease takeover agreement is a winning situation for everyone involved. The current tenant can move out without penalty. The landlord finds a vetted prospective new tenant to take over the current lease and pay the remaining rent. And you get to move into your ideal place without having to wait for a lease to expire.
The only caveat? This process is about more than signing on the dotted line of a formal lease takeover agreement. You’ll have to go through the application process, get the landlord’s permission and check all the boxes of being a good new tenant.
So, how do lease takeovers really work, and what do you have to do to become the official tenant? We’ll tell you.
Is taking over a lease agreement the same as subletting?
First, let’s get the terminology straight. A lease takeover is not a sublet although both require you to take over paying rent, and both allow you to occupy the home. Since they’re different, you want to make sure the right lease terms are on the agreement you sign.
A sublet keeps the name of the original tenant on the apartment lease. You sign a separate, sublet agreement with that tenant. If the departing tenant fails to follow the lease obligations, the property manager could very well terminate the lease early. Your behavior wouldn’t play into the decision at all, but you’d be out of a place to live.
A takeover transfers the lease directly to you. You become the official tenant for the remaining term of the lease. There’s no other party involved in the rental that could impact your ability to stay.
Is a lease takeover a good idea?
You may find yourself in certain situations that are perfect for a lease takeover. If you’re interested in an apartment but not sure you can commit for a year, taking over an existing lease could give you the time you need to decide if you want to stay longer. Since short-term rentals are harder to find and often more expensive, a lease takeover solves your problem.
Another situation where a takeover might work is if you need to find a place to live in the off-season when inventory is low.
Even if you’re not in a rush to find a new home, but have your eye on a particular building that never has vacancies, you could take over someone’s lease and get in before the apartment goes up for rent.
No matter the situation driving you to consider taking over a lease agreement, when you do, the biggest benefit is getting to work directly with the landlord. There’s no middleman working between you. You officially become the new tenant and the only person responsible for the rules of the lease agreement.
How do you take over someone’s apartment lease?
If you think a lease takeover may be better for you than trying to find a vacant unit to rent, the first thing you need to do is find options. Landlords may start simply screening for new tenants, in which case you may not even know it’s a takeover of someone else’s lease. In order to be certain of the opportunity, you should check rental websites and social media for lease transfers that align with your needs.
Most posts or ads should include how much time is left on the lease in addition to unit-specific information.
Once you find a place you think may work, you’ll have to navigate the process of being a responsible prospective tenant.
1. Visit the apartment
Just as you would in any other home search situation, you must look at the property first. Any renter who won’t let you see the apartment is probably hiding something. Even though the unit won’t be empty, since someone is still living there, schedule a time to go in and check the place out.
Major red flags to look for include water damage, cracks in the walls and ceilings and any damage to the structure of the apartment itself. You can check the heat and air conditioning too, flush the toilets and turn on all the faucets just to make sure it’s all in working order.
If possible, you also want to see how noisy it seems once you’re inside the unit. Are the walls thin? Can you hear your neighbors stomping around? Ask the current tenant whether there’s a lot of noise at any given time to make sure it won’t bother you and won’t conflict with trying to sleep.
As closely as you look at the actual apartment, also take some time during your visit to check out the building itself. This may feel like a time-consuming process, but it’s worth it.
2. Get the landlord’s consent
You may primarily speak to the original renter when negotiating a lease takeover, but you cannot make this deal in a vacuum. You must include the landlord or property manager, and most likely get written permission to go ahead with the lease takeover.
Most landlords will write into the original rental agreement rules for a lease transfer, and it’s up to the current renter to follow those rules. To secure the landlord’s permission, expect to go through the same process as any future tenant would. You’ll have to undergo the same application process, get both credit and background checks and show you’re the right tenant for the space.
With all this, your best bet is to loop in the landlord early. Make sure you voice any concerns if the current renter isn’t bringing the landlord into the conversation.
3. Ask about cleaning
Since a lease transfer is basically like starting over as a new renter, you should expect the landlord to care for the property as if you were signing a new lease. Normally, when a tenant moves out, the apartment gets cleaned and checked for damages. This is a professional deep cleaning that readies the place for someone new. You’re someone new, so you deserve to move into a clean space.
Although the landlord may require the current tenant to pay the cleaning fee, you most definitely shouldn’t have to cover it, nor should you let it slide if this doesn’t happen.
Make sure you talk to the current tenant and the landlord about this need prior to signing the lease transfer.
4. Put it in writing
When all parties are happy with the terms of the lease takeover, it’s time to do some paperwork. You, the landlord and the tenant sign an official contract known as an assignment of lease to finalize the transfer.
This can be a simple contract that includes a few key pieces of information:
The location of the rental
Date of transfer
Date of the original lease agreement
Language that confirms the landlord permits the transfer
Language that specifies you are the new tenant
Local laws may dictate other elements that belong in this contract, but these basics keep everyone responsible for the transfer in a way that protects you as the new renter.
5. Read the actual lease
Included with the assignment of lease, you should also have access to the lease. Before signing anything, read through the entirety of the lease carefully, taking note of each lease term.
Make sure you’re on the same page as your new landlord. Once you sign, it’s hard to dispute anything.
Most leases should be straightforward and include information on how and when to pay rent, how to submit maintenance requests, rules for subleases, a guest policy and any other rules or details that will help you be a good renter.
If there’s any language within the lease that’s confusing, make sure to ask the landlord about it. It’s your responsibility to understand the agreement, and a landlord should be willing to provide clarification.
What about the security deposit?
Another perk of a lease takeover is not having all the typical upfront costs of renting a new apartment. Lease takeovers allow you to become the new tenant without a security deposit or first and last month’s rent. All of that already happened when the initial lease was signed.
Based on the terms of that lease, the current tenant may have to forfeit their security deposit, but that won’t impact you either. As the new renter, coming into a lease transfer, you aren’t responsible for these upfront costs unless you decide to renew the lease.
Once the original lease is up, in theory, the landlord returns the deposit (minus any deductions for repairs) to the original renter.
There is a possibility the tenant moving out will ask you to reimburse them for the security deposit, and transfer their initial deposit to you once you move out. This isn’t a bad option, but things can get a little weird when it comes to paying for damages.
If you don’t want to lose money to cover damages made before you moved in, ask the landlord to do an inspection of the property and charge for any repairs now before you move in and take over the security deposit.
What about unpaid rent?
Again, since a lease takeover is a clean break from the old renter to you, the new renter, any unpaid rent will not fall to you. If the existing tenant takes their leave without covering the rent they owe, the landlord will handle it according to the terms set out in the lease.
A lease takeover could work for you
Being a new tenant under a lease is never easy. Although the process to get approved for a new home is tedious at best, lease takeovers give you a little flexibility. Their potentially shorter rental period can save you from having to pay rent longer than you need, and you don’t even have to sign a new lease.
What’s important is to move forward carefully when dealing with lease transfers. You want to have all the information and be sure the landlord knows what’s happening.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
There are plenty of reasons to love living in Louisville, but will the Derby City fit your lifestyle? Let’s see how the cost of living and culture stack up.
Set alongside the Ohio River, Louisville is a great city, full of history. Home to the Kentucky Derby, and a lot of bourbon, Louisville offers up urban amenities, parks, foodie-friendly restaurants and more, all at a relatively affordable cost of living.
All combined, the cost of living in Louisville is 4.9 percent below the national average. This is almost identical to Lexington, the other big Kentucky town, and exactly the same as its close, big-city neighbor, Cincinnati.
