A lot of cities are more than happy to welcome newcomers into the fold, but Ames does it better than anywhere else.
There are a lot of factors that go into choosing a new city to call home. What’s the job market like? How about the schools, cost of living and proximity to family?
There’s one intangible that’s extremely important and often overlooked during the decision-making process, and that’s how welcoming the city is to newcomers, especially foreign and domestic immigrants. Nobody wants to wind up somewhere they’re not really wanted and appreciated for their talents, after all.
A lot of cities have come a long way in making all types of people feel wanted and included. Some cities have programs in place (via the government or otherwise) specifically to help with immigrant well-being. For example, the Philadelphia non-profit The Welcoming Center has an Intercultural Wellness Program which teaches immigrants how to navigate their new surroundings and find solutions to common problems. Although less daunting than moving into a foreign land with totally different languages and customs, it’s also important for people who migrate from other areas of the country to select a city that can make them feel at home and valued.
Aim for opportunity in Ames
It’s no longer necessary to fly blind during the decision-making process since the Bush Institute-SMU Economic Growth Initiative crunched the numbers and ranked U.S. cities on how welcoming they are to new residents. At the top of the list of most welcoming cities is the metro of Ames, Iowa, which is a little bit north of Des Moines and smaller than any other metro in the top 10 — with a population of only 126,000. Here are some of the ways that Ames stands out from the pack.
Ames is a well-known safe haven
There are so many conflicts going on right now, causing people to flee their beloved homeland. The Ames metro area has welcomed many immigrants from Honduras, Ukraine, South Sudan and other countries in recent years as they exit war-torn and otherwise dangerous situations in hopes of finding prosperity and peace.
At 7 percent, the immigration rate in Ames, Iowa, is higher than in many other cities, likely due to the area’s reputation for happily taking on people who need a friendly face, a warm bed and plenty of professional opportunities.
Some of this is likely due to the fact that Ames is home to Iowa State University, which has excellent programs in engineering, agriculture and many other areas of study. The Bush study noted that college towns and other “knowledge-centric” cities tend to be the most welcoming, so Ames’s spot at the top of the list makes perfect sense.
Opportunities abound in Ames
Ames boasts a very high opportunity score of 27.5 when compared with other cities. This means that Ames offers a better quality of life than the areas where the immigrants and migrants are coming from.
This is all great news, considering many newcomers are looking for their luck to change for the better. For a frame of reference, the Orlando metro area only has a score of 8.7, and Jacksonville’s is even lower at 5.8.
Other reasons people are moving to Iowa
In austere economic times, many people are looking for cities where the dollar stretches as far as possible. This makes moving to the Hawkeye State appealing, as the cost of living in Iowa is well below the national average.
As a college town, Ames is especially affordable, with a cost of living 19.7 percent below the national average. The average one-bedroom apartment rents out for $805 per month, and a two-bedroom unit is only slightly more at $872.
Ames, Iowa, is also growing by leaps and bounds, which translates into tons of job and educational opportunities. Since immigrants are known entrepreneurs, often opening their own businesses and thus adding to the area’s economic stability, this growth only adds to the area’s appeal. There are also many opportunities to kick back and enjoy life, thanks to booming arts, entertainment, retail and dining scenes near the university.
Great apartments to rent in Ames
Most college towns have more than enough apartments available for rent, and Ames is no exception. Brick Towne Ames is an attractive – you guessed it – brick apartment community with a pool, clubhouse and other amenities.
Prairie West is one option that gives would-be renters a choice between regular and upgraded units, or people who long for high-end housing might opt for a unit in Campus Flats.
Ames is clearly a friendly place
Ames, Iowa, is just over there in the Midwest quietly excelling at everything, but especially at being welcoming. This benefits immigrants, migrants and residents of the area in more ways than you’d at first imagine.
Looking for a place to live in this welcoming university city? Start here!
Arlington, Virginia is a city of harmonious contradictions. Much of Arlington is small, quiet suburbia steeped in history and tradition. However, sprinkled throughout you’ll find bustling metropolises, eclectic shopping districts, and a thoroughly modern feel.
All of this is set on the backdrop of the city’s location bordering the District of Columbia. Arlington capitalizes on D.C.’s energy while offering a respite from the never-ending pace of the capital city.
This dichotomy gives Arlington its character. The juxtaposition between small town and big city has led people to call Arlington neighborhoods “urban villages.” All of the city’s urban villages have this mix of old and new to varying degrees, and understanding those nuances can help you find the best fit. Here’s a quick guide to give you an idea of which neighborhood in the city is right for you:
Westover
Located close enough to D.C. to commute but far enough away to unwind, Westover is a great location for those looking to have more of a small-town feel at home.
Arlington’s Farmers Market is located in Westover, and the neighborhood is full of locally-owned stores and restaurants. It’s utterly walkable, full of shady trees and benches to encourage people to stroll, and easily accessed via bus or Metro.
Shirlington
This urban village is younger than some of the other neighborhoods in Arlington, which means it’s still developing its culture and personality. However, it’s already a popular location for young professionals. Near the Washington-Old Dominion bike trail, it’s a great location for runners, cyclists, and anyone else who might enjoy the scenic path.
Shirlington Village is a restaurant and shopping district right in the center of the neighborhood that is easily reached by foot from anywhere in Shirlington.
Ballston
Aesthetically speaking, this neighborhood’s old roots and new businesses have brought Ballston to a crossroads. Because the city is becoming a more popular location for companies, it’s in a transitional stage between the past and the present.
Walking around the block, you can go from a booming metropolis to an adorable suburb. Ballston is a prime example of the idea of an “urban village,” a place that’s both modern and steeped in tradition.
Pentagon City
Pentagon City is the perfect location for someone who wants to be close to D.C. and is prepared to pay the price.
A shopper’s dream, this neighborhood is home to the Fashion Centre at Pentagon City, a shopping center with over 150 shops and restaurants. There are plenty of other shops and retailers in this area as well, so this is a great place to be if you like to stay on top of the newest fashions and trends.
Clarendon
The urban village of Clarendon is one of the rising stars of Arlington, Virginia. This was originally Arlington’s downtown area– at one point it even attempted to incorporate as its own town– but it eventually fell out of popularity.
However, in 2003 the area blossomed once again, thanks in large part to new retail, office, and restaurant development at Market Common. Now the area is known for its exciting nightlife and regular neighborhood events.
Crystal City
A village named after a chandelier is bound to sparkle, and that’s definitely the case here. Crystal City is one of the largest downtown areas in Arlington and is a great location for people who want to be in the thick of things.
The neighborhood is going through a state of transition, after having recently lost its significant military population due to base reorganization. However, the future looks as bright as the name: with Amazon building a headquarters nearby, Crystal City hopes to become an energetic place in the near future.
Virginia Square
Although Virginia Square still has that characteristic Arlington blend, it’s definitely more village than urban. Mostly residential, Virginia Square is a hub for arts, culture, and education.
It’s the location of the Arlington Public Library and is full of parks and playgrounds. Like Westover, you can consider Virginia Square a small town in the middle of a big city: close enough to be connected, but far enough to get a chance to disconnect.
Columbia Pike
More than a fourth of Arlington’s population lives in this urban village. This is due in part to its linear shape, stretching from the western border of Arlington all the way to Arlington Cemetery.
