With an overall cost of living that’s 7.1 percent below the national average, Birmingham offers residents all the perks of a happening Southern town with a slightly lower price tag.
In a thriving cultural scene that includes art, live performances and museums, there’s never a shortage of entertainment. Additionally, places like the Birmingham Zoo and McWane Science Center offer up family-friendly fun.
The city is also a big center for college football. Within the city limits, you can cheer on the team at the University of Alabama at Birmingham, while the Auburn University Tigers have a home-field advantage just over two hours away.
With so much to see and do, Birmingham is definitely a growing city, but even with a cost of living slightly below the national average, would living here fit into your budget?
This is how the individual costs of living in Birmingham stack up.
Housing costs in Birmingham
It’s nice to know that Birmingham expenses are pretty accessible when it comes to housing. Average prices are 17.2 percent below the national average. This is considerably lower than nearby major cities like Atlanta, whose average housing price is 13 percent above the national average.
Although rent prices are rising for both one-bed and two-bed apartments, average rent remains within a reasonable range. The average monthly rent for a one-bedroom apartment in Birmingham is $1,424, up 27 percent over last year. You can rent a two-bedroom apartment for an average of $1,259 per month, up only 12 percent over last year.
Even with these accessible prices, you can still find housing in Birmingham at a variety of price points based on what neighborhood you decide to call home.
If renting isn’t on your agenda, but home ownership is, the median price in Birmingham for a house is $247,556, up only 0.4 percent over last year.
Apartment hunting
Figuring out where to live in Birmingham means looking at neighborhoods in all different areas. You want the ideal location and a lot to do but also need an affordable price. Birmingham delivers plenty of options including the popular and historic neighborhood of Highland Park. This local gem has an average one-bedroom apartment rent of only $969 per month.
The highest one-bedroom price tag in Birmingham goes to Central City, with an average monthly price of $1,973. Including a small chunk of the downtown area, this neighborhood has a great location.
For those looking for a more budget-friendly community, average one-beds in Red Mountain are only $800 per month. This neighborhood includes Red Mountain Park, top-rated dining and plenty of family-friendly fun.
Food prices
Another source for delicious Southern cuisine, Birmingham definitely has signature dishes you must try. They include things like Greek meatballs, fried green tomatoes and, of course, barbecue. Whether you’re eating out or shopping for groceries, though, food prices in Birmingham are nine percent below the national average. That’s a 6.8 percent drop over the previous year.
To understand how this may impact your grocery list, shopping for staple items in Birmingham most likely means paying pretty reasonable prices. Ground beef is only $5.31 per pound, and a half gallon of milk averages out at $2.25. A dozen eggs are only $1.48 on average, and a loaf of bread is only $2.89.
These prices are definitely more budget-friendly than in nearby cities like Nashville, where food costs are only two percent below the national average. Here, you’ll pay $4.00 for a loaf of bread, almost 1.5 times as much.
Utility costs
You definitely get four, very-defined seasons living in Birmingham. The summer may feel short, but temperatures keep things comfortable. Winters can sometimes drag on, though, bringing a lot of wind even though colder days are minimal.
Dealing with all the seasons can impact your utility bill, with the AC blasting in summer and the heat cranked up in winter. In Birmingham, utility costs are 2.8 percent above the national average. This aligns with other Southern cities. Mobile‘s costs, for example, is 1.3 percent above the national average, and Auburn is five percent above.
What this means for Birmingham locals, when that monthly utility bill arrives, is that it’s a little higher in certain months. On average though, expect to pay $185.52 per month for your energy bill.
Transportation costs
Having a car in Birmingham is probably a good idea, although you might not need it every day. The city has relatively low walk and bike scores meaning some areas may let you navigate on foot, but many won’t.
If you’re driving about and get worried about parking, the Birmingham Parking Authority makes it easy. Managing over 8,000 different spaces, you can pre-select a parking structure, deciding whether to pay for a monthly pass, by the day or by the hour.
To get around without a car, MAX transit provides 19 bus routes running in all directions. The one-way fee is $1.50 for adults, but you can purchase an all-day pass for $3.50 or a monthly pass for $53.00.
Also available, the Magic City Connector serves the downtown area, city hall, the art museum, Linn Park and the University of Alabama, Birmingham. What’s even better, this particular route is only 30 cents per ride.
Overall, transportation costs in Birmingham are reasonable, at 6.5 percent below the national average. That’s a little over a point increase from the previous year.
Healthcare costs
With averages slightly above what people pay across the nation, healthcare costs in Birmingham are 1.1 percent higher than the national average. However, individual costs are ultimately different for everyone based on personal needs and necessary care.
That said, on average, expect to pay $92.95 to see a doctor, $89.50 for that annual eye exam and $131.33 each time you visit the dentist. When it comes to prescription medications, average costs hit around $460. This is all without the benefit of insurance, of course.
Healthcare prices in Birmingham sit very much in the middle when compared with other cities in the state. A doctor’s visit in Huntsville averages out at $125, while the same visit is only $83 in Florence.
To really understand how healthcare prices will impact your cost of living in Birmingham, make sure to review your typical expenses in this area, looking at how often you make a visit to a doctor and what your specific medications tend to cost with your insurance coverage.
Goods and services costs
One of the final components that go into the cost of living in Birmingham are goods and services. These are all the extras in your monthly budget. You want to include them, you like having them as part of your routine, but if money ever got tight, you could go without them.
Overall, goods and services in Birmingham are 0.2 percent below the national average. This is well below nearby cities like Atlanta with an average that’s 6.7 percent above.
Specific items you may have in this category include a night out at the movies ($12.64 per ticket), a haircut ($19.20) or even a weekly six-pack of beer ($9.99).
Tax rates
When it comes to sales tax, as a state, Alabama sets the rate at four percent. Since individual counties and cities can add on to this total, Birmingham’s sales tax rate is 10 percent.
Although this rate may seem high in total, as a state, Alabama has one of the lowest base sales tax rates in the country.
The easiest way to understand how this 10 percent rate impacts you when you shop is to think about shopping for a big-ticket item like a couch. Imagine the bill is $1,000. In this instance, $100 extra is going straight to taxes.
How much do I need to earn to live in Birmingham?
Figuring out how to reconcile the cost of living in Birmingham to how big of a paycheck you need is tricky. What’s best is to start with the biggest expense, rent. Most experts agree that you should set aside 30 percent of your income for rent. Knowing that the average one-bedroom in Birmingham is $1,148, you’d need to have an annual salary of $45,920 for all the numbers to add up.
Since the median annual income in Birmingham is $38,832, there’s a chance you’ll need to include some less expensive neighborhoods in your apartment search, or some a little further away from the city center. However, finding a place to live in Birmingham is still possible. To fully understand your budget limits, use our rent calculator to get exact numbers.
Living in Birmingham
There’s plenty to love about Birmingham — surely enough to want to call it home. From the food to the shopping, the culture to the history, there’s something here for everyone. It’s also nice that it’s a pretty affordable place to live. If the cost of living in Birmingham appeals to you, what’s holding you back? Start that apartment search today.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of September 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
For many individuals and families, owning a home is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. This is where jumbo loans come into play.
What is a jumbo loan?
What exactly is a jumbo loan in Alabama? A jumbo loan is a specialized type of mortgage that comes into play when you’re seeking financing for a home that surpasses the conforming loan limits (CLL) established by the Federal Housing Finance Agency (FHFA). Typically, this type of loan is necessary for upscale, luxurious properties or those situated in pricey housing markets.
If the loan amount needed to buy the home is more than the conforming loan limit, you’ll need a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Alabama jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.
What is the jumbo loan limit in Alabama?
In Alabama, the conforming loan limit is $726,200 across all counties. For example, if you’re buying a home in Jefferson County, where the median sale price is $290,000, a loan limit exceeding $726,200 would be considered a jumbo mortgage.
As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home you’re buying. So, if you were to put $100,000 down on a $780,000 home in Birmingham, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
Additional information regarding the conforming loan limits in Alabama can be found here.
What are the requirements for a jumbo loan in Alabama?
The requirements to qualify for a jumbo loan are more stringent than the requirements for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Alabama.
Higher credit score: To qualify for a jumbo mortgage, borrowers typically need to have a credit score of at least 720. However, some lenders may be willing to accept scores as low as 660, although less frequently. A higher credit score demonstrates a borrower’s ability to manage credit responsibly and is an important factor that lenders evaluate when considering jumbo loan applications.
Larger down payment: Buying a high-priced home usually requires a larger down payment from the buyer. Conventional loans may offer programs for down payments as low as 3%- 5%, but non-conforming loans require a minimum down payment of 10%, with some lenders requiring up to 30%. If the homebuyer puts down less than 20%, they will likely need to pay for private mortgage insurance (PMI).
More assets: Jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year’s worth of loan payments.
Lower debt-to-income ratio (DTI): A mortgage lender will look at a borrower’s DTI (debt-to-income ratio) to assess their creditworthiness and spending habits. For a conforming loan, a DTI as high as 50% may be acceptable to some lenders. However, jumbo loan borrowers are required to have a lower DTI, ideally under 43% and closer to 36%. This is because jumbo loans are riskier for lenders due to the larger loan amounts. Applicants with a higher DTI may still qualify for a jumbo loan, but it could result in a higher interest rate or a stricter approval process.
