The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.
If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.
11 Affordable Neighborhoods in Philadelphia, PA
From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.
1. Hartranft 2. Cedar Park 3. Fox Chase 4. Near Northeast Philadelphia 5. Cobbs Creek 6. North Central 7. Upper North District 8. Oxford Circle 9. Southwest Philadelphia 10. Bustleton 11. Richmond
Read on to see what each neighborhood has to offer its residents.
1. Hartranft
Average studio rent: $850 Average 1-bedroom rent: $1,050 Apartments for rent in Hartranft
Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.
2. Cedar Park
Average studio rent: $840 Average 1-bedroom rent: $1,075 Apartments for rent in Cedar Park
Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.
3. Fox Chase
Average studio rent: $962 Average 1-bedroom rent: $1,112 Apartments for rent in Fox Chase
With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.
4. Near Northeast Philadelphia
Average studio rent: $990 Average 1-bedroom rent: $1,112 Apartments for rent in Near Northeast Philadelphia
Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.
5. Cobbs Creek
Average studio rent: $1,100 Average 1-bedroom rent: $1,200 Apartments for rent in Cobbs Creek
Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.
6. North Central
Average studio rent: $850 Average 1-bedroom rent: $1,215 Apartments for rent in North Central
Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.
7. Upper North District
Average studio rent: $1,062 Average 1-bedroom rent: $1,245 Apartments for rent in Upper North District
Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.
8. Oxford Circle
Average studio rent: $1,355 Average 1-bedroom rent: $1,250 Apartments for rent in Oxford Circle
Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.
9. Southwest Philadelphia
Average studio rent: $900 Average 1-bedroom rent: $1,250 Apartments for rent in Southwest Philadelphia
A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.
10. Bustleton
Average studio rent: $1,099 Average 1-bedroom rent: $1,276 Apartments for rent in Bustleton
The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.
11. Richmond
Average studio rent: $750 Average 1-bedroom rent: $1,285 Apartments for rent in Richmond
Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
This ApartmentGuide article dives into the essence of life in the Empire State, highlighting the pros and cons of living there. With New York’s rich cultural heritage and endless opportunities for entertainment, dining, and outdoor activities, it’s an ideal destination for those looking to experience the best of both worlds. Whether you’re interested in upstate living with charming suburbs like Saratoga Springs, or want the hustle and bustle of Manhattan, New York has it all. Join us as we take a look on what life is like, so you can navigate what to expect.
Renting in New York snapshot
1. Pro: Diverse cultural experiences
New York is a melting pot of cultures, where you can immerse yourself in a multitude of cultural experiences. From the dazzling Broadway shows like Wicked in Manhattan to its numerous cultural festivals, such as the Greek Festival in Astoria, New York has plenty of experiences to appreciate all over the state.
2. Con: High cost of living
The cost of living in New York is significantly higher than the national average, especially in New York City where housing, groceries, and transportation can be particularly expensive. The median sale price in New York City is $776,500 and the average rent for a one-bedroom apartment is $5,147, making it challenging for residents to manage their finances comfortably.
3. Pro: Abundant natural beauty
New York boasts a variety of natural landscapes, from the scenic beaches of Long Island to the majestic Adirondack Mountains. The state offers countless opportunities for outdoor activities such as hiking, skiing, and boating, appealing to nature lovers and adventure seekers.
4. Con: Weather extremes
New York faces a range of extreme weather conditions, including flooding, severe storms, heatwaves, and winter blizzards. Additionally, heavy rainfall, exacerbated by factors like urbanization and climate change, can lead to flash floods in various regions of the state. Moreover, winter blizzards bring heavy snowfall and below-freezing temperatures, posing challenges for transportation and infrastructure maintenance.
5. Pro: World-class education institutions
New York is home to some of the world’s most prestigious universities and colleges, including Columbia University and New York University. These institutions attract individuals from all over the globe, contributing to the state’s vibrant intellectual community.
6. Con: Noise pollution
Noise pollution is a significant issue in many parts of New York, especially in urban areas. The constant background of traffic, construction, and urban activities can affect residents’ quality of life and well-being. If you’re walls are thin, you’ll want to learn how to soundproof a room.
7. Pro: Economic opportunities
As a global financial and business hub, New York offers vast economic opportunities across various sectors such as finance, media, technology, and healthcare. The city is home to Wall Street, the epicenter of the global finance industry, attracting top talent and investment from around the world. Additionally, New York City’s vibrant media landscape includes major publishing houses, television networks, and digital media companies, driving innovation and creativity in the industry.
8. Con: Traffic congestion
Traffic congestion is a common issue in New York, particularly in densely populated areas like New York City. This can lead to long commute times and increased stress for residents who rely on road transportation for their daily activities. Traffic congestion also allocates to the city’s noise pollution, stated above.
9. Pro: Culinary diversity
New York’s culinary scene is renowned for its diversity, offering everything from high-end dining experiences to street food from around the world. Food enthusiasts can explore a wide range of cuisines, reflecting the state’s multicultural population. For example, in New York City’s boroughs, one can find authentic Italian trattorias in Little Italy, while in upstate New York, be sure to try some amazing farm-to-table restaurants.
10. Con: Overcrowding in urban areas
Overcrowding is a problem in many areas of New York, particularly in New York City. High population density can lead to crowded public spaces, long lines, and a general sense of congestion, impacting residents’ daily lives. This issue is particularly evident in popular tourist destinations like Times Square and Central Park, where people gather year-round.
