From the shimmering lakes of the Boundary Waters to the expansive prairies of the Minnesota River Valley, Minnesota is waiting to be explored. Its cities, such as the vibrant Minneapolis with its thriving arts scene and the historic streets of St. Paul, offers a lively urban lifestyle. However, living in Minnesota comes with its own set of challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of residing in the Land of 10,000 Lakes, providing insights to help you navigate life in this Midwestern state.
Renting in Minnesota snapshot
1. Pro: Vibrant arts and culture scene
Minnesota’s arts and culture scene should not be missed as it includes the iconic Walker Art Center and the Minneapolis Sculpture Garden, showcasing a diverse array of contemporary art installations and outdoor sculptures. The state’s commitment to the arts is also evident in its numerous theaters and music venues, such as the historic Guthrie Theater and the renowned Orchestra Hall, offering world-class performances ranging from classical music to cutting-edge theater productions.
2. Con: Harsh winters
Minnesota is known for its brutally cold winters, with temperatures often plummeting well below freezing. The state experiences heavy snowfall, making daily commutes challenging and increasing the risk of accidents. The cold season can extend for several months, significantly affecting outdoor activities, so if you’re moving to this state, you’ll want to take precautions in the winter.
3. Pro: Abundant natural beauty
The state has an impressive array of natural landscapes, from the lush forests and scenic trails of the Boundary Waters Canoe Area Wilderness to the dramatic cliffs along the North Shore of Lake Superior. These natural attractions offer endless opportunities for outdoor activities such as hiking, fishing, and canoeing, which attracts many visitors each year.
4. Con: Mosquitoes in summer
During the warmer months, Minnesota earns its nickname “The Land of 10,000 Lakes” and, unfortunately, “The Land of 10,000 Mosquitoes.” The state’s abundant waterways and humid climate create an ideal breeding ground for mosquitoes, which can detract from the enjoyment of outdoor summer activities.
5. Pro: Great infrastructure
Minnesota has the best infrastructure in the country with well-maintained roads, bridges, and public transportation systems that facilitate efficient travel and commuting. The state’s commitment to infrastructure development is evident in its investment in transportation projects, including light rail systems and bike lanes, enhancing connectivity and accessibility for residents.
6. Con: Rural isolation
Minnesota’s rural areas can experience a sense of isolation due to their distance from urban centers and limited access to amenities and services. Residents in these areas may face challenges in accessing healthcare, education, and employment opportunities, leading to feelings of disconnect and isolation.
7. Pro: Thriving job market
Minnesota’s economy is robust, with a thriving job market across various sectors, including healthcare, education, and technology. The state’s unemployment rate is typically lower than the national average, reflecting the abundance of job opportunities for residents.
8. Con: Traffic congestion in urban areas
Urban areas in Minnesota, particularly in Minneapolis and St. Paul which experiences significant traffic congestion, especially during rush hours. This can lead to longer commute times and increased stress for residents who work in or around these metropolitan areas.
9. Pro: Friendly community
Minnesota is known for its friendly residents and strong sense of community, which is evident in the state’s vibrant neighborhoods and active community organizations. From neighborhood block parties to volunteer-driven initiatives, Minnesotans come together to support one another and build lasting connections. Additionally, the state’s rich cultural heritage is celebrated through events like the Minnesota State Fair.
10. Con: Limited public transportation options
Outside of the major urban centers, Minnesota offers limited public transportation options, making it difficult for those without personal vehicles to navigate the state. This can be particularly challenging in rural areas, where distances between destinations are greater. For instance, Richfield has a transit score of 46 meaning most errands require a car.
11. Pro: Health and wellness focus
Minnesota places a strong emphasis on health and wellness, with numerous parks, trails, and community centers promoting active lifestyles and outdoor recreation. From the picturesque trails along the North Shore of Lake Superior to the urban green spaces like the Chain of Lakes in Minneapolis, residents have ample opportunities to stay active and enjoy nature.
12. Con: Allergies
The state’s diverse flora and fauna, while contributing to its natural beauty, can also exacerbate allergies for many residents. Seasonal allergies, particularly in the spring and fall, can be a significant concern for those sensitive to pollen and other allergens.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.
If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.
11 Affordable Neighborhoods in Philadelphia, PA
From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.
1. Hartranft 2. Cedar Park 3. Fox Chase 4. Near Northeast Philadelphia 5. Cobbs Creek 6. North Central 7. Upper North District 8. Oxford Circle 9. Southwest Philadelphia 10. Bustleton 11. Richmond
Read on to see what each neighborhood has to offer its residents.
1. Hartranft
Average studio rent: $850 Average 1-bedroom rent: $1,050 Apartments for rent in Hartranft
Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.
2. Cedar Park
Average studio rent: $840 Average 1-bedroom rent: $1,075 Apartments for rent in Cedar Park
Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.
3. Fox Chase
Average studio rent: $962 Average 1-bedroom rent: $1,112 Apartments for rent in Fox Chase
With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.
4. Near Northeast Philadelphia
Average studio rent: $990 Average 1-bedroom rent: $1,112 Apartments for rent in Near Northeast Philadelphia
Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.
5. Cobbs Creek
Average studio rent: $1,100 Average 1-bedroom rent: $1,200 Apartments for rent in Cobbs Creek
Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.
