STRASBURG — When showing a house to clients, Realtor Amy Jett makes sure they see a home.
Whether it’s by helping buyers visualize where they’ll place the family Christmas tree or figure out what color to paint their front door, knowing today’s popular home trends allows Jett to help her buyers make the most informed decisions when buying their dream home.
“For me, it’s about a house that could become your home in a neighborhood that you love,” Jett said. “But maybe it has a really great basement, but it might feel a little too dark. Knowing how to transform a space from dark to light with something as simple as paint, it’s all of a sudden a great party space. You could put in a bar and suddenly everyone’s watching football at your house.”
Helping a client find a home is much more than signing on the dotted line and passing off the keys, Jett said. It’s about how her clients can use the space — whether it’s a young couple wanting to grow their family or for the crafter seeking a corner to create in.
“Clients will come to you and they will tell you the basics of what they need,” Jett said. “You want to have enough knowledge about what’s trending and popular so you can look for that perfect property that when they walk in they can call it home.”
Jett said trends come and go. Similar to seeing a fashionable haircut on one person and then on a hundred, house trends ebb and flow.
“Buying a home is the biggest investment you’re going to ever make,” she said. “You’re spending more money on that than most anything else that you’re ever going to spend money on so you want to make it perfect, or pretty close to it.”
To be able to do that, Jett said today’s buyers are looking for move-in-ready homes, which also happens to one of the biggest trends of the year. Gone are the days of purchasing homes that need massive renovations. Rather, buyers are seeking homes that need minimal changes, such as a fresh coat of paint on an accent wall or new knobs on bathroom cabinets.
Colors
As for what colors are attracting buyers right now, Jett said shades of blue are popular for inside and outside the home.
“Continental blue is becoming popular for outdoor use,” Jett said. “It’s a beautiful deep blue with a gray undertone. You can add a pop of burgundy as an accent with a bright white trim.”
Shades of blue are becoming a staple in kitchens. Jett followed the trend by updating her kitchen cabinets.
“There are different ways to make a room feel based on something as simple as what colors and where you place them. It doesn’t have to be white or gray walls. It can be an accent color — paint is inexpensive and something easy to change over time.”
Another popular exterior color palette Jett is seeing this year are muted grays, with dark wood or accent colors. It’s not quite black, she said, but almost so. Again, with a pop of white.
Dark exterior homes such as gray with black trim and a stone accent or a dark brown door, are starting to make a comeback throughout the Valley.
Cozy spaces
Inside the home, Jett said buyers are seeking rooms that feel cozy, like a reading nook in a corner of a room that can be used dual-purposely, such as an office, guest room or playroom.
“People are now starting to come out of working from home, back into working on site. Not everyone needs a dedicated office anymore.”
Wallpaper
Also in the interior, Jett said she’s noticed while showing homes to buyers, that heavier curtains are returning as well as the use of wallpaper.
“It’s so easy to use now because it’s all peel and stick,” she said. “You don’t have to use all that glue because it goes on and off easily.”
Jett, who loves a bold wallpaper statement, said she enjoys sharing her ideas with buyers who may see a blank wall, where she may see an accent wall with endless possibilities.
“When you walk into a home, it’s a blank slate,” she said. “By imagining the possibilities, such as a bright, bold, dark wallpaper with flowers, I’m helping them imagine what they could do to create their ideal space.”
Homeowners making minimal changes are updating their kitchen and bathrooms with color-appropriate appliances, fixtures, flooring and countertops as well as fresh coats of paint on cabinets.
“For several years everything was gray,” Jett said. “It’s starting to brighten up with pops of color. Lighter flooring and countertops, but having darker appliances.”
Outdoor features
Other exterior trends Jett is seeing are outdoor living spaces, impeccable views and water features.
“Gurgling water while they’re reading their book and enjoying the birds singing,” she said.
Whether you’re in the market for a new student loan or looking to lower your current student loan payments, there may be a federal loan program available to help.
Student loan programs sponsored by the federal government are available to any eligible borrower (not just federal employees) and don’t always require a credit check. They also come with some advantages over private student lending options, such as income-based repayment plans, forgiveness programs, and (in some cases) lower interest rates.
Whatever stage you’re at in your education or borrowing journey, here’s what you need to know about federal student loan programs.
Why Consider Federal Loan Programs?
The federal government offers student loan programs for undergraduate students, graduate students, as well as those who are in the repayment phase of their student loan journey. These programs include:
• Direct Subsidized Loans With Direct Subsidized Loans, which are available to students who demonstrate financial need, the government pays all the interest that accrues on the loan during school and for six months after graduation.
• Direct Unsubsidized Loans Direct Unsubsidized Loans are available to eligible undergraduate, graduate, and professional students and are not based on financial need. With these loans, students are responsible for repaying all interest that accrues on the loan.
• Direct PLUS Loans Graduate or professional students (and parents of undergraduate students) can tap into Direct PLUS Loans. Eligibility isn’t based on financial need, but you must undergo a credit check. These loans have higher interest rates and fees than Direct Unsubsidized Loans, but you can borrow more money — up to your total cost of attendance, minus other aid received.
• Direct Consolidation Loans Direct Consolidation Loans allow you to combine your eligible federal student loans into a single loan with one loan servicer. This can simplify repayment. However, it won’t lower your interest rate. 💡 Quick Tip: Ready to refinance your student loan? You could save thousands.
Take control of your student loans. Ditch student loan debt for good.
Benefits of Federal Loan Programs for Students
Federal loan programs offer a number of benefits for college students. Here are some to keep in mind.
• Payments not due until six months after graduation: Students don’t need to make any payments on their student loans while they are in school at least half-time or during the post-graduation grace period, which is six months.
• Fixed interest rates: Federal student loans have fixed interest rates that are often lower than student loans from private lenders. For federal loans first disbursed on or after July 1, 2023, and before July 1, 2024, the rate is 5.50% for undergraduate Direct Subsidized and Unsubsidized Loans; 7.05% for Direct Unsubsidized Loans for graduate students; and 8.05% for Direct PLUS Loans.
• Subsidized options: If you have financial need, the government may offer you a subsidized loan, which means the government pays the interest while you’re in school at least half-time and for six months after you graduate.
• No credit checks for certain loans: You don’t need a credit check to qualify for Direct Subsidized or Unsubsidized Loans.
Federal Loan Programs to Consider After You Graduate
Once you graduate and need to begin paying back your federal student loans, the government offers a number of programs that can make repayment more manageable. Here’s a look at some of your options.
Federal Student Loan Repayment Plans
The Education Department offers a number of different repayment plans, including long-term plans that can last up to 30 years. You may be able to lower your monthly payment if you opt for a longer repayment term. Extending your repayment term generally means paying more in interest overall, though.
Fixed repayment plans include the Standard, Graduated, and Extended plans. Here’s a look at how they compare.
Fixed Repayment Plan
Eligible Loans
Monthly Payment Amount
Standard Plan
Direct Subsidized and Unsubsidized Loans; Subsidized and Unsubsidized Federal Stafford Loans; PLUS loans, Consolidation loans
Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans)
Graduated Plan
Direct Subsidized and Unsubsidized Loans; PLUS loans; Consolidation Loans
Payments start out lower and then increase, usually every two years. Payment amounts ensure you’ll pay off loans within 10 years (within 10 to 30 years for Consolidation Loans)
Extended Plan
To qualify, you must have more than $30,000 in outstanding Direct Loans (or FFEL Program loans)
Payments can be fixed or graduated and will ensure that your loans are paid off within 25 years
Income-Driven Repayment Plans
Income-driven repayment (IDR) plans aim to make student loan payments more manageable by tying them to the borrower’s income. They allow you to pay a percentage of your discretionary income toward federal loans for 20 to 25 years, at which point the remaining loan balances are forgiven.
The Saving on a Valuable Education (SAVE) Plan is the newest and one of the most affordable repayment plans for federal student loans. For some borrowers, payments can be as low as $0 per month.
Here’s a look at how the four IDR federal loan payment programs stack up.
Income-Driven Repayment Plan
Eligible Loan Types
Monthly Payment Amount
SAVE
Direct Subsidized and Unsubsidized Loans; Direct PLUS Loans (made to students); Direct Consolidation Loans (that do not include parent PLUS loans)
10% of discretionary income
PAYE
Direct Subsidized and Unsubsidized Loans; Direct PLUS Loans (made to students); Direct Consolidation Loans (that do not include parent PLUS loans)
10% of discretionary income but never more than what you would pay under the 10-year Standard Repayment Plan
IBR
Direct Subsidized and Unsubsidized Loans; Subsidized and Unsubsidized Federal Stafford Loans; Direct and FFEL PLUS Loans (made to students); Direct or FFEL Consolidation Loans (that do not include parent PLUS loans)
Either 10% or 15% of discretionary income but never more than what you would pay under the 10-year Standard Repayment Plan
ICR
Direct Subsidized and Unsubsidized Loans; Direct PLUS Loans (made to students); Direct Consolidation Loans
Either 20% of your discretionary income or the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income (whichever is lower)
Student Loan Forgiveness Programs
In addition to the loan forgiveness associated with IDR plans, the federal government offers other federal loan forgiveness programs, including Public Service Loan Forgiveness (PSLF), which is for public-sector workers. The PSLF program allows you not to repay the remaining balance on your Direct Loans as long as you’ve made the 120 qualifying monthly payments under an accepted repayment plan and worked for an eligible employer full-time.
There is also a separate forgiveness program just for teachers, as well as one borrowers with permanent disabilities.
Federal Student Loan Consolidation Program
If you have multiple federal student loans, you can consolidate them into a single new loan (called a Direct Consolidation Loan) with new repayment terms. This can simplify the repayment process, since you’ll only have one payment and one loan servicer to keep track of.
Federal loan consolidation also allows some borrowers (such as those with Federal Family Education or Perkins Loans) to access repayment and forgiveness programs that they otherwise are ineligible for.
The federal student loan consolidation program does not lower your interest rate, however. Your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next one-eighth of 1%.
Your new loan term could range from 10 to 30 years, depending on your total student loan balance. If you extend your loan term, it can lower your monthly payments but the total amount of interest you’ll pay will increase.
It’s also important to note that when loans are consolidated, any unpaid interest is added to your principal balance. The combined amount will be your new loan’s principal balance. You’ll then pay interest on the new, higher balance. Depending on how much unpaid interest you have, consolidation can cost you more over the life of your loan.
