If you’re hunting for an affordable place to live in Idaho, you’re in luck. Idaho is full of charming cities with reasonable rents, making it perfect for living on a budget without sacrificing quality of life. We’ve reviewed a handful of the most affordable cities from the lowest to the highest average rent. Whether you’re a student, a professional, or a retiree, these cities promise a blend of affordability and quality living. Dive in to discover some of Idaho’s most affordable hidden gems.
1. Pocatello
Average rent: $975
Pocatello stands out with an average rent of $975, making it the cheapest place to live in Idaho. Living here means enjoying affordable housing, with one-bedroom apartments in Pocatello averaging $950 and two-bedrooms at $1,000.
Pocatello is home to major employers like Idaho State University and ON Semiconductor, providing ample job opportunities and a cool college town atmosphere. For free entertainment, head to the Portneuf River Greenway for scenic walks or Zoo Idaho for a fun day out.
Apartments for Rent in Pocatello | Houses for rent in Pocatello | Homes for sale in Pocatello
2. Nampa
Average rent: $1,345
Nampa’s average rent is $1,345, making it an affordable choice for many. Studio apartments are around $1,149, while one-bedroom apartments average $1,427 and two-bedrooms at $1,458.
Nampa is a hub for employers like Sorrento Lactalis and the Amalgamated Sugar Company. For a budget-friendly day out on the town, consider a visit to the Deer Flat National Wildlife Refuge or a stroll through Nampa’s historic downtown.
Apartments for Rent in Nampa | Houses for rent in Nampa | Homes for sale in Nampa
3. Twin Falls
Average rent: $1,474
With an average rent of $1,474, Twin Falls is another budget-friendly city in Idaho. Studio apartments in Twin Falls cost around $1,476, one-bedroom apartments average $1,350, and two-bedroom apartments are $1,595.
Major employers in Twin Falls include Chobani and Clif Bar, offering interesting and rewarding job opportunities for a range of skill sets. On a nice day, locals can be found enjoying nearby free attractions like the breathtaking Shoshone Falls and the scenic Snake River Canyon.
Apartments for Rent in Twin Falls | Houses for rent in Twin Falls | Homes for sale in Twin Falls
4. Idaho Falls
Average rent: $1,477
Idaho Falls offers an average rent of $1,477, making it one of the more affordable options in Idaho. One-bedroom apartments average $1,325, and two-bedroom units are around $1,628.
The city is home to significant employers like the Idaho National Laboratory and Melaleuca. Exploring the Idaho Falls River Walk or visiting the Art Museum of Eastern Idaho on free admission days just a couple of the top attractions in the area.
Apartments for Rent in Idaho Falls | Houses for rent in Idaho Falls | Homes for sale in Idaho Falls
Methodology
All cities must have over 50,000 residents per the US Census and have an average rent price under or within $50 of the median rent price for the state – which is $1,430 per month according to Redfin data. Average rental data from Rent.com July 2024.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
The best time to rent an apartment for lower rates is during winter (October to April) when rates and demand are lowest, especially from January to March.
The best time to look for an apartment before moving is in the middle of the month before your official move month.
The real estate market is seasonal, so being aware of these patterns can impact the ease of your search and the rental price you’ll pay.
Whether you’re moving to an apartment in LA during the summer or looking for a rental in NYC in the winter, timing can significantly impact your apartment rental experience. The real estate market is both cyclical and seasonal, with variations that affect rental prices and availability.
While winter is best for lower rental rates and less competition, summer is best for a larger selection of available apartments. Whether you’re looking to save money or have a wider selection to choose from, it all comes down to your priorities, and understanding these market trends can help you make an informed decision.
Winter is best for lower rental rates
Winter is the ideal time to find lower rental rates and secure budget-friendly deals on apartments. From October through April, the demand for apartments significantly drops. This decrease in demand leads to reduced rental prices as landlords and property managers strive to fill vacant units. During these slower months, they are often more willing to negotiate and offer attractive incentives to attract tenants.
For example, in January, the average rental price in New York was approximately $4,064. In contrast, during the summer, prices increased to around $4,726 in June, which is an increase of $662, or roughly 16.3%. Therefore, if cost savings are your top priority, winter is the best time to start your apartment search.
Summer is best for more rental listings
Summer is the peak season for apartment hunting, offering a broader selection of available apartments. From May to September, the rental market experiences significant turnover as many leases end and new ones begin, resulting in higher inventory. This influx of available units provides renters with a wide variety of options to choose from, including different sizes, styles, and locations.
While rental rates tend to be higher during these months due to increased demand, the abundance of listings makes it easier to find a place that meets your specific needs and preferences. Additionally, moving during the summer months can be more convenient due to longer daylight hours and more predictable weather. For those prioritizing selection and variety, summer is the optimal time to search for an apartment.
Renting an apartment in the Fall or Spring? Here are the pros and cons
Renting apartments in the Fall
Pros:
Lower rental rates: As the peak rental season winds down, landlords may be more willing to negotiate lower rents or offer incentives such as a free month’s rent or reduced security deposits to fill vacancies before the slower winter months.
Lower competition: There are fewer people moving during the fall compared to the summer, which means less competition for available units. This can give you more time to consider your options without the pressure of making a quick decision.
Mild weather: The weather in the fall is generally mild, making the moving process more comfortable compared to the extreme heat of summer or the cold of winter.
Cons:
Limited inventory: The number of available listings tends to decrease after the peak summer season, which can limit your options for finding the perfect apartment.
Lease overlap: If you are currently in a lease that ends in the summer, moving in the fall may require you to break your existing lease or manage a period of overlapping leases, which can be costly.
Renting apartments in the Spring
Pros:
Increased inventory: Spring marks the beginning of the peak rental season, with many leases ending in the summer. This results in a higher number of available listings, providing you with a wide variety of options to choose from.
Best weather: Spring offers pleasant weather conditions, making it an ideal time for moving and apartment hunting. You can explore neighborhoods and visit potential apartments without the discomfort of extreme temperatures.
Cons:
Higher rental rates: As demand increases during the spring, rental rates tend to rise. Landlords are less likely to offer discounts or incentives, and you may end up paying a premium for your new apartment.
Increased competition: The influx of renters looking to move in the summer means more competition for available units. You may need to act quickly and be prepared to make decisions on the spot to secure a desirable apartment.
Remember: Different cities have different peak times
The general trends for when to rent an apartment hold true, but peak rental seasons can vary significantly depending on the city. For instance in college towns, the best time to look for an apartment is often right after the school year starts in September, with many leases becoming available at the end of the school year in early spring.
In cities like New York, peak rental activity occurs in the summer, while in places like Miami and Atlanta, the high season extends from May through November and may not see as intense of a spike. Understanding these regional differences can help you strategically plan your apartment search to find the best deals and most suitable options for your needs.
Best time to rent and apartment FAQs
What time of year is rent the cheapest?
If your main concern is saving money, the cheapest time to rent an apartment is during the winter, especially in November. During the holiday season, less people are moving, resulting in lower demand and rental rates. While you might have fewer choices of available apartments since most leases end in the summer, landlords are often more willing to offer lower rental rates and concessions, such as skipping the security deposit or offering better deals on utilities, to avoid having units sit empty.
What is the best time of the month for apartment hunting?
The best time of the month for apartment hunting is generally in the middle of the month. This timing is strategic because many leases end at the end of the month, and landlords start listing new vacancies and preparing units for new tenants around the middle of the month. By beginning your search mid-month, you can get a head start on newly available listings. This helps you avoid the rush at the end of the month when many others are also looking to secure new rentals.
What time of the month do most apartments become available?