6. North Central
Average studio rent: $850 Average 1-bedroom rent: $1,215 Apartments for rent in North Central
Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.
7. Upper North District
Average studio rent: $1,062 Average 1-bedroom rent: $1,245 Apartments for rent in Upper North District
Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.
8. Oxford Circle
Average studio rent: $1,355 Average 1-bedroom rent: $1,250 Apartments for rent in Oxford Circle
Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.
9. Southwest Philadelphia
Average studio rent: $900 Average 1-bedroom rent: $1,250 Apartments for rent in Southwest Philadelphia
A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.
10. Bustleton
Average studio rent: $1,099 Average 1-bedroom rent: $1,276 Apartments for rent in Bustleton
The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.
11. Richmond
Average studio rent: $750 Average 1-bedroom rent: $1,285 Apartments for rent in Richmond
Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
Perera says that evaluating the air quality is her first move when starting a project. She favors using a whole-house air purification system to remove dust, chemicals, and mold/mycotoxins from the air. “I’m partial to IQAir,” she offers, “because it’s the only company I have found to filter particles down to .003 microns, whereas most others are .3 or .03. That extra level of filtration makes all the difference in air quality for sensitive individuals.”
Designer Lonni Paul, who suffers from allergies herself, also opts for hospital-grade IQAir high-performance purifiers to remove allergens from the air, as does Doykhen, who further appreciates Dyson and Molekule for their sleek and stylish options. Her favorite solution, however, is a whole-house system like Zehnder, which attaches to ducting.
“Proper ventilation throughout the home helps reduce indoor humidity and prevents mold growth,” says Garcia, who adds air purifiers with HEPA filters in bedrooms and offices and deploys exhaust fans in kitchens and bathrooms. “Installing window screens is a great trick for keeping outdoor allergens from entering the space. I also tend to avoid heavy drapery and choose light washable curtains instead.”
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Doykhen concurs on the last point, and opts for roller shades in her projects. “If clients prefer curtains,” Doykhen notes, “I would recommend washable, organic hypoallergenic textiles.”
Adding some greenery can help too. “Plants such as ferns, snake plants, and aloe vera are known for their ability to remove indoor air pollutants,” says Garcia—and don’t require a green thumb to maintain.
Avoid common irritants
Formaldehyde, a common allergic bugbear that often crops up in building materials, furniture, flooring, or textiles, should also be on designers’ radars. “Thankfully, in the last five years there has been a premium placed on low-VOC and formaldehyde-free products,” explains Christa O’Leary of Home in Harmony Designs. “For my first layer of defense, I always look for products that are GreenGuard Certified,” she says, an indication that the product has few to no volatile organic compounds.
“Insulation materials such as gas blocks or foam can also be harmful,” Yakusha says, adding that it is crucial to inquire about the materials used in every home’s construction—the fewer materials emitting formaldehyde, the better. She advocates for walls constructed from clay-based materials and natural plasters, using natural elements like wood, wicker, clay, and ceramics, and specifying parquet or microcement for flooring. (Vinyl or linoleum coatings should be avoided.) “Be cautious of using materials like artificial stone, which may contain harmful substances,” she warns. “While it may not always be feasible to surround yourself with entirely natural products, strive to minimize exposure to artificial materials.”
O’Leary says that when a client has allergies in general, “we assume that this includes a sensitivity to dust particles,” which can easily get caught in fabric and carpeting. Going low-“fluff,” as she calls it—especially in bedrooms—can prevent accumulation of irritants in areas where occupants may face exposure. In bedrooms, Perera goes for nontoxic mattresses and sheets, as well as non-upholstered bed frames (metal or wood being go-tos). “We spend so much time in our bedrooms that minimizing chemical and dust exposure during this time is critical,” she says, noting that her firm is partial to Loom and Leaf mattresses and Tencel sheets.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.
American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don’t always move in predictable patterns—NPR reported elevated spending in 2023 despite rising inflation costs.
Here, we’ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We’ll also share personal finance resources that can help you refine your budget and reach your savings goals.
Table of contents:
Overview of American spending habits
According to the Bureau of Labor Statistics (BLS), Americans spent an average of $72,967 in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.
What do Americans spend the most money on?
Expenditure
Cost
Housing
$24,298
Transportation
$12,295
Food
$9,343
Personal Insurance and Pensions
$8,742
Healthcare
$5,850
Entertainment
$3,458
All Other Expenditures
$2,080
Cash Contributions
$2,755
Apparel and Services
$1,945
Education
$1,335
Personal Care Products and Services
$866
Source: Bureau of Labor Statistics
In 2022, the BLS noted a 7.5 percent increase in income to coincide with a 9 percent increase in expenditures. Among the different categories, spending on food increased by 12.7 percent from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by 6.9 percent and 3.1 percent, respectively.
These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that 39.4 percent of a one-person household’s expenses go toward housing costs, while 32.1 percent of a two-person household’s funds are spent on housing.
To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.
Teen spending habits
According to the United States Census Bureau, more than 43 million teenagers live in America. Gaining a better understanding of teen spending habits is important, as teens spend about $63 billion each year.
More than 50 percent of young adults (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will prioritize school attendance over traditional means of employment—which could affect where and how often they’re spending money.