Recommended: Student Loan Consolidation vs Refinancing
Factors to Evaluate Before Refinancing
Refinancing is the process of taking out a new student loan from a private lender (ideally with better rates and terms) and using it to pay off your existing federal and/or private student loans. Generally, refinancing only makes sense if you can qualify for a lower rate. Here are some things to consider before you explore refinancing your student loans.
Current Interest Rates and Loan Terms
Refinancing can potentially allow you to lower your monthly payment by getting a lower interest rate than what you currently have, extending your loan term, or both. Keep in mind, though, that lengthening your loan term may mean paying more in interest over the life of the loan.
Credit Score Requirements
Not every borrower is eligible for refinancing. To get approved, you typically need a credit score of at least 650. A score in the 700s, however, gives you a much better chance of qualifying.
Your credit score also helps determine your new interest rate. Generally, the better your credit score is, the more competitive your interest rate will be. If you can’t qualify for an attractive refinance on your own, you might want to recruit a cosigner who has excellent credit.
Potential Savings Through Refinancing
One of the main reasons people refinance their existing student loans is because they can find a lower interest rate through a new lender. This can help you save money, potentially thousands over the life of your loan. A lower rate can also help you pay off your loan faster, or lower the amount you pay each month.
While student loan interest rates have been on the rise in the last couple of years, you may still be able to do better if your financial situation has considerably improved since you originally took out your student loans or you have higher-interest federal student loans.
Impact on Loan Forgiveness Options
Refinancing federal loans makes them ineligible for federal forgiveness and protections. If you think you may benefit (or are currently working towards) public service, teacher, IDR, or other federal forgiveness program, it may not be a good idea to refinance your federal student loans. Doing so will bar you from getting your federal loans forgiven.
Refinancing also makes your loans ineligible for government deferment and forbearance programs, which allow you to temporarily postpone or reduce your federal student loan payments. However, many private lenders offer their own deferment and forbearance programs.
💡 Quick Tip: It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more — at no extra cost.
The Takeaway
Federal loan programs, including loan consolidation, graduated repayment plans, income-driven repayment plans, and forgiveness programs can make repaying your federal student loans more manageable after you graduate.
If you have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans, however, it can also be worth looking into private student loan refinancing.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
Does it make sense to refinance student loans?
Refinancing student loans can make sense if you are able to qualify for a lower interest rate through a new lender. This can help you save money, potentially thousands over the life of your loan. A lower rate can also help you pay off your loan faster, or lower the amount you pay each month.
Keep in mind that refinancing federal student loans with a private lender means giving up federal protections and relief programs.
Under what circumstances would you want to consider refinancing a debt?
You might consider refinancing a debt if your financial situation has improved since you originally got the loan and can now qualify for a lower rate. Refinancing also allows you to extend your loan term, which can lower your payments. Keep in mind, however, that a longer term generally means paying more in overall interest.
Which is a downside of refinancing out of federal student loans?
The biggest downside of refinancing your federal student loans is forfeiting federal protections, such as income-driven repayment plans and loan forgiveness options.
Photo credit: iStock/Drazen Zigic
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
When it comes to saving for retirement, you have many options to choose from. But one that you may not have considered is investing in gold—namely, a gold IRA.
A gold IRA is a simple yet innovative type of individual retirement account (IRA). Instead of the conventional holdings of stocks and bonds, it invests in precious metals, primarily gold, but also in silver and platinum.
Investing in a gold IRA presents a potential opportunity for safeguarding your savings from economic turmoil and expanding the diversity of your asset portfolio. Nevertheless, it’s important to keep in mind that a gold IRA may not be a suitable option for everyone, and a thorough evaluation of your personal financial situation is crucial before making an investment decision.
This article will provide you with a comprehensive understanding of gold IRAs and equip you with the knowledge necessary to make an informed investment choice.
What is a Gold IRA?
A gold IRA, also known as a precious metals IRA, is a type of investment vehicle that gives you the ability to hold physical gold, silver, and other valuable metals. You have the option of funding this account either with pre-taxed money or as a Roth IRA with post-tax funds.
Your savings will not be invested in stocks, bonds, or mutual funds but rather in precious metal coins or bullion, providing a tangible form of investment. The tax rules and procedures for a precious metals IRA are similar to those of any other IRA.
Investing in gold bullion and other precious metals goes beyond just IRAs. Some investors choose to purchase stocks or exchange-traded funds (ETFs) in gold mining companies or precious metal funds. However, the majority of gold investors prefer to keep their investments in physical precious metals.
Types of Gold IRAs
There are three main types of gold IRAs: traditional, Roth, and SEP.
Traditional gold IRA: – Traditional gold IRAs are funded with pre-tax dollars and require you to pay income tax on withdrawals in retirement.
Roth gold IRA – Roth IRAs are funded with after-tax dollars and allow for tax-free growth and tax-free withdrawals in retirement.
SEP gold IRA – SEP IRAs are intended for self-employed or small business owners and are funded with pre-tax dollars. Contribution limits are different, and business owners can contribute on behalf of their employees.
The IRS has strict guidelines for the kinds of metals that can be included in a gold IRA. The only precious metals that can be included are gold, silver, platinum, and palladium.
Here is an overview of each of the IRS-approved precious metals, as well as the requirements for each.
1. Gold
To be eligible for inclusion in a self-directed gold IRA, gold coins or bars must adhere to stringent purity standards, with a minimum of 99.5% purity. Any gold that fails to meet this standard will be rejected.
Should the gold pass the purity test, it must be securely stored in an approved depository, which is a specialized facility specifically designed to protect precious metals.
Having a trusted and IRS-approved custodian is also a requirement, who will serve as the trustee of the IRA and oversee the safekeeping of the gold. Some of the most sought-after gold coins and bars for IRAs include:
American Gold Eagle coins
American Gold Buffalo coins
Australian Gold Kangaroo/Nugget coins
Austrian Gold Philharmonic coins
Johnson Matthey Gold bar
Valcambi Gold CombiBar
Canadian Gold Maple Leaf coins
Credit Suisse Gold bars
2. Silver
The purity of silver coins must be at least 99.9% to be eligible for deposit in a gold IRA. The following is a list of silver coins and bars that meet the approval criteria for inclusion in an IRA:
American Silver Eagle coins
Australian Kookaburra Silver coins
Austrian Philharmonic Silver coins
Canadian Silver Maple Leaf coins
Mexican Silver Libertad coins
Johnson Matthey Silver bar
Royal Canadian Mint Silver bar
3. Platinum
Platinum coins and bars must meet or exceed a purity standard of 99.95%. Here is a list of IRA-approved platinum bars and coins to consider:
American Eagle Platinum coins
Australian Koala Platinum coins
Canadian Maple Leaf Platinum coins
Isle of Man Noble coins
4. Palladium
And finally, palladium must meet a purity standard of 99.95% or higher. Here is a list of IRA-approved palladium bars and coins:
Canadian Palladium Maple Leaf coins
Russian Ballerina Palladium coins
Baird Palladium bars
Credit Suisse Palladium bars
If you’re interested in investing in a gold IRA, you need to be mindful of the accepted metals. While there may be other precious metal bars and coins that are sought after by collectors, they may not be eligible for investment within a gold IRA. To ensure you’re making the right investment decisions, it’s best to work with a trusted precious metals company.
To avoid any issues, make sure to double-check with your IRA company before investing in any precious metals you’re unsure about. Here’s a list of metals that are not approved for investment in a gold IRA:
Austrian Corona
Belgian Franc
British Sovereign and Britannia
Chilean Peso
Chinese Panda coins
Dutch Guilder
French 20 Franc
Hungarian Korona
Italian Lira
Mexican Peso
South African Krugerrand
Swiss Franc
Pros and Cons of Gold IRAs
Before investing in a gold IRA, it’s important to weigh the pros and cons. Here are some key factors to consider before making a decision.
Pros
Since the Financial Crisis of 2008, gold IRAs have become a popular investment option for people looking to diversify outside the stock market. Many people believe that gold is a good way to protect yourself against inflation.
And gold IRAs are not as difficult to invest in as they were in the past. Due to increased demand, there are more legitimate gold IRA companies available that will help you buy and manage your gold and precious metals investment.
Cons
One of the biggest downsides to opening a gold IRA is that the startup costs can be high. Plus, gold doesn’t pay dividends or interest, which kind of defeats the purpose of putting it in a tax-advantaged investment.
Plus, many people find it tricky to make withdrawals on gold IRAs, since gold isn’t a liquid asset.
You also need to be sure that you’re working with a reputable company that knows what they’re doing. Otherwise, it’s easy to fall victim to scam artists.
How to Get Started With a Gold IRA
Starting a gold IRA requires opening a self-directed IRA account, which offers greater flexibility in terms of investment options. You’ll be responsible for managing this retirement account, but you’ll need the assistance of a broker for buying gold and securing your assets.
When selecting a custodian, consider a bank, credit union, or brokerage firm that has been approved by a state or federal agency. You may also ask your gold dealer for recommendations on trusted brokers.
Start-Up Costs to Open a Gold IRA
Unlike traditional IRAs, a gold IRA comes with a few extra expenses. Here are some of the most significant expenses you’ll need to know about:
The markup fee: When you buy gold or precious metals, you may have to pay a markup fee. This is a one-time upfront fee, and it will vary based on the vendor you choose.
IRA setup fee: The setup fee is another one-time fee you’ll pay to set up your IRA account. Again, this will vary depending on the broker you choose. However, it will likely be more costly because not every firm deals with gold IRAs.
Custodian fees: You’ll have to pay an annual fee for the custodian who’s managing your gold IRA.
Storage fees: Your gold must be stored in a secure, approved location. For that reason, you’ll have to pay annual storage fees.
Bottom Line
If you seek to diversify your portfolio beyond the stock market, a gold IRA could be a suitable option. Precious metals like gold are often considered secure investments and can act as a safeguard against inflation.
On the other hand, other methods of asset diversification may be more economical and less cumbersome. Some people regard gold as a poor choice for a tax-deferred investment, as it does not produce income.
If you opt for a gold IRA, be sure to thoroughly research your metals dealer and custodian, to ensure the protection of your investment and to steer clear of scams.
Frequently Asked Questions
Is a gold IRA a good investment?
It depends on your personal financial circumstances and investment objectives. While some view gold as a way to hedge against inflation and diversify their portfolio, others may not find value in physically investing in the precious metal. To make an informed decision, it’s crucial to thoroughly examine both the potential risks and benefits before investing in a gold IRA.