This means that all the key factors that contribute to the cost of living in Louisville should be pretty reasonable as well, but sometimes we find surprises. Let’s take a closer look at how a budget could play out.
Housing costs in Louisville
Overall, housing in Louisville is very reasonable. Even with apartment rents rising significantly over the last year, housing costs are 21.7 percent below the national average. This is identical to costs in Lexington and less than a percentage point below costs in Cincinnati.
A one-bedroom apartment in Louisville averages out to $1,128 per month, up 19 percent over last year. A two-bedroom apartment, up a little less with a 24 percent increase, has an average monthly rent of $1,287. To compare, average apartment rent in Lexington is $1,262 for a one-bed, and $1,453 for a two-bed.
Equally affordable are home prices for those who are looking to shift away from renting. The median sale price in Louisville is $239,950, up 8.1 percent over last year.
Apartment hunting around Louisville
Throughout Louisville, you’ll find no shortage of great neighborhoods to call home. Even better, with such a low average rent, you’ll have a large number of locations accessible to almost any housing budget.
At the high end of the rent spectrum, you’ve got The Highlands. This popular neighborhood is considered one of the most unique areas in Louisville, and is also home to “Restaurant Row.” The average one-bedroom rent here is $1,558 per month.
More closely aligned to the city’s rent average, Clifton Heights, has one-bedroom apartments with an average monthly rent of $914. This neighborhood boasts more of an urban feel, with access to everything from a botanical garden to parks, galleries, bars and restaurants.
Other popular neighborhoods include the highly walkable Deer Park, with an average one-bed rent of $1,199. Germantown, whose rent is nearly one third less, on average, still holds an annual Oktoberfest. At $795 in average rent for a one-bed, Tyler Park has a 13-acre green space at its center. Even Clifton, with all its boutiques, local shops and restaurants has an average one-bedroom rent of $695.It’s nice to know you’ll have options when apartment hunting in Louisville.
Food costs in Louisville
With the Kentucky Derby as the biggest event of the year in Louisville, you can’t talk about food without sharing the ingredients for a mint julep. It’s super easy to make. All you need is bourbon, simple syrup, fresh mint and crushed ice. Muddle the first three ingredients, add the ice and you’re good to go.
Another unique food you may encounter while eating out in Louisville is a hot brown. A favorite brunch entree, this is actually a warm, baked, open-faced sandwich consisting of a single slice of bread, turkey, tomato, bacon and Mornay sauce, which turns creamy and bubbly when heated.
When you’ve had your fill of drinking and eating out, though, it’s good to know that the cost of living in Louisville when it comes to groceries is 6.7 percent below the national average. This can make your shopping list pretty affordable, especially with the average price of staple items like a loaf of bread ($3.79) or a pound of ground beef ($5.64) both costing less than they would in nearby Lexington.
Utility costs in Louisville
Louisville has four seasons that are very distinct. You’ll see peak temperatures in the hot and humid summer and extreme colds in winter. This movement up and down the thermometer means there’s a good chance your heater and AC will take turns working pretty hard.
It’s a good explanation for why utility costs are 7.3 percent above the national average, and a typical energy bill can come to $205.56. This average is over $55 more than what you’d pay in Cincinnati, just two hours away.
Transportation costs in Louisville
You definitely need a car to get around Louisville. Even with a bike score of 51, the rating only means some places are accessible by bicycle. The walk score is even lower, at 46, so don’t plan on many walkable spots (though there are some).
Having a car though means having to deal with parking. Louisville has plenty of metered spots with a cost of $2 per hour for the first two hours and $3 an hour for any additional. Meters are free on Sunday though. If you’re headed to the downtown area, you can also park in one of 15 parking garages and two surface lots.
If public transportation is more your thing, and you live close to it, the Transit Authority of River City, or TARC, offers a long list of local, frequency, express and circulator bus routes. A single-way cash fare is $1.75, but most locals use a myTARC card, paying only $1.50 per ride. You can also buy a MyTARC card pass. A seven-day pass costs $15, while a 30-day pass is $50.
Regardless of how you get around, when it comes to the cost of living in Louisville for transportation, you’re paying 18.8 percent above the national average. This is a 7.4 percent increase over last year and almost 20 percent more than people are paying in Lexington.
Healthcare costs in Louisville
Healthcare is a big industry and major employer in Louisville, but when comes to being the patient, the final bill can get a little scary. However, that’s not often the case here, where healthcare costs are 23.9 percent below the national average. This is an 8.2 percent decrease over last year.
How this impacts your personal healthcare costs will vary though based on your insurance coverage, your medical history and your current healthcare needs. Everyone’s costs are different in this category, so it’s always good to budget accordingly.
To help, you can use average costs (without insurance) as a guide. That means in Louisville, a doctor’s visit is $82.20, a dentist visit is $88.33 and an optometrist appointment is $61.67.
Goods and services costs in Louisville
In Louisville, goods and services are 6.4 percent above the national average, so they can get a little pricy. While this total is slightly less than in Lexington, you still may pay more for certain extras than you would elsewhere.
For example, a movie ticket in Louisville is $12.28, while a haircut is $16.65. Grabbing a pizza out will cost you about $12.99, and a bottle of wine averages out to $8.49.
Taxes in Louisville
Kentucky is somewhat of a unique state when it comes to taxes in that it sets tax rates as a whole. Counties don’t add anything when it comes to sales tax, keeping the rate relatively low. In Louisville, and across the state, the sales tax rate is 6 percent. This means that for every $1,000 you spend furnishing your new apartment, $60 will go straight to taxes.
This same statewide approach is also applied to income tax. The entire state’s flat rate is 5 percent.
How much do I need to earn to live in Louisville?
With a lower cost of living in Louisville when it comes to housing, your biggest expense, it’s okay to assume you won’t need that much income to live comfortably. To get exact information on what you can afford when it comes to rent, take advantage of our rent calculator.
For a general estimate of what you’d need to make to afford an average-priced one-bedroom apartment, we’ll take the advice of most experts. They suggest you put about 30 percent of your annual income toward rent. Using this formula, at $1,128 per month, you’d need to earn $45,680 per year.
This is entirely possible given that the median household income in Louisville is $54,929.
Free things to do in Louisville
The affordability of Louisville becomes even better when you consider how much fun there is to have throughout the city for free. Louisville offers free activities that connect you to history, culture, the outdoors and more. Some places to consider include:
Filson Historical Society Museum: Giving free, guided tours every weekday at 2 p.m. your tour will include Ferguson Mansion and Wood Carriage House. The historical society itself works to preserve the history and culture both of Kentucky and the Ohio Valley.
Carnegie Center for Art and History: Free admission to this museum is something special. Here, art and history collide. Exhibits focus on the heritage of Floyd County as well as the visual arts.
Louisville Nature Center: Situated across from the zoo, free admission here gives you access to a sensory garden, rain garden, play area, nature library and a bird blind, where you can view birds through one-way tinted glass.
Big Four Bridge: A part of Waterfront Park, Big Four Bridge is a footpath that crosses the Ohio River, ending in Jeffersonville, Indiana. Originally a railroad bridge, it’s now the perfect place for a two-mile (per way) stroll.
Beechmont Open Air Market: Yes, you may end up tempted to buy some fresh produce or an artisanal candle, but a stroll through the market is totally free and a perfect Saturday morning activity.
You also have the option, when looking for free activities in Louisville, to take advantage of one of the more than 120 public parks throughout the metro area. Some sidle up to the Ohio River, and others are perfect pockets of green space, providing spots for picnics and relaxation.