Additional home appraisals: A mortgage lender may require a second home appraisal for a jumbo loan, in addition to the standard appraisal, to get another opinion on the property’s value. This is especially true in places with limited comparable property sales. The second appraisal helps lenders ensure that they are providing funds for a property that is worth the loan amount or more.
It’s no secret that a super-hot housing market and inflation have made it hard to afford daily life in many places across America. It’s also delaying the dream of homeownership for many people.
If, however, you are free to move, you might consider putting down roots where houses are more affordable and where homeownership is potentially easier to achieve. To help you consider your options, here is a list of 10 cities where the cost per square foot of housing is lowest.
The average price in the U.S. per square foot at the time of this survey was $169, and the median home price was $397,000. Take a look at these budget-friendly options, and see if you might want to make one of them your home base.
1. Memphis, Tennessee
Average Home Listing Price: $242,500
Average Price Per Square Foot: $92
Memphis ranked as the most affordable place to live based on the cost per square foot of homes in a recent study using data from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, and Realtor.com. Known as the birthplace of the blues, rock ‘n’ roll, and soul (not to mention where Elvis Presley lived at Graceland), Memphis is a city that is great for low-cost housing as well as music.
2. Cleveland, Ohio
Average Home Price: $183,750
Average Price Per Square Foot: $103
With the average home in Cleveland costing less than half of the national average, this Ohio city is clearly a bargain for aspiring homeowners. In addition to its parks, river frontage, and setting next to a Great Lake, it has a burgeoning foodie scene and world-class art museums.
3. Pittsburgh, Pennsylvania
Average Home Price: $210,000
Average Price Per Square Foot: $134
In the past, Pittsburgh lost some of its younger residents to metro areas with a stronger job market, but today’s affordable housing market and job growth are attracting younger residents again. There are multiple universities in the area, such as the prestigious Carnegie Mellon University, that also attract a vibrant and youthful population.
Recommended: Cost of Living by State Comparison (2023)
4. Indianapolis, Indiana
Average Home Price: $276,250
Average Price Per Square Foot: $134
Indianapolis has a lively downtown area that is quite walkable and full of fun things to do, yet it also offers big-city amenities. Those looking for a more suburban feel can enjoy outer neighborhoods that still feature plenty of shopping and entertainment venues without all the hustle and bustle of being in downtown Indianapolis.
5. Buffalo, New York
Average Home Price: $217,450
Average Price Per Square Foot: $139
Buffalo is currently experiencing a sort of renaissance thanks to a rapidly developing waterfront and being home to one of the nation’s most advanced medical corridors.
Local government support has led to an increasing number of local businesses, which means there are likely some pretty good job opportunities to be found for career builders in Buffalo.
6. Birmingham, AL
Average Home Price: $272,450
Average Price Per Square Foot: $144
Birmingham has plenty to recommend it, from great sports teams to root for to its craft brewery scene. Affordability is a major factor. Housing costs are less than the national median in this area. What’s more, residents tend to spend less on food, healthcare, and other typical expenses than those who are located in other areas of the country.
7. Oklahoma City, Oklahoma
Average Home Price: $282,124
Average Price Per Square Foot: $149
Oklahoma City has affordable homes, healthcare, transportation, and other basic living expenses. In addition, it has a vibrant arts scene and plenty of parks with all kinds of activities available.
Recommended: Local Housing Market Trends
8. Detroit, Michigan
Average Home Price: $217,450
Average Price Per Square Foot: $152
Detroit is a city in the midst of a turn-around. On the one hand, there are many fixer-upper and abandoned houses waiting to be rehabbed, but, on the other, the cost of living has been rising. If you want to jump into the affordable housing market and make Detroit your home, you’ll be rewarded with music festivals and the gigantic Belle Isle Park.
9. St. Louis, Missouri
Average Home Price: $245,000
Average Price Per Square Foot: $152
This historic metro area houses almost 3 million people (known as St. Louisans) and is known for being a tight-knit community that is very family-friendly. Hometown loyalty is strong in St. Louis and many residents choose to come back after heading off to college or paying to move somewhere else for a while.
10. Louisville, Kentucky
Average Home Price: $252,500
Average Price Per Square Foot: $152
Families will love spending their weekends in Louisville, thanks to having easy access to the Louisville Zoo, Kentucky Science Center, and the Louisville Slugger Museum. Day by day this city is becoming more diverse! Residents are moving in from around the world and the city is supportive of the LGBTQ community.
First-time homebuyers can prequalify for a SoFi Mortgage Loan, with as little as 3% down*.
Financing a Home
Even the most affordable homes can cost a pretty penny, which is where applying for a mortgage comes in.
Consumers may compare mortgage loan rates and terms from commercial banks, mortgage companies, and certain financial institutions. Typically, certain requirements relating to credit scores and income level help determine if a consumer will receive a mortgage and what their rates and terms are.
When preparing to get a mortgage, it can be helpful to consider multiple lenders, comparing loan terms to get an idea of what might work for an applicant’s financial situation.
Asking lenders for a preapproval or prequalification letter can help mortgage applicants better understand what type of mortgage terms they may be offered.
The Takeaway
It’s possible to find an affordable place to live, where homes cost as little as possible per square foot, and your daily budget may therefore be easier to wrangle. If you are willing to relocate and perhaps move to an up-and-coming town, you may find that your dreams of homeownership can come true sooner rather than later.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: Simple, smart, and so affordable.
*SoFi requires PMI for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Minimum down payment varies by loan type.
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.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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.
As Alabama’s most populous city, there are more restaurants, bars and activities than you can ever find on your own in Birmingham. That’s why we asked a group of local experts to help out and tell us about their favorite hidden gems around town.
Birmingham is also full of historical value, thought-provoking museums, a strong music scene and plenty of areas designed specifically for outdoor fun. But, where do the locals in the know go when they clock out for the day?
1. Jemison Park Nature Trail
Source: facebook.com/Jacqueline JaNet Fisher
Perfect for those who like to run, walk or simply take the dog out for some exercise, Jemison Park Nature Trail is a perfect choice. “It’s shaded for most of the trail,” shares Melissa Cunningham-Campbell, Owner of Monkee’s of Mountain Brook, “and we always spot some wildlife which makes it so much more interesting.”
Jemison Park sits within the Mountain Brook neighborhood, a popular spot for local attractions. It’s also home to the Birmingham Zoo and Brookwood Village, an open-air shopping complex.
2. City Walk
Source: facebook.com/CityWalkBham/
For a different outdoor experience, Wavey Davey, Influencer, Creator, Photographer and Model at Simply Dave Photography likes to toss on a pair of roller skates. Heading to City Walk, Davey will trade-off between the skating rinks and paths in the parks.
“I like to roller skate and skate on my free days and the rinks and parks at City Walk are one of the best things to happen to Birmingham in my opinion,” says Davey.
In total, City Walk covers 31 acres across the Evergreen neighborhood.
3. The Backyard Leeds
Source: facebook.com/thebackyardleeds/
For a full day of fun, Caroline Moffitt of The Backyard Leeds suggests you come visit her. Less than 20 minutes from Downtown Birmingham, The Backyard Leeds can keep families, a group of friends in their twenties and seniors busy all day. There’s truly something for everyone.
“We have mini golf, a dog park, playground, Saw’s BBQ, Neighbors Brew & Pies, an indoor and outdoor bar, event spaces for parties of all sizes, live entertainment from Thursday-Sunday, yard space to play your favorite games, like corn hole or horseshoes, AND a drive-in movie theater with a snack shack concession stand.”
Prepare to stay for the entire day when you come to this hidden gem.
4. Hidden antique gems
Source: facebook.com/Hanna Antiques
With plenty of options across Birmingham to go antiquing, Olivia B. Carter, Owner of Olivia B. Photography has two go-to spots. Hanna Antiques in Southside and Irondale Pickers just 15 minutes away in Irondale top her list.
“By the time I get through all of the booths at each of those locations, it’s usually time for dinner,” says Carter.
5. Railroad Park
A 19-acre green space right in the center of downtown, Railroad Park connects Downtown Birmingham with Southside and the campus of the University of Alabama at Birmingham. With its urban location, it’s the perfect place to enjoy some outdoor time without having to lace up the hiking boots.
It’s a go-to spot for Corbitt Chandler, a local Digital Marketer and Entrepreneur, when he has a day off and feels the need to get some fresh air.
6. La Libertad
Technically not in Birmingham proper, La Libertad is a Salvadoran restaurant in Pelham. The short drive is worth it though, according to Alexis Blaydoe, Creative Director and Event Leader at Back Forty Beer Co. She highly recommends their pupusas. “The rich cornmeal cake stuffed with cheese and beans is cut by the heaping mound of curtido (spicy fermented cabbage slaw) that I like to pile on top,” she says.
7. Brewery tours
Source: facebook.com/GoodPeopleBrewing
Rather than recommend just one Birmingham brewery to visit, Dustin Hughes of City Brew Tours Birmingham thinks you should check out as many as possible. “The brewery scene here in Birmingham is rapidly growing and constantly pushing out new delicious craft beers. Whether it is a nice hot summer day or a cool fall night, going to our breweries to just hang out with friends is the best,” he says.
