With sprawling landscapes and charming towns, Nebraska offers more than meets the eye. When it comes to finding the perfect home base in the Cornhusker State, the choices might seem overwhelming. Yet, certain towns undeniably stand out among the rest. Discovering the best places to live in Nebraska can be an adventure in itself, an adventure we will embark on right now.
Population: 487,300
Average age: 34.9
Median household income: $65,359
Average commute time: 18.7 minutes
One-bedroom average rent: $1,172
Two-bedroom average rent: $1,555
Often topping the list of best places to live in Nebraska, Omaha boasts a balance of urban sophistication and suburban charm. The big city in eastern Nebraska has a compelling mix of historic districts, like the Old Market with its cobblestone streets and horse-drawn carriage rides, alongside contemporary attractions such as the renowned Henry Doorly Zoo and Aquarium. With a ton of parks, music venues and top-tier steakhouses, Omaha seamlessly marries the comforts of a small town with the amenities of a larger metropolitan area.
For apartment renters and homeowners alike, Omaha’s neighborhoods range from the trendy Blackstone District with its lively bars and restaurants to the laidback vibe of Dundee. With a robust economy driven by Fortune 500 companies, residents enjoy job security and leisure activities, from savoring farm-to-table dishes to catching a show at the Orpheum Theater.
Population: 292,657
Average age: 32.9
Median household income: $65,508
Average commute time: 19.5 minutes
One-bedroom average rent: $1,192
Two-bedroom average rent: $1,515
Lincoln consistently ranks as one of the best places to live in Nebraska, providing residents with a dynamic blend of educational excellence, entertainment and innovation. As the state’s capital and home to the University of Nebraska, the city pulses with energy, from college football Saturdays at Memorial Stadium to lively debates at the State Capitol. With a rich history and a forward-thinking approach, Nebraska’s second-largest city serves as a beacon for those seeking a mix of tradition and progress.
The Historic Haymarket District invites locals and tourists alike to the capital city with its charming boutiques and delectable eateries, while the Sunken Gardens provide a tranquil escape in the heart of the city. Driven by a solid economy and diverse job market, Lincoln remains a top contender among the best places to live in Nebraska.
Population: 63,737
Average age: 34.9
Median household income: $73,534
Average commute time: 20.8 minutes
One-bedroom average rent: $1,009
Two-bedroom average rent: $1,120
As the state’s oldest city, Bellevue carries a legacy that gracefully intertwines with the modern sensibilities of today’s suburban life. Rich in history, the city’s landscape tells tales of its past, from the Lewis and Clark expedition landing site to the age-old Fontenelle Forest, a haven for nature enthusiasts and those seeking solace in the outdoors.
Bellevue offers more than just a glimpse into history. Its proximity to Omaha means residents enjoy the conveniences of a metropolitan area while retaining the comfort of a tight-knit community. Stellar schools, a variety of well-maintained community rec facilities and enticing local shops make Bellevue a preferred choice for many.
Population: 24,105
Average age: 38.5
Median household income: $95,293
Average commute time: 21.4 minutes
One-bedroom average rent: $1,243
Two-bedroom average rent: $1,495
With a name derived from the French word for butterfly, Papillion’s transformation over the years is right on brand. The town’s heart is its bustling downtown, adorned with local businesses, great restaurants and the picturesque Halleck Park, a green space with trails, a lake and open areas galore.
While this small town exudes the tranquility of a suburban enclave, its spirit is ever-evolving and forward-thinking. The community prides itself on outstanding schools, which consistently earn high marks and state-of-the-art amenities like the SumTur Amphitheater, where residents gather for music, movies and events. For families, retirees and young professionals alike, Papillion stands as a testament to what makes the best places to live in Nebraska so special.
Population: 33,959
Average age: 32.1
Median household income: $62,695
Average commute time: 14.6 minutes
One-bedroom average rent: $655
Two-bedroom average rent: $762
With a strategic location on the Platte River and Interstate 80, Kearney serves as an essential crossroads. Its history as a pivotal stopover for pioneers on the Oregon Trail is preserved at the Trails & Rails Museum, while the present-day city thrives with an energetic university atmosphere, courtesy of the University of Nebraska at Kearney.
Beyond its historical significance, Kearney provides a quality of life that’s hard to beat. The city is known for its friendly residents, reputable schools and slower pace. Yanney Heritage Park, with its tower offering panoramic views and a Classic Car Collection, showcasing over 200 vintage automobiles, are just a few examples of the town’s unique offerings.
Population: 25,037
Average age: 36.0
Median household income: $57,783
Average commute time: 17.2 minutes
One-bedroom average rent: $650
Two-bedroom average rent: $895
Proudly wearing the title of the birthplace of Kool-Aid, Hastings effortlessly mixes the sweet nostalgia of yesteryears with the fresh zeal of modern living. The annual Kool-Aid Days festival, a colorful homage to its iconic drink, draws residents and visitors alike into a world of parades, contests and flavorful fun, underscoring the city’s unique character.
Yet, there’s more to Hastings than one of America’s most beloved drinks. It’s a hub of education and innovation, home to Hastings College, and it serves as a vital agricultural and industrial center. Furthermore, a diverse range of local businesses, restaurants and shops make daily life convenient and enjoyable.
Population: 52,335
Average age: 35.0
Median household income: $58,162
Average commute time: 19.1 minutes
One-bedroom average rent: $667
Two-bedroom average rent: $777
Among the top contenders for the title of best place to live in Nebraska, Grand Island stands out with ease. Positioned on the Platte River, this city is a focal point for events, commerce and natural beauty. Notably, it’s a prime location for witnessing the majestic annual Sandhill crane migration, drawing bird watchers and nature photographers from all over to experience this awe-inspiring spectacle at the Crane Trust Nature & Visitor Center.
Grand Island isn’t just about natural wonders, though. The city pulses with life. Stuhr Museum of the Prairie Pioneer transports visitors back in time, providing a glimpse into the lives of early settlers. As a city that harmoniously combines the charm of the past with the conveniences of the present, Grand Island confidently claims its spot among the best places to live in Nebraska.
Population: 27,737
Average age: 37.7
Median household income: $60,962
Average commute time: 18.8 minutes
One-bedroom average rent: $1,025
Two-bedroom average rent: $1,250
Located just northwest of Omaha, Fremont has historically been a significant railroad and trading center. Today, the city retains its legacy with structures like the Fremont Opera House while also branching out into modern industries and commerce.
The Fremont Lakes State Recreation Area is a favorite destination for those looking to fish, camp or simply revel in the beauty of nature. On the other end of the spectrum, the town’s historic downtown is an inviting space, with local businesses, restaurants and events that knit the community closer together.
Population: 12,209
Average age: 45.0
Median household income: $45,858
Average commute time: 16.8 minutes
One-bedroom average rent: $899
Two-bedroom average rent: $1,149
Thanks to a great location along the Big Blue River, Beatrice is a city steeped in history, particularly as the gateway to the Homestead National Historical Park. This park commemorates the Homestead Act of 1862 and stands as a testament to the hardworking pioneers who shaped the region, providing visitors with a rare window into their stories and struggles.
Yet, Beatrice is not just a city stuck in the past. Its present-day buzz is reflected in its community events, like the annual Ribfest, where the aroma of sizzling barbecues fills the air. The city’s well-maintained parks, diverse range of businesses and dedication to education only further amplify its appeal.
Population: 6,062
Average age: 34.9
Median household income: $123,210
Average commute time: 19.9 minutes
One-bedroom average rent: $1,247
Two-bedroom average rent: $1,595
Elkhorn, once a stand-alone town and now a suburb within the boundaries of Omaha, continually earns its spot on the list of best places to live in Nebraska. This community, though absorbed by its larger neighboring city, has managed to retain its distinct identity, showcasing a balanced blend of suburban tranquility and the conveniences typically associated with bigger cities. The town’s pride is palpable, with historical buildings and events like the annual Elkhorn Days festival celebrating its roots.
Modern-day Elkhorn, however, is no stranger to development and growth. New housing developments, excellent schools and local businesses combine to offer residents a comfortable and dynamic living environment. The community spirit here is strong, with local events, sports leagues and manicured parks fostering connections among residents.
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From bustling cities to serene towns, the towns described are as diverse as they are compelling. While every individual’s ideal might differ, there’s no denying that the best places to live in Nebraska are worthy of consideration for anyone seeking a harmonious blend of tradition, progress and unparalleled community spirit.
Whether you’re a lifelong Nebraskan or a curious newcomer looking for the perfect apartment or rental home, this state’s offerings are sure to captivate and inspire.
Elevated mortgage rates continue to dampen already-pessimistic consumer housing sentiment and create affordability woes for both homebuyers and sellers.
That feeling is underscored in Fannie Mae’s latest Home Price Sentiment Index (HPSI), which decreased by 2.4 points in September to 64.5. The index tracks the housing market and consumer confidence to sell or buy a home.
A total of five of the HPSI’s six components dropped month over month, including those that measure perceived home-buying and home-selling conditions. Overall, the full index is up 3.7 points year over year.
“Mortgage rates persistently over 7% appear to be deepening the malaise consumers feel about the home purchase market,” said Doug Duncan, Fannie Mae’s senior vice president and chief economist.
Only 17% of consumers indicated that they expect mortgage rates to go down over the next 12 months while 46% of consumers think rates will go up.