Living in Louisville
First, you figure out if the cost of living in Louisville will work for you. Then, you start thinking about where you want to live in the city. Next, it’s time to craft a budget and you’re off, transforming yourself into a Louisville local. It’s as simple as that, made easier by the fact that overall, this is a pretty affordable place to call home. So, when are you moving?
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
As you may have noticed, updates about the ongoing remodel of our San Francisco Victorian have been rather few and far between these days. I’ve come to learn remodels are like molasses – they move at a pace you cannot control! And while progress is in fact being made, there’s not a lot of excitement related to rough-in plumbing, insulation or rewiring. I am getting super excited to share our plans as the designs are coming together! But in the meantime I thought it’d be fun to play what-if with some of my favorite designers. What if they had their hands on this house and could do whatever they wanted! I knew they’d have as much fun dreaming of what could be done with the space as I have. So for the next few weeks you’re going to be treated so some major design inspiration from a bevy of design studs! I’m thrilled my dear friend and interior stylist extraordinaire Kirsten Grove is kicking things off with some serious kitchen inspiration!
To jog your memory, when it comes to the kitchen we’re basically starting from scratch because this is the house’s current “kitchen”:
This is the floor plan for our new kitchen:
While not a terribly big space, we hope to maximize storage with a separate pantry woot!. I’ve toyed with the idea of a kitchen island too. And I’m still debating what the cabinets should look like. And lighting?? Oh the lighting dilemmas. I am excited the kitchen will be directly connected to our living room via a breakfast bar. Obviously, it’s a very blank slate at the moment as we’re still in our demolition phase, so I’m excited to see what Kirsten thinks we might do with this design!
Kirsten’s Designer Take: Hi everyone! My name is Kirsten Grove and I am an interior Stylist/Blogger from Boise Idaho. I am a huge fan of Apartment 34 and I think the world of Erin and the team! She definitely has her work cut out for her with this renovation. But it’s something that I know she will successfully complete.
We all know that the kitchen is the heart of the home. Whether we cook or not, we all want the perfect kitchen. Of course they are the biggest money takers, but it’s well worth it at the end.
I have always been a fan of modern, minimal kitchens. Especially in older homes. The juxtaposition is always stunning! Right now cabinet slabs are on point. No molding, no panels. Just clean slabs. Paired with hardware or just kept plain, these doors are simple yet beautiful.
Here’s a kitchen with simple hardware that doesn’t take away from the doors. I also love the style of hood that mirrors the cabinets. It’s a nice, clean look. This same thing can be assigned with the refrigerator.
Another trend is two toned cabinets. Above we have a dark paint on the top and natural wood on the bottom. You could also do one color on top and another color on the bottom. It breaks the kitchen up and adds stylish personality!
Here’s another example of two-toned cabinets. This kitchen also has another favorite trend of mine. Square tiles! It’s a refreshing change from the classic subway tiles. White grout keeps it more traditional while dark grout keeps it modern.
Kitchens can be a lot of fun to design! Good luck, Erin! We can’t wait to see what you come up with!
I love that Kirsten named a few of my favorite kitchen trends – and a couple that just might make their way into my final kitchen design. But you’ll have to wait a little longer before I can reveal all of that. For now, follow more of Kirsten’s design savviness on her blog, Simply Grove!
Image 1 via Simply Grove // 2 via 30 Collins // 3 via The D Pages // 4 via Emma’s Design Blog
Cleveland, Ohio, is a city that boasts a remarkable blend of urban sophistication and natural beauty. Located near the shores of Lake Erie, Cleveland offers a wealth of breathtaking destinations that are sure to delight both residents and visitors. From stunning lakefront vistas to lush green spaces and captivating architectural gems, this vibrant city has everything. So whether you’re a recent transplant renting an apartment in Cleveland or you’re looking on Redfin for homes for sale in the area, there are many beautiful places to see. Here are six beautiful places to visit in Cleveland that showcase the unique beauty of this city.
1. Chagrin Falls
Picture-perfect and full of charm, Chagrin Falls is a hidden gem in the Cleveland area. Located just a short drive from downtown, this idyllic village is known for its iconic waterfall, which gracefully cascades down the Chagrin River. As you stroll through the town, you’ll be greeted by quaint shops, cozy cafes, and historic buildings. Take a moment to savor the breathtaking views from the observation deck overlooking the falls, or venture down to the riverbank for a closer look.
“I love visiting Chagrin Falls during every season of the year,” states local photographer Igor Oliyarnik. “It has a wonderful small-town charm with a beautiful waterfall in the center. The town has a vibrant restaurant scene, unique shops and an award-winning Cleveland Metropark nearby.”
2. Huntington Beach
Huntington Beach is a captivating destination that offers a tranquil escape and a chance to embrace the beauty of nature. The expansive sandy beach stretches as far as the eye can see, inviting visitors to unwind and revel in the serenity of the surroundings.
According to Cleveland local Chad Cochran of cowtownchad “in 2021, the Cleveland metroparks were recognized as the best in the nation. One beautiful example is Huntington Beach in Bay Village, where you will find the beach and park filled with visitors throughout the summer. Another gem is Rocky River Reservation, an ideal place for a walk, fishing, birding or taking in a game of golf. Additionally, some folks don’t know that Northeast Ohio is also home to the only National Park in Ohio. The Cuyahoga Valley National Park has ample trails, Brandywine Falls and you can take in the phenomenal views on the scenic train ride.”
3. Edgewater Park
Along Lake Erie, Edgewater Park is a true beauty within Cleveland’s cityscape. With sandy beaches, green spaces, walking trails, and breathtaking lake views, this urban oasis offers a serene escape from the city.
According to Cleveland local Jessica Kate, “Edgewater Park is a family-friendly and scenic location close to downtown Cleveland. It’s great for hanging out with friends on the beach (and grabbing drinks or snacks at the Edgewater Beach House), walking your dog, playing volleyball, capturing special moments, or catching the sunset along Lake Erie. It’s one of our favorite spots.”
“Edgewater Park beckons people from far and wide, drawn by the irresistible combination of crystal-clear waters, lush parklands, and a coastline boasting the most mesmerizing sunsets in the world,” shares local photographer, Nathan Migal. Prepare to be enchanted as you join the vibrant tapestry of individuals who come together to revel in the splendor of Lake Erie, forging unforgettable connections amidst the magic of this exceptional urban retreat.”
4. Everett Road Covered Bridge
The Everett Road Covered Bridge is an iconic historical landmark in Cleveland, known for its picturesque charm and rustic beauty. The wooden structure, painted in a classic red hue, stands as a testament to the region’s rich history and architectural heritage. Stepping onto the bridge, you’ll feel transported to a bygone era, imagining the days when horse-drawn carriages gracefully crossed its path. Surrounded by lush greenery and spanning the tranquil flow of the Cuyahoga River, the Everett Road Covered Bridge offers a serene and nostalgic experience.
“I absolutely love the Everett Road Covered Bridge which is nestled in the Cuyahoga Valley National Park, ” says Alex Denver of Birch Tree Photography. “The historic bridge is gorgeous and only accessible on foot. This allows for the perfect spot for portrait sessions for any family or couple in the Akron/Cleveland Area.”
5. Hope Memorial Bridge
The Hope Memorial Bridge, a magnificent architectural marvel in Cleveland, Ohio, stands as a testament to the city’s rich history and artistic grandeur. Spanning the Cuyahoga River, this iconic bridge connects the downtown area with the vibrant neighborhoods of Ohio City and Tremont. As you approach the bridge, you’ll be captivated by its imposing presence and intricate detailing. Adorned with stunning Art Deco sculptures and intricate pylons, the bridge showcases the city’s commitment to blending beauty with functionality. The centerpiece of the bridge is the striking Guardians of Traffic, colossal figures that symbolize progress and protection.