How do I set up a gold IRA?
To set up a gold IRA account, you will need to find a gold IRA company that specializes in setting up precious metals IRAs. Gold IRA companies will provide you with the necessary paperwork and guidance to open and fund your account.
Are there any restrictions on what types of gold I can hold in my IRA?
Yes, there are specific rules for the types of gold that can be held in a precious metals IRA. The gold must be at least 99.5% pure and must be in the form of coins or bars from an approved refinery or mint. Some common examples of approved gold coins include the American Gold Eagle and the Canadian Gold Maple Leaf.
What is the difference between a traditional IRA, Roth IRA, and SEP IRA?
A traditional IRA is a tax-advantaged account that allows you to contribute pre-tax dollars and potentially receive a tax deduction on your contributions.
A Roth IRA, on the other hand, is a retirement account that accepts post-tax contributions, but all qualified withdrawals, including earnings, are tax-free.
Lastly, a SEP IRA is a retirement savings plan designed for self-employed individuals and small business owners. It enables them to make tax-deductible contributions to a traditional IRA for themselves and their employees.
The Windy City, Chicago, IL, has historic neighborhoods with stunning architecture and lakefront views from skyscrapers like the Willis Tower, to famous museums like the Art Institute of Chicago and the Field Museum. With countless landmarks, it’s no surprise that Chicago has neighborhoods that offer a different taste of the city.
If you’re looking to rent an apartment in Chicago, the average rent for a one-bedroom apartment is $1,860. And if you want to live close to Chicago’s popular spots, you can expect to pay more than that. ApartmentGuide has compiled a list of the most expensive neighborhoods to help you find the perfect place to rent.
14 Expensive Neighborhoods in Chicago, IL
From the upscale Fulton River District to the trendy West Loop, there are plenty of neighborhoods that offer stunning skyline views and access to famous attractions. Below, you’ll find the expensive Chicago neighborhoods that made our list.
1. Fulton River District 2. West Loop 3. Near West Side 4. Prairie Shores 5. Streeterville 6. Near South Side 7. Pilsen 8. West Side 9. West Town 10. Downtown 11. Little Italy 12. The Loop 13. Fulton Market 14. River West
Let’s jump in and see what these neighborhoods have to offer.
1. Fulton River District
Average 1-bedroom rent: $3,524 Apartments for rent in Fulton River District
Fulton River District is the most expensive neighborhood in Chicago, as the average rent for a one-bedroom unit is $3,524. There are plenty of reasons why this neighborhood draws residents. Fulton River District is one of Chicago’s most walkable neighborhoods, as you access restaurants and shops. It’s also close to the River North, where you’ll find attractions like The Merchandise Market and The Richard H. Driehaus Museum, making it a prime location to explore the city. The area also has views of the cityscape, making apartment views stunning. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Chicago’s food scene. Make sure to check out Carnivale, Gibsons Italia, Piccolo Sogno, or one of the other hidden gems in the neighborhood.
Learn more about the Fulton River District neighborhood in Chicago.
2. West Loop
Average 1-bedroom rent: $3,127 Apartments for rent in West Loop
West Loop is a bustling area that’s west of Downtown Chicago. This beautiful neighborhood is home to lots of attractions like the WNDR Museum and Union Park. West Loop is well-known for its green spaces like Mary Bartelme Park and the charming shops and cafes along Randolph Street. The average rent for one-bedroom apartments is $3,127, which is about $1,300 above the city’s average, making it a pricier neighborhood. However, West Loop’s charm and amenities may be worth it.
Learn more about the West Loop neighborhood in Chicago.
3. Near West Side
Average 1-bedroom rent: $2,907 Apartments for rent in Near West Side
With an average one-bedroom rent of $2,907, Near West Side is the third most expensive neighborhood in Chicago. This neighborhood has plenty of historic homes in styles like Victorian and Italianate, as well as properties with picturesque views of the cityscape. You can find Skinner Park in the area if you’re looking for a relaxing afternoon. Near West Side is also near I-290, making it a convenient location for commuters. However, if you want to offset rent costs, you can use public transit, such as the Metro or bus lines.
4. Prairie Shores
Average 1-bedroom rent: $2,736 Apartments for rent in Prairie Shores
Prairie Shores takes the fourth spot on our list of most expensive neighborhoods in Chicago. This neighborhood is known for its location near Lake Michigan and the 31st Street Beach. The area also has historic buildings like the Singer Pavilion Building and parks like Lake Meadows Park. Be sure to enjoy the Lakefront Trail, an 18.5 mile trail which offers views of Lake Michigan.
5. Streeterville
Average 1-bedroom rent: $2,567 Apartments for rent in Streeterville
Just about 2 miles from Downtown, Streeterville is a stellar neighborhood if you want to live close to Downtown. While more expensive, the perks of living in Streeterville may help offset the costs. For example, you can live in Chicago without a car as Streeterville is near bus routes. You can also walk to attractions like Navy Pier, the Chicago Riverwalk, Magnificent Mile, and the Wrigley Building. The views in Streeterville are also gorgeous, as you can see the cityscape and the Centennial Wheel. If you’re looking to be in the heart of Chicago, then be sure to consider Streeterville.
Learn more about the Streeterville neighborhood in Chicago.
6. Near South Side
Average 1-bedroom rent: $2,412 Apartments for rent in Near South Side
Next up is Near South Side, the sixth most expensive neighborhood in Chicago. Near South Side is full of history and charm with tree-lined streets, historic buildings, and museums. You can find everything from the Field Museum, the Shedd Aquarium, and Soldier Field to the Glessner House, Giordano’s, and Northerly Island Park – all without leaving the neighborhood. It’s no wonder the rents are above Chicago’s average.
7. Pilsen
Average 1-bedroom rent: $2,400 Apartments for rent in Pilsen
Located west of Downtown, Pilsen is the next neighborhood on our list. It has a friendly atmosphere and community feel, with plenty of local cafes and restaurants along 18th Street, such as La Vaca Margarita Bar and Cantón Regio. You can also visit some of Pilsen’s green spaces, like Dvorak Park, or see a show at the iconic Thalia Hall. Since Pilsen is located near the University of Illinois at Chicago, its artsy and cultural lifestyle is one of the many reasons people live here.
Learn more about the Pilsen neighborhood in Chicago.
8. West Side
Average 1-bedroom rent: $2,375 Apartments for rent in West Side
West Side takes the eighth spot on our list of most expensive neighborhoods in Chicago. The average rent for a one-bedroom unit is roughly $500 more than the city’s average. West Side is a great option to consider if you’re looking to have a variety of smaller neighborhoods to choose from since the area is home to Near West Side and West Loop. You can also find some affordable neighborhoods in Chicago in this area. It’s about 3 miles from Downtown, which means you’ll have easy access to the city center without living in the bustling atmosphere. There are also plenty of attractions in West Side, like the National Museum of Mexican Art, Douglass (Anna & Frederick) Park, and United Center.
9. West Town
Average 1-bedroom rent: $2,340 Apartments for rent in West Town
A well-loved Chicago neighborhood, West Town is the next area. West Town is home to the Wicker Park and Ukrainian Village neighborhoods, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings in West Town, so explore the area’s charm. West Town also has landmarks like Humboldt (Alexander Von) Park, the National Museum of Puerto Rican Arts & Culture, the Polish Museum of America, and The Salt Shed. If you need to commute to work, there are lots of options, as the Blue Line is nearby. And if you’re catching the metro, make sure to explore Milwaukee Avenue, where you’ll find local restaurants and cafes.
Learn more about the West Town neighborhood in Chicago.
10. Downtown
Average 1-bedroom rent: $2,326 Apartments for rent in Downtown
The tenth most expensive neighborhood in Chicago is Downtown. The area is home to countless landmarks like the Willis Tower, the Chicago Theatre, the Art Institute of Chicago, and Prudential Plaza, so there’s always something to explore. You can find parks like Millennium Park and Maggie Daley Park, which are perfect for enjoying a sunny day in Chicago. Downtown also hosts the Taste of Chicago event and Lollapalooza each year, providing residents with lots of opportunities to enjoy their neighborhood.
Learn more about the Downtown neighborhood in Chicago.
11. Little Italy
Average 1-bedroom rent: $2,320 Apartments for rent in Little Italy
Number 11 on our list of most expensive neighborhoods in Chicago is Little Italy. This historic neighborhood is located west of Downtown Chicago and is a fantastic area if you’re looking for a neighborhood with a charming main street. Along Taylor Street, you can find plenty of Italian delis, restaurants, and bakeries. Little Italy is also close to parks like Arrigo Park and Sheridan Park, providing residents with lots of spaces to enjoy a nice Chicago day. The neighborhood is also home to the University of Illinois at Chicago, contributing to its popularity.
12. The Loop
Average 1-bedroom rent: $2,295 Apartments for rent in The Loop
Taking the 12th spot is The Loop, part of the larger Downtown Chicago area. The average rent for a one-bedroom apartment is $2,295, compared to the city’s average of $1,950. This neighborhood is home to Millennium Park, where you’ll find the iconic Cloud Gate, Crown Fountain, and the Jay Pritzker Pavilion. The Loop also has plenty of historic buildings to check out, such as the Marshall Field and Company Building, the James M. Nederlander Theatre, and the Chicago Cultural Center. The convenience of these activities might be worth moving to the neighborhood.
Learn more about The Loop neighborhood in Chicago.
13. Fulton Market
Average 1-bedroom rent: $2,250 Apartments for rent in Fulton Market
Fulton Market is another popular neighborhood in Chicago, well-known for its vibrant atmosphere and renovated industrial feel. This area has an average one-bedroom rent of $2,250, meaning it’s closer in price to the city’s average. If you plan to rent in Fulton Market, make sure to check out the Randolph Street Market and the Fulton Market District to immerse yourself in the neighborhood’s vibrant atmosphere. You can find countless innovative restaurants serving various cuisines, from barbeque and Chinese to Spanish and Italian.
14. River West
Average 1-bedroom rent: $2,150
Apartments for rent in River West
Claiming the last spot on our list of most expensive neighborhoods in Chicago is River West. The River West neighborhood is about $300 more expensive than Chicago’s average, so it’s not as pricey as the other neighborhoods on our list. River West is a quirky industrial area with plenty of renovated units. You can find a lot of local restaurants in the area like, Jerk. Jamaican Barbecue and Aglaïa Coffee & Tea Co. The Blue Line runs through the area, making transit easy.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in March 2024.