Persistently high mortgage rates surpassed high home prices as the top reason why consumers think it’s a bad time to buy a home – a survey first, Duncan said.
In September, 16% of consumers reported that it was a good time to buy a home, matching the all-time survey low set last year.
The share of consumers expressing pessimism about home-buying conditions hit a new survey high in September, with 84% now indicating that it’s a bad time to buy a home.
Duncan noted that respondents also listed unfavorable mortgage rates on the sell side as the top reason why they believe it’s a bad time to sell a home.
About 63% said it was a good time to sell a home, down 3 percentage points compared to the prior month.
“This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon, but it also may reflect the worry of some homeowners that sale values might be suppressed slightly if the pool of qualified homebuyers is constrained by elevated mortgage rates,” Duncan said.
The percentage of respondents who said they were concerned about losing their job in the next 12 months increased to 23%, up slightly from 22%. About 13% of consumers said their household income is significantly lower than it was a year ago.
“Consumers are also not seeing much affordability relief in sight, as they continue to expect home prices to increase in the next 12 months,” Duncan said. “They also indicated that their personal economic situations are showing signs of strain, including lower year-over-year household incomes and a reduced sense of job security.”
He added, “In our view, all of this points to home purchase affordability remaining a problem for the foreseeable future, which we forecast will keep home sales sluggish into next year,” Duncan said.
US mortgage rates surged this week, rising to their highest level in 21 years.
The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.13%.
Rates have been above 6.5% since the end of May and climbing higher since mid-July. The last time rates were over 7% was in November of last year when they hit 7.08%. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%.
Mortgage rates have spiked during the Federal Reserve’s historic rate-hiking campaign sending home affordability to its lowest level in several decades. Buying a home is more expensive because of the added cost of financing the mortgage, and homeowners who previously locked in lower rates are reluctant to sell. The combination of low inventory and high costs has squeezed would-be homebuyers, sending home sales about 20% lower than a year ago.
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist. “Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Inflation concerns remain
The rising average rate for a 30-year, fixed rate loan is mirroring the trend of 10-year treasury yields, which recently hit their highest level since the summer of 2007.
Treasuries moved higher as investors reacted to the release of the Federal Reserve’s meeting minutes on Wednesday, which said members are worried that inflation will linger longer than expected at an elevated level, said George Ratiu, Chief Economist at Keeping Current Matters, a real estate market insights and content company.
“Coming out of a three-year pandemic, the economy continues to expand, boosted by solid consumer spending and business investment,” said Ratiu. “For most Americans, the economic growth means job security and better pay checks.”
The downside however, he said, to the strong wage gains is that the Fed remains hawkish on the outlook for taming inflation this year.
“With the view of the late 1970s’ twin inflation peaks firmly in its monetary lens, the central bank remains determined to bring price growth to the 2.0% target,” he said. “Measures of core inflation are still north of 4.0%, which means that additional rate hikes are on the Fed’s monetary agenda.”
While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
“Despite still high prices and elevated interest rates, July’s retail sales data showed consumer spending continues to increase solidly as demand is being boosted by high wage growth,” said Jiayi Xu, an economist at Realtor.com.
While this strong economic data might cool worries about an imminent recession, it could give rise to concerns that interest rates might stay elevated for an extended period, she said.
Meanwhile, it is worth noting that the Fed is moving cautiously to ensure that the effects of earlier rate hikes are fully revealed.
“As a result, the Fed may opt to take another ‘wait-and-see’ strategy in its upcoming meeting, which may help potentially mitigate the recent upward trajectory of mortgage rates,” Xu said.
Rates and home prices expected to stay elevated
With inflation still a concern for the Fed, home buyers can expect borrowing costs to stay elevated, said Ratiu.
The bottom line for home buyers is that it will continue to be difficult to find affordable homes as rising mortgage rates are tacked onto already elevated home prices.
This year home buyers have seen rates rise a whole percentage point from the lowest point of 2023, 6.09% in February, to this week’s 7.09%. Compared to a year ago, rates are nearly 2 percentage points higher.
Today’s mortgage rate is 196 basis points higher than a year ago when rates were 5.13%, which means that for the buyer of a median-priced home, the monthly mortgage payment is 17% higher, according to Ratiu.
More than 90% of homeowners with mortgages currently have a rate of 6% or lower, according to a recent Redfin study, meaning they are staying in their current home, not selling and trading up, which would come with higher borrowing costs. This is making the number of already built homes available to buy extraordinarily low — keeping prices elevated for those looking to buy.
A homeowner who bought a median-priced home with a 20% down payment in January 2022 with a 3.1% mortgage rate is paying about $1,300 a month. That same home at today’s rate would mean a $2,300 monthly mortgage payment, excluding taxes and insurance, Ratiu said.
For current homeowners who decide to sell, high home prices can help ease the blow of higher mortgage rates. “It is not surprising that with equity near all-time high, over one-in-four buyers is paying all cash for their next home,” Ratiu said.
But unlike existing home owners who can leverage home equity – which is near all time high – to reduce the size of mortgage loans, first-time home buyers are facing much more challenging market conditions.
Plus, with asking rents dipping for two consecutive months, according to Realtor.com, potential first-time home buyers may not feel the same urgency to expedite their home purchase as they did when rents were escalating at a double-digit pace.
“This may result in slower sales churn, but it also provides potential home shoppers with an extended timeframe to carefully consider crucial decisions during the home buying journey,” said Xu.
If you have been shopping around for a home, you’ve likely encountered challenges along the journey.
High mortgage interest rates and home prices hurt affordability, pushing many prospective buyers to the sidelines. A lack of housing inventory can only add to your frustration.
Due to these conditions, you may even decide to put your home buying plans on hold, at least temporarily. Learn more about the complications borrowers face today, the pros and cons of postponing a home purchase, reasons you should still attempt to buy now, and forecasts from housing experts that can help guide your decision.
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Housing market difficulties
Today’s wannabe home buyer confront several headwinds that jeopardize their ability to find and afford a home.
First, continued high interest rates for benchmark 30-year and 15-year fixed-rate mortgages (FRM) put home affordability out of reach for many. In August, the average 30-year FRM hit the highest level since April 2002, according to Freddie Mac.
Adding to the problem is the fact that housing prices haven’t dropped in most areas across the nation, and the inventory of homes for sale remains woefully low. U.S. home prices rose 1.8% annually in July to a median price of $422,137, according to Redfin.
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“The supply of homes has been constrained due to various factors, including lack of new construction needed, increased demand, and potential sellers being hesitant to list their homes due to the competitive market or higher interest rates,” explained Carlos Sturrock, lead loan officer with Gapital Mortgage. “This limited supply puts upward pressure on home prices, making it harder for some buyers to find affordable options.”
Over the past few years, home prices experienced substantial growth and outpaced wage increases, making it more challenging for many prospective buyers — especially first-time purchasers — to afford a home.
A 73% share of Americans don’t think homes are affordable right now, and 60% underestimate the median home price, according to Clever Real Estate.
“Just 14% know that the median price ranges between $400,000 and $499,999. Most think it’s lower than that,” said Steve Nicastro, content team lead at Clever Real Estate. “And only 12% of Americans are aware that the current interest rate for a 30-year mortgage has been hovering between 6% and 7%.”
Why a home buying pause could be a good idea
Putting your home search on hold could be a smart idea right now, according to Patrick Freeze, president of Bay Property Management Group.
“It may be a good time to pause your search because of rising prices and limited supply. This can also allow more negotiating power once the market cools down,” he said.
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Nicastro echoes those thoughts.
“While waiting for more favorable housing conditions can be somewhat of a gamble — since no one truly knows where the housing market is going — it may be a good idea to wait until next year to purchase. That’s especially true if you are worried about overpaying for a house right now, paying too much for a mortgage, or having trouble finding the home you want,” he noted.
Pausing can also enable you to save up more for a bigger down payment on a home.
“Saving up so you can put 20% down, for example, offers some key benefits – potentially a lower mortgage rate, a lower monthly payment, and the ability to avoid paying private mortgage insurance, which is required on most loans when you put down less than 20%,” Nicastro continued.
Furthermore, taking a buying breather can help improve your financial position in other ways.
“You can work on improving your credit score, which can result in a better mortgage loan deal with a lower rate and more preferred terms. And it gives you time to take a closer look at what you can truly afford monthly by tracking your spending and focusing on cutting out unnecessary expenses,” suggests Sturrock.
“The pause can also give you time to decide on lifestyle needs for you and your family. Do you need to be close to work? Do you need to switch school districts? Do you want to acquire a home for the next 10 years, or can you get a cheaper starter home a little outside your chosen area so you can start building equity sooner? There are many questions you can assess while taking a pause.”
Drawbacks of a home buying pause
On the other hand, putting your home buying goal on the backburner has several potential disadvantages.
For one, you could be missing out on a residence you really love, possibly leading to regret for not pulling the trigger on making an offer. Indeed, lost opportunities can come back to haunt you.
“Some markets will continue to appreciate in the months ahead, causing home prices to continue to rise. And if mortgage rates come back down, home prices will only increase more — causing you to pay even more for a property in the future and miss out on the equity that could have been gained if you bought sooner,” Sturrock cautioned.
Additionally, mortgage rates are not guaranteed to drop.
“The Federal Reserve has indicated they may cut interest rates next year, but that doesn’t mean mortgage rates will automatically fall back down to pre-pandemic levels,” said Nicastro. “In fact, rates could continue to escalate even higher in 2024.”