8. Protective Stadium
Source: facebook.com/protectivestadium
Not necessarily a hidden gem, but new to the city, Protective Stadium is a multi-purpose stadium at the edge of Druid Hills. It’s a must-stop place for Katie and Alec Dixon, Owners and Photographers at Katie & Alec.
You can catch a University of Alabama at Birmingham Blazers football game, watch the Birmingham Legion Football Club score or catch a special game hosted by the US Football League.
9. Oak Mountain State Park
“Many are aware that this breathtaking oasis exists,” says Lorenda Pryor of Pinkie’s Closet, “but not everyone explores all that it has to give.” When it comes to Oak Mountain State Park, Pryor suggests that you skip the busy main beach and check out the hiking trail that starts just a few steps across the street. “There are a plethora of different owl species and their habitats scattered along the way. It’s beautiful!”
For the real inside scoop on enjoying this particular park, look for the back entrance. According to Pryor, it’s much more serene and features a trail that goes right along the water.
10. Coffee shops
Source: facebook.com/CaveatCoffee
Everyone needs that go-to coffee shop in their home city. For Kenslie McGuire, Owner and Photographer at Kenslie, she’s lucky enough to have a favorite coffee spot for weekdays and a different one for weekends.
“I’m a freelance photographer so I love to work at coffee shops most days. Caveat is one of my favorites. On Saturdays, I love to get coffee at General and walk around Forest Park.”
11. El Barrio
Source: facebook.com/elbarriobirmingham
Situated in Central City, El Barrio is a “Tex-Mex Birmingham staple,” according to Kayla Stinnett, Marketing Maven at local favorite Cahaba Brewing Co. “I’ll find just about any excuse to stop by El Barrio,” she says, claiming the restaurant lives up to all the hype.
“The fare is flavorful, the staff is excellent and they have a full bar menu to quench your thirst.” Unique and popular dishes abound, including plantain nachos, chicken escabeche and the beef barbacoa quesadilla. Stinnett also advises you order dessert. “It’s the best part.”
Not that anyone needs an extra push to order dessert, but we appreciate Kayla for providing it, anyway.
Other popular spots in Birmingham
These specific hidden gems are only the start of what you can discover living in Birmingham. Believe it or not, our local experts had even more to share for those looking for a new place to eat, drink, hang out or shop in Bham.
For eating and drinking:
For hanging out
For a unique shopping experience, top off your list at Urban Suburban. Here you’ll find a mix of antique and vintage items. Located in the Crestwood neighborhood, this mainstay has over 65 individual vendors.
What will you discover in Birmingham?
Birmingham really is a special city. Boasting ample entertainment choices, a plethora of places to get a delicious meal, beautiful outdoor options and so much more, there’s no excuse to be bored while you’re living here. Lace’em up and head out to explore The Magic City yourself today.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.
With its rich history, vibrant cultural scene, and warm Southern hospitality, Birmingham, Alabama is a great place to call home. Whether you’re moving to Birmingham or are a Birmingham resident, then you may be considering if you want to rent versus buy a home in the area. Even in today’s real estate market, there are pros and cons to consider if you’re renting or buying a home in Birmingham, making it that much harder to decide what fits your goals.
If you’re considering buying a home in Birmingham, it’s important to know the median sale price for a home is $255,000. The average rent for a 1-bedroom apartment in Birmingham is $1,060 and $1,300 for a 2-bedroom apartment. For many residents of Birmingham, this means it may cost less to rent a home than buy a home in today’s market. It’s important to know that there may be a variety of reasons why buying a home may be best for you this year.
At the end of the day, the decision between renting or buying a home in Birmingham is personal and depends on many factors. Whether that’s having flexibility in where you live or your financial goals, there are numerous factors that can help you make the decision. We’ll guide you along the way as you decide between renting vs buying in Birmingham. That way, you can determine the right option that best meets your goals.
Advantages of buying a home in Birmingham
Affordability
One of the main advantages to buying a home in Birmingham is that home prices are affordable right now, especially compared to other markets. In 2022, the average home price was around $300,000 and today the median sale price is around $255,000. The area offers competitive salaries and relatively low living costs, too. Greater Birmingham consistently ranks among America’s most desirable places to work and earn a living. There are several factors that make Birmingham a favorable place for property investors too, such as its affordable home values, passive income potential, and overall market stability over the last few years.
Building equity
Owning a home provides a unique opportunity to build equity over time. Equity represents the difference between the market value of your property and the remaining balance on your mortgage. As you make regular mortgage payments, a portion goes towards reducing the principal amount owed, effectively increasing your equity. Additionally, as property values typically appreciate over the long term, your home’s market value can increase, further bolstering your equity.
Stable monthly payments
One of the biggest advantages to buying a home in Birmingham with a fixed-rate mortgage is that you’ll have the same monthly mortgage payment throughout the duration of your mortgage. Although your other monthly expenses may vary, your mortgage payments will remain the same, providing you peace of mind and stability.
Disadvantages of buying a home in Birmingham
Lower supply of move-in ready homes
There are several areas around Birmingham where most of the homes are older and have not been well maintained or are distressed. So, if you’re looking for a new construction or move-in ready home, you won’t necessarily find what you’re looking for in every neighborhood of Birmingham.
Maintenance costs
With homeownership comes the added responsibility of maintaining your home and property. Regular maintenance duties, such as cleaning, landscaping, and minor repairs, help ensure the longevity and functionality of the home. Additionally, periodic inspections and maintenance of systems like HVAC, plumbing, and electrical are essential for their proper operation and to prevent potential issues. While some maintenance tasks can be handled through DIY efforts, others may require professional assistance, leading to additional costs.
Large upfront costs
Keep in mind that there are more costs associated with buying a home than just the down payment. When saving up to buy a home in Birmingham, you’ll need to factor in additional costs such as closing costs, home inspection fees, and appraisal fees. But by diligently planning, exploring available assistance programs, and relying on the expertise of your agent, you might find that your dream of becoming a homeowner can happen sooner than you initially thought.
Determining if you are ready to buy a house in Birmingham
Whether or not you’re ready to buy a home in Birmingham depends on a variety of factors. Below are some of the key factors for you to consider to decide if it’s a good time for you to buy a home:
Financial stability: Before you begin your homebuying journey, it’s important to have a good credit score and a stable income. Make sure you set aside some additional funds for down payment, closing costs, and additional expenses that go into the homebuying process. You’ll also want to build an emergency fund in case of any unanticipated expenses.
Housing market conditions: The housing market in Birmingham is somewhat competitive, so it’s important to know how much you can afford in today’s market.
Long term commitment: Buying a home is a more significant time and financial investment, unlike renting. So, if you’re not sure you’ll be living in Birmingham for more than a few years, it may be better to continue renting vs buying a home.
Personal goals: Finally, you’ll want to assess your priorities and discuss your personal goals before making the step into the homebuying process. Are you looking for a home with certain amenities – a pool, chef’s kitchen, indoor-outdoor living space? Do you want to be close to public transit or something further from the city? Determine what’s important to you during your home search and if buying a home meets those goals.
If you’re undecided on whether now is the right time to buy, consider speaking with a real estate agent or your financial advisor to understand your options.
Is it competitive to buy a home in Birmingham?
The Birmingham housing market is currently somewhat competitive. Some properties that are move-in ready and well maintained are still getting multiple offers, and this is where most of the competition is. On average, homes in Birmingham are selling within 41 days and for about 2% below list price.
Advantages of renting a home in Birmingham
Flexibility
One advantage of renting vs buying a home is that one can move or relocate relatively easier and faster than if they own a home. When a renter’s lease is up, they can easily pick up and move to another neighborhood or city, whereas homeowners may not have this luxury.
Less expenses
Another advantage is not having to pay for homeowners insurance, which can be costly. In comparison, renter’s insurance is very affordable. Renters also don’t have to account for potential HOA dues or maintenance costs, which are typically the landlord’s responsibility.
Lower upfront costs
When renting a home in Birmingham, there are two upfront costs to keep in mind: first month’s rent and a security deposit. Sometimes a landlord may require last month’s rent, but this can vary. In comparison to the upfront costs associated with buying a home, these tend to be much lower.
Disadvantages of renting a home in Birmingham
Rent increases
Rent prices have been steadily increasing at higher rates than interest rates in Birmingham. Depending on your rental agreement, your landlord could increase your monthly rent when it comes time to renew your lease.
Not building equity
Another very important disadvantage of renting vs buying to consider is that the individual is not gaining any equity when they’re paying rent rather than a mortgage. Renting requires making regular payments to the landlord, but these payments do not directly contribute to building equity or financial security; rather, they solely grant you the use of a living space without any long-term financial benefits.
Less freedom of the living space
Whether you’re renting an apartment or a home, your ability to personalize your living space is limited since you’re living in someone else’s space. For example, you might not have the ability to paint walls or cabinets, install new finishes, or make permanent improvements without the approval of your landlord. On the other hand, a homeowner has the freedom to make minor cosmetic changes or take on larger improvement projects.
Renting vs buying in Birmingham: A real estate agent’s final thoughts
In my opinion, it ‘s always a good time to buy in any market as long as you find the right property and are in the financial situation to do so.
Whether you choose to rent or buy, the Birmingham area is an amazing place to call home. If you’re just starting the homebuying process, make sure you’ve done a thorough look into your finances to understand what you can afford now and in the future. Be sure to estimate your mortgage payment with an online mortgage calculator and see what homes fit your budget with a home affordability calculator.
