Nantucket has long been a playground for the rich.
With its pristine beaches, upscale boutiques, acclaimed restaurants, and opulent mansions, Nantucket has become a popular vacation spot and second home destination for the extremely wealthy.
Known as the “Little Grey Lady of the Sea,” the picturesque island attracts celebrities, high-powered executives, and the East Coast elite, who are drawn to the island’s natural beauty, sophisticated culture, and air of exclusivity.
And now, their choices for upscale homes in the area include an impeccably renovated compound — with interiors redone by lauded interior designer and TV personality Tanya McQueen Forman (whom you might remember from Extreme Makeover: Home Edition).
Newly listed at $14,495,000, the property at 14 Nonantum Avenue in Nantucket also comes with a guest house, cabana, and studio apartment, and is located mere minutes from Surfside Beach. Ready for a quick tour?
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What $14.5 million buys you in Nantucket
Sitting on a generous 1.19-acre lot, the Nantucket compound — listed with Douglas Elliman’s Michael Passaro, Carl Lindvall, and Holly Parker — has a total of 6 bedrooms and 9 bathrooms (6 full, 3 half-baths), split between its several inviting structures:
a 3-bedroom, 4.5-bathroom, meticulously renovated main house
a 3-bedroom, 3.5-bathroom guest house
a pool cabana with a half bathroom
and a two-car garage with a studio apartment
Upscale vacation home vibes
With its shingle-style splendor and vacation vibes, the newly listed compound offers the quintessential Nantucket experience — with plenty of space to accommodate (and entertain) discerning guests.
TV star Tanya McQueen Forman redid the interiors
Originally built in 2015 and envisioned by Nantucket-based architect Luke Thornewill, the 3-bedroom home saw its interiors completely overhauled by designer Tanya McQueen Forman, to incorporate nautical accents and cool, beachy tones, and an overall contemporary aesthetic.
If Tanya’s name sounds familiar, that’s because you might remember her from her stint on ABC’s Extreme Makeover: Home Edition, where she made her TV debut as a designer. She’s also graced the pages of several interior design magazines and mainstream media, including for work she’s done on her own Nantucket home.
And it shows
The newly renovated residence wows with its wide-plank wood floors and lofty vaulted ceilings, beautifully complemented by the contemporary finishes McQueen Forman added.
Going for a nautical-inspired, beachy vibe, the designer fitted the 3-bedroom residence with modern yet playful pieces that enhance the bright, light-filled interiors.
The living room has a floor-to-ceiling fireplace
Set in its own wing, the inviting living room features a floor-to-ceiling fireplace plastered with beach shells and extra-generous windows that flood the space with natural light.
See also: Jackie O turned a sheep farm into her dream retreat on Martha’s Vineyard; It’s now worth $65M
The kitchen conjures boat lanterns with its light fixtures
With its soaring ceilings, tiled wall, massive island, and modern finishes, the kitchen is a beauty. But what caught our eye were the perfectly picked light fixtures, reminiscent of boat lanterns, that tie in nicely with the theme of the home.
Plenty of areas for the family to gather
According to Robb Report, off the kitchen is a large dining room with a built-in banquette and spacious eating area, as well as a separate media room/sitting area.
A guest house offers more accommodation
The 3-bedroom guest house is just as inviting as the main structure. With its 3 bedrooms, 3.5 bathrooms, and an open-concept living area with kitchen and dining, it’s a fully livable residence in its own right.
And it’s just as beautifully renovated as the main house
Not only is the guest house spacious, but its interiors are so charming that we could write an entire article talking about this lovely residence alone — and we wouldn’t run out of nice things to say.
There’s also a studio apartment above the garage
Other accommodation options on the 1.19-acre compound include a studio apartment above the 2-car garage and a cute little pool cabana with a half-bathroom.
Outdoor amenities include an oval swimming pool
Outside, we find a rather unique, oval-shaped swimming pool with an integrated hot tub. Other outdoor amenities for future residents to enjoy include a specialty pizza oven and a lovely patio, with probably the biggest perk being the property’s proximity to the beach.
There’s also a “widow’s walk” overlooking the ocean
Staying true to its roots, the Nantucket house also has a widow’s walk — an architectural term for a rooftop terrace area enclosed with railings that became popular during the height of the whaling industry in New England.
More stories
Celtics MVP Jaylen Brown parting ways with stylish $4.75M Boston penthouse
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While he may not have secured a spot on Team USA for the Paris Olympics, Boston Celtics shooting guard Jaylen Brown is fresh off a legacy-defining season.
The eight-year NBA veteran made his third All-Star team, won Eastern Conference finals MVP and Finals MVP, and helped the Boston Celtics win their first NBA championship since 2008.
And while he’s winning big on the court, he’s hoping to bank a personal win too. He just listed an industrial-style penthouse with a historic vibe he owns on Melcher St. in Boston’s Fort Point neighborhood for $4,750,000.
One of the highest-paid small forwards in the NBA, Jaylen lives in a sprawling 7-bedroom mansion in Wellesley, bought back in 2020 for $7.8 million. So he likely hasn’t lived in the Fort Point condo for quite a while.
Nevertheless, the Melcher Street penthouse reflects the sartorial icon’s style and features open-concept, industrial-yet-warm interiors that perfectly complement the building’s historic appeal. Let’s take a closer look, shall we?
Set in a Fort Point building on Melcher St.
The stylish 2,964-square-foot penthouse sits atop a 1916-built brick building at 49 Melcher St. in Fort Point, the former industrial district along Fort Point Channel filled with historic lofts, art studios, and galleries.
The building is also home to a popular local steakhouse called Mooo…. Seaport.
It has 3 bedrooms and 2.5 bathrooms
The unit consists of 3 bedrooms, 2 full bathrooms, and 1 half-bath, and a spiral staircase that leads to a generously sized rooftop deck.
It has a luxurious primary suite with a walk-in closet, and an en-suite bathroom with a double vanity and walk-in shower.
The MVP of townhouses
“It’s the MVP of town houses. It really is,” real estate agent George Sarkis — who shares the listing with Manny Sarkis of The Sarkis Team at Douglas Elliman — says of the $4.75 million Fort Point penthouse.
“The open concept, the feel of it, the brick and beam,” Sarkis told Boston.com. “To see this at about a 3,000-square-foot scale is very hard to come by. Having one of Boston’s steakhouses in the building is a big bonus.”
The unit retains many of the building’s original features
Much like the other historic homes and converted buildings around Fort Point, the building retains its most coveted original features.
Brown’s penthouse has exposed brick walls, oversized factory windows that flood the open floorplan with natural light, and a 12-plus-foot ceiling with the original wood beams.
Open-concept penthouse living
The historic elements are beautifully complemented by modern additions throughout the open-concept floor plan, particularly in the kitchen, which has been equipped with top-of-the-line appliances and an eat-in island.
The large living area — comprised of living, dining, and kitchen — can easily be configured differently, should the future owner choose to do so.
The penthouse has a generously sized rooftop deck
Heading up a spiral staircase, future residents and their guests can enjoy a private 400+ square-foot roof deck to take in the bustling city life below.