11. Pro: Vibrant arts scene
New York is a global center for the arts, home to iconic institutions like the Metropolitan Museum of Art, Museum of Modern Art and the The Corning Museum of Glass. The state’s vibrant arts scene includes a wide range of performances, exhibitions, and cultural events throughout the year.
12. Con: Limited affordable housing
Finding affordable housing in New York can be a significant challenge, especially in major urban centers. The high demand for housing often leads to competitive rental markets and high prices, making it difficult for many residents to find suitable accommodations.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
The Conference of State Bank Supervisors (CSBS) and the Federal Housing Finance Agency (FHFA) have signed onto a memorandum of understanding to formally share information between each other related to nonbank mortgage companies.
“The [MOU] establishes substantive information sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments, identify and mitigate risks, and ultimately, further protect consumers, taxpayers, and the nation’s housing finance system,” a joint announcement from CSBS and FHFA said.
The agreement, signed on Tuesday, is significant due to the regulatory roles of both bodies. CSBS is a conference of the primary regulators of nonbank mortgage companies at the state level, while FHFA is both regulator and conservator to the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, the most important counterparties for nonbank mortgage entities.
“While each supervisory agency maintains specific authorities related to the mortgage industry, only state financial regulators have complete prudential authority over nonbank mortgage companies,” the joint announcement said.
The MOU should lead to a more collaborative relationship between CSBS entities and FHFA according to Lise Kruse, North Dakota’s commissioner for financial institutions and CSBS board chair.
“Information sharing between state regulators and federal supervisors is common sense given our shared interest in a vibrant, stable mortgage marketplace,” Kruse said. “Establishing information sharing opens the door to a more collaborative oversight process that is beneficial to all involved.”
The MOU is seen as an important step for maintaining oversight over all the involved entities according to Sandra Thompson, the director of FHFA.
“The development of an information sharing framework is an important milestone that will better equip both FHFA and state regulators to oversee our respective regulated entities,” Thompson said. “Improved communication leads to better coordination, which in turn leads to better outcomes for consumers, market participants, and taxpayers.”
CSBS entered into a nondepository-focused MOU with the Consumer Financial Protection Bureau (CFPB) in 2011 which covers all 50 states, the District of Columbia and Puerto Rico. It also entered into a similar MOU with the U.S. Department of Housing and Urban Development (HUD) in 2013.
FHFA also routinely collaborates on information sharing with the CFPB through multiple MOUs, and entered into a formal MOU with HUD overseeing the GSEs in 2021 signed between Thompson and Former HUD Secretary Marcia Fudge with a focus on fair housing enforcement.
Are you a renter in search of a neighborhood where you can ditch the car and embrace a more pedestrian lifestyle? Look no further than San Diego, a city that boasts a variety of walkable neighborhoods. Rentals will set you back quite a bit, though, with the average one-bedroom apartment costing $2,810.
In this ApartmentGuide article, we’ll be taking you on a virtual tour of the most walkable neighborhoods in San Diego. From the charming streets of Little Italy to the historic corners of Normal Heights, get ready to discover the city’s most foot-friendly locales.
All data sourced March 2024.
1. Little Italy
Walk Score: 98
Little Italy is the most walkable neighborhood in San Diego, with a Walk Score of 98. Known for its Italian heritage and cultural festivals, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include the Little Italy Mercato Farmers’ Market, Waterfront Park, and Amici Park.
Search for Little Italy apartments for rent.
2. Harborview
Walk Score: 97
Harborview has a Walk Score of 97, making it the second most walkable neighborhood in San Diego. There’s a lot to love about the area, from its waterfront views to its proximity to downtown. While you’re walking around the neighborhood, check out the Maritime Museum of San Diego.
See Harborview apartments for rent.
3. Core-Columbia
Walk Score: 97
Core-Columbia is the third most walkable neighborhood in the city. There are numerous walkable areas and attractions throughout Core-Columbia, like the San Diego Public Library and the Museum of Contemporary Art. And if you’re in the mood for an adventure, you’re not far from the renowned Balboa Park, which includes museums, trails, and the San Diego Zoo. The Silver Strand State Beach is also nearby.
Find Core-Columbia apartments for rent.
4. Horton Plaza
Walk Score: 97
Horton Plaza has plenty of amenities a resident might need within walking distance. From the Westfield Horton Plaza shopping center to the Lyceum Theatre, you’re sure to find something to love. A notable amenity is The New Children’s Museum, which is a great spot for locals and visitors alike.
Browse Horton Plaza apartments for rent.
5. Gaslamp
Walk Score: 97
As the fifth most walkable neighborhood in the city, Gaslamp is known for its historic architecture and lively nightlife. Consider exploring the Gaslamp Quarter Historic District or grabbing a bite to eat at one of the many restaurants in the area. There are plenty of other amenities in this bustling community as well, like the San Diego Chinese Historical Museum and The Shout! House.
Discover Gaslamp apartments for rent.
6. East Village
Walk Score: 95
East Village has a Walk Score of 95, making it the sixth most walkable neighborhood in San Diego. Known for its art scene, residents and visitors can choose from walkable amenities such as the San Diego Central Library and Petco Park. While you’re out, check out the Quartyard, an outdoor event space.
Look for East Village apartments for rent.
