Innovation seems to be the key that unlocks success. Steve Jobs certainly thought so, known for saying things like, “Innovation distinguishes between a leader and a follower, and, “Innovation is the only way to win.” I’d like to agree primarily with the latter on behalf of most companies not quite on the same playing field as Apple, making the argument that innovation for your business doesn’t have to be industry shattering. It can just mean doing something you haven’t done before that helps you to achieve your goals. Taking inspiration from others who’ve already paved the way could be a great way to validate a good idea that you can build upon in a way that makes sense for your business.
The real estate industry is seeing a firestorm of innovation. Just look at how VC funding in proptech has grown 200x in the last 10 years, reaching ~4B in 2018. Much of this innovation is an effort to digitize the industry and better meet current customer expectations. One look at CB Insights’ Real Estate Tech Market Map and I bet you’ll empathize with the founder(s) and the pain points they are trying to address.
Adding raw data and data insights to a product/service can be used in tandem with innovation to unlock the opportunity in proptech to improve the entire transaction process. At Estated, a property data company, we’re seeing lots of customers gaining a serious competitive edge in this way, and many others taking it on and doing it right.
Since I mentioned being inspired by others, here’s just one example innovator. SquadVoice is using AI and data analytics to automate CRM lead scoring. So what is the value behind the product? Organizing leads in your CRM by engagement or contact date could be done by you with a simple scoring system. But, what about a lead who has these properties and owns a home in your zip code and built in the last 10 years, and so on? By analyzing more indicators, SquadVoice is using property data in their proptech to offer an innovative solution in a competitive industry.
If you’re also considering making property data a primary or secondary component of your proptech, there are a few paths you can take. Which one you choose will be based on a few key factors, including the data delivery format. Most obtain/retrieve property data in one of two ways:
An API.
A one-time file transfer known as a Bulk request.
If you have a technical team or technical abilities of your own, an API can be a fast and effective means of adding the data to your real estate technology. You must have the addresses you’re interested in researching to pull from an API, however, unlike with a Bulk request.
These slight yet critical differences are why we put together an essential guide to a property data API that outlines everything you’ll need to know. If you’re more tech-savvy it will help you better understand the property data quality and ease of integration for an API. If you’re not, it will help you to assess an API from a business sense, looking at cost and opportunity. No matter what your particular focus, think about whether property data could help you take your proptech innovation to the next level. And if so, the process doesn’t have to be tedious. Use the checklist at the end of the guide to walk simply through the critical questions you should be asking of your team and your vendor that will make the integration and your initiative a success.
You can sense it in the ubiquitous “Help Wanted” posters in artsy shops and restaurants, in the ranks of university students living out of their cars and in the outsize percentage of locals camping on the streets.
This seaside county known for its windswept beauty and easy living is in the midst of one of the most serious housing crises anywhere in home-starved California. Santa Cruz County, home to a beloved surf break and a bohemian University of California campus, also claims the state’s highest rate of homelessness and, by one measure based on local incomes, its least affordable housing.
Leaders in the city of Santa Cruz have responded to this hardship in a land of plenty — and to new state laws demanding construction of more affordable housing — with a plan to build up rather than out.
A downtown long centered on quaint sycamore-lined Pacific Avenue has boomed with new construction in recent years. Shining glass and metal apartment complexes sprout in multiple locations, across a streetscape once dominated by 20th century classics like the Art Deco-inspired Palomar Inn apartments.
And the City Council and planning department envision building even bigger and higher, with high-rise apartments of up to 12 stories in the southern section of downtown that comes closest to the city’s boardwalk and the landmark wooden roller coaster known as the Giant Dipper.
“It’s on everybody’s lips now, this talk about our housing challenge,” said Don Lane, a former mayor and an activist for homeless people. “The old resistance to development is breaking down, at least among a lot of people.”
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Said current Mayor Fred Keeley, a former state assemblyman: “It’s not a question of ‘no growth’ anymore. It’s a question of where are you going to do this. You can spread it all over the city, or you can make the urban core more dense.”
But not everyone in famously tolerant Santa Cruz is going along. The high-rise push has spawned a backlash, exposing sharp divisions over growth and underscoring the complexities, even in a city known for its progressive politics, of trying to keep desirable communities affordable for the teachers, waiters, firefighters and store clerks who provide the bulk of services.
A group originally called Stop the Skyscrapers — now Housing for People — protests that a proposed city “housing element” needlessly clears the way for more apartments than state housing officials demand, while providing too few truly affordable units.
City officials say the plan they hope to finalize in the coming weeks, with its greater height limits, only creates a path for new construction. The intentions of individual property owners and the vicissitudes of the market will continue to make it challenging to build the 3,736 additional units the state has mandated for the city.