Most apartments become available at the beginning of the month. This is primarily because leases typically end on the last day of the month, and new tenants often move in at the start of the new month. Consequently, landlords and property managers prepare for turnover during this period, listing new vacancies and getting units ready for incoming tenants. To maximize your chances of finding an available apartment, it is beneficial to start your search a few weeks before the end of the month and be ready to act quickly as new listings appear.
How early should you look for an apartment?
You should start looking for an apartment about 30 to 60 days before your desired move-in date. This time frame allows you to explore various options, complete necessary paperwork, and arrange for any needed moving logistics without feeling rushed.
What is the best time of day to search the rental market?
If you want to get really specific, the best time to check online listings is between 9 and 10 a.m. Why? That’s when property managers are most likely to post new apartment listings for recently vacated rentals. You can strike while the iron is hot.
Rental data and prices is from Redfin and was pulled in June 2024
Journeying to a new place lets you try on what living in another culture feels and looks like, whether you’re exploring the adobe house-filled streets of Santa Fe or the lantern-lit alleys of an ancient Moroccan city. Many travelers, dazzled by the rug sellers of Istanbul or the pottery workshops of Oaxaca, return with worldly housewares or art to decorate their homes.
“A textile, a clay bowl or an object you pick up at a flea market connects you to a time that you’ve enjoyed, a memory of a place,” says Hilary Robertson, a Brooklyn prop stylist and author of “Nomad At Home: Designing the Home More Traveled.” “If you can’t move to Marrakech or Kyoto, you can at least recreate something of the feeling.”
But snapping up the best items for your particular home requires a bit of strategy and advance planning. Here’s how to shop smartly, how to get your treasures back in one piece, and what to do with them upon your return.
Do your homework
You usually won’t turn up Indigenous handicrafts or interesting local art at an airport store or the hotel gift shop. “So do research before you go, looking up artisan networks, finding out which days flea markets operate, and figuring out what you might even be able to buy in a given place,” says Rachna Sachasinh, owner of Tikkiwallah, an online shop selling fair-trade Thai and Laotian pillow covers, blankets and other textiles.
Seek tips on what to buy and where to shop from your hotel concierge (or short-term rental owner), and via the websites and social media accounts of official tourism boards. You can also flip through old-school guidebooks (Lonely Planet, Rick Steves), which tend to concentrate on local retailers, rather than the location of every West Elm in Mexico City. TikTok and Instagram also offer potential shopping info, but be wary of paid brand placements.
While cool art and vintage home decor are available at most destinations, “you’ll find more handmade items like textiles, rugs and baskets if you travel to places like Morocco, India and Mexico, which still have living crafts cultures,” says Sachasinh.
Consider hiring a shopping pro
To get straight to the treasure hunting, you could hire a tour guide who specializes in shopping for a few hours. Look for market- or retail-specific experiences in your destination on travel booking sites such as TripAdvisor and Tours by Locals; using the name of a specific place (“Istanbul Grand Bazaar” or “Oaxaca pottery workshops”) can further winnow your search.
You can also try a simple online search to turn up market-savvy private guides such as Buenos Aires Shop Hop (guided jaunts to leather workshops and vintage markets in Argentina) or Maryam Montague, the proprietor of Peacock Pavilions hotel in Marrakech, who takes travelers on daylong expeditions through the city’s souks looking for fuzzy tribal rugs, bright pottery and leather poufs.
Or go on a crafts- or shopping-focused trip. Tour companies such as Ace Camps and Thread Caravan host weeklong trips to meet artisans and make things alongside them in destinations such as Perú (try weaving in the Sacred Valley near Machu Picchu) or Japan (learn how to use shibori indigo dyes or make pottery).
Luxury trip-planning company Indagare offers frequent style-centric small group tours to Mallorca, Rajasthan and Paris with dinners in designers’ homes, market excursions and meetups with artists. Grant K. Gibson, an interior designer, leads small groups to destinations such as Jaipur, India, and Oaxaca, Mexico, where they visit showrooms, learn about block printing and woodworking techniques, and usually come back with suitcases full of merchandise.
“Design touches on so many passion points — art, history and culture, food and wine — that trips like these are a great linchpin for learning, exploration and meeting fellow design enthusiasts,” says Indagare founder and chief executive Melissa Bradley.
Know what to look for
To support local artisans, look for fair-trade crafts stores, which pay creators fairly for their products and tend to stock goods representative of a destination. Other top bets: flea markets focused on handmade or antique goods, museum shops, and government-sponsored artisan boutiques or networks. For instance, Artesanías de Colombia shops in Bogotá and Cartagena hawk rope hammocks and palm fiber baskets produced by Indigenous weavers.
“And visiting an artisan workshop might give the deepest connection to something handmade, since you get talk to the crafter or even make something beside them,” says Sachasinh, who recommends the weaving workshops and the blanket- and table runner-stuffed store at Ock Pop Tok in Luang Prabang, Laos. At the Seattle Glass Blowing Studio, artists create the delicate bowls and glasses the Pacific Northwest city is known for — and teach beginners how to make their own.
Think about how you’ll get it home
Serendipity and impulse inspire many souvenir purchases. But if you want a Turkish rug for your living room or a vintage Parisian painting to match your bathroom tile, be sure to travel with photos and measurements of the space you have in mind. “I always bring a measuring tape and swatches of any fabric I want to match, too,” says Montague.
Planning on carrying a lot of items home on the plane? Stash a collapsible duffel (Paravel makes a clever zip-down one) in your luggage, or, for larger purchases, pack an extra, empty hard-sided suitcase. “It’s usually cheaper to pay for an extra checked bag than to ship a lot of things home,” says Montague. Know that oil paintings can be taken off their stretchers and rolled up, and that you can purchase a throw pillow cover that takes up little luggage space and buy the bulky insert when you arrive home.
“I’m wary of checking a bag with breakables, though,” says Bradley, who has ferried glass and pottery back from Cambodia and South Africa in a hard-sided carry-on.
And whether you are two hours away by car or five time zones away by plane, retailers that sell bulky items can generally guide you toward a shipper, even though it’s often not cheap. “I had this great farmhouse dining table shipped from the Paris flea market, and I’ve had people on my trips to India send home inlaid dressers,” says Gibson.
Get creative
Many housewares bought on your travels can be repurposed, and even ordinary goods found in other countries can seem special or elevated compared to what you’d get at home. “I go to Mexican hardware stores, because even basic items like door hooks or storage bins can be so colorful and fun,” says Robertson.
A Navajo rug can serve as a tablecloth; a beaded Maasai collar morphs into a sculpture when displayed on a wire stand. Even the simplest souvenirs — a vintage postcard of Yellowstone National Park, a scrap of fabric — look terrific when nicely framed.
Grouping disparate travel finds on a gallery wall can make them seem cohesive. “I have the most random … stuff hung on the wall of the staircase at my house — a painting from India, a brass bowl I got in Turkey,” says San Francisco interior designer Chelsea Sachs. “It’s like a chronicle of my life, and these things remind me of special moments when I get back home.” Indagare’s Bradley arranges Iranian tiles, Burmese boxes and Peruvian ceramics amid the novels and art books on her shelves.
Fabrics, buttons and other easy-to-transport materials you snap up on the road can turn into home accents, even if you aren’t especially crafty. Bring home a couple pieces of washi — a Japanese mulberry paper so storied it’s recognized by UNESCO — to hot-glue onto a lampshade or inside a wooden tray. A basket or other object can be turned into a light fixture. “I carried a huge antique rattan bird cage home on a ferry from Provincetown once, and now it’s a chandelier,” says Robertson.
And almost any textile — a striped Peruvian blanket, a vintage quilt from a flea market — can be fashioned into a throw pillow or shower curtain by your drycleaner or used to reupholster a chair seat. “Sometimes stuff has to hang around for a while before you know what you’ll do with it,” says Sachs.