College student spending habits
College student spending habits fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm—many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.
In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.
Gen Z spending habits
Generation Z includes anyone born between 1997 and 2012. Gen Z spending habits reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.
A 2021 study by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they’re getting better overall value from a different company.
Millennial spending habits
Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.
Millennial spending habits include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.
Baby boomer spending habits
Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.
They’re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, baby boomer spending habits indicate that this generation holds more than 50 percent of the wealth in the United States.
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American spending habits can fluctuate based on a person’s background, but credit scores impact all of us in many ways. At Lexington Law Firm, we can help you understand the nuances of credit. Get your free credit snapshot now to see your credit score and get a free credit assessment to help you get started.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Alexis Peacock
Supervising Attorney
Alexis Peacock was born in Santa Cruz, California and raised in Scottsdale, Arizona.
In 2013, she earned her Bachelor of Science in Criminal Justice and Criminology, graduating cum laude from Arizona State University. Ms. Peacock received her Juris Doctor from Arizona Summit Law School and graduated in 2016. Prior to joining Lexington Law Firm, Ms. Peacock worked in Criminal Defense as both a paralegal and practicing attorney. Ms. Peacock represented clients in criminal matters varying from minor traffic infractions to serious felony cases. Alexis is licensed to practice law in Arizona. She is located in the Phoenix office.
The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.
To learn more about how much a pediatrician makes a year, keep reading.
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What Are Pediatricians?
A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.
The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.
Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Pediatricians Make a Year?
While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.
What is the Average Salary for a Pediatrician?
On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:
• Offices of physicians: $203,690
• General medical and surgical hospitals: $180,790
• Outpatient care centers: $232,420
• Colleges, universities, and professional schools: $84,810
• Specialty (except psychiatric and substance abuse) hospitals: $201,100.
Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.
In addition, it shares how much a pediatrician’s hourly pay vs, salary is.
What is the Average Pediatrician Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$222,171
$18,514
$4,272
$106.81
Alaska
$221,079
$18,423
$4,251
$106.29
North Dakota
$221,044
$18,420
$4,250
$106.27
Massachusetts
$218,405
$18,200
$4,200
$105.00
Hawaii
$216,375
$18,031
$4,161
$104.03
Washington
$211,404
$17,617
$4,065
$101.64
Nevada
$209,030
$17,419
$4,019
$100.50
South Dakota
$208,910
$17,409
$4,017
$100.44
Colorado
$206,290
$17,190
$3,967
$99.18
Rhode Island
$205,782
$17,148
$3,957
$98.93
New York
$196,083
$16,340
$3,770
$94.27
Delaware
$193,921
$16,160
$3,729
$93.23
Vermont
$191,477
$15,956
$3,682
$92.06
Virginia
$191,115
$15,926
$3,675
$91.88
Illinois
$191,057
$15,921
$3,674
$91.85
Maryland
$187,806
$15,650
$3,611
$90.29
Nebraska
$183,797
$15,316
$3,534
$88.36
Missouri
$182,659
$15,221
$3,512
$87.82
California
$182,152
$15,179
$3,502
$87.57
South Carolina
$181,082
$15,090
$3,482
$87.06
Pennsylvania
$179,627
$14,968
$3,454
$86.36
New Jersey
$179,258
$14,938
$3,447
$86.18
Oklahoma
$177,994
$14,832
$3,422
$85.57
Maine
$177,900
$14,825
$3,421
$85.53
Wisconsin
$177,526
$14,793
$3,413
$85.35
North Carolina
$177,345
$14,778
$3,410
$85.26
New Hampshire
$174,681
$14,556
$3,359
$83.98
Idaho
$174,250
$14,520
$3,350
$83.77
Texas
$173,077
$14,423
$3,328
$83.21
Kentucky
$172,518
$14,376
$3,317
$82.94
Wyoming
$171,910
$14,325
$3,305
$82.65
Minnesota
$171,467
$14,288
$3,297
$82.44
Michigan
$170,777
$14,231
$3,284
$82.10
New Mexico
$170,501
$14,208
$3,278
$81.97
Indiana
$169,638
$14,136
$3,262
$81.56
Ohio
$166,670
$13,889
$3,205
$80.13
Arizona
$166,130
$13,844
$3,194
$79.87
Connecticut
$165,286
$13,773
$3,178
$79.46
Mississippi
$164,126
$13,677
$3,156
$78.91
Iowa
$163,921
$13,660
$3,152
$78.81
Montana
$163,627
$13,635
$3,146
$78.67
Arkansas
$163,030
$13,585
$3,135
$78.38
Alabama
$161,584
$13,465
$3,107
$77.68
Utah
$159,236
$13,269
$3,062
$76.56
Tennessee
$159,121
$13,260
$3,060
$76.50
Kansas
$154,538
$12,878
$2,971
$74.30
Georgia
$150,529
$12,544
$2,894
$72.37
Louisiana
$149,706
$12,475
$2,878
$71.97
West Virginia
$138,728
$11,560
$2,667
$66.70
Florida
$133,219
$11,101
$2,561
$64.05
Source: ZipRecruiter
Pediatrician Job Considerations for Pay & Benefits
Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.
Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Pediatrician Salary
The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.
However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.
It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.