“Where are you from?” It’s a common question when you meet someone new while traveling. And it’s an easy question for most people. But for me, it’s complicated if I want to give more details than “the United States.”
After all, my husband and I gave up our Austin, Texas, apartment in June 2017, sold or donated most of our belongings and then set out as digital nomads on July 2, 2017. So, excluding some extended time living with family early in the coronavirus pandemic, we’ve traveled full time while working remotely for the last six years.
In 2020, I wrote about my first three years as a digital nomad. But in this story, I’ll look back at the past six years. In doing so, I’ll discuss how I became a digital nomad, some of my travel statistics and how travel has changed for me during the past six years.
How I became a digital nomad
On a bus from Aguas Calientes to Machu Picchu in Peru in 2013, I first heard of a gap year or sabbatical year. I hadn’t gotten into points and miles yet, but my husband and I loved the idea of taking a year off to travel after I finished graduate school. Well, fast forward four years to 2017, when it was time to leave on our “gap year.” By this time, we were already working as writers in the award travel space.
So, we hit the road as digital nomads instead of taking a gap year. And we quickly fell in love with the freedom and flexibility of the lifestyle. I appreciate experiencing different cultures, landscapes, experiences and cuisines daily. And I’ve found that frequently visiting new destinations inspires me.
I also enjoy using the topics I write about — points, miles, credit cards and elite status — on a daily basis. We make award redemptions most weeks (and often multiple times a week), and we’re constantly traveling. So, I know many of the airline, hotel and credit card programs I write about from personal experience. And I’m personally invested when these programs change or devalue their rewards.
Points and miles certainly fuel some of our travel. But we also book paid flights and nights when it makes sense. After all, we only have a finite amount of points and miles, and we’ve found that paid partner-operated premium-cabin flights are often the best way to earn airline elite status.
Related: 6 ways award travel and elite status pair well with my digital nomad life
1,121,959 miles on 575 flights
Over the last six years, I’ve taken 575 flights on 62 airlines to 180 airports in 58 countries. I’ve taken so many flights in the last six years that my flight map is difficult to read.
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I flew 1,121,959 direct flight miles in the last six years, with an average flight distance of 1,951 miles (about the distance from Atlanta to Los Angeles). My longest flight was 9,532 miles, from New York to Singapore. And my shortest flight was just 11 miles from Tahiti to Moorea in French Polynesia.
But my most memorable flight was on Sri Lanka’s Cinnamon Air from Polgolla Reservoir Aerodrome (KDZ) to Koggala Airport (KCT) on a Cessna 208 amphibious caravan.
I frequently fly American Airlines and often use Hartsfield-Jackson Atlanta International Airport (ATL) when visiting family. So, it’s not surprising that my three most frequent routes by flight segments are between American Airlines’ hubs and Atlanta. Here’s a look at my top 10 most frequent flight segments over the last six years:
New York’s LaGuardia Airport (LGA) to/from ATL: 15 flights
Dallas Fort Worth International Airport (DFW) to/from ATL: 11 flights
Charlotte Douglas International Airport (CLT) to/from ATL: 10 flights
Kuala Lumpur International Airport (KUL) to/from Kualanamu International Airport (KNO): 10 flights while I earned Malaysia Airlines Enrich Gold status in 2019
Los Angeles International Airport (LAX) to/from ATL: Nine flights
Las Vegas’ Harry Reid International Airport (LAS) to/from LAX: Eight flights
DFW to/from LGA: Six flights
London’s Heathrow Airport (LHR) to/from LAX: Six flights
Hong Kong International Airport (HKG) to/from Da Nang International Airport (DAD): Six flights booked during Cathay Pacific’s New Year’s deal in 2019
DFW to/from LAS: Five flights
And my loyalty to American Airlines AAdvantage and its Oneworld partners shows when you look at the airlines I flew most by flight segments:
American Airlines: 224 flights, including reviews of American’s A321T business class, 787-9 business class, 777-200 business class with B/E Aerospace Super Diamond seats, 787-8 Main Cabin Extra, 757-200 Main Cabin Extra and 757-200 business class
United Airlines: 31 flights, including reviews of United’s 787-8 economy class and 757-200 economy class
Southwest Airlines: 29 flights, including a review of Southwest’s 737-800 from Oakland, California, to Newark
Malaysia Airlines: 26 flights
Qatar Airways: 23 flights, including reviews of Qatar Qsuite on a 777-300ER and Qatar Qsuite on an A350-1000
Delta Air Lines: 22 flights, including when I was one of the first American tourists to fly to Italy on a COVID-19-tested flight
British Airways: 20 flights, including a review of British Airways’ A380 economy class
Cathay Pacific: 17 flights
Japan Airlines: 14 flights, including a review of Japan Airlines’ 777-300ER premium economy
Qantas: 12 flights
However, if you look at the airlines on which I flew the most mileage, the ranking is a bit different due to some mileage runs:
American Airlines: 404,296 miles
Cathay Pacific: 104,481 miles
Qatar Airways: 89,630 miles
British Airways: 53,357 miles
Delta Air Lines: 49,603 miles
United Airlines: 42,237 miles
Singapore Airlines: 36,176 miles, including a review of Singapore Airlines’ A350-900ULR premium economy
Japan Airlines: 33,756 miles
Air Canada: 30,792 miles
All Nippon Airways: 28,938 miles
I track all my flights in OpenFlights. So, although it’s relatively easy for me to gather statistics on my flights, I don’t have a simple way to determine the amount I paid in points and cash for my 575 flights during the last six years.
Related: The best credit cards for booking flights
1,103 nights in hotels
I’ve spent over half of the last six years living out of hotel rooms. In particular, I’ve spent 894 nights at 75 major hotel brands within the last six years. And I’ve spent 209 nights at other brands and independent hotels.
Here’s the breakdown of my stays by loyalty program and brand over the last six years, including notes about my favorite programs.
390 nights at 15 IHG brands
Holiday Inn Express: 120 nights
Holiday Inn: 66 nights
InterContinental Hotels & Resorts: 51 nights, including five nights at the InterContinental Hayman Island Resort in Australia, four nights at the InterContinental Phuket Resort in Thailand, four nights at the InterContinental Phu Quoc Long Beach Resort in Vietnam, three nights at the InterContinental Danang Sun Peninsula Resort in Vietnam, three nights at the InterContinental New York Times Square in New York and two nights at the InterContinental Fiji Golf Resort & Spa in Fiji
Candlewood Suites: 28 nights
Hotel Indigo: 26 nights, including five nights at the Hotel Indigo Austin Downtown-University in Texas and four nights at the Hotel Indigo Birmingham Five Points South – UAB in Alabama
Staybridge Suites: 22 nights
Crowne Plaza Hotels & Resorts: 19 nights, including three nights at the Crowne Plaza Beijing Wangfujing in China and three nights at the Crowne Plaza Times Square in New York
Holiday Inn Resort: 19 nights, including 10 nights at the Holiday Inn Resort Kandooma Maldives in the Maldives
Voco: 11 nights, including six nights at Voco Gold Coast in Australia
Regent: Nine nights
Kimpton Hotels & Restaurants: Eight nights
Six Senses: Six nights, including four nights at Six Senses Laamu in the Maldives and two nights at Six Senses Yao Noi in Thailand
Atwell Suites: Two nights at Atwell Suites Miami Brickell in Florida
Avid: Two nights at Avid hotel Oklahoma City — Quail Springs in Oklahoma
Even: One night
Over the last six years, I’ve stayed 161 paid nights at IHG properties for an average of $152 per night. The least I paid was $48 per night at the Holiday Inn Express Berlin — Alexanderplatz in Germany. And the most I paid was $1,564 per night during a review of the InterContinental Maldives Maamunagau Resort in the Maldives.
Meanwhile, we redeemed IHG points for 209 nights over the last six years, including 36 fourth-night-free rewards. On average, we redeemed 15,591 IHG points per night. We also redeemed 20 anniversary nights over the last six years, including at the InterContinental Bora Bora Resort & Thalasso Spa in French Polynesia and the Kimpton De Witt Amsterdam in the Netherlands.
You might wonder how we earned so many IHG points and anniversary nights. We maximize IHG promotions to earn points on stays. And we often buy points during IHG points sales with a 100% bonus when we can do so for 0.5 cents per point. As for the anniversary night certificates, we both have multiple IHG credit cards, so we’ve each earned two anniversary nights for most of the last six years.
We frequently stay at IHG One Rewards hotels and resorts due to the high value we often get when redeeming IHG points. But, with the launch of the new IHG One Rewards program last year, we are also getting good value from the annual lounge membership you can select through IHG’s Milestone Rewards program after staying 40 nights in a year.
Related: 9 budget strategies for getting the most out of your points and miles
209 nights at other brands and independent hotels
These days, we usually stay at major hotel brands to earn and use elite status perks and benefit from the consistency provided by these brands. But we often stayed at independent hotels when we first hit the road as digital nomads in 2017. And even now, we sometimes find ourselves in a destination without major hotel brands or where staying at a property outside our brand loyalties makes the most sense.
For example, we couldn’t pass up staying in a twin cell at YHA Fremantle Prison in Australia and a robot hotel in Japan. Likewise, staying within Addo Elephant and Kruger national parks in South Africa let us maximize our time seeing wildlife in these parks.
