Traditionally speaking, the spreads between the 10-year and mortgage rates is 1.60%-1.80%. Right now, the difference between them is 2.60%. However, compare that to the worst levels last year, when the spread got as high as 3.10%. That’s a 0.50% difference in rates.
For the rest of the year, it’s all about the labor market. The bond market has tried three times to front-run a recession or weaker economic data by pushing long-term yields lower, only to be rebuffed by labor data not breaking. So, keep an eye on weekly jobless claims data, and all the jobs report reports that come out at the end of the month. You can find the latest update on that data line here.
Purchase application data
Purchase application data was positive week to week but still down year over year. We are seeing better positive sales growth on our weekly pending sales data. This can be partly due to a higher percentage of cash buyers in the sales mix that purchase applicatoins won’t account for. Also, purchase application data can be a funky data line to sometimes track the percentage. I will talk about this on the HousingWire Daily podcast on Monday.
Since November 2023, when mortgage rates started to fall, we have had 12 positive prints versus nine negative prints and two flat prints week-to-week. Year to date, we have had six positive prints, ninenegative prints and two flat prints.
Weekly housing inventory data
Last week was another week that missed my inventory growth model with higher rates. I am always looking for weekly inventory growth between 11,000 and 17,000 when rates are over 7.25%. Rates have fallen recently and inventory growth was higher last week than the previous week. However, I anticipated a bit more kick than the increased inventory of 8,727 that we got. So, we shall see how next week looks. Let’s remember, it’s Mother’s Day weekend this weekend. Next week, inventory should surpass the highest levels we saw last year.
Weekly inventory change (May 3-May 10): Inventory rose fro559,744 to 568,471
The same week last year (May 5-May 12): Inventory rose from 420,489 to 421,101
The all-time inventory bottom was in 2022 at 240,194
The inventory peak for 2023 was 569,898
For some context, active listings for this week in 2015 were 1,109,727
New listings data
One of the most encouraging housing developments for 2024 — in stark contrast to 2023 — is the year-over-year growth in new listings. This is a significant shift, considering 2023 marked the lowest level ever recorded. The fact that this data line is now positive is a very promising sign for the housing market. While the growth rate is slightly lower than anticipated for this year, it’s still a step in the right direction. Despite a decline in the past week, we are maintaining positive year-over-year growth.
Here’s the new listings data for last week over the last several years:
2024: 68,843
2023: 61,911
2022: 73,107
Price-cut percentage
In an average year, one-third of all homes take a price cut — this is standard housing activity. When mortgage rates increase, demand falls, and the price-cut percentage grows. When rates drop and demand improves, the percentage falls.
The percentage of price cuts is growing year over year as inventory is growing. The slope of the curve in 2024 is much slower than we saw in 2022. In 2022, we saw real price declines in the second half of the year as home sales were crashing. They’re not crashing anymore so the action with the price cut percentage data is a bit slower than at that time, but growing year over year
2024: 33.7%
2023: 30%
2022: 21%
The week ahead: Inflation week and housing starts
It’s that time again: it’s another inflation week with CPI and PPI inflation reports. Of course, some of the inflation reports have disappointed the Federal Reserve, so we will keep a close eye on the key numbers in these reports. We also have housing starts data, which is key to the labor markets as 5-unit permits have been in a recession for some time now. I want to see what the apartment completion data looks like because labor is at risk once those apartments under construction are completed. Since we focus so much on the labor data and the direction of mortgage rates, tracking construction workers in each economic cycle is essential.
Barry Sternlicht, cofounder, chairman, and CEO of the $115 billion real estate giant Starwood Capital Group, is worried about the more than 4,000 regional and community banks in the U.S. With the real estate industry struggling against higher interest rates, vacancies, and inflation, its lenders of choice may be in for some pain, according to the billionaire investor.
“I think people are looking for these cracks and you’re going to see the cracks develop now. You’re going to see a regional bank fail every day, or not—every week, maybe two a week,” he told CNBC Tuesday.
Despite Sternlicht’s prediction, just one U.S. bank has failed so far this year: Republic First Bank, a regional lender that operated in Philadelphia, New York, and New Jersey. The bank collapsed and had roughly $6 billion in assets and $4 billion in deposits seized by the Federal Deposit Insurance Corporation (FDIC) after facing issues with rising interest rates among its sizable commercial real estate holdings.
Sternlicht has warned about pending problems due to rising interest rates in the real estate and banking sectors—as well as the whole economy—for more than two years now. In September 2022, just a few months after the Federal Reserve began raising rates to fight inflation, he said that officials were using “old inflation data,” particularly related to housing, to attack the economy unnecessarily. A month later, Sternlicht followed up that criticism by arguing that the entire economy was “breaking hard” due to soaring borrowing costs, and a recession was all but inevitable.
But with the U.S. proving its resilience to higher interest rates and inflation by the summer of 2023, Sternlicht admitted his recession calls were premature, saying that he “did not understand the strength of the consumer.” However, the billionaire real estate guru still believes certain segments of the economy can’t withstand Fed Chair Jerome Powell’s rapid rate hikes, including real estate and regional banking.
“He’s got a hard task, with a blunt tool, and the consequence is the real estate markets are taking it on the chin because rates rose so fast. We could have handled this, but we couldn’t handle it this fast,” Sternlicht said. “The 1.9 trillion of real estate loans, that’s a fragile animal right now.”
Calling on the Fed to lower rates—again
While many segments of the real estate sector are struggling—for example, multifamily property values are down 26.9% from their second-quarter 2022 peak—the office sector has faced more headaches than any other.
The combination of higher interest rates (which raised borrowing costs and reduced asset values) and the rise of hybrid work (which increased vacancy rates) hit the office owners particularly hard over the past few years. In January, Sternlicht even told Bloomberg the office real estate market is experiencing an “existential crisis” at this point, and could face $1 trillion in losses. If his prediction proves prescient, that would lead to serious issues for regional and community banks that hold real estate debt but don’t have the large balance sheets to navigate excessive loan losses.
Multiple Wall Street analysts, strategists, and real estate industry leaders have warned about potential issues at regional banks due to underwater real estate loans over the past year. Scott Rechler, CEO of the New York–based real estate investor, operator, and developer RXR, told Fortune in March that regional banks are essentially facing a “slow-moving train wreck.” With wave after wave of commercial real estate loans maturing over the next few years, and values in the sector plummeting, banks will struggle to deal with rising loan losses, Rechler argued.
“I think there’s going to be…500 or more fewer banks in the U.S. over the next two years,” he warned. “I’m not saying they’re all going to fail, but they’re going to be forced into consolidation if they don’t fail.”
For Sternlicht, at least some of this nightmare could be avoided if the Fed decides to cut interest rates. “One way to get capital into those banks is to lower rates, so it basically makes their assets worth more,” he said.
The billionaire CEO argued that community banks are worth saving, given they are critical to the “fabric” of the American economy, making loans to small businesses or farms that larger banks often ignore. The good news? Sternlicht believes Powell will cut rates sooner rather than later, potentially saving some of these banks.
Sternlicht argued that interest rate hikes are no longer having the desired effect in reducing inflation, instead inflicting unnecessary damage to real estate and regional banks—and Powell is starting to see that.
He noted that most Americans’ mortgages are also fixed low interest rates, “so the rise in rates didn’t change their income,” and Fed policy doesn’t really impact gas, food, or insurance prices directly—some of the key categories causing the current bout of stubborn inflation. In Sternlicht’s view, interest rate hikes might not be providing the anti-inflation medicine they’re supposed to. And finally, with the $34 trillion national debt weighing on the federal government’s budget, Sternlicht argued that Chair Powell will want to lower interest rates to reduce interest costs. “I think that rates will come down,” he concluded. “Powell looks like he’s looking for a reason to bring them down.”
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With its picturesque main street, historic homes, and thriving community, Wake Forest, NC offers a unique blend of small-town charm and urban convenience. Residents here enjoy a close-knit community, top-rated schools, and an abundance of outdoor recreational activities. Whether you’re looking for a cozy bungalow or a spacious farmhouse, Wake Forest has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Wake Forest, NC. Let’s get started and see what awaits in this delightful southern town.
Pro: Charming Historic Downtown
Wake Forest has a charming historic downtown area, filled with quaint shops, cozy cafes, and local restaurants. Residents enjoy strolling along the tree-lined streets, admiring the well-preserved architecture, and soaking up the small-town atmosphere. The downtown area also hosts regular events and festivals, creating a vibrant and engaging community for residents to enjoy.
Con: Limited Public Transportation Options
One of the drawbacks of living in Wake Forest is the limited public transportation options, which can make commuting and getting around town more challenging for residents who rely on public transit. The town’s infrastructure is primarily designed for car travel, and alternative transportation methods may be less convenient.
Pro: Access to Nature and Outdoor Activities
Wake Forest offers easy access to nature and outdoor activities, with several parks, greenways, and recreational areas scattered throughout the town. Residents can enjoy hiking, biking, picnicking, and other outdoor pursuits in the beautiful natural surroundings. The abundance of green spaces provides a peaceful retreat from the hustle and bustle of city life. Falls Lake Recreational Area is especially popular, offering residents hiking and biking trails, fishing and boating access, and beaches for swimming.
Con: Limited Nightlife and Entertainment Options
While Wake Forest offers a charming downtown and community events, it may have limited nightlife and entertainment options compared to larger cities. Residents seeking a bustling nightlife scene or a wide array of entertainment venues may find the town’s offerings to be more limited in scope.