7. Cortez
Walk Score: 95
Cortez is the seventh most walkable neighborhood in San Diego. This hillside community has quite a few hotspots for residents to visit on foot, including the Cortez Hill Dog Park and the Tweet Street Park. While you’re walking, take a moment to enjoy the San Diego Air & Space Museum.
Search for Cortez apartments for rent.
8. Marina
Walk Score: 94
Marina has a Walk Score of 94, making it the eighth most walkable neighborhood in the city. There’s a lot to love about the area, from grabbing a bite to eat at nearby Seaport Village, to taking a walk at Embarcadero Marina Park. If you’re up for a longer outing, nearby USS Midway Museum is popular among locals.
Find Marina apartments for rent.
9. Sherman Heights
Walk Score: 91
The ninth most walkable neighborhood in San Diego is Sherman Heights. Pedestrians can enjoy the variety of restaurants, cafes, and shops, like Adalberto’s, Antojitos, and the historic Villa Montezuma Museum. It’s also easy to walk over to Grant Hill Park for a great day out.
Peruse Sherman Heights apartments for rent.
10. Normal Heights
Walk Score: 89
Normal Heights is the tenth most walkable neighborhood in the city. Local attractions here include Ward Canyon Park, The Rabbit Hole, and the Pancho Villa Farmer’s Market, providing residents a spot to get together and enjoy their community.
Discover Normal Heights apartments for rent.
Check out more walkable cities in California.
Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.
HELOC, home equity loan, 5/1 adjustable-rate home equity loan
APR
From 7.49%
Credit score
Undisclosed
Contact info
Visit www.thirdfederal.com or call at 800-THIRD-FED (800-844-7333)
Operating out of Cleveland, Ohio, Third Federal Savings & Loan offers home equity lines of credit (HELOCs) in 26 states and home equity loans in eight states. With Third Federal, you can borrow up to $300,000 against the equity in your home. Although the bank doesn’t lend everywhere in the US, it made our list of the best home equity loan and HELOC lenders due to its easy online application process, lowest-rate guarantee and price transparency.
Third Federal Savings & Loan: At a glance
Types of loans offered
HELOC, home equity loan, 5/1 adjustable-rate home equity loan
APR range
From 7.49%
Loan amounts
From $10,000 to $300,000
Credit score requirements
Undisclosed
Repayment terms
HELOC: 10-year draw period, 20-year repayment period Home equity loan: Five- or 10-years
Average time for approval
Undisclosed
Rates as of March 26, 2024.
Third Federal is best suited for homeowners who need a long repayment period and want the option of choosing between a fixed-rate or variable-rate loan. It also offers a $1,000 lowest-rate guarantee: If you find a lower rate from another lender, Third Federal will match the rate or pay you up to $1,000. You just need to find the lower rate 10 days before closing on your loan.
What we like
Low fees: There are no applications or prepayment fees with Third Federal, and an annual $95 fee is waived the first year. You also don’t have to pay an origination fee or closing costs, which saves you thousands of dollars upfront.
Low minimum draw requirement: Sometimes minimum withdrawal requirements can make your loan more expensive because you end up wasting money paying interest on funds you never use. But with Third Federal, there is only a $10,000 minimum withdrawal requirement.
$1,000 lowest-rate guarantee: If you find a lower interest rate with comparable terms from another lender, Third Federal says it will beat the rate or pay you $1,000 as long as you find the rate up to 10 days before closing on your loan.
What we don’t like
Limited availability: Third Federal offers home equity loans in only eight states (California, Florida, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and Virginia) and offers HELOCs in only 26 states and the District of Columbia. Most of its brick-and-mortar locations are clustered in Ohio and Florida.
No interest-only payments: You must pay back your principal balance from the start of your draw period, which will make your monthly payments higher from the very beginning. However, if you can afford it, this can also be a benefit for homeowners who want to tackle paying down their principal balance from day one, saving themselves money in interest over the lifetime of the loan.
Undisclosed credit score requirements: Without knowing the minimum credit score or this lender’s preferred credit score to receive its best rates, it’s hard to know whether it’s worth applying or how you compare to other applicants. Completing a full application for loan preapproval will result in a hard pull on your credit.
Home equity loan products
HELOC: With a Third Federal HELOC, you can borrow up to $300,000 (depending on how much equity you’ve built up) at a variable interest rate. It has a standard 10-year draw period followed by a 20-year repayment period.
Home equity loan: You can borrow a large sum of money with a Third Federal home equity loan. The bank has loan terms of five or 10 years.
5/1 adjustable-rate home equity loan: Third Federal also offers a unique 5/1 adjustable-rate home equity loan. If you opt for this loan type, your interest rate will be fixed for five years and then adjust annually after that. 5/1 adjustable-rate loans have terms ranging from 6-30 years.
Fees
There are minimal fees with Third Federal, which is why it’s good if you need financing but don’t want to spend a lot of money upfront to obtain it. You don’t have to pay an origination fee, application fee or closing costs, which provides valuable savings from the start. However, you must pay a $95 annual fee for HELOCs (but it’s waived the first year).
How to qualify
Third Federal doesn’t disclose its minimum credit score requirements. In order to get a personalized-rate quote, you must apply and provide your specific financial details, as well as personal information like your Social Security number, address and date of birth. As with any kind of home equity loan, you must have built up enough equity in your property over the years to qualify to borrow against it.
Most lenders typically require at least 15% to 20% home equity to be approved. Additionally, you must also have current homeowners’ insurance, as well as flood insurance if you live in a flood zone that requires it.