“We’ve talked to a lot of people, going door to door, and the feeling is it’s just too much, too fast,” said Frank Barron, a retired county planner and Housing for People co-founder. “The six- and seven-story buildings that they’re building now are already freaking people out. When they hear what [the city is] proposing now could go twice as high, they’re completely aghast.”
Susan Monheit, a former state water official and another Housing for People co-founder, calls 12-story buildings “completely out of the human scale,” adding: “It’s out of scale with Santa Cruz’s branding.”
Housing for People has gathered enough signatures to put a measure on the March 2024 ballot that, if approved, would require a vote of the people for development anywhere in the city that would exceed the zoning restrictions codified in the current general plan, which include a cap of roughly seven or eight stories downtown.
The activists say that they are trying to restore the voices of everyday Santa Cruzans and that city leaders are giving in to out-of-town builders and “developer overreach laws.”
The nascent campaign has generated spirited debate. Opponents contend the slow-growth measure would slam on the brakes, just as the city is overcoming decades of construction inertia. They say Santa Cruz should be a proud outlier in a long string of wealthy coastal cities that have defied the state’s push to add housing and bring down exorbitant home prices and rental costs.
Diana Alfaro, who works for a Santa Cruz development company, said many of the complaints about high-rise construction sound like veiled NIMBYism.
“We always hear, ‘I support affordable housing, but just not next to me. Not here. Not there. Not really anywhere,’ ” said Alfaro, an activist with the national political group YIMBY [Yes In My Back Yard] Action. “Is that really being inclusive?”
The dispute has divided Santa Cruz’s progressive political universe. What does it mean to be a “good liberal” on land-use issues in an era when UC Santa Cruz students commonly triple up in small rooms and Zillow reports a median rent of $3,425 that is higher than San Francisco’s?
Beginning in the 1970s, left-leaning students at the new UC campus helped power a slow-growth movement that limited construction across broad swaths of Santa Cruz County. Over the decades, the need for affordable housing was a recurring discussion. The county was a leader in requiring that builders who put up five units of housing or more set aside 15% of the units at below-market rates.
But Mayor Keeley said local officials gave only a “head nod” to the issue when it came to approving specific projects. “Well, here we are, 30 or 40 years later,” Keeley said, “and these communities are not affordable.”
Today, with 265,000 residents, the county is substantially wealthy and white.
An annual survey this year found Santa Cruz County pushed past San Francisco to be the least affordable rental market in the country, given income levels in both places. And many observers say UC Santa Cruz students contend with the toughest housing market of any college town in the state.
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State legislators have crafted dozens of laws in recent years to encourage construction of more homes, particularly apartments. While California has long required local governments to draft “housing elements” to demonstrate their commitment to affordable housing, state officials only recently passed other measures to actually push cities to put the plans into practice.
Regional government associations draw up a Regional Housing Needs Assessment, designating how many housing units — including affordable ones — should be built during an eight-year cycle. The state Department of Housing and Community Development can reject plans it deems inadequate.
For years 2024 to 2031, Santa Cruz was told it should build at least 3,736 units, on top of its existing 24,036.
Santa Cruz and other cities have been motivated, at least in part, by a heavy “stick”: In cases when cities fail to produce adequate housing plans, the state’s so-called “builder’s remedy” essentially allows developers to propose building whatever they want, provided some of the housing is set aside for low- or middle-income families. In cities like Santa Monica and La Cañada-Flintridge, builders have invoked the builder’s remedy to push ahead with large housing projects, over the objections of city leaders.
The Santa Cruz City Council resolved to avoid losing control of planning decisions. A key part of their plan envisions putting up to 1,800 units in a sleepy downtown neighborhood of auto shops, stores and low-rise apartments south of Laurel Street. Initial concepts suggested one block could go as high as 175 feet (roughly 16 stories), but council members later proposed a 12-story height limit, substantially taller than the stately eight-story Palomar, which remains the city’s tallest building.
City planners say focusing growth in the downtown neighborhood makes sense, because bus lines converge there at a transit center and residents can walk to shops and services.
“The demand for housing is not going away,” said Lee Butler, the city’s director of planning and community development, “and this means we will have less development pressure in other areas of the city and county, where it is less sustainable to grow.”
A public survey found support for a variety of other proposed improvements to make the downtown more attractive to walkers, bikers and tourists. Among other features, the plan would concentrate new restaurants and shops around the San Lorenzo River Walk; replace the fabric-topped 2,400-seat Kaiser Permanente Arena, which hosts the Santa Cruz Warriors (the G-league affiliate of the NBA’s Golden State Warriors), with a bigger entertainment and sports venue; and better connect downtown with the beach and boardwalk.
Business owners say they favor the housing plan for a couple of reasons: They hope new residents will bring new commerce, and they want some of the affordable apartments to go to their workers, who frequently commute well over an hour from places such as Gilroy and Salinas.