Although this area doesn’t have a Metro stop, it is serviced by a number of buses, so public transportation is still easy to find. There are a number of parks scattered through the neighborhood, giving residents a chance to connect with nature. It’s also home to the Arlington Cinema and Drafthouse, a great place to catch a movie or grab a meal.
Inside: Are you thinking about moving out? This guide will help you figure out how much money you need to save and where to find affordable housing. Will $5k be enough to move out?
Moving out for the first time is a huge milestone. It’s a chance to start fresh, create your own space, and live on your own terms.
But it can also be a daunting prospect, especially when you’re trying to figure out how much it will cost.
You want to know if $5,000 is enough to move out?
But there are a lot of factors to consider before making the decision to move out, and we’ve laid them all out for you in this ultimate guide.
So whether you’re just starting to think about moving out, or you’re ready to start packing your boxes, read on for everything you need to know about making the big move.
How much money do I need to move out?
Experts recommend having at least $6,000 to $12,000 saved up before moving out.
However, it’s possible to move out with as little as $5,000 if you focus on knowing how to live cheap and have a stable source of income.
However, if you don’t have a job before moving out, the need for a huge savings account is huge.
How much money should I have if I want to move out?
The minimum amount of money required to move out will depend on where you plan to live and your living expenses.
Shortly you will learn factors to include initial moving costs, rental deposit, and ongoing costs like rent, utilities, and food.
If you are looking to move out in an HCOL area, then you will need more than an LCOL city. At this point in your life, it is important to understand HCOL vs LCOL and how it affects your finances.
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What are the expenses you should consider when moving out?
Moving out on your own can be a daunting and expensive task.
There are many expenses to consider when budgeting for your new place especially when you are learning how to move out at 18.
This guide will help you estimate the cost of moving out and provide tips on how to save money.
1. Rent/Utilities
The cost of rent varies depending on the location and size of the apartment or home, with the median rental cost in the US being around $1700 per month.
Along with rent, utilities like electricity, gas, water, and internet can cost around $400 per month.
To save money on rent and utilities, consider finding roommates to split costs or negotiating with landlords for a lower rent.
Rent is your biggest expense when figuring out the ideal household budget percentages.
2. Rent Deposit
When renting an apartment, you will typically need to provide a rent deposit. This deposit is a sum of money paid upfront to the landlord to cover any damages or unpaid rent at the end of the lease.
The cost of a rent deposit can vary depending on the location and the landlord’s requirements, but it can range from $1,000 to $5,000 or one to three months of rent.
To save money on a rent deposit, consider looking for apartments with lower deposit requirements or negotiating with your landlord for a lower amount. A clean rental history will help you with this.
3. Moving Expenses
Moving out can be an expensive process, but with some planning and budgeting, you can keep costs under control.
When considering moving expenses, be sure to factor in the costs of moving truck, packing supplies, such as boxes and tape, as well as the cost of hiring movers
To save money on these expenses, try finding free packing materials on Buy Nothing groups or ask friends and family to help you move. You can also minimize your possessions and have less to move.
4. Renter’s Insurance
When moving out and renting a home or apartment, it’s important to consider getting a renter’s insurance policy to protect you from unforeseen events.
Home insurance, also known as renter’s insurance, is a special type of insurance policy that protects your property against losses or damage stemming from covered perils, including fires, storms, or theft. It can give you peace of mind and help you repair or replace your possessions in the event of unforeseen situations.
Insurance premiums are based on various factors, including where you live, how much you choose to insure, and your deductible. Your credit score and history may also affect your insurance rates.
5. Furniture and Appliances
When moving into a new home, it’s important to consider all the necessary expenses for furnishing the space. This includes appliances like a refrigerator, stove, oven, and microwave, as well as daily living items such as a mattress, table, and couches.
I remember when I moved into my first apartment by myself and there wasn’t a washer or dryer in the apartment. Just hookups. I had one of two choices: 1) rent from the management company for $35 a month or 2) buy new appliances with 0% interest for $35 a month. I choose option #2 and it saved me money in the long term.
To save money, consider buying used furniture from thrift stores or online marketplaces like Facebook Marketplace. You can also find plenty of free furniture if you are not picky.
By being thrifty and smart with your purchases, you can furnish your new home without breaking the bank.
6. Housewares
When moving out on a budget, it’s important to consider the essential housewares you’ll need to make your new place feel like home. Here’s a list of must-haves and their estimated costs:
By prioritizing these essential housewares, you can make your new place feel like home without breaking the bank.
Don’t forget to check out thrift stores and Facebook Marketplace for gently used furniture and household items. With a little creativity and resourcefulness, you can furnish your new home on a budget.
7. Internet and Phone Bills
The average cost of internet and phone plans varies depending on the provider and the plan you choose. However, you can expect to pay around $50 to $100 per month for internet and $40 to $80 per month for a mobile phone plan. In addition, there may be additional fees, such as equipment costs or activation fees, which can add up quickly.
To minimize these expenses, consider bundling services with one provider. Many companies offer discounts for bundling internet, phone, and cable services.
8. Credit Card Payments
If you thinking about moving out and are currently swaddled in debt, then you probably don’t have enough money to move out. If you have high-interest credit card debt, prioritize paying it off before moving out.
Automating savings on essential bills using Truebill can also help you manage your credit card payments while covering the costs of moving out.
Additionally, ensure that you have an emergency fund and enough money to stay a year to handle unexpected expenses.
Things may get harder if you have to pay for college without help from parents.
How to calculate your moving out budget
Moving out on your own requires careful planning and budgeting.
To calculate your moving-out budget, start by determining your monthly expenses once you move out. Make sure to include the factors discussed above.
Then, decide on your target move out date.
Now, figure out how many months you have to save.
For example, if your target move out date is in 6 months and you need to save $5,000 to cover your expenses, you’ll need to save about $833 per month.
Additionally, create an emergency fund to cover unexpected expenses such as medical bills or car repairs. Aim to save at least 3-6 months’ worth of expenses in your emergency fund.
By creating a detailed monthly budget and sticking to it, you can ensure that you can afford to live on your own and achieve your goal of moving out.
Tips and tricks on how to move out
So, you’re finally ready to move out and start your life as an independent adult.
But before you can start your new life, there are a few things you need to take care of first – like, you know, finding a place to live and figuring out how to pay for it.
Learn the lessons from those who did not move out with enough cash – like me.
Tip #1: Create a Budget and Stay Within Limits
Moving out with only $5000 can be challenging, but creating a budget and sticking to it can make the process much easier.
To start, subtract your monthly bills from your monthly income to determine your basic budget.
For instance, if you make $2500 per month and pay $1500 for rent and bills, you have $1000 left for living expenses.
Allocate $400 for groceries and other necessities, $200 for transportation, and $100 for utilities.
This leaves you with $300 for entertainment and other non-essential expenses.
To stay within your budget, consider using a budget binder to track your income and expenses.
Be mindful of living within your means and avoid overspending by resisting the temptation to spend your first paycheck on new household items or entertainment. Instead, opt for more affordable options such as walking around your new neighborhood or having a picnic in the park.
Tip #2: Reduce Expenses Where Possible
One of the hottest topics is becoming frugal green. To save money and the environment at the same time.
When it comes to furniture, try buying used or refurbished items or borrowing from friends and family. Additionally, cutting back on unnecessary expenses such as dining out and entertainment can free up more money.
By being resourceful and creative, it is possible to move out on a budget without sacrificing quality or comfort.