You might not want to amass a cabinet full of souvenir teacups, spoons or snow globes like your great grandparents did. But the concept of picking up one small object everywhere you travel still has some validity; it might save you from overbuying, and even kitschy trinkets can summon memories. Think about scoring a holiday tree ornament or small flower vase every time you go on a trip, or save a few coins from each foreign country you visit to pile into a bowl on your coffee table. “Pieces from different places become integral to your home and allow you to reconnect with a destination and its aesthetic,” says Bradley.
If you’re ready to purchase a new home, you may be wondering just how long the process will take. After all, it’s possible you need to figure out some of the logistics of your move.
For example, you may need to decide whether to ask your landlord for an extension on your lease. Or, perhaps you need to consider your child’s school schedule or how much notice to give your employer. With this in mind, it’s smart to learn and understand how long buying a house usually takes.
The timeline of any home sale can vary based on a broad range of factors. However, each step can be fairly predictable on its own.
Key Takeaways
The home-buying process typically takes between two to six months, depending on factors like credit preparation, finding a home, and closing procedures.
Key steps include preparing your credit, getting preapproved for a mortgage, finding a home, and negotiating an offer, followed by the closing process which can take 30–50 days.
It’s important to keep your credit in good shape and save for a down payment to improve your chances of securing the home of your dreams.
How Long It Takes to Buy a House
Here’s how much time you should expect to wait for each step of your home sale as you plan out the next important steps in your life.
1. Preparing Your Credit for Homeownership: (0–12 Weeks)
The credit score required to qualify for a mortgage can vary depending on the mortgage lender and type of mortgage. However, you will always have a better chance of qualifying for a mortgage loan with the best rates if you have good credit.
According to myFico.com, consumers with FICO scores of 740 or above have the best chance at qualifying for a mortgage with excellent terms and a low interest rate. Meanwhile, consumers with “good credit,” or FICO scores between 679 and 740, are not guaranteed the best terms. The chances of qualifying for one of the best home loans is much lower for anyone with a score below that level.
That’s why, if your credit history isn’t great, you should work on improving it before you apply for a mortgage. The most important steps you can take to improve your credit include:
Get a copy of your credit report and check it for errors. You can get a free copy of your report from all three credit reporting agencies — Experian, Equifax, and TransUnion. You get one copy for free each year at AnnualCreditReport.com.
Pay all your bills on time. This is important since your payment history makes up 35% of your FICO score.
Pay down debt. Many credit-scoring models consider how much debt you have when determining your credit score. So, paying down some of your existing debt may help improve your credit in the short term and the long haul.
If your credit is already good or excellent, you can skip this step altogether. If it’s not, you have some work to do.
2. Get Preapproved for a Mortgage: (1–2 Days)
Your credit is ready for a mortgage, so now what? Before you start house hunting, the next step is checking in with mortgage providers to get preapproved. There are a few reasons you should bother getting preapproved before you start shopping.
A preapproval is a lender’s written commitment to loan you a certain amount of money for a home purchase. It’s based on a review of your credit and financial information and is one way to prove to sellers that you’re a serious buyer. This gives you an advantage over other buyers who aren’t preapproved if you have a letter.
Getting preliminary preapproval for a mortgage will also help you discover how much money the bank is willing to lend you. This figure or range of figures will let you know the price range of homes you should search for.
If you’re in the process of shopping for a new home, it’s important to understand the difference between prequalification and preapproval. Prequalification can help you get an idea of what your budget should be. However, to move forward with a purchase, you’ll need a preapproval.
See also: What Is the Minimum Credit Score to Buy a House?
What Is a Preapproval Letter?
A preapproval letter is a document from a lender stating that a borrower has qualified for a loan up to a certain amount based on their credit history, income, and other financial information.
The preapproval letter is not a guarantee of loan approval, but it does give the borrower an idea of what size loan they may qualify for and the terms of the loan.
Shop Around for the Best Rates and Terms
As you prepare to get preapproved for a home loan, make sure you’re checking with several mortgage lenders so you can compare interest rates and fees. Some websites let you enter your information once to receive multiple offers from lenders who are competing for your business.
What You Will Need to Get Preapproved
Make sure to research lenders and mortgage websites that connect you with multiple home loans before you decide whom to work with.
To get preapproved, you typically need to supply the following:
At least one month of pay stubs
Employment information for the last two years
Two years of W-2s
One or two years of tax returns
Three months of bank statements
Even more information if you’re self-employed.
The lender will then use this information to determine your loan amount and interest rate.
When you apply for a mortgage preapproval, the lender will pull your credit report. This can result in a hard inquiry on your credit report, which can temporarily lower your credit score.
Keep in mind that this step can take a few days or several weeks. Make sure you have a mortgage preapproval letter in your hands before you move onto the next step.
3. Finding a Home and Getting an Accepted Offer: Varies
Once you’re preapproved and have a good idea of how much house you can afford, it’s time to start searching for your dream home. Unfortunately, this is one step that can vary dramatically in length and scope. You might find the perfect home on your first day of searching. However, it could also take months of searching for a home you actually want to buy.
You’ll likely want to work with a real estate agent during this part of your journey. They can help you find homes in your price range. They also set up times for you to enter and inspect homes you’re interested in.
Once you find a home to buy, you can also rely on the help of a realtor to write up an offer. This part of the home buying process can also take days or weeks, depending on how quickly the sellers respond. They might submit a counteroffer that requires you to think long and hard about the home sale for a few days. Heck, you could each submit several counteroffers back and forth, each taking a few days to execute.
4. Closing on Your Home: (30–50 Days)
Once you have reached an agreement with the home’s seller, you’ll begin moving toward the closing process. During this step of the mortgage process, your lender may need more financial paperwork that helps them verify you qualify for the loan.
To prove you are still in the same financial position you were when you were preapproved for your loan, you may need to provide additional bank statements or pay stubs.
Home Inspection
While you’re waiting to close on your home, you’ll also want to hire a home inspector to look over the property to check for needed repairs. The home inspection usually takes a few days to schedule, but only a few hours to inspect. After the home inspection, you may also negotiate back and forth with the seller to agree on who will pay said repairs and if any concessions should be made.
Sometimes closing takes as little as one month, but it can often take a lot longer than that. Either way, it helps to get back with your lender quickly if they ask you to submit additional documentation. You don’t want to leave them waiting and prolong the home buying process unnecessarily.
Once your closing date arrives, you’ll sit down with all parties. This includes lawyers when applicable, buyer and seller’s real estate agent, title company, the closing agent, and perhaps even a representative of the lender.
You’ll sign all the important documents pertaining to your home loan. You’ll also bring money to the table to cover your share of closing costs and your down payment. Once you’re done, the keys and the home are finally yours.
Bottom Line
The details above describe what usually happens when someone purchases a home. However, there are many variables that could throw these timelines out of whack. You may find you have trouble qualifying for a mortgage altogether, for example. Or maybe you spend months or years finding a home you like!
Whatever hurdles you encounter, make sure to keep your credit in good shape and continue saving for a down payment. The better financial shape you’re in, the better chance you have at winding up with the home of your dreams.
Frequently Asked Questions
How long does it take to buy a house?
Generally, it takes between two and six months to purchase a house. This timeline may vary depending on the complexity of the transaction and the availability of financing.
What factors can affect the timeline for buying a house?
Factors that can affect the timeline for buying a house include:
The availability of financing
The complexity of the transaction
The number of buyers in the real estate market
The availability of properties
What are the steps involved in buying a house?
The steps involved in buying a house include:
Researching the housing market
Finding a real estate agent
Getting preapproved for a mortgage
Making an offer and negotiating
Securing financing
Closing on the purchase.
How can I get preapproved for a mortgage?
To get preapproved for a mortgage, you will need to provide documentation such as your income and employment information and your credit report. Your lender will then review your information and provide you with a pre-approval letter.