See also: Michael Jordan’s house is still on the market, 12 years after it was first listed for sale
Nowadays, Jaylen Brown lives in the suburbs
As for where Jaylen Brown is heading next, we’re guessing he already made his choice years before listing his penthouse in the city.
Brown has been famously living in the posh Boston suburb of Wellesley, Massachusetts, known as one of the most expensive towns in the country.
Where he owns a 7-bedroom mansion bought in 2022
Back in 2020, Jaylen Brown scored a $7.8 million deal for a massive 10,099-square-foot home in Wellesley that had previously been listed for $11 million.
Sitting on 1.53 acres of land, the mansion has 7 bedrooms, 9 baths, and boasts a farmhouse style with modern aesthetics.
His Boston penthouse is now on the market for $4,750,000
Since he’s nice and settled in the suburbs, Jaylen is now parting ways with his Melcher St. penthouse, and has hired Douglas Elliman top producers George and Manny Sarkis of The Sarkis Team to help him offload the city residence.
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Thursday night’s global technology outage is continuing to affect air travelers today, and it may be hours before airlines can catch up.
The outage was caused by a software update from cybersecurity company CrowdStrike, which affected millions of devices using Microsoft, including computers used by airlines, banks and other businesses. Even though CrowdStrike says a fix was deployed and airlines have resumed operations, there will continue to be cancellations and delays today.
As of 2:30 p.m. EST, more than 2,000 flights within, in and out of the U.S. were canceled today — and that’s not counting the delays, which totaled more than 7,000, according to flight tracking service FlightAware.
If you are flying today, check your flight status frequently with your airline before you go to the airport. The most up-to-date information is usually in the airline’s app, so make sure to download it ahead of time for quick access to the latest updates.
You might also want to monitor updates from your departure airport. Some airports are experiencing delays of two hours or more, according to the Federal Aviation Administration. Hartsfield-Jackson Atlanta International Airport (ATL) is the hardest hit airport in the U.S. right now, experiencing average delays of 374 minutes (roughly 6 hours) for departures. New York City-area airports are also some of the hardest hit, with John F. Kennedy International Airport (JFK) delays averaging 171 minutes (nearly 3 hours) and LaGuardia (LGA) averaging 129 minutes (just over 2 hours).
Here are some other steps you can take if you are one of the affected passengers traveling or planning to travel today.
Change your flight
American Airlines, Delta Air Lines, Frontier Airlines, Spirit Airlines and United Airlines have issued waivers for passengers traveling today from certain airports. These waivers will allow passengers to change flights to another day without having to pay a fare difference or change fee. You cannot change the departure or arrival airport or your cabin.
Delta’s and Frontier’s waiver applies to all customers flying today, regardless of airport. Spirit Airlines’ waiver applies to all customers flying today and tomorrow.
American’s waiver, meanwhile, is available for flyers traveling to, from or through these airports:
Boston, Massachusetts (BOS).
Charlotte, North Carolina (CLT).
Chicago-O’Hare, Illinois (ORD).
Dallas-Fort Worth, Texas (DFW).
Los Angeles, California (LAX).
Miami, Florida (MIA).
New York-JFK, New York (JFK).
New York-LGA, New York (LGA).
Philadelphia, Pennsylvania (PHL).
Phoenix, Arizona (PHX).
Washington-Reagan, Washington, D.C. (DCA).
The United Airlines waiver affects travelers going to, from or through these airports:
Cleveland, Ohio (CLE).
Denver, Colorado (DEN).
Newark, New Jersey (EWR).
Frankfurt, Germany. (FRA).
Guam, United States (GUM).
Honolulu, Hawaii (HNL).
Washington-Dulles, Washington, D.C. (IAD).
Houston, Texas (IAH).
Los Angeles, California (LAX).
London- Heathrow, United Kingdom (LHR).
Orlando, Florida (MCO).
Chicago-O’Hare, Illinois (ORD).
San Francisco, California (SFO).
What to do if your flight is canceled
If an airline cancels your flights, look for rebooking options in the app or online right away. That’ll be faster than waiting for a customer service agent over the phone or at the airport. Keep in mind that airlines are being bombarded with calls and messages right now, so expect longer on hold times.
Here are the cancellation policies by airline:
🤓Nerdy Tip
If you’re not getting through to a customer service agent, you can try reaching out to your airline on X (formerly Twitter).
What to do if your flight is delayed
If you must fly out today, get comfortable at the airport. You might be waiting a while. This is when a credit card with lounge access might be handy. Though you probably won’t be escaping crowds there, it might give you a more comfortable place to sit while you wait it out.
In the interim, you can work on getting your flight delay compensation to pay for meals at the airport during the delay. Most airlines will give meal vouchers for delays of three hours or more.
Here are the flight delay compensation policies by airline:
Other ways to get compensation
When an airline cancels or significantly delays a flight, the Department of Transportation only requires airlines to refund passengers if the passenger chooses not to accept the rebooking. If you opt to not travel with your original airline or you simply decide not to travel altogether, you are entitled to a refund.
Top cards with travel insurance
Chase Sapphire Preferred® Card
on Chase’s website
Chase Sapphire Reserve®
on Chase’s website
The Platinum Card® from American Express
Ink Business Preferred® Credit Card
on Chase’s website
Annual fee
Travel protections (not a comprehensive list)
• Trip delay: Up to $500 per ticket for delays more than 12 hours.
• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Baggage delay: Up to $100 per day for five days.
• Lost luggage: Up to $3,000 per passenger.
• Trip delay: Up to $500 per ticket for delays more than 6 hours.
• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.
• Baggage delay: Up to $100 per day for five days.
• Lost luggage: Up to $3,000 per passenger.
• Trip delay: Up to $500 per trip for delays more than 6 hours.
• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Lost luggage: Up to $3,000 per passenger.
Terms apply.
• Trip delay: Up to $500 per ticket for delays more than 12 hours.
• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.
• Baggage delay: Up to $100 per day for five days.
• Lost luggage: Up to $3,000 per passenger.
Learn more
To view rates and fees of The Platinum Card® from American Express, see this page.
Thinking about calling the Ocean State home? Rhode Island boasts beautiful coastal landscapes, lively urban areas, and a growing tech industry, making it a popular choice for newcomers. Whether you’re searching for homes for sale in Providence, looking to rent in Newport, or considering houses for rent in Warwick, here’s what you need to know before moving to Rhode Island.
Rhode Island at a glance
Rhode Island, known as the Ocean State, provides coastal beauty, lively culture, and economic diversity. Its humid continental climate brings warm summers and cold winters, perfect for enjoying its 400 miles of coastline. Providence, the capital, anchors the state’s largest cities, alongside Warwick and Cranston, each offering a mix of urban amenities and residential charm. Major industries include healthcare, education, manufacturing (especially jewelry), and a growing tech sector. Renowned educational institutions like Brown University and the Rhode Island School of Design contribute to a rich cultural landscape, highlighted by festivals, museums like the RISD Museum, and events like WaterFire. Affordable places to live are particularly found in smaller towns and coastal communities, making Rhode Island an appealing choice for those seeking a balanced lifestyle of culture, education, and coastal living.