Restaurateur Zach Davis called the high cost of housing “the No. 1 factor” that led to the 2018 closure of Assembly, a popular farm-to-table restaurant he co-owned.
“How do we keep our community intact, if the people who make it all happen, the workers who make Santa Cruz what it is, can’t afford to live here anymore?” Davis asked.
The city’s plan indicates that 859 of the units built over the next eight years will be for “very low income” families. But the term is relative, tied to a community’s median income, which in Santa Cruz is $132,800 for a family of four. Families bringing home between $58,000 and $82,000 would qualify as very low income. Tenants in that bracket would pay $1,800 a month for a three-bedroom apartment in one recently completed complex, built under the city’s requirement that 20% of units be rented for below-market rents.
The people pushing for high-rise development say expanding the housing supply will stem ever-rising rents. Opponents counter that the continued growth of UC Santa Cruz, which hopes to add 8,500 students by 2040, and a new surge of highly paid Silicon Valley “tech bros” looking to put down roots in beachy Santa Cruz would quickly gobble up whatever number of new units are built.
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“They say that if you just build more housing, the prices will come down. Which is, of course, not true,” said Gary Patton, a former county supervisor and an original leader in the slow-growth movement. “So we’ll have lots more housing, with lots more traffic, less parking, more neighborhood impacts and more rich people moving into Santa Cruz.”
Leaders on Santa Cruz’s political left say new construction only touches one aspect of the housing crisis. Some of the leaders of Tenant Sanctuary, a renters’ rights group, would like to see Santa Cruz tamp down rents by creating complexes owned by the state or cooperatives and enacting a rent control law capping annual increases.
“No matter what they build, we need housing where the price is not tied to market swings and how much money can be squeezed out of a given area of land,” said Zav Hershfield, a board member for the group.
The up-zoning of downtown parcels has won the support of much of the city’s establishment, including the county Chamber of Commerce, whose chief executive said exorbitant housing prices are excluding blue-collar workers and even some well-paid professionals. “The question is, do you want a lively, vital, economically thriving community?” said Casey Beyer, CEO of the business group. “Or do you want to be a sleepy retirement community?”
Just days after the anti-high-rise measure qualified for the March ballot, the two sides began bickering over what impact it would have.
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Lane, the former mayor, and two affordable housing developers wrote an op-ed for the Lookout Santa Cruz news site that said the ballot measure is crafted so broadly it would apply to all “development projects.” They contend that could trigger the need for citywide votes for projects as modest as raising a fence from 6 feet to 7 feet, adding an ADU to a residential property or building a shelter for the homeless, if the projects exceed current practices in a given neighborhood.
The authors accused ballot measure proponents of faux environmentalism. “If we don’t go up,” they wrote, “we have less housing near jobs — and more people driving longer distances to get to work.”
The ballot measure proponents countered that their critics were misrepresenting facts. They said the measure would not necessitate voter approval for mundane improvements and would come into play in relatively few circumstances, for projects that require amendments to the city’s General Plan.
While not staking out a formal position on the ballot measure, the city’s planning staff has concluded the measure could force citizen votes for relatively modest construction projects.
The two sides also can’t agree on the impact of a second provision of the ballot measure. It would increase from 20% to 25% the percentage of “inclusionary” (below-market-rate) units that developers would have to include in complexes of 30 units or more.
The ballot measure writers say such an increase signals their intent to assure that as much new housing as possible goes to the less affluent. But their opponents say that when cities try to force developers to include too many sub-market apartments, the builders end up walking away.
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Santa Cruz’s housing inventory shows that the city has the potential to add as many as 8,364 units in the next eight years, when factoring in proposals such as the downtown high-rises and UC Santa Cruz’s plan to add about 1,200 units of student housing. That’s more than double the number required by the state. But the Department of Housing and Community Development requires this sort of “buffer,” because the reality is that many properties zoned for denser housing won’t get developed during the eight-year cycle.
As with many aspects of the downtown up-zoning, the two sides are at odds over whether incorporating the potential for extra development amounts to judicious planning or developer-friendly overkill.
The city’s voters have rejected housing-related measures three times in recent years. In 2018, they decisively turned down a rent control proposal. Last year, they said no to taxing owners who leave homes in the community sitting empty. But they also rejected a measure that would have blocked a plan to relocate the city’s central library while also building 124 below-market-rate apartment units.
The last time locals got this worked up about their downtown may have been at the start of the new millennium, when the City Council considered cracking down on street performers. That prompted the owner of Bookshop Santa Cruz, another local landmark, to print T-shirts and bumper stickers entreating fellow residents to “Keep Santa Cruz Weird.”