Remember to allocate 50% of your monthly pay towards necessary expenses, 30% towards things you want, and 20% for debt repayment and long-term savings.
Tip #3: Look for Low-Cost Rentals
Finding low-cost rentals can be a challenge, but there are several options available to those who are willing to be flexible and creative.
Renting a basement suite or studio apartment can be a more affordable option.
Consider couch surfing, subletting, or home-sharing arrangements.
Home-sharing can be particularly attractive as it allows you to pair up with an elderly homeowner who needs a little extra help in exchange for low rent.
Find a tiny home rental.
If you don’t mind sharing the space, you can also consider getting a roommate or looking into pod shares. Pod shares are co-living spaces where individuals rent a bed in a shared room, with access to other community spaces like a bathroom and kitchen.
Become a housesitter and be paid to move out. Learn more with Trusted Housesitters.
With a little bit of research and creativity, it is possible to find low-cost rentals that fit your budget and lifestyle. Remember to determine exactly how much you can spend on rent and be open to alternative housing solutions to help keep your costs at a minimum.
Tip #4: Look Into Getting Renters Insurance
When renting you are more than likely going to live closer to others, which means more things can go wrong. Don’t skip out on renter’s insurance, as it can provide the peace of mind and protection you need as a first-time renter.
Without renter’s insurance, unexpected disasters such as fires, storms, or theft can leave you with thousands of dollars in damages that you would have to pay out of pocket.
Renter’s insurance typically costs around $20 per month and can save you a lot of money in the long run. Some affordable options for renter’s insurance include Lemonade, State Farm, and Allstate.
It’s important to shop around and compare policies to find the best one for your needs and budget.
Tip #5: Plan for Emergencies and Unexpected Expenses
It is crucial to plan for emergencies and unexpected expenses.
Start by setting aside a minimum of $1000 for an emergency fund.
Ideally, you should aim to save at least three to six months of living expenses in a rainy day fund. Remember, having a contingency plan and emergency fund can provide peace of mind and protect you from financial hardship.
Tip #6: Start Saving for a Security Deposit
Remember to prioritize saving for a security deposit by setting a specific savings goal and putting aside a portion of your income each month before you move out!
With dedication and discipline, you can reach your goal and move out with confidence.
More than likely, if you are a good tenant, you should get your full security deposit back after your lease is over.
Tip #7: Start a Side Hustle
Starting a side hustle can be a great way to earn extra money while still maintaining your full-time job. You can earn extra income through various side hustles depending on your skills and interests.
The most common side hustles are online jobs, such as transcription, virtual assistance, proofreading, blogging, freelance writing, data entry, graphic design, and web design. These jobs are flexible and eliminate the need for driving anywhere, requiring only a laptop or computer and a good internet connection.
In fact, learning how to make money online for beginners is a trending topic.
As you start your side hustle, put in as much time as you have available to maximize your earnings. Remember that a side hustle is unlikely to replace the need for a real job, but it can provide a great way to earn extra money and pursue your passions.
Tip #8: Plan Ahead and Create a Timeline
When planning to move out on a budget, it’s important to create a realistic timeline.
Start by mapping out all the expenses you’ll need to cover, such as rent, utilities, food, and transportation. Along with how much money you have already saved for unknown expenses.
Stay organized by keeping a checklist of everything you need to do and when it needs to be done. Don’t rush the process – take your time and make sure you have everything in order before making the big move.
Remember the millionaire quote, failing to plan is planning to fail, so take the time to plan ahead and create a realistic timeline.
Is 10000 a good amount to move out with?
According to various sources, $10,000 is generally considered enough to cover moving out expenses and leave room for emergencies.
However, the actual cost of moving out can vary depending on location, rent prices, and cost of living.
Learn how to save 10000 in a year!
FAQ
There are a couple of different ways to save more money including:
Cut back on frivolous expenses like eating out and buying new clothes.
Sell anything you have that you don’t want or need on websites like Craigslist, Facebook Marketplace, Depop, or eBay.
Consider getting an extra part-time job or side hustle to increase your income.
When it comes to furnishings, be thrifty by asking friends and family if they have anything extra they’re getting rid of or checking out second-hand or discount stores.
Set saving goals and track your expenses using a spreadsheet. That will give you a clear picture of what is and is not possible.
Renter’s insurance is highly recommended, and in some cases, required by leases. It provides protection against unforeseen disasters such as fires, storms, or theft that can damage or destroy your possessions.
While it may seem like an unnecessary expense, it is usually affordable and can save you a lot of money compared to paying out of pocket for damages.
Not having renters insurance can leave you vulnerable to unexpected expenses and potential financial ruin.
You should not spend more on your rent payments than you are comfortable.
Just like with getting a mortgage, you should spend no more than 30% of your take-home pay on rent payments.
You don’t want to be stressed about finances, so you should set a realistic budget for rent that allows you to comfortably cover all of your expenses while still having some money left over for savings.
So, is 5000 enough to move out?
It really depends on your situation.
If you’re moving to a cheaper area and don’t have many expenses, you might be able to make it work.
However, if you’re moving to a more expensive city or have a lot of bills, you might need to save up more money.
When determining how much money is needed to move out, there are several factors to consider, which we covered above. These include where you plan to live, your living expenses, initial moving costs, ongoing costs, and emergency funds.
It’s essential to have a budget and do the math to determine the minimum amount required for a smooth transition to independent living on a tight budget.
Ultimately, it’s important to do your research and figure out what’s best for you.
Know someone else that needs this, too? Then, please share!!
These Colorado college towns will make you want to hang around after earning your cap and gown.
In the Centennial State, there’s an incredible blend of outdoor beauty, vibrant culture and thriving academic communities. Nestled between the Rocky Mountains and the Great Plains, Colorado is home to some of the best college towns in the nation.
With a variety of universities and colleges to choose from, these towns offer a unique blend of academic excellence and exciting recreational opportunities. Let’s dive into what makes these towns such exceptional places to study and live.
With its picturesque mountain backdrop, Boulder is considered the quintessential college town in Colorado. Home to the University of Colorado Boulder, which offers top-notch business, marketing and biological sciences programs in addition to a vibrant outdoor scene. It’s no surprise that Boulder consistently ranks among the best college towns in the nation.
Boulder also boasts a bustling downtown area, where you’ll find a diverse array of eateries, bars and shops. For those who love the great outdoors, Boulder is a dream come true. Chautauqua Park and the Flatirons provide endless opportunities for hiking, rock climbing and soaking in stunning views. Additionally, Boulder is known for its environmentally conscious culture, which is reflected in the city’s extensive bike paths and commitment to renewable energy.
Just west of Denver lies the charming town of Golden, home to the Colorado School of Mines. With its rich history dating back to the Gold Rush, Golden is an idyllic setting for students pursuing degrees in engineering, geology and other related fields.
The town itself is quaint, with a walkable downtown area featuring shops, restaurants and breweries. The Coors Brewery, the largest single-site brewery in the world, is also located in Golden, offering a unique glimpse into the beer-making process at the most prolific level.
Golden’s location at the foothills of the Rocky Mountains provides ample opportunities for outdoor recreation. North Table Mountain Park and the Clear Creek Trail are just a few of the nearby destinations for hiking, mountain biking and any other outdoor recreational activity.
For those interested in the town’s history, the Golden History Museum and the Colorado Railroad Museum are a couple of truly unique, must-visit attractions.