Recommended: How Much House Can I Afford?
The Takeaway
Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.
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FAQ
Can you make 100k a year as a pediatrician?
Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.
Do people like being a pediatrician?
Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.
Is it hard to get hired as a pediatrician?
The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.
Photo credit: iStock/alvarez
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
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Las Vegas, NV, is recognized for its vibrant nightlife, casinos and themed resorts, and world-class entertainment from music residencies and museums to amusement park rides—all set against stunning desert landscapes. With so much to offer, it’s no wonder about 734,000 residents call this city home.
If you’re looking to rent an apartment in Las Vegas, you might be surprised to find that the average rent for a studio is $871, and a one-bedroom apartment is $1,280. ApartmentGuide has compiled a list of the most affordable neighborhoods in Las Vegas to help you find the perfect place within your budget.
5 Affordable Neighborhoods in Las Vegas, NV
From the lively Downtown area to the charming Sunrise neighborhood, there are plenty of options that won’t break the bank. Let’s dive in and explore the Las Vegas neighborhoods that made the list.
1. Sunrise 2. Downtown 3. Northern Strip Gateway 4. Downtown East 5. Southeast Las Vegas
Read on to see what each neighborhood has to offer its residents.
1. Sunrise
Average studio rent: $850 Average 1-bedroom rent: $850 Apartments for rent in Sunrise
Sunrise is the most affordable neighborhood in Las Vegas, as the average rent for a one-bedroom unit is $850. There are plenty of reasons to love living in Sunrise, from attractions like the Sunrise Library and the beautiful Douglas A. Selby Park and Trailhead to green spaces like Gary Reese Freedom Park. If you’re looking for an area with plenty of shops and restaurants, Sunrise may be for you. You can find several shopping centers and eateries along Nellis Boulevard.
2. Downtown
Average studio rent: $805 Average 1-bedroom rent: $987 Apartments for rent in Downtown
Downtown Las Vegas is the bustling city center, home to nightlife, world-class restaurants, and much more. If you’re new to Las Vegas and want to live amongst the hustle and bustle, you can rent an affordable apartment in the neighborhood. Downtown has many attractions, such as the Fremont Street Experience and the Neon Museum, among hidden gems. There’s always something to explore Downtown, whether it’s a concert, museum, or new restaurant.
3. Northern Strip Gateway
Average studio rent: $650 Average 1-bedroom rent: $1012 Apartments for rent in Northern Strip Gateway
With an average one-bedroom rent of $1,012, Northern Strip Gateway is the third-most affordable neighborhood in Las Vegas. This neighborhood is an awesome option to consider as it’s near attractions like the Stratosphere Tower and the Punk Rock Museum. There are also picturesque views of the Las Vegas Strip, so this area is great for exploring and enjoying Las Vegas. Or, if you’re looking for a relaxing afternoon, you can find Stupak Park in the area.
4. Downtown East
Average studio rent: $800 Average 1-bedroom rent: $1140 Apartments for rent in Downtown East
Downtown East is the fourth-most affordable neighborhood in Las Vegas. This neighborhood is a great option if you’re looking for a more suburban feeling. For example, there are a few parks in the area like Rafael Rivera Park and Hadland Park. The area is close to I-515 and Nevada 582 freeways, making it easy to travel around.
5. Southeast Las Vegas
Average studio rent: $830 Average 1-bedroom rent: $1140 Apartments for rent in Southeast Las Vegas
Just about 5 miles from downtown, Southeast Las Vegas is a stellar neighborhood if you want to live close to downtown. It’s also a great area for commuting as there are a lot of freeways and major roads nearby. Southeast Las Vegas also has parks like Springs Preserve and Lorenzi Park. You’re also close to major shopping centers like the Las Vegas Premium Outlets and Meadows Mall.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
In Naples, Florida’s prestigious Aqualane Shores — consistently ranked as one of the most expensive residential areas in the nation — a breathtaking new listing has hit the market for $16.5 million.
This modern marvel, designed by the acclaimed Jonathan Kukk and decked out by Amy Storm & Company, spans nearly 5,500 square feet and features five bedrooms, each with its own ensuite bathroom, and a slew of luxurious amenities including an elevator, pool, spa, and direct Gulf access.
The listing, brought to market by the power team at the Dawn McKenna Group, one of Coldwell Banker’s leading real estate teams, stands out with its impeccable design and bright, light-filled spaces and we’re here to take you on a quick tour of the striking abode.
What $16.5M buys you in Naples, Florida
Nestled in the heart of Naples, Florida, the newly built luxury home stands two stories tall, overlooking the canal.
Spanning nearly 5,500 square feet, this beauty comes with five bedrooms plus a den, five and a half baths, and luxe amenities like an elevator, a shimmering pool and spa, plus a view of the canal with Gulf access.
And if you think $16.5 million is a steep price to pay to enjoy living in Naples, know that a nearby property is asking $174 million, while another 9-acre compound in the area landed on the market with a bang earlier this year, asking $295 million. The price point instantly made it the most expensive house for sale in the entire country.
Architectural artistry by Jonathan Kukk
Designed by the esteemed Jonathan Kukk, CEO and Founder of Kukk Architecture & Design, this house is a testament to modern architectural genius.