How to apply for a home equity loan or HELOC with Third Federal
You can apply for a home equity loan online, at one of its physical branches or over the phone, and the whole process should take only about 30 minutes, according to Third Federal.
Everything you need to get started on your application is clearly laid out on its website. Third Federal wants to see the following documentation to verify that you are creditworthy and will pay back your loan on time.
Gross annual or monthly income amount
Monthly payments for property tax and homeowners insurance
List of assets
Paystub dated within at least 30 days of the application date, illustrating year-to-date earnings of at least 30 days
Tax Form W-2 from the most recent year
Customer service
For general information about Third Federal’s home equity loans and HELOCs, you can visit Third Federal’s website, call its customer care department at 800-THIRD-FED (800-844-7333) or fill out a form on the website for a loan officer to contact you directly. You can also go in person to a branch location, which is an option not all lenders provide. For HELOCs and home equity loans specifically, when you need to activate your debit card to access your funds you can call the number below.
However, Third Federal isn’t open on Sundays and has limited hours on Saturday, which are only from 8:30 a.m. to 1:30 p.m. ET. You can call Monday through Friday from 8:30 a.m. to 5 p.m. ET and until 6 p.m. on Fridays.
Inside: Learn what 29 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $29 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $29 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $29.50 an hour annually?
When you finally start earning $29 an hour, you are happy with your progress as an hourly employee. Typically, this is when many hourly employees start to become salaried workers.
In this post, we’re going to detail exactly what $29 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$29 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $29 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $29 = $60,320
$60,320 is the gross annual salary with a $29 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s Break Down Of 29 Dollars An Hour Is How Much A Year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $29 times 2,080 working hours, and the result is $60,320.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
That is slightly above the $60000 salary threshold, which is desired to become middle-income worker.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $29 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $29 times 1,040 working hours, and the result is $30,160.
Just over $30000 a year.
How Much is $29 Per Month?
On average, the monthly amount would average $5,027.
Annual Amount of $60,320 ÷ 12 months = $5,027 per month
Just over $5000 a month.
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $24 an hour, you average an extra $867 per month. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $2,513.
How Much is $29 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $29 = $1,160 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $580.
How Much is $29 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $1,160 and double it.
$1,160 per week x 2 = $2,320
Also, the other way to calculate this is:
40 hours x 2 weeks x $29 an hour = $2,320
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $1,160.
How Much is $29 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $29 per hour = $232 per day.
If you work 10 hours a day for four days, then you would make $290 per day. (10 hours x $29 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $116.
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$29 Per Hour is…
$29 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$60,320
Yearly Wage (50 weeks)
$58,000
Monthly Salary (173 hours)
$5,027
Weekly Wage (40 Hours)
$1,160
Bi-Weekly Wage (80 Hours)
$2,320
Daily Wage (8 Hours)
$232
Net Estimated Monthly Income
$3,834
**These are assumptions based on simple scenarios.
Paid Time Off Earning 29 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $60,320 per year.
This is the same as the example above for an annual salary making $29 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $29 times 2,000 working hours, and the result is $58000 per year.
40 hours x 50 weeks x $29 = $58,000
You would average $232 per working day and nothing when you don’t work.
$29 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $60,320
Federal Taxes of 12%: $7,238
State Taxes of 4%: $2,413
Social Security and Medicare of 7.65%: $4,614
$29 an Hour per Year after Taxes: $46,054
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$46054 ÷ 2,080 hours = $22.14 per hour
After estimated taxes and FICA, you are netting $22.14 an hour. That is $6.86 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting for under $22 an hour wage is much different.
$29 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $29.01-29.99.
This is super helpful if you make $29.15, $29.45, or $29.81.
Also, if you work various hours other than the standard 40 hours per week. You can adjust to your personal situation.
$29 an Hour Budget – Example
You are probably wondering can I live on my own making 29 dollars an hour? How much rent or mortgage payment can you afford on 29 an hour?
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $29 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $29 an hour was $22.14 after taxes. That would average $3838 per month.
According to the Cents Plan Formula, here is the high-level view of a $29 per hour budget:
Basic Expenses of 50% = $1919
Save Money of 20% = $768
Give Money of 10% = $384
Fun Spending of 20% = $768
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $29 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $29 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$402
Savings
15-25%
$1005
Housing
20-30%
$1,181
Utilities
4-7%
$176
Groceries
5-12%
$385
Clothing
1-4%
$20
Transportation
4-10%
$176
Medical
5-12%
$251
Life Insurance
1%
$15
Education
1-4%
$25
Personal
2-7%
$75
Recreation / Entertainment
3-8%
$126
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1,189
Total Gross Income
$5,027
**In this budget, prioritization was given to basic expenses.
Can I Live off $29 Per Hour?
At this $29 hourly wage, you are more than likely double the minimum wage. Things should be easy to live off this $29 hourly salary.
However, it is still slightly above the median income of over $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $29 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $29 an hour annually?
You just have to have the desire to spend less than your income. Plus consistently save.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
Your mindset is everything.
This is what you say to yourself… Okay, I have aspirations and goals to increase how much I make. This is the time to start diversifying my income into multiple streams and start investing. I am going to stretch my 29 dollars per hour.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $29 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $29 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most crucial section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $29.50 will add up over the year. An increase to $30 an hour is a big milestone!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $29 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: How to Make Quick Money in One Day: 50 Best Ways to Make Cash
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially sound.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in 8 months. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Watch his inspiring story!