What is the difference between pre-qualifying and pre-approving for a mortgage?
Pre-qualifying for a mortgage involves providing information to a lender, who then estimates how much you can afford to borrow. Pre-approval involves providing documents to a lender, who then verifies your information and issues a letter of pre-approval that you can use when making an offer on a house.
How can I find a real estate agent?
You can find a real estate agent by asking friends, family, and colleagues for recommendations, or by searching online. You can also look for an agent through the National Association of Realtors or by visiting your local real estate board.
How long does the underwriting process take?
The underwriting process can take anywhere from a few days to a few weeks. The timeline depends largely on the complexity of the loan and the number of documents the lender needs to review.
What is a closing?
A closing is the last step in the home-buying process. It is when the transfer of ownership is finalized and the buyer and seller sign the closing documents. At the closing, the buyer pays the remaining balance of the purchase price and the deed is transferred from the seller to the buyer.
What documents should I bring to the closing?
At the closing, you will typically need to provide a valid photo ID, proof of homeowner’s insurance, a copy of the purchase agreement, and a certified or cashier’s check for the remaining balance of the purchase price.
Should I use a mortgage broker?
Deciding whether to use a mortgage broker largely depends on your unique requirements and preferences. By engaging a mortgage broker, you stand to gain access to a broader range of lenders, thus increasing the likelihood of securing the best mortgage rates and terms.
In addition to providing access to lenders, mortgage brokers can offer valuable guidance and advice throughout the process, which can be especially beneficial if you are unfamiliar with the ins and outs of securing a mortgage. However, it’s worth noting that mortgage brokers do charge a fee for their services, which can add to the overall cost of obtaining a mortgage. Ultimately, it’s up to you to decide whether the benefit is worth the cost.
Can I buy a house with cash?
Yes, you can buy a house with cash. However, the seller may still request evidence of your available funds.
The seller may request to see bank statements or other financial documents that demonstrate that you have the necessary funds to complete the transaction. This process can provide the seller with peace of mind that the sale will go smoothly. It can also help to prevent any misunderstandings or disputes from arising during the purchasing process.
If you’re ready to purchase a new home, you may be wondering just how long the process will take. After all, it’s possible you need to figure out some of the logistics of your move.
For example, you may need to decide whether to ask your landlord for an extension on your lease. Or, perhaps you need to consider your child’s school schedule or how much notice to give your employer. With this in mind, it’s smart to learn and understand how long buying a house usually takes.
The timeline of any home sale can vary based on a broad range of factors. However, each step can be fairly predictable on its own.
Key Takeaways
The home-buying process typically takes between two to six months, depending on factors like credit preparation, finding a home, and closing procedures.
Key steps include preparing your credit, getting preapproved for a mortgage, finding a home, and negotiating an offer, followed by the closing process which can take 30–50 days.
It’s important to keep your credit in good shape and save for a down payment to improve your chances of securing the home of your dreams.
How Long It Takes to Buy a House
Here’s how much time you should expect to wait for each step of your home sale as you plan out the next important steps in your life.
1. Preparing Your Credit for Homeownership: (0–12 Weeks)
The credit score required to qualify for a mortgage can vary depending on the mortgage lender and type of mortgage. However, you will always have a better chance of qualifying for a mortgage loan with the best rates if you have good credit.
According to myFico.com, consumers with FICO scores of 740 or above have the best chance at qualifying for a mortgage with excellent terms and a low interest rate. Meanwhile, consumers with “good credit,” or FICO scores between 679 and 740, are not guaranteed the best terms. The chances of qualifying for one of the best home loans is much lower for anyone with a score below that level.
That’s why, if your credit history isn’t great, you should work on improving it before you apply for a mortgage. The most important steps you can take to improve your credit include:
Get a copy of your credit report and check it for errors. You can get a free copy of your report from all three credit reporting agencies — Experian, Equifax, and TransUnion. You get one copy for free each year at AnnualCreditReport.com.
Pay all your bills on time. This is important since your payment history makes up 35% of your FICO score.
Pay down debt. Many credit-scoring models consider how much debt you have when determining your credit score. So, paying down some of your existing debt may help improve your credit in the short term and the long haul.
If your credit is already good or excellent, you can skip this step altogether. If it’s not, you have some work to do.
2. Get Preapproved for a Mortgage: (1–2 Days)
Your credit is ready for a mortgage, so now what? Before you start house hunting, the next step is checking in with mortgage providers to get preapproved. There are a few reasons you should bother getting preapproved before you start shopping.
A preapproval is a lender’s written commitment to loan you a certain amount of money for a home purchase. It’s based on a review of your credit and financial information and is one way to prove to sellers that you’re a serious buyer. This gives you an advantage over other buyers who aren’t preapproved if you have a letter.
Getting preliminary preapproval for a mortgage will also help you discover how much money the bank is willing to lend you. This figure or range of figures will let you know the price range of homes you should search for.
If you’re in the process of shopping for a new home, it’s important to understand the difference between prequalification and preapproval. Prequalification can help you get an idea of what your budget should be. However, to move forward with a purchase, you’ll need a preapproval.
See also: What Is the Minimum Credit Score to Buy a House?
What Is a Preapproval Letter?
A preapproval letter is a document from a lender stating that a borrower has qualified for a loan up to a certain amount based on their credit history, income, and other financial information.
The preapproval letter is not a guarantee of loan approval, but it does give the borrower an idea of what size loan they may qualify for and the terms of the loan.
Shop Around for the Best Rates and Terms
As you prepare to get preapproved for a home loan, make sure you’re checking with several mortgage lenders so you can compare interest rates and fees. Some websites let you enter your information once to receive multiple offers from lenders who are competing for your business.
What You Will Need to Get Preapproved
Make sure to research lenders and mortgage websites that connect you with multiple home loans before you decide whom to work with.
To get preapproved, you typically need to supply the following:
At least one month of pay stubs
Employment information for the last two years
Two years of W-2s
One or two years of tax returns
Three months of bank statements
Even more information if you’re self-employed.
The lender will then use this information to determine your loan amount and interest rate.
When you apply for a mortgage preapproval, the lender will pull your credit report. This can result in a hard inquiry on your credit report, which can temporarily lower your credit score.
Keep in mind that this step can take a few days or several weeks. Make sure you have a mortgage preapproval letter in your hands before you move onto the next step.
3. Finding a Home and Getting an Accepted Offer: Varies
Once you’re preapproved and have a good idea of how much house you can afford, it’s time to start searching for your dream home. Unfortunately, this is one step that can vary dramatically in length and scope. You might find the perfect home on your first day of searching. However, it could also take months of searching for a home you actually want to buy.
You’ll likely want to work with a real estate agent during this part of your journey. They can help you find homes in your price range. They also set up times for you to enter and inspect homes you’re interested in.
Once you find a home to buy, you can also rely on the help of a realtor to write up an offer. This part of the home buying process can also take days or weeks, depending on how quickly the sellers respond. They might submit a counteroffer that requires you to think long and hard about the home sale for a few days. Heck, you could each submit several counteroffers back and forth, each taking a few days to execute.
4. Closing on Your Home: (30–50 Days)
Once you have reached an agreement with the home’s seller, you’ll begin moving toward the closing process. During this step of the mortgage process, your lender may need more financial paperwork that helps them verify you qualify for the loan.
To prove you are still in the same financial position you were when you were preapproved for your loan, you may need to provide additional bank statements or pay stubs.
Home Inspection
While you’re waiting to close on your home, you’ll also want to hire a home inspector to look over the property to check for needed repairs. The home inspection usually takes a few days to schedule, but only a few hours to inspect. After the home inspection, you may also negotiate back and forth with the seller to agree on who will pay said repairs and if any concessions should be made.