Kukk, known for his ability to blend functionality with aesthetic appeal, has created a structure that’s not just a house, but a piece of art. His designs often feature clean lines and open spaces that maximize natural light, and this home is no exception.
Interior elegance by Amy Storm & Company
The interior of this home is the first project in Naples for Amy Storm & Company, a top-tier Chicago-based design firm.
They’ve brought their renowned expertise to the table, creating interiors that feature natural materials, layered neutrals, and finishes that radiate harmony. Every corner of the home reflects their signature style of understated elegance combined with modern comfort.
Anchored by a beautifully appointed kitchen
At the heart of the home, the custom-designed kitchen is a chef’s dream. It boasts Aella Marble countertops and backsplash, a top-notch La Cornue stove, and state-of-the-art appliances.
Whether you’re whipping up a quick breakfast or hosting a gourmet dinner, this kitchen doesn’t just keep up; it stands out.
See also: Top 10 Celebrity Kitchens We Can’t Get Over
Grandeur in the great room
Adjacent to the kitchen, the great room is where this home’s personality shines. It’s a sprawling space meant for living large, whether you’re hosting a party or unwinding after a long day.
With its high ceilings, sophisticated lighting, and a layout that encourages easy conversation, it’s the perfect backdrop for making memories.
Blissful bedrooms
Upstairs, down the hall, everywhere you look — comfort meets style in the five generously sized bedrooms, each featuring an ensuite bathroom.
Thanks to the thoughtful placement of bedrooms over two levels and an elevator to stitch the spaces together, convenience is literally at every turn.
See also: Shaquille O’Neal’s house in Orlando — with the Superman Bed
Outdoor oasis
Step outside to a southern exposure that bathes the landscape in sunlight.
The home’s outdoor area is an entertainer’s paradise, complete with a plush lanai, an outdoor kitchen, and a plaster-clad fireplace for those chillier evenings. Whether it’s pool parties by day or cozy fireside chats by night, this space is ready for any event.
Living it up in Aqualane Shores
Aqualane Shores isn’t just any neighborhood, it’s one of Naples’ most exclusive addresses.
Known for its luxurious homes and pristine waterways, living here means you’re part of a vibrant community that enjoys the finer things in life — boating, easy Gulf access, and breathtaking views are just the beginning.
And properties come with mark-ups to match: The median listing price for the neighborhood sits at a hefty $16 million, per Realtor.com, with a median price/sq. ft. of $2.8k, which makes the coveted community one of the most expensive residential areas in the country.
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Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
As we head into peak home-buying season, signs of life have begun to spring up in the housing market.
Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Moreover, the National Association of Realtors agreed to a monumental $418 million settlement on March 15 following a verdict favoring home sellers in a class action lawsuit. Still subject to court approval, the settlement requires changes to broker commissions that will upend the buying and selling model that has been in place for years.
Housing Market Forecast for 2024
Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond.
“The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.
U.S. home prices declined in January for the third consecutive month due to high borrowing costs, according to the latest S&P CoreLogic Case-Shiller Home Price Index. But prices year-over-year jumped 6%—the fastest annual rate since 2022.
Chief economist at First American Financial Corporation Mark Fleming predicts a “flat stretch” ahead.
“If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Will the Housing Market Finally Recover in 2024?
For a housing recovery to occur, several conditions must unfold.
“For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
And, of course, mortgage rates would need to cool off—which experts say is imminent despite rates edging back up toward 7%. For the week ending April 11, the 30-year fixed mortgage rate stood at 6.88%, according to Freddie Mac.
However, when mortgage rates finally go on the descent, Gumbinger says don’t hope they cool too quickly. Rapidly falling rates could create a surge of demand that wipes away any inventory gains, causing home prices to rebound.
“Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once,” Gumbinger says.
He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year.
“[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.
NAR Settlement Rocks the Residential Real Estate Industry
Following years of litigation, the National Association of Realtors (NAR) has agreed to pay $418 million to settle a series of antitrust lawsuits filed in 2019 on behalf of home sellers.
The plaintiffs claimed that the leading national trade association for real estate brokers and agents “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
Though the landmark settlement is subject to court approval, most consider it a done deal.
The settlement requires NAR to enact new rules, including prohibiting offers of broker compensation on multiple listing services (MLS), the private databases that allow local real estate brokers to publish and share information about residential property listings. The rule is set to take effect in mid-July, once the settlement receives judge approval.
Moreover, sellers will no longer be required to pay buyer broker commissions and real estate agents participating in the MLS must establish written representation agreements with their buyer clients.
NAR denies any wrongdoing and maintains that its current policies benefit buyers and sellers. The organization believes it’s not liable for seller claims related to broker commissions, stating that it has never set commissions and that commissions have always been negotiable.
How Will the New Rules Impact the Buying and Selling Process?
Per the settlement’s terms, the costs associated with buying and selling a home are set to change dramatically.
“The primary things that will change are the decoupling of the seller commission and the buyer commission in the MLS,” says Rita Gibbs, a Realtor at Realty One Group Integrity in Tucson. “It’s gonna cause some chaos.”
While sellers will no longer be able to offer broker compensation in the MLS, there’s no rule prohibiting off-MLS negotiations. Because of this, Gibbs suspects buyers and sellers will continue offering broker compensation off the MLS.