We often book these stays through online travel agencies since we don’t have to worry about missing out on elite status benefits and earnings while staying at properties outside our primary brands. For example, we’ll sometimes book through credit card portals to use credits, like the $50 hotel credit each account anniversary year on the Chase Sapphire Preferred Card. And we’ll occasionally book through American Express Fine Hotels + Resorts to snag extra perks and use the prepaid hotel credit we get each calendar year as a perk of The Platinum Card® from American Express. We’ll also sometimes use Rocketmiles to earn American Airlines miles and Loyalty Points on our stays.
On average, I paid $83 per night on these stays. But, my least expensive night was $18 per night for a private room with a shared bathroom at Stella Di Notte in Belgrade, Serbia. And my most expensive night was $235 per night at the RLJ Kendeja Resort & Villas in Liberia during PeaceJam.
203 nights at 21 Marriott brands
Over the last six years, I’ve stayed 140 paid nights at Marriott properties for an average of $121 per night. The least I paid was $44 per night at the Four Points by Sheraton Bogota in Colombia. And the most I paid was $350 per night during a review of the Waikoloa Beach Marriott Resort & Spa in Hawaii.
Meanwhile, we redeemed Marriott points for 49 nights over the last six years, including six fifth-night-free benefits. On average, we redeemed 16,167 points per night on Marriott award stays. We also redeemed 14 free night awards we earned through Marriott credit cards and promotions over the last six years.
Related: Here’s why you need both a personal and business Marriott Bonvoy credit card
115 nights at 6 Choice brands
Ascend Hotel Collection: 54 nights, including 28 nights at Emotions All Inclusive Puerto Plata in the Dominican Republic, nine nights at Gowanus Inn & Yard in New York (no longer bookable through Choice Hotels) and three nights at Bluegreen Vacations Fountains in Florida
Comfort: 37 nights, including 19 nights in Japan
Quality Inn: 13 nights
Cambria Hotels: Four nights
Rodeway Inn: Four nights
Clarion: Three nights
Over the last six years, I’ve stayed 34 paid nights at Choice Privileges properties for an average of $93 per night. The least I paid was $54 per night at the Comfort Hotel Airport CDG in France. And the most I paid was $239 per night at Cambria Hotel New York — Times Square in New York.
Meanwhile, we redeemed Choice points for 81 nights over the last six years. On average, we redeemed 9,531 Choice points per night. I’ve found I can get excellent value when redeeming Choice points for unique redemptions and for stays in Japan, Europe and destinations that typically feature high paid hotel rates. So, as with IHG, we often buy Choice points during sales or through Daily Getaways promotions.
87 nights at 11 Hyatt brands and partners
I didn’t stay much with World of Hyatt until the program offered reduced qualification requirements and double elite night credits in early 2021. I earned Globalist status in 2021 for far fewer nights than is usually required, but I’ve prioritized maintaining it due to the on-site perks it provides.
I’ve stayed 53 paid nights at Hyatt properties for an average of $139 per night over the last six years. The least I paid was $24 per night at the Excalibur Hotel & Casino in Las Vegas. And the most I paid was $353 per night at Hyatt House New York/Chelsea in New York.
Meanwhile, I redeemed Hyatt points for 27 free nights over the last six years. I’ve found some excellent Category 1 Hyatt hotels that provide wonderful value on award stays. So, it isn’t surprising that I’ve redeemed 5,563 points per night on average and just 3,500 points per night for nine nights. Additionally, I redeemed seven free night certificates that I earned through Hyatt credit cards, Hyatt Milestone Rewards and the Hyatt Brand Explorer promotion over the last six years.
40 nights at 10 Wyndham brands
Days Inn: 10 nights
Ramada: Nine nights
Ramada Encore: Five nights
Microtel: Five nights
Club Wyndham: Three nights
Super 8: Three nights
Viva Wyndham: Two nights at Viva Wyndham Azteca — All-Inclusive Resort in Mexico
Baymont: One night
Howard Johnson: One night
Travelodge: One night
Over the last six years, I’ve stayed 29 paid nights at Wyndham properties for an average of $103 per night. The least I paid was $48 per night at the Days Inn Guam-Tamuning in Guam. And the most I paid was $200 per night during a review of the Viva Wyndham Azteca — All-Inclusive Resort in Mexico.
Meanwhile, we redeemed Wyndham points for 11 nights over the last six years. On average, we redeemed 9,068 points per night on Wyndham award stays. And we love getting a 10% redemption discount when we redeem Wyndham points as a benefit of our Wyndham Rewards credit card, as this brings an award night that would typically cost 7,500 points down to just 6,750 points.
32 nights at 6 Hilton brands
Over the last six years, I’ve stayed 18 paid nights at Hilton properties for an average of $130 per night. The least I’ve paid was $58 per night at the Hilton Jaipur in India. And the most I paid was $168 per night at the Hilton Niseko Village in Japan.
Meanwhile, we redeemed Hilton points for eight nights over the last six years, including one fifth-night-free benefit. On average, we redeemed 46,250 points per night on Hilton award stays. We also redeemed six Hilton free night certificates that we earned through Hilton credit cards over the last six years for excellent value at the Conrad New York Midtown, the Conrad Maldives Rangali Island and the Hilton Maldives Amingiri Resort & Spa.
The average amount we redeemed per night with Hilton Honors is significantly higher than with other hotel loyalty programs. This, combined with my struggle to get more than TPG’s valuation (0.6 cents per point) when redeeming Hilton points, is why I don’t frequently stay at Hilton brands despite having Hilton Diamond status through a Hilton credit card.
19 nights at 4 Accor brands
Ibis: 12 nights
Mercure: Four nights
Grand Mercure: Two nights
Ibis Budget: One night
Over the last six years, I’ve stayed 19 nights at Accor properties for an average of $56 per night. The least I paid was $36 per night at the Ibis Muenchen City Nord in Germany. And the most I paid was $84 per night at the Ibis Madrid Alcobendas in Spain.
8 nights at 2 Best Western brands
Best Western: Six nights
Best Western Plus: Two nights
Over the last six years, I’ve stayed eight nights at Best Western properties for an average of $78 per night. The least I paid was $57 per night at the Best Western Amsterdam Airport Hotel in the Netherlands. And the most I paid was $147 per night at the Best Western Plus Mountain View Auburn Inn in Washington.
452 nights camping
When I became a digital nomad in 2017, I didn’t think there was any chance I’d camp 452 nights in the next six years. And even three years ago, I’d only spent three nights tent camping for a concert at The Gorge in Washington state and three nights in a rental RV doing a relocation from Las Vegas to Denver.
But, as it became apparent the coronavirus pandemic would affect international travel for more than just a few months, my husband and I tried out a six-night RV relocation rental in July 2020. Then in August 2020, we decided to buy the same RV model we’d relocated.
When we bought our Class C RV, we expected we’d sell it as soon as international travel to most destinations became relatively simple again. But, we discovered we enjoy working remotely from our RV while in the U.S. We’ve now spent 440 nights camping in our RV since buying it — 97 nights in 2020, 234 nights in 2021, 80 nights in 2022 and 29 nights so far in 2023.
Nineteen nights in our RV have been free at locations (like select Walmarts, select Cracker Barrels and businesses that participate in Harvest Hosts) that allow RVers to stay overnight upon asking permission. We’ve also spent 37 nights sleeping in the driveways of friends and family while visiting them.
But we usually find paid RV campsites with power and water. We’ve paid for campsites on 393 nights as follows:
171 nights at city and county campgrounds ($32 per night on average)
133 nights at U.S. Army Corps of Engineers campgrounds ($27 per night on average)
66 nights at state park campgrounds ($34 per night on average)
37 nights at private campgrounds ($52 per night on average)
Four nights at national park campgrounds ($48 per night on average)
On average, we’ve paid $33 per night for our RV campsites. The highest we paid was $104 per night at Orlando / Kissimmee KOA Holiday in Florida. And the least we paid was $17 per night at Shady Grove Campground in Cumming, Georgia, during a half-off promotion.
Related: The cheapest place to stay at Disney World is a tent — so I tried it
443 nights with family and friends
One aspect my husband and I appreciate about being digital nomads is seeing our family more than when we lived in one place. Here’s a breakdown of our nights with friends and family over the last six years:
July 2 to the end of 2017: 32 nights
2018: 90 nights
2019: 83 nights
2020: 167 nights
2021: 29 nights
2022: 27 nights
So far in 2023: 15 nights
We spent significant time with each of our parents in March through August of 2020 as much of the world locked down. However, the nights since August 2020 are lower than pre-pandemic since we now stay in our RV (either in the driveway or a nearby campground) while visiting most friends and family members.
Related: 43 real-world family travel tips that actually work
104 nights in transit
Over the past six years, I’ve spent 101 nights in flight or sleeping in airports. I typically avoid overnight flights, but sometimes overnight flights are unavoidable (and they’re enjoyable if I book a lie-flat seat or luck into a row to myself in economy).
If I have an overnight layover at an airport, I’ll book a hotel if the layover is long enough and I can find a modestly priced hotel on-site or with a free shuttle. But sometimes the layover is too short, or it just doesn’t make sense to get a hotel. In these cases, I’ll usually sleep in a lounge — ideally one with a sleeping area or at least lounge chairs — or in a Minute Suites (or a similar type of space) that participates in Priority Pass.