Sometimes closing takes as little as one month, but it can often take a lot longer than that. Either way, it helps to get back with your lender quickly if they ask you to submit additional documentation. You don’t want to leave them waiting and prolong the home buying process unnecessarily.
Once your closing date arrives, you’ll sit down with all parties. This includes lawyers when applicable, buyer and seller’s real estate agent, title company, the closing agent, and perhaps even a representative of the lender.
You’ll sign all the important documents pertaining to your home loan. You’ll also bring money to the table to cover your share of closing costs and your down payment. Once you’re done, the keys and the home are finally yours.
Bottom Line
The details above describe what usually happens when someone purchases a home. However, there are many variables that could throw these timelines out of whack. You may find you have trouble qualifying for a mortgage altogether, for example. Or maybe you spend months or years finding a home you like!
Whatever hurdles you encounter, make sure to keep your credit in good shape and continue saving for a down payment. The better financial shape you’re in, the better chance you have at winding up with the home of your dreams.
Frequently Asked Questions
How long does it take to buy a house?
Generally, it takes between two and six months to purchase a house. This timeline may vary depending on the complexity of the transaction and the availability of financing.
What factors can affect the timeline for buying a house?
Factors that can affect the timeline for buying a house include:
The availability of financing
The complexity of the transaction
The number of buyers in the real estate market
The availability of properties
What are the steps involved in buying a house?
The steps involved in buying a house include:
Researching the housing market
Finding a real estate agent
Getting preapproved for a mortgage
Making an offer and negotiating
Securing financing
Closing on the purchase.
How can I get preapproved for a mortgage?
To get preapproved for a mortgage, you will need to provide documentation such as your income and employment information and your credit report. Your lender will then review your information and provide you with a pre-approval letter.
What is the difference between pre-qualifying and pre-approving for a mortgage?
Pre-qualifying for a mortgage involves providing information to a lender, who then estimates how much you can afford to borrow. Pre-approval involves providing documents to a lender, who then verifies your information and issues a letter of pre-approval that you can use when making an offer on a house.
How can I find a real estate agent?
You can find a real estate agent by asking friends, family, and colleagues for recommendations, or by searching online. You can also look for an agent through the National Association of Realtors or by visiting your local real estate board.
How long does the underwriting process take?
The underwriting process can take anywhere from a few days to a few weeks. The timeline depends largely on the complexity of the loan and the number of documents the lender needs to review.
What is a closing?
A closing is the last step in the home-buying process. It is when the transfer of ownership is finalized and the buyer and seller sign the closing documents. At the closing, the buyer pays the remaining balance of the purchase price and the deed is transferred from the seller to the buyer.
What documents should I bring to the closing?
At the closing, you will typically need to provide a valid photo ID, proof of homeowner’s insurance, a copy of the purchase agreement, and a certified or cashier’s check for the remaining balance of the purchase price.
Should I use a mortgage broker?
Deciding whether to use a mortgage broker largely depends on your unique requirements and preferences. By engaging a mortgage broker, you stand to gain access to a broader range of lenders, thus increasing the likelihood of securing the best mortgage rates and terms.
In addition to providing access to lenders, mortgage brokers can offer valuable guidance and advice throughout the process, which can be especially beneficial if you are unfamiliar with the ins and outs of securing a mortgage. However, it’s worth noting that mortgage brokers do charge a fee for their services, which can add to the overall cost of obtaining a mortgage. Ultimately, it’s up to you to decide whether the benefit is worth the cost.
Can I buy a house with cash?
Yes, you can buy a house with cash. However, the seller may still request evidence of your available funds.
The seller may request to see bank statements or other financial documents that demonstrate that you have the necessary funds to complete the transaction. This process can provide the seller with peace of mind that the sale will go smoothly. It can also help to prevent any misunderstandings or disputes from arising during the purchasing process.
A mortgage commitment letter is a step beyond prequalification and preapproval and could give a homebuyer an edge in a competitive market. It lays out the loan details and indicates that a buyer has an agreement for a mortgage.
But who should obtain a mortgage commitment letter and when? Let’s take a look at those answers and more.
What Is a Mortgage Commitment Letter?
A mortgage commitment letter — conditional or final — is a step closer to finalizing a mortgage but short of “cleared to close.” The letter signals to the seller that the buyer and a chosen financial institution have forged an agreement.
Buyers may seek a conditional mortgage commitment letter when they’re house hunting, and a final commitment letter when they’re ready to make an offer on a specific home.
In both types of loan commitments, the lender outlines the terms of the mortgage.
Recommended: Buying in a Seller’s Market With a Low Down Payment
Types of Mortgage Loan Approvals
In the mortgage loan process, buyers will hear “approval” thrown around a lot. But not all approvals are built equally, and each type signifies a different part of the process.
Prequalification
Getting prequalified is often an early step for buyers in the home search. It’s quick, can be done online, and doesn’t require a hard credit inquiry.
To get prequalified, buyers provide financial details, including income, debt, and assets, but no documentation, so this step serves as an estimate of how much home they can afford.
Prequalification can help buyers create a realistic budget, but the amount, interest rate, and loan program might change as the lender gets more information.
Preapproval
Preapproval is slightly more complicated, requiring a hard credit inquiry and documentation from the buyer. Lenders may ask for the following:
• Identification
• Recent pay stubs
• W-2 statements
• Tax returns
• Activity from checking, savings, and investment accounts
• Residential history
Armed with this information, a lender will give buyers a specific amount they’ll likely qualify for.
Preapproval also shows sellers that a buyer is serious about a home, as it means a lender is willing to approve them for a mortgage.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Conditional vs Final Commitment
Prequalification and preapproval can be important steps during the home search. But especially in a seller’s market and in certain cities, the mortgage commitment letter can become an important tool.
While a mortgage loan commitment letter can show a seller that the buyer is serious, not all letters are the same.
A conditional mortgage approval letter, the most common type, means that the lender will approve buyers as long as they meet certain conditions.
Conditions could include:
• No change to the buyer’s finances before the closing date
• Proof of funds to cover the down payment and closing costs
• Passing of a home inspection
• An appraisal
• Proof of homeowners insurance
• No liens or other problems with the property title
A final commitment letter means the lender has unconditionally approved the buyer for a loan to purchase a home. However, this doesn’t mean the buyer is guaranteed a loan; it just means the lender is ready to approve the mortgage.
Having a mortgage commitment letter in hand is a good way to ensure that nothing will go wrong during underwriting.
Recommended: See Local Housing Market Trends by City
How to Know If You Need a Mortgage Commitment Letter
Buyers don’t need to provide a mortgage commitment letter to a seller. Still, that extra step beyond preapproval indicates how serious they are about a property.
Since it may require a little extra work, it shows sellers that a buyer is less likely to back out, especially due to financing issues.
A mortgage commitment letter could convince a seller to take a buyer more seriously in a seller’s market. And it could calm the nerves of buyers who face home-buying angst, including the challenge of covering a down payment and closing costs (even if they plan to roll closing costs into the loan).
How to Get a Mortgage Commitment Letter
Getting a mortgage commitment letter might sound like a hassle during an already stressful home-buying process, but doing so could save buyers time and provide a sense of relief as they creep closer to closing.
First off, buyers will need to be preapproved. If they have chosen a home, once under contract, their lender or underwriter will want more information, which may include:
• A gift letter if another party is helping with the down payment
• Employment verification
• Explanation of any late payments
• Proof of debts paid and settled
From there, it could be a back-and-forth between the lender and buyer, with the lender asking for clarification or additional documentation. Common issues that arise include:
• Tax returns with errors or inconsistencies
• Unexplained deposits into buyer bank accounts
• Multiple late payments or collections on a credit report
• Unclear pay stubs
At this point, the lender may grant a conditional commitment letter, with the caveat of additional information and an appraisal. If the buyer has an appraisal and meets lender expectations with documentation, they’re likely to get a final commitment.