Hey, I’ve just been featured on CNBC and I want to say hello to all of my new readers. You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how If you are a new visitor – welcome to Making Sense…
Hey,
I’ve just been featured on CNBC and I want to say hello to all of my new readers.
You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how
If you are a new visitor – welcome to Making Sense of Cents!
I have received many emails about how I was able to afford this trip. I have a free How To Start A Blog course that you can sign up for here. I also talk about this below and how I’ve been able to earn over $5,000,000 blogging over the years.
If you want to read more about my world cruise trip, I recommend reading Around-The-World Cruise With A Kid (25+ Countries In 4 Months!).
Here are some blog posts that you may find helpful and enjoy:
If you have any questions, please leave a comment below or send me an email.
Thanks for stopping by.
-Michelle Schroeder-Gardner
—-
In addition to reading the CNBC article linked above, I also want to talk about how I grew a blog that has earned me over $5,000,000. I know I will get a lot of questions, so I figured it’s best to lay it all out right here 🙂
What started as just a hobby turned into one of the most life-changing things I’ve ever done – that’s starting my blog, and learning how to make money with it.
Since learning how to monetize a blog over 10 years ago, I have now earned over $5,000,000 from my site. This is still hard for me to believe, and I’m the one who’s lived it!
In the beginning, all I was doing was tracking my own personal finance progress as I finished school and started paying off my student loans. Blogging was a very new concept to me at the time – I heard about it from a magazine – and people were just learning how to monetize blogs back in 2011.
Most bloggers started back then with display ads and sponsored posts, but the options have only increased.
Because of all of the new ways to make money blogging, like affiliate income and selling your own products, you can make somewhat passive income as a blogger.
Passive income is my favorite way to make money because it makes blogging even more flexible and something I can do as I work from home, travel, and work whenever I want.
Blogging has changed my life for the better, and I’m now earning thousands of dollars a month doing something I love.
Learning how to monetize a blog takes work and time, but it’s 100% possible to do. I started earning money after just six months of blogging, and I didn’t even set out to make money when I created Making Sense of Cents. Just think of the potential if you start out knowing that making money blogging is possible!
Starting my blog is one of the best things I’ve ever done for my work, personal, and financial life. And, I urge anyone who is interested to start a blog and learn how to monetize it.
How I earned my first income from blogging
Many of my readers have heard this story, but I love sharing it because I started out like many of you, except I had no idea that blogs could make money. When I started Making Sense in August of 2011, I simply wanted a way to keep track of my financial progress and meet others who had similar goals.
As I started getting to know other bloggers in the community, a blogger friend of mine connected me with an advertiser who was willing to pay me $100 for an advertisement.
I couldn’t believe someone would pay me $100 to advertise on my site!
While it wasn’t a lot of money, especially considering the amount of time and work I put towards my blog in those 6 months, it was very motivating to see that something I loved doing could actually make money.
After that first $100, I started doing a lot of research on how to monetize a blog, and my blogging income quickly grew from there.
One year after I started my blog, I was earning around $1,000 a month, and I was making around $10,000 monthly two years after I started Making Sense of Cents.
My income only continued to grow, and I am still earning a healthy income from this website today.
How To Start A Blog FREE Course
If you want to learn how to monetize a blog and you haven’t started your blog, then I recommend starting with my free blogging course How To Start A Blog FREE Course.
Here’s a quick outline of what you will learn in this free course:
Day 1: Reasons you should start a blog
Day 2: How to determine what to blog about
Day 3: How to create your blog – in this lesson, you will learn how to start a blog on WordPress, and my tutorial makes it very easy to start a blog
Day 4: How to monetize a blog – this is where you learn about the many different ways to make money blogging!
Day 5: My tips for earning passive income from your blog
Day 6: How to grow your traffic and followers
Day 7: Miscellaneous blogging tips that will help you be successful
This is delivered directly to your email inbox, and you will learn how to grow a blog from scratch.
Start with a plan for your blog
Sure, you can start on a whim, and that’s kind of what I did, haha.
But, I do think that creating a plan is a good idea if you want to learn how to monetize a blog. This can help you get an organized start, identify your blog’s niche, decide on your blogging goals, find opportunities for blogging income, and more.
It wasn’t until 2015 that I finally created a blogging plan (that’s 4 years after I started!), and my blog income grew significantly after that.
I credit that growth to creating a plan!
Having a plan would have been a huge help in the beginning, and I wish I would have started with one. I probably missed some income opportunities because I had no real plan or direction in the first couple of years.
Since creating a blogging plan, I became more focused on goals and motivated toward improving and building Making Sense of Cents.
Here are some questions that you may want to ask yourself when creating a plan for your blog:
What will you write about on your blog?
How do you want to make money with your blog?
What will you do to reach readers on your blog?
What are your goals for your blog?
Thinking about, researching, and answering these questions will help guide you on your journey and help you decide what to do next.
Write high-quality and engaging blog posts
Your blog’s content is extremely important. This will be what attracts your readers, has them coming back for more, earns you blogging income, and more.
Now, you don’t need to be an expert or need a degree to start talking about a subject, but you do need to be knowledgeable or interested in what you are talking about. And, always be truthful! This will show in your writing and actually help your readers.
To write high-quality content on your blog, here are some tips:
Figure out exactly what it is that you’d like to write about and why you think the content is important. Being passionate about a subject will give you the motivation to write content that people want to read. Just think about it: If you don’t enjoy writing your content, then why should you expect someone else to want to read it?
Ask your audience what they want you to write about. Many of my best ideas come from expanding on reader questions.
Research your blog topics by reading news articles, going to a library, searching for statistics and interesting facts, and more.
If your blog posts are more personal in nature, then dig deep and share your thoughts, and be personable in your writing – your readers want to hear your story!
Write long, helpful content. Sure, some great content may only be a few hundred words, but to be as helpful as possible, long content is usually the best. My content is usually over 2,000 words, and this article is around 5,000. Now, you don’t want to just write a lot of fluff content in order to get more words in – you want to actually be helpful!
Reread your content. I used to read my content 10 times or more before I would publish it. Now, I have an editor who makes sure I’m always publishing high-quality content.
Network, network, network
If you want to learn how to monetize a blog, then networking can be extremely helpful.
Networking can mean:
Making friends with other bloggers
Attending blogging conferences
Sharing content that other bloggers have written
Following other bloggers in your niche on social media
Signing up for other bloggers’ newsletters
Joining blogging groups on Facebook
Some bloggers don’t do any of these things and purely see other bloggers as competition. I don’t believe this is the correct way to approach blogging because you will hold yourself back immensely!
Networking is important because it can help you enjoy blogging (friends are nice to have, right?!), teach you new ideas (such as how to make money blogging or how to grow a blog), make valuable connections, and more.
Keep in mind that networking is even how I earned my very first $100 blogging. My blogging friend connected me with an advertiser, which helped changed my blogging journey.
I have learned a lot about blogging from the blogging community, and the people I’ve connected with have been a tremendous support as I’ve grown my blog.
Be prepared to put in a lot of hard work
Starting a blog is relatively easy. But, growing and learning how to monetize a blog takes a lot of work.
You’ll have to:
Start a blog, design it, create social media accounts, and more
Write high-quality blog posts
Attract an audience of readers
Monetize your blog
Continue learning about blogging
And more
Even when I was just a new blogger and had no plans of making money blogging, I was still spending well over 10 hours a week on Making Sense of Cents.
When I was working my full-time day job and earning an income from my blog, I was working around 40-50 hours a week on my blog on top of my day job!
Now that I blog full-time, my hours vary. Some months I hardly work, and there are other months that I may work 100 hours a week.
It’s not easy, and there’s always something that needs to be done.
But, I absolutely love blogging, which makes the hard work a little less tough.
How to monetize a blog: 4 different ways
There are many different ways you can monetize your blog, including:
Affiliate marketing
Advertisements and sponsorships
Display advertising
Create your own product, such as an ebook, course, physical or online products, and more
You could choose to monetize your blog using all of these methods, or even just one. It’s just a personal decision.
For me, I like to be diversified and monetize in many ways, so I do them all.
Below, I am going to dive a little deeper into each way to make money blogging.
1. Affiliate marketing
Affiliate marketing can be a great way to make money blogging because if there is a product or company that you enjoy, all you have to do is review the product and share a unique affiliate link where your readers can sign up or make a purchase.
In fact, this is my favorite way to monetize a blog. I enjoy it because it can be quite passive – I can create just one blog post and potentially earn an income from it years later. This is because even though a blog post may be older, I am still constantly driving traffic to it and readers are still purchasing through my affiliate links.
Affiliate marketing is a blog monetization method where you share a link to a product or company with your readers in an attempt to make an income from followers purchasing the product through your link.
Here are some quick tips so that you can make affiliate income on your blog:
Use the Pretty Link plugin tocleanupmessy-lookingaffiliatelinks. I use this for nearly all of my affiliate links because something like “makingsenseofcents.com/bluehost” looks much better than the long, crazy-looking links that affiliate programs usually give you.
Provide real reviews. You should always be honest with your reviews. If there is something you don’t like about a product, either don’t review the product at all or mention the negatives in your review.
Ask for a commission increase. If you are doing well with a particular affiliate program, ask to increase your commissions.
Build a relationship with your affiliate manager. Your affiliate manager can supply your readers with valuable coupons, commission increases, bonuses, and more.
Write tutorials. Readers want to know how they can use a product. Showing them how to use it, how it can benefit them, and more are all very helpful.
Don’t go overboard. There is no need to include an affiliate link 1,000 times in a blog post. Include them at the beginning, middle, and end, and readers will notice it. Perhaps bold it or find another way for it to stand out as well.
You can learn more about affiliate marketing strategies in my course Making Sense of Affiliate Marketing.
2. Advertisements and sponsorships
Advertising on a blog is one of the first ways that bloggers learn how to monetize a blog. In fact, it’s exactly how I started!
This form of blogging income is when you directly partner with a company and advertise for them on your website or social media accounts.
You may be writing a review for them, a tutorial, talking about their product or company, taking pictures, and so on.
If you want to learn how to increase your advertising-income, I recommend taking my Making Sense of Sponsored Posts course.
3. Display advertising
Display advertising is one of the easiest ways to make money blogging, but it most likely won’t earn you the most, especially in the beginning.
I’m sure you’ve seen display ads before. They may be on the sidebar, at the top of a post, within a blog post, and so on.
The ads are automatically added when you join an advertising network, and you do not need to manually add these ads to your blog.