I’ve also spent three nights on trains, including two on the Amtrak Empire Builder from Portland, Oregon, to Chicago and one on a Trans-Mongolian train from Ulaanbaatar, Mongolia, to Hohhot, China. I thoroughly enjoyed both experiences, so it’s surprising that I haven’t taken any other overnight trains in the last six years. However, low-cost flights on many routes served by overnight trains often make flying a more convenient and less expensive alternative.
Related: 11 of the most scenic train rides on Earth
90 nights in vacation rentals
Vacation rentals are the accommodation of choice for many digital nomads, especially those who stay in each location for at least a month and appreciate having their own kitchen. And I spent 39 nights in vacation rentals in 2017 after becoming nomadic July 2.
However, one particularly bad Airbnb experience in 2018 and an increasing interest in hotel elite status caused me to switch most of my nights to hotels instead of vacation rentals. I stayed in vacation rentals for 17 nights in 2018 and 20 nights in 2019. I only stayed in one vacation rental each in 2020 (for three nights), 2021 (for two nights) and 2022 (for two nights). And so far, I’ve only stayed in one vacation rental (for seven nights) in 2023.
On average, I paid $53 per night for vacation rentals across my six years as a digital nomad. My least expensive vacation rental was $17 per night for a private studio apartment in Da Nang, Vietnam, that I booked through Airbnb. And my most expensive vacation rental was $129 per night for a waterfront apartment in Auckland, New Zealand, through Hotels.com.
I’ll still stay in vacation rentals when they’re my best option. But I generally prefer to stay at hotels for consistency and to earn and use my elite status perks.
Related: When a vacation rental makes more sense than a hotel
259 cities in 52 countries and territories
Finally, let’s talk about destinations. Over the last six years, I’ve visited 259 cities in 52 countries and territories. Here’s a look at the number of nights I stayed in each:
1,253 nights: United States of America (including 318 nights in hotels or vacation rentals)
88 nights: Germany
69 nights: Japan
56 nights: Australia
54 nights: South Africa (including 32 nights in or near South African national parks)
36 nights: Dominican Republic
27 nights: Maldives, Thailand
24 nights: Spain
22 nights: Hong Kong, Malaysia
21 nights: New Zealand, Serbia, Vietnam
20 nights: Canada, Colombia, Italy
19 nights: India
18 nights: Netherlands, United Arab Emirates
16 nights: Singapore
14 nights: Bahamas, French Polynesia, Indonesia
13 nights: Fiji, South Korea
11 nights: Brazil, Mongolia
10 nights: China
Nine nights: Bulgaria, England, France, Pakistan
Eight nights: Bosnia and Herzegovina, Latvia, Liberia, Mexico, Sri Lanka
Seven nights: Greece, Guam
Six nights: Turkey
Five nights: Belgium, Marshall Islands
Four nights: Sweden
Three nights: Argentina, Chile
Two nights: Panama
One night: Ethiopia, Finland, Ireland, Northern Mariana Islands, Taiwan
As you can see, I would have spent the most time in the U.S. even if the coronavirus pandemic hadn’t kept me in the country for much of 2020 and 2021. And interestingly, even my most visited country outside the U.S. (Germany) accounted for just 88 nights across the last six years.
I also visited 14 other countries and territories before becoming a digital nomad. So, although I’m not striving to visit every country in the world, I’ve visited 66 different countries and territories so far. My husband and I are trying to visit a few new-to-us countries each year while also returning to some of our favorite destinations like Germany, Japan, South Africa, Australia and Hong Kong.
Related: The 18 best places to travel in 2023
Bottom line
I feel incredibly thankful for the last six years I’ve spent as a digital nomad. I’ve grown significantly as a person and content creator while traveling full-time.
And I’ve had some amazing experiences, including swimming with manta rays in French Polynesia and the Maldives, watching a sea turtle dig a nest and lay her eggs on a Florida beach, staying at some awesome resorts (Six Senses Laamu, Six Senses Yao Noi and Alila Fort Bishangarh immediately come to mind), and overnighting in second-class hard bunks on a Trans-Mongolian train.
But it’s not these epic experiences that keep me on the road. After all, I could enjoy many of these experiences on vacation. Instead, the daily things like being surrounded by languages I don’t know, enjoying delicious local foods and exploring new cities and neighborhoods on foot keep me attached to the digital nomad lifestyle.
If you live in Texas or the Southeast, you’ve likely heard of Regions Mortgage. In fact, you might already be a banking customer with parent company Regions Financial.
The company is a banking leader in the states of Alabama and Tennessee, so if you’re the type that likes to do all your business in one place, Regions Mortgage might be for you.
Aside from their strong presence in the Southeast, they also provide banking and home loan services in Indiana, Illinois, and Missouri.
Their basic pitch is that you should get your mortgage from a lender you can trust, namely a massive billion-dollar bank with a near 50-year history.
Let’s learn more to see if Regions Mortgage could be a good fit for your home financing needs.
Regions Mortgage Quick Facts
Publicly traded commercial bank serving customers in the Midwest, South, and Texas
Founded in 1971, headquartered in Birmingham, Alabama
One of the largest banks in the United States (top 40)
A top-50 mortgage lender nationally by volume
Funded nearly $7 billion in homes loans via retail channel during 2019
Florida accounted for 25% of total home loan volume
Also a major mortgage lender in the states of Alabama and Tennessee
Regions Mortgage is the retail mortgage banking arm of Regions Financial, a full-scale depository bank.
The company, which is one of the largest banks in the United States, was founded in 1971 and is headquartered in Birmingham, Alabama.
Last year, they funded almost $7 billion in home loans, allowing them to just sneak into the top-50 mortgage lender list nationally.
That’s actually more impressive than it sounds since they only focus on one region of the country.
They used to operate a wholesale mortgage division, which they sold to M&T Mortgage Corporation back in 2005.
Additionally, they exited their correspondent home loan lending business in 2018. So it’s clear they’re entirely focused on originating home loans via the retail, direct-to-consumer channel.
Interestingly, Regions also sells homes and you can search for Regions-owned properties on their website. So it might be a one-stop shop for some home buyers!
Getting a Home Loan with Regions Mortgage
You can apply for a mortgage directly from their website or on your phone
They say it takes about seven minutes to complete the application
Their digital mortgage process is known as Regions Loan Accessway
Allow you to view loan details, check application status, and upload documents
You can start a few different ways. Obviously, you can head down to a brick-and-mortar branch if that’s your thing, or simply call them up on the phone.
Or you can visit their website and search for a loan officer near you. It’s also possible to inquire about a home purchase or mortgage refinance by using their online form.
Assuming you go the online route and select a specific loan officer, you can apply for a mortgage directly on their website without any human interaction.
Like other digital mortgage applications, you’ll need to sign up, provide basic contact information, then provide additional financial information like your income, bank details, employment history, and so on.
They allow you to link financial accounts using Finicity, which provides automated verification of income and assets.
Once your loan is submitted, you can manage it via the borrower portal at any time. You’ll be given a to-do list and the option to receive status updates to stay in the know.
All in all, it looks like a sleek and easy-to-use mortgage dashboard that should make it fairly painless to get your loan to the finish line.
If you’re looking for a mortgage pre-qualification, the Regions “Purchase Power” tool will provide a general idea of how much you may be eligible to borrow.
What Types of Home Loans Does Regions Mortgage Offer?
Home purchase and refinance loans
Renovation and construction-to-perm loans
Conventional loans (Fannie Mae and Freddie Mac)
Government-backed loans (FHA, USDA, VA)
Jumbo home loans
HELOCs
Fixed-rate mortgages and adjustable-rate mortgages
Regions Mortgage offers lots of different types of mortgages, including home purchase financing, mortgage refinances, renovation loans, and construction-to-perm loans.
You can access the equity in your home via a cash out refinance or a home equity line of credit (HELOC).
And first-time home buyers can take advantage of low-down payment programs, such as the 3% down required by Fannie/Freddie, or the 3.5% down required by the FHA.
They also offer USDA home loans for those buying in rural parts of America, and VA loans for both active duty and veteran home buyers or existing homeowners.
You can get a fixed-rate mortgage such as a 30-year fixed or 15-year fixed, or an adjustable-rate mortgage such as a 5/1 or 7/1 ARM.
Those purchasing a particularly expensive home or refinancing a larger existing loan can take advantage of their jumbo loan offerings.
Finally, because they’re a depository bank, they might be able to offer stuff the other guys can’t since they can keep it in their loan portfolio as opposed to selling it.
Regions Mortgage Rates
Similar to many other banks and mortgage lenders, Regions does not post daily mortgage rates on their website.
But unlike other companies, they take the time to explain why, saying it’s “due to the constant fluctuation of mortgage interest rates.”
I tend to agree that advertised mortgage rates aren’t worth a whole lot, but it’s still nice to see something.
They direct customers looking for current mortgage rate information to get in touch with a Regions Mortgage loan officer.
In other words, you won’t know how competitive they are until you make contact and get a free rate quote.
So they lose some points for transparency, especially since they also don’t mention anything about lender fees.
This means we don’t know their interest rates or fees, and they don’t appear to offer any discounts to existing Regions Bank deposit customers like some other large banks do.