1. Rhode Island is well-known for its WaterFire event
Rhode Island is renowned for its spectacular WaterFire event, an experience that transforms Providence’s rivers into a glowing spectacle. Held from late spring through autumn, WaterFire features over 80 braziers set alight along the rivers, accompanied by music. Performers, including fire twirlers, musicians, and dancers, enhance the atmosphere, creating a multi-sensory experience for attendees. You can walk along the riverbanks, enjoy the scents of wood smoke and seasonal blooms, and explore art installations and local vendor stalls that appear during the event.
Travel tip: Arrive early to secure a good viewing spot, and consider bringing a blanket or portable chair for comfort. For an even more memorable experience, book a gondola ride to enjoy the illuminated rivers from the water and gain a unique perspective of the event.
2. It’s expensive to live here
Living in Rhode Island comes with a high cost of living, particularly in sought-after areas like Providence and Newport. The median home sale price in Rhode Island is around $522,100, with rental averages for a one-bedroom apartment in Providence hovering around $2,075 per month. Groceries, utilities, and general expenses also surpass the national average, making day-to-day living more expensive. In fact, the cost of living in Providence is 12% higher than the national average. Comparatively, cities like Coventry and Cranston offer more affordable options, though they still reflect the overall higher cost of the state.
When considering a move, it’s essential to weigh the pros and cons of living in Rhode Island. The state offers stunning coastal landscapes, making it an attractive place to live. However, the high cost of living and elevated property taxes can be significant drawbacks.
3. Rhode Island has many seafood specialities
You’ll find a rich seafood heritage in Rhode Island, with many local specialties that seafood lovers will enjoy. Clam cakes and clam chowder are regional favorites, with the creamy, flavorful chowder often distinguished by its unique, clear broth. Another local delicacy is the stuffed quahog, a savory clam-filled dish that’s a staple at many seafood restaurants.
Insider scoop: For an authentic taste of Rhode Island, visit the iconic Monahan’s Clam Shack in Narragansett for some of the best clam cakes and chowder in the state.
4. Get ready to hear many different accents
In Rhode Island, you’ll encounter a fascinating array of accents that reflect the state’s diverse cultural and historical influences. In Providence, the accent tends to blend elements of Boston and New York speech patterns, featuring distinctive pronunciations and local slang. Venture to the coastal towns, and you might notice a more laid-back, maritime lilt in the speech, influenced by the state’s rich seafaring history. In contrast, the southern regions, such as Newport, exhibit a more neutral accent with subtle regional variations.
5. Rhode Island is less than 40 minutes wide
As the smallest state in the nation, Rhode Island spans less than 40 minutes from east to west, making it remarkably compact. Living in Rhode Island means enjoying a tiny yet vibrant state that packs a lot into its limited space, from the scenic coastal beauty of its beaches to the historic charm of its colonial-era towns. You can easily explore a range of experiences in a single day, whether it’s strolling through Providence’s bustling downtown, relaxing on the shores of Newport, or enjoying the quaint atmosphere of Wickford.
6. There are many quaint towns to explore
Rhode Island is dotted with charming, small towns that each offer their own unique appeal. Places like Newport, with its historic mansions and stunning coastal views, and Bristol, known for its well-preserved colonial architecture and Main Street, provide a quintessential New England experience. Additionally, towns like Narragansett and Wickford provide beautiful waterfronts and a relaxed, small-town atmosphere.
7. The property taxes are among the highest in the nation
Property taxes in Rhode Island are among the highest in the nation, a significant consideration for anyone planning to become a homeowner. With an effective property tax rate of about 1.30%, Rhode Island ranks in the top tier for tax burden on homeowners. For renters thinking of becoming homebuyers, it’s crucial to factor in these additional costs when budgeting for a home purchase.
8. The state’s infrastructure faces challenges
Rhode Island’s infrastructure faces significant challenges, a factor that should be carefully considered by anyone planning to move to the state. Issues such as aging roadways, frequent traffic congestion, and outdated public transportation systems can pose daily inconveniences for residents. The state’s road conditions are often cited as some of the worst in the country, with potholes and ongoing construction projects causing delays and damage to vehicles.
9. Independence day is a big deal
Independence Day is a major event in Rhode Island, celebrated with unparalleled enthusiasm and community spirit. The town of Bristol is especially renowned for its Fourth of July festivities, hosting the oldest continuous Independence Day celebration in the United States, dating back to 1785. The celebration includes a spectacular parade, fireworks, concerts, and various activities, drawing visitors from across the state to celebrate.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Massachusetts is home to many historic landmarks, esteemed universities, and scenic coastlines. From the cobblestone streets of Boston, where American independence was first forged, to the intellectual hub of Cambridge, home to prestigious universities like Harvard and MIT, Massachusetts is a place where the past and future coexist. But what else is Massachusetts known for? Whether you’re considering renting a home in Greenfield, looking to settle into an apartment in Cambridge, or just planning a visit, you’ll find that Massachusetts has much more to offer than meets the eye. In this article, we’ll dive into what makes this state special and why so many are drawn to the area. Let’s get started.
1. Freedom Trail
The Freedom Trail in Boston is a must-see for history enthusiasts. The 2.5-mile-long path takes visitors through 16 historically significant sites, including the Massachusetts State House, Paul Revere’s House, and the Old North Church. Tourists enjoy guided tours that bring the past to life, complete with tales of famous patriots and pivotal events. The Freedom Trail provides an engaging way to explore Boston’s rich history and heritage.
2. Harvard University
Harvard University is located in Cambridge and is one of the most prestigious universities in the world. Founded in 1636, it’s the oldest institution of higher education in the United States. While visiting, you can take guided tours of the historic campus, including iconic buildings like Harvard Yard and the Widener Library. The university’s museums, such as the Harvard Art Museums and the Museum of Natural History, offer additional cultural and educational experiences.
3. Fenway Park
Fenway Park, home of the Boston Red Sox, is a legendary baseball stadium. Opened in 1912, it’s the oldest Major League Baseball stadium still in use. Fans love the park’s unique features, such as the Green Monster, a towering left-field wall. Attending a game at Fenway Park is a cherished tradition among locals, allowing them the chance to see baseball history in action. The stadium also hosts tours that allow visitors to explore its storied past and iconic architecture.
4. Clam Chowder
Massachusetts is famous for its New England Clam Chowder, a creamy soup that has become a culinary staple in the state. The dish features tender clams, potatoes, onions, and celery, all simmered in a rich, creamy broth, often paired with oyster crackers. Restaurants across the state, such as the Union Oyster House in Boston, serve up some of the best clam chowder. If you’re in Massachusetts, you can’t miss the opportunity to try this delicious dish.
5. The Berkshires
The Berkshires in western Massachusetts offer a scenic escape with rolling hills, lush forests, and charming towns. This region is known for its cultural attractions, including Tanglewood, the summer home of the Boston Symphony Orchestra. The Berkshires also host renowned art institutions like the Norman Rockwell Museum and the Massachusetts Museum of Contemporary Art. Looking to enjoy the outdoors? People can enjoy outdoor activities like hiking, skiing, and kayaking in the area, making it a year-round destination.