“I love spending time in downtown Cleveland. It’s very walkable, the lake views are great, and it’s a great spot to catch a game,” shares local resident Anthony Vence.
6. South Chagrin Reservation
Spanning over 1,700 acres, South Chagrin Reservation offers a diverse range of landscapes, from dense forests and rolling meadows to scenic waterfalls and tranquil streams. As you explore the winding trails, you’ll encounter an abundance of flora and fauna, providing a haven for wildlife and a sense of serenity for visitors. The highlight of South Chagrin Reservation is the picturesque Squaw Rock, a massive sandstone formation that stands as a testament to the area’s geological wonders.
“South Chagrin Reservation has miles and miles of hiking paths and bridle paths, both challenging and easily traveled, following the curve of the scenic Chagrin River,” shares photographer Ryn Clarke. “Dogs are welcome as long as they are on leashes, and the seasonal wildflowers and migrant songbirds will entertain you during your time there.”
Cleveland, Ohio, is a city that truly captivates with its remarkable blend of urban sophistication and natural beauty. There are countless exquisite places to explore. Whether you’re a local, looking to move to Cleveland, or a visitor, these beautiful destinations offer a chance to immerse yourself in the unique beauty of Cleveland.
Growing unemployment across the U.S. has prompted millions of adults to move back in with their parents.
As a new Zillow analysis shows, the potential rent lost from Gen Z alone could total an estimated $726 million, and the ripple effects of their next move could have far-reaching consequences for the housing market.
The number of adults living in a parent’s or grandparent’s home grew by more than 2.7 million in March and April, nearly triple the next-largest two-month increase from the past five years. A large majority of those who moved home – about 2.2 million – are from Generation Z, and between 18 and 25 years old.
Those 2.2 million Gen Zers represent an estimated $726 million in rent payments each month – payments that could be lost if these moves prove to be more than a temporary measure. That represents about 1.4% of the rental market at risk. It is highly unlikely that all leases will be broken and this full amount would go unpaid, but it serves as a gauge of the potential impact on housing.
The next move this population makes could shape the housing market’s near future. If jobs quickly return to pre-pandemic levels, the housing status quo could return just as quickly as these renters return to the market. But if jobs are permanently lost or slower to recover than expected, that could free up many rental units and drive down prices.
“The share of adults living with their parents has been high since the global financial crisis of the aughts,” said Zillow Senior Principal Economist Skylar Olsen. “Then, it was Millennials flocking to the basements and spare bedrooms of their Baby Boomer parents, where many remained as rent burdens grew. Now, it’s Gen Z’s turn to ride out today’s crisis amid massive unemployment. But this time, rents are more likely to slow, easing the path to returning to living on their own even if some under-employment persists. Apartment construction has exceeded historic norms in recent years and some are likely to double up or live more affordably in all kinds of ways, which should soften rent growth, at least for now.”
Previous Zillow research has shown renters in some industries highly affected by coronavirus-related layoffs were struggling to keep their heads above water even before the pandemic began. It’s possible that many will appreciate the breathing room afforded by living with parents if allowed to stay rent-free, and stay even after their jobs return. That could allow some Gen Zers to save enough to move into homeownership more quickly, or perhaps even delay their parents from downsizing into a smaller home while a child is still living under their roof.
Young Americans move more often in general because they tend to have less stable employment and have not had time to accrue the same level of savings as older counterparts. Many also move home during the summer due to college schedules, typically bumping up the share of young adults living with parents by 2-3 percentage points from April to July.
It is likely that some college students made that move earlier this year as campuses closed due to COVID-19, contributing to the jump seen in April, but there were far more young people living with parents in April than even during a typical summer peak, indicating the usual seasonal shift was super-charged by soaring unemployment. Recently unemployed young people moved back home at roughly the same rate as usual – about 60% of them typically live with parents – but the pool is much bigger than ever.
Metros with a higher share of young renters have a greater potential for impact. This includes Austin, Kansas City, Cincinnati and Pittsburgh. On the other end are areas with more millennials and older renters, including Miami, New York and Los Angeles, each with less than 1% of the rental market made up of young people who have moved home.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Your bedroom is a cozy retreat that shows off your personal style, and your above-bed decor is a great way to make a statement. Whether you want to add some pizzazz, create a relaxing vibe or showcase your unique taste, there are plenty of styles and ideas to try in this sacred spot. From eye-catching artwork to functional shelves, get ready to transform the space above your bed into something stylish and creative.
11 above-bed decor ideas
Elevate the visual appeal of your bedroom with these 11 ideas. From hanging tapestries to arranging a gallery wall of cherished photos, these ideas can add a personalized touch and transform the space above your bed.
1. Wall art gallery
Create a wall art gallery above your bed. You can curate with composition combinations, mixing different picture sizes, arranging in unique orientations and playing with frame styles. Consider using personal pictures to make the gallery wall more unique and meaningful to you.
2. Canopy
Transform your bedroom into a dreamy escape with a bed canopy. Easily install a bed canopy above the bed and watch a simple drape transform your bedroom while filling the wall space.
3. Tapestry
Not a fan of artwork? Opting for a colorful, patterned tapestry is a great way to bring color to your space. Tapestry easily complements a bedroom’s color scheme and infuses the room with a bohemian flair.
4. Statement mirror
While a mirror above your bed may seem counter-intuitive, hanging a large, decorative mirror above the bed can add depth to the space. Statement mirrors are readily available and make for a convenient furniture find.
5. Floating shelves
Installing floating shelves above the bed is a great way to combine storage with style. These shelves create a space for a personal display of items such as books, plants and small tchotchkes.
6. Woven wall baskets
Arranging a collection of woven wall baskets in different sizes and shapes will add a rustic and natural touch. Because of the neutral color of the baskets, they can complement any room color scheme or vibe.
7. String lights
Drape string lights to add a touch of romance to your bedroom. String lights are a great way to incorporate a little light as opposed to a lamp. Opt for a colored string light to work with a preexisting color scheme or create a certain aesthetic.
8. Statement canvas
Rather than creating a gallery wall, opt for showcasing a single statement canvas above the bed. This is great for themed bedrooms as it allows you to curate and emphasize the theme.
9. Quote decal or print
If there is a saying or quote that really speaks to you, why not place it in the room you spend the most time in? You can place quote decals directly on the wall or frame a quote decal for a sleeker look. For a brighter twist on this decor concept, look into customizable LED light signs for your quote.
10. Hanging plants
Create a green and natural atmosphere by hanging indoor plants in macrame planters or hanging baskets above the bed. In the same natural theme, consider also hanging driftwood or branches.
11. Bookshelf display
If you have a lot of wall space to cover, look into installing a bookshelf display. This space is utilized best with books and small keepsakes that showcase your personality and style.
Your space meets your style with the right above-bed decor
Decorating the space above your bed is a fun and creative way to add a personal touch to your bedroom. Whether you go for a gallery wall, a statement mirror or some string lights, the options are endless. Think about the look and feel you want to create in your room, and let your imagination run wild in choosing the perfect decor pieces.
With a little creativity and attention to detail, you can turn the area above your bed into a visually stunning and unique space that reflects your style and makes your bedroom feel extra cozy and special. Find your dream apartment with your ideal bedroom space here!