Grand Junction is home to Colorado Mesa University and is known for its stunning red rock landscapes and sprawling vineyards. Often referred to as Colorado’s Wine Country, Grand Junction offers a unique experience for students looking to study in a picturesque and culturally rich town.
Downtown Grand Junction is a hub of activity, with shops, art galleries and restaurants lining the streets. The town also hosts several events throughout the year, including the Grand Junction Art and Jazz Festival and the Colorado Mountain Winefest, which showcase the region’s artistic and culinary offerings.
Outdoor enthusiasts will find plenty of recreational opportunities in the surrounding area. The Colorado National Monument is a must-visit, with breathtaking views and miles of hiking and biking trails. Just outside of town, the Grand Mesa, the world’s largest flat-top mountain, offers more hiking, fishing and skiing opportunities throughout the year.
As the capital city of Colorado, Denver is home to several colleges and universities, including the University of Denver, Metropolitan State University of Denver and the Community College of Denver. As a major metropolitan area, Denver offers a different college experience compared to other college towns in Colorado.
The city boasts a thriving arts scene, with the Denver Art Museum, the Museum of Contemporary Art Denver and numerous galleries scattered throughout the city. Sports fans will find plenty to cheer for, with Denver acting as home to nearly all of Colorado’s major professional sports teams. Music lovers can enjoy concerts at the iconic Red Rocks Amphitheatre or catch a show at one of the many smaller venues around town.
Denver’s food scene is equally impressive, with a diverse array of dining options, from farm-to-table restaurants to globally inspired cuisine. The city is also home to a flourishing craft beer scene, with numerous breweries and taprooms to explore.
Despite its urban setting, Denver still offers plenty of outdoor recreational opportunities. City Park and Sloan’s Lake Park provide green spaces for jogging, picnicking and other outdoor activities. Plus, the city’s proximity to the Rocky Mountains means that skiing, snowboarding and hiking are always just a short drive away.
Fort Collins is home to Colorado State University and is known for its friendly atmosphere and thriving arts scene. The city’s historic downtown, often referred to as Old Town, is a lively area filled with shops, restaurants and breweries. Old Town Square regularly hosts events, including live music and seasonal celebrations.
The city is also home to several museums, including the Fort Collins Museum of Discovery and the Gregory Allicar Museum of Art, which showcase the town’s rich history and commitment to the arts. Fort Collins is also renowned for its craft beer scene, with more than 20 breweries in the city, including the famous New Belgium Brewing Company.
Outdoor enthusiasts will appreciate Fort Collins’ extensive network of bike trails and natural areas, like Horsetooth Reservoir and Lory State Park. These destinations offer opportunities for hiking, mountain biking, rock climbing and water sports.
As an honorable mention on our list of the best college towns in Colorado, Gunnison is home to Western Colorado University. This small town, surrounded by the stunning Rocky Mountains, provides students with a unique and scenic college experience.
Gunnison’s quaint downtown area features local shops, restaurants and a vibrant arts scene, including the Gunnison Arts Center. The town also hosts a number of community events throughout the year, like the Gunnison River Festival and Cattlemen’s Days Rodeo.
The surrounding area is a paradise for outdoor enthusiasts, with easy access to Gunnison National Forest for hiking, fishing and camping as well as Blue Mesa Reservoir, the largest body of water in Colorado is also nearby.
Your Colorado college town awaits
Colorado is home to some of the best college towns in the nation, each offering a unique blend of academic excellence, vibrant culture and abundant recreational opportunities. Whether you’re drawn to Boulder’s balance of nature and academics, Golden’s charming history, Grand Junction’s picturesque vineyards, Denver’s metropolitan allure, Fort Collins’old town charm or Gunnison’s stunning mountain backdrop, there’s a college town in Colorado that’s perfect for you. These towns provide students with the perfect environment to thrive academically and experience a well-rounded college life in one of the most beautiful states in the country.
Is there anything better than a well-prepared tube steak? If you’re a fan of encased meat on a bun, then July’s National Hotdog Month is the season for you. As simple as this food may seem, a hot dog you chow down on near Coney Island might be markedly different from one you nosh in Seattle. Regional variations inspire a strange and all-consuming loyalty — so pay attention to how the locations near your apartment are serving them up.
The Slaw Dog
A staple of the South, the slaw dog is a hot dog slathered with a thick, sweet, creamy mayonnaise-based slaw made from a mixture of finely chopped cabbage and carrots and placed on a lightly steamed bun. You can stop here, or try the unique flavor combination of the chili cheese slaw dog, which features a grilled hot dog topped with hearty, beanless chili and that signature slaw.
Where: The Varisty – 61 North Avenue, Atlanta, GA 30308
The Italian
The Italian hot dog is like a regular hot dog on steroids. Hot dog vendors hip to this variety, most often found in New Jersey, take a half-round of doughy bakery bread, slice it open and create a pocket that resembles an enlarged pita, which is then smeared with yellow mustard. Then, they stuff in a pair of deep fried hot dogs (called rippers because their skin rips open during frying), toss on a mound of sautéed onions and peppers and a heap of crispy fried potato wedges.
Where: Jimmy Buff’s – 60 Washington St., West Orange, NJ 07052
The Chicago Style
As the name suggests, you can find this famous style in the Windy City. If you choose to chow down on this culinary creation, you’ll enjoy either a steamed or charred, all-beef, natural casing hot dog, nestled into a steamed poppy seed bun and topped with a variety of things. If you want it “dragged through the garden,” you’ll get chopped onions, sliced tomatoes, a dill pickle spear, neon green sweet pickle relish, yellow mustard, pickled sport peppers and celery salt. Just don’t ask for ketchup – you’ll never find this looked-down-upon condiment on the Chicago-style hot dog, although some vendors will provide small packets to customers who request it, along with a dirty glare.
Where: Superdawg – 6363 N Milwaukee Ave, Chicago, IL 60646
The Sonoran
Found in Tucson, metropolitan Phoenix and in Sonora, Mexico, the Sonoran hot dog is wrapped in mesquite-smoked bacon and then cooked on a grill or a griddle and stuffed into steamed bolillo rolls. The finished product is topped with pinto beans, chopped tomatoes, onions, mustard, mayo and jalapenos. Other topping variations include shredded cheddar cheese, queso fresco, cotija cheese, salsa verde and guacamole. It’s like a fiesta for your tummy.
Where: Nogales Hot Dogs – 1945 E Indian School Road, Phoenix, AZ 85016
The Seattle Style
If you haven’t heard of the Seattle-style cream cheese dog, you’re probably not alone. This sleeper hit of the Pacific Northwest has practically popped up out of nowhere and now can be found at hot dog carts across the Emerald City. The Seattle-style hot dog is a wiener or Polish sausage split, grilled and jammed into a toasted bun slathered with cream cheese. Standard toppings include grilled onions, jalapenos and either sauerkraut or grilled cabbage, while typical condiments include mustard, barbecue sauce and Sriracha.
Where: Monster Dogs – 1st Avenue and Bell Street, Seattle, WA 98101
The Puka Dog
Just as its native Hawaii is a melting pot of cultures, the puka dog offers a wide variety of flavors from across the world on one bun. The word puka means “hole” in Hawaiian and, in this case, refers to the hot dog’s bun, a loaf of sweet bread which is baked in a special contraption that creates a hole to encapsulate the grilled Polish sausage. Puka dogs are topped with any number of secret sauces, particularly a lemon garlic aioli, tropical mustards and fruit relish, like habanero, lemon, mango, coconut, papaya and guava.