6. Martha’s Vineyard
Martha’s Vineyard, an island off the coast of Massachusetts, is a popular summer destination known for its picturesque landscapes and coastal towns. Visitors can explore quaint villages like Edgartown and Oak Bluffs, famous for their gingerbread cottages and historic lighthouses. The island offers beautiful beaches, scenic bike trails, and exceptional seafood restaurants. Martha’s Vineyard also hosts annual events such as the Martha’s Vineyard Film Festival, drawing celebrities and film enthusiasts from around the country.
Fun facts Massachusetts is famous for
The birthplace of basketball: The sport of basketball was invented by James Naismith in Springfield, MA in 1891.
Boston Tea Party: One of the most famous events leading up to the American Revolution, the Boston Tea Party, took place in Boston Harbor in 1773.
First public park: Established in 1634, Boston Common is the oldest city park in the United States.
7. Plymouth
Plymouth, often called “America’s Hometown,” is a historic coastal town where the Pilgrims first settled in 1620. Explore the iconic Plymouth Rock, where the Mayflower Pilgrims are believed to have landed, and tour the Mayflower II, a full-scale replica of the original ship. The town also features the Pilgrim Hall Museum, which houses an extensive collection of Pilgrim artifacts and exhibits. Plymouth’s scenic waterfront offers charming shops, restaurants, and scenic boat tours.
8. The Boston Marathon
Held annually on Patriots’ Day in April, the Boston Marathon is one of the world’s oldest and most prestigious marathons. Runners from all over the globe participate in this challenging race, which spans 26.2 miles from Hopkinton to Boston. Spectators line the route, especially at famous spots like Heartbreak Hill and the finish line on Boylston Street. The event embodies the spirit of endurance and community, attracting both elite athletes and amateur runners.
9.The Basketball Hall of Fame
The Naismith Memorial Basketball Hall of Fame in Springfield is a shrine to the history of basketball and its greatest players, coaches, and contributors. The museum features interactive exhibits, memorabilia, and a full-sized basketball court where patrons can shoot hoops. Fans can also explore the careers of legends like Michael Jordan, Larry Bird, and Kareem Abdul-Jabbar through extensive displays and multimedia presentations.
10. The Cape Cod National Seashore
Established by President John F. Kennedy in 1961, the Cape Cod National Seashore encompasses 40 miles of pristine beaches, dunes, and marshes along the Atlantic Ocean. Here, you can enjoy a variety of outdoor activities, including swimming, hiking, and birdwatching. The seashore is also home to historic lighthouses, such as the Nauset Light, and scenic trails like the Great Island Trail.
11. The Big E
The Big E, also known as the Eastern States Exposition, is the largest agricultural event on the East Coast and takes place annually in West Springfield. This multi-state fair features everything from livestock competitions and agricultural displays to thrilling rides and concerts. Locals enjoy a wide variety of food vendors, showcasing regional specialties and fair favorites. The Big E draws huge crowds, making it a highlight of the fall season in New England.
12. Old Sturbridge Village
Old Sturbridge Village in Sturbridge is a living history museum that recreates rural New England life in the early 19th century. The village features more than 40 historic buildings, including homes, workshops, and a schoolhouse, all staffed by costumed interpreters. Visitors can watch blacksmithing demonstrations, participate in farm activities, and learn about early American crafts and trades. Seasonal events and reenactments bring the past to life, making Old Sturbridge Village an educational and entertaining destination for people of all ages.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Housing costs appear to be the final hurdle between the Federal Reserve and its goal of bringing inflation back down to its 2% target, and the issues there are likely to get worse before they get better.
Because of how shelter costs are tracked by the nation’s leading price indexes, housing expenses are likely to drive up measured inflation over the coming year, according to a report from the Federal Reserve Bank of Boston, despite data showing that rent prices have largely stabilized.
The Boston Fed projects the core readings — those without volatile food and energy categories — of the consumer price index, or CPI, and the personal consumption expenditures, or PCE, will rise by 0.74% and 0.29%, respectively, during the next 12 months because of greater housing costs. Meanwhile, market rents, as tracked by the analytics firm CoreLogic, were up just 3% year-over-year in April, well below the COVID-19 era-high of more than 13% and on par with their pre-pandemic average.
Fed officials have acknowledged that the data lags related to housing costs have taken longer to play out than they had previously anticipated, noting it could be years before market trends and inflation readings sync up. But others say the issue could be a more fundamental one, related to how housing costs are measured in the U.S. — which differs in significant ways from other major world economies.
Both CPI and PCE measure the cost of housing — also referred to as shelter — through changes in rental prices. But, because more than 65% of homes in America are owner-occupied, these indexes attempt to incorporate owned homes through what is known as owners’ equivalent rent or imputed rent, which are estimates of what a homeowner would pay for their homes if they were renting.
For most homeowners, their housing costs — particularly their monthly mortgage payments — have not changed significantly in recent years. Most are locked in at or near historically low rates. Yet estimated rental growth from homeowners makes up a bigger share of housing price indexes than actual rents, and those owners’ equivalent rents have risen more quickly during the past two years.
Imputed rent accounted for roughly 76% of the overall housing category within the PCE index, which is tracked by the Bureau of Economic Analysis. Actual rents paid by tenants of non-farm housing makes up about 22%. From March 2022 through December 2023, owners’ equivalent rents rose roughly 15% while tenant rents rose 13.9%. Overall housing costs were up 14.7% during that period.
Other countries approach housing cost measurements differently. The European Central Bank does not include owner-occupied housing costs in its inflation tracker, the Harmonized Index of Consumer Prices. The CPI readings used by the Bank of England and the Bank of Canada both include ownership costs such as mortgage interest, insurance and renovations, rather than asking homeowners to estimate a rental value for their properties.
Louise Sheiner, an economic studies fellow at the Brookings Institution, said trying to measure housing costs in a uniform way is difficult, which is why different jurisdictions approach it differently.
CPI and PCE include owners’ equivalent rent to account for the consumptive costs homeowners face, Sheiner explained, though she noted that in the current environment, in which home values are continuing to rise, the measure does not accurately reflect the impact of inflation on those homeowners.
“It is conceptually fine how they do it, but it also might put a little bit less weight on inflation by homeowners who are perfectly indexed,” she said. “They own the home so both their income goes up and, at the same time, their implicit rent goes up too, so they’re not worse off at all.”
Fed Gov. Lisa Cook also highlighted difficulties in tracking housing costs during a speaking engagement with the Economic Club of New York in June, noting that incorporating costs in areas where homes are predominantly owned rather than rented was one of the “big measurement problems” related to inflation.
Yet, Cook noted that the National Academies of Science, Engineering and Medicine have endorsed factoring some version of owners’ equivalent rent into consumer pricing indexes.
“Including [owners’ equivalent rent] is a defensible thing to do,” she said.
Cook added that regardless of how other central banks measure housing costs, the Fed’s go-to reading has long included imputed rent, so it cannot change its measure now.