Pro: Low Cost of Living
One of the significant pros of living in Wake Forest is the relatively low cost of living compared to larger cities in the Research Triangle area. Residents can enjoy affordable housing, lower taxes, and reasonable prices for goods and services, allowing for a comfortable lifestyle without breaking the bank.
Con: Traffic Congestion
As the population of Wake Forest continues to grow, traffic congestion has become a concern for residents. The increase in traffic volume during peak hours can lead to delays and longer commute times, impacting the overall convenience of getting around town.
Pro: Rich History and Heritage
Wake Forest is steeped in rich history and heritage, with several historical sites, museums, and landmarks that offer insight into the town’s past. Residents can explore the town’s historical roots and gain a deeper appreciation for its cultural significance at the Wake Forest Historical Museum.
Con: Limited Diversity in Dining Options
While Wake Forest has a variety of local restaurants, some residents may find that the town has limited diversity in dining options compared to larger metropolitan areas. Those seeking a wide range of international cuisines or gourmet dining experiences may have fewer choices within the town.
Pro: Growing Job Market
Wake Forest has a growing job market, with opportunities in various industries such as healthcare, education, and technology. The town’s proximity to the Research Triangle Park, Raleigh, and Durham area provides residents with access to a wide range of employment options, making it an attractive place for professionals seeking career advancement.
Con: Weather Extremes
Wake Forest experiences weather extremes, with hot and humid summers and occasional winter snowfall. Residents may need to adapt to the climate variations and prepare for the challenges that come with fluctuating weather conditions throughout the year.
Pro: Strong Sense of Community
One of the pros of living in Wake Forest is the strong sense of community that permeates the town. Residents often come together for various community events, volunteer opportunities, and neighborhood gatherings. This creates a tight-knit and supportive environment, where neighbors look out for one another and foster meaningful connections.
Con: Limited Cultural and Artistic Offerings
For residents who are passionate about cultural and artistic pursuits, Wake Forest may have limited offerings compared to larger cities. While the town has its own unique charm, those seeking a more robust cultural scene may find the options to be more limited in scope.
If there’s a single theme to interior design trends in 2024, it’s that virtually anything goes. TikTok, obviously, gives fresh aesthetics viral appeal, so much so that, though we’re not even midway through the year, we’ve already cycled through the Unexpected Red, Bookshelf Wealth, and—how could we forget?—Mob Wife trends. (We forgive you if your head is spinning.)
The upshot? Personalization is more important than ever in 2024, no matter what space you’re looking to zhuzh up. “A focus on previously underestimated areas of the home such as the hallway, pantry, utility room, and laundry room are coming center stage,” observes Gemma Riberti, head of interiors at international trend forecasting agency WGSN. “Searches for ‘handmade’ and ‘eclectic interior design vintage’ are [also] growing steadily on platforms such as Etsy or Pinterest.”
“When I grew up, the first thing we did [when we redecorated] was [match] the curtains, for example, all the textiles,” affirms Karin Gustavsson, a creative lead at Ikea. “Today it’s not about coordination. Instead, [it’s about] objects that show who you are—this is my heritage, what I’ve collected during trips and travels.”
In Milan, Salone del Mobile—the world’s biggest design trade fair—and the city’s broader design week, provides the perfect moment to take a trends temperature check. In fact, ELLE DECOR editors fanned out across the Italian design capital to take stock of what’s new and what trends seem to have staying power. We’ve also spoken to a roster of ELLE DECOR A-List designers and industry experts to reveal some surprising—and not so surprising—home design directions set to unfold this year—and beyond. Here’s what we’ve uncovered.
Our Furniture Is About to Get Blinged-Out
Armani Casa
Armani Casa’s glamorous showcase in Milan, with new pieces inspired by Giorgio Armani’s travels.
Ready for some 24-karat magic? We certainly are! In Milan, some of the biggest names in Italian design went all-out on gold bling—a welcome departure from the more pared back, stone-and-leather material palettes that the region has become known for. Perhaps the biggest example of this trend came via Edra, which, at the Salone del Mobile fair, unveiled a series of new Minerals fabrics. A glass display case showed how each corresponded with a particular stone—from pyrite and onyx to silver and white quartz. But it was the gold offerings that stood out the most. Light gold, dark gold, and, most eye-catching of all, pure gold lit up the Edra booth with glittering upholstery, proving that you can achieve a glam, metallic look without the need of a hard surface. Elsewhere at the fair, Molteni&C celebrated its 90th anniversary in a way that only the revered Italian brand can: via a gold edition of the iconic D.154.2 armchair.
Armani Casa, meanwhile, showed off plenty of gilt at its showcase at the magnificent Palazzo Orsini in Milan. The new collection was inspired by Giorgio Armani’s many trips around the globe, with accessories available in a variety of different gold finishes. The section that pays homage to China, though, is where the metallic accents really stood out. The Venus console, for instance, uses gold leaf in its stone surface, like glamorous marble veins. Want to bring the vibe into the kitchen? We’ve got you covered there too: At its showroom on the bustling Via dell’Annunciata, Officine Gullo showed off a jaw-dropping oven range with 24-karat gold hardware. Talk about bling or bust!
Soft on the Outside, Squishy on the Inside
Poltrona Frau
Softer seats, like the new Parka Sofa by Draga & Aurel for Poltrona Frau, are all the rage.
It’s no surprise that outdoor furniture is bigger than ever before. Since the height of the Covid-19 pandemic in 2020, brands have been scrambling to bring their designs to the backyard. Now, though, there are some prevailing themes to be found among the latest batch. In particular, there seems to be renewed emphasis on bringing rounded sofas, armchairs, and even cocktail tables outside, continuing the trend of kidney bean–shaped furniture that’s been persistent throughout the last few years. At the Salone del Mobile fair, for instance, Dedon previewed new, curvy chairs from the likes of Stephen Burks, Claudio Bellini, and many others, pairing these voluptuous silhouettes with signature colorful synthetic weaves. Meridiani showed new, curvaceous outdoor lounge chairs at its booth as well at the fair. Another highlight at Milan Design Week was De Padova, which showcased a new outdoor collection, Afternoons, that resembled the look and feel of curved woven baskets.
The interiors world, meanwhile, continues to gravitate toward squishy, low armchairs and sofas. That mantra was most on display at Poltrona Frau, which introduced an exciting new collection designed by revered British designer Faye Toogood. Dubbed Squash, the pieces range from mirrors to ottomans and stools, with the curvaceous, cushy armchair being the real statement piece. Even Frau’s collaboration with Draga & Aurel, Parka, fit the theme. Minotti, meanwhile, made quite a statement at the Salone del Mobile fair. Following the death of the brand’s creative director Rodolfo Dordoni last year, Minotti opted to engage with a new list of designers for its latest introductions, including ELLE DECOR A-Lister Hannes Peer. Peer’s Emmi armchair marks a bit of a departure for the storied Italian brand, with its low seat and subtle yet striking curves.
Say So Long to the ‘70s—the ‘90s Are In
Though our collective obsession with all-things ‘70s isn’t going away anytime soon, a new throwback era is steadily rising to the fore: the late 1980s and 1990s.
“It was a very optimistic period, the ‘80s and ‘90s—the pop music, people were setting up companies,” says Gustavsson. For Milan Design Week, the company announced that it is reissuing two designs from the time period, including the Klippan sofa and Poäng lounge chair—both ‘80s designs by Japanese designer, Noboru Nakamura.
But the ‘80s and ‘90s references didn’t stop there: local firm StudioDanielK presented Antechamber, a collection of elegant, postmodern-ish chairs, lamps, and tables that we could picture in a chic update of Dr. Frasier Crane’s apartment.
Cork Is the Material of the Moment
Ethan Herrington
If your interior designer tells you to put a cork in it, you might want to think twice before taking offense: This lightweight, spongy material is jumping off the pinup board and onto walls, floors, and furniture. Part of the appeal has to do with its sustainability—cork is naturally biodegradable, free of scary chemicals, durable and water-resistant, and a completely renewable resource (cork trees aren’t cut down; rather their fast-growing bark is harvested).
If those qualities weren’t enough, it’s also a beautiful material—and designers are going crazy for it. Designers including Studio Dorian and Charlap Hyman & Herrero have clad rooms floor to ceiling in this soft brown material.
“We showed [our client] a photo of Yves Saint Laurent’s office in Paris that has a big cork wall that he pinned things to,” Studio Dorian’s Peter Dolkas told us in our May 2024 issue. “That was our sort of gateway to get her excited about the idea, but it didn’t take much convincing.”
High-Gloss Walls Are Out; Texture Is In
Douglas Friedman
The walls of this San Antonio home are in a sage-hued plaster, and the ceilings are clad in reclaimed longleaf pine.
Plain white walls are still out, but so are slick, high-gloss finishes that can turn any room into a hall of mirrors. “I think lacquer had its 15 minutes, and seeing your reflection in dining room walls doesn’t interest anybody right now,” says Palm Beach–based interior designer Lori Deeds of Kemble Interiors. “Brushed or hand-applied finish is where it’s at, like Roman clay or limewash [with its sueded texture] or hand-tooled plaster, which I love doing.” According to the results of 1stDibs’s seventh annual trends survey, when 624 interior designers were asked to predict the most popular wall finishes, the highest percentage of designers also doubled down on limewash.
“People want some action to their surfaces,” adds Los Angeles designer Oliver Furth. “Straight painted sheetrock doesn’t feel exciting right now.” But it’s not all about paint or other applied finishes; there’s a lot to be said about clever manipulation of natural materials. “We’ve been thinking a lot about texture—not fabric texture but more like patterns in wood that are three-dimensional,” explains Kligerman Architecture & Design founding partner Tom Kligerman. “And patterns in stone—not just slabs, but [what can happen] when you cut it into a checkerboard pattern of four-inch blocks with half of them recessed and the other half projecting, so its surface has been manipulated into this wonderful geometric texture that changes when you introduce light into the picture.”