Where: Hula Dog, 2301 Kuhio Avenue #334, Honolulu, HI 96815
St. Louis is known as the “Gateway to the West” to tourists, but locals are more than happy to simply call it the “Lou.” No matter what you like to call this Midwestern hub, one thing’s for certain: There are a lot of excellent St. Louis neighborhoods to call home.
St. Louis really does have it all: great architecture, a sense of community pride (especially when it comes to great beer making), a thriving sports scene, and lot of friendly locals ready to welcome in new residents. The best part? There are 79 distinct and wonderful St. Louis neighborhoods located in the city proper.
Like any big city, neighborhoods in St. Louis are diverse, eclectic, and have their own distinct history and personality. Here are a few of the most popular St. Louis neighborhoods to start apartment hunting in if you’re a new resident:
Central West End
Bordered by St. Louis University and Forest Park, the Central West End is a beautiful neighborhood known for its diverse crowd. Here you’ll find a mix of young singles as well as families. There are many great bars, shops, galleries, and fun sidewalk cafes that line the area.
However, perhaps the most famous building in the Central West End is the Roman Catholic Cathedral Basilica, which boasts one of the largest mosaic art structures on earth. Another major landmark in this neighborhood is the Chase Park Plaza Hotel, one of the city’s most historic hotels.
Due to the neighborhood’s age, there are lots of apartment styles to choose from, from townhomes to high-rises, all with some of St. Louis’s finest architectural highlights. The area hosts a lot of the city festivals too, so be prepared to be out and about– especially during the warm-weather months.
Maplewood
Known as a young, up-and-coming neighborhood, Maplewood could be the perfect area for a resident looking to plant roots and save some green during their first few years in St. Louis. Many locals think Maplewood is the city’s hipster area, and they might not be too far off in their assumptions. For instance, offbeat shops are everywhere in Maplewood, as are laid-back coffeehouses buzzing with creatives and college students.
One of St. Louis’s relics also calls Maplewood home: Saratoga Lanes. This vintage bowling alley is the oldest west of the Mississippi River, according to Explore St. Louis. Beer lovers will also be more than happy to be living in Maplewood, as Schlafly Bottleworks (St. Louis’s most respected craft brewery) offers tours there.
Clayton
Clayton is the famous home of the St. Louis Art Fair, one of the most celebrated events in the city, where 150,000 people flock annually. However, the community events don’t stop there in Clayton. There is also the Gallery Nights receptions and Parties in the Park cocktails (perfect for a roomie weekend outing).
It’s a busy and fast-paced place to call home, but Clayton always presents renters with something to do, whether you’re headed to one of the best bars and restaurants in St. Louis or finding your cultural bearings at one of Clayton’s many art galleries. Clayton is also the home of the St. Louis city government and the Center of Clayton, which is a 136,000-square-foot sports and recreational complex.
Cherokee Street
This is the one neighborhood that everyone in St. Louis is buzzing about. Cherokee Street is full of beautiful vintage and antique shops, artsy and progressive locals, and plenty of Mexican restaurants. If you love all things retro and tacos– this is definitely the place for you.
However, the appeal of Cherokee Street goes well beyond great food and shopping. A lot of renters are flocking here due to the welcoming atmosphere for young startups and business owners.
Many of the businesses here are locally owned and source from excellent vendors. Most have a certain beatnik vibe, making Cherokee Street the perfect place for first-time apartment dwellers or young renters.
If you’re renting with multiple roommates or love to decorate with an industrial, business vibe, then this is the place for you.
Be sure to do some exploring while in St. Louis during your apartment hunt. With literally dozens of neighborhoods, there’s bound to be one with your name on it.
If you have someone counting on you financially – or even if there is someone in your life who may be required to pay off your debts and your final expenses in case of the unexpected – then you likely need to have life insurance.
You can use life insurance proceeds for any number of circumstances, such as paying off a home mortgage and credit card debt, as well as replacing lost income. Replacing lost income ensures loved ones can continue to pay their everyday living costs, in turn, keeping those you care about from financial hardship.
When you are shopping for life insurance, you want to make sure that you choose the right type and amount of coverage for your specific needs. You should also ensure that the life insurance carrier you obtain the policy from is reliable and stable financially so that your loved ones can be more assured that they will get the funds that are owed to them. One insurer that fits these criteria is the Baltimore Life Insurance Company.
The History of The Baltimore Life Insurance Company
The Baltimore Life Insurance Company was initially founded back in 1882, as The Baltimore Mutual Aid Society of Baltimore City. Five men began the company with a starting sum of $260.93 in company asset. At that time in U.S. history, many people purchased life insurance coverage so that they or a loved one would not have to buried in a potter’s field, as versus replacing lost income of a breadwinner.
While it took several years for the company to start growing, by the year 1900, it was starting to pick up steam. At that time, the company’s name was also changed to The Baltimore Life Insurance Company of Baltimore City.
Over the years, the Baltimore Life Insurance Company has held steady through several recessions, and even depressions, in the United States. But it has persevered. Today, Baltimore Life Insurance Company insures more than 300,000 policy holders – both families and businesses – in communities across the country.
With its home office now located in Owings Mills, Maryland, the Baltimore Life Insurance Company operates in 49 of the U.S. states, and in the District of Columbia. The products and services of the Baltimore Life Insurance Company are marketed through 13 different career agency sales groups that operate in Maryland, Pennsylvania, Ohio, South Carolina, and West Virginia, as well as through an independent sales division.
The company’s independent marketing organizations’ ability to develop strong relationships with clients is the key to the success of clients as well as the insurer. To achieve this, the Baltimore Life Insurance Company offers extensive support, such as:
A competitive product portfolio
An electronic application and underwriting process (known as INSpeed)
Stellar customer service
The key market segment that the company targets is those who are in middle-class America.
The Baltimore Life Insurance Company Review
As of year-end 2016, the Baltimore Life Insurance Company had invested assets of nearly $1.2 billion – which equates to approximately 4 percent more than year-end 2015, and total assets of $1.241 billion. The company’s surplus stood at more than $81 million, which is a significant increase over the year prior.
The company also increased its new business sales in 2016, by 8 percent over its 2015 figures. Given its normalized sales and its death claims, the Baltimore Life Insurance Company continues to demonstrate positive operating income.
Today, just as it was when the company began in 1882, the Baltimore Life Insurance Company serves the mutual interests of its policyholders, its agents, its employees, and the communities around it. Commitment to excellence guides the company’s actions to the following:
Financial discipline
Making a positive difference
Integrity and respect
Openness and honesty
The Baltimore Life Insurance Company serves in some ways, including through sponsorships and employee volunteerism. Just some of the charities the company supports include the United Way and the Community Grants Program, as well as regular blood drives via the Red Cross.
Insurer Ratings and Better Business Bureau (BBB) Grade
Based on the company’s financial stability, and its ability to pay out its policyholder claims, the Baltimore Life Insurance Company has a rating of B++ (Good) from A.M. Best Company. This rating is fifth out of a possible 16 ratings.
Also, even though the Baltimore Life Insurance Company is not a Better Business Bureau (BBB) accredited company, the BBB has given this insurer a grade of A+. This is on an overall grading scale of A+ to F. Over the past three years, the Baltimore Life Insurance Company has only had to close out three customer complaints through the Better Business Bureau (and only one of these was in the past 12 months). All three of the complaints centered on problems with the company’s products and services.