If you haven’t started your children or teens off with a kids checking account optimized for their needs, you’ll want to help your college student open a checking account before they begin school.
Opening a checking account for your child can teach them about money management and financial responsibility, along with providing them an easy way to make debit card purchases. It’s never too late to get started.
One advantage to helping your young adult open their first student checking account is they have more options than they might have when they were 16 or younger. Students over 18 can open a bank account with few restrictions.
But choosing a student checking account may give them access to higher interest rates and added features and benefits, along with fee-free checking, no monthly maintenance fees, and no minimum deposit to open an account.
12 Best Student Checking Accounts
Not surprisingly, many of the best student checking accounts come from banks that also offer some of the best checking accounts for any age. However, the products below – in most cases – are tailored for young adults from the ages of 18 to 24, with the features this age group desires most, including an intuitive mobile app and low or non-existent minimum deposit requirements.
1. Best for Students under 18: Capital One MONEY Teen
Most of the student bank accounts on our list exclude children under the age of 17 or 18. Capital One MONEY Teen checking is available to children ages 8 and up. It comes with all the benefits and security of a big bank, providing peace-of-mind. This includes access to Capital One branches and Capital One Cafes for in-person service. This account also serves as a great tool to teach your young adult the basics of banking.
Capital One MONEY Teen checking is a joint account with no monthly fee, no overdraft fees, and access to 70,000 ATMs with no fees. Plus, earn 0.10% on all balances, including those in checking.
You can link Capital One MONEY Teen checking to any other bank account through any bank or neobank, making it easy to transfer money to your teen while they are away at college. Plus, you can keep tabs on their spending with their linked account in the Capital One mobile app.
When they graduate, your teen can hold onto their MONEY account or transfer the funds into a top-rated Capital One 360 Checking account of their own.
2. Best for Working Students: Chime
Chime is not a bank. It’s a financial technology company and mobile app backed by Stride Bank, NA, and The Bancorp Bank. Many features make it perfect for working students. First, you can receive your paycheck up to two days earlier than you might at other banks with ACH deposit.
Plus, you can set up automatic transfers to your linked Chime Savings account, helping you to establish good financial habits early on. Simply set up Chime to transfer a percentage of your paycheck into your Savings Account every time you receive a direct deposit.
When you use your debit card for purchases, the “Save When You Spend” program rounds up your purchase and transfers the difference directly into savings. That small change can really add up, whether you’re saving for your first apartment after college, a new car, or your next tuition bill.
For working students looking to build their credit, Chime gives account holders access to a Credit Builder Secured Visa, with no annual fee, no credit check, and no security deposit required. Instead, the credit account is secured by your Chime checking account with monthly direct deposits.
Like many of the best student bank accounts on this list, Chime has no overdraft fee, no monthly service fee, no ATM fee for in-network ATMs, and no minimum balance requirements.
3. Best Account Opening Bonus: Chase College Checking
Chase Bank has been handing out student account opening bonuses like they hand out lollipops at their branches lately. College students ages 17 to 24 can snag a $100 bonus when they open an account online or at a local branch (students age 17 will need to visit a branch). You’ll just need to make 10 qualifying transactions within the first 60 days of opening the student bank account.
What’s a qualifying transaction? Virtually anything, according to the Chase website, including debit card purchases, online bill payments, Chase QuickDeposits, Zelle transfers, and ACH credits. Bank as you normally would, and you should easily earn that $100.
In addition to the generous sign-up bonus, Chase College Checking has no monthly fees for college students for up to five years, access to 16,000 ATMs and 4,700 branches across the U.S., and zero liability protection for unauthorized debit card purchases.
Chase Overdraft Assist covers purchases that exceed your account balance. You’ll pay no overdraft fee if you’re overdrawn by $50 or less at the end of the next business day.
4. Best for Yield: Ally Interest Checking
Ally Bank is the first bank on our list not designed specifically for students, but the vast array of features in this interest bearing checking account makes it ideal for young adults.
Ally Bank offers an APY of 0.25% on checking account balances and 4.00% APY on balances in a linked Ally Bank savings account. Neither account has any monthly fees.
Ally offers several features to help those on a tight budget manage their money. You can organize your money into spending and saving buckets, which can help you see exactly where your money goes each month. Ally will also review your bank accounts and help you find opportunities to save, and shuttle that extra money into your high yield Ally savings account.
Customers who have deposited $100 or more into their Ally checking account, or $250 via direct deposit, gain access to Ally’s CoverDraft service after 30 days. This protection covers up to $100 or $250 in charges that would overwise overdraft your account. Some purchases, including Zelle transfers, or ATM withdrawals, may be declined if they would put your account into overdraft.
Ally has no monthly maintenance fee, no overdraft fees, no ATM fee for in-network ATM transactions and no minimum balance requirement.
5. Best for Referrals to Earn Extra Cash: GO2bank
GO2bank, the digital bank associated with the top financial technology company Green Dot, offers an easy, straightforward money account with overdraft protection up to $200 with eligible direct deposits. The linked savings account pays a high 4.5% APY, with no fees for qualifying customers and no minimum balance requirement.
You can get regular ACH deposits from your job or side gigs up to two days earlier than most traditional banks. If you receive government benefits, such as Social Security, you can receive those deposits up to four days early.
Your GO2bank account will have a monthly service fee that costs $5 per month, unless you have a qualifying direct deposit that month. You will also pay fees for transfers from a linked debit card from another bank or fintech, mobile check deposits, and cash deposits.
If you are the type of person with friends who come to you for advice, you can earn $50 for each friend you refer to GO2bank who signs up with direct deposit. Your friend will also earn $50. You can use this offer for up to 30 friends, yielding $1,500 annually. This makes a GO2bank account great for social media influencers or college students with a large friend group.
6. Best for Full-Service Banking: Bank of America Advantage SafeBalance Banking
Bank of America Advantage checking accounts offer options for people in various stages of their financial life. College students might be best to start out with Bank of America Advantage SafeBalance banking, a straightforward money account with no overdraft fee and no checks.
The account has no monthly fee for students under the age of 25 or customers under the age of 18. Preferred Rewards customers also receive free checking. There is a $25 minimum deposit to open an account.
New Bank of America customers can earn a $100 account opening bonus when they open an account and set up direct deposits of $1,000 or more within 90 days.
7. Best for Comprehensive Money Management: PNC Virtual Wallet Student
Money Magazine named the PNC Virtual Wallet on its best banks for students list three years running. PNC Bank divides this mobile account into three separate accounts for everyday spending, “reserve,” or short-term savings, and “growth” for long-term savings.
The account has no monthly service fee for students for up to six years, along with all the benefits of a regular PNC Virtual Wallet. Additionally, students receive a courtesy refund of your first overdraft fee on your Spend account, one free incoming domestic or international wire transfer per statement period, and free paper statements if you opt in to receive them.
Once six years have passed or you are no longer a student, your account converts into a regular PNC Virtual Wallet, which may have associated monthly fees. Check the PNC website at that time to determine the fees and how you can waive them.
Your PNC Virtual Student Wallet pays a 0.01% APY on money in your Reserve account, and .02% on account balances up to $2,499 in your Growth account, with .03% APY on balances over $2,500. These may not be the best rates available, but the reputation of PNC Bank, along with the money management features in a Virtual Wallet Student account, make this an account worth considering for students just learning to budget.
8. Best for Establishing Savings Habits.: Wells Fargo Clear Access Banking
As one of the Big Four banks in the U.S., Wells Fargo offers a reliable and safe place to store your money, plus access to thousands of branches nationwide.