Your display advertising income increases or decreases almost entirely based on your page views, and once you place the advertisement, there’s no direct work to be done.
If you want to learn how to monetize a blog through display advertising, then some popular networks include Adsense, MediaVine, and AdThrive.
Personally, I use AdThrive for my display advertising network. I don’t have many display advertisements on my blog, but it is easy income.
4. Sell your own products
Another popular way to monetize a blog is to create a sell your own products.
This could be an online product, something that you ship, and so on, such as:
An online course
A coaching program
An eBook
Printables
Memberships
Clothing, candles, artwork, hard copy books, and anything else you can think of
And the list goes on and on. I have seen bloggers be very successful in selling all kinds of things on their blogs.
What’s great about selling your own product is that you are in complete control of what you are selling, and your income is virtually unlimited in many cases.
I launched my first product about 5 years after I created Making Sense of Cents, which was a blogging course called Making Sense of Affiliate Marketing. I regret not creating something sooner because this has been an excellent source of income and has helped many people along the way.
Have an email list
If you really want to learn how to monetize a blog, I recommend that you start an email list from the very beginning.
I waited several years to start my email list, and that was a huge mistake!
Here’s why you need an email list right away:
Your newsletter is YOURS. Unlike social media sites, your newsletter and email subscribers are all yours, and you have their undivided attention. You don’t have to worry about algorithms not displaying your content to readers, and this is because they are your email subscribers. You aren’t fighting with anyone else to have them see your content.
The money is in your email list. I believe that email newsletters are the best way to promote an affiliate product. Your email subscribers signed up to hear what YOU have to write about, so you clearly have their full attention. Your email list, over any other promotional strategy, will almost always lead to more income and sales.
Your email subscribers are loyal to you. If someone is allowing you to show up in their inbox whenever you want, then they probably trust what you have to say and enjoy listening to you. This is a great way to grow an audience and a loyal one at that.
Email is a great way to deliver other forms of content. With Convertkit, I am able to easily create free email courses that are automatically sent to my subscribers. Once a reader signs up, Convertkit sends out all the information they need in whatever time frame I choose to deliver the content.
Attract readers
As a new blogger, you’ll want to find ways to attract a readership to your blog and your article.
No, you don’t need millions and millions of page views to earn a good living from blogging. In fact, I know some bloggers who receive 1,000,000 page views yet make less money than those with 100,000 monthly page views.
Every website is different, but once you learn what your audience wants, you can start to really make money blogging, regardless of how many page views you receive.
Having a successful blog is all about having a loyal audience and helping them with your content.
Even with all of that being said, if you want to learn how to monetize a blog, learning how to improve your traffic is valuable. The more loyal and engaged followers you have, the more money you may be able to make through your blog.
There are many ways to grow your readership, such as:
Write high-quality articles. Your blog posts should always be high-quality and helpful, and it means readers will want to come back for more.
Find social media sites to be active on. There are many social media platforms you can be active on, such as Pinterest, Facebook, Twitter, Instagram, TikTok, Youtube, and others.
Regularly share new posts. For most blogs, you should publish content at least once a week. Readers may forget about you if you go for weeks or months at a time without a blog post.
Guest post. Guest posting is a great way to reach a new audience, as it can bring new readers to your blog who will potentially subscribe to it.
Make sure it’s easy to share your content. I love sharing posts on social media. However, it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content, which means your social media icons should be easy to find, all of the info input and ready for sharing (title, link, and your username tagged), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times!).
Write better titles. The title of your post can either bring readers to you or deter them from clicking over. A great free tool to write better headlines is CoSchedule’s Headline tool.
Apply SEO strategies. SEO (search engine optimization) is not something I can teach in this small section, but I go over it below in another section.
Have a clean and user-friendly blog design. If you want more page views, you should make it as easy as possible for readers to navigate your blog. It should be easy for readers to find your blog homepage, search bar, blog posts, and so on.
Now, I also want to talk about helpful resources, courses, and more that can help you to learn how to grow your page views on your blog.
Below are some of my favorite blogging resources to help you improve your traffic:
Grow through SEO
SEO (search engine optimization) is how you get organic search traffic to your blog.
When you search a phrase on Google, you’ll see a bunch of different websites as the results. This is the result of these websites applying SEO strategies to their blog.
This is a great way for readers to find your blog, and SEO is important to pay attention to as you learn how to monetize a blog!
Below are some of my favorite SEO resources:
Stupid Simple SEO: This is my favorite overall SEO course, and one of the most popular for bloggers. I highly recommend taking it. I have gone through the whole course, and I constantly refer back to it.
Easy On-Page SEO: This is an easy-to-follow approach to learning on-page SEO so your articles can rank on Google. I have read this ebook twice, and it is super helpful.
Easy Backlinks for SEO: This ebook will show you 31 different ways to build backlinks, which are needed for SEO.
How To Get 50,000 Pageviews per Month With Keyword Research: This ebook shares the steps for keyword research so that you can get SEO traffic to your website.
Common questions about how to monetize a blog
Below, I’m going to answer some questions I’ve received about how to start a blog such as:
How many views do you need to monetize a blog?
How do beginner bloggers make money?
Why do bloggers fail?
How many posts should I have before I launch my blog?
How many times a week should I post on my blog?
How many views do you need to monetize a blog?
The amount of page views needed to make money blogging varies, and there is no magic number that you should be aiming for.
This is because it depends on so many factors, such as how you will monetize your blog, your niche, the number of email subscribers you have, the quality of your website, and more.
You may see success with 10,000 page views a month, or you may see success with over 100,000 page views a month. It simply depends on the factors above.
How do beginner bloggers make money?
Beginner bloggers can make money in many different ways, such as display advertising, affiliate marketing, creating their own products, and sponsorships.
You can start any of these right from the very beginning.
Display advertising is usually the easiest way to begin monetizing a blog, but the payoff is not very high, especially in the beginning when your page views are not high.
How many posts should I have before I launch my blog?
I recommend just launching your blog as soon as you have one blog post and a design. Building a huge backlog of blog posts isn’t usually needed, and it can prevent you from ever getting started!
How many times a week should I post on my blog?
The more blog posts you have, then the more traffic you may get. That’s because it’s more opportunities to show up in Google searches or share your posts on social media.
I recommend publishing a new blog post at least once a week. Anything less isn’t advised.
Publishing blog posts consistently is smart because readers know to expect regular content from you.
Why do bloggers fail?
Bloggers fail for many different reasons. These reasons may include:
Giving up too soon. It takes time to make money blogging, and sadly, many people give up just a few months into starting a blog.
Not publishing consistently. I recommend publishing content at least once a week, as described in the previous section. Some new bloggers may go months without publishing, and this will take them much longer to make money blogging as they are simply not dedicating enough time to their blog.
Not spending enough time learning about blogging. Blogging is not as easy as you may think. There is a lot to learn in order to make it work. You may need to learn about how to grow your blog’s traffic, how to monetize a blog, how to write high-quality content, and more.
Not having your own domain and self-hosting. If you want to make money blogging, I highly recommend owning your domain name and being self-hosted. The longer you put this easy step off, the longer it will most likely take for you to make money blogging. You can learn more at How To Start a WordPress Blog.
And much more. Blogging is like any business – there are things to learn, things to improve on, and more.
How do I start a blog?
If you have any other questions related to starting a blog, I recommend checking out What Is A Blog, How Do Blogs Make Money, & More. In this article, I answer more questions related to blogging such as:
How do I come up with a blog name?
What blogs make the most money?
How do you design a blog?
How many views do you need to make money blogging?
How many blog posts should I have before launching?
A lower credit score doesn’t necessarily mean a lender will deny you a home equity loan. It does mean the loan will be more expensive, as you won’t get the lowest interest rate.
It’s possible to get a home equity loan with a fair credit score — as low as 620 — as long as other requirements around debt, equity and income are met.
Strategies for getting a loan despite your bad credit include taking on a co-signer, applying to a place where you currently bank, and writing a letter of explanation to the lender.
Alternatives to a home equity loan include personal loans, cash-out refinances, reverse mortgages and shared equity agreements.
Can you get a home equity loan with bad credit?
Yes, you can. A lower credit score doesn’t necessarily mean a lender will deny you a home equity loan. Some home equity lenders allow for FICO scores in the “fair” range (the lower 600s) as long as you meet other requirements around debt, equity and income.
That’s not to say it’ll be easy: Lenders tend to be stringent, even more so than they are with mortgages. Still, it’s not impossible. Here’s how to get a home equity loan (even) with bad credit.
Requirements for home equity loans
Not all home equity lenders have the exact same borrowing criteria, of course. Still, general guidelines do exist. Typical requirements for home equity loan applicants include:
A minimum credit score of 620
At least 15 percent to 20 percent equity in your home
A maximum debt-to-income (DTI) ratio of 43 percent, or up to 50 percent in some cases
On-time mortgage payment history
Stable employment and income
To learn the requirements for a home equity loan with a specific lender, you’ll need to do some research online or contact a loan officer directly. If you aren’t ready to apply for the loan just yet, ask for a no-credit check prequalification to avoid having the loan inquiry affect your credit score.
What are “good” and “bad” scores for home equity loans?
First, let’s define our terms. Here’s how FICO — the most popular credit scoring model — categorizes different scores:
Score
Classification
Source: MyFico.com
300-579
Poor
580-669
Fair
670-739
Good
740-799
Very Good
800-850
Excellent
When it comes to home equity loans, lenders set a high bar for creditworthiness — higher, even, than mortgages. That’s because they are considered riskier than mortgages: You, the applicant, are already carrying a big debt load. Should you default and your home get seized, the home equity loan — as a “second lien” — only gets paid after the primary (the original) mortgage.
Furthermore, home equity loans don’t have government backing, like some mortgages do. The lender bears all the risk.
So home equity lenders set stricter criteria, demanding scores squarely in the “fair” range. A score in the 500s – good enough for an FHA mortgage — will have a tough time qualifying for a home equity loan. Some lenders have loosened their standards of late and are approving applicants with scores as low as 620. But a “good” score, preferably above 700, remains the threshold for many institutions. It can vary even within one lender, depending on factors like the loan amount or other loan terms.
And of course — as with any loan — the lower your credit score, the less likely you will qualify for the best interest rates.