Contents of a Commitment Letter
A commitment letter will vary from lender to lender but generally include the following details:
• Loan amount
• Loan number
• What the loan is for
• Mortgage loan term
• Type of loan
• Lender information
• Expiration date of the commitment letter
What happens after the commitment letter? The lender and underwriter will continue to iron out the mortgage details, aiming for cleared-to-close status before the closing date on the property.
The Takeaway
A mortgage commitment letter is like a short engagement before the wedding: It signals an agreement before the real deal. Buyers in an active seller’s market might find a mortgage commitment letter advantageous.
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
How long does it take to get a mortgage commitment letter?
It typically takes 20 to 45 days to get a mortgage commitment letter. The average closing process takes 50 days.
Does a mortgage commitment letter expire?
Yes.
How long is a mortgage commitment letter valid?
Timing can vary by lender, but the length of commitment is typically 30 days.
Photo credit: iStock/MartinPrescott
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.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Arkansas, often called “The Natural State,” is known for its stunning landscapes and rich history. From the therapeutic hot springs and diamond hunting at Crater of Diamonds State Park to the world-renowned Walmart headquarters, Arkansas offers unique experiences. But what else is Arkansas known for? Whether you’re looking to buy or rent a home in Fayetteville, move into an apartment in Little Rock, or you’re just passing through, you’ll quickly discover that this state has much more to offer than meets the eye. In this article, we’ll explore what makes Arkansas unique and why so many are proud to call it home. Let’s get started.
1. Hot Springs National Park
Hot Springs National Park is one of Arkansas’ most famous attractions. Established in 1832, it’s one of the oldest parks in the U.S. The park features 47 natural hot springs, with thermal waters known for their therapeutic benefits. Visitors can experience traditional bathhouses, such as the historic Bathhouse Row. The park also offers hiking trails, scenic views, and a rich history of health and wellness.
2. Arkansas BBQ
Arkansas is famous for its unique BBQ style, blending flavors from the South and Midwest. BBQ joints here offer a distinct and delicious culinary experience where pork ribs and pulled pork are local favorites. If you’re looking for a restaurant to try Jones Bar-B-Q Diner in Marianna is a must-visit, serving BBQ since the early 1900s. While there, be sure to try their iconic vinegar-based barbeque sauce.
3. Crater of Diamonds State Park
Crater of Diamonds State Park is one of the only public diamond mine in the world. Visitors can search for diamonds and keep any they find. Since 1906, more than 33,000 diamonds have been discovered, including the 40.23-carat Uncle Sam diamond. The park offers equipment rentals and tips for finding gems. It is a unique attraction drawing gem hunters from around the globe.
4. Arkansas Razorbacks
The Arkansas Razorbacks are the state’s beloved college sports teams. Representing the University of Arkansas, they’re known for their passionate fan base and their unique “Woo Pig Sooie” cheer is famous nationwide. The Razorbacks compete in the SEC, excelling in football, basketball, and baseball. Games at Donald W. Reynolds Razorback Stadium draw large, enthusiastic crowds.
5. Bill Clinton’s Presidential Library
Located in the state capitol of Little Rock is the William J. Clinton Presidential Library and Museum. It features artifacts, documents, and interactive exhibits from Clinton’s presidency. The library offers a replica of the Oval Office and highlights key events of the 1990s. The museum’s architecture is a notable part of Little Rock’s skyline, attracting hundreds of historians, students, and tourists every year.
6. Buffalo National River
Buffalo National River is America’s first national river, established in 1972. It offers 135 miles of undammed, free-flowing river. This river is a top destination for outdoor enthusiasts seeking natural beauty. Besides sightseeing, popular activities here include canoeing, kayaking, and fishing. Additionally, the surrounding area features towering bluffs, dense forests, and diverse wildlife.
Fun facts Arkansas is famous for
King Biscuit Time: The longest-running daily American radio broadcast is “King Biscuit Time,” airing blues music from Helena, Arkansas, since 1941.
Eureka Springs: The entire town of Eureka Springs is listed on the National Register of Historic Places, known for its well-preserved Victorian architecture and healing springs..
Mountain View: Known as the “Folk Music Capital of the World,” Mountain View hosts the annual Arkansas Folk Festival and the Ozark Folk Center State Park, preserving traditional Ozark culture.
7. Ozark Mountains
The Ozark Mountains span northern Arkansas, offering stunning landscapes and outdoor recreation. Attractions include the Blanchard Springs Caverns and the Ozark National Forest where visitors can go hiking, caving, or take scenic drives. The mountains are a haven for nature lovers and adventurers, especially in Fall when the foliage in the Ozarks is particularly spectacular.
8. Walmart Headquarters
Walmart’s global headquarters is in Bentonville, Arkansas. Founded by Sam Walton in 1962, Walmart has grown into the world’s largest retailer. The Walton family has a significant impact on the region’s economy and culture. If you’re in the area, be sure to explore the Walmart Museum where you can learn unique details about the company’s history.
9. Johnny Cash’s Birthplace
Johnny Cash was born in the town of Kingsland in 1932. The state celebrates his legacy with the Johnny Cash Boyhood Home in Dyess. The site includes a museum and the restored Cash family home; fans from around the world visit the site to pay homage to the legendary singer. To this day, Cash’s music and influence remain a point of pride for Arkansas.
10. Mount Magazine
Mount Magazine is Arkansas’ highest peak, standing at 2,753 feet. The state park offers hiking, hang gliding, and breathtaking vistas while the lodge at Mount Magazine provides comfortable accommodations and stunning views. The area’s diverse flora and fauna make it a nature enthusiast’s paradise worth visiting.
11. Blues Music in Helena
Helena is a historic center for blues music. The King Biscuit Blues Festival is held here annually, attracting top blues musicians. Additionally, the Delta Cultural Center offers interpretive exhibits to celebrate the region’s rich musical history. The festival and museum draw blues enthusiasts from around the world. Helena’s blues legacy is an integral part of Arkansas’ cultural fabric.
12. Riceland Foods
Arkansas is the leading rice producer in the U.S., with Riceland Foods headquartered in Stuttgart. Riceland is the world’s largest miller and marketer of rice. The state’s rice industry supports thousands of jobs with rice fields covering approximately 1.3 million acres of land annually.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
For homebuyers struggling to afford a home amid stubbornly high mortgage rates and surging prices, there’s a little-known workaround that can help turn back the clock to the days of ultra-low monthly mortgage payments. But it comes with a few caveats.
Assumable mortgages are loans that allow a homebuyer to take over a seller’s existing mortgage. This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Some experts point to this type of loan as a potential way of reviving the struggling housing market.
“It’s a really great program for today’s market,” said Ted Tozer, the former president of Ginnie Mae — a government-owned corporation within the Department of Housing and Urban Development — and a non-resident fellow at the Urban Institute.
About 12.2 million US mortgages are assumable, according to data from Intercontinental Exchange. That amounts to 23% of all US mortgages.
But while assumable loans could benefit both sides of a homebuying transaction, there are some drawbacks, including a longer approval process, Tozer said.
“The sellers should be able to get an extra 1% or 2% for their home to compensate them for the value they are transferring,” he said. “The buyers’ advantage is that they can have a lower mortgage payment over the life of the loan than they would have gotten with a new mortgage.”
A little-used benefit of government loans
Ellen Harper, a software analyst in her mid-50s, closed on a Fairburn, Georgia, home with a 2.49% mortgage rate in April after first learning about assumable mortgages in the fall.
Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. In mid-April, the 30-year fixed-rate mortgage averaged 7.10%, reaching the highest level since November.