Lastly, sitting out now can result in you missing out on generating wealth for yourself in the future.
“Building equity by owning a home is one of the fastest ways to increase long-term wealth, but you can’t build equity until you own something,” added Sturrock.
Good candidates for purchasing now vs. pausing your home buying search
The home buying process can be overwhelming, with the main barrier for many being a lack of knowledge of the process, according to Patricia Maguire-Feltch, national sales executive for Chase Home Lending. That’s why those who need to beef up their financial literacy/education could be good candidates for a pause.
“Some buyers may decide to step back this year to better educate themselves. Fortunately, there are many resources available to help prepare buyers for the process, such as online articles, courses, and even podcasts that serve as a guide to homebuying,” she said.
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Other pause-worthy prospects include those facing financial pressures and difficulty paying their bills.
“With the current job market, it’s also best to take time to pause and reconsider if you anticipate changes in your employment status anytime soon,” suggested Freeze.
If you lack the savings for a minimum down payment, it’s likely in your best interest to shelve your buying ambitions until you can put more away. Every mortgage loan program has different down payment minimum requirements.
VA and USDA loans can be had for 0% down if you qualify. Otherwise, FHA loans require as little as 3.5% down, and some conventional loans — like Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs — allow 3% down with extra flexibility for income and credit qualification. But as mentioned earlier, it’s best to put down as large of a down payment as you can afford so that you can build equity more quickly and avoid paying private mortgage insurance.
“Of course, if you are going through a job transition, job relocation, divorce, or a major life transition, you should also put purchasing on hold until some stabilization begins to happen,” advised Sturrock.
Then again, the professionals believe you may have a green light to proceed now if you are in a strong financial position — meaning you enjoy good job security with sufficient current and expected future earnings, have a healthy credit rating and score, have reserve funds in the bank for emergencies, and plan to stay put for a while.
“If you are really confident in your financial situation and plan to purchase and live in the house for a long term — meaning 10 or more years — short-term market fluctuations in home prices and interest rates are much less of a concern. Remember that you can always try to refinance to a lower mortgage rate in the future if and when rates drop,” said Nicastro.
Will conditions improve in 2024?
It’s still fair to ask if you should wait things out in the hopes market conditions and mortgage rates will improve next year. Here’s what our experts had to say.
“My gut says we probably won’t see mortgage rates back down to the mid-5% range until late 2024. So if you can lock in a rate and a home purchase now, you can always pursue a refinance in the future so that you get the home you want now,” said Sturrock.
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Nicastro also envisions mortgage rates easing a bit in 2024 as the Federal Reserve hits the brakes on its rate hikes and potentially cuts rates.
“We might also see more housing inventory enter the market as more existing homeowners list their homes, partially due to lower rates, and as new construction inventory hits the market,” he said. “However, I think it’s safe to say that housing affordability will remain an issue next year, and we likely won’t see a major housing correction.”
Freeze believes we may see a decline in home prices nationally in 2024 while rent prices will continue increasing. That’s a good recipe for pondering a purchase pause until next year.
The bottom line
It’s important to weigh the advantages and disadvantages of buying a home in 2023 versus 2024, while assessing your current financial health and ability to afford the costs of homeownership.
If you don’t feel secure moving forward with a purchase right now, don’t beat yourself up: Consider putting your home hunt on hold and revisit this significant transaction down the road. But if you do, homeownership is how many people build wealth.
To devise a strategy that’s best for your unique situation, enlist the help of nearby professionals, including an experienced Realtor or real estate agent and lending expert.
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Consumers’ increased confidence regarding their personal financial situations was largely offset by greater pessimism toward home-buying conditions, Fannie Mae’s home purchase sentiment index (HPSI) showed.
The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere 0.8 points to 66.8 in July. The full index is up 4 points year over year.
A total of three of HPSI’s six components increased month over month — including the components measuring job security and home price expectations.
However, 82% of consumers reported that it’s a “bad time to buy” a home, a new survey high. It’s up from 78% in June.
“While consumers are reporting confidence in the components related to their personal financial situations, it’s unlikely we’ll see housing sentiment catch up to other broader economic confidence measures until there is meaningful improvement to home purchase affordability,” Doug Duncan, Fannie Mae’s senior vice president and chief economist, said.
While a significant majority of consumers indicated that their jobs are stable and that their incomes are the same or better than they were 12 months ago, home buying sentiment once again matched an all-time low, with only 18% telling us that it’s a good time to buy a home, Duncan noted.
“Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates. Further, the share of consumers expecting home prices to continue to rise has also been on a steady climb since March, which may only add to perceptions of unaffordability,” Duncan said.
Home prices across the country are on the rise especially in the Midwest and Northeast markets, according to Black Knight‘s monthly mortgage monitor report.
Nationally, home prices in June rose by 0.67% month-over-month on a seasonally adjusted basis. The annual home price increase was 0.8% in June, up from just 0.2% in May.
“We have not seen much movement in the ‘good time to sell’ component over the last few months, an indication that the current low levels of existing homes for sale will likely continue to persist in the near term, as also reflected in our latest forecast,” Duncan said.
About 64% of respondents believe it’s a good time to sell while 36% said it was a bad time to do so, remaining flat from June.
Fannie Mae’s Economic & Strategic Research (ESR) group noted that an extremely limited number of existing homes available for sale continues to define the feature of today’s housing market.
With an ongoing tight supply of existing homes for sale on the market, the ESR group expects overall home sales in 2023 to remain near the lowest annual level since 2009.
The whole rent vs. own argument can be pretty polarizing. There are those that liken renting to throwing money down the drain, while others think homeownership is a huge waste of time and money.
The latter group will tell you that home prices don’t even appreciate that much if you consider inflation. Or they’ll warn you about the hidden costs of homeownership like ponying up for a new roof or brand new plumbing.
But it’s not that black and white. There are a ton of reasons why individuals choose (or are forced) to rent, and they aren’t just financial.
The Federal Reserve Bank of New York recently set out to determine why fewer renters are making the transition to owners, and the answers they received ran the gamut.
Yes, Financials Are Most Important
First off, a renter’s balance sheet is certainly a big reason why they rent. The survey indicated that the number one reason renters do not purchase homes is because they don’t have enough money saved and/or have too much debt (55.7% of respondents).
These tend to be the main reasons why borrowers get denied mortgage financing. Either their down payment isn’t sufficient, or their debt is too high, thereby exceeding max DTI ratio limits.
Second on the list was not making enough money, which 52.7% of respondents said was an issue. Again, low income means DTI ratios get exceeded, which can limit or prevent mortgage financing.
Coming in third was the perception that credit wasn’t good enough (41.4% of respondents). But the researchers wondered if respondents weren’t just “discouraged” given the recent crisis.
When it comes down to it, you can get a mortgage with a truly terrible credit score through many outlets, including the VA and FHA.
Others Don’t Want the Responsibility
To illustrate why it’s not just about money, more than a quarter (28.6%) of respondents indicated that they simply don’t want to deal with the upkeep of homeownership.
Yes, owning a home requires a lot of upkeep. Aside from having to know a thing about home maintenance, things will break and require repair. And those things could be very expensive.
There’s also paying the mortgage each month, or worrying about property taxes and homeowners insurance. It’s a lot more involved than simply cutting a rent check each month.
More importantly, you can’t just leave a house. If you want to leave, you’ll either need to sell the thing or rent it out. In either case, it will take work and money.
Perhaps that’s why 24.1% said they didn’t want (or couldn’t) be tied-down to a certain area. And 12.8% said they were worried about job security.
When you own, you might be a little less willing to consider a career change, and a lot more worried about making ends meet. Mobility probably is a little underrated.
And it’s not just you that’s stuck in the home…your money is too. Nearly one in five (18.7%) said they’d rent because they didn’t want their money tied up in a home.
Real estate isn’t liquid. It might be in the future if companies like Opendoor take off, but for now it’s a cumbersome process to buy and sell.
Not Everyone Is Sold on Owning a Home
Of course, some simply don’t buy into the whole homeownership thing as a good investment.
Roughly one quarter (23.6%) said it’s more affordable to rent than buy and another 7.9% said they were concerned home prices might fall. Yes, home prices can fall…
Also, 10.8% of respondents said they wouldn’t stay in the new home very long, which reduces the likelihood of making money on the property. Generally you need to stay in a home for several years for it to make financial sense.
Not only that, but 13.8% of respondents noted that they could live in a better neighborhood and/or home if they rented, so why buy?
Well, as the graphic above indicates, homeowners have 36 times the net worth of renters. Put another way, the median homeowner had nearly $200,000 in net worth last year, compared to just $5,000 for renters. That’s a pretty good argument.
People have wondered for decades whether it’s more worthwhile to have a high-paying, stressful job or a more peaceful job with a smaller paycheck. One gives you better resources but less time or energy to enjoy them. The other offers you time to enjoy your hobbies but less capital to invest in them or in luxury. As a 20-something, which one would you choose?
1. Consider the Cost of Living
When you’re making a difficult choice that would affect you long-term, consider other factors like the cost of living. For instance, will the lower-paying job still allow you to live comfortably, or will you be existing paycheck to paycheck? And beyond that: if you take a higher salary, will you be required to move somewhere with a much higher cost of living, which will essentially keep you paycheck to paycheck? It’s important to ask those questions before you move across the country for a glamorous job that still barely pays the bills.