The Department of Justice confirmed it will permit listing brokers to display compensation details on their websites. However, buyer agents will need to undergo the tedious task of visiting countless broker websites to find who’s offering what.
Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling.
“We often work with buyers for many months and sometimes years before they find exactly what they’re looking for,” Gorkowski says. “So in a case where a seller isn’t offering a co-broker commission, we will have to negotiate that the buyer pays an agreed-upon commission prior to starting their search.”
The Changes Will Impact These Home Buyers Most
“In the short term, it is absolutely going to injure buyers, especially FHA and VA buyers,” Gibbs says. “With rare exception, these buyers are not in a position to pay for their own agent.”
Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented.
Gorkowski notes that veterans taking out VA loans face a unique challenge under the new rules. “[P]er the VA requirements, buyers cannot pay so it must be negotiated with the seller for now.”
As a result, NAR is calling on the U.S. Department of Veterans Affairs to revise its policies prohibiting VA buyers from paying broker commissions. Even so, there’s skepticism that the federal government will be able to implement changes in time for the July deadline.
Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so.
In this situation, agents would likely only show buyers homes where sellers are offering compensation.
“This is a very troubling situation,” Gorkowski says.
Housing Inventory Forecast for 2024
With many homeowners “locked in” at ultra-low interest rates or unwilling to sell due to high home prices, demand continues to outpace housing supply—and likely will for a while—even as some homeowners may finally be forced to sell due to major life events such as divorce, job changes or a growing family.
“I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024,” says Rick Sharga, founder and CEO of CJ Patrick Company, a market intelligence and business advisory firm.
Housing stock remains near historic lows—especially entry-level supply—which has propped up demand and sustained ultra-high home prices. Here’s what the latest home values look like around the country.
Yet, some hopeful housing stock signs have begun to sprout:
Existing inventory is showing signs of loosening as impatient buyers and sellers have begun to accept the reality of mortgage rates oscillating between 6% and 7%.
Home-builder outlook also continues to get sunnier, trending back up amid declining mortgage rates and better building conditions.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, saw a fourth consecutive monthly rise, surpassing a crucial threshold with an increase from 48 to 51 in March. A reading of 50 or above means more builders see good conditions ahead for new construction.
At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
Residential Real Estate Stats: Existing, New and Pending Home Sales
Though some housing market data indicates signs of growth are in store this spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.
Here’s what the latest home sales data has to say.
Existing-Home Sales
Existing-home sales came to life in February, shooting up 9.5% from the month before, according to the latest data from the NAR. Sales dipped 3.3% from a year ago.
Experts attribute the monthly jump to a bump in inventory.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, chief economist at NAR, in the report.
Existing inventory rose 5.9%—logging 1.07 million unsold homes at the end of February. However, there are still only 2.9 months of inventory at the current sales pace. Most experts consider a balanced market falling between four and six months.
Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record.
New Home Sales
Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Census Bureau and HUD data.
Amid a high percentage of homeowners still locked in to low mortgage rates, home builders have been picking up the slack.
“New construction continues to be an outsized share of the housing inventory,” said Dr. Lisa Sturtevant, chief economist at Bright MLS, in an emailed statement.
Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.
The median price for a new home in February was $400,500, down 7.6% from a year ago.
Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development
Pending Home Sales
NAR’s Pending Homes Sales Index rose 1.6% in February from the month prior even as mortgage rates approached 7% by the end of the month. Pending transactions declined 7% year-over-year.
A pending home sale marks the point in the home sales transaction when the buyer and seller agree on price and terms. Pending home sales are considered a leading indicator of future closed sales.
The Midwest and South saw monthly transaction gains while the Northeast and West saw declines due to affordability challenges in those higher-cost regions.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said Yun, in the report.
Ongoing Affordability Challenges Could Throw Cold Water on Spring Home-Buying Hopes
Though down from its 2023 high of 7.79%, the average 30-year fixed mortgage rate in 2024 remains well over 6% amid rising home values. As a result, home buyers continue to face affordability challenges.
According to data from its first-quarter 2024 U.S. Home Affordability Report, property data provider Attom found that median-priced single-family homes remain less affordable than the historical average in over 95% of U.S. counties.
For one, the data uncovered that expenses are eating up more than 32% of the average national wage. Common lending guidelines require monthly mortgage payments, property taxes and homeowners insurance to comprise 28% or less of your gross income.
At the same time, home prices and homeownership expenses continue to outpace wage growth.
Consequently, the latest expense-to-wage ratio is hovering at one of the highest points over the past decade, according to the Attom report, despite some slight affordability improvements over the last two quarters.
“Affording a home remains a financial stretch, or a pipe dream, for so many households,” said Rob Barber, CEO at Attom.
Pro Tips for Buyers and Sellers
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Pro Tips for Buying in Today’s Real Estate Market
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Know your budget. Instead of focusing on price, figure out how much you can afford as a monthly payment. Your monthly housing payment is influenced by the price of the home, your down payment, mortgage rate, loan term, home insurance and property taxes.
Be flexible about home size and location. Perhaps your budget is sufficient for a small home in your perfect neighborhood, or a larger, newer home further out. Understanding your priorities and having some flexibility can help you move quickly when a suitable home enters the market.