Brown (Yes, Brown) Will Be Your Next Statement Color
Francesco Dolfo
In the primary bedroom of this Milan home, the wall paint is RAL Pale Brown, and the window paint is RAL Green Beige.
As ’90s neutrals were accurately predicted to replace drab gray tones in 2023, some of the same standout colors are poised to make an earthy splash this year. “We’re definitely seeing more and more brown in our lives—the Billy Baldwin variety of brown—and it’s a real throwback,” says Dallas-based interior designer Jean Liu.
When pinpointing next year’s hottest colors, 1stDibs determined that dark brown was in the top three, followed by shades of yellow and light brown. “There’s a color we’re using a lot in the studio that we’re calling ‘hot brown,’” adds Furth. “But browns are definitely happening—like really warm browns that might be a play on a 1970s palette, and those caramel colors, along with coral and persimmon.”
“Our eagle-eyed curators have spotted a major interest in these palette trends over the past few months,” adds Anna Brockway, the president and cofounder of Chairish. “They’re specifically on the rise among our most loved categories including upholstery, painted cabinetry, art, tabletop, jewelry, and decor.” For Danielle Barr, president of Woven, the New York–based rug design and development company, browns are “the new neutrals” and continue to resonate with their clientele. “We launched a lot of brown [rugs] in the past two years—chocolate browns and a variety of rust and deep golden wheat colors—that have a warmth to them because of the existing warmth to the natural wools themselves, so taking those colors on makes them feel even richer.”
“Brown is a great color—it’s very warm and rich, and it’s actually a great neutral to layer with other colors,” says New York interior designer Alyssa Kapito. “Everything was very gray, and now it’s much warmer—think sepia and caramel.” For designer Neal Beckstedt, the palette is a definite mood shifter. “Beige and brown are on an upswing along with very muddy colors that have an 18th-century calmness to them—think earthy colors with less vibrancy and more richness.”
Prepare for a Terra-Cotta Tile Takeover
Douglas Friedman
In this Sonoma estate, the handmade star-and-cross terra-cotta tile floor adds texture and dimension.
In terms of popular materials, 1stDibs found that ceramic and terra-cotta earned a top spot with nearly a quarter of designers surveyed. “I was recently in Box Hill—Stanford White’s summer home—and his use of terra-cotta in the entrance hall is so beautiful,” says Kligerman. “I’d love to start using more of it in houses just for the sculptural opportunities, and I’m looking into different colors like the beautiful greens and cobalt blues and, of course, the natural shades of ocher.”
“I’m here for it,” agrees Furth. “Right now, I’m doing a bathroom in glazed terra-cotta tile that will feel like a beautiful Georgia O’Keefe–style hammam.” The clay-based glazed—or unglazed—material’s appeal can likely be attributed to its use across a wide range of design and architectural styles, from Italianate and Spanish to Art Deco and Arts and Crafts. “Antiqued terra-cotta makes for the most fabulous floor—especially in Palm Beach, where we have so much 1920s architecture,” adds Deeds. “As an alternative, clients are really loving the zellige tiles from Morocco that also work so beautifully in these homes.”
Bouclé Is Here to Stay…but with Fresh Updates
Adrian Gaut
In this Toronto home, bouclé chairs by Nienkamper surround a table by Aschberg Magnuson.
Since as far back in furniture design history as 1948, when architect and designer Eero Saarinen upholstered his iconic Womb chair in bouclé, the nubby-textured fabric has proven its staying power. And whether it pops up on a Pierre Yovanovitch Papa Bear armchair or is worn as armor in the form of an iconic Chanel suit, bouclé exudes a certain opulence. For San Francisco–based interior designer Nicole Hollis, it’s the one fabric that is the epitome of quiet luxury. “I’m always attracted to bouclé, and Rosemary Hallgarten’s alpaca bouclé fabrics are just gorgeous.”
“You don’t want to do an entire apartment in bouclé, but we’ll never get tired of it.”
“A very stylish friend from New York texted me the other day asking if there was ‘any furniture in 2023 that was not covered in bouclé?’” laughs Furth. “It is here to say, though we’re seeing new versions of it with thicker pile and in different colors—the skimpy cream and off-white bouclés feel down-market.” And where the fabric’s longevity is concerned, Kapito is in full agreement. “It’s a classic and always adds a beautiful texture to a room—you don’t want to do an entire apartment in bouclé, but we’ll never get tired of it.”
Straight Lines, Meet Curves
PION Studio
In a corner of this living room, linear custom millwork frames a curvaceous sofa.
Reporting on the most iconic seating, 1stDibs named Hans Wegner’s Wishbone chairs and Vladimir Kagan’s Serpentine sofas among the most coveted by designers—both of which share one distinct attribute—curvaceousness. “I’m over the straight line—we’re all about some curves and softer shapes in the new year,” says Liu. “With furnishings, we see scalloped details are really part and parcel of pieces we’re specifying, and it could be in the frame of a mirror or an upholstery detail—we recently showed clients a set of found barstools that had an undulating wood-carved detail on the back that they really loved.”
“The precision of being a perfect block is out.”
“A [Jean] Royère Polar Bear sofa never gets old for me,” says Kapito. “The thing you need to remember about any trend is that you don’t want to commit to it everywhere, so if you have a curved desk and chairs, you want to make sure there are also [pieces with] straight lines in the room—it’s a mix and balance that makes a space interesting.” Not surprisingly, Deeds takes a similar stance, with regional design in mind. “The undulating curves like those found in [the work of] Royère are a regular theme in Palm Beach design and the scallops you’re seeing in furniture design are really hot right now but also timeless.”
“I see so many curves, and they’re not going away,” adds Hollis. “Artisans are embracing that curvature and more organic forms.” For Beckstedt, the path ahead is decidedly more roundabout. “The precision of being a perfect block is out. Biedermeier furniture, for instance—with its curves and warmth—is becoming more present, and gone are the days of ’80s-inspired glass and steel.”
Artisanal Everything Is In
Patrick Biller
In the foyer of this Toronto home, Montana Labelle styled a vintage credenza with vintage accessories and artwork found on secondhand sites like Chairish and the RealReal.
There’s an art to creating exceptional design, and it’s never more evident than in bespoke pieces and artisanal work that showcase the incomparable skill of human hands. “We’re not sick of seeing the artist’s hand and the human touch [in design], especially post-pandemic,” says Furth. “Our clients are craving the handmade—whether it’s ceramic tile or hand-carved wood furniture or handblown glass, human irregularity is soothing.”
Tapping artists to expand their craft for one-of-a-kind, hand-tooled pieces is something Hollis does on a regular basis. “[British artist] Nic Webb carves these gorgeous vessels out of solid wood, and we asked if he could turn one of them into a light fixture [for a project],” she explains. “And it really made a statement.”
In its own trend forecast, Chairish identified an increased demand for imperfectly perfect design that included American folk art and elements like whip stitching. “Handmade, heirloom, antique, or vintage items were made with consideration and care,” adds Brockway about a world where anything can be mass-produced. “There’s something incredibly unique and just plain fun about the way their details come to life.”
New York- and Palm Beach–based designer Victoria Hagan applauds the character in these small details as well. “I’ve also placed a new emphasis on natural materials, including a celebration of their imperfections,” she adds. “We’ve all certainly learned that life is not always perfect.” As Barr explains, noting that everything they make is by hand. “We intentionally mix materials in a way I don’t think our weavers have seen before,” he explains. “We don’t like things to be flat and perfect, which makes you see more abrash, or the natural variations [in the rugs].”
High-Tech Lighting Will Be Our Decorating Bestie
Douglas Friedman
Sun shines upon the monochrome kitchen of this desert-modern retreat, but at night, high-tech lighting transforms it into a chic cooking space.
Developing the ability to change the intensity and color of the light in a space was truly a bright idea, and over the past decade the technology has become more and more desirable. “People are embracing the technology that allows for color tuning,” says Liu. “It can make a room feel like it’s getting natural daylight even if it’s gloomy outside, but it’s not inexpensive.” She also notes the very practical purpose it serves for some of her clients. “For art collectors, it really elevates the way they’re interacting with the works in their home.”
Companies like Philips, AiSPiRE, and USAI Lighting have long offered an array of products to enhance interior LED lighting, and now designers and homeowners alike are beginning to see the light. “Though [the ability to tune] color temperature is a big thing—some clients love it, and some don’t,” admits Hollis. “We’ve been using Kreta, and each light bulb is programmable, and you can warm it and change the color temperature. It’s a little more expensive [than traditional lighting], but you have the capability to control it all through an app.”
Alternative Materials Will Be the Standard
Theo Tennant
Suede remnants from a British leather factory clad the hallway of this Paris apartment.
Sustainability has transcended trendiness to become a wider goal for the design industry in an effort to significantly reduce negative environmental impacts, while also enhancing the well-being and spaces of those who embrace it. “We’re seeing a lot of attention being paid to materiality—what it is, where it comes from, and where it’s sourced,” says Hollis. “And that means people are creating furnishings and products that are more interesting based on those parameters, like Max Lamb’s furniture collection made from recycled cardboard.”
Meanwhile, during Milan Design Week, designer Harry Thaler, in tandem with the company EconitWood revealed a series of gorgeous, curved furniture and lamps made from a material derived from recycled sawdust.