The point is that not all high salaries are good, especially if you live in a very expensive city like New York. So before you take a new job, do some research. Figure out the average cost of rent and basic needs like groceries and clothing, so you can make a more informed choice.
2. Stress-Free Salary
One user stated, “I’ve been working for 30-40% less than everyone else my entire career just so I can have a stress-free life with more time for family and have my weekends for me. Sure, I don’t have a million-dollar nest egg or drive fancy cars and have a big house, but I’m [really] happy.”
Another person replied, “I used to work doubles all the time because I thought I needed to keep making money to finally get out of restaurant work. Did this throughout my entire 20s, I also had depression for 15 years. Found a restaurant where I can make a living only working 4 days a week, 25ish hours a week when I was 33. I’m almost 35 now, but my depression is gone, I have more time for my hobbies, and I’m happier than I’ve ever been. I cannot begin to stress how important a work-life balance is. I don’t think I can ever go back to 5 days a week.”
Another commenter added, “This x100. All my friends that work a lot and make a lot of money have nothing to talk about when we hang out aside from how much they work.”
3. Prioritize Your Health
It’s true when they say, “Health is wealth.” Give it the priority, whether it’s about your physical or mental health. After all, you can’t enjoy all the money you’ve earned when you’re sick.
One person shared, “Your health and happiness is more important than money. You have all your life to work, OP. Don’t listen to the ghouls, money will come and go, but your time is irreplaceable. Go and find happiness.”
4. Minimize Your Stress
For some people, money is everything. They’ll do anything—even if it will cost their mental health—to build wealth as soon as possible. However, some people are against it.
One user said, “I had the most stressful job of my entire life at age 20. The lesson I learned from that is to aim for the least possible stress in any scenario that results with me getting what I want. From choosing the least stressful routes for my daily commute (as opposed to the fastest or shortest) to taking the jobs that would be easiest on my mental well-being and my family’s health. I actively seek to put myself in less stressful situations. I’m 40 now, healthy, well-off, and with a happy family. Your mileage may vary.”
5. Cultural Environment Matters
Choosing between a high-salary job and a low-stress environment is not always enough. Sometimes it’s good to check on the culture of the place you’re considering moving to as well. Are you moving from one large city to another? There may not be a huge change. Then again, if you’re going from the East or west coast to a large city in the Midwest, there may be some culture shock.
“I think quality of life matters a lot, but I would offer that culture is important as well. If you are going from Philly to Austin, ok, sure not a huge change. If you are going from NYC to Selma, Alabama you might notice your life is very different. The money is one factor, and lower stress is almost always good, but what you do every day with that free time is worth considering,” one commenter said.
6. Pay Cuts may be Worth It
When you hear the word “pay cut,” people are usually reluctant to consider the job further. However, some people are giving up their current jobs with high paychecks for another job with 20-40% less than what they receive.
“I took a 45% pay cut at 31 from a 90-100k a year job to a 50k a year, and it was the best decision of my life. The work-life balance is much better. It’s not commission based, so the stress is so much lower. And with COVID happening, my position is now also 100% WFH,” one user stated.
7. Don’t Fall for Big Money
One user shared, “A lot of people fall into the trap of $$$ is what makes the job attractive. That shouldn’t be the case. For example, I work for a very popular entertainment company and could make anywhere from 25%-30% more at a different company. Though my quality of life would take a massive hit, the extra money is not worth it. I am currently on paternity leave at full salary for 6 months. That is huge. Not only that, but I get: Weekends off (rare in the entertainment world), unlimited vacation, work from home, learning or promotional opportunities, and great company culture. Those are priceless.”
Don’t just consider the large dollar signs; look at the other benefits as well. Your high salary may not be worth it if it takes a toll on your mental health.
8. Earn While You Can
While this might be a different take, some people would choose a high-paying job and hold on it to build wealth for retirement. Building wealth early means that you can take advantage of the power of compounding.
One person commented, “Nah lol. Get paid while you can, man. $30,000 today, minus 17% taxes, call it $25,000. You’re 27. Not that you’ll invest it, but let’s say you did. Expect 8% return on investments… round that down to 7.2%, where your money will double every 10 years. 40 years from now you’ll be at the retirement age. So double that $25,000 four times. 25… 50… 100… 200… $400,000. Every $30,000 you don’t make today is $400,000 you don’t have 40 years from now. Seems crazy, but that’s the math.”
9. Don’t Jump at Every Glowing Offer
One person stated, “I will not tell you either way, but I will say that on the other side, a 15 to 30% raise for a stressful, high pressure, long hours job wouldn’t get me to quit my current job of 14 years that has excellent life-work balance, decent benefits, I get to WFH and I get treated well and with respect and my input to the company matters. I don’t get paid the very best, but I can afford my life, I have saving and retirement, and my stress in life isn’t from work. I actually had to battle with this question when I got offered a job that was a pretty good pay raise but the reviews on the company really sounded like they ran you in to the ground and have a very high turnover. I opted to stay with my current company for less money but for more flexibility, respect, and job security.”
10. Acknowledge Your Own Burnout
Someone stated, “I burnt out at 26 and had to take a one-year hiatus where I moved back in with my parents and didn’t work at all. The lesson I learned was that if you feel you might be burning out, then take the hit and recover before you have to take an even bigger hit.”
If you think you’ve been burned out from your previous job, take a rest. Spend more time by yourself and do your thing until you recover.
11. Life is Greater than money
One user shared, “Older guy here. I realized that more money doesn’t equate to my happiness when it comes to increase work demands. I could have moved up several notches at my job over the last 5 years and just chose not to. More responsibility and working longer hours will not make me happy. Life is short, man. Enjoy the ride.”
Source: Reddit.
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Texas is such a big state, and with so many cities to consider, how do you narrow down where you want to live? It may come down to jobs, cost of living, community or something entirely different. No matter what, though, make sure Houston is toward the top of the possibilities.
Why you may ask, is Houston really a stand-out Texas city? From its food to its being the home of NASA to its assortment of neighborhoods to its nightlife. Tallying up the reasons to move to Houston will leave you with a long list of positives.
What will seal the deal for you?
1. You can afford to live here
Fitting into your budget is most likely the number one requirement of any city you decide to call home. You don’t need it cheap, but you have to afford it, right? Houston works.
Coming in below the national average for its overall cost of living, Houston also has affordable rent. With prices rising just slightly over last year, an average one-bedroom apartment carries a monthly rent of $1,287. For a two-bedroom, it’s $1,614 per month.
Other categories that make up the overall cost of living that are cheaper than average in Houston include food, transportation and healthcare.
2. Downtown has a lot going for it
A pretty expansive area, Downton Houston is home to Minute Maid Stadium, the city’s central business district and three major parks. It’s a draw for young professionals who lead an active life. You have the option to get outside at Market Square Park, Sam Houston Park and Graffiti Park, while also being close to plenty of bars, restaurants and coffee shops. Living here can also make your commute that much easier, especially if you can get around using the METRO.
3. Take it down a notch in quality suburbs
If you’d rather live city-adjacent, Houston offers so many idyllic suburbs that keep Houston proper within reach. These stretch out beyond those neighborhoods considered part of the city, which also provide some great places to live.
Since Houston is the fourth largest city by population and the ninth by actual land area, it’s no surprise that some of the best spots to live in aren’t technically in Houston. Two of the best suburbs are The Woodlands (about 30 miles from downtown) and Sugar Land (about 21 miles from downtown), two more reasons to move to Houston.
4. Plenty of jobs
Houston is a big place, which means a lot of space for major corporations to call the area home. There are actually dozens of Fortune 500 companies in Houston, including Sysco, Phillips 66, Hewlett Packard Enterprise and Academy Sports & Outdoors.
Job opportunities are one of the primary reasons to move to Houston for many. Major employers in the area include Walmart and Texas Medical Center. The city’s key industries are energy, healthcare and aerospace, which can bring in a hefty salary and provide job security and stability.
It pays to seek employment in Houston, and the median household income is $53,600.
5. You could work for NASA
Yes, you will need specific work experience on your resume, maybe a doctorate or two, as well. But, the reason aerospace is a leading employer in Houston is because it’s the home of NASA, situated about 25 miles from downtown, in Clear Lake.
Flashing a business card with The Johnson Space Center as your work address is pretty impressive. NASA is also constantly recognized as a great place to work, with plenty of opportunities for job growth.
6. No income tax required
This is a state-wide perk, but there being no income tax in Texas means those pulling in a nice salary in Houston get to keep more of their paycheck.
7. Weather worth moving for
Are harsh winters getting you down? Not in Houston. Here, the weather is pretty sublime. The average yearly high is a comfortable 78 degrees Fahrenheit, and the average low is only 60 degrees. There are about three months of winter, and three hotter months in summer. All the rest are in that sweet and comfortable spot where you might need a light jacket, but may also get away with a T-shirt and shorts.
There’s minimal rain, as well, and plenty of sunshine.
8. A fun place for foodies
Beyond the kolaches, barbecue and Tex-Mex, Houston has deep roots in Vietnamese food. You can find delicious pho and Viet-Cajun crawfish alongside homemade tamales and so many types of tacos.
Even though Texas barbecue usually takes the top spot, Houston elevates dining with its James Beard Award-winning chefs and upscale eateries throughout the city. You can grab oysters in River Oaks before venturing across town to the Sixth Ward for Vietnamese.