Life Insurance Coverage Offered Through The Baltimore Life Insurance Company
The Baltimore Life Insurance Company offers a long list of personal life insurance options to choose. These can help to address both individual and family needs. These policy offerings include the following:
Secure Solutions Protector – Level Term Life Insurance – The Secure Solutions Protector level term life insurance coverage offers initial level premium periods of 10, 15, 20, or 30 years. After that, the policy may be renewed on an annual basis. All of the death benefits and the premiums are fully guaranteed to the insured’s age 100.
Home Secure – Simplified Issue Level Term Life Insurance Coverage – This plan provides both a death benefit that can be used by beneficiaries, as well as the option for living benefits, which can be applied if the insured becomes disabled or is diagnosed with a terminal illness. These living benefits may also be used if the insured is confined to a skilled nursing home facility. Also, this plan has a return of premium option.
Secure Solutions Advantage – Whole Life Insurance – This whole life insurance policy offers guaranteed cash values, along with a level death benefit. The policyholder may also receive dividends from the company to take as cash, or to put towards the purchase of additional life insurance coverage.
Silver Guard I, II, and III – For those who are between the ages of 50 and 80, final expense life insurance protection may be necessary. The Silver Guard plan can provide those funds. And, once qualified, as long as the premium remains paid, the plan will stay in force.
Lifetime Navigator – Universal Life Insurance – The Lifetime Navigator universal life insurance plan combines the affordability of permanent life insurance, flexible premiums, and a built-in lifetime insurance protection guarantee feature. For those who are seeking long-term protection with a competitive premium cost, this could be a viable option.
Generation Legacy – The Generation Legacy allows the transfer of funds from non-qualified annuities and other qualified plans, and offers an easy, tax-efficient way of passing a much later gift from these proceeds to the insured’s loved ones.
Secure Solutions – Single Premium Whole Life Insurance – The Secure Solutions Single Premium Whole Life insurance plan allows the transfer of cash funds such as money market and CD accounts. Plus, if the insured is diagnosed with a terminal illness, he or she may access the policy’s living benefits for paying their medical costs, or any other financial need that they see fit.
Critical Illness Insurance – The critical illness coverage from the Baltimore Life Insurance Company provides for medical expenses that are associated with the major critical illnesses, such as cancer, heart attack, kidney failure, major organ transplant, and stroke. This plan provides a cash benefit that can be used for costs that are not typically covered by regular health insurance policies such as home health care, experimental medical treatments, copayments and deductibles, and the lost income of a spouse or other caregiver.
Other Products and Services Offered
In addition to the life insurance coverage products that are offered via the Baltimore Life Insurance Company, there are also other products and services that can be obtained through this insurer. These include the following:
Retirement Annuities – The annuities that are offered by the Baltimore Life Insurance Company include options such as flexible premium retirement annuities (FPRAs), single premium deferred annuities (SPDAs), and single premium immediate annuities (SPIAs). All of these financial vehicles can help to ensure that a retiree will have an income for a set amount of time in the future.
Workplace Solutions – Baltimore Life Insurance Company works with business owners to help provide voluntary supplemental benefits for better meeting the needs of employees and their loved ones. These solutions include a permanent whole life insurance product, critical illness insurance coverage, disability income protection, dental insurance, long-term care insurance, personal major medical coverage, and more.
Financial Needs Analysis – The Financial Needs Analysis, or FNA, can help clients to set financial goals, prioritize them, and initiate a plan of action. The FNA should ideally be reviewed on a regular basis.
Prescription Savings Program – The Baltimore Life Insurance Company offers the ScriptSave Value Program that can help individuals and families to save money on necessary prescription medications. Both name brand and generics are eligible for this savings program.
Personal Planning Guide – Although nobody wants to dwell on it, there can be unexpected expenses thrust upon loved ones when an individual passes away. But, by going through the personal planning guide, individuals and families can plan for such costs in advance, and can often avoid having to dip into savings or other assets to pay these expenses.
Grants Program – For over fifteen years, the Baltimore Life’s Community Grants Program has helped many organizations in the communities where the company’s employees live and work.
Identification Program – As a community service, Baltimore Life Insurance Company offers several ID card programs to local groups and organizations. These programs can enhance the safety of the communities where the company serves. These cards include Child ID and Youth SportSmart cards, as well as medical emergency cards.
How to Find the Best Life Insurance Premium Quotes with Baltimore Life Insurance Company
If you have been looking for the best life insurance premium quotes on coverage from the Baltimore Life Insurance Company – or from any insurance provider – it is typically recommended that you work in conjunction with an independent life insurance agency or brokerage that has access to many different insurance carriers. In doing so, you will be better able to compare, side-by-side, the plans and the premium prices of different options, and from there you can decide which one will be the best for you and your specific needs.
When you are ready to move forward with comparing available life insurance options, we can help. We are an independent insurance broker, and we work with many of the top life insurance carriers in the industry. We can provide you with all of the important information that you will need for making a well-informed decision – and we can do so right from your computer. If you are ready to begin the process, then all you have to do is just simply fill out our quote form.
We understand how overwhelming it can seem when you are in the process of shopping for life insurance. There are many different policies and companies to choose from – and you want to be sure that you are moving in the right direction. Our life insurance experts can get you through this process easily, though. So, contact us today – we’re here to help.
If you’re in tech in Utah, you probably already know Lehi. As the home of industry giants Adobe, Ancestry.com, Workfront, SirsiDynix, IM Flash and other large, small and up-and-coming firms, Lehi has grown from bedroom community to destination location for families looking to be in the center of the action.
Just south of Point of the Mountain, Lehi’s family-friendly lifestyle gives residents quick access to recreation, quaint restaurants, ample shopping and a perfect place to call home. Plus, its center-of-the-valley location means you’re never far from anything.
Considering a home in Lehi? Here’s what you’ll find.
Small town charm with top amenities
Lehi is growing— and fast— but it still retains the small town charm that drew families to it in the first place. Want a peek at what Lehi used to be? Take a drive by Lehi Roller Mills; if it seems familiar, that’s because this still-working mill was the set for the original Footloose. Just a few blocks down Lehi’s Main Street and pop into Paper Crush for a DIY custom day planner and other party supplies or grab a burger and old-fashioned shake at Porter’s.
If a wedding is in your future, Flowers on Main is your stop for fresh-cut beauties and handmade leis, which are great accompaniments to the custom dresses at Gowns by Pamela.
Family game night goes all out at Gamers’ Inn, where you can try games before you buy them or join in with a group to play your favorite board games. Sweeten the day with treats from Lehi Bakery, where the donuts are square, and cupcakes at the Little Cake and Dessert Shop.
If community events are more your style, attend Lehi’s annual Round-Up celebration and rodeo each June and mark your calendar for the carnival-style Foam Day in July. (Why the name? Because before the activities end, everything is covered in soapy foam.) And October wouldn’t be complete without a visit (or two!) to Cornbelly’s, where attendees can get lost in an old-fashioned corn maze —haunted or not—and test their punkin’ chunkin’ skills before settling in to make DIY s’mores.
Walkability/Drivability and Livability
Don’t work in Lehi? Not a problem. Your average commute will still only be 23 minutes, or you could hop on FrontRunner to take the train to Salt Lake, Provo, Ogden and points in-between.