Tips to Live on $29 an Hour
In this last section, grasp these tips on how to live on a $29 an hour or just above $60k yearly salary. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $29 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $29 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $29 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your gross income. Learn more on gross pay vs net pay.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
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, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
Jobs that Pay $29 an Hour
You can find jobs that pay $29 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Freelance writer
Class A Truck Driver
Managers
Entry Level Marketing Jobs
Data Entry Clerks
Customer service managers
Bank tellers
Maintenance workers
Freight broker – Learn how easy it is to start!
Administrative assistants
Athletic Trainers
Event Planners
Day trader
Security guard
Movers
Cashiers
Warehouse workers
Companies that pay more than $29 per hour: Wells Fargo, Disney World, Disney Land, Bank of America, Cigna, Aetna, etc
$29 Per Hour Annual Salary
In this post, we detailed 29 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$60,320
That is making between $60000 a year and $62000 a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
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.
The average cost of a dozen eggs in the U.S. is $3, according to data from the U.S. Bureau of Labor Statistics (BLS). Though higher than in previous years, it’s still lower than the $4.82 consumers paid on average in January of 2023, when concerns about egg shortages sent the cost of eggs skyrocketing.
Why does knowing the cost of a dozen eggs today matter? If you’re trying to manage your household budget, then keeping food costs as low as possible might be a priority. Where you live can play a part in determining how much you’ll pay for a dozen eggs.
Table of Contents
What Is the Average Cost of a Dozen Eggs Today?
On average, Americans are paying $3 for a dozen Grade A large eggs, based on the BLS data. That price reflects the most recent Consumer Price Index (CPI) data available as of February 2024. The CPI Consumer Price Index tracks prices for a basket of consumer goods and services over time.
In tracking egg price data, the CPI looks at average numbers by city, rather than state. Prices are based on the cost of a dozen eggs only and don’t take into account pricing for smaller or larger quantities of eggs sold, or pricing for different sizes of eggs. The CPI’s egg price data offers a snapshot of how egg prices have moved up or down over time. While prices increased sharply in the beginning of 2023, the average cost of a dozen eggs has since declined. Whether you live alone or are supporting a family, these types of fluctuations can impact your grocery budget.
It’s important to keep in mind that average reflects all prices from high to low, while median reflects the middle price. Median prices for eggs or other consumer goods and services may be higher than the average price. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
Average Cost of Eggs by State for 2023
If you’re interested in what is the average cost of a dozen eggs by state, you might be surprised at just how much prices can vary from one location to the next. The following table breaks down the average cost of a dozen eggs in all 50 states, according to pricing data from Instacart collected in December 2022. Note that the figures below were captured during the egg shortage, when prices were high, and may not reflect the latest CPI price data.
State
Cost
Alabama
$6.12
Alaska
$4.61
Arizona
$6.03
Arkansa
$4.95
California
$6.05
Colorado
$5.77
Connecticut
$5.54
Delaware
$4.79
District of Columbia
$4.58
Florida
$6.36
Georgia
$5.96
Hawaii
$9.73
Idaho
$5.09
Illinois
$4.82
Indiana
$4.33
Iowa
$4.44
Kansas
$4.41
Kentucky
$4.51
Louisiana
$5.59
Maine
$5.84
Maryland
$4.78
Massachusetts
$5.20
Michigan
$4.82
Minnesota
$5.10
Mississippi
$5.04
Missouri
$4.24
Montana
$5.46
Nebraska
$4.25
Nevada
$6.07
New Hampshire
$4.91
New Jersey
$5.05
New Mexico
$5.65
New York
$5.37
North Carolina
$5.60
North Dakota
$4.83
Ohio
$4.39
Oklahoma
$4.92
Oregon
$4.81
Pennsylvania
$4.52
Rhode Island
$5.10
South Carolina
$5.76
South Dakota
$5.00
Tennessee
$5.61
Texas
$5.43
Utah
$5.67
Vermont
$5.70
Virginia
$4.96
Washington
$4.91
West Virginia
$4.64
Wisconsin
$4.78
Wyoming
$5.84
Source: Instacart
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Where the Cost of Eggs Is Highest
As evidenced by the price data, some states are more expensive than others when it comes to what you’ll pay for a dozen eggs on average. In descending order, here are the 10 states that had the highest cost overall for a dozen eggs:
• Hawaii
• Florida
• Alabama
• Nevada
• California
• Arizona
• Georgia
• Wyoming
• Maine
• Colorado
In each of those states, shoppers paid $5.70 or more on average for a dozen eggs. Hawaii is the most expensive state to buy eggs, with the average cost of a dozen eggs nearing $10.
Where the Cost of Eggs Is Lowest
Where is the average cost of a dozen eggs the cheapest? Shoppers paid the least for a dozen eggs in these states:
• Missouri
• Nebraska
• Indiana
• Ohio
• Kansas
• Iowa
• Kentucky
• Pennsylvania
• Alaska
• West Virginia
In these states, the average cost of eggs was below $5 per dozen. As you can see, most of these states are located in the central, southern, and eastern U.S., though Alaska is the outlier. Assuming food costs are lower overall in these states, the average grocery budget for a family of 5 is likely to be less compared to the states where eggs are more expensive.