Keep an eye on the market where you hope to buy. Determine the area’s available inventory and price levels. Also, pay attention to how quickly homes sell. Not only will you be tuned in when something great hits the market, you can feel more confident moving forward with purchasing a well-priced home. A real estate agent can help with this.
Don’t be discouraged. Purchasing a home is one of the largest financial decisions you’ll ever make. Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.
Pro Tips for Selling in Today’s Real Estate Market
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
Research comparable home prices in your area. Sellers need to have the most up-to-date pricing intel on comparable homes selling in their market. Know the market competition and price the home competitively. In addition, understand that in some price points it’s a buyer’s market—you’ll need to be prepared to make some concessions.
Make sure your home is in top-notch shape. Homes need to be in great condition to compete and create a strong “online curb appeal.” Well-maintained homes and attractive front yards are major features that buyers look for.
Work with a local real estate agent. A real estate agent or team with a strong local marketing presence and access to major real estate portals can offer significant value and help you land a great deal.
Don’t put off issues that require attention. Prepare the home by making any repairs or improvements. Removing any objections that buyers may see helps focus the buyer on the positive attributes of the home.
Will the Housing Market Crash in 2024?
Despite some areas of the country experiencing monthly price declines, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.
“[T]he record low supply of houses on the market protects against a market crash,” says Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, a non-QM lender.
Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
This outlook aligns with what other housing market watchers expect.
“Comerica forecasts that national house prices will rise 2.9% in 2024,” said Bill Adams, chief economist at Comerica Bank, in an emailed statement.
Divounguy also notes that several factors, including Millennials entering their prime home-buying years, wage growth and financial wealth are tailwinds that will sustain housing demand in 2024.
Even so, with fewer homes selling, Dan Hnatkovskyy, co-founder and CEO of NewHomesMate, a marketplace for new construction homes, sees a price collapse within the realm of possibility, especially in markets where real estate investors scooped up numerous properties.
“If something pushes that over the edge, the consequences could be severe,” said Hnatkovskyy, in an emailed statement.
Will Foreclosures Increase in 2024?
In February, total foreclosure filings were down 1% from the previous month but up 8% from a year ago, according to Attom.
“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” said Barber, in a report.
Lenders began foreclosure on 22,575 properties in February, up 4% from the previous month and 11% from a year ago. Meanwhile, real estate-owned properties, or REOs, which are homes unsold at foreclosure auctions and taken over by lenders, spiked year-over-year in three states: South Carolina (up 51%), Missouri (up 50%) and Pennsylvania (up 46%).
Despite foreclosure activity trending up nationally and certain areas of the country seeing notable annual increases in REOs, experts generally don’t expect to see a wave of foreclosures in 2024.
“Foreclosure activity is still only at about 60% of pre-pandemic levels … and isn’t likely to be back to 2019 numbers until sometime in mid-to-late 2024,” says Sharga.
The biggest reasons for this, Sharga explains, are the strength of the economy—we’re still seeing low unemployment and steady wage growth—along with excellent loan quality.
Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures.
Sharga says that some 80% of today’s homeowners have more than 20% equity in their property. So, while there may be more foreclosure starts in 2024—due in part to Covid-era mortgage relief programs phasing out—foreclosure auctions and lender repossessions should remain below 2019 levels.
When Will Be the Best Time To Buy a Home in 2024?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down. But if you’re trying to predict what might happen next year, experts say this is probably not the best home-buying strategy.
“The housing market—like so many other markets—is almost impossible to time,“ Divounguy says. “The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Gumbinger agrees it’s hard to tell would-be homeowners to wait for better conditions.
“More often, it seems the case that home prices generally keep rising, so the goalposts for amassing a down payment keep moving, and there’s no guarantee that tomorrow’s conditions will be all that much better in the aggregate than today’s.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Frequently Asked Questions (FAQs)
Will declining mortgage rates cause home prices to rise?
Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
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The Upshot
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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
On a scale not seen in decades, many Americans are stuck in homes they would rather leave.
949
Emily Badger and
April 15, 2024
Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7 percent.
Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower.
Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.
2%
2000
2005
2010
2015
2020
2023
Average fixed mortgage rates
8%
Existing
mortgages
6%
3.2-
point
gap
Rates on
new loans
4%
Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.
2%
2000
2005
2010
2015
2020
2023
Source: Federal Housing Finance Agency analysis. Note: New loan figures show the predicted rate that existing mortgage holders could get on the same mortgages at new market conditions.
The gap that has jumped open between these two lines has created a nationwide lock-in effect — paralyzing people in homes they may wish to leave — on a scale not seen in decades. For homeowners not looking to move anytime soon, the low rates they secured during the pandemic will benefit them for years to come. But for many others, those rates have become a complication, disrupting both household decisions and the housing market as a whole.
new research from economists at the Federal Housing Finance Agency, this lock-in effect is responsible for about 1.3 million fewer home sales in America during the run-up in rates from the spring of 2022 through the end of 2023. That’s a startling number in a nation where around five million homes sell annually in more normal times — most of those to people who already own.
These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that’s driven up prices and gummed up the market.
Share of existing mortgages with rates below or above new market rates Percentage point difference from rates on new mortgages BELOW
-3
-2
-1
0
+1
+2
+3
ABOVE
Federal Housing Finance Agency analysis. Note: Data covers all fixed-rate mortgages in the U.S.