When you return home, it’s a quick walk, drive or bike ride for a bite to eat. Depending on the direction you prefer, both Tsunami and Jimmy Johns are both highly accessible, thanks to the Murdock Canal Trail, a 17-mile paved trail that runs parallel to an unpaved equestrian trail, and connects seven communities in Utah County.
If your destination is a dream home with all of the modern amenities, Lehi is your place. Thanks to the tech corridor, most homes in Lehi were built since 2000 and have all of the amenities homeowners are looking for. Best part: home values in Lehi average $266,300 and climbing, which makes a home in Lehi a smart investment but still affordable. Check out the homes for sale in Lehi on Homie for current availability.
Get out and play, nature’s way
Flanked by Thanksgiving Point to the West and Mt. Timpanogos to the East, Lehi’s access to the great outdoors means you can play hard by day—regardless of your preferred activity.
Take in a round of golf at Thanksgiving Point’s championship course or Frisbee golf at Dry Creek Trail Park, the city’s first disc golf course. You can also run, bike or walk the 17 miles of the Murdock Canal Trail or cool off at the city pool.
For a high-flying adventure, Flight Park State Recreation Area, accessible from Minuteman Drive, has facilities to help you get your hand glider, paraglider and model airplanes in the air.
And for a quick reminder of Mother Nature’s brilliance, Mt. Timpanogos looms just 10 miles east, where you can tour the cave, go for a hike hiking or have a quiet picnic.
Indoor fun
Shopping anyone? Traverse Mountain’s diverse stores include something for everyone, whether your style is H&M, Michael Kors, Quicksilver or Coach. And there’s Cabela’s, where you’ll find everything you could possibly want to feel at home in the great outdoors.
Across the highway are the restaurants of Thanksgiving Point, including Harvest Restaurant, known for its locally-sourced ingredients and fresh take on lunch and dinner. Top off the day by visiting the Museum of Ancient Life or Museum of Natural Curiosity, and the requisite trip to the Ice Cream Shop for an old-fashioned float—with bubblegum ice cream, of course.
Nightlife for everyone
Don’t expect the carpet to roll up at sunset. Evenings are a great time to catch a box office favorites at the Megaplex. In summer, Sundays end with a serenade from some of the best local talent at Wines Park. Or catch a nightcap at Scorez Sports Bar or Buffalo Wild Wings, both prepped for late-night fun.
Want to find your place in Lehi?
If Lehi sounds like the perfect place for you to call home, the Homie team is here to help. You can start the process by browsing through the current homes for sale in Lehi and click “Schedule a Tour” whenever you’re ready to get a closer look. When the time is right, Homie will help you create an offer, answer questions and secure your financing—and Homie’s services for buyers are completely free. You’ll find more details in our Buyer package.
Mike and Georgia had looked for six months before they found their perfect townhome. Like many buyers, they were more worried about the sellers accepting their offer than they were about investigating the Homeowners Association (HOA). Turns out, the HOA almost ruined the deal. Because the HOA had let their FHA approval lapse, Mike and Georgia were not able to go with an FHA loan. When they switched to a conventional loan, they had to drain their savings in order to qualify for the higher debt-to-income ratios. At this point, they took a more careful look at the HOA’s meeting notes and were alarmed to read that roads would soon need major investments and that HOA fees had been rising higher and faster than local rents for the past five years. The entire scenario was a nightmare, costing Mike extra time and money—and he now gets to pay the association a pretty penny every month for the hassle.
HOAs aren’t usually top of mind when you’re looking to buy a home. In fact, HOAs can be completely overlooked until you learn that your dream house comes with one.
If you’ve carefully figured out just what you can afford to spend every month on a mortgage and then get hit with the added expense of an HOA, you may find your perfect home suddenly out of reach. But all the HOA news isn’t bad. Sometimes the benefits of an association can make homeownership more manageable—especially if you’re used to apartment or condo living.
Whether an HOA is part of your home shopping wish list or not, here’s everything you need to know to make a smart decision when it comes to joining an HOA.
What is an HOA and why do they exist?
One Salt Lake buyer, Kip. A., shared this insight, “HOAs are meant to ensure that a community maintains a good standard of upkeep and generally do a good job at that. Some HOAs might include lawn care, snow removal, and community amenities such as a clubhouse or pool.”
Homeowner associations are legal entities that exist to govern a planned community like a subdivision or apartment complex. HOAs ensure that certain rules and regulations (like what color you can paint your front door) are followed, and usually take responsibility for maintaining common areas like parking and sidewalks. An HOA will typically take care of at least some of the landscaping and exterior home maintenance.
As Kip noted, they can also provide community amenities like a pool, fitness center, and park areas. In some instances, HOAs provide road and waste management to areas that are outside city service areas. HOAs are funded by membership fees that are required to live on the property. Fees can range from $75 to more than $400 per month, depending on the neighborhood and the services provided.
Things to watch out for when it comes to an HOA
If you fall in love with a home that has an HOA, this is your must-do list before putting in an offer.
Dig into the fees: Find out what the current fees are, what they cover, and how often you can expect increases. Most HOAs in Utah have some limits on how much fees can be increased without homeowner approval. However, the board can usually approve a minimal increase without asking for input or taking a homeowner vote.
Verify what your fee covers: Be very specific when you look into what your HOA fee covers and what it doesn’t. If landscaping is included, find out the specifics—how often is the lawn mowed and edged? Is tree and hedge trimming included? What if you have a broken sprinkler? Verify policies for snow removal, waste and recycling, and which portions of your home are covered for repair under the HOA’s homeowners insurance policy.
Ask about big projects: HOAs need to maintain things like roofs, fences, and community amenities like swimming pools. Find out if any big projects are on the horizon and what the costs look like. Sometimes HOAs will impose a special assessment on top of your monthly fees in order to pay for something big like re-tiling the pool.
Read the minutes: HOA meeting minutes are public and available to all homeowners. Ask to review recent minutes, which should include the latest financials. Look for any complaints that seem consistent and note outstanding HOA fees from owners who are in arrears. The minutes should also include how much money is currently in the reserve account for emergencies and big projects. This can give you a clue into the health of the community and the potential for extra fees and increases.
Study the CC&Rs: The HOA governs the CC&Rs (Covenants, Conditions, & Restrictions) of the community. These are the rules that let homeowners know what modifications are allowed (painting, shutters, etc.) and what is not allowed. Some communities have liberal policies and others are highly restrictive, not even allowing wreaths on front doors or more than one small pet. Owners are fined if they violate the CC&Rs, so it’s highly important to understand what they are and whether or not you can live with them.
Life with an HOA… advice from Homie buyers and sellers
Many Homie buyers and sellers have lived with HOAs—and some have passed on a house because of the HOA—and wanted to share their experiences to help other home buyers.
Rob T. warns homeowners of the costs of an HOA over time, “Make sure that you understand the long-term costs of an HOA and consider if they are providing value equal to that cost. Since you are paying them monthly, make sure they doing their job. HOA‘s can be hit or miss. Some provide great value while others create huge hassles. Where possible, check with current residents in the area to see what they say about their HOA before you buy.”
Justin P. shared why he likes his HOA, “I like having an HOA to protect my property value from gross negligence or outrageous and inconsiderate decisions by neighbors.” However, he added this advice, “Read the CC&Rs to know what restrictions you may have as a homeowner, but judge the HOA’s ability to protect your property value by browsing the existing neighborhood to see how well kept it is.”