“I just decided I wanted to see how low I could pay on the interest rate,” Harper said. “I went into it looking for the best deal I could get, and I think I did pretty good.”
Not all home loans can be passed to a homebuyer, but most government-backed loans, such as those from the Federal Housing Administration and the US Department of Veterans Affairs, are assumable.
The number of FHA-backed loans assumed grew 111% between 2021 and 2023, while the number of VA-backed loans assumed grew 713% in that same time period, according to government data provided to CNN.
Still, in the American real estate market, mortgage assumptions are relatively rare. There have been just 2,973 FHA-backed mortgage assumptions so far this year, according to the agency.
How does an assumable mortgage work?
The process of assuming an existing mortgage is a bit different from getting approved for a new home loan.
For example, suppose a seller with an assumable loan chooses to list their home at $500,000 and their current mortgage balance is $300,000. In that case, that home seller currently has $200,000 in equity (the difference between $500,000 and $300,000). To take over that seller’s mortgage, a buyer would have to make a cash payment of $200,000 to the seller to compensate for their equity stake. Then, the buyer would take over the sellers’ existing monthly payments on their mortgage.
For buyers, $200,000 may be a lot of money to pay upfront. Some take out a second mortgage to cover the equity payment, Tozer said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough.
Generally, an assumable loan must be approved by the seller’s lender and the VA, FHA, or other government agency backing the loan. That means not only are there more layers to get through, but a homebuyer must also meet specific credit and income standards before getting approval.
Is there a catch?
Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.
Tozer said lenders often delay approving mortgage assumptions because the VA and FHA cap the amount of money the lenders can make processing these applications.
“People have complained that the assumptions are taking substantially long periods of time to close and because of that, sellers are getting frustrated and the Realtors want their money,” Tozer said.
Another potential downside for holders of VA-guaranteed loans: According to the department, passing your mortgage along to a civilian may slow down your ability to get approved for another VA loan.
Even so, assumable mortgages may hold an appeal for homebuyers who missed the boat on lower interest rates. Finding an assumable mortgage with a willing seller may be akin to “unicorn hunting,” said one commenter on social media.
The relative rarity of these mortgages also means some folks may have misconceptions about how they work. For example, Harper said her seller was initially skeptical about her taking over their home loan, erroneously believing he’d be on the hook if Harper missed mortgage payments after taking over the mortgage.
“We put in an offer a couple of times in the beginning and he wasn’t comfortable, so the offer expired without him accepting it,” she said of her homeseller.
Harper used Roam, one of a growing group of real estate start-ups focused on helping buyers find homes that allow mortgage assumptions.
For now, Roam is only available in Georgia, Arizona, Colorado, Texas and Florida, but Roam’s CEO, Raunaq Singh, told CNN he plans to launch nationwide later this year.
Harper said the company helped educate her home’s seller about assumable mortgages, reassuring him that he would no longer be responsible for the loan once it was taken over by Harper.
Get ready to discover Michigan, a state where college life is as varied as the wildlife wandering the Great Lakes. We’re about to embark on a tour of Michigan’s top college towns, where academic achievement meets exciting community life.
Whether you’re an undergrad hunting down the perfect apartment in Ann Arbor or a career academic searching for your forever home in Grand Rapids, you’ll find everything you need and more in the Mitten State.
Ann Arbor is home to the University of Michigan, known for its exceptional academics. The College of Engineering stands out with programs in aerospace, biomedical, and mechanical engineering. The medical school is top-notch, attracting future doctors and researchers from all over. Additionally, the Ross School of Business offers comprehensive programs in finance, marketing, and entrepreneurship, preparing students for the corporate world.
The University of Michigan and Ann Arbor share a strong bond. Many local businesses collaborate with the university, providing internships and job opportunities for students. The Michigan Medicine Health System, a major employer in the area, partners with the university on research and clinical training.
Apartments near University of Michigan | Houses for rent near University of Michigan
Michigan State University is the pride of East Lansing, especially noted for its agricultural and business programs. The College of Agriculture and Natural Resources offers cutting-edge research in sustainable farming and food science. The Eli Broad College of Business is renowned for its programs in supply chain management and hospitality management. MSU’s College of Communication Arts and Sciences is also highly regarded, with strong programs in journalism and media studies.
MSU’s connection with East Lansing is evident in various community partnerships. The Wharton Center for Performing Arts puts on professional productions and student performances. Local farms collaborate with the university’s agricultural programs, providing students with practical experience in sustainable practices.
Apartments near Michigan State University | Houses for rent near Michigan State University
Western Michigan University is known for its standout programs in aviation and engineering. The College of Aviation provides comprehensive training in pilot and technical operations, often collaborating with major airlines. WMU’s engineering programs, including electrical and mechanical engineering, are highly respected. The Irving S. Gilmore School of Music is another highlight, offering a range of programs from performance to music therapy.
WMU has deep roots in Kalamazoo, fostering numerous community connections. The College of Aviation partners with local airports and flight schools, giving students hands-on experience. Engineering students often engage in projects that benefit the local infrastructure and businesses. The university’s musical events, like the annual Gilmore Piano Festival, draw students and community members, promoting a shared appreciation for the arts.
Apartments near Western Michigan University | Houses for rent near Western Michigan University
Eastern Michigan University is a cornerstone of Ypsilanti, with highly regarded programs in education and business. The College of Education is known for producing skilled and prepared teachers and administrators. The College of Business offers diverse programs in accounting, management, and marketing. EMU’s nursing program also receives high marks, providing rigorous training for future healthcare professionals.
EMU’s relationship with Ypsilanti is strong. The College of Education partners with local schools to provide student teaching opportunities, enhancing the quality of education in the area. The College of Business connects with local startups and businesses through the Michigan Innovation HQ.
Apartments near Eastern Michigan University | Houses for rent near Eastern Michigan University
5. Marquette – Northern Michigan University
Population: 20,629 | Student population: 7,214| Average 1-bedroom rent: $850
Northern Michigan University is primarily known for education, nursing, and biology. The School of Education offers specialized programs in special education and early childhood education. The nursing program is highly rated, with state-of-the-art simulation labs. NMU’s biology department is known for its focus on environmental science and wildlife biology.
NMU’s connection to Marquette is integral to the town’s identity. The nursing program collaborates with local healthcare providers, enhancing practical training and community health. Biology students often work with local nature reserves and environmental organizations, gaining hands-on experience in conservation and research. The university’s Center for Rural Community and Economic Development helps drive local initiatives, fostering economic growth and sustainability.
Apartments near Northern Michigan University | Houses for rent near Northern Michigan University
Grand Valley State University has a significant presence in Grand Rapids. The Seidman College of Business offers robust programs in finance, entrepreneurship, and supply chain management. The College of Health Professions includes top-tier programs in physical therapy, physician assistant studies, and nursing. GVSU’s engineering program is also respected, with specializations in product design and manufacturing.
GVSU’s ties to Grand Rapids are extensive. The health sciences department collaborates closely with local hospitals and clinics, providing students with valuable clinical experience. Business students often intern with downtown companies, integrating their academic learning with practical work.
Apartments near Grand Valley State University | Houses for rent near Grand Valley State University
Central Michigan University is particularly well known for its strong education and journalism programs. The College of Education offers comprehensive training for future teachers and administrators. The School of Broadcast and Cinematic Arts is well known for its programs in journalism, broadcasting, and film production. Health sciences, including physical therapy and physician assistant programs, are also popular.
CMU’s partnership with Mount Pleasant is evident. The College of Education works with local schools to provide student teaching and professional development opportunities. Journalism students often help cover local news, producing content for the university and local media outlets.