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With year-round sunshine, warm weather, stunning mountain views, and desert landscapes, Phoenix, AZ, is a wonderful city to call home. From its Southwestern vibe, colorful neighborhoods, and outdoor activities, it’s no surprise that 1.6 million people live in the “Valley of the Sun.”
If you’re looking to rent an apartment in Phoenix, you’ll find that the average rent for a studio is $1,125 while a one-bedroom apartment is $1,237. But those numbers might not fit your budget. ApartmentGuide is here to help with a list of the most affordable neighborhoods in Phoenix to rent this year.
8 Affordable Neighborhoods in Phoenix, AZ
From Lake Biltmore Village to Roosevelt, Phoenix has affordable neighborhoods that fit your budget. The best part is that they’re all under Phoenix’s average rent for studio and one-bedroom units. Let’s see what Phoenix neighborhoods made the list.
1. Lake Biltmore Village 2. Roosevelt 3. Citrus Acres 4. Alhambra 5. North Mountain 6. West Phoenix 7. South Mountain 8. Sunnyslope
Read on to see what each neighborhood has to offer its residents.
1. Lake Biltmore Village
Average studio rent: $853 Average 1-bedroom rent: $979 Apartments for rent in Lake Biltmore Village
Lake Biltmore Village is the most affordable neighborhood in Phoenix. The average rent for a one-bedroom unit is $979, almost $300 less than Phoenix’s average. There are many reasons to love living in Lake Biltmore Village, from attractions like the beautiful Lake Biltmore to green spaces like Cave Creek Park – Cholla. If you’re looking for restaurants and shops, you can find a lot along Peoria Avenue. For renters living in Phoenix without a car, there are two bus stops in Lake Biltmore Village.
2. Roosevelt
Average studio rent: $799 Average 1-bedroom rent: $1,099 Apartments for rent in Roosevelt
Roosevelt is a bustling area that’s just north of downtown Phoenix. This affordable neighborhood has lots of attractions such as the Margaret T. Hance Park, which is home to The Japanese Friendship Garden of Phoenix, the Historic Ellis-Shackelford House, and Great Arizona Puppet Theater. Roosevelt has numerous restaurants and bars throughout the neighborhood, like The Vig, Pita Jungle, and Vovomeena.
3. Citrus Acres
Average studio rent: $975 Average 1-bedroom rent: $1,100 Apartments for rent in Citrus Acres
With an average one-bedroom rent of $1,100, Citrus Acres is the third-most affordable neighborhood in Phoenix. This neighborhood is an awesome option to consider if you’re looking for a more residential area. There are plenty of shopping centers and parks nearby like Desert Palms Power Center and Old Crosscut Canal.
4. Alhambra
Average studio rent: $1,002 Average 1-bedroom rent: $1,114 Apartments for rent in Alhambra
Alhambra is the fourth-most affordable neighborhood in Phoenix and is north of downtown. This neighborhood is an excellent option if you want access to plenty of shops and restaurants. For example, you can easily access the Christown Spectrum Mall, Cielito Park, and the Grand Canyon University campus. Alhambra is also home to the Uptown Farmers’ Market, held on Wednesdays and Saturdays, where you can check out the local vendors.
5. North Mountain
Average studio rent: $1,010 Average 1-bedroom rent: $1,122 Apartments for rent in North Mountain
Just about 10 miles from downtown, North Mountain is a stellar neighborhood if you want to live outside the hustle and bustle. It’s also a great area if you want quick access to the outdoors. For example, you can access North Mountain Park, Phoenix Mountains Preserve, and Cave Creek Park. North Mountain has other attractions, like the Martin Auto Museum and Event Center, the Castles N’ Coasters amusement park, and Cave Creek Golf Course.
6. West Phoenix
Average studio rent: $994 Average 1-bedroom rent: $1,160 Apartments for rent in West Phoenix
Next up is West Phoenix, the sixth-most affordable neighborhood in Phoenix. West Phoenix is a quaint neighborhood near parks, restaurants, and attractions. Make sure to enjoy the outdoors at Falcon Park or grab a meal at one of the neighborhood restaurants on Van Buren Street. There’s something for everyone living in West Phoenix.
7. South Mountain
Average studio rent: $853 Average 1-bedroom rent: $1,199 Apartments for rent in South Mountain
Nestled south of downtown, South Mountain is the seventh-most affordable neighborhood in Phoenix. South Mountain has an outdoorsy atmosphere with it’s easy access to South Mountain Park, where you can find numerous trails and lookouts. You can also check out some of South Mountain’s attractions, like the Mystery Castle, Raven Golf Club, and the Rio Salado South Basin Trail.
8. Sunnyslope
Average studio rent: $795 Average 1-bedroom rent: $1,225 Apartments for rent in Sunnyslope
Sunnyslope takes the eighth and final spot on our list of most affordable neighborhoods in Phoenix. The average rent for a one-bedroom unit is roughly $10 less than the city’s average, so you’ll still save a bit over time. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Sunnyslope is home to several bars and restaurants, like North Mountain Brewing Company and Little Miss BBQ Sunnyslope. There’s always something new to explore in this charming neighborhood..
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.