Clinton M. cautions potential buyers about possible fines and liens, “When purchasing a home in an HOA neighborhood, be well aware of the fact that your neighbors will be on the lookout for any infractions and are willing to turn you in (subjecting you to fines) for any violations. Be advised that your failure to pay your dues will result in a lien against your property and you can be foreclosed upon by your community. Not surprisingly, the community interest is at stake – if the HOA bankrupts, it goes on your credit too! The best advice I could give to any family or friend would be to think twice about purchasing in an HOA community.”
Homeownership is exciting, and it’s important to feel confident and comfortable about the community in which you buy. If an HOA is part of the package, be sure to do your research first. It’s nearly impossible to get out of HOA requirements and restrictions, and if you’re not happy with how yours is run, you could be in for a world of headaches, extra fees, and disappointment.
Here’s yet another post in my growing series of wondering if home prices are too high.
Earlier this week, Black Knight Financial Services noted that home prices increased to within 3.8% of their all-time highs set back in June 2006. Other home price indexes (and specific metro areas) are spitting out new record highs.
That may scare some folks, including myself, as I tend to be a bit more conservative when it comes to massive year-over-year home price increases.
It has been about 10 years since home prices were defying expectations and now they appear set to finally surpass those old unsustainable highs.
If you’re wondering why home prices have risen so much since bottoming around 2012, the answer is pretty simple.
Home prices got way too cheap after the crash and inventory has remained very tight in spite of a flood of foreclosures. That, plus super low mortgage rates sprinkled in, has driven home prices higher and higher for months on end.
Your Last Chance to Get In
The fact that sentiment is still mixed
Tells me that this housing recovery still has legs
It’s also important to remember that recoveries have ups and downs
Just like downturns, and they play out longer than anticipated
But now we’re getting a little irrational again, at least in my opinion. I’ve been hearing that ill-fated sentiment of “Buy a house now or you may never get the chance!” SMH.
Usually when people start saying things like that it isn’t long before it all goes very wrong. But as I noted in recent posts, we aren’t quite there yet.
Indeed, a return to bubble-era home prices doesn’t mean the bottom is just going to fall out. Clearly this has played out in history many, many times. Otherwise how would we reach new highs to begin with?
There’s no inherent problem with higher highs, but how quickly we get there could pose a threat, and overshooting the mark is also a major concern.
A commentary released this week by Freddie Mac titled, “How to Worry About Home Prices,” attempts to answer that very question. But they even admit it’s a tough one to answer.
However, they do outline a strategy we can use to determine if and when we’ll be facing another crisis thanks to unsustainable home prices.
Start with the PTI
Consider the price-to-income ratio (PTI)
Which is used to determine if home prices are outpacing wages
This can tell us if the current trajectory is sustainable
Or if affordability will begin to erode and take the housing market down with it
It rhymes with DTI, but is actually the price-to-income ratio used to determine if home prices have outpaced incomes.
Freddie refers to it as the “clearest indicator of the long-run sustainability of house prices,” although still not entirely sufficient on its own.
Basically you can use this metric to determine which metros in the United States require further scrutiny.
The median PTI ratio between 1993 and 2003 was 3.5, so this is seen as “normal” according to Freddie.
It climbed as high as 4.8 in 2005 before the housing bubble popped, and as low as 3.2 in 2011 when everyone lost confidence in the housing market.
We’ve since returned to 4.0, which is above the norm but just below 4.1, which Freddie calls an “outlier threshold” and says separates the “usual” and “unusual” values of the PTI ratio.
In other words, we’re getting into murky territory again, but that alone is not reason to freak out, at least not yet.
Then Ask Why the PTI Is High
Assuming the PTI in your city is high historically
You need to determine why it’s elevated and if it’s above normal range
Then you need to dig down and find out if a high PTI is warranted
Based on things like employment growth (think tech scene in Seattle) or if it’s financially driven by things like easy credit (uh oh!)
We need to know why the PTI is high for a given metro to see if it points to another housing bubble.
In red-hot San Jose, home to Silicon Valley, the PTI is a seemingly very high 9.6, but the outlier threshold for that specific region is 9.4. So while elevated, it’s just above its already historically high level.
Then consider Dallas, where the PTI stands at just 3.4, but is actually above its outlier threshold of 3.2.
This is why you have to examine each metro carefully, instead of attempting to determine if the entire nation is under or overvalued, or evaluating a PTI without historical and geographical context.
Once we have our PTI, we need to ask three main questions to determine if a bubble is imminent.
Are there nonfinancial reasons for the high PTI ratios?
If a given metro’s PTI is elevated for nonfinancial reasons, then it could be perfectly fine because bubbles are financially driven.
For example, if the region is growing rapidly because of employment demand in a specific industry, high home prices may be perfectly acceptable and sustainable.
Limited supply is also driving home prices much higher.
Additionally, the PTI ratio may be thrown off because of income inequality – put simply, if richer people are the ones buying homes they may actually have the income to absorb higher home prices. So it’s not a perfect science.
Conversely, if home prices are rising rapidly for no apparent reason (such as easy credit) you might start to worry.
Are credit conditions deteriorating?
Next, we have to ask if credit conditions are going downhill. As of now, mortgage underwriting is not even comparable to what it was before the previous crisis, and that’s a very good thing.
There aren’t many stated income loans being originated these days, nor are borrowers allowed to finance investment properties with zero money down and 620 credit scores.
Most of today’s mortgages are fully-documented, fixed-rate mortgages with nothing exotic whatsoever.
In short, standards are a lot higher than they were and should stay that way for the foreseeable future. The only risk is these new 3% down mortgages, which could pose a threat as home prices continue to rise.
If borrowers are putting next to nothing down simply to qualify because home prices have outpaced incomes, we could have a problem.
The good news is that hasn’t happened too much lately. In fact, limited inventory and intense competition is forcing buyers to put more money down to beat out other offers.
Is leverage increasing?
Lastly, we need to determine if leverage is increasing. Essentially, if mortgage debt is rising relative to home equity. At the moment, this isn’t the case.
In fact, mortgage debt has declined while homeowner equity has increased. This gives homeowners a bigger cushion between what they owe and what their properties are worth.
If they face some sort of financial crunch, those with a healthy cushion can sell if need be and probably still take in a tidy profit (and walk away with some cash in their pocket to use for rent and other needs).
During the prior crisis, you couldn’t sell your home for more than the bloated mortgage balance, which led to even more downward price pressure and tons of short sales and foreclosures.
As noted, we aren’t at that point yet and everyone appears to be paying off their mortgages. You don’t see too many interest-only loans, and definitely no pay option arms. This means today’s homeowner is actually building equity, unlike the crop of owners back in 2006-2007.
So where does that leave us? Well, the Freddie researchers conclude that aside from a few potential trouble spots, “we don’t need to worry about house prices — yet.”
A bit ominous but pretty spot on.
The issue is that the way the housing market works, we’re bound to repeat history in the future.
As home prices climb further out of reach, financing is eased to accommodate new buyers. We’re already seeing that.
These buyers wind up purchasing too much house for their budget and when the housing market naturally cools off, they’re left with very little equity and a massive mortgage (and accompanying housing payment).
I don’t see a scenario where it won’t play out like this…it’s basically ingrained in the market. So the next housing bubble is a matter of when, not if.