“There are some materials that will disappear,” Gustavsson, from Ikea, predicts. “I can see it in the high-end furniture as well.” Design companies, she points out, are abandoning chrome in favor of more environmentally friendly materials. Ikea, for its part, is ramping up its exploration of sustainable artificial fibers. Woven, in an effort to “reshape the rug industry,” is also exploring alternative materials for its bespoke floor coverings. “We’ve mixed aloe [fibers] in with wool, and now we’re working with eucalyptus silk—which is another sustainable product—and mixing it with natural wools to create more depth and texture in our rugs,” explains Barr.
Victorian-Era Details Will Have a Revival
Kelly Marshall
Whether or not we have to thank television series like Julian Fellowes’s HBO period drama The Gilded Age—and its predecessors Belgravia and Downton Abbey—for the renewed interest in the aesthetics of 19th-century design is beside the point, because we’ve moved straight into embracing it. “We recently completed a home with walls comprised of different pieces of oak, reminiscent in a way of Victorian architecture with its beaded board and square and diamond shapes, so there’s this great interior texture—especially when the light crosses the surface,” shares Kligerman. Though he’s quick to add the era’s heavy design shouldn’t be translated too literally. “You eliminate some of the fussy, flowery details and make it more abstract, more rectilinear—or even geometric—and remove the Gothic tendencies so it’s cleaner.”
“To that point, clients have been coming to me with images of that [late 19th-century] Parisian style—crown moldings and chevron floors—so there’s definitely a revival happening,” adds Hollis. “There’s also more modern millwork in conjunction with those moldings and things [as a balance], but it’s certainly a more ornate style.”
Still, one has to wonder, Are these late 1800s design elements really making a comeback? “Absolutely! And we can’t forget fashion’s influence either,” says Brockway about the rise in Victorian-inspired flourishes. “We consider it a nod to maximalism and a reminder to layer these elements into your home through furniture, art, and decor for the ultimate one-of-a-kind look.”
Helena Madden is ELLE DECOR’s market editor, and covers all things product and trend, from flatware and furnishings to kitchen and bath. She previously worked as a staff writer at Robb Report, where she covered luxury news with a focus on interior design.
Anna Fixsen, Deputy Digital Editor at ELLE DECOR, focuses on how to share the best of the design world through in-depth reportage and online storytelling. Prior to joining the staff, she has held positions at Architectural Digest, Metropolis, and Architectural Record magazines. elledecor.com
With its stunning waterfront, diverse cultural scene, and renowned festivals, Rochester offers a unique blend of urban excitement and natural beauty.
Welcome to the charming city of Rochester, NY, where the Genesee River flows and history comes to life. Residents here enjoy a rich tapestry of arts and culture, from the George Eastman Museum to the Memorial Art Gallery. So whether you’re searching for the perfect apartment in downtown Rochester or eyeing a peaceful house in the suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Rochester. Let’s get started and see what awaits in this vibrant city by the water.
Pro: Rich cultural heritage
Rochester boasts a rich cultural heritage, with a strong emphasis on arts, music, and history. The city is home to the renowned Eastman School of Music and the George Eastman Museum, offering residents access to world-class performances and exhibitions. Additionally, the Memorial Art Gallery and the Rochester Museum & Science Center provide ample opportunities for cultural enrichment and exploration.
Con: Limited public transportation options
Rochester has limited public transportation options, which can pose challenges for residents who rely on public transit for their daily commute or travel needs. The city’s public transportation system is not as extensive as in larger metropolitan areas, making it less convenient for those who prefer not to drive or own a vehicle. This limitation can impact accessibility and mobility for certain individuals.
Pro: Affordable cost of living
One of the major pros of living in Rochester is its affordable cost of living. Housing prices are relatively low compared to other major cities, making it an attractive option for those looking to purchase a home or rent an apartment. The overall affordability of the city allows residents to enjoy a comfortable lifestyle without breaking the bank.
Con: Harsh winters
One of the major drawbacks of living in Rochester is its harsh winters, characterized by heavy snowfall and cold temperatures. The city experiences long and challenging winter seasons, which can be a deterrent for individuals who prefer milder climates. Residents must be prepared for inclement weather and the associated inconveniences that come with the winter months.
Pro: Strong sense of community
Rochester is known for its strong sense of community, with residents actively participating in local events and initiatives. The city’s neighborhoods are close-knit, fostering a supportive and inclusive environment for individuals and families. Community organizations and volunteer opportunities abound, providing avenues for residents to connect and make a positive impact.
Con: Job market competitiveness
The job market in Rochester can be competitive, particularly in certain industries. While the city is home to a variety of businesses and organizations, job opportunities may be more limited compared to larger urban centers.
Pro: Access to outdoor recreation
With its proximity to the Finger Lakes region and numerous parks and trails, Rochester offers ample opportunities for outdoor recreation. Residents can enjoy activities such as hiking, biking, and boating, as well as seasonal events like apple picking and wine tours. The city’s natural beauty and outdoor amenities contribute to a high quality of life for outdoor enthusiasts.
Con: Seasonal allergies and weather-related health concerns
Rochester residents may experience seasonal allergies and weather-related health concerns, particularly during the spring and summer months. Pollen levels can be high, leading to discomfort for individuals with allergies or respiratory issues. Additionally, extreme weather conditions such as humidity and temperature fluctuations can impact overall health and wellness for some residents.
Pro: Diverse culinary scene
Rochester boasts a diverse culinary scene, with a wide range of dining options to suit every palate. From farm-to-table eateries and ethnic restaurants to food trucks and local breweries, the city offers a vibrant and eclectic food culture. Residents can indulge in delicious cuisine while supporting local businesses and experiencing the city’s gastronomic diversity. Good Luck and Nosh are two popular restaurants in the Rochester area.
Con: Limited nightlife options
Rochester has a more limited nightlife scene compared to larger cities, with fewer options for late-night entertainment and socializing. While the city offers a variety of dining and cultural experiences, the nightlife may not be as vibrant or diverse as in other metropolitan areas.
Pro: Educational opportunities
Rochester is home to several esteemed educational institutions, including the University of Rochester and the Rochester Institute of Technology. The city’s academic landscape provides residents with access to lifelong learning opportunities, cultural events, and intellectual stimulation. Additionally, the presence of top-tier schools contributes to the city’s overall vibrancy and intellectual capital.
Con: Urban sprawl and traffic congestion
Rochester faces challenges related to urban sprawl and traffic congestion, particularly during peak commuting hours. The city’s infrastructure and road systems may experience congestion, leading to longer commute times and potential frustration for residents.
Pro: Thriving arts and music scene
Rochester has a thriving arts and music scene, with numerous galleries, performance venues, and music festivals throughout the year. The city’s creative community is vibrant and diverse, offering residents a wide array of artistic experiences and cultural expressions. From local art walks to live music performances, Rochester provides a dynamic and enriching environment for art and music enthusiasts.
Welcome to the picturesque city of Newton where history meets modern charm and a strong sense of community prevails. Nestled just outside of Boston, Newton boasts a unique blend of suburban tranquility and urban convenience. With its tree-lined streets, top-rated schools, and diverse neighborhoods, Newton offers a welcoming environment for residents of all ages. There’s a neighborhood to suit every lifestyle from the historic architecture of Newton Centre to the bustling energy and Italian heritage of Nonantum.
Searching for the perfect apartment in the heart of Newton or a cozy condo in a peaceful corner of the city? You’ve come to the right place. In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Newton. Let’s get started and see what awaits in this charming town.
Pros of living in Newton, MA
1. Top-notch education
Newton is regionally renowned for its exceptional public school system. It consistently ranks among the best in Massachusetts. The city’s commitment to education is evident through its well-funded schools, dedicated teachers, and a wide range of academic and extracurricular opportunities for students. Newton is also close to several prestigious private schools such as the Newton Country Day School and the Commonwealth School, providing families with diverse options for their children’s education.
2. Green spaces and parks
Residents are fortunate to have access to an abundance of green spaces and parks. Newton has over 1000 acres of parkland, including the picturesque Crystal Lake and the Newton Commonwealth Golf Course. Whether it’s for leisurely strolls, outdoor sports, or simply enjoying nature, the well-maintained parks in Newton provide a tranquil escape from the bustle of Boston.
3. Vibrant cultural scene
Newton is home to numerous art galleries, theaters, and music venues. Events like the Newton Open Studios, run by the Newton Art Association, offer a unique opportunity to engage directly with talented local artists. Arts and culture lovers also have easy access to the incredible museums, theaters, and galleries of Boston.
4. Convenient access to Boston
One of the major advantages of living in Newton is its proximity to Boston, which is only a 15 minute drive away. With just a short commute via car, train, or bus, residents can easily travel to Boston for work, entertainment, and cultural experiences. This convenient access to Boston’s amenities and opportunities adds an extra layer of appeal to living in Newton. Conversely, Newton offers Boston residents a serene and charming alternative to the busy Boston streets.
5. Strong sense of community
Residents of Newton actively participate in local events, volunteer initiatives, and neighborhood associations. The city’s close-knit neighborhoods and friendly atmosphere create a welcoming environment.
6. Culinary diversity
Foodies in Newton are spoiled for choice with an array of dining options representing diverse cuisines. From cozy cafes and family-owned eateries to upscale restaurants like sycamore. and Tartuffo, the city’s culinary scene caters to a wide range of palates and budgets.
7. Historic charm
Newton boasts a rich history and architectural heritage, with many well-preserved historic buildings and landmarks that add character to the city. The Jackson Homestead offers a fascinating glimpse into the area’s past, while the picturesque Newton Centre Historic District provides a charming backdrop for leisurely walks and exploration.