To summarize, be sure to shop around to ensure they offer a good mix of rate and closing costs relative to other banks and mortgage lenders.
Regions Mortgage Reviews
Their parent company, Regions Financial Corp., is accredited with the Better Business Bureau, and has been since 1956. Not sure why longer than when they were founded.
They currently enjoy an A+ BBB rating, which is based on complaints history and how a company responds to said complaints.
There are quite a few complaints against the company, but they’re also a massive bank and not all of them pertain to their home lending division.
Their BBB customer review rating is just over 1 star out of 5, based on some 55 reviews.
Regions Bank has a 4.3-star rating out 5 on Trustpilot based on around 100 customer reviews, which again aren’t limited to their home loans business.
They also have a 3.9-star rating out of 5 on WalletHub based on nearly 2,000 reviews. Again, you’ll need to comb through them to see which actually pertain to mortgages.
Your best move might be to look up individual loan officer’s reviews who work at Regions Mortgage on Zillow to see how a particular individual has fared in the past.
Since they’re such a big bank, companywide reviews probably won’t do you much good as experiences will vary widely.
Regions Mortgage Pros and Cons
The Good
Lots of loan programs to choose from
Can apply for a home loan online
Offer a digital mortgage experience
Regions HomeBonus program provides cash back for buying/selling a home in select states
Free mortgage calculators on site
They service their mortgages
A+ BBB rating
The Possibly Not Good
Only lend in select states mostly in the Southeast
Large bank may result in bureaucratic process with strict underwriting guidelines
Do not provide current mortgage rates on their website
Protective Life Insurance Company has a great record or working with its clients and can offer some of the best term life insurance rates available.
If you have ever shopped for life insurance, then you are probably well aware that there are several important variables that you should keep in mind when determining how and where to purchase your coverage.
First, at the top of your list, should be knowing how much protection to obtain. This is because you will not want your loved ones or other survivors to fall short when it comes to proceeds. For example, if your beneficiary (or beneficiaries) will need a certain amount to pay for final expenses or other specific debts, then it will be important to purchase at least that amount of coverage.
But equally as important, though, will be ensuring that the life insurance company through which you purchase the protection is strong and stable from a financial standpoint. This is because you will want to know that the company will be there to make good on its promise if or when the time comes for the policy’s beneficiary to file a claim. One insurer that has been positive when it comes to paying out its policyholder claims for many years running is Protective Life Insurance Company.
The History of Protective Life Insurance Company
Protective Life Insurance Company has been in the business of offering life insurance coverage for nearly 110 years. In the year 1907, the company’s founder, Governor William Dorsey Jelks started the insurer, just as President Theodore Roosevelt started his 7th year as a United States President.
Just a short two years later, in 1909, Protective Life Insurance Company paid out its very first death benefit claim – and the company has been faithfully doing so ever since. By the year 1932, after just 25 years in the business, Protective had more than $65 million of insurance in force. And, by the time the company was in business for 50 years, it had nearly $1 billion.
Throughout the years, the company has grown and expanded. In part, it has done so by acquiring other insurers. For instance, in 1997, Protective acquired West Coast Life, which helped in solidifying the insurer’s national presence. And, in 2006, Protective acquired Chase Insurance Group.
By 2007, the insurance carrier’s 100th anniversary, it had more than $252 billion of insurance coverage in force. In 2015, the company became a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Ltd. Protective Life Insurance Company was, and still is, headquartered in Birmingham, Alabama.
Protective Life Insurance Company Review
Protective Life Insurance Company is known for serving its customers first. Based on testimonials, the firm is known for being flexible, as well as for providing dedicated service. Also, it is also very involved in the communities in which it serves.
The company provides a learning center directly on its website. This can help consumers to learn more about life insurance and how much protection that they may need, based on their specific situation.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-banner-1-0-asloadedmax-width:580px!important;max-height:400px!important
Protective also offers a claims center on its website, as well. Here, claims can be filed directly online. Forms can be downloaded and sent in, and questions may be asked of customer service representatives.
Reps may be contacted in a number of different ways, including via a toll-free telephone line (during business hours), email, and an email form. Business hours for reporting a life insurance claim are Monday through Thursday between 8:00 a.m. and 5:00 p.m. Central time, and Friday between 8:00 a.m. and 3:00 p.m.
Additional information is also provided within the Protective Life Insurance Company online claims filing center, such as details regarding what to do when a loved one dies, and life insurance FAQ.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important
Financial Strength and Ratings
Protective Life Insurance Company is considered to be a very strong and stable company from a financial standpoint. It also is well respected for paying out its policyholder claims. In 2015 alone, Protective paid out over 20,000 life insurance claims in the amount of approximately $1.9 billion. The average processing time on a life insurance claim at Protective Life Insurance Company was 6.22 days. For this reason, the company has been given high marks from the insurer ratings agencies. These ratings include the following:
A+ from A.M. Best (Superior) This is the second highest out of a possible 15 total ratings.
AA- from Standard & Poor’s (Very Strong) This is the fourth highest out of a possible 21 total ratings.
A from Fitch (Strong) This is the sixth highest out of a possible 22 total ratings.
A2 from Moody’s (Good) This is the sixth highest out of a possible 21 total ratings.
Although Protective Life Insurance Company is not BBB (Better Business Bureau) accredited, the BBB has provided Protective with the grade of A+. This is on an overall grade scale of A+ to F.
Over the past three years, Protective Life Insurance Company has closed a total of 39 complaints through the BBB. Of these, ten were closed over the past year. Of the 39 complaints that were closed during the past three years, 18 had to do with problems with the company’s products and / or services, 10 were concerning billing and / or collection issues, 3 were with regard to advertising and / or sales issues, another 3 were having to do with guarantee / warranty issues, and five had to do with other issues.
Life Insurance Products Offered Through Protective
Protective Life Insurance Company offers a wide variety of different life insurance policies to choose from. This can help its customers to gear coverage more towards their individual protection needs.
Policy types offered through Protective include the following:
Term Life Insurance
Term life insurance can provide level death benefit protection for a set amount of time. This type of life insurance doesn’t offer cash value build up, so it is often more affordable than a comparable amount of permanent insurance such as whole life or universal life coverage. Therefore, it can be a good option for those who want a nice amount of coverage, but who may not have a lot to spend in premium.
Protective Life Insurance Company offers term life insurance plans that range from 10 to 30 years in level death benefit protection.
Universal Life (UL) Insurance
Universal life insurance is a form of permanent life insurance coverage. This means that it provides both death benefit protection, as well as cash value build up. The cash value will grow tax-deferred, meaning that there is no tax due on the gain unless or until the time that it is withdrawn by the policyholder. This can allow the funds to grow and compound exponentially over time.
A universal life insurance policy can be more flexible than some other types of permanent coverage like whole life insurance. This is because the policyholder can choose – within limits – how much of their premium dollars will go towards the death benefit, and how much will go towards the cash component of the UL policy.
@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-leader-1-0-asloadedmax-width:728px!important;max-height:90px!importantThe Protective Life Insurance Company’s Custom Choice UL policy is a very affordable way to protect one’s family’s financial security if the unexpected were to occur. It offers low premiums for life, as well as a death benefit that is non-taxable (from income tax) to beneficiaries.
The premium rates can start as low as $7.32 per month – and, provided that the premium is paid, the coverage will remain in force for the remainder of the life of the insured. Also, the premium will also remain level for an extended period.
Protective Life Insurance Company also offers a survivor universal life insurance product. This could be a good option for someone who is married or part of a couple and has estate planning needs, such as helping beneficiaries to pay estate taxes and / or helping a loved one with special needs.
These types of policies are also often referred to as second-to-die or joint life insurance coverage. They cover two individuals under just one single life insurance policy – and because of that, they are often less costly than purchasing two single policies. The death benefit that is paid out will be free of income tax to the beneficiary (or beneficiaries), and the proceeds may be used for whatever needs the survivor or survivors may have.
Variable Life Insurance
Variable life insurance is another type of permanent life insurance coverage. With variable UL, there is also a death benefit and a cash value component. However, with this type of insurance coverage, there is additional flexibility with the investments that can be chosen in the cash component. For example, equities may be chosen, which can allow for additional growth. They can, however, also pose more risk. Therefore, it is important to be aware of this before getting into any variable life insurance product.
Overall, a variable universal life insurance policy will essentially combine the “core” benefit of life insurance coverage via an income tax-free death benefit, along with a great deal of flexibility for the policyholder / investor in terms of cash value / investment build up over time. It is important to note that there may also be additional fees with variable universal life insurance because of the investments that are included in the policy.
Other Coverage Products Offered
Protective Life Insurance Company also offers a Protect My Child life insurance policy. While most people do not want to ever think about the passing of a child, the truth is that sometimes accidents or illnesses do occur. In this case, the cost of final expenses and / or uncovered medical expenses can be paid through a life insurance policy on a child.
The Protect My Child policy offers coverage of between $10,000 and $100,000. Because the policy is a permanent life insurance policy, it will also have cash value build up. Therefore, the plan will have tax-deferred savings that may be used for future college costs, the down payment on a house, a wedding, or any other need down the road.
When the child turns age 18, the amount of the life insurance coverage will automatically double – at no additional premium cost. When purchasing the Protect My Child life insurance plan, premium rates can start as low as $6.37 per month. And, because the policy is permanent, the rate is locked in never to increase. This means that the child can keep this same premium rate throughout the lifetime of the policy.