9. A sports team for every season
Sports fans rejoice! Houston has a team for you to root for no matter what sport you call your favorite. You can catch the Houston Astros as they round the bases at Minute Maid Park. They may only have one World Series championship under their belt right now, but another could be in their future.
Basketball fans can catch a Rockets game, and football aficionados can cheer on the Texans as they stomp through the AFC South. There’s even a Major League Soccer team, the Houston Dynamo FC.
10. A massive amount of museums
The amount of museums in Houston is worth taking note of. Museums not only offer ideal ways to spend a rainy day but are great places to take visitors.
Houston boasts a well-rounded Museum of Fine Arts, the Menil Collection with its free admission and variety of exhibits, the Museum of Natural Science, the Holocaust Museum, Space Center Houston and so many more.
11. Shop until you drop all over town
While you’ll find plenty of boutiques and smaller shops around Houston, the city does a great job of creating concentrated areas for some retail therapy, one of the many key reasons to move to Houston.
For some upscale shopping, check out the four blocks that make up GreenStreet or the River Oaks destination, Highland Village. There’s also solid shopping and dining in Rice Village and a great open-air market, Traders Village, which is open on weekends.
12. Strong schools
It’s not always the case that the public school system where you want to live meets your standards, but the Houston Independent School District (HISD) hits a lot of high notes. As the largest school district in Texas, it’s known for its AP program and stellar education.
When your kids are grown, if they want to stay local while getting a college degree, you can’t do much better than Rice University for a private school and the University of Houston for a public one. You’ll also find Texas Southern University and an assortment of community colleges.
13. An appreciation for the outdoors
With such perfect weather, it’s no surprise Houston has over 50,000 acres of parks within the city. It’s a perfect place to walk, run, bike and picnic. Some favorite parks around the city include Hermann Park in the Museum District and Tranquility Park downtown.
Hermann Park is a 445-acre paradise with a lot of surprises within. Make sure to visit the Bill Coats Bridge, the Friendship Pavilion and the Hawkins Sculpture Walk as you explore this wide expanse of green.
Digging into the city’s connection to the stars, Tranquility Park commemorates the Apollo 11 moon landing. Here you’ll find all kinds of water features to introduce a sense of calm right in the heart of the city. It’s the perfect oasis.
14. Position yourself for travel
Not only are there two major airports in Houston for when it’s time for vacation (or a business trip), but Houston is close to a lot of cool spots for a weekend road trip.
The two airports are the George Bush Intercontinental Airport and the William P. Hobby Airport. The George Bush is the busiest airport in Texas. Houston Hobby is smaller, with fewer flights, but its proximity to downtown can make it easier to get to.
When it comes to road trips, Houston is a great home base to explore more of Texas. You can head to:
College Station to visit Texas A&M and the George Bush Presidential Library and Museum
Waco and see what all the fuss is about with Chip and Joanna Gaines of HGTV fame
Galveston for a little time along the Gulf of Mexico
Texas City and its quieter beach vibes
Austin, the state capital, and an all-around fun destination
San Antonio for the River Walk, the Alamo and Six Flags Fiesta Texas
Dallas, if you’ve got a little more time to spend in the car
15. Act like a cowboy
Living in Houston lets you experience a piece of culture you can’t find in many other places. You can slide into a pair of cowboy boots, put on a cowboy hat and leave the house without the risk of any sideways stares. This is the home of the cowboy, so soak up the local rodeo and blast that country music. You can even finally take up horseback riding (in a Western saddle).
The Space City has so much to love
Houston is one of those magical places where you’ll continually find more reasons to call it home. It’s a big place (but what in Texas isn’t?) full of amazing communities and so much activity. There’s an opportunity for fun, work, culture and nature almost around every corner. Do you need any more reasons to move to Houston? Are you ready to love this city as much as the locals already do?
Inside: Working mothers face many challenges when balancing work and family life. This guide offers the best jobs for moms. Find out how to maximize your career opportunities while raising children.
Moms often feel like they can’t have a successful career and be a good moms at the same time.
I completely feel that way too. I struggled to be a stay-at-home mom when my kids were little because I wanted to help out financially to help pay down debt. It took me a few years, but I soon realized there are great ways to make a mom and be a great mom!
I have uncovered plenty of jobs for moms with no degree that offers flexible hours, good pay, and satisfying work.
The best jobs for moms with no degree are ones that offer flexibility, good pay, and room for growth.
It can be tough to balance family and career, but it is possible to find a job that fits your lifestyle.
Here are the best jobs for moms with no degree or with a degree.
What jobs are good as a mom?
As a mom, finding a job that allows for flexibility and growth can be challenging, especially if you don’t have a college degree.
However, there are still plenty of opportunities out there that can help you balance your family and career.
Most importantly, you need to find a job that you LOVE! An environment that you thrive in!
With flexible schedules, remote work options, and potential for growth, these jobs can provide the stability and income moms need while still being able to prioritize their families.
Whether you’re looking for a part-time job or a full-time career, there are plenty of opportunities out there for moms.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
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What are the best careers for current stay-at-home moms?
Stay-at-home moms face the challenge of balancing their family responsibilities with the desire to pursue a career.
With the high cost of child care, you need to find a job that allows you to take your kids or one that offers flexibility to work around your kid’s schedules.
Hello- that is me! I am a blogger and day trader when I’m not taxing my kids around.
Your best bet is to check out how to make money online for beginners. That is where you will find the most job options that can be done from home or offer flexible schedules, making it possible to have the best of both worlds.
What are the best careers for former stay-at-home moms?
Returning to the workforce after being a stay-at-home mom can be a daunting task, but there are many careers that are best suited for moms.
You still want careers that offer flexibility, high earning potential, and a good work-life balance.
You need to consider your previous employment, any education or certificates you hold, or skills and/or interests.
As such, the answer will vary for each person reading this post. So, consider any one of these past ideas.
Best Jobs for Moms
There are plenty of great jobs for working moms.
The key is to find a position that offers the right mix of income, hours, and flexibility.
Preferably, you want a low-stress job that pays well without a degree.
Here are jobs to consider if you’re a working mom with no degree.
1. Web developer
Web development is a highly flexible and lucrative career option that is ideal for working moms who may not have a college degree. With the ability to work remotely or part-time, web development is a perfect fit for moms who need a flexible schedule.
This field is rapidly growing and in high demand, making it an excellent choice for those looking for a career change.
To become a successful web developer, proficiency in programming languages like HTML, CSS, and JavaScript is essential. Additionally, knowledge of website design and development tools is crucial to create visually appealing and functional websites.
The skills required for web development can be learned through online courses or boot camps, making it accessible to anyone with an interest in technology and design.
Benefits:
Many web developers work from home or have flexible schedules, making it easier for moms to balance work and family life.
The demand for web developers is expected to grow, making it a stable and secure career option.
Web development is a field that allows for creativity and self-expression.
Pay: The salary for a web developer varies greatly on experience, but it is possible to make six figures.
2. Customer Service Representative
Customer service representative is an excellent career option for working moms who do not hold a college degree.
As a customer service representative, you will be the primary point of contact between customers and the organization, providing information about products and services, taking orders, responding to customer complaints, and processing returns.
You can work from home part-time or full-time, and many times the work takes place remotely. To succeed in this role, you will need to have strong communication and negotiation skills, patience, and the ability to multitask.
Benefits:
The work environment is flexible, and you can work from the comfort of your home.
Job offers great work-life balance and schedule options, making it an ideal choice for working moms.
Pay: As a customer service representative, you can expect to make from minimum wage to $20 an hour.
3. Proofreader
Being a proofreader can be a rewarding and fulfilling career for individuals who have a way with words and a keen eye for grammar. As a proofreader, your primary responsibility would be to review and correct spelling, grammar, and punctuation errors in various types of written content, such as books, websites, and social media posts.
Moreover, the earning potential as a proofreader can be quite lucrative. For instance, Caitlin Pyle, a successful proofreader, made $43,000 in one year working part-time.
To get started as a proofreader, it is important to develop the necessary skills. You can start by attending a free introductory workshop or enrolling in a course that teaches the skills needed to become a freelance proofreader.
Benefits:
Great flexibility as you work on a project basis.
The significant earning potential in the field of proofreading, especially for those who are dedicated and skilled in their craft.
Rewarding career path for individuals with a passion for language and a meticulous eye for detail.
Pay: In terms of salary, the median pay for a proofreader ranges from $15.22 to $26 an hour, depending on experience and the project you are working on. Many other proofreaders earn between $1,000 to $4,000 per month.
4. Flight Attendant
A flight attendant is a career that does not require a college degree but extensive training and certification. It is an ideal job for working moms due to its non-traditional scheduling that allows them to work part-time, take extended periods off, and get out of the house.
Flight attendants can take on trips when they know they have child care covered, and stay at home for days at a time.
Benefits:
Enjoy the perks of travel.
Flexible schedules.
Great health benefits.
Pay: The pay ranges by airline, but the median salary is $65000 per year.
5. Blogger
For moms who are looking for a flexible work-from-home job that doesn’t require a degree, becoming a blogger could be the perfect fit.
With the rise of the internet, there is an increasing demand for content writers and bloggers. These jobs allow you to work from home, set your own schedule, and choose the topics you want to write about. Additionally, these jobs don’t require a degree, making them accessible to anyone who has a passion for writing and a way with words.
Blogging is another option for those who want to write about specific topics they are passionate about and share their insights with others.