Cons of living in Newton, MA
1. High cost of living
One of the primary drawbacks of living in Newton is the high cost of living, including steep housing prices and overall expenses. The city’s desirable location, excellent schools, and quality of life contribute to the premium cost of residing in this community.
2. Limited public transportation options
Despite its proximity to Boston, Newton has limited public transportation options, which can be a drawback for residents who rely on public transit for their daily commutes. While there are bus routes and commuter rail services, the overall public transportation infrastructure within the city itself may not be as extensive or convenient as in other urban areas.
3. Traffic congestion
During peak hours, the city’s roadways and intersections may become congested, impacting the overall ease of travel within and around the area. However, it’s important to remember that this is common in the Boston area and surrounding towns.
4. Limited nightlife options
For those seeking a lively nightlife scene, Newton may not offer as many options compared to nearby Boston. While there are bars, restaurants, and entertainment venues, the nightlife in Newton is relatively subdued and wraps up early.
5. Harsh winters
The New England region, including Newton, experiences harsh winters with cold temperatures, snowfall, and inclement weather conditions. While the winter season can be picturesque, it also brings challenges such as snow removal, icy roads, tire chains, and the need for extra precautions during the colder months.
6. Limited housing inventory
Housing in Newton primarily consists of single family homes so the share of apartment complexes and rental homes is smaller than many of the major cities. Furthermore, due to the high demand for housing in Newton there may be limited inventory available for sale, leading to a competitive real estate market.
7. Zoning restrictions
Zoning restrictions do not generally affect renters. But if you are hoping to buy a house in Newton eventually, you will want to be aware that the city has strict zoning regulations and restrictions. Many of these restrictions are in place to retain the character and history of the town. However, they can impact property development, renovations, and expansions. These regulations may pose challenges for homeowners looking to make major cosmetic or structural changes to their properties, requiring careful consideration and adherence to local zoning laws.
Obtaining a mortgage with a reduced interest rate is a crucial objective for many prospective homeowners. Getting a good interest rate can save borrowers thousands of dollars over the course of a loan and have a big impact on your financial health.
It takes research and preparation to navigate the complicated world of mortgage rates, but making the effort can pay off with lower monthly payments and significant long-term savings.
What Is the Best Way to Get a Lower Mortgage Rate?
Although there’s no one-size-fits-all approach that will help homebuyers qualify for a mortgage at a reduced mortgage rate, there are a few crucial steps one can take. These include carefully tending your credit score and diligently comparing lenders and financing choices.
This may be especially daunting to first-time homebuyers, but borrowers who learn how to lower their mortgage interest rate can better their chances of long-term financial stability and successful homeownership.
💡 Quick Tip: SoFi’s award-winning mortgage loan experience means a simple application — we even offer an on-time close guarantee. We’ve made $7.5 billion in home loans so we know a thing or two about what makes homebuyers happy.‡
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Pros and Cons of a Lower Mortgage Rate as a Home Buyer
As a prospective homeowner, getting a reduced mortgage rate could offer many benefits, though there are a few potential challenges as well.
Pros:
• Decreased monthly payments: A lower interest rate usually results in a lower monthly mortgage payment, giving you more money for investments or other expenses.
• Long-term savings: Depending on the loan amount and term, even a small interest rate reduction can save a significant amount of money over the course of the loan — possibly tens of thousands of dollars. Experiment with a mortgage calculator to see how the interest rate and loan term impact the total interest paid over the life of the loan.
• Building equity faster: As a result of lower interest rates, a larger portion of your monthly payment is applied toward paying off the loan, hastening the process of building equity in your house.
Cons:
• Qualification requirements: Borrowers with a strong credit rating, steady income, and a sizable down payment are frequently eligible for the lowest rates offered by lenders. Achieving these requirements may prove difficult for some buyers.
• Higher upfront costs: Securing a lower interest rate may require paying higher upfront costs, such as points or a big down payment.
• Limited availability: Some purchasers may find that the lowest advertised rates are only accessible to customers who qualify for certain loan types under particular circumstances.
• Market volatility: Interest rates can change over time for an array of economic reasons. An adjustable-rate mortgage may offer a borrower a low initial interest rate, but savings could be outweighed by rate hikes in the future.
Recommended: The Best Affordable Places to Live in the U.S.
Ways to Get a Lower Mortgage Rate
If you’re wondering how to get a lower interest rate on a mortgage, here are tactics you’ll want to take a look at:
Shop for Mortgage Rates
Finding the best loan terms for a house purchase requires doing your research on mortgage interest rates. Get quotes first from a variety of lenders, such as banks, credit unions, and online lenders. Consider whether you are eligible for a loan guaranteed by the government, such as a VA loan (from the U.S. Department of Veterans Affairs) or an FHA loan, backed by the Federal Housing Administration. Don’t accept the first mortgage deal you run across; shop around and compare rates offered by different lenders.
To evaluate rates, fees, and terms side by side, make use of online comparison tools. Never be afraid to ask a lender if they can match a competitor’s rate or give better conditions. Other considerations, like closing expenses and the caliber of the customer service, may influence your choice of mortgage, and the lowest rate that is advertised may not always be the best one. Make sure you have researched your selection and that it is in line with your long-term financial objectives.
Nurture Your Credit Score
Borrowers with better credit scores usually receive reduced rates from lenders. A better rate might result from paying your bills on time, cutting overall debt, fixing any inaccuracies on your credit report — or all three. Get a copy of your credit report from each of the big credit reporting agencies, check it for accuracy, and quickly request fixes for any inaccuracies. Next, focus on paying off current debts on time, maintaining modest credit card balances, and refraining from creating new credit lines unnecessarily.
Choose Your Loan Term Carefully
Investigate different types of mortgage loans, including fixed-rate and adjustable-rate mortgages (ARMs). Each type has a different interest rate structure and set of requirements. Shorter loan terms of 15 or 20 years usually have cheaper interest rates than 30-year mortgages, which results in significant savings over the course of the loan. They also typically have larger monthly payments.
Longer loans spread out payments over an extended period of time, which lowers the monthly payment but comes with higher overall interest charges. When choosing a loan term, take your cash flow, long-term objectives, and financial status into account. While a longer term could offer more flexibility with lower monthly payments, choosing a shorter term can help save money and allow you to pay off the mortgage sooner.
Make a Larger Down Payment
Increasing your down payment is one of the best ways to get a lower mortgage rate. For borrowers who are able to make a substantial down payment — typically 20% or more of the purchase price of the home — lenders frequently offer lower interest rates. A higher down payment shows financial responsibility and lowers the lender’s risk, which makes for a more desirable borrower. Borrowers can also eliminate private mortgage insurance (PMI) with a sizable down payment, which further reduces your monthly payment. Although stowing away a down payment takes time and discipline, there could be significant interest savings over the course of the loan.
Buy Mortgage Points
Purchasing discount points, sometimes referred to as mortgage points, can be a calculated move to obtain a cheaper mortgage rate. Each point costs 1% of the total loan amount and lowers the interest rate by a specific amount, usually 0.25% per point. Although purchasing points necessitates a one-time payment, it might provide substantial savings during the loan term. Before you purchase points, make sure you set aside cash reserves for emergencies. And ask yourself if you plan to stay in the house past the breakeven point (the point at which the monthly savings from a lower payment equal the initial cost of purchasing points).
Lock in Your Mortgage Rate
Once you’ve found a good rate and gone through the mortgage preapproval process, locking in your rate is a crucial step in protecting against potential rate increases during the closing process. When a rate is locked in, the lender agrees to guarantee the agreed-upon interest rate for a predetermined amount of time — usually 30 to 60 days — while the loan application is being processed. This guarantees that the rate won’t change during this time, even if market rates rise. If rates drop, though, one might not be able to benefit from the lower rates unless the lender has a float-down option.
Refinance Your Mortgage
If mortgage rates drop significantly (or your financial profile improves markedly) after you purchase your home, refinancing your mortgage can cut monthly payments and total loan costs. But it’s crucial to take into account refinancing charges, like appraisal and closing costs, and balance these against the possible savings from a lower rate. Homebuyers should think about long-term financial objectives and how refinancing fits within their total budget. Working with a reliable lender and thoroughly weighing options can help one decide if refinancing is the best course of action.
💡 Quick Tip: Have you improved your credit score since you made your home purchase? Home loan refinancing with SoFi could get you a competitive interest rate with lower payments.
Searching for Mortgage Rate Tips
Start by keeping an eye on market developments and learning how the economy affects mortgage rates. To be eligible for reduced rates, carefully manage your credit score. You can also get reasonable rates and better conditions by shopping around and comparing offers from different lenders. To optimize savings, think about the advantages of increasing your down payment, buying discount points, and selecting the ideal loan term. Lock in a cheaper rate while the market is favorable.
Recommended: Home Loan Help Center
The Takeaway
Prospective homeowners can improve their chances of obtaining a favorable rate and ultimately save a large amount of money over the course of their loan by raising their credit score, shopping around for the best rates, and negotiating with lenders. Market conditions, lender competition, and your individual financial situation will factor into your mortgage terms. Greater financial stability can be achieved from taking proactive measures to achieve a cheaper mortgage rate, whether through buying discount points or increasing the down payment.
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
Can you ask your mortgage company to lower your interest rate?
Yes, you can negotiate with your mortgage company to potentially lower your interest rate before you sign on for a loan. After you have a mortgage, you could ask your lender about a mortgage recast or a refinance.
What makes mortgage interest rates go down?