How to apply for a bad credit home equity loan
Before applying for a home equity loan, remember that it’s not just a question of getting the financing, but also how you can overcome a lower credit score to get the best possible rate. Here are some steps to take:
1. Check your credit report
While it’s possible to get a home equity loan with bad credit, it’s still wise to do all you can to improve your score before you apply (more on that below). A better credit score gets you a better rate. It can also help you get a bigger loan (up to the tappable amount of your equity, of course).
Check your credit reports at AnnualCreditReport.com to get a sense of where you stand. If there are any errors, like incorrect contact information, contact the credit bureau — Equifax, Experian or TransUnion — to get it updated as soon as possible.
2. Determine your equity level
To qualify for a home equity loan, lenders typically require at least 15 percent or 20 percent equity. The amount of equity you have, your home’s appraised value and combined loan-to-value (CLTV) ratio help determine how much you can borrow.
Home Equity
Bankrate’s home equity loan calculator can quickly estimate your potential home equity loan amount.
To estimate your home’s equity, take the value of your home and subtract the balance left on your mortgage. While lenders will only consider the official appraised value of your home when determining how much you can borrow, you can get an idea of your home’s value through Bankrate or a real estate listing portal or brokerage. Let’s say your home is worth $420,000 and you have $250,000 to pay on your mortgage:
$420,000 – $250,000 = $170,000
In this example, you’d have $170,000 in home equity. That doesn’t mean you can borrow $170,000, however. If the lender requires you to maintain at least 20 percent equity, you’d need to preserve $84,000 ($420,000 * 0.20). That leaves you with a home equity loan of up to $86,000 ($170,000 – $84,000).
Say you want to add a $60,000 home equity loan to the mix. That would increase your total mortgage debt — for both your first mortgage and the home equity loan — from $250,000 to $310,000.
That 20 percent equity requirement also means you’d need a CLTV ratio of 80 percent or lower. To calculate your CLTV ratio, divide the total mortgage debt ($310,000) by the value of your home ($420,000):
($250,000 + $60,000) / $420,000 = 73.8%
In this example, you’d be under the lender’s 80 percent CLTV requirement.
3. Find out your DTI ratio
The DTI ratio is a measure lenders use to determine whether you can reasonably afford to take on more debt. To calculate your DTI ratio, simply divide your monthly debt payments by your gross monthly income. For example, say you bring in $6,000 a month in income and have a $2,200 monthly mortgage payment and a $110 monthly student loan payment:
$2,310 / $6,000 x 100 = 38.5%
To make things even easier, you can use Bankrate’s DTI calculator.
For a home equity loan, most lenders look for a DTI ratio of no more than 43 percent.
4. Consider a co-signer
If your credit disqualifies you for a home equity loan, a co-signer with better credit might be able to help, in some cases.
“A co-signer can help with credit and income issues for an applicant who has a lower credit score, but ultimately the main applicant or primary borrower will have to have at least the bare minimum credit score that is required based on the bank’s underwriting guidelines,” says Ralph DiBugnara, president of Home Qualified, a real estate platform for buyers, sellers and investors.
A co-signer is just as responsible for repaying the loan as the primary borrower, even if they don’t actually intend to make payments. If you fall behind on loan payments, their credit suffers along with yours.
5. Try a lender you already work with
If your bank, credit union or mortgage lender offers home equity products, it might be able to extend some flexibility, or at least help with your application, since you’re an existing customer.
“A loan officer familiar with the details of an applicant’s situation can help them present it to an underwriter in the best possible way,” says DiBugnara.
6. Write a letter to the lender
Write a letter of explanation describing why your credit score is low, especially if it has taken a recent hit. This letter should matter-of-factly explain credit issues — avoid catastrophizing — and include any relevant paperwork, like bankruptcy documentation. If your credit score was impacted by late payments due to job loss, for example, but you’re employed now, your lender can take this context into consideration.
Lenders that offer home equity loans with bad credit
There are home equity lenders that offer loans to borrowers with lower credit scores. Here are some to consider, along with requirements:
Lender
Bankrate Score (scale of 1-5)
Loan types
Credit score minimum
Maximum CLTV
Maximum DTI
Figure
4.37
HELOC
640
75%-90%
Undisclosed
Guaranteed Rate
3.3
HELOC
620
90%-95%
50%
Spring EQ
2.7
Home equity loan, HELOC
620 for home equity loans, 680 for HELOCs
Up to 97.5%
43%
TD Bank
4.0
Home equity loan, HELOC
660
Undisclosed
Undisclosed
Connexus Credit Union
3.5
Home equity loan, HELOC
640
90%
Undisclosed
Discover
4.4
Home equity loan
660
90%
43%
Pros and cons of getting a home equity loan with bad credit
Getting a home equity loan with bad credit has its benefits and drawbacks. You can tap your equity to help with expenses, but it’s also risky.
Pros
You’ll pay a fixed rate: Home equity loans are for a fixed sum at a fixed interest rate, so you’ll know exactly how much your payment is each month. This can help you budget for and reliably pay down debt, which can help boost your credit score.
You could get out of costlier debt: If you have high-interest debt — like credit card debt — you could pay it off with a lower-rate home equity loan, then repay that loan, with one payment, for less.
Cons
You’re taking on more debt: If you’ve had trouble managing money in the past, it might not be wise to take on more debt with a home equity loan, even if you qualify.
It’ll be more expensive: A lower credit score won’t qualify you for the best home equity loan rates, meaning you’ll pay more in interest.
You could lose your home: If you fall behind on loan payments, you’ll further damage your credit. Even worse: If you’re eventually unable to pay back the loan, your home could go into foreclosure.
What to do if your home equity loan application is denied
If your application for a home equity loan is rejected, don’t despair. First, ask the lender for specific reasons why your application was denied. The answer can help you address any issues before applying in the future.
If your credit was one of the deciding factors, you can improve your score by making on-time payments and paying down any outstanding debt. If you don’t have enough equity in your home, wait until you’ve built a bigger stake (mainly by making your monthly mortgage payments) before submitting a new application.
Both these approaches may take a half-year to a year to make a significant difference in your credit profile. If you’re in more of a hurry, consider applying to other lenders, as their criteria may differ. Just bear in mind that more lenient terms often mean higher interest rates or fees.
And of course, you can consider other forms of financing.
Home equity loan alternatives if you have bad credit
If you need cash but have bad credit, a home equity loan is just one option. Here are some alternatives:
Personal loans
Personal loans can be easier to qualify for than a home equity product, and they aren’t tied to your home. This means that if you fail to repay the loan, the lender can’t go after your house. Personal loans have higher interest rates, however, and shorter repayment terms. This translates to a more expensive monthly payment compared to what you might get with a home equity loan.
Cash-out refinance
In a cash-out refinance, you take out a brand-new mortgage for more than what you owe on your existing mortgage, pay off the existing loan and take the difference in cash. Most lenders require you to maintain at least 20 percent equity in your home in order to cash out.
A caveat, however: A cash-out refi makes the most sense when you can qualify for a lower rate than what you have on your current mortgage, and if you can afford the closing costs. With bad credit, getting that lower rate might not be possible.
Reverse mortgage
Reverse mortgages allow homeowners over the age of 62 to tap their home’s equity as a source of tax-free income. These types of loans need to be repaid upon your death or when you move out or sell the home. You can use reverse mortgages for anything from medical expenses to home renovations, but you must meet some requirements to qualify.
Shared equity agreement
Home equity investment companies might work with you even if you have a lower credit score, often lower than what traditional lenders would accept. These companies offer shared equity agreements in which you receive a lump sum in exchange for an ownership percentage in your home and/or its appreciation.
Unlike with home equity lines of credit (HELOCs) or home equity loans, you don’t make monthly repayments in a shared equity arrangement. Some companies wait until you sell your home, then collect what they’re owed; others have multi-year agreements in which you’ll pay the balance in full at the end of a stated period.
Make sure you understand all the terms of this complex arrangement. Technically, you’re not borrowing money, you’re selling a stake in your home — to a financial professional who naturally wants to see a return on their investment.
How to get a HELOC with bad credit
Applying for a HELOC is pretty much the same as applying for a home equity loan, but if you have bad credit, a loan might have a slight edge over the line of credit. That’s because home equity loans have fixed interest rates and fixed payments, so you’ll know exactly what you need to repay each month. This predictability could help you better manage your budget and keep up with payments.
A HELOC, on the other hand, has a variable rate, which can cause unexpected increases in your monthly payments. For this reason, lenders often have higher credit score criteria for HELOCs than home equity loans.
Tips for improving your credit before getting a home equity loan
To increase your chances of getting approved for a home equity loan, work on improving your credit score well before applying — at least several months. Here are three tips to help you improve your score:
Pay bills on time every month. At the very least, make the minimum payment, but try to pay the balance off completely, if possible — and don’t miss that due date.
Don’t close credit cards after you pay them off. Either leave them open or charge just enough to have a small, recurring payment every month. That’s because closing a card reduces your credit utilization ratio, which can decrease your score. The recommended utilization ratio: no more than 30 percent.
Be cautious with new credit. Getting a higher credit limit on a card or getting a new card can lower your credit utilization ratio — but not if you immediately max things out or blow through the bigger balance. Treat the newly available funds as sacred savings.
FAQ on getting a home equity loan with bad credit
In general, it’s better to get a home equity loan with bad credit. A home equity loan often has a lower credit score requirement compared to a HELOC, and it comes with a fixed interest rate, so your payment will be the same every month, making it easier to plan for.
Yes — in fact, this is the rule for any type of loan, including a home equity product. The higher your credit score, the lower your interest rate.
Indianapolis, IN, is a quintessential Midwestern city, home to the Indy 500, the Indianapolis Colts, and historic landmarks like the Soldiers & Sailors Monument. With nearly 800K residents, there’s plenty to do on any given day – from enjoying the beautiful outdoors, seeing a concert, exploring a museum, or checking out Indy’s food scene.
If you’re looking to rent an apartment in Indianapolis, the average rent for a studio is $$1,163, while a one-bedroom is $$1,224. At ApartmentGuide, we’ve collected a list of the most affordable neighborhoods in Indianapolis. You’re sure to find the right place to call home – and fit in your budget.
12 Affordable Neighborhoods in Indianapolis, IN
From the charming Martindale – Brightwood to the cozy Crown Hill, Indianapolis has a variety of neighborhoods with average rents for studio apartments ranging under the city’s average. These Indianapolis neighborhoods have something for all renters.
1. Martindale – Brightwood 2. Crown Hill 3. Irvington 4. Eagledale 5. Arlington Woods 6. South Broad Ripple 7. East Gate 8. East Side 9. Far East Side 10. North High School 11. Valley Mills 12. Crooked Creek
Read on to see what each neighborhood has to offer its residents.