Why Did the Cost of Eggs Increase
The spike in egg prices that peaked in 2022 was largely fueled by scarcity. An outbreak of avian flu sent egg production into decline as more than 43 million laying hens were lost to the disease or depopulation efforts. With fewer eggs in supply but demand not easing, egg prices began to rise. Prices began to decline as egg inventory increased following the end of the outbreak.
Prices began to decline as egg inventory increased. However, the ongoing outbreak and strong demand have helped keep prices high. Inflation can also be pointed to as a contributing factor to rising egg prices. In simple terms, inflation is a rise in prices for things consumers buy, like eggs and other household items. Knowing how to find the inflation rate and what’s considered to be a normal range matters for making the most of your money.
When inflation is higher, everything costs more and your money doesn’t go as far. A difference of a few cents in the price of a dozen eggs might not seem like much. But when everything else is going up in price too, and inflation doesn’t appear to be easing any time soon, it can take a serious toll on your wallet.
When Will the Cost of Eggs Go Down?
According to the CPI data, egg prices have declined from the peak they reached in January 2023. While eggs are more expensive than they were a couple of years ago, relief might be on the horizon. In its food price outlook, the USDA predicted that egg prices would drop 2.8% in 2024.
Monitoring prices for different goods and services can help you stay on top of your budget. Making and sticking to a spending and savings plan is one of the most basic steps for building wealth and increasing your net worth. Being able to measure your liquid net worth can give you an idea of how well you’re doing financially when it comes to accumulating assets and paying down debt.
Tips on How to Shop for Cheap Eggs
Shopping for eggs on the cheap can save you money and make it easier to live below your means. Living below your means benefits you in a few ways. For one thing, you may be less reliant on credit cards to cover expenses if you always have extra cash in your budget. And for another, it can make it easier to adapt to economic changes that can affect your budget and spending.
With that in mind, here are a few quick tips to help you pay less for eggs.
• Shop the farmer’s market. Buying eggs locally from a farmer’s market vs. a supermarket could save you money if you’re able to find lower prices. You may even be able to work out a barter or trade with a local farmer or neighbor who has a backyard flock, which could allow you to get eggs for free.
• Choose store brands. Store-brand products, including eggs, typically cost less than name-brand ones. If you’re not partial to any one egg brand, you may save a little money by choosing your local store’s brand.
• Buy eggs in bulk. Buying in bulk could save you money if you’re paying a lower unit price per egg. But the catch is that you have to be sure you’re actually going to use them all; otherwise, you could be wasting money.
• Use fewer eggs. A simple way to save money on eggs is to not consume as many. For instance, you might opt to get your daily protein from other sources or swap out your favorite baking recipes for ones that don’t incorporate eggs.
• Shop with coupons and cash back apps. Couponing may seem tedious but supermarkets make it easier by allowing you to load digital coupons to your store loyalty card. You can pair coupons with a cash back app that pays you a percentage back when you shop at partner grocery stores, which can add to your savings.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
The Takeaway
The average cost of a dozen eggs might not be something you think about on a day-to-day basis. But knowing how much you’ll pay for eggs matters when it’s time to go to the grocery store and do your weekly shopping. Keeping an eye on egg prices and implementing some different hacks for finding cheap eggs can help you keep your food budget in check.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
How much did a dozen eggs cost in 2023?
As of July 2023, the average cost of a dozen eggs was $2.09, according to Consumer Price Index data. Overall, egg prices were on the decline by mid-2023 after peaking at $4.82 on average per dozen at the beginning of the year.
What state has the most expensive eggs?
According to December 2022 pricing data from Instacart, Hawaii residents pay the most for a dozen eggs. On average, a dozen eggs there costs just under $10.
Do eggs last longer than sell by date?
Eggs can stay fresh past the sell by date, but there are limits on how long you’ll be able to use them. A simple way to tell if an egg is fresh is to place it in a glass or bowl of water. Eggs that float to the surface are no longer fresh, while ones that lie flat on their side are the freshest.
Photo credit: iStock/nd3000
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Ellington Financial, the parent company of reverse mortgage industry lender and servicer Longbridge Financial, announced the successful closing of a new securitization backed by a pool of proprietary reverse mortgages initially originated by Longbridge.
The securitization was valued at $208 million and Longbridge will continue to act as the servicer of the underlying assets, according to a company announcement.
Longbridge maintains its own suite of proprietary reverse mortgage offerings under the product name “Platinum,” with fixed-rate variations available in 27 states and the District of Columbia. Line-of-credit versions are available in 18 states and D.C. The loans are available to borrowers as young as 55 in all but eight states, with a limit of up to $4 million depending on the home’s value.
“The debt tranches issued in the securitization were rated by Morningstar DBRS, with the senior most tranches receiving AAA(sf) ratings,” the announcement stated. “The company retained certain tranches of the securitization in compliance with credit risk retention rules, and also retained the option to call the securitization at any time following the optional redemption date.”
Late last month, Ellington presented its fourth-quarter and full year 2023 financial results. The data showed that while reverse mortgage originations at Longbridge have slowed, the company is in the process of regaining profitability. Some of the lagging performance attributed to the reverse division is tied to seasonal realities and the ongoing interest rate environment, according to Ellington CEO Laurence Penn.
In response to a question from an investor during a recent earnings call, Penn said that the company remains strongly committed to Longbridge and the reverse mortgage business.