Mortgage interest rates can decrease due to factors such as economic downturns, changes in federal monetary policy, and market competition among lenders.
Can you negotiate a lower interest rate on a mortgage?
Yes, you can use variables like your creditworthiness, the state of the market, and lender competition to negotiate a lower interest rate on a mortgage.
Photo credit: iStock/Delmaine Donson 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.
*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 On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will give you a credit toward closing costs or additional expenses caused by the delay in closing of up to $10,000.^ The following terms and conditions apply. This Guarantee is available only for loan applications submitted after 04/01/2024. Please discuss terms of this Guarantee with your loan officer. The mortgage must be a purchase transaction that is approved and funded by SoFi. This Guarantee does not apply to loans to purchase bank-owned properties or short-sale transactions. To qualify for the Guarantee, you must: (1) Sign up for access to SoFi’s online portal and upload all requested documents, (2) Submit documents requested by SoFi within 5 business days of the initial request and all additional doc requests within 2 business days (3) Submit an executed purchase contract on an eligible property with the closing date at least 25 calendar days from the receipt of executed Intent to Proceed and receipt of credit card deposit for an appraisal (30 days for VA loans; 40 days for Jumbo loans), (4) Lock your loan rate and satisfy all loan requirements and conditions at least 5 business days prior to your closing date as confirmed with your loan officer, and (5) Pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. This Guarantee will not be paid if any delays to closing are attributable to: a) the borrower(s), a third party, the seller or any other factors outside of SoFi control; b) if the information provided by the borrower(s) on the loan application could not be verified or was inaccurate or insufficient; c) attempting to fulfill federal/state regulatory requirements and/or agency guidelines; d) or the closing date is missed due to acts of God outside the control of SoFi. SoFi may change or terminate this offer at any time without notice to you. *To redeem the Guarantee if conditions met, see documentation provided by loan officer. 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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Welcome to the charming town of Chicopee where history meets modernity and community thrives in the Pioneer Valley of Western Massachusetts. With its rich industrial heritage, beautiful parks, and diverse neighborhoods, Chicopee offers something for everyone. So whether you’re searching for the perfect apartment in the heart of Chicopee or eyeing a cozy home in the tranquil outskirts, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Chicopee. Let’s get started and see what awaits in this picturesque town.
Pro: Educational opportunities
The Chicopee area is home to a range of educational institutions, including public schools, private academies, and vocational training centers, offering residents access to quality education at all levels. The Pioneer Valley’s commitment to academic excellence is evident in its well-regarded school system and the availability of adult education programs and lifelong learning opportunities. Additionally, Chicopee’s proximity to colleges and universities in the region provides residents with further educational resources and cultural enrichment. The University of Massachusetts and Amherst, Mt. Holyoke, Smith, and Hampshire Colleges are all within a roughly half-hour drive from Chicopee.
Con: Limited public transportation options
One of the challenges of living in Chicopee is the limited public transportation options within the city. While Chicopee is easily accessible by bus from Springfield, Boston, and other cities in Western Massachusetts, the inter-city public transportation network is not as extensive as in larger urban areas.
Pro: Access to outdoor recreation
Chicopee boasts an abundance of outdoor recreational opportunities, with numerous parks, hiking trails, and nature reserves within easy reach. Residents can enjoy activities such as hiking, biking, and picnicking at Chicopee Memorial State Park or take in the scenic beauty of the Connecticut River at the Chicopee RiverWalk. The city’s proximity to Mount Tom State Reservation also provides outdoor enthusiasts with opportunities for camping, fishing, and wildlife observation, making it an ideal location for nature lovers.
Con: Harsh winter weather
Chicopee experiences harsh winter weather conditions, including heavy snowfall and freezing temperatures. Snow removal and road maintenance efforts are generally effective for ensuring safe travel and accessibility, but the inclement weather can still impact daily routines and outdoor activities. Renters considering a move to Chicopee should ensure vehicles are equipped to travel safely in heavy snow.
Pro: Affordable cost of living
One of the most appealing aspects of living in Chicopee is its affordable cost of living compared to major cities like Boston and Hartford, CT. Housing options are diverse and reasonably priced, making it an attractive choice for those who are looking for a more budget-friendly living environment. Additionally, the overall cost of goods and services in Chicopee is lower than in many urban areas in New England, allowing residents to enjoy a comfortable lifestyle without breaking the bank.
Con: Limited entertainment options
Residents seeking a bustling nightlife, major concert venues, or extensive shopping districts may find the local entertainment scene to be more subdued in Chicopee. Luckily for renters who enjoy a big night out, nearby towns and cities such as Northampton, Easthampton, and Amherst offer an active nightlife scene due to the high population of students living in the area.
Pro: Convenient location
Located in the heart of the Pioneer Valley, Chicopee enjoys a convenient location with easy access to major highways and public transportation, making it a desirable place to live for commuters and travelers. The town’s proximity to Springfield and other neighboring towns provides residents with access to a wide range of employment, educational, and recreational opportunities, while still maintaining a distinct sense of community and identity.
Con: Economic development challenges
Chicopee faces economic development challenges, including revitalizing older commercial areas and attracting new businesses to the area. While efforts are underway to promote economic growth and investment, some residents may find limited job opportunities and career advancement prospects within the Chicopee economy, leading them to commute to nearby cities and towns for work.
Pro: Rich history and culture
Chicopee is home to several historic sites, including the Chicopee Falls Dam and the Ames Manufacturing Company, providing a glimpse into the area’s industrial past. Moving to the current day, the arts scene in Chicopee showcases local talent through art galleries, live music performances, and cultural events.
Con: Traffic congestion
As a growing city with a significant commuter population, Chicopee experiences traffic congestion during peak travel times, particularly along major roadways and intersections. The increasing volume of vehicles and limited infrastructure capacity can lead to delays and frustration for residents navigating the city’s transportation network, requiring them to plan their travel routes and schedules accordingly.
Pro: Strong community spirit
Chicopee is known for its strong sense of community, with residents actively participating in local events, volunteer opportunities, and neighborhood initiatives. The town’s close-knit neighborhoods foster a welcoming and inclusive atmosphere, where neighbors come together to support one another and celebrate the town’s culture and history. From community parades to farmers’ markets, Chicopee offers numerous opportunities for residents to engage with their fellow community members and build lasting connections.
The Bank of England has kept interest rates at a 16-year high for at least another month, as governor Andrew Bailey said Threadneedle Street would not bow to political pressure to cut rates.
The BoE’s Monetary Policy Committee (MPC), announced its latest decision at midday on Thursday, opting to keep the current rate of 5.25 per cent – set last August – in a blow to those hoping for the first reduction since 2020.
High interest rates have saddled homeowners with soaring mortgage repayment costs, and are used as a tool to help bring down inflation.
While the rate of Consumer Prices Index (CPI) inflation fell to 3.2 per cent in March, experts had suggested that two key economic indicators – pay growth and services sector inflation – have remained more stubborn.
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In positive news, the Bank improved its forecasts on Thursday to predict that CPI inflation would fall to 2.25 per cent next year and to 1.5 per cent in 2026, and said it expected the UK economy to grow by 0.5 per cent this year and 1 per cent in 2025 – slightly higher than previous predictions.
Key Points
Breaking: Bank of England holds interest rates at 5.25%
Governor Andrew Bailey says Bank will not bow to political pressure
Inflation will fall to 1.5 per cent within two years, Bank forecasts
Pay growth and services sector inflation remain stubborn
Voices: Improving the economy may limit a Tory wipeout, but it won’t save Rishi Sunak
16:02 , Andy Gregory
We’re pausing updates on the liveblog for this evening, thanks for following here.
You can read our latest reporting on the Bank of England’s announcement by clicking here, or else keep scrolling to catch up on the day’s events as we reported them.
Chancellor Jeremy Hunt said the Bank of England’s decision on rates was “finely balanced”.
Asked if he had been hoping rates would be cut ahead of the general election, Mr Hunt said: “I welcome the fact the Bank of England’s obviously thought about this very hard, they take this decision independently.
“And I would much rather that they waited until they’re absolutely sure inflation is on a downward trajectory than rush into a decision that they had to reverse at a later stage.
“What we want is sustainably low interest rates, and I think what’s encouraging is that the Bank of England governor, for the first time, has expressed real optimism that we’re on that path.”
Bank of England will not wait for US Federal Reserve to cut rates, says Bailey
14:59 , Andy Gregory
The Bank of England will not wait for the US Federal Reserve to move on interest rates before it decides to cut rates in the UK.
Andrew Bailey, governor of the Bank of England, said: “There is no law that the Fed has to go first. Moreover, we have a remit and a target that is related to domestic inflation in the UK.”
He added that the Bank will always “take the rest of the world into consideration”, but only in regard to how it affects domestic inflation.
“But there’s no law which says we can only move after the Fed moves. That is not something that ever gets discussed in the MPC.”
Bank of England ‘getting very close’ to first rate cut since 2020, says economist
14:41 , Andy Gregory
James Smith, ING developed markets economist, said: “The Bank of England is getting very close to its first rate cut. That much is clear from the latest policy statement which, while keeping rates on hold at 5.25%, has a distinctly more optimistic flair.
“It echoes recent comments from governor Andrew Bailey, who has been hammering home the message that the UK’s inflation outlook is quite different to the US.
“We’re still leaning slightly more towards an August start date for rate cuts, though it’s a close call. What isn’t in doubt is that the Bank is comfortable with moving ahead of the US Federal Reserve.”