“Not every European central bank, in its calculation of inflation, includes housing in that measure, so there’s a lot of heterogeneity and ours is the PCE index that we pay attention to,” she said.
Still, regardless of how inflation is measured, some economists say there has been enough progress on other parts of the economy to warrant an interest rate cut. The latest CPI report shows inflation rose 3.3%, driven largely by shelter, which was up 5.4% over the previous year. Similarly, PCE, which gives housing less weight, was up 2.6% on the year, with housing accounting for an outsized portion of the growth.
While conventional wisdom suggests that an interest rate cut would spur demand for home purchases, thus driving up prices more, Nancy Vanden Houten, a senior economist at Oxford Economics, said lowering rates is essential to expanding the supply of both for sale and rental homes throughout the country.
“The more we see progress on these other components of inflation, the Fed might have the freedom to look at housing a little bit differently,” Vanden Houten said. “High rates further constrain supply in the housing market, which is one of the key things propping up prices. If you want more supply and some softening in home price growth, lower interest rates would help in that regard.”
AIR Communities, a publicly traded real estate investment trust (REIT), owns 76 rental housing communities in major coastal markets, including Miami, Los Angeles, Boston, and Washington D.C. Blackstone intends to invest more than $400 million to maintain and improve these communities, with the potential for further capital to support growth. “The business the AIR team … [Read more…]
East Providence is a charming city with a great mix of history and scenery. From beautiful waterfronts to century-old sites, there’s plenty to explore in East Providence.
Whether you’re interested in history, nature, or family fun, there’s a home in East Providence for you. Let’s take a closer look at what makes this city stand out through ten of East Providence’s top attractions.
1. Crescent Park Looff Carousel
The Crescent Park Looff Carousel is a beloved landmark in East Providence. Built in 1895, this historic carousel features hand-carved wooden horses. It’s a fun ride for all ages and a beautiful piece of history. The carousel is part of Crescent Park, which also has picnic areas and walking paths. It’s ideal for a family outing.
2. Seekonk River Branches
East Providence is where the Seekonk River branches out from the Providence River, making the area great for kayakers and anglers alike. The riverbanks provide picturesque views and opportunities for bird watching. It’s also a popular area for fishing. The convergence of the rivers adds to the natural beauty of East Providence.
3. Sabin Point Waterfront Park
Sabin Point Waterfront Park is a lovely place to relax by the water. The park has a fishing pier, playgrounds, and picnic areas. The views of the Narragansett Bay are stunning, especially at sunset. It’s a great place to enjoy a peaceful day by the water.
4. Boston and Providence Railroad Bridge
The Boston and Providence Railroad Bridge is an iconic structure in East Providence. Built in the 19th century, it played a crucial role in regional transportation. The bridge is a significant part of the city’s industrial heritage. Today, it’s a scenic landmark that offers great photo opportunities. It’s a testament to the city’s historical importance in rail travel.
5. Pomham Rocks Lighthouse
Pomham Rocks Lighthouse is a picturesque beacon on the Providence River. Established in 1871, it guided mariners safely for decades. The lighthouse can be viewed from several points along the shore. It’s a favorite subject for photographers and artists. Ongoing efforts to preserve this piece of history highlight its importance to local maritime history.
6. Incorporation in 1862
East Providence was incorporated in 1862, marking its official establishment as a city. This historical milestone is celebrated with pride by the residents. The incorporation marked the beginning of the city’s development and growth. Historical sites and museums in the city offer glimpses into its past. It’s a significant date in the city’s timeline.
7. Watchemoket Square Historic District
Watchemoket Square Historic District is a fascinating area with a lot of history. It was once a bustling hub of commerce and transportation. The district features historic buildings and landmarks that tell the story of its past. Walking tours are available to explore this historical area. It’s a must-visit for all history buffs.
8. Hunt’s Mills
Hunt’s Mills is an historic site with beautiful trails and waterfalls. It was once a bustling mill complex in the 19th century. Today, it’s a secluded park with hiking trails and more. The historic mill building is still standing, offering a glimpse into the past. It’s a peaceful place to enjoy nature without traveling too far.
9. Willett Avenue Boat Launch
Willett Avenue Boat Launch is a popular spot for boating and fishing. The launch provides easy access to the Seekonk River. It’s a great place to start a day on the water, whether you’re kayaking or fishing. The surrounding area is scenic, with plenty of wildlife to check out.
10. East Providence Yacht Club
The East Providence Yacht Club is a meeting spot for boating enthusiasts. It offers mooring services and a friendly community for boaters. The club hosts events and activities throughout the year. It’s a great place to meet fellow boaters and enjoy the water. The views from the club are spectacular, especially during sunset.
Inside: The decision on where you live is a big life choice. Learn how an HCOL vs LCOL area will impact you financially. Plus find the cost of living city that fits for you.
HCOL. LOCL. MCOL. What do these acronyms mean and why should I care?
Back when I was trying to decide where to live, there wasn’t a big discussion about the high cost of living or low cost of living areas.
You just picked a city close to family or branched out to a new area. Were you drawn to the big city or not? Plain and simple.
Today, there are many tools at our disposal to try and figure out what is the best city to live in based on income, expenses, and the lifestyle that you desire.
In this post, you will see how to analyze what type of city you want to live in and see if it makes financial sense for you.
Why such the price difference between HCOL and LCOL?
In a low cost of living city, you can buy a house for $50,000. In contrast, a median home price in a high cost of living city can cost $1.5 million. This is a correlation between supply and demand in the market.
The more people who want to live in a certain area that has less available space will naturally drive up prices. Whereas most low cost of living areas, the supply is abundant since there is plenty of space to spread out and find your own neck of the woods for much less.
Here’s a quick comparison of HCOL vs LCOL vs MCOL.
New York City has the highest cost of living at 100, followed by Los Angeles and San Francisco. This graph highlights the difference in cost of living in these example cities.
HCOL Seattle, WA
MCOL Las Vegas, NV
LCOL Knoxville, TN
Cost of Living Index
85.57
69.33
63.26
2 Bed Apartment Rent
$2,724
$1,176
$788
Median Home Price
$826,200
$441,771
$256,188
Median Income
$92,263
$56,354
$33,229
Data from Nerdwallet, Census.Gov, and Numbeo
What is HCOL area Mean?
Simply put, HCOL means a high cost of living.
This type of acronym is to describe certain areas or cities where expenses that impact your budget the most, such as housing, food, and transportation, are more expensive than other areas.
When defining an HCOL area, it is a comparison of the cost of living based on other areas around other cities, states, and countries.
There is no hard line to define high cost of living since it is compared to the other cities.
Is it possible to live in a high cost of living area? Absolutely, it all depends on how you choose to live, the income you make, your lifestyle choices, and your savings percentage.
VHCOL are VERY high cost of living areas, such as Manhattan, Honolulu, San Francisco, Singapore, or Hong Kong.
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Pros and Cons of HCOL
Just because an area is labeled HCOL does not mean that you shouldn’t call the city home and stay away from these areas.
There are plenty of advantages and disadvantages of living in a high cost city.