“It’s a business that we absolutely believe in long term,” Penn said in the February earnings call. “Since we started many years ago, and even since late 2022 when we bought the other half of it … Longbridge has been growing market share quite a bit. It’s been a tough business. Longbridge has actually, I think, done great relative to the competition.”
He added that servicing adds additional value to the company, and that there is a large degree of unrealized growth potential due to the demographic trends of the wider reverse mortgage business working in its favor.
It is possible to get a home loan while on maternity leave. The process may involve your lender verifying your “temporary leave income,” if any; your regular income; and your agreed-upon date of return. Anyone on a standard temporary leave is considered employed, whether the absence is paid or unpaid.
Read on to learn more about buying a home while pregnant and how this will impact your ability to get a mortgage.
Buying a House While Pregnant
Hey, why not take on two of the biggest life stressors at once? Sometimes it just happens this way, with parents preparing for a baby and a new home and mortgage.
First, consider if you can wait a bit to buy a home. It may lead to less stress overall during the pregnancy. Plus, the added pressure of a deadline may lead to hasty decision-making that buyers could regret.
And unless an employer is covering moving expenses, add that sizable cost to all the rest.
But if the move can’t be avoided because of a job relocation or other circumstances, it may be important to find a home before the baby arrives. Which does have a silver lining: Saving for a down payment could interfere with goals like saving for a child’s college tuition.
Another possible benefit to buying a house while pregnant is that the relocation could lead to a better school district or area to raise a child.
Ultimately, the decision to buy a house while pregnant is personal. 💡 Quick Tip: Want the comforts of home and to feel comfortable with your home loan? SoFi has a simple online application and a team dedicated to closing your loan on time. No surprise SoFi has been named a Top Online Lender in 2024 by LendingTree/Newsweek.
What Is the FMLA?
The Family and Medical Leave Act, or FMLA, gives eligible employees job protection and up to 12 weeks of unpaid leave a year in the event of:
• Childbirth
• Adoption or foster child care
• Care for a spouse, child, or parent with a serious health condition
• A personal serious health condition
• Qualifying exigencies arising from covered active duty or “call to covered active duty status”
The FMLA guarantees that the employee can return to their job or an equivalent one and that they’ll receive health care benefits during their leave.
Employees are eligible if they work for a company that has 50 or more staffers and have completed at least 1,250 hours of work in the previous year.
In addition to the FMLA’s 12 unpaid weeks off, more and more states are enacting paid family leave laws. Currently, 13 states plus the District of Columbia have made this mandatory. And your employer may cover your pregnancy, childbirth, and recovery thanks to short-term disability insurance. Your benefit would be a percentage of your normal earnings.
Recommended: How Much Does it Cost to Adopt a Child?
How Maternity Leave Impacts a Mortgage
Before diving into the nuances of maternity leave and its impact on qualifying for a mortgage, here’s a quick refresher course on the home-buying process.
Mortgage approval from a lender primarily hinges on two factors:
• Creditworthiness. How likely is the borrower to pay back the loan, based on their credit history?
• Ability to pay. Does the borrower generate enough income, and have a certain debt-to-income ratio, to make the monthly mortgage payments?
The lender may contact an employer to verify a borrower’s employment status and income.
Why could getting loans for pregnant women prove a challenge? Income. Consider these points:
• As long as the lender can verify that the borrower is employed — and remember, someone on temporary leave is considered employed — and generates enough income to cover the mortgage, that could be enough.
• Expectant borrowers aren’t legally required to disclose their pregnancy to a lender. However, the employer can tell the lender about impending maternity leave when they call to verify employment status.
• If a borrower is going on unpaid leave, they may need to disclose it to the lender. That’s because the period without pay may qualify as a financial hardship, which a borrower is required to inform a lender of.
• The lender can’t assume the mother-to-be won’t return to work after maternity leave. Lenders consider that the mother will return to work after maternity leave and continue bringing home paychecks.
• Before approval, the lender will ask the borrower for written notice of her intent to return to work, and may ask for an expected return date.
• The mortgage lender may request a tax slip from the last calendar year if the borrower is a salaried employee.
• A lender may approve the mortgage if your employer verifies in writing that you will return to your previous position or a similar one after your maternity leave. The lender will also consider the timing of the first payment.
• If the borrower will have returned to work when the first mortgage payment is due, the lender can consider regular income in qualifying for the mortgage.
• If the borrower will return to work after the first mortgage payment due date, the lender must use the borrower’s temporary leave income (if any) or regular employment income, whichever is less, and then may add available liquid financial reserves.
• VA loans don’t count temporary leave income towards qualifying for a mortgage, however.
💡 Quick Tip: Want the comforts of home and to feel comfortable with your home loan? SoFi has a simple online application and a team dedicated to closing your loan on time. No surprise SoFi has been named a Top Online Lender in 2024 by LendingTree/Newsweek.
Should I Buy a Home While on Maternity Leave?
For those who qualify for a mortgage while on maternity leave, the question may be, “Should I buy a house while on maternity leave?” not “Can I buy a house while on maternity leave?”
As mentioned, moving can be an incredibly stressful process, pregnancy or no pregnancy. And even if you made a budget for a baby, life has a way of throwing in surprises.
Homeownership can also come with financial surprises. The majority of homeowners reported paying for an unexpected repair within the first year.
Having a child and buying a home both require saving some significant cash. By budgeting, doing the two simultaneously is possible. So it’s your call. Not taking the double plunge could give you time to review what you need to buy a house.