Bank of England will not bow to political pressure to cut rates, says Bailey
14:22 , Andy Gregory
The Bank of England will not bow to increased pressure from politicians to cut interest rates, its governor has said.
Andrew Bailey said: “We are an independent central bank. We have a very clear remit. It’s our duty to exercise our duty at all times. When we are sitting in a room as the Monetary Policy Committee, we never discuss politics … It isn’t a consideration in that respect.”
It comes amid a period of heightened pressure from some MPs on the Bank to move faster on rate cuts in the run-up to a general election later this year.
When pressed on whether an upcoming election could influence how the Bank makes its decisions on rates, Mr Bailey added: “We will take the decisions at each meeting which are consistent with our remit. That’s our job and we will do our job.”
Inflation to fall before rising slightly before end of year, says Bank
14:04 , Andy Gregory
The Bank of England has predicted that lower oil and gas prices mean that inflation is likely to drop to around 2 per cent in the coming months before rising slightly before the end of the year.
Inflation could fall noticeably below target without rate cuts, says Bailey
13:52 , Andy Gregory
Here are more comments from Bank of England governor Andrew Bailey.
He told reporter: “It’s likely that we will need to cut bank rates over the coming quarters and make monetary policy somewhat less restrictive over the forecast period, possibly more so than currently priced into market rates.
“This will be consistent with ensuring that inflation does not fall noticeably below target at the end point of the forecast.”
Pound falls against the dollar
13:35 , Andy Gregory
The pound fell against the US dollar and euro after the Bank of England signalled growing support for an interest rate cut among policymakers.
Sterling fell 0.3 per cent to $1.246 and was 0.2 per cent lower at €1.161.
Financial markets more pessimistic than Bank of England, Bailey indicates
13:17 , Andy Gregory
Andrew Bailey has indicated that the financial markets are more pessimistic about the path for lowering interest rates than the Bank of England.
“With the progress we’ve made, to make sure inflation stays around the target, it is likely that we’ll need to cut bank rates in the coming quarters, possibly more so than is currently priced into markets,” he said.
The Bank governor said the committee has “no preconceptions” about how far and how fast it can lower interest rates, and it make a judgment based on the economic data it sees before each meeting.
Visualised: How have interest rates changed over time?
12:58 , Andy Gregory
The below graph shows how interest rates have changed over the past decade:
Bank has not ruled out cutting rates next month, says governor
12:49 , Andy Gregory
The Bank of England has not ruled out cutting rates at its next Monetary Policy Committee decision.
Andrew Bailey, governor of the Bank, said that upcoming economic data would be key to helping the MPC decide whether to cut rates on 20 June.
He said: “Before our next meeting in June, we will have two full sets of data – for inflation, activity and the labour market – that will help us in making that judgement afresh.
“But, let me be clear, a change in bank rate in June is neither ruled out nor a fait accompli.”
Full report: Bank of England holds base rate for ninth consecutive month
12:20 , Andy Gregory
The Bank of England has kept interest rates on hold at 5.25 per cent for the ninth month in a row.
My colleague Jane Dalton has more in this report:
Bank of England holds interest rates at 5.25% despite hopes of cut
Inflation will fall to 1.5 per cent within two years, Bank of England forecasts
12:14 , Andy Gregory
The Bank of England has projected that inflation will fall more than previously thought over the coming years – dropping below its 2 per cent target to 1.5 per cent in 2026.
Headline CPI inflation is expected to fall below the Bank’s 2 per cent target between April and June, but rise again to 2.6 per cent in the second half of this year as the impact of recent drops in energy prices fades.
In the longer term, the Bank dropped its projections for CPI inflation to 2.25 per cent for 2025 and 1.5 per cent in 2026, down 0.25 and 0.5 percentage points respectively on the Bank’s February estimates.
The projection came in the Bank’s May Monetary Policy Committee (MPC) report, which signalled optimism from recent falls in retail inflation. The report said persistently high interest rates had helped push headline inflation down.
Bailey signals optimism that Bank could soon cut rates
12:10 , Andy Gregory
Governor Andrew Bailey has signalled optimism that the Bank of England could soon cut rates.
The Bank’s Monetary Policy Committee voted by a majority of seven to two to keep rates unchanged – with members Dave Ramsden and Swati Dhingra voting to cut rates by 0.25 percentage points.
Mr Bailey said: “We’ve had encouraging news on inflation and we think it will fall close to our 2 per cent target in the next couple of months.
“We need to see more evidence that inflation will stay low before we can cut interest rates. I’m optimistic that things are moving in the right direction.”
The MPC indicated it is still looking for more progress on factors including services inflation and wage growth, which have remained persistently high at about 6 per cent, before cutting rates.
Bank of England expects economy to grow by 0.5% this year
12:08 , Andy Gregory
The Bank of England said it expects the UK economy to grow by 0.5 per cent this year and 1 per cent in 2025 – slightly higher than previous predictions.
Breaking: Bank of England holds rates at 5.25 per cent
12:01 , Andy Gregory
The Bank of England has opted to keep interest rates at a 16-year high of 5.25 per cent – confounding hopes of the first base rate cut since 2020.
We’ll bring you more updates here as we get them.
BoE chief unlikely to give clear signal on when interest rate cut could come, economist predicts
11:08 , Andy Gregory
Bank of England chief Andrew Bailey is unlikely to give a clear signal on exactly when the bank’s first interest rate cut since 2020 might come – but focus will be on what guidance he does give and if more than one member of the Bank’s Monetary Policy Committee votes for a cut this time around, according to Pimco economist Peder Beck-Friis.
“We know from history that policy meetings may create some volatility,” Mr Beck-Friis said.
“What is also interesting is that we have come from a few years where monetary policy has been very correlated globally … but as the pandemic shocks fade I think it is natural that we see some divergence,” he added – pointing to how Sweden and Switzerland had already cut rates while the US may need to wait longer.
Pound falls against US dollar
09:23 , Andy Gregory
The pound edged lower against the US dollar this morning ahead of the Bank of England’s policy meeting, with the central bank expected to hold rates steady but flag when it intends to lower the cost of borrowing.
According to LSEG data, money markets are pricing in an almost 95 per cent chance that the Bank will hold its benchmark interest rate at 5.25 per cent – the highest since 2008. But investors will be watching for signs of when the first interest rate cut in four years will come as inflation falls.
Markets now see a 56 per cent chance of such move in June – when the European Central Bank has already signalled it will reduce borrowing costs, and a greater chance of 72 per cent of a BoE rate cut in August.
London stocks waver ahead of Bank of England announcement
08:40 , Andy Gregory
London stocks wavered this morning as investors turned cautious ahead of the Bank of England’s interest rate decision – while energy shares gave a boost to the benchmark index.
As of 7:17am, the blue-chip FTSE 100 edged up 0.1 per cent at 8,357.85, hovering below its record high of 8,365.28 points. The mid-cap FTSE 250 edged lower by 0.1 per cent.
The pound slipped against the US dollar and the UK’s benchmark 10-year gilt yield was at 4.155 per cent ahead of the decision.
Investors avoided big bets ahead of Threadneedle Street’s interest rate decision due at 11am, where the central bank is widely expected to keep borrowing costs steady.
Bank of England to shed more light on its predictions for the economy today
06:00 , Maryam Zakir-Hussain
The Bank of England will shed more light on its predictions for the economy and the path of interest rates when it publishes the latest Monetary Policy Report alongside the rates decision today.
Meanwhile, the central bank in the US, the Federal Reserve, said on Wednesday it was keeping its key interest rate at the same level and noted a “lack of further progress” towards lowering inflation.
It means rates could stay higher for longer until there is firmer evidence of price rises easing, its chairman Jerome Powell suggested.
04:00 , Maryam Zakir-Hussain
Andrew Goodwin, chief UK economist for Oxford Economics, said: “The data published in mid-April for services inflation and private sector regular pay growth has likely extinguished any remaining hopes of a move in May.
“Though both measures have continued to fall, progress has been slightly slower than the MPC anticipated, and they are currently running marginally higher than the forecasts published in February’s Monetary Policy Report.”
He said it is likely to be a “close call” on whether the MPC decides to cut rates in June or August.
02:00 , Maryam Zakir-Hussain
Higher interest rates are used as a tool to control inflation, which has fallen sharply in recent months.
The latest official figures showed that Consumer Prices Index (CPI) inflation slowed to 3.2% in March, as it edges closer to the Bank’s 2% target.
But economists think the Bank’s policymakers will want to hold out until they are more convinced that inflationary pressures have eased.
Mapped: Which areas worst hit by mortgage rate hikes as homeowners ‘forced to move’
Thursday 9 May 2024 00:00 , Maryam Zakir-Hussain
Homeowners coming off fixed rate mortgages faced huge rises in their monthly payments, latest figures have revealed, with the costs severely biting into household disposable income.
With the Bank of England base rate rising to 5.25 per cent in the summer of last year, families faced soaring mortagage rates with the average two-year fixed rate reaching 6.9 per cent.
The new rates meant many homeowners, especially those with large mortgages still to pay, faced challenging increases in monthly payments.
Mapped: Areas worst hit by mortgage rate hikes as homeowners ‘forced to move’
Bank of England not yet ready to cut UK interest rates, experts say
Wednesday 8 May 2024 21:57 , Maryam Zakir-Hussain
UK borrowers eager for costs to come down may have to wait a little longer before interest rates take a dip.
The Bank of England’s Monetary Policy Committee (MPC), which sets the level of UK interest rates, will announce its latest decision on Thursday.
However, economists are widely expecting the committee to keep rates at the current level of 5.25 per cent, which it has been held at since August last year.