There are always drawbacks to living in a high cost of living area and you have to decide whether or not what works for you.
In order to make a solid decision on where the best place is for you to live, you need to know this information.
Advantages of HCOL City
Job Market is Solid
First of all, in HCOL cities, the job market is stronger, there are more jobs available, and typically those jobs have a higher paying threshold than other areas.
That is why many companies are attracted to these areas because they know the talent pool of potential employees is much stronger in high cost of living area versus other areas where there are not as many skilled workers.
Income is Higher
Since companies know they must pay their employees a fair wage living in a high cost of living area, incomes are higher to support the increased expenses.
This helps those municipalities collect more taxes, which feed back into the system to provide more for their residents.
More Opportunities
More opportunities abound in a high cost of living cities.
Not only in the job market but there is access to public amenities and conveniences. Some examples include museums, sporting events, transit, best medical services, endless entertainment options, quality restaurants, high-end shopping, and quick access to international airports.
Even better, you can find free entertainment each and every day that does not cost a penny. Here is a list of 101 things to do with no money.
There are many benefits of living in a high cost of living area just because their opportunities are endless. You will always find something to do and there is always stuff going on.
Better Schools
Typically, in your high cost of living cities, that is where you will find the better schools. This is in direct correlation to the job market and skilled workers.
These skilled workers tend to have a higher instance of college graduates and they tend to want the best for their children. As a result, the schools tend to be much better than you would find in other areas.
Higher Chance of Home Equity
Another advantage of big cities is the variety of neighborhoods you can find in a bigger city. You can find the type of house you want to live in and the diversity you crave.
While home costs are much higher, there is also a greater chance of income increasing your home equity much faster than other areas.
For example, in Michigan, you could pay $100,000 for the exact same house in 5-10 years since appreciation will not happen at the same rate as other cities. Whereas, if you look at some of the hot markets, like Denver, Phoenix, or Austin, the home prices have been skyrocketing.
Thus, if you live in those quickly appreciating housing areas, there is a higher chance to increase the value of your house.
Disadvantages Of HCOL Cities
Higher Basic Cost of Living – Specifically Housing
First, housing costs can break the bank. It is the biggest expense for any household.
If you were unable to secure a salary to justify the housing cost, it makes it nearly impossible to be able to afford to live in a high cost of living area.
This is where you would have to get creative and look for housing subsidies or other means to stretch your housing budget.
Harder to Find Houses
Another con of a high cost of living areas is it is much harder to find housing! House and rent prices are higher, jobs are tougher to find where there’s opportunities abound, and you may feel like you are searching for a needle in a haystack.
You need to have the right opportunity to find the proper house for you. If you are looking at buying, you need things to line up properly and in your favor.
Stretch Yourself Too Far Financially
Since incomes tend to be much higher, many people find the urge to spend more discretionary income.
In many cases, this means that the average household may stretch themselves a little bit further by keeping up with the Joneses. They tend to spend more frivolously and not live as frugal.
This is a trap to be aware of if you are in a high cost of living area. You can be savvy with your money and save, but you have to be cognizant of how you spend your hard-earned salary.
HCOL Cities…
These are the HCOL areas. Do you need to avoid them? No, but going into those areas, you must realize the cost of living will be higher.
Here’s a list of all of the cities that are the top 20 cities that are high cost of living areas according to Kiplinger:
1.
Manhattan, New York
(145.7% above U.S. average)
2.
San Francisco, California
(94.7% above U.S. average)
3.
Honolulu, Hawaii
(97.6% above U.S. average)
4.
Brooklyn, New York
(80.5% above U.S. average)
5.
Washington, D.C.
(60.7% above U.S. average)
6.
Seattle, Washington
(56.7% above U.S. average)
7.
Oakland, California
(53.9% above U.S. average)
8.
Arlington, Virginia
(50.5% above U.S. average)
9.
Orange County, California
(50.2% above U.S. average)
10.
Boston, Massachusetts
(48.8% above U.S. average)
11.
Queens, New York
(47.8% above U.S. average)
12.
Los Angeles, California
(46.6% above U.S. average)
13.
Bethesda, Maryland
(45.5% above U.S. average)
14.
San Diego, California
(41.4% above U.S. average)
15.
Alexandria, Virginia
(40.0% above U.S. average)
16.
Stamford, Connecticut
(36.4% above U.S. average)
17.
Portland, Oregon
(34.3% above U.S. average)
18.
Fairbanks, Alaska
(27.9% above U.S. average)
19.
Bergen County & Passaic County, NJ
(26.6% above U.S. average)
20.
Anchorage, Alaska
(24.4% above U.S. average)
Source: Kiplinger
What Is LCOL Area Mean?
LCOL stands for lower cost of living.
These cities have a lower average cost of living versus the average.
Simply put…your ability to stretch your income goes much further in a low cost area compared to a high cost of living area. This is where you can get a bigger bang for your buck.
Pros and Cons of LCOL
The differences in the area where you can live can be vastly different. Thus, providing benefits or drawbacks of choosing to live there.
The cons are typically the reasons that most people want to stay away from these cities.
This is where personal preference tends to play the biggest reason for choosing one location over another.
Just like with a high cost of living area, you need to weigh the pros and cons of living somewhere where expenses are not quite as high.
Advantages of LCOL –
Slower Pace of Life
One of the biggest benefits is a slower pace of living in low cost of living area.
Life doesn’t move as fast.
There is more time to breathe, there is more time to step back and take a bigger picture. It is not go, go, go, go 24/7. Time to enjoy the fresh air and slower pace.
Cheaper Housing
This is why people choose to live in a low cost of living area. Period.
You are able to afford much more house for much less.
That right there, over the long term can make or break somebody financially.
Lower Taxes
Many of the lower cost of living cities also benefit from lower taxes as well. They have lower income taxes, and even possibly, lower property taxes. So, this is something to take into consideration when looking at a low cost of living area.
Check what the difference would be from where you’re currently at to where you are considering moving.
Remote Work
This is the bread and butter spot! When you can take in a higher pay and still live in a LCOL city.
After 2020, remote work is becoming more and more popular. In addition, it is an added benefit companies are including to attract skilled employees.
This is one scenario where you can get the best of both worlds.
Disadvantages Of LCOL Cities
Less Opportunities
First of all, there are fewer opportunities. There are fewer things to do, there are less things going on. The airport is a further drive away.
In a big city, you can always find events happening. It may not be the same in other cities. However, some cities have created programs to draw in residents with the big city feel like Bellefontaine, Ohio.
Income Potential is Lower
The job market doesn’t have the high-paying jobs that you would find in the bigger cities. The income potential in one of these cities does not compare.
Let’s face it… a good majority of your working years are about built around making an income. With a lower cost of living city, the income limitations can be cumbersome and it takes longer to be able to reach your financial goals.
LCOL States and Countries with LCOL
Geographic arbitrage can give you great value for your money.
Arbitrage is the spread of differing prices for the same thing like rent, food, or transportation.
This means you can save more money by living in LCOL state or spend less of your nest egg by living in a LCOL countries.