How to Find the Best Premium Quotes on Life Insurance Coverage
When seeking the very best premium quotes on life insurance coverage, whether it is through Protective Life Insurance Company, Banner Life Insurance, or any other insurer, it is typically best to do so via an agency or a company that works with more than just one life insurer. This is so that you will be able to compare and contrast all of the options that are available to you, as well as the cost of each. This is not only true when seeking the best life insurance coverage but for when shopping for other forms of coverage as well such as the best auto insurance companies and rates.
We know that buying life insurance can be somewhat confusing, There are lots of details to keep in mind – and you want to be sure that you are getting the very best deal from the best insurer for your needs. We can help you in sorting it all out so that your coverage will best meet the protection requirements that you have. We can do it all without you having to meet in person with a life insurance agent. Just simply go online or give us a call. So, contact us today – we’re here to help.
Kathy Robb always knew she wanted to do interior design, back as far as high school.
While her degree is in accounting, she took classes focused on upholstery and interior design in hopes of one day breaking into the business.
She started by selling at Round Top Texas Antiques, one of the largest flea markets in the world, in her native Texas. Interior designers would come from other countries and set up shop. She also did vetted pop-up shows between Texas and Charleston, South Carolina.
When she moved to Birmingham, she met Tom Findlay of Thomas Andrew Art Gallery, who invited her and her daughter, Penelope Baggett, to open their own shop, The Blended Bungalow, in the front of his store.
Their ideal customer is someone buying their first or second home, Robb said, and they want to help blend new pieces with any family heirloom pieces that are coming into the home. If every piece of furniture is new, it looks staged, she said, but if everything is an heirloom, it looks old.
The pair also want to avoid giving people “sticker shock,” with affordable pieces that don’t break the budget, Robb said.
The store offers furniture, home decor, candles and some women’s clothing as well, Robb said. There are also fun seasonal items and vintage china, she said.
Baggett, who lives in Texas, handles the behind-the-scenes work, social media and more, Robb said, and will fly in to help at times. Baggett opened her own business focused on refinishing furniture nine years ago, before joining her mother at The Blended Bungalow. The store features her “uniquely refinished dining sets” and Robb’s custom-upholstered chairs blended with “new, traditional pieces for a blended home that’s unique to the owner,” Robb said.
“Our mission and our goal is to bring affordable, gorgeous furniture to the public,” she said.
The store is located at 1925 29th Ave. S. and is open from 10 a.m. to 5 p.m. Wednesday through Friday and from 9 a.m. to 4 p.m. on Saturday.
For more information, visit the shop online at The Blended Bungalow on Facebook and Instagram and at their website, blendedbungalow.myshopify.com.
From the daily walk of the Peabody Ducks to the annual Memphis in May World Championship Barbecue Cooking Contest, there are so many unique pieces that make up this Tennessee city.
Memphis is an affordable place to live for renters. The cost of living in Memphis is 13.1 percent lower than the national average, which makes the Home of the Blues more affordable, overall, than nearby cities like Nashville and Little Rock.
Given this lower cost of living, you’ll find plenty of great places to live in Memphis. But, the only way to know for sure is to break down your budget into pieces. Here’s how individual components, that make up the cost of living in Memphis, compare.
Housing costs in Memphis
Memphis housing is pretty reasonable all around. Rents aren’t too high, and housing prices are reasonable. Overall, housing prices in Memphis are 20.2 percent below the national average. This is on par with other Southern cities like Birmingham, though it’s slightly higher than places like Jackson, MS.
When it comes to rental prices, averages are reasonable whether they’re trending up or down. The average one-bedroom rent in Memphis is about $1,000 per month, down 4 percent from last year. For two-bedroom apartments, the average monthly rent is up by 4 percent but it’s still under $1,100 per month.
Home prices are down slightly over last year — the median sale price in Memphis is a reasonable $175,000. By comparison, the median sale price for a home in Nashville is about $465,000.
Finding the best apartment in Memphis
There are so many great Memphis neighborhoods to consider calling home that it may feel challenging to narrow things down. Price and location will play a big part, but it’s also the vibe of the community that can help solidify your choice.
The priciest spot for a one-bed is the up-and-coming arts district of Crosstown. Here the average monthly rent for just one bedroom is about $1,900. This area is a huge draw for young professionals, artists and musicians who join families who’ve called this neighborhood home for a long time.
Two other sought-after neighborhoods that provide a great location while catering to a more artsy crowd are Mud Island and South Main. They feature one-bedroom apartments for an average monthly rent of around $1,500 and $1,200, respectively.
Food costs in Memphis
Almost as big as the music scene, the food in Memphis is second-to-none. Of course, we’re talking Memphis barbecue with its slightly sweet and tangy sauce slathered on a nice rack of ribs in restaurants like The Rendezvous and Central BBQ. There are other signature eats in Memphis (check out Gibson’s Donuts), but nothing stacks up the “Q.”
As good as all the restaurant eats are though, locals can’t eat out all the time. Since groceries run 8.9 percent below the national average though, it’s pretty affordable to eat at home. Even at a tiny increase over last year, most items on your shopping list should remain pretty affordable. For example, expect to pay $1.06 per pound for store-made fried chicken and $1.97 for a dozen eggs. If you need a good side, potatoes average $3.73 per pound, making it affordable to whip together some homemade potato salad.
Utility costs in Memphis
The seasons can get rough in Memphis thanks to muggy summers and wet and windy winters, but overall temperatures aren’t too extreme. It still gets hot and cold at the right times of the year, but you won’t see a lot of snow.
This helps make utility costs a little more affordable on the whole, and 12.2 percent below the national average. Memphis actually has one of the lowest average utility costs in the state, with an average monthly electric bill is $141.05. Nashville is one of the only Tennessee cities that comes in lower, and it’s only by $2.31.
Transportation costs in Memphis
Although not an entirely walkable or bike-friendly city overall, Memphis’ best parts are often extremely walkable. Places around downtown, including Beale Street, are better seen on foot anyway.
Public transportation is also available in Memphis, primarily by bus via MATA. Operating 34 different lines, the adult base fare is $1 per way, and you’re able to purchase a daily fast pass for just $2. For downtown and riverfront access, MATA runs three trolley lines at just $1 per way.
Though it is possible to live in Memphis without a car, many residents own one to make it easier to road trip as well as get to the outer suburbs.
When it comes to city parking, locals can pick between meters and garages. The parking garages around town can range greatly in price, from as little as $4 to upward of $25. Meters have an hourly cost of $1.50.
All combined, transportation costs in Memphis are 6.9 percent below the national average, an increase of 4.2 percent over last year.
Healthcare costs in Memphis
Budgeting for healthcare as a part of your cost of living in Memphis is challenging. Not only is everyone’s medical situation different, but things can change from month to month. Having insurance helps, but it’s also worthwhile to know what average costs are like without it.
In Memphis, healthcare costs are 9.4 percent below the national average. This is pretty close to normal when compared to other cities in Tennessee and pretty close to cities, like Birmingham, in neighboring states.
This average keeps doctor’s visits in a pretty reasonable range, assuming you don’t have insurance to pay the costs. Expect to pay an average of $99.72 per doctor’s visit, $78.60 to see the eye doctor and $105.40 for a trip to the dentist. When it comes to prescription medications, the average cost (without insurance) in Memphis is $465.99.
Goods and services costs in Memphis
Not all the pieces that make up the cost of living in Memphis are functional and necessary. You also have to put a little fun into the budget, and that’s where goods and services come in. They’re the thing you enjoy doing, you want to do, but if you ever needed to cut back, could do without.
Goods and services are what make a night out on Beale Street possible, among other fun activities. In Memphis, the overall cost of goods and services, lumped together, is 10.1 percent below the national average. That could mean more money in the budget for fun, as long as you don’t have too much.
How does this impact your favorite to-do’s? Well, in Memphis, a six-pack of beer averages out at $9.77, a movie ticket is $13.08, that pizza you’re craving is $10.73 and a haircut before that big night out is $18. Prices coincide with other cities in Tennessee, sometimes being a little bit more or a little bit less, but always relatively close.
Taxes in Memphis
The state sales tax in Tennessee is 7 percent, but each individual county and city can add on additional taxes. That said, you’ll pay 9.75 percent in sales tax in Memphis, the highest total rate in the state (and the most common.)
To think about this rate in dollar amounts, for every $1,000 you spend shopping for clothes, or buying furniture for your new apartment, $97.50 goes straight to taxes.
How much do I need to earn to live in Memphis
Even with a better understanding of the cost of living in Memphis, it’s hard to really know how much you need to earn to live in this fun city. A good place to start digging into your budget though is with rent.
Most experts agree you should spend about 30 percent of your annual income on rent, so to afford that average one-bedroom price of $1,000, you’d need a yearly salary of about $40,000.
Is this easy to find in Memphis? Well, given that the median household income is slightly higher at $41,864, your chances look good. To get the numbers exact though, check out our rent calculator.
Living in Memphis
Life in Memphis is not only affordable for many, but also fun. Memphis is a city full of things to do, with decent weather and a vibrant cultural scene. Its deep musical roots and delectable food are simply the icing on the cake for this great place. With so much to explore, deciding to live in Memphis is most likely going to be an easy decision.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.