The Wells Fargo Clear Access banking account is great for teens and college students, since it’s available for account holders ages 13 to 24. Anyone under the age of 18 will need to open their account in a branch and anyone younger than 17 must have an adult aged 18+ as a joint account holder. The account has no monthly maintenance fee for anyone 24 or younger. A $25 minimum opening deposit is required.
Wells Fargo Clear Access banking is a simple, straightforward money account with no checks and personalized service at Wells Fargo branches. There are no overdraft fees with the account, but also no overdraft protection. Transactions that exceed the account or minimum balance amount will be declined, which helps put teens and young adults in charge of their money.
You can link your Clear Access bank account to a Way2Save Savings account and earn a 0.15% APY. You can establish good money habits by setting up automatic savings. Wells Fargo will transfer $1 from your Clear Access account into your checking account each time you use online bill pay or use your debit card for a one-time purchase. You can also transfer as little as $25 per month or $1 per day into your account to see your savings grow even faster.
9. Best for Cash Back: Discover Cashback Debit
The Discover Cashback Debit account may not be marketed to teens and students, by name. But, it’s enticing to anyone looking for a standard checking account with no monthly service fees and 1% cashback on debit card purchases, up to $3,000 per month. It’s highly unlikely for most college students to max out that free money (unless they are putting housing, tuition, and car expenses on their card).
Discover Cashback! debit card offers many of the benefits you’d expect from these top-rated money accounts, including early direct deposit, 60,000+ no-fee ATMs, and overdraft protection from your linked Discover Savings with no fees. Discover charges no fees for insufficient funds, bank checks, regular checks, or expedited delivery of a replacement debit card.
These features make it one of the most convenient accounts you can hold. Plus, you don’t have to worry about “aging out” of the account and facing fees for a non-student bank account. Your Discover Cashback Debit account will be free no matter your age. Link it to a Discover Savings Account to earn 4.0% APY with no minimum deposit required.
10. Best for Unlimited Out-of-Network ATM Fee Reimbursement – Axos Bank Rewards Checking
Another bank account not marketed to students but meeting all their needs is the Axos Bank Rewards Checking account. This account has no monthly fees. It also reimburses ATM fees for out-of-network ATMs nationwide, which is great for students who travel domestically or who don’t have ATMs in their network on campus.
Pay no overdraft fee or non-sufficient funds fees with this account. Best of all, earn an APY of 0.40% on your checking balance if you receive monthly direct deposits of $1,500-plus. Young investors can ramp up their interest rate by 1% with an average daily balance of $2,500 in an Axos Invest Managed Portfolio Account, plus another 1% by holding $2,500 in a self-directed trading account. If you take out a loan through Axos, you can add another 0.60% to your APY.
College students likely won’t regret opening an Axos Bank account to take them through adulthood, especially with options for investing, low mortgage rates, car loans, and more.
Plus, earn a welcome bonus when you open an account and have direct deposits of at least $1,500 within a single calendar month during the first three months of account opening.
11. Best Credit Union: Alliant Credit Union Teen Checking
Alliant Credit Union offers a teen checking account for minors ages 13 to 17. The account is insured up to $250,000 per account holder by the National Credit Union Administration (NCUA). The adult account holder must be an Alliant Credit Union member. But it’s easy to join by depositing $5 into an Alliant Credit Union saving account. Alliant Savings earns an APY of 0.25%.
The teen checking account has no overdraft fees or non-sufficient funds fee. It also has no monthly fees or minimum balance requirements. Account holders gain access to 80,000+ fee free ATMs nationwide plus $20 per month in ATM fee reimbursement for out-of-network ATM use. This is an interest earning checking account which also pays 0.25% APY on all balances as long as you have at least one deposit, via ACH direct deposit, mobile check deposit, or transfer from another bank or credit union, each month.
12. Best for Young Shoppers: Varo Bank
Varo Bank is another account not necessarily marketed to college students but definitely optimized for their needs. The Varo Bank debit card delivers up to 6% cash back, with money deposited into your Varo account as soon as you accrue $5 in rewards.
Like many of the best student accounts on this list, Varo has no monthly fee, no minimum balance requirements, and no overdraft fee. If you need money before payday, you can use Varo Advance, an interest-fee program that allows you to borrow up to $250 and pay it back within 30 days. You will not pay fees to borrow less than $20. Borrowing up to $250 comes with fees that can be as high as $15, depending on the amount of cash advance you need.
Varo Bank uses the Allpoint network of ATMs, with fee free access to 55,000+ ATMs nationwide. Using other bank ATMs could result in charges up to $3 from Varo and fees charged by the other banks, as well.
It pays to open a linked Varo Bank savings to take advantage of a high 3% APY. Account holders with direct deposits equal to $1,000 per month and a positive balance in their Varo checking and savings can earn up to 4% APY.
One of the best things about a Varo account is it can grow with you. You won’t pay additional fees as an adult out of college, so you can keep the same bank account you started with for your entire life if you want.
Methodology: How We Select the Best Student Checking Accounts
To find the best student checking accounts, we evaluated the monthly maintenance fees, ATM fees, minimum deposit requirements, features, benefits, banking services provided, along with customer service and mobile app access at several of the biggest and most well-known banks and credit unions.
ATM Network
Most banks have ATM networks or partner ATM networks of 20,000 or more ATMs nationwide where you can use your debit card with no ATM fees. You might be surprised to learn that even online banks and financial technology companies that are not a bank provide access to thousands of ATMs nationwide through partner programs.
Nationwide availability (physical locations or mobile access)
College students often split time between their college campus and the home where they grew up. Finding a bank with physical locations in the areas they live or an online bank that provides a mobile banking app with fee free mobile banking from anywhere is important.
Fees and minimum requirements
Bank fees no longer have to be a way of life for today’s young adults. We chose financial institutions with no monthly maintenance fees or easy ways to waive maintenance fees.
Benefits such as high APY, cash-back rewards, or other additional perks
Student checking accounts today are more than just “bare bones” places to store your cash. Many student bank accounts offer perks, benefits, and high-yield savings or an interest bearing checking account to provide added value.
Overdraft fees
Cash management mistakes happen, especially when young adults first start learning to budget and manage their finances. Many banks have no overdraft fees and some offer overdraft protection to help out in a pinch.
How to Choose the Best Bank for College Students
We’ve offered 12 solid options to help you choose the best student checking account. Before you open a student bank account, it’s a good idea to think about what you need in your primary checking account and a linked savings.
The list below makes it easy to review your must-haves and nice-to-haves when you choose your first bank account as a college student.
Best student checking account interest rates
If you’re looking to earn interest on your standard checking account, many banks offer this feature. Review annual percentage yield (APY) figures for your top choices.
Remember, a higher savings interest rate might benefit you more, since money in your checking account tends to fluctuate based on paychecks, bills, and expenses. The best checking account may not pay interest, but can save you money in other ways.
Annual Percentage Yield (APY)
Likewise, you can put money in your pocket with an account with linked savings offering a high annual percentage yield (APY).
Mobile Check Deposit
If you get paid via paper checks, you’ll want to find an account with a mobile app that offers mobile check deposit. Find out how fast deposits clear, and if mobile banking services are fee free.
No Monthly Maintenance Fees
Many banks today make it easy to find a free checking account with no maintenance fees. If you have to pay a monthly maintenance fee, find out exactly what you’re getting for your money. Find out if the perks and benefits, such as a cash back debit card or reimbursement of ATM fees make the maintenance fees worthwhile.