These are the areas you can find the lower cost of living. There are many LCOL cities to be found as well.
LCOL States:
1.
Mississippi
(84.10% of U.S. average)
2.
Kansas
(86.67% of U.S. average)
3.
Oklahoma
(88.09% of U.S. average)
4.
Alabama
(88.80% of U.S. average)
5.
Arkansas
(89.16% of U.S.average)
6.
Georgia
(89.30% of U.S. average)
7.
Tennessee
(89.49% of U.S. average)
8.
Missouri
(89.75% of U.S. average)
9.
Michigan
(90.54% of U.S. average)
10.
Indiana
(90.57% of U.S. average)
Source: US News
LCOL Countries:
Listed in alphabetical order because there are many to chose from based on your personal preferences.
The definition of MCOL is any area that just has an medium cost of living.
There is not one extreme or another. These cities are just plain average. Maybe slightly above or below the median cost of living.
This can be a sweet spot of reaching your financial goals while enjoying a higher quality of life.
Benefits of MCOL Area
As you can read on Reddit personal finance threads, there are plenty of reasons to live in an MCOL area.
Mostly because these types of cities you can get the best bang for your buck, and still have the pros of living in a high cost of living area, as well as the pros of living in a low cost of living area.
This is where the job market may be very stable with good wages but the cost of living is not going to cost you a fortune.
Also, you can find tons of cities that meet the criteria of a MCOL city.
Cost of Living Varies within Cities
Regardless of whether you choose, HCOL, LCOL, or MCOL areas, the cost of living will be dramatically different between these cities.
Whether you are looking at the downtown area, the outlying suburbs, or maybe even the cities that have popped up around near the main city.
Just because the city is HCOL or LCOL, there will be neighborhoods that will be the outliers to the main part of the city.
So, when you are looking at cost of living, you must know the things that are most important to you and what type of neighborhood that you would want to live in because they can be found.
That is what I call hidden gems.
It is possible to find a cheaper house in a low cost of living or high cost of living area, you just have to do your homework and know what you’re looking for.
Vice versa, it is very possible to find a neighborhood in a low cost of living area that is much higher than the surrounding areas.
How can I buy a house in a high cost of living?
It is possible to be a homeowner in a in a high cost of living area. You just have to be able to afford the down payment on the house to make being a homeowner justifiable, if possible.
Before you decide to buy a house, here are some factors you need to take into consideration..
1. Does it make sense?
First, you have to make sure that it makes logical sense to buy a house. Especially in a high cost of living area because the house prices may not match up to what the income that you are bringing in.
Will you still be able to reach your money goals by purchasing a house? Or will you be house poor?
2. Compare rent to potential mortgage
Will it be cheaper to rent? Or cheaper to have a mortgage?
To figure this out, take what the average rent is in your neighborhood. Then, use a mortgage calculator to figure out the maximum amount you can afford.
Since those calculators will leave you house poor. Decide what you are able to justify in spending on a mortgage and figure out what the mortgage payment is.
Is the mortgage payment less than average rent in the area?
For example, it may cost in a high cost of living area, like San Diego, it may cost $3,000 a month to rent a house. Whereas you might be able to buy a similar home in the same neighborhood and have your mortgage payment of $2,259.
Thus, making buying makes more financial sense than continuing to rent.
3. Expand your horizons
Another tip to afford your dream house – do not be set on that one specific neighborhood in a high cost of living area.
Many times you can find an up-and-coming neighborhood that is much less than the trendier and hip current neighborhoods that you want to live in.
Thus, you can typically save a good chunk of money. Plus in the long run, you greatly increase the potential for home equity.
4. New Homebuyer Programs
If this is the first time you are buying a house, then look into first-time homebuyer programs and grants. (Hint… this is like free money!)
There are many out there because cities want their residents to buy in their neighborhood and their cities because that means they are going to be there for a longer-term.
Also, there are programs for the military, teachers, nurses, single moms, minorities, graduate students. You just have to look.
5. Save for Down Payment
When you are looking at buying a house, this is the time to become serious about saving for a down payment.
You may have to find ways to save more money each month.
This could include things like downsizing your lifestyle to make it possible. Living with friends or family while you save up more money. Or just spending less for a certain period of time until you reach your downpayment goal.
6. House Hacking
The last step is one of the best ways to reach financial independence in a high cost of living city. Plus the concept works well in any city… house hack.
Find a multi-family housing property that you were able to buy. For example, plan to live on one side of the duplex and rent out the other. This will help you pay for your mortgage, by using the rent collected from your renters.
Thus, lowing your overall housing cost, which is your biggest expense.
Where Does Your Income Go the Furthest?
This is a comparison that you may be surprised by the outcome. Thus, proving why you need to do cost comparisons to see what financially makes the most sense when deciding to move from one to the other area.
comparison of income, expenses, taxes, and potential savings!!!!!!!!!!!
Once again, this is personal to your situation. So, take a moment and use the cost of living calculator yourself.
Paying taxes is one option to increase what you take home in each paycheck.
No Income States
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
For most people, that is an instant decrease in overall taxes!
Higher Taxed States
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area.
The higher taxes income tax states include:
California
Hawaii
New Jersey
Oregon
Minnesota
The District of Columbia
New York
Vermont
Iowa
Wisconsin
These states tax income somewhere between 7.65% – 13.3%.
Property Taxes
Property taxes vary from state to state.
In some states with large property taxes, it may even out with no income taxes. While other states, like Illinois, where property taxes are high and income taxes are above the national average as well.
Moving From HCOL to LCOL
The reason that most people move from HCOL to LCOL area is to save money. They want to decrease their expenses – that is the primary driver. Other times, it may be that they’re looking for a different type of lifestyle.
But as you can read on Reddit, everybody has a different personal experience.
It may have been beneficial and may have been bad timing. It may have been the best choice. It may have been the worst decision.
Make sure to factor in the costs associated with the move. Also, any ongoing expenses like travel if you are moving away from family.
How to Choose HCOL or LCOL?
Deciding where you live is one of the most personal decisions that you can make. Nobody can make it for you. You know what you want in life, how you want to live, and where you would feel more comfortable.
So, let’s look primarily at the financial side of making this decision of what is best.
1. Lifestyle You Desire
There are massive differences between HCOL and LCOL cities!! In big cities, life moves at a faster pace. While most cheaper cities areas move at a slower pace, so you have to make the decision of what type of lifestyle.
Do you want you want the big city? Do you want suburbia? Or do you prefer more of a country lifestyle?
When looking at this first factor, your answer should not include money. This is where your heart is. This is where your home. This is the life that you plan on living. This doesn’t include the financial sense.
This includes what makes your heart happy.
2. Your Money Goals
One of the things that discussed the most on this site is the 10 Money Bliss Steps to Financial Freedom. That is where most of our readers find their current money goal. And for good reason, you must build a strong foundation with money one step at a time.
In order to achieve long term financial success, the decision on housing is critical as it is the biggest expense in any budget. And that is can have the greatest impact on your budget!
On the flip side, the amount of income you are capable of making can also make the biggest impact on what you can afford to spend.