Benefits:
Be your own boss.
Flexibility blogging offers – work as much or as little as you want.
Work from home.
Choose the topics you want to write about.
Pay: As a blogger, you are creating passive income through ads, affiliating marketing, and paid sponsorships.
6. Engineer
Returning to work as a mom can be a challenging transition, but leveraging your engineering degree can open up a range of opportunities for you. With your technical skills and problem-solving abilities, there are several career paths that can offer a healthy work-life balance and flexibility to accommodate your family responsibilities.
Here are ways to utilize your degree and still have the flexibility you crave:
Pursue freelance work in your field. As a freelance engineer, you have the freedom to determine your own schedule and take on projects that align with your interests and availability. Platforms like Upwork provide a space for engineers to connect with clients and offer their services on a project basis. This allows you to work on engineering projects from the comfort of your own home, giving you the flexibility to balance work and family life.
Explore part-time or remote positions with engineering firms or companies that value work-life balance. Many engineering firms recognize the importance of accommodating working parents and offer flexible work arrangements. With your engineering background, you can contribute to projects and collaborate with teams remotely, allowing you to work from home and adjust your schedule to meet the needs of your family.
Pursue a career in technical writing or content creation. Many companies and organizations require technical documentation, manuals, and instructional materials to accompany their products or services. With your engineering background, you can leverage your expertise to create clear and concise technical content.
Work as an engineering consultant. As a consultant, you can offer your specialized knowledge and expertise to clients on a project basis. Consulting also provides the opportunity to work remotely or have a flexible work arrangement, making it an ideal option for moms returning to work.
By expanding your knowledge and skill set, you can position yourself for more opportunities and increase your marketability in the engineering field.
Benefits:
This can be done on a freelance basis or as a remote employee, allowing you to work from home and have more control over your schedule.
Take on projects that align with your skills and interests.
Have a fulfilling career that allows you to balance work and motherhood successfully.
Pay: Additionally, engineering offers high earning potential, which can help support a family and provide financial stability. Most engineers earn over $100000 a year.
7. Virtual Assistant
For working moms with no degree, finding a job that balances well with their family life can be a challenge. However, virtual assistant jobs can be the perfect solution.
As a virtual assistant with no experience, you can work from home, set your own schedule, and earn a good income.
A virtual assistant provides administrative support remotely, handling tasks such as email and social media management, scheduling appointments, data collection, customer service, and event planning. The skills required for this job include strong multi-tasking, organizational, and time-management skills, as well as basic computer skills.
Here is a virtual assistant checklist to see if you would enjoy this job possibility.
Benefits:
Be the boss of your own schedule.
Build your own small business if you desire.
Earn significant income
Pay: Most virtual assistants can earn $21 an hour or more pending experience.
8. Teacher
Teaching can be an excellent option for moms who want to work in a field that values education and have the same schedule as their kids.
Plus you can take on one of these summer jobs for teachers to extra cash.
Another option is to become a teacher’s aide that assists teachers in the classroom, helping with tasks such as grading papers, supervising students, and preparing materials. To become a teacher’s aide, you need to have a high school diploma or GED.
Benefits:
Same work hours as your children.
Work in a field that values empathy and care for children, while also providing financial stability and work-life balance.
Most teacher retirement plans are well worth working your full 30 years for that ongoing income post-retirement.
Pay: Unfortunately, teachers are one of the lowest paid salaries for the fantastic work they do. Find out if teachers get paid in the summer.
9. Substitute teacher
Substitute teaching can be an excellent job option for working moms who don’t have a degree. It offers flexibility, a chance to get teaching experience, and a decent daily rate of pay.
A substitute teacher fills in for full-time teachers when they are absent.
This experience can be helpful if you decide to pursue a permanent teaching position in the future.
Benefits:
Allows you to work when your schedule permits. You can note your availability and work as much or as little as you like.
Gain teaching experience without committing to a full school year.
Rewarding job option for some.
Pay: As of right now, there is a shortage of teachers, so the pay for substitute teachers has increased immensely. Substitute teachers can earn a daily rate ranging from $60 to $200, depending on the school district and the region with most substitutes making $22 an hour or more.
10. Consultant
As a consultant, you can use your prior work or life experience to offer solutions and advice to clients in a wide range of areas, including sales, marketing, operations, and management.
Furthermore, consulting can be an ideal way to transition your prior work or life experience into a new career and shorten the time spent in school, making it a great option.
To become a successful consultant, you need to have strong communication skills, the ability to work independently, and experience in your field to run a successful business.
Benefits:
As a consultant, you can enjoy flexible work hours.
The potential to work from home.
Ability to control your schedule.
Pay: The hourly rate for consultants varies depending on the type of consultant and the industry, with some earning high salaries.
11. Day Trader
Swing or day trading is a popular option for individuals who want to work from home and make a living from the stock market. Day traders buy and sell securities within the same day, aiming to make a profit from small price movements.
This job requires a certain set of skills and investing knowledge, as well as specific equipment and software.
It is possible to make money with stocks fast.
Day trading can be a good option for working moms with no degree because it offers flexibility and the potential for high earnings. Personally, I love trading stocks and options. I learned from Teri Ijeoma.
Benefits:
Unlike traditional jobs, day trading allows individuals to work from home and set their own schedules.
Successful traders can make a significant amount of money, with some earning six-figure or seven-figure incomes.
While a degree is not required for day trading, I highly recommend taking this investing course to jumpstart your learning.
Pay: Widely variable as it depends on your risk. You can lose money or make $1000 a day.
12. Claims adjuster
As a claims adjuster, you will be responsible for investigating insurance claims, negotiating settlements, and collaborating with other professionals such as lawyers and medical experts. To become a claims adjuster, you will need to possess relevant experience, strong communication abilities, and proficiency in data analysis.
The work environment can be fast-paced and stressful, but the potential for career growth and the flexibility to work remotely make this an attractive option for many working moms.
Claims adjusters must also maintain accurate records and documentation of all claims activities.
Benefits:
While the work environment can be fast-paced and stressful, the potential for career growth is likely.
Flexibility to work remotely make this an attractive option for many working moms.
Pay: Claims adjusters can advance to higher positions within the insurance industry, such as senior claims adjuster or claims manager. Additionally, many claims adjusters work as independent contractors or consultants, providing even more flexibility and potential for career growth.
13. Bookkeeper
As a bookkeeper, one is responsible for monitoring a company’s cash flow by keeping track of transactions and preserving copies of receipts. The job requires great attention to detail, excellent organizational skills, and an ability to analyze and interpret financial data.
This job can be done virtually, making it an excellent position for moms who want to improve their work-life balance.
Bookkeeping does not require a degree and one can earn a decent hourly pay or salary. To become a bookkeeper, one must have bookkeeping skills, which can be learned from online courses.
Benefits:
Flexible working hours, allowing them to work whenever suits them.
Great for someone who loves analytics.
Pay: Most bookkeepers enjoy relatively high hourly salaries. They can work as independent contractors or be paid as a salaried employee.
14. Nanny
Being a nanny is an excellent option for moms who want to balance work and family life.
As a nanny, you would be responsible for taking care of children, cooking, cleaning, and running errands. The best part about being a nanny is the flexible hours, which allow you to work part-time or full-time while still being present for your family.
Finding a job that allows moms to work while still being present for their families is crucial, and being a nanny provides the perfect solution.
Benefits:
Be able to care for your own children at the same time.
Find a nanny job that works for your circumstances.
Stay young and playful while working with kids!
Pay: The pay varies widely for a nanny, but once you have experience and great references, you can earn good money.
15. Marketing Specialist
Marketing can be an excellent job choice for moms looking for flexibility, potential job growth, and the opportunity to work remotely. With the advancement of digital marketing, moms can now pursue a career in marketing without having to leave their homes or work in a traditional office setting.
As a digital marketer, there are various specializations and skills that can be honed to advance in the field. These include SEO (search engine optimization), web development, content creation, and marketing strategies.
By continuously learning and improving these skills, moms can enhance their professional reputation and open doors to new opportunities within the marketing industry.
Benefits:
Ability to work from home.
Work flexible work hours that can be adjusted to fit their family’s needs.
Digital marketing also offers potential job growth and career development.
Pay: As a marketing specialist, the pay can vary greatly if you work as a freelancer or a bigger corporation.
16. Financial Advisor
Financial advising can be an excellent career path for working moms without a degree, offering flexibility and opportunities for growth.
Honestly, I know many people who have successfully entered the workforce as financial advisors.
The first step towards becoming a financial advisor is to obtain relevant certifications and licenses, such as the Certified Financial Planner (CFP) designation. Once certified, financial advisors can work for a firm or start their own business, providing financial advice to clients.
Pursuing a career as a financial advisor can offer a good salary and work-life balance, making it a great option for working moms.
Benefits:
Help others pursue a life of financial independence.
Perfect for someone who loves numbers!
Pay: The pay for a financial advisor varies greatly, but the median salary is $75000 a year.
17. Writer
Becoming a writer can be a great career choice for moms who want to work from home and have a passion for writing. With flexibility, the potential for a decent income, and no degree required, it’s an accessible and rewarding career path.
Highly recommended to take this writing course to jumpstart your networking opportunities.
As a writer, you can work as a content writer, staff writer, or freelance writer.
Content writers produce content for websites, such as blogs, news aggregators, and e-commerce sites.