Bank of England not yet ready to cut UK interest rates, experts say
Wednesday 8 May 2024 19:18 , Maryam Zakir-Hussain
Philip Shaw, chief economist at Investec, said: “This broad direction illustrates that collectively the committee is moving gradually towards a rate cut.
“It seems unlikely though to be ready to bite the bullet just yet and the Bank rate looks set to remain on hold at 5.25% for the sixth consecutive meeting.”
He added that it is possible that a second member of the MPC will switch to the “easing camp” and vote for a cut on Thursday.
‘Too early’ for economists to cut rates, economists predict
Wednesday 8 May 2024 17:30 , Maryam Zakir-Hussain
Economists think the Bank of England’s policymakers will want to hold out until they are more convinced that inflationary pressures have eased.
Laith Khalaf, head of investment analysis at AJ Bell, said: “It is almost certainly too early for the Bank of England to pull the trigger on a rate cut right now, especially against the backdrop of a more hawkish US central bank.”
The US Federal Reserve said last week it was keeping its key interest rate at the same level and noted a “lack of further progress” towards lowering inflation.
It means rates could stay higher for longer until there is firmer evidence of price rises easing, the Fed’s chairman Jerome Powell suggested.
Mr Khalaf said the Bank is also likely to be influenced by the European Central Bank, which is widely expected to cut rates in early June.
“The other important factor is more inflation readings for April and May, where CPI could get very close to, or possibly even hit, the Bank’s 2% target,” he added.
“The closer the inflation dial gets to 2%, the greater the pressure on the Bank of England to take its foot off the brake and cut rates.
“Markets currently think it’s a coin toss whether we get a UK rate cut in June, but this rises to a three in four chance priced in by August.”
The housing market has turned – so what does that mean for buyers and sellers waiting to make a move?
Wednesday 8 May 2024 16:29 , Maryam Zakir-Hussain
House prices are down and mortgage costs are up, writes James Moore. So how long will buyers and sellers need to wait before the market shows signs of life?
Britain’s housing market has turned hostile again, at least for sellers. The latest Nationwide index showed a surprise 0.4 per cent fall in April, the second month-on-month decline in a row.
A rival index produced by Halifax recorded a 1 per cent month-on-month fall in March, with the next update due next week. These indices can be volatile, but another fall would now be the betting favourite.
Read more here:
House prices are falling – but what does it mean for the future market?
Improving the economy may limit a Tory wipeout, but it won’t save Rishi Sunak
Wednesday 8 May 2024 15:47 , Maryam Zakir-Hussain
Thanks to the Liz Truss mini-Budget disaster, the Conservatives can no longer claim to be the party of economic competence, writes Andrew Grice. But an election campaign based on the economy is still their best hope of avoiding annihilation:
Improving the economy will not save Rishi Sunak
Pay growth and services sector inflation remain stubborn
Wednesday 8 May 2024 15:45 , Maryam Zakir-Hussain
Interest rates are used as a tool to help bring down UK inflation, which has fallen sharply from the highs hit in 2022 when energy costs spiked and the cost-of-living crisis was at its peak.
The rate of Consumer Prices Index (CPI) inflation fell to 3.2 per cent in March, according to the latest official figures.
But experts suggested that two key economic indicators for the Bank of England – pay growth and services sector inflation – have remained more stubborn.
Average wages continued to increase faster than the rate of inflation last month.
Bank of England not yet ready to cut UK interest rates, experts say
Wednesday 8 May 2024 15:43 , Maryam Zakir-Hussain
UK borrowers eager for costs to come down may have to wait a little longer before interest rates take a dip.
The Bank of England’s Monetary Policy Committee (MPC), which sets the level of UK interest rates, will announce its latest decision on Thursday.
However, economists are widely expecting the committee to keep rates at the current level of 5.25 per cent, which it has been held at since August last year.
This means that there could still be some time before the pressure of the cost of living begins to ease.
Bank of England not yet ready to cut UK interest rates, experts say
Welcome to the charming city of Asheville, nestled in the heart of the Blue Ridge Mountains. Known for its vibrant arts scene, thriving craft breweries, and stunning natural beauty, Asheville offers a unique blend of urban amenities and outdoor adventures. Residents here enjoy a laid-back lifestyle, with plenty of opportunities for hiking, mountain biking, and exploring the scenic landscapes. Whether you’re drawn to the historic architecture of downtown Asheville or the serene beauty of the surrounding mountains, this city has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Asheville. So whether you’re searching for the perfect apartment in the heart of downtown Asheville or a cozy home in the surrounding mountain communities, you’ve come to the right place. Let’s get started and see what awaits in this vibrant mountain city.
Pros of living in Asheville
1. Natural beauty
Asheville is nestled in the heart of the Blue Ridge Mountains, offering residents breathtaking natural beauty at every turn. From the stunning views along the Blue Ridge Parkway to the hiking trails in the surrounding area, outdoor enthusiasts will find no shortage of opportunities to connect with nature. The city’s proximity to the Pisgah, Cherokee, and Nantahala National Forests provides endless opportunities for hiking or exploring.
2. Thriving arts scene
Asheville’s arts scene is renowned, with numerous galleries, studios, and art festivals showcasing the work of local and international artists. The River Arts District is a hub for creativity, featuring a wide range of mediums from pottery and painting to sculpture and glassblowing. The city has traditionally been especially popular with writers and musicians but now attracts a wide variety of artists in all mediums. Residents can also enjoy live music performances at venues like The Orange Peel and the Asheville Music Hall, adding to the city’s cultural richness.
3. Craft beer capital
Asheville has earned a reputation as a craft beer mecca, with a high concentration of breweries and taprooms offering a diverse selection of locally brewed beers. Residents can explore the South Slope Brewery District or take part in brewery tours to sample a wide range of craft brews. The city’s beer culture also includes beer festivals and events. Asheville Beer Week is a popular event in May and features brewers from Asheville and the surrounding towns in Western North Carolina. In the summer, residents enjoy tubing down the French Broad River from brewery to brewery.
4. Foodie paradise
With a wide array of farm-to-table restaurants, food trucks, and international eateries, Asheville’s culinary scene is a melting pot of flavors. The city’s commitment to sustainable and locally sourced ingredients ensures that residents can enjoy fresh and innovative dining from Southern comfort food to global cuisine. 12 Bones Smokehouse is a popular spot, even Barak Obama has made the pilgrimage to try their ribs. Rhubarb is a popular spot for high-end Southern food or try an Indian take on sloppy joe’s from James Beard award-winning Chai Panai. Asheville is also home to a number of weekly farmer’s markets selling locally grown produce and flowers in the summer months.
5. Outdoor recreation opportunities
With its proximity to the mountains and rivers, Asheville provides ample opportunities for outdoor recreation. Residents can enjoy activities such as whitewater rafting, rock climbing, mountain biking, and fishing, making it an ideal location for those who love to stay active and explore the great outdoors. The towns and National forests that surround Asheville are a haven for outdoor enthusiasts from around the country. The French Broad and Nantahala rivers are popular locations for tubing, fishing and whitewater rafting. Hikers and visitors love nearby Grandfather Mountain for hiking.
6. Unique neighborhoods
Asheville is known for its eclectic and diverse neighborhoods, each with its own distinct character and charm. From the historic architecture of Montford to the bohemian vibe of West Asheville, residents can find a neighborhood that suits their lifestyle and preferences. The sense of community and local pride in each area adds to the city’s appeal. For renters who prefer small towns to neighborhoods, the area around Asheville is dotted with small Western North Carolina towns that serve as bedroom communities for those who work or play in Asheville. Popular nearby towns include Weaverville, Sylva, Hendersonville, and Black Mountain.
7. Rich cultural heritage
Asheville has a rich cultural heritage, with a strong emphasis on preserving its history and traditions. The city has been a popular refuge for artists throughout its history, with Zelda Fitzgerald, Carl Sandburg, Luke Combs, Jermaine Dupree, and Roberta Flack among prestigious creatives who have lived in the town. Residents can explore historic sites, museums, and heritage trails that offer insight into the city’s past. From the Moogseum to the Museum of the House Cat to the Museum of the Cherokee there is a museum or historic site for everyone. The Biltmore House is a particular highlight for both residents and tourists. The Victorian mansion and grounds were home to the Vanderbilt clan and are now open to the public for tours and events.
Cons of living in Asheville
1. Tourist congestion
Asheville’s popularity as a tourist destination can lead to congestion, especially in the downtown area and popular attractions. During peak seasons, residents may experience increased traffic and crowds in the popular areas of town.
2. Limited job opportunities
While Asheville offers a thriving arts and cultural scene, the job market can be limited in certain industries. Residents may find it challenging to secure employment in specialized fields, leading some to seek opportunities in neighboring cities.
3. Seasonal weather extremes
Asheville experiences seasonal weather extremes, with hot, humid summers and cold winters. The fluctuating temperatures and occasional snowfall can pose challenges for residents who are not accustomed to such climate variations.
4. Cost of living
Asheville’s cost of living is higher than the national average, particularly in terms of housing and utilities. The demand for housing in desirable neighborhoods can drive up prices, making it more challenging for some residents to afford comfortable living spaces.
5. Limited public transportation
Asheville’s public transportation system is limited, which can be a drawback for residents who rely on alternative modes of transportation. The lack of comprehensive public transit options may require individuals to rely on personal vehicles for daily commuting.
7. Healthcare access
While Asheville offers quality healthcare facilities, access to specialized medical services may be limited compared to larger metropolitan areas. Residents with specific medical needs may need to travel outside the city for certain treatments and healthcare resources.