You must decide on your current money goal as well as the longer term money vision. Maybe you are looking at wanting to retire early? Love to live a slower life in the future?
It is possible to live in HCOL area where you are able to live extremely frugally and save more money. This is what my friend did over at Tuppennys FIREplace. For them, it was a smarter decision. On the flip side, maybe you are happier living a slower pace of life. Income is not the primary driver and you just want to enjoy life more.
At the end of the day, you must prioritize what you want, how your budget and your expenses correlate, and how your saving rate is impacted in various cities.
3. Season of Life
For those in their younger years may not understand this as much, but as you go through seasons of life, you will realize that you have different goals, objectives, and desires along the way.
When deciding where to live, your current season of life will probably have a very high impact on what you are looking for.
If you have young kids, you probably want to find a neighborhood where you have other families nearby that your kids can interact with.
If you are close to retirement, you may look decide to move out of the good school district because you do not need to pay the premium of living here. You may choose to move to a lower cost of living area, so you have the freedom to travel and help my kids and grandkids.
4. Potential Income & Career Opportunities
The greatest benefit of a high cost of living area is the income potential and the career opportunities. Both are much greater in the bigger cities than you would find in the smaller cities.
If your primary goal is increasing your income and advancing your career, then looking at high cost of living areas an absolute must. Plus you might be able to find something on the outskirts of expensive neighborhoods, that would make the most financial sense.
Then, living in HCOL is justified and necessary and the income can justify the higher costs associated.
On the flip side, there is plenty of income potential as a small business owner in a low cost of living area. You just have to know the market, what your skills are in, and what the needs are in your area.
4. Fixed Expenses
Fixed expenses can be dramatically different in each area.
Write out a list of your top fixed expenses and make sure to compare those as well.
For example, child care costs and tuition are going to be much more expensive in a big city than in the suburbs. Maybe in certain neighborhoods, a car would not be needed; thus, eliminating another big cost and associated maintenance.
While some fixed expenses seem meniscal, over time, they can add up significantly. Thus, helping or hurting your financial picture.
Unspoken Price Tag to Live Somewhere
As we covered in this post, there is a lot to consider when deciding between HCOL, LCOL, or MCOL areas.
It is a highly personal decision that you must take the time to make the best decision for you!
Not someone else, but for you.
One thing to watch out for when looking at where to live is what I call the “price tag” of a beautiful city.
Many times, employers know that the city that people want to live in their city for whatever reason. Thus, you will experience what I like to call the “income hit” to living there.
For example, Fort Collins, Boulder, and Austin are highly desirable areas for postgraduates to live in because they fall in love with the town and they want to stay here for the long term. Thus, employers know that this!
As a result, income for jobs maybe 10 to 15% less than they could make in any other type of market or city. So, that is something just to be aware of when wanting to stay in the city that they have grown to love.
In conclusion, when you’re looking at a high cost of living area versus a low cost of living area, there are two sides to the coin.
One – what makes financial sense. Two – your home is where your heart is.
Consequently, you have to make the decision on what makes sense for you.
While it makes financial sense to move to a lower cost city, at the same time, it may move you away from your family and your support system, and everything that you enjoy, and you may not be as happy in the long run.
Enjoy weighing the alternatives between all of the options available.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Thousands of homeowners face the risk of losing their homes due to “zombie mortgages” bought by companies — with some forcing foreclosures without their knowledge, according to a shocking report..
Many of the stunned homeowners took out second mortgages during the subprime lending housing bubble between 2004 and 2008 that they believed were written off — only to learn the mortgages have come back to haunt them.
An investigation by NPR found at least 10,000 old second mortgages that foreclosure activity had been initiated on in just the last two years.
‘The numbers to me are very scary,’ Andrea Bopp Stark, an attorney at the National Consumer Law Center, told the outlet.
The problem is feared to be widespread across America.
‘If you’re looking at the number of these foreclosure filings, or at least the attempts to collect on this zombie debt, you’re starting to see the numbers tick up dramatically into the thousands, if not more, in individual jurisdictions,’ David Weber, a professor at the Creighton University School of Law told The New York Times.
‘That’s a lot of activity.’
McDonough told NPR.
When she approached one of the individuals who had driven up to her home, she was told: “We’re selling your house.”
“This is a foreclosure. You are going to lose this house.”
McDonough was stunned. She had owned the home for 17 years and was up on her mortgage payments.
But their was a “zombie” mortgage on her home that she was not aware of.
She purchased the home in 2005 for $365,000 with an “80/20” loan. One mortgage covered 80% of the home’s cost — $292,000 — while the other covered the remaining 20% — equal to $73,000.
“It was the easiest thing I’ve ever applied for,” McDonough told NPR. “I just filled out paperwork and submitted it and I was approved.”
McDonough was making her mortgage payments in the first two years, but the interest shot up after the second year — pushing her monthly bill $700 higher.
When she asked for the mortgage to be modified, she said she was informed by the company, which serviced both loans, that the second mortgage was forgiven.
“I was actually in my kitchen. I was cooking dinner, and I was talking to a representative … and he told me I would never have to make a payment again on the second mortgage,” she said.
“And I just didn’t question any of it ’cause I was so grateful that the loan was modified.”
McDonough said she no longer was receiving statements on the 20% loan. But recently she started getting phone calls asking for money.
Assuming those phone calls were scams, she ignored them.
The then received a letter was from First American National, a company that she had never heard of.
“It had an amount and they wanted a payment … like $77,000,” she said. “I was kind of in disbelief.”
First American National then kept calling and threatening her with foreclosure if she didn’t pay, McDonough told NPR.
When McDonough called the company that serviced the first mortgage, she said she was told it was likely a scam.
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“I was crying on the phone with them, like having a nervous breakdown,” McDonough said.
“And they kept saying like we’re gonna help you. You can’t lose your home through this.”
But her fears were well-founded.
Limited liability companies that are registered in Delaware and whose owners’ identities are shielded by law bought up bundles of mortgages for pennies on the dollar in the wake of the 2008 housing crash — when banks were selling them for dirt cheap as they were going under.
Since housing prices were low after the crash, the mortgages were worthless. But once home values soared in the ensuing years, the investors who bought up the loans were looking to cash in.
McDonough’s home, which she bought for $365,000, is now worth $600,000.
First American National bought her house at auction for $178,500 and is the legal owner of the home. McDonough, however, is still living in her home after filing a lawsuit which alleges the company used unfair and deceptive practices to foreclose on her home.
She continues to make payments on her first mortgage.
“I feel like what happened was a terrible thing,” McDonough said.
“But I’m still, like, really hopeful that I’m going to stay in my home. I’m really hopeful I’m going to win this case.”
McDonough’s lawyers claim that the second mortgage she was told had been forgiven was instead sold in 2020 along with around 600 other mortgages to an LLC connected with First American National.
“We think that they have systemically and deliberately broken the law,” Todd Kaplan, an attorney with the nonprofit Greater Boston Legal Services, told NPR.
First American National, a small New Jersey-based business, is run by Ira Bailey, who told NPR that he had been buying up second mortgages for around 20 years.