Recommended: First-Time Homebuyers Guide
Home Loans With SoFi
Pregnancy is not a legal limiting factor in a mortgage lender’s eyes, but getting a home loan while on maternity leave will depend on your income, savings, work return date, and credit history.
Whether you’re on a temporary leave or not, it can be worthwhile to take a look at your home loan options.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
Does being on maternity leave affect getting a mortgage?
It can, but only in the sense that maternity leave can affect a homebuyer’s reported income. If buyers anticipate an unpaid maternity leave, they may need a sizable savings account.
Should you buy a home on maternity leave?
Buying a home while on maternity leave depends on your family’s needs and finances. But moving can be stressful, and adding infant care can be a lot to handle.
Who does FMLA cover?
The Family and Medical Leave Act provides 12 weeks of unpaid, job-protected leave per year for eligible employees in the case of the birth or adoption of a child or placement of a foster child, and for other reasons.
Photo credit: iStock/FatCamera
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Columbia, with its rich history and vibrant culture, is a city that offers a unique blend of experiences for renters. Among these experiences is the joy of exploring its diverse neighborhoods on foot. Rentals are also fairly inexpensive, with the average one-bedroom apartment costing $1,115.
In this ApartmentGuide article, we will be taking a closer look at the most walkable neighborhoods in Columbia, providing renters with a comprehensive guide to the city’s pedestrian-friendly areas. So, get ready to discover the charm and convenience of Columbia’s walkable neighborhoods.
All data sourced March 2024.
1. University Hill
Walk Score: 84
University Hill is the most walkable neighborhood in Columbia, with a Walk Score of 84. Known for its vibrant community, residents and visitors alike can explore the area and take advantage of its walkable layout. Notable attractions include The Horseshoe and Maxcy Gregg Pool.
Search for University Hill apartments for rent.
2. Martin Luther King
Walk Score: 81
Martin Luther King has a Walk Score of 81, making it the second most walkable neighborhood in Columbia. There’s a lot to love about the area, from its rich history to its community spirit. While you’re walking around the neighborhood, check out the Martin Luther King Jr. Park.
See Martin Luther King apartments for rent.
3. Shandon
Walk Score: 75
Shandon is the third most walkable neighborhood in Columbia. There are numerous walkable areas and attractions throughout Shandon, like the Shandon United Methodist Church and Emily Douglas Park. And if you’re in the mood for an adventure, you’re not far from the Riverbanks Zoo and Garden.
Find Shandon apartments for rent.
4. Sherwood Forest
Walk Score: 74
Sherwood Forest has plenty of amenities a resident might need within walking distance. From the W. Gorgon Belser Arboretum to Marco’s Pizza, you’re sure to find something to love. A notable amenity is the Rosewood Gardens, which is a great spot for locals and visitors alike.
Browse Sherwood Forest apartments for rent.
5. Historic Waverly
Walk Score: 72
As the fifth most walkable neighborhood in Columbia, Historic Waverly is known for its charming architecture. Consider exploring the Waverly Historic District or getting a bite to eat at Railroad BBQ with friends. There are plenty of other amenities in this community as well, like St. Anna’s Park and the Devine Cinnamon Roll Deli.
Discover Historic Waverly apartments for rent.
6. Wales Garden
Walk Score: 68
Wales Garden has a Walk Score of 68, making it the sixth most walkable neighborhood in Columbia. Known for its beautiful gardens, residents and visitors can choose from walkable amenities such as the Columbia Tennis courts and the Maxcy Gregg Park. While you’re out, check out Groucho’s Deli.
Look for Wales Garden apartments for rent.
7. University of South Carolina
Walk Score: 66
University of South Carolina is the seventh most walkable neighborhood in Columbia. This stduent-oriented community has quite a few hotspots for residents to visit on foot, including the University of South Carolina Library and the University of South Carolina Museum. While you’re walking, take a moment to enjoy the university’s beautiful campus.
Search for University of South Carolina apartments for rent.
8. Central Rosewood
Walk Score: 60
Central Rosewood has a Walk Score of 60, making it the eighth most walkable neighborhood in Columbia. There’s a lot to love about the area, from grabbing a bite to eat at Rosewood Shopping Center, to taking a walk at the Rosewood Park. If you’re up for a longer outing, nearby Riverbanks Zoo and Garden is popular among locals.
Find Central Rosewood apartments for rent.
9. Eva P. Trezevant
Walk Score: 59
The ninth most walkable neighborhood in Columbia is Eva P. Trezevant. Pedestrians can enjoy the variety of local shops and cafes, like China Kitchen and the James Clyburn Golf Center. It’s also easy to walk over to Segra Park for a great day out.
Peruse Eva P. Trezevant apartments for rent.
10. Lyon Street
Walk Score: 58
Lyon Street is the tenth most walkable neighborhood in Columbia. Local attractions here include St. Anna’s Park and the Lyon Street Community Garden, providing residents a spot to get together and enjoy their community.
Discover Lyon Street apartments for rent.
Methodology: Walk Score, a Redfin company, helps people find walkable, bikeable, and transit-friendly places to live, rating areas on a scale from 0-100. To calculate a Walk Score for a given point, Walk Score analyzes thousands of walking routes to nearby amenities, population density, and metrics such as block length and intersection density. Points are awarded based on the distance to amenities in each category.