1. Martindale – Brightwood
Average studio rent: $1,115 Average 1-bedroom rent: $675 Apartments for rent in Martindale – Brightwood
Martindale – Brightwood is the most affordable neighborhood in Indianapolis, as the average rent for a one-bedroom unit is $675. There are plenty of reasons to love living in Martindale – Brightwood, from attractions like the Douglass Park Pool to green spaces like Washington Park. This neighborhood is also a historic area, so make sure to explore all the historic homes and architecture.
2. Crown Hill
Average studio rent: $625 Average 1-bedroom rent: $699 Apartments for rent in Crown Hill
Crown Hill is a relaxing area that’s just north of downtown Indianapolis. This affordable neighborhood has lots of attractions such as the Crown Hill Cemetery, The Children’s Museum of Indianapolis, and the Newfields museum. Crown Hill is also close to I-65, so it’s easy to commute into Downtown Indianapolis.
3. Irvington
Average studio rent: $675 Average 1-bedroom rent: $739 Apartments for rent in Irvington
Irvington is the third-most affordable neighborhood in Indianapolis. This neighborhood is an awesome option as it’s near attractions like the Irving Theater and the Benton House. You can find local restaurants and shops along Washington Street, like Jockamo Upper Crust Pizza and Los Cuates Mexican Restaurant. The area also has plenty of historic homes, often in Victorian or Edwardian styles, so it’s excellent for exploring and enjoying Indianapolis. Or, if you’re looking for a relaxing afternoon, you can find Ellenberger Park in the area.
4. Eagledale
Average studio rent: $853 Average 1-bedroom rent: $799 Apartments for rent in Eagledale
Eagledale is the fourth-most affordable neighborhood in Indianapolis. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants. For example, you can easily access the Eagledale Plaza Shopping Center. There are also a lot of parks in Eagledale, like Moreland Park and Centennial & Groff Park. It’s also next to the Indianapolis Motor Speedway, making it an awesome choice if you want to be close to this famed car racing track.
5. Arlington Woods
Average studio rent: $769 Average 1-bedroom rent: $849 Apartments for rent in Arlington Woods
Arlington Woods is a stellar neighborhood if you want to live a little further outside Downtown. You’ll likely need a car in this neighborhood, so it’s important to consider that if you’re renting. There are also parks nearby, like Pogues Run Art and Nature Park and Roselawn Park.
6. South Broad Ripple
Average studio rent: $799 Average 1-bedroom rent: $894 Apartments for rent in South Broad Ripple
Next up is South Broad Ripple, the sixth-most affordable neighborhood in Indianapolis. South Broad Ripple is full of history and charm with tree-lined streets, historic buildings, and museums, like the Indianapolis Opera and the Indiana State Fairgrounds . This area also has plenty of parks, restaurants, and attractions, so you’ll have lots to explore. Make sure to enjoy the outdoors at Broad Ripple Park or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in South Broad Ripple.
7. East Gate
Average studio rent: $750 Average 1-bedroom rent: $906 Apartments for rent in East Gate
East of downtown, East Gate is the seventh-most affordable neighborhood in Indianapolis. East Gate has a friendly atmosphere and community feel, with plenty of local cafes and restaurants along East 10th Street and Shadeland Avenue, such as Kasai Sushi Bar & Kitchen and Four Seasons Diner.
8. East Side
Average studio rent: $769 Average 1-bedroom rent: $924 Apartments for rent in East Side
East Side takes the eighth spot on our list of most affordable neighborhoods in Indianapolis. Not to be confused with the Eastside area, East Side is located just south of Fort Harrison State Park. The average rent for a one-bedroom unit is roughly $924, making East Side a great option. East Side has plenty of outdoor spaces, like Fort Harrison State Park, which has plenty of fishing and hiking areas. You can also grab a meal at one of the restaurants along Pendelton Pike.
9. Far East Side
Average studio rent: $825 Average 1-bedroom rent: $972 Apartments for rent in Far East Side
A well-known Indianapolis neighborhood, Far East Side is the next area. Far East Side is home to Grassy Creek Regional Park and the Far East Side Neighborhood Center, meaning there’s plenty to do throughout the week. You’ll find several shopping centers in the area, making errands a breeze. If you need to commute to work, there are many options, as the I-465 is nearby.
10. North High School
Average studio rent: $900 Average 1-bedroom rent: $998 Apartments for rent in North High School
The tenth most affordable neighborhood in Indianapolis is North High School, also called Northwest High School. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Eagle Creek Park and Northwestway Park, perfect for enjoying a sunny day in Indianapolis.
11. Valley Mills
Average studio rent: $929 Average 1-bedroom rent: $999 Apartments for rent in Valley Mills
Number 11 on our list is Valley Mills. This affordable neighborhood is located southwest of downtown Indianapolis and is an awesome area if you’re looking for a neighborhood close to nature. Valley Mills is also close to parks like Southwestway Park and Carson Park. You can find plenty of cozy cafes and lively restaurants along Kentucky Avenue.
12. Crooked Creek
Average studio rent: $824 Average 1-bedroom rent: $1,034 Apartments for rent in Crooked Creek
Taking the 12th spot on our list of affordable neighborhoods in Indianapolis is Crooked Creek. The average rent for a one-bedroom apartment is $1,034, compared to the city’s average of $1,224. This neighborhood is about 10 miles from downtown, which means it’s closer to some other popular neighborhoods, such as Broad Ripple and Meridian-Kessler. Be sure to explore some of the neighborhood’s attractions, like Juan Solomon Park or Broadmoor Country Club.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
The “Big Apple,” New York City is home to world-famous attractions, like the Empire State Building, iconic brownstones and historic buildings, like Radio City Music Hall, five distinct boroughs, and plenty of hidden gems. It’s no wonder the city also has some of the most famous neighborhoods – and expensive ones at that.
If you’re looking to rent an apartment in New York, you’ll find that the average rent for a one-bedroom apartment is quite high. For example, the average rent for a one-bedroom apartment is nearly $4,770 a month.
But if you’re looking to experience New York from the lap of luxury, you may be wondering what the most expensive neighborhoods are. ApartmentGuide has gathered a list of the most expensive New York neighborhoods to rent an apartment in this year.
12 Expensive Neighborhoods in NYC
From the trendy Greenwich Village to the historic Brooklyn Heights, there are plenty of amazing New York neighborhoods to choose from. Whether you’re looking for a luxurious apartment or wondering where to rent an apartment, we’ve got you covered.
1. Greenwich Village 2. SoHo 3. Sutton Place 4. West Village 5. Midtown East 6. NoMad 7. Downtown Manhattan 8. Tribeca 9. Chelsea 10. Lincoln Square 11. Brooklyn Heights 12. Hell’s Kitchen
Let’s jump in and see what these neighborhoods have to offer.
1. Greenwich Village
Average 1-bedroom rent: $6,295 Apartments for rent in Greenwich Village
Greenwich Village is the most expensive neighborhood in New York, with the average rent for a one-bedroom unit is $6,295. Despite the price tag, there are plenty of reasons why this neighborhood draws residents. Greenwich Village is near attractions like Washington Square Park and the High Line, making it a prime location to explore the city. The area also has views of the cityscape, so apartment views can be stunning. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, like Magnolia Bakery, John’s of Bleecker Street, and Cafe Cluny. There are plenty of subway stations in Greenwich Village, like West 4 St. – Washington Square, so it’s easy to check out the city.
2. SoHo
Average 1-bedroom rent: $5,900 Apartments for rent in SoHo
SoHo is a bustling area that’s south of Greenwich Village. This beautiful neighborhood is near lots of attractions, like the Leslie-Lohman Museum of Art and the Drawing Center. SoHo is well-known for its green spaces like Vesuvio Playground and the charming shops and cafes along Broadway. The average rent for one-bedroom apartments is $5,900, which is about $1,200 above the city’s average, making it a pricier neighborhood. However, SoHo’s charm and amenities may be worth it. SoHo is also one of the most expensive neighborhoods in New York to buy a home.
3. Sutton Place
Average 1-bedroom rent: $5,576 Apartments for rent in Sutton Place
With an average one-bedroom rent of $5,576, Sutton Place is the third most expensive neighborhood in New York. This neighborhood has plenty of historic homes in styles like Beaux-Arts and Art Deco, as well as properties with picturesque views of Roosevelt Island. Sutton Place is also near the FDR Drive, making it a convenient location for commuters. And if you’re looking for a relaxing afternoon, you can spend it at Sutton Place Park.
4. West Village
Average 1-bedroom rent: $5,525 Apartments for rent in West Village
The West Village is the next most expensive neighborhood in New York. This neighborhood is known for its central location near the Whitney Museum of American Art and Pier 51 at Hudson River Park. One of New York’s oldest neighborhoods, it’s no wonder that this is a popular area. West Village has a lot of shops and restaurants, like Dante West Village, Perry St., and Malaparte.
5. Midtown East
Average 1-bedroom rent: $5,506 Apartments for rent in Midtown East
Midtown East is a stellar neighborhood if you want to live close to iconic attractions. While more expensive, the perks of living in Midtown East may help offset the costs. For example, you can explore New York, as Midtown East is near several subway routes. You can also walk to attractions like the Chrysler Building, Grand Central Terminal, St. Patrick’s Cathedral, and 5th Avenue. The views in Midtown East are also gorgeous as you can see the cityscape and the Rockefeller Center.
6. NoMad
Average 1-bedroom rent: $5,400 Apartments for rent in NoMad
Next up is NoMad, the sixth most expensive neighborhood in New York. NoMad is full of history and charm with tree-lined streets, historic buildings, and museums. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots to explore. Make sure to enjoy the outdoors at Madison Square Park or grab a meal at one of the neighborhood restaurants like Scarpetta or KazuNori: The Original Hand Roll Bar. It’s no wonder the monthly rents are above New York’s average in this NYC neighborhood.
7. Downtown Manhattan
Average 1-bedroom rent: $5,197 Apartments for rent in Downtown Manhattan
Downtown Manhattan is the next neighborhood on our list. This neighborhood encompasses plenty of smaller areas, including some of the most affordable neighborhoods in New York. From the Battery and Washington Square Park to Wall Street and The Woolworth Building, there are many reasons that make this area so expensive. There are plenty of subway stops in the area, making it easy to get around the city.