Minimum Deposit and Minimum Balance Requirements
When you’re just getting started, cash may be tight. It’s important to find an account with no minimum deposit to open.
Banking Services Provided
Accounts should have customer service online, by phone or in branches, plus an easy-to-use mobile app and a debit card with no ATM fees.
FAQs About Student Checking Accounts
Read what people are asking about the best student checking accounts, including minimum deposit requirements and benefits of a student checking account.
What are the benefits of a student bank account?
A bank account tailored for students gives young adults a head start on their financial future and learning how to manage money. For students who work, they can receive direct deposits in their student account, pay bills online, and send money to friends and family using Zelle.
How to get a student checking account bonus?
Several student checking accounts, including Chase, provide sign-up bonuses. Make sure to read the fine print and complete the requirements, which may include setting up direct deposit or making a minimum opening deposit, to collect the bonus.
Can I open a student checking account without a deposit?
To open a student checking account without a minimum deposit amount, simply look for a bank account, like Varo, that has no minimum opening deposit.
Are there any downsides to opening a student checking account?
When you open a student checking account, you’ll want to make sure you won’t pay monthly maintenance fees. Some student checking accounts convert to a regular account once the student graduates, and there may be fees associated with the regular account.
Is there an age limit on a student checking account?
Most student checking accounts are open to students from the age of 18 to 24 without a joint account holder. Customers under the age of 18 may be able to open an account with a joint owner.
Can minors open student checking accounts?
Accounts like Capital One Money Teen are available to children ages 8 and up with a joint account holder. Some other accounts require students to be 18 or older.
What happens to your student checking account when you graduate?
Many of the student bank accounts on this list won’t change when you graduate college. Others offer the option to convert your account to one of the bank’s regular checking products. A Chase College Checking Account has no monthly fees for your first five years in college, but if you graduate or exceed that time frame, you might pay a $6 monthly maintenance fee unless you meet other requirements.
From the daily walk of the Peabody Ducks to the annual Memphis in May World Championship Barbecue Cooking Contest, there are so many unique pieces that make up this Tennessee city.
Memphis is an affordable place to live for renters. The cost of living in Memphis is 13.1 percent lower than the national average, which makes the Home of the Blues more affordable, overall, than nearby cities like Nashville and Little Rock.
Given this lower cost of living, you’ll find plenty of great places to live in Memphis. But, the only way to know for sure is to break down your budget into pieces. Here’s how individual components, that make up the cost of living in Memphis, compare.
Housing costs in Memphis
Memphis housing is pretty reasonable all around. Rents aren’t too high, and housing prices are reasonable. Overall, housing prices in Memphis are 20.2 percent below the national average. This is on par with other Southern cities like Birmingham, though it’s slightly higher than places like Jackson, MS.
When it comes to rental prices, averages are reasonable whether they’re trending up or down. The average one-bedroom rent in Memphis is about $1,000 per month, down 4 percent from last year. For two-bedroom apartments, the average monthly rent is up by 4 percent but it’s still under $1,100 per month.
Home prices are down slightly over last year — the median sale price in Memphis is a reasonable $175,000. By comparison, the median sale price for a home in Nashville is about $465,000.
Finding the best apartment in Memphis
There are so many great Memphis neighborhoods to consider calling home that it may feel challenging to narrow things down. Price and location will play a big part, but it’s also the vibe of the community that can help solidify your choice.
The priciest spot for a one-bed is the up-and-coming arts district of Crosstown. Here the average monthly rent for just one bedroom is about $1,900. This area is a huge draw for young professionals, artists and musicians who join families who’ve called this neighborhood home for a long time.
Two other sought-after neighborhoods that provide a great location while catering to a more artsy crowd are Mud Island and South Main. They feature one-bedroom apartments for an average monthly rent of around $1,500 and $1,200, respectively.
Food costs in Memphis
Almost as big as the music scene, the food in Memphis is second-to-none. Of course, we’re talking Memphis barbecue with its slightly sweet and tangy sauce slathered on a nice rack of ribs in restaurants like The Rendezvous and Central BBQ. There are other signature eats in Memphis (check out Gibson’s Donuts), but nothing stacks up the “Q.”
As good as all the restaurant eats are though, locals can’t eat out all the time. Since groceries run 8.9 percent below the national average though, it’s pretty affordable to eat at home. Even at a tiny increase over last year, most items on your shopping list should remain pretty affordable. For example, expect to pay $1.06 per pound for store-made fried chicken and $1.97 for a dozen eggs. If you need a good side, potatoes average $3.73 per pound, making it affordable to whip together some homemade potato salad.
Utility costs in Memphis
The seasons can get rough in Memphis thanks to muggy summers and wet and windy winters, but overall temperatures aren’t too extreme. It still gets hot and cold at the right times of the year, but you won’t see a lot of snow.
This helps make utility costs a little more affordable on the whole, and 12.2 percent below the national average. Memphis actually has one of the lowest average utility costs in the state, with an average monthly electric bill is $141.05. Nashville is one of the only Tennessee cities that comes in lower, and it’s only by $2.31.
Transportation costs in Memphis
Although not an entirely walkable or bike-friendly city overall, Memphis’ best parts are often extremely walkable. Places around downtown, including Beale Street, are better seen on foot anyway.
Public transportation is also available in Memphis, primarily by bus via MATA. Operating 34 different lines, the adult base fare is $1 per way, and you’re able to purchase a daily fast pass for just $2. For downtown and riverfront access, MATA runs three trolley lines at just $1 per way.
Though it is possible to live in Memphis without a car, many residents own one to make it easier to road trip as well as get to the outer suburbs.
When it comes to city parking, locals can pick between meters and garages. The parking garages around town can range greatly in price, from as little as $4 to upward of $25. Meters have an hourly cost of $1.50.
All combined, transportation costs in Memphis are 6.9 percent below the national average, an increase of 4.2 percent over last year.
Healthcare costs in Memphis
Budgeting for healthcare as a part of your cost of living in Memphis is challenging. Not only is everyone’s medical situation different, but things can change from month to month. Having insurance helps, but it’s also worthwhile to know what average costs are like without it.
In Memphis, healthcare costs are 9.4 percent below the national average. This is pretty close to normal when compared to other cities in Tennessee and pretty close to cities, like Birmingham, in neighboring states.
This average keeps doctor’s visits in a pretty reasonable range, assuming you don’t have insurance to pay the costs. Expect to pay an average of $99.72 per doctor’s visit, $78.60 to see the eye doctor and $105.40 for a trip to the dentist. When it comes to prescription medications, the average cost (without insurance) in Memphis is $465.99.
Goods and services costs in Memphis
Not all the pieces that make up the cost of living in Memphis are functional and necessary. You also have to put a little fun into the budget, and that’s where goods and services come in. They’re the thing you enjoy doing, you want to do, but if you ever needed to cut back, could do without.
Goods and services are what make a night out on Beale Street possible, among other fun activities. In Memphis, the overall cost of goods and services, lumped together, is 10.1 percent below the national average. That could mean more money in the budget for fun, as long as you don’t have too much.
How does this impact your favorite to-do’s? Well, in Memphis, a six-pack of beer averages out at $9.77, a movie ticket is $13.08, that pizza you’re craving is $10.73 and a haircut before that big night out is $18. Prices coincide with other cities in Tennessee, sometimes being a little bit more or a little bit less, but always relatively close.
Taxes in Memphis
The state sales tax in Tennessee is 7 percent, but each individual county and city can add on additional taxes. That said, you’ll pay 9.75 percent in sales tax in Memphis, the highest total rate in the state (and the most common.)