Staff writers write articles for publications, such as magazines or newspapers.
Freelance writers write for clients without being permanent employees.
What’s more important is having a way with words, strong research skills, and a passion for writing.
Benefits:
Flexibility to work on a story when you are able to.
For those with a love of English, this is a great way to express yourself.
Pay: While the average hourly rate for writers and bloggers varies, it’s possible to earn a decent income in these fields.
17. Social Media Specialist
As a social media specialist, you will manage social media accounts, create and post content, increase engagement, analyze data, and monitor social media. This role requires skills such as graphic design, writing appealing content, an eye for design, and flexibility.
Moms possess many of these skills naturally, such as multitasking, creativity, and communication. These skills can be applied to social media management, including content creation, scheduling, and community management.
Social media management is also a growing field. As a result, this job can provide moms with a stable income and career growth opportunities while allowing them to prioritize their family life.
Benefits:
Great for those who personally love social media.
Easy to work anywhere.
Pay: With an average salary of $52000 a year, this job can be done from home, making it a perfect fit for moms.
18. Human resources manager
Work-life balance is crucial for working moms, and a career as a human resources manager can provide just that.
Human resources managers are responsible for managing employee benefits, overseeing hiring processes, and handling employee relations. This job offers flexibility, including the ability to work remotely or part-time.
A career in human resources management can positively impact a working mom’s family life by providing a consistent schedule that doesn’t involve weekends or holidays.
Benefits:
HR managers are in high demand in many industries, as every organization requires HR expertise to manage its workforce effectively.
Opportunities for personal and professional growth.
Make a positive impact on employees’ lives.
Ample networking opportunities with employees, upper management, and external stakeholders.
Pay: Human resource managers often receive competitive salaries, with average annual earnings exceeding $120,000.
19. Sell on Printables on Etsy
In recent years, the demand for printable products has grown tremendously, making Etsy a great platform for working moms without a degree to earn a steady income from home.
Printables are digital files that customers can download and print at home, such as wall art, planners, calendars, and invitations.
The best part is that once you create a printable, you can sell it repeatedly without having to invest more time or money.
Check out the list of the most popular printables you can create.
Benefits:
A flexible job that allows you to work from home and set your own hours.
Earn a steady income from a single printable, which means you can focus on creating new products and growing your business.
Able to start s small business.
Pay: This is a passive income. Learn how much these sellers have made.
20. Retail associate
Many moms become retail associates to get a discount from the retailer!
Working in retail can be a rewarding and dynamic career choice. Retail jobs are generally physically demanding, as employees are often on their feet for long periods and may need to lift and move heavy items.
The nature of retail work can also be stressful, especially during busy periods such as holidays or sales events. However, it can also be an opportunity to develop and utilize various skills, particularly when interacting with customers.
Benefits:
Working part-time hours while your children are at school.
Discounts to the retailer you work.
Flexible scheduling hours.
Pay: This is a minimum wage job earning $13 an hour to $18 an hour.
21. Nursing
Nursing is a fulfilling career for moms who enjoy taking care of others.
While most nursing positions require a degree, there are also entry-level jobs available for those without a degree. Certified nursing assistant (CNA) and licensed practical nurse (LPN) are two such positions.
Both positions require certification and training, which can be completed in a matter of months. Pursuing a career in nursing as a working mom without a degree offers the flexibility to balance work and family while also providing the opportunity for career advancement.
Benefits:
Flexible scheduling around what works best for your family.
Ability to work part-time or full-time.
Great career option to take fewer hours while your children are little and more hours when they are in school.
Pay: The average hourly rate for nursing varies depending on where you work. Most certified nurses make between $32 an hour to $50 an hour.
22. Transcriber
As a transcriber, you will listen to audio files and create a document that contains an accurate record of what was said. This is one of the best jobs for moms with no degree, as most transcription companies just require you to pass their test before they give you work.
To become a successful transcriber, you will need fast typing skills, attention to detail, and the ability to sit for long periods of time. You may also need to purchase special transcribing equipment, depending on the company you work for. Most transcription jobs will require the ability to type 75 WPM or more.
This is a great non phone work from home job.
With the right skills and tools, you can become a successful transcriber and earn a decent income. So if you are a fast typer with an eye for detail, consider taking a free mini-course to find out if this is the right job for you.
Benefits:
Transcription jobs from home are available remotely and work as many hours as you want.
Set your own schedule.
Make money by meeting deadlines.
Pay: Generally, transcriptionists earn around $19 per hour in the US, but this can be more depending on your employer.
23. Graphic Designer
Graphic design is an excellent job for working moms with no degree, as it allows for significant flexibility in working hours and can be done from home.
As a graphic designer, you will be responsible for creating logos, designing websites, and developing marketing materials such as brochures and flyers. To succeed in this field, you’ll need to be creative, detail-oriented, and able to work with clients to meet their specific needs.
Benefits:
Balance their family responsibilities with a fulfilling and rewarding career.
Perfect to showcase your creative side.
Pay: With a median annual wage of $48000 per year, graphic design is a lucrative career that offers plenty of room for growth and advancement.
24. Online Coach
Being an online coach is a great job for individuals who are looking to earn money online without a degree. While some online coaches do gain certifications, it is not always necessary.
There are several types of coaching fields to enter, including career coaching, life coaching, health coaching, family coaching, and fitness coaching. It is advisable to choose a field that you have experience in or feel comfortable handling.
As a life coach, for example, you can assist clients in achieving their goals, dealing with self-esteem issues, or working on relationships.
Benefits:
Freedom to set your own schedule and work from home, which allows you to balance work and family responsibilities.
Potential to earn a good income, especially if you specialize in a high-demand niche and build a strong client base.
Viable career option for working moms without a degree.
Work remotely from their computers and communicate with clients online.
Pay: Most coaches make between $30 an hour – 100 an hour pending experience.
25. Counselor
Counseling is indeed a vital service that plays a crucial role in helping individuals and families overcome difficult challenges.
As a counselor, you work closely with clients to address various issues and support them in achieving their personal and professional goals.
Counselors can work in diverse settings, including private practices, mental health centers, schools, substance abuse centers, or government institutions. This allows for a wide range of opportunities and flexibility in terms of work environment and schedule. Additionally, advancements in technology have made it possible for counselors to provide their services online, further expanding the accessibility and convenience of counseling.
Benefits:
Flexibility to work part-time or full-time.
Making a positive impact on the lives of others and contributing to their well-being is a significant aspect of counseling that attracts many individuals, including moms, to pursue this profession.
Offers a fulfilling and financially rewarding career path.
Pay: The average hourly rate for counselors is $39 an hour.
Other Jobs Options to Consider:
Home Health Aide: Care for patients in their own homes. Many opportunities for part-time work.
Personal Care Aide: Assist clients with daily tasks such as bathing, dressing, and grooming. Flexible schedules are available.
Event Planner: Plan and organize events such as weddings, conferences, and parties. Can often work on a freelance or contract basis.
Photographer: Take photographs for a variety of purposes such as weddings, events, or marketing materials. Can often work on a freelance basis.
Personal Trainer: Help clients achieve fitness goals through exercise and nutrition coaching. Can often work on a freelance or contract basis.
House Cleaner: Clean homes or businesses on a regular basis. Offers flexibility in terms of schedule and workload.
Online Tutor: This job involves teaching students online in various subjects. Skills required include teaching ability, subject expertise, and communication. To balance work and family life, set a schedule and prioritize family time.
Translator: This job involves translating written or spoken content from one language to another. Skills required include fluency in multiple languages, attention to detail, and communication. To balance work and family life, set a schedule and prioritize family time.
Pet Sitter/Dog Walker: This job involves caring for pets while their owners are away. Skills required include love for animals, responsibility, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
Personal Shopper: This job involves shopping for clients and delivering their purchases. Skills required include organization, communication, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
What to consider when choosing a job for working moms without a degree?
Working mothers without a degree face many challenges when it comes to finding a job.
They need to find a balance between their family and career commitments, and they also need to find a job that is flexible enough to accommodate their schedule. Here are the things to consider when looking for a new job.
1. Hours and Shiftwork
For working moms being able to control their own schedules allows them to be present for their children’s needs while also earning an income is extremely important. It is important to consider the hours you have available to dedicate to a job along with the shiftwork necessary when choosing a job.
Think about whether you want to go part-time or full-time.
Also, weekend shifts are also an option for those who need to work around their family’s schedule. Even better, remote work has become increasingly popular and offers even more flexibility.
2. Salary
Salary considerations play a significant role in achieving this stability a mom desires.
It is essential to explore different salary options and negotiate to ensure that you are being fairly compensated for your skills and experience.
Consider starting salary, the potential for growth, benefits packages, and negotiation when exploring job options.
3. Responsibility and Stress
As any working mom can tell you, being a working mom can be an incredibly stressful experience. Mothers often have to balance their work responsibilities with household chores and childcare, which can be overwhelming.
Finding a job that balances responsibility and stress is crucial for working moms to maintain their mental and physical health, and to be able to provide for their families.
4. Level of Education Required
As a working mom, it is important to consider the level of education required when choosing a job.
Plus, it is crucial to research job requirements and considers personal interests and skills when selecting a job. By doing so, working moms can find a job that offers flexibility, decent pay, and job satisfaction.
5. Professional Licenses and Certifications
Obtaining, professional licenses and certifications is an excellent way for working moms without a degree to increase their job opportunities, earn higher salaries, and improve job security.