Apartments near Central Michigan University | Houses for rent near Central Michigan University
Michigan Technological University is renowned for its engineering and computer science programs. The College of Engineering offers top-rated programs in mechanical, electrical, and civil engineering. The computer science department is known for its research in cybersecurity and software engineering. Michigan Tech also excels in environmental science, with a focus on sustainability and conservation.
Michigan Tech’s connection to Houghton is strong and multifaceted. Engineering students often work on local infrastructure projects, applying their skills to real-world challenges. The computer science department collaborates with local tech companies, providing students with internship and job opportunities. Environmental science students partner with nearby nature reserves and research facilities, contributing to conservation efforts and gaining practical experience.
Apartments near Michigan Technological University | Houses for rent near Michigan Technological University
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 250,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Stand-up paddleboarding. Kayaking. Biking. Skiing. Seattleites love our outdoor activities, but all this equipment takes up a lot of space. We tapped local stores, outdoor enthusiasts and designers of stylish storage solutions for the best ways to store your gear — and creative ways to show it off in the process.
Safety first
REI Co-op retail sales specialist Celia Binder says there are several factors to consider when storing recreational gear: safety, aesthetics, ease of use, cleanliness and environmental impacts.
“Is the gear stored securely? Using the appropriate hardware or storage accessories to organize or display gear is important,” Binder says. So is practicality.
“Is it convenient to transfer the gear from its storage place to being used?” she asks. Make sure the storage space doesn’t keep you from using it outside.
Think about what happens if the gear comes into the house dirty.
“A bike may look great hanging next to the TV, but would you be OK with putting it there if it’s muddy?” Binder asks. “A wooden paddle may look great next to the couch, but if it’s often wet when it comes inside, there is probably a better spot for it.”
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Be sure to protect your equipment from environmental impacts. Don’t store tents, camping chairs or other fabrics in direct sunlight because UV rays degrade fabrics, Binder cautions. Avoid repeated, large temperature fluctuations, which can warp or crack your gear. Basements and attics have extremes, she says, with moisture and high heat.
“In general, a cool, dark, dry space is ideal for most gear storage,” she suggests.
Storing boards
Tiara and Jacob Zvonar opened Basecamp Board and Bike in Seabrook, Wash., in February. Tiara has been paddleboarding for 15 years. One of the challenges with boards, she says, is they’re quite large and tough to store.
“Best practice is to have your board off the ground or standing on a foam board or carpet to absorb water and prevent further wear and tear,” she says.
She likes Store Your Board’s free-standing G-Surf SUP storage rack for higher capacity storage outdoors. “Whether it’s personal or professional, you want to take care of your goods,” Tiara says.
Kristen Sill, Store Your Board’s customer experience lead, says the G Rack series is very popular in summer.
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“A lot of people are looking for things on their dock. The G rack goes directly on the dock to store your kayak and paddleboards right there so you can take them into the water,” Sill says. “Find something that protects and secures your gear and displays it well, then take it off the rack and go.”
Mountain to Sound Outfitters in West Seattle recommends a portable storage rack for boats, kayaks and canoes. The Suspenz universal portable boat stand folds up when not in use and can be toted along for washing and rigging. There’s also a portable stand for SUPs.
Gear as décor
For indoors, Tiara recommends Board Huggers surfboard wall hangers for a midcentury modern look that can layer into any décor. Woodworking artist and surfer Alejandro (Alex) Valcarcel makes these by hand from hardwoods like American walnut. His motto is, “Instead of hiding your boards away, put them on display.”
“For seamless presentation in store or home,” Tiara loves the “floating bike” look of Store Your Board’s minimalist bike storage wall hanger, which costs less than $20. Twonee’s wood bike wall mount integrates storage with your décor. Made of 100% alder wood, it’s painted blue and has a shelf to hold books, a potted plant or your helmet.
Binder likes to combine gear, maps and photos in one wall space.
“We often use gear in places that we love — a familiar nook of a city, far off in the mountains or anywhere in between,” she says. Showcasing the places you use your gear ties it together visually.
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“Framing gear with a minimal box or frame is a great way to keep the focus on the gear itself,” Binder says. “REI uses a lot of minimalist, wooden boxes and frames to showcase vintage gear in our stores. Even the best cared-for gear has a finite life. When it’s time to retire something, there are lots of creative ways to keep it in use. Old skis can be built into chairs. Retired climbing ropes can be woven into doormats. The options are endless!”
Simple solutions
Peg boards are another useful tool for organizing and displaying your collection of outdoor reactional items.
“The board itself can be painted or left natural, then pegs of various sizes sort all kinds of gear — water bottles, headlamps, climbing hardware, camp cooking gear and more,” Binder says. “This is also a great way to have a quick look at the gear you have,” rather than hunting down pieces throughout your home.
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Ben Mawhinney is co-founder of Wonderland Gear Exchange in Seattle’s Fremont neighborhood. He says they’ve had to create “intuitive, efficient displays that are highly flexible because we never know exactly what gear people are going to bring us each week.” The store’s multiuse storage systems include racks that hold skis in the winter and bikes in the summer. Wonderland also uses materials like metal pipes, 2-by-4 and clamps that are easy to adjust. These in-store ideas can easily be replicated at home.
“Our sneaky recommendation: search for ‘raw steel’ metal gridwall panels (to avoid the shiny chrome ones), which are industrial-chic,” Mawhinney says. “You could use hooks to store packs or helmets, and then you could brighten it up by weaving a colorful, retired climbing rope through it or by adding hanging plants.”
Adjustable Uttyhooks provide easy, portable storage with a small profile. They can hang from a tree branch, ski rack or anywhere in your home to keep your belongings dry, accessible and off the ground. Binder recommends nylon daisy chains (a piece of climbing gear) and carabiners as another versatile option.
Get creative
Sill says people always reach out with funny questions about what exactly they can store.
“A lot of people like to store their lily pads from boating on a hoist,” pulley system, she says. “Outdoor explorers use our storage racks inside their cars to store chairs or sports equipment. Someone made their outdoor shower with our vertical surfboard rack!”
The Hi-Port ceiling rack is intended for kayaks, but one customer used it to hold their iguana cage and made a whole home on the ceiling for their reptile.
Remember the why
Jason Sawyer of nature-inspired Seattle furniture and design studio SML says, “I think that the way we display our gear really says a lot about the love we have for the sport or activity in which we engage.”
Sawyer showcases favorite old skateboards, snowboards, bikes, canoes and collateral in his wood shop.
“All of these items are like a visual representation of who I am as a person,” he says. “I find all of them inspirational. They remind me to get out and do the things that bring me joy.”
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Expert tips
Regardless of what you’re planning to store or display, be sure to measure everything out beforehand and think about the space you have.
“People don’t realize until after that the kayak doesn’t fit the space well,” Sill says. Because racks hold heavier items in general, it’s important to install into studs and consider stud spacing.
Here are some additional tips from Store Your Board to get started:
1. Dimensions: Measure length, width and height of your gear carefully, especially if you’re hanging your bikes vertically so they’re off the ground. “Consider the user: who is going to use it, who will be taking it on and off?” Sill says. Match it to their size and height.
2. The wall: Use a stud finder. Most racks are going to need to be installed on studs to safely hold the weight they are rated to hold. Many items are adjustable, but some require standard 16-inch stud spacing. For adjustable wall racks, determine the best distance to space the arms by your stud spacing and the length of your gear. Aim for an even distribution of weight on the rack. In most situations, you can divide the length of your board or kayak in half and use that number to space apart the arms. (Example: if your board is 10 feet, space your arms 5 feet from each other so the majority of the board is between the arms, with only 2.5 feet hanging off on either side.)
3. Material: Metal studs can be challenging. Consider using free-standing racks instead.
4. Surfaces: Concrete and brick require specific hardware, like a Tapcon screw. Ensure the concrete anchors are rated to hold the maximum weight the rack will be supporting.