To think about this rate in dollar amounts, for every $1,000 you spend shopping for clothes, or buying furniture for your new apartment, $97.50 goes straight to taxes.
How much do I need to earn to live in Memphis
Even with a better understanding of the cost of living in Memphis, it’s hard to really know how much you need to earn to live in this fun city. A good place to start digging into your budget though is with rent.
Most experts agree you should spend about 30 percent of your annual income on rent, so to afford that average one-bedroom price of $1,000, you’d need a yearly salary of about $40,000.
Is this easy to find in Memphis? Well, given that the median household income is slightly higher at $41,864, your chances look good. To get the numbers exact though, check out our rent calculator.
Living in Memphis
Life in Memphis is not only affordable for many, but also fun. Memphis is a city full of things to do, with decent weather and a vibrant cultural scene. Its deep musical roots and delectable food are simply the icing on the cake for this great place. With so much to explore, deciding to live in Memphis is most likely going to be an easy decision.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
If you’re considering a move to Boise, Idaho, it’s important to weigh the pros and cons before making a decision. Known for its natural beauty, outdoor recreational opportunities, and growing urban scene, Boise offers a unique living experience. Whether you’re looking on Redfin to buy a home in Boise or rent an apartment, we will explore ten key aspects to help you determine whether living in Boise is the right place for you.
1. Outdoor recreation and scenic beauty
Boise is surrounded by stunning natural landscapes, including the Boise Foothills, the Boise River, and nearby mountains. The city is a haven for outdoor enthusiasts, offering opportunities for hiking, biking, skiing, fishing, and whitewater rafting. With its vast network of trails, parks, and open spaces, Boise provides easy access to nature and encourages an active lifestyle.
2. Tight-knit community
Boise has a strong sense of community, with friendly and welcoming residents. The city fosters a community spirit, and you’ll often find local events, farmers markets, and neighborhood gatherings that bring people together. The community involvement and friendly atmosphere contribute to a positive living experience.
3. Booming job market and economic growth
Boise has experienced significant economic growth in recent years, attracting a range of industries and job opportunities. The city is home to major employers in sectors such as technology, healthcare, education, and government. The booming job market and a lower-than-average unemployment rate of 3.6% compared to the national average of 6%, make Boise an attractive place for those seeking career prospects.
4. Affordable cost of living
Compared to many other cities in the United States, Boise offers a relatively affordable cost of living. The average cost of living in Boise is 7% higher than the national average. The median home price in Boise is $487K compared to the national average of $408k, and rental rates in Boise are $1,637 compared to the national average of $1,393. These prices and daily expenses are lower than in larger metropolitan areas such as Seattle, WA where the average home price is $835,000. This affordability allows residents to enjoy a high quality of life without breaking the bank.
5. Cultural and arts scene
Boise has a vibrant cultural and arts scene, with numerous galleries, theaters, and performance venues. The city is home to the Boise Philharmonic, the Boise Art Museum, and the Idaho Shakespeare Festival, which offer a range of cultural experiences throughout the year. You can immerse yourself in diverse arts and entertainment offerings, from live music performances to art exhibitions.
6. Scarce public transportation options
Boise’s public transportation system is still developing, and it may not be as comprehensive as in larger cities. While the Valley Regional Transit system provides bus services, the coverage and frequency may not meet the needs of all residents. Having a private vehicle is often necessary for convenient transportation within the city and exploring the surrounding areas.
7. Extreme weather conditions
Boise experiences a wide range of weather conditions throughout the year. Winters can be cold, with occasional snowfall, while summers can be hot and dry. The temperature variations may not be ideal for everyone, and individuals who prefer milder climates may find the extremes challenging to adjust to.
8. Increasing population growth
Boise has been experiencing rapid population growth in recent years, as more people discover the city’s appeal. Boise County’s population grew 15.5% from the 7,005 people who lived there in 2010. For comparison, the population in the US grew 7.3% during that period.While this growth brings economic benefits and a thriving community, it also poses challenges such as increased traffic congestion, higher housing demand, and potential strains on infrastructure. As the city continues to grow, residents may need to adapt to the changing dynamics of a growing population.
9. Limited major metropolitan amenities
While Boise offers a range of amenities and services, it may not have the same options and depth as larger metropolitan areas. Some individuals may miss certain big-city amenities, such as major sports teams, an array of high-end shopping options, or a vibrant cultural scene. However, Boise’s charm lies in its smaller community feel and access to outdoor recreation.
10. Limited air travel options
Boise’s airport, the Boise Airport (BOI), serves the city and the surrounding region, but it may have limited options for air travel compared to major hub airports in larger cities. While the airport offers connections to various destinations, the number of direct flights and airlines operating at the airport is limited. This can potentially result in fewer options and higher prices for certain routes, as well as longer travel times for international or less common destinations. If you frequently travel by air or require extensive connectivity, the limitations of air travel options in Boise may be a consideration.
Deciding whether Boise is a good place to live requires careful consideration of its pros and cons. By evaluating these factors against your personal preferences, lifestyle, and priorities, you can make an informed decision about calling Boise your next home.
With moratoriums on evictions throughout the country starting to expire, tenant groups are stepping in to try and save people from losing their homes.
Tenant organizers in South Central Los Angeles last week quickly organized a protest after a local landlord removed one resident’s belongings following their eviction. The landlord had changed the locks on the tenant’s apartment a week after he missed a rental payment, The Real Deal reported. More than 30 tenant organizers arrived at the property to protest his eviction, and blocked a moving company from loading his possessions into a van. They also hired a contractor to remove the new lock with a power drill, before moving the renter’s belongings back into the home.
David Wholman, the landlord, told The Real Deal that he had been “overwhelmed” by the response, saying he’s never seen anything like this happen before. He added that the tenant can stay put for now.
These kinds of efforts to keep renters in their homes following eviction are strategic, said Trinidad Ruiz, a member of the Los Angeles Tenant Union. “If you don’t have possession of the home going into court, you lose, because you’re already evicted,” he told The Real Deal.
It’s said that 27 U.S. states still have moratoriums on evictions in place following the COVID-19 outbreak, but the rest of the country has lifted those rules. And in the states where moratoriums are still in place, some landlords are suing to try and get the bans removed.
A recent report from the Aspen Group said 23 million renters across the U.S. are currently at risk of being evicted from their homes.
President Donald Trump said on August 3 that he might consider executive action to impose a sweeping federal moratorium on evictions while a new stimulus package designed to provide pandemic relief progresses through Congress. The previous moratorium on evictions for federally backed mortgages expired on July 24, and several state moratoriums are also set to expire this month.
Instead of extending eviction moratoriums, the National Association of Realtors has asked policymakers to provide rental assistance for those experiencing pandemic hardships.
“If residents are unable to pay their rent, housing providers will also be unable to meet their mortgage obligations, fund their payrolls and pay their property taxes to state and local governments that have been hardest hit by the pandemic. That, in turn, is likely to catalyze a chain of events with potentially devastating financial and economic effects,” The NAR said in a letter sent to congressional leaders on July 31.
While the wrangling goes on, tenant groups are stepping up their efforts to prevent people losing their homes. Several groups recently staged a protest at the New Orleans city courthouse, barricading themselves inside the premises. Due to this, the courthouse was unable to open and proceed with several planned eviction hearings on that day.
“The reason we’re seeing more militant direct action from tenants is because of weakened protections,” said Patrick Tyrell, a staff attorney at Mobilization for Justice, a nonprofit organization that provides free civil legal services. “What else can they do?”
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]