8. Tribeca
Average 1-bedroom rent: $5,184 Apartments for rent in Tribeca
Tribeca takes the eighth spot on our list of most expensive neighborhoods in New York. The average rent for a one-bedroom unit is roughly $400 more than the city’s average. Tribeca is a great option to consider if you’re looking to be near the Hudson River. It’s home to plenty of attractions, like Washington Market Park, the Woolworth Building, and the Ghostbusters Headquarters. You can also enjoy walking around the charming cobblestone streets and take in the historic architecture.
9. Chelsea
Average 1-bedroom rent: $5,155 Apartments for rent in Chelsea
A well-loved New York neighborhood, Chelsea is the next area. Chelsea is home to the Chelsea Market, Madison Square Garden and the High Line, meaning there’s plenty to do throughout the week. You’ll find there are countless historic buildings in Chelsea, like The Joyce Theater, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as the 7th Avenue subway station is nearby.
10. Lincoln Square
Average 1-bedroom rent: $5,004 Apartments for rent in Lincoln Square
The tenth most expensive neighborhood in New York is Lincoln Square. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Central Park and Riverside Park, perfect for enjoying a sunny day in New York. Lincoln Square is also home to the Lincoln Center for the Performing Arts, providing residents with lots of opportunities to enjoy their neighborhood.
11. Brooklyn Heights
Average 1-bedroom rent: $4,987 Apartments for rent in Brooklyn Heights
Number 11 on our list is Brooklyn Heights. This neighborhood is located south of Manhattan in the Brooklyn borough. It’s a fantastic area if you’re looking for a neighborhood with charming streets. You can find plenty of cozy cafes and lively restaurants along Atlantic Avenue, such as Chez Moi and Table 87. Brooklyn Heights is also close to parks like Brooklyn Bridge Park and the Brooklyn Heights Promenade, offering stunning views of Manhattan.
12. Hell’s Kitchen
Average 1-bedroom rent: $4,986 Apartments for rent in Hell’s Kitchen
Taking the 12th and final spot on our list of most expensive neighborhoods in New York is Hell’s Kitchen. This famous neighborhood is located in between Lincoln Square and Chelsea. The average rent for a one-bedroom apartment is $4,986, compared to the city’s average of $4,770. Hell’s Kitchen’s expensive rent may be offset by its famous attractions like the Intrepid Sea, Air & Space Museum, Birdland Jazz Club, Terminal 5, and the Hudson River Park. The convenience of these activities might be worth it to move to the neighborhood.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in March 2024.
The disco ball, while always beautiful, has undergone a glow-up in the 21st century. No longer relegated to the nightlife scene that birthed it, the mirrorball crept into our weddings, our homes, our earlobes. Then it escaped its spherical form entirely—now martini glasses, cowgirl boots, even mushrooms gleam with silver-tiled radiance. What could they possibly disco next?
Sofie Berarducci has some ideas.
The 24-year-old entrepreneur honed her design savvy building furniture in her parents’ garage during the pandemic. When she returned to college in San Francisco, she had to settle for smaller projects. One night, while watching The Bachelor, she and a handful of friends covered a Styrofoam mushroom from Michaels in shiny, mirrored tiles. “Anytime someone would come over and see it in my room, they’d love it,” Berarducci recalls. “It was such a showstopper.”
After graduating in 2019, Berarducci started crafting more disco mushrooms as Christmas presents. She posted surplus ’shrooms on Facebook Marketplace, where they sold out overnight. “People were messaging me, ‘Where can I buy more?’” Berarducci recalls.
Berarducci capitalized on the disco fever with an Etsy shop and, eventually, a business account on Instagram. She developed new products, pivoting from Styrofoam bases to 3D-printed fruit, liquor bottles, and other fun shapes. Berarducci was still working full-time at a San Diego marketing agency, running her side hustle with help from family. “In the morning, my mom and I would pack orders together, go drop them off at UPS, and go do our nine-to-five,” she says. “Five would hit, and we would turn on a movie and get to tiling.”
Six months in, she decided to launch the brand’s e-commerce site and quit her job to focus on Sofiest Designs. “It was kind of a huge risk,” she adds, “but I haven’t looked back.” After all, the gamble paid off handsomely: In addition to 80,000 Instagram followers, Sofiest Designs boasts partnerships with Urban Outfitters, Free People, Dormify, and Aerie. Berarducci has designed custom disco doodads for celebs such as Lizzo, Kourtney Kardashian, and Shania Twain, and outlets like Architectural Digest, HGTV, Apartment Therapy, and Time have taken notice.
Though her company ships out 15 to 20 orders per day, Berarducci continues to hand-make each product in a San Marcos warehouse with the help of a small team of family and friends. “My business is part e-commerce manufacturer and part art,” she explains. “It’s still really time intensive. I’m touching every single [piece].”
All those hours tiling haven’t stopped her from pushing Sofiest Designs forward. She added additional, less shiny homewares in the form of surreal shelving and pastel lamps and partnered with other woman-owned small businesses to expand the company’s e-commerce offerings. You can shop seven other makers’ products on Berarducci’s site.
Nevertheless, what Berarducci calls “disco therapy” remains core to her company’s ethos. “The disco ball is timeless and gorgeous, but it hadn’t been remodeled in, like, 50 years,” she says. “We wanted to make something more appropriate for Gen Z. Our goal is to make disco items that double as art for your home that you can have forever.”
We tapped Berarducci to share some of her favorite home décor products from small businesses (including her own). Here are 10 fun finds to spruce up your bedroom, bar cart, or coffee table.
10 Unique Room Décor Accents to Spice Up Your Space
Big Night Clock, $110
Big Night
This cheeky clock is “so cute for your kitchen area—I love the pop of red,” Berarducci says. “The martini at the five o’clock hand is the perfect little detail.” The timepiece captures two trends: the fervor for food-centric décor and, of course, Gen Z’s love for disco-inspired details.
Glass Tile Decorative Tray, $65
Subtle Art Studio
“This tray makes for the most stunning accent piece on your vanity or bar cart,” Berarducci says. “It’s an easy way to elevate your space.” San Jose–based Subtle Art Studio slings several products made with retro-inspired glass tiles, including coasters, incense holders, and photo stands.
Olive Candle, $21
Nata Concept Store
“Why not add an olive candle to your home décor?” Berarducci suggests. “Style with your martini glasses and mixers on a bar cart. So cute!” Novelty candles have made a splash as a playful, affordable way to accessorize your house, and this one stands out for its lovely floral scent.
Checkered Ceramic Vase, $120
Alicja Ceramics
Another of Berarducci’s small business partners, Alicja Ceramics crafts and paints each of her funky vases by hand. “These are my go-to for all my flower arrangements,” Berarducci adds. “The checkered print against the florals makes for the coolest contrast.”
Disco Strawberry, $52.50
Sofiest Designs
TikTok’s beloved “unexpected red” theory holds that introducing a touch of crimson will enliven any room. Try out the technique with Berarducci’s sparkly strawberry. “My favorite way to show off this strawberry is to style it on a kitchen shelf or use it as a dining-table centerpiece,” she says.
Custom Icons Pillow, $155
Abbode
New York embroidery shop Abbode is all about customization. This pillow case takes things a step beyond monogramming, allowing customers to select and request symbols that represent their most formative experiences or favorite things. “These make for the perfect customized housewarming gift—for your friend or for yourself,” Berarducci says.
Buns Out, $40
Piecework Puzzles
“Boring puzzles are out,” Bararducci declares. “Challenge your brain and create a masterpiece with Piecework’s ‘Buns Out’ puzzle.” After you’ve put the final piece in place, brush Mod Podge over the lot and frame it as a conversation-starting work of art.
Custom Neon Sign, from $159
Yellowpop
Whatever your catchphrase is, immortalize it in neon lights. Yellowpop offers one-of-a-kind LED signs with 14 different color options. “This is a great way to personalize your space in a unique and timeless way,” Berarducci says. “I created a custom ‘Sofiest Designs’ sign for my warehouse and absolutely love it!”
Wobble Table Lamp, $120
Sofiest Designs
This wiggly lamp from Sofiest Designs comes in four easy-to-style colors: powder pink, muted orange, soft green, and creamsicle orange. You can select a lampshade in one of those same hues to mix and match. “This is my favorite of our lamps,” Berarducci says. “It looks good in any space and any colorway.”
Concrete Shelf, $650
Concrete Cat
This eye-catching shelf is an art piece in itself. “The concrete coloring brings [it] to the next level,” Berarducci adds. A groove at the back of the shelf helps secure thin items like records, photos, and (SDM’s personal favorite) magazines for display.
The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.
If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.
11 Affordable Neighborhoods in Philadelphia, PA
From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.
1. Hartranft 2. Cedar Park 3. Fox Chase 4. Near Northeast Philadelphia 5. Cobbs Creek 6. North Central 7. Upper North District 8. Oxford Circle 9. Southwest Philadelphia 10. Bustleton 11. Richmond
Read on to see what each neighborhood has to offer its residents.
1. Hartranft
Average studio rent: $850 Average 1-bedroom rent: $1,050 Apartments for rent in Hartranft
Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.
2. Cedar Park
Average studio rent: $840 Average 1-bedroom rent: $1,075 Apartments for rent in Cedar Park
Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.
3. Fox Chase
Average studio rent: $962 Average 1-bedroom rent: $1,112 Apartments for rent in Fox Chase
With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.
4. Near Northeast Philadelphia
Average studio rent: $990 Average 1-bedroom rent: $1,112 Apartments for rent in Near Northeast Philadelphia
Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.
5. Cobbs Creek
Average studio rent: $1,100 Average 1-bedroom rent: $1,200 Apartments for rent in Cobbs Creek
Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.
6. North Central
Average studio rent: $850 Average 1-bedroom rent: $1,215 Apartments for rent in North Central
Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.
7. Upper North District
Average studio rent: $1,062 Average 1-bedroom rent: $1,245 Apartments for rent in Upper North District
Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.
8. Oxford Circle
Average studio rent: $1,355 Average 1-bedroom rent: $1,250 Apartments for rent in Oxford Circle
Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.
9. Southwest Philadelphia
Average studio rent: $900 Average 1-bedroom rent: $1,250 Apartments for rent in Southwest Philadelphia
A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.
10. Bustleton
Average studio rent: $1,099 Average 1-bedroom rent: $1,276 Apartments for rent in Bustleton
The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.
11. Richmond
Average studio rent: $750 Average 1-bedroom rent: $1,285 Apartments for rent in Richmond
Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.