These certifications and licenses are often required for specific industries, such as healthcare, education, and law enforcement.
With so many options available, it’s important for working moms to explore the various certifications and licenses that are relevant to their industry and career goals.
6. Work-Life Balance
Balancing work and family life is a challenge for anyone, but it can be particularly daunting for working moms.
However, there are several factors to consider when choosing a job that can help achieve a work-life balance:
Flexible Work Hours: A job with flexible work hours can help working moms without a degree balance their work and family responsibilities. This can include part-time work, remote work, or jobs that allow for flexible scheduling.
Remote Work Options: Remote work can be an excellent option for working moms without a degree who need to work from home.
Company Culture: A supportive company culture can make all the difference for working moms. Look for companies that offer family-friendly policies such as paid time off, flexible work schedules, and on-site childcare.
By prioritizing work-life balance, working moms can achieve success in both their personal and professional lives.
7. Vacation and Time Off
For working moms without a degree, vacation and time off are crucial benefits to consider when evaluating a potential job offer.
Here are three factors to consider when reviewing a company’s vacation and time off policy:
The number of vacation days offered, including paid time off for sick days and personal days.
The flexibility of the policy, such as the ability to take time off for family emergencies or unexpected events.
The potential for extended leave, such as maternity or paternity leave.
8. Career Advancement
When considering a job as a mom, career advancement is an important consideration. It is essential to choose an employer and a job that offers opportunities for growth and progression in your chosen field.
Advancing in your career not only allows you to achieve personal and professional goals but also provides financial stability and job satisfaction.
Don’t underestimate the power of setting clear career goals and actively working towards them.
By investing in your skills, building a strong network, and setting clear career goals, you can pave the way for a successful and fulfilling career as a mom.
9. Job Security
Job security is especially significant for working moms, who may face more challenges in finding and keeping a job.
Typically, working moms are limited in their job options.
So, look for careers that provide financial security as well as companies with a solid track history.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
You can search for remote jobs, part-time jobs, or freelance gigs.
You can also look for companies that have flexible policies in place. Also, reach out to your network and ask if anyone knows of any openings that are flexible.
Stay-at-home moms can find a variety of jobs that can be done from home and offer flexibility to work around their schedule. Here are some of the options available:
Working from home offers the benefit of having a better work-life balance and the ability to be present for their families while still earning an income.
Which Job for Moms will You Choose?
For moms who want to balance family and career, finding a job that offers work-life balance and career growth is crucial.
Not only can working increase income, but it can also lead to career advancement and personal fulfillment.
Above, we listed many great jobs for moms. You can choose a job that allows you to work from home, or one that provides flexible hours. Also, many moms like me prefer one of these early morning jobs.
Whatever you choose, make sure you find a job that you enjoy and that allows you to spend time with your family.
Know someone else that needs this, too? Then, please share!!
When you refinance student loans, you pay off your existing loans with a new loan with new terms from a private lender. The primary benefit of refinancing is that you can save money over the life of the loan if you’re able to lower your interest rate.
While certain lenders will refinance federal and private loans together, you’ll lose access to federal benefits and protections if you refinance a federal loan, so it only makes sense if you don’t plan to use any federal programs.
So can you refinance student loans? Here’s what to know about who is eligible for refinancing, types of student loans that can be refinanced, and more.
Who Is Eligible for Student Loan Refinancing?
A borrower generally needs to meet specific credit score, income, and degree requirements to qualify for a student loan refinance. Ideally, a borrower will qualify at better terms than their existing loans, such as at a lower interest rate. As mentioned, the main goal of refinancing is to lower your interest rate so you can save money over the life of the loan.
The process of refinancing student loans involves shopping around for a lower interest rate and then filling out an application for a refinance. Once a refinance is approved, your new lender pays off your old lender. After you receive the new loan, you make payments to your new lender. Here are some of the common requirements to qualify for a student loan refinance.
Credit Score Requirement
Your credit score is a three-digit number that summarizes how well you pay back debt. For refinancing student loans, you’ll typically need to have a credit score in the high 600s to qualify.
You may need to raise your credit score before you apply for student loan refinancing. You may be able to raise your credit score by doing the following:
• Pay your bills on time
• Dispute errors on your credit report
• Keep your credit utilization rate — the amount you use on your revolving accounts such as credit cards — low compared to your total available credit
• Increase your credit limits
• Remove negative entries to your credit report (if old collection accounts show up on your credit report, request that they be removed)
Recommended: How Do Student Loans Affect Your Credit Score?
High Enough Income
Student loan lenders often require you to show proof of a certain level of income in order to qualify for a student loan refinance. They want to make sure you can repay your new loan.
They will want to know how your income compares against the amount of debt you have and they’ll calculate your debt-to-income (DTI) ratio to find out if you qualify. A DTI ratio compares the amount you owe each month to the amount of income you bring in—it’s your total monthly debt payments divided by your gross monthly income. It’s a good idea to shoot for a debt-to-income (DTI) of under 50%, though a lower DTI (such as under 35%) is even better.
Wondering “Can I refinance my student loans if I don’t have a high enough DTI ratio?” To improve your DTI ratio, consider making more payments toward your debt, avoid taking on more debt, increase your income, and postpone making large purchases so you’re not using as much of your credit.
Degree Requirements
In most cases, you’ll have to have a degree or leave college in order to qualify for a refinance. Some lenders won’t allow a refinance if you attended a school that didn’t allow students to accept federal aid dollars.
What Types of Student Loans Can Be Refinanced?
Can you refinance private student loans? Can you refinance federal student loans? Yes, if you choose a lender that refinances both, but note that you can only refinance with a private lender — you cannot refinance federal loans and private loans into a new federal loan. (When you combine several federal student loans into a single loan through the federal government, that’s federal student loan consolidation, which is different from refinancing and generally doesn’t save you money.)
Private Student Loans
Private student loans are issued by a credit union, bank, or online lender, not the federal government. They typically carry a higher interest rate compared to the interest rate on federal student loans.
You may be able to get a lower interest rate on your existing private student loans if you refinance. You may want to consider prequalifying for a loan, which means that a lender will do a soft credit check. Checking with several lenders can help you compare the interest rates among lenders. It might be a good idea to consider refinancing private student loans if you know you’ll get a lower interest rate. A student loan refinance calculator tool for comparing refinance rates can help.
Federal Student Loans
Federal student loans come directly from the federal government and specifically, from the U.S. Department of Education. Can you refinance federal student loans? Yes, but refinancing your federal student loans turns your student loans into private student loans—and you’ll lose access to federal benefits and protections.
When you refinance federal student loans, you lose access to federal loan programs like income-driven repayment, which sets your payments at an amount based on your family size and income. It could also mean that you might forgo loan forgiveness, which means you don’t have to pay back some or all of your loan. You should consider whether it makes sense for you to give up these federal loan programs before you refinance.
Why You Might Consider Refinancing Your Student Loans
If your main goal is finding a way to pay less on your student loans and you’re able to find a lower interest rate on your student loans, refinancing might make a lot of sense for you.
It can also be a good option if you’re interested in merging your student loans together to simplify your payments. And if you’re sure you won’t need to access federal benefits because you have a reliable income and job security, it may also be a better option than federal student loan consolidation, which usually doesn’t end up saving you money.
Recommended: How Student Loan Refinancing Works
Why You Might Avoid Refinancing Student Loans
Despite the attraction of saving money with a possibly lower interest rate or merging several loans together, you might not want to lose out on federal student loan protections. You could lose out on temporary loan payment relief (deferment or forbearance) or loan forgiveness and discharge.
Losing out on federal student benefits may hurt you later on. Be sure to consider what you’ll do if you lose your job or have trouble making your student loan payments down the road.
Can You Refinance Student Loans While Still in School?
You may not be able to refinance your student loans while you’re still in school. However, your best bet is to ask your lender directly. Refinancing with a co-signer may help you improve your application and secure better terms.
If you decide you want to go for it, you can submit a formal application, which includes the lender looking into details like the ones listed above, like income degree requirements and personal details. At this point, a lender does a hard credit check. Once your old loan is closed, you’ll then make regular payments to your new lender.
Student Loan Refinancing With SoFi
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
Can you refinance your student loans if you didn’t graduate?
Yes, you can refinance your student loans if you didn’t earn a degree, though it may be more difficult. Ask various lenders the same question: “Can I refinance my student loans?” and learn more about your refinancing options. If you have federal student loans, you can also look into other options to reduce your monthly repayment amount, such as extending your loan term (although you’ll end up paying more in interest over the life of the loan) or explore whether you might qualify for an income-driven repayment program or forgiveness. Contacting your loan servicer is a good place to start.
What credit score do you need to be able to refinance student loans?
Every lender is different and requires different requirements to be able to refinance. Your personal qualifications also matter. However, in general, it’s important to have a credit score in the high 600s in order to qualify for a refinance. Ask lenders for more information before you make a final decision. You may also want to use a calculator tool for comparing refinance rates.
Can both federal and private student loans be refinanced?
You’re asking good questions if you’re wondering, “Can I refinance federal student loans?” or “Can I refinance private student loans?” The quick answer is that yes, both federal and private student loans can be refinanced, but you must refinance both types into a private student loan, and you’ll lose access to federal benefits and protections if you refinance federal student loans.
Photo credit: iStock/Andrii Sedykh
SoFi Student Loan Refinance If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.
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Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.