Santa Cruzans once again are being asked to consider the look and feel of their downtown and whether its future should be left to the City Council, or voters themselves. The measure provokes myriad questions, including these: Can funky, earnest, compassionate Santa Cruz remain that way, even with high-rise apartments? And, with so little housing for students and working folks, has it already lost its charm?
Do you need health insurance? Did you know that there are many part-time jobs with health insurance that you may be able to apply for? These types of part-time jobs are great because they not only help you to make more income but they also give you benefits like health insurance. Health benefits are usually…
Do you need health insurance?
Did you know that there are many part-time jobs with health insurance that you may be able to apply for?
These types of part-time jobs are great because they not only help you to make more income but they also give you benefits like health insurance.
Health benefits are usually associated with full-time employment, but a growing number of companies give these perks to part-time employees as well. Companies know that in order to keep good employees, giving helpful benefits like health insurance helps them with this.
You may need a part-time job with health insurance for many different reasons, such as perhaps your full-time job doesn’t come with good health insurance, or maybe you are only looking for part-time hours to make extra money.
My husband worked at UPS for many years, mainly for the health insurance. And, so did many other people who worked there. The health insurance at UPS is one of the best I’ve ever seen, and it’s available to part-time workers.
And, you may be able to find a part-time job that comes with medical insurance like this too!
Key Takeaways
UPS is known for having many valuable benefits for their part-time workers, such as health insurance.
Starbucks is another place where you can get health insurance, even working part-time. After putting in an average of 20 hours a week over three months, you can get medical, dental, and vision plans.
There are many other jobs that give you health insurance as well and even other great benefits like tuition reimbursement and parental leave.
Best Part-Time Jobs With Health Insurance
Below are the best part-time jobs with health insurance coverage.
1. UPS
If you’re looking for a part-time job with health insurance, UPS can be a great choice. At UPS, even part-time employees can get health benefits.
This is probably one of the most popular jobs ever when it comes to getting great health insurance. UPS is a very popular choice for those who are looking for health insurance.
Like I said earlier, my husband worked at UPS for years, mainly for the health insurance. And, so did many other people that we know, such as many of our personal friends, his brother, our friend’s parents, and so many more people that we personally know.
Many of the part-time jobs at UPS are for package sorters and UPS truck loaders.
Part-time UPS workers get the same healthcare benefits as full-time workers. They don’t have to pay premiums, and there is low or no co-insurance and co-pays.
Plus, part-time employees at UPS earn an average of $20 per hour after 30 days. As a part-time employee at UPS, you’re promised at least 3.5 hours of work each day you’re scheduled.
There are also other benefits you can qualify for, such as you can get a pension when you retire, help paying for college, and paid time off for vacations and holidays.
Recommended reading: 26 Best Weekly Pay Jobs To Make Money Quick
2. Starbucks
If you’re looking for part-time work and need health insurance, Starbucks might be the place for you.
Starbucks gives health, dental, and vision insurance to all part-time workers who put in at least 20 hours per week on average after working 240 hours.
Starbucks also has a generous benefits package, such as dental care, a 401(k), vacation time, college tuition reimbursement, and more.
Another nice employee benefit is Starbucks’ parental leave – workers at Starbucks who are eligible and welcoming a new child can take time off and receive pay replacement through parental leave. Additionally, Starbucks gives Family Expansion Reimbursement, giving up to $10,000 for adoption, surrogacy, or intrauterine insemination for eligible partners.
3. REI
REI has a new medical plan called the REI Access Plan, which gives medical coverage to every employee who works at REI, even part-time employees.
The REI Access Plan gives medical coverage to employees after working for only three months, no matter how many hours they work (so, if you only work one day a week, you can qualify!). This plan is in addition to the existing health care options for employees who work an average of 20 or more hours per week over a 12-month period.
The health insurance coverage includes checkups for free with in-network doctors, mental health support, hospital care, and physical therapy. It also covers pharmacy costs and provides access to virtual healthcare through Teladoc.
4. National Guard
As a National Guard member, you get to serve your country and community, and you also have access to job benefits like health insurance.
You and your family can get low-cost health insurance through a plan called Tricare Reserve Select (TRS).
In 2023, the individual monthly health insurance plan cost $48.47, and family plans cost $239.69.
You’re also eligible for low-cost life insurance that pays up to $400,000.
National Guard members respond to emergencies (such as natural disasters), serve as law enforcement, and more. Guard members have about two days of drills each month and spend two weeks on annual training every year.
5. Costco
If you’re interested in a part-time job that includes health insurance, you might want to look into working at Costco.
There are many different kinds of jobs that you can find at Costco, such as cashier, baker, forklift driver, gas station attendant, member service assistant, stocker, and so much more.
Costco gives health insurance to part-time employees who work 23 or more hours each week.
Their health insurance comes with low out-of-pocket monthly premiums and co-pays. They provide medical, dental, and vision benefits that can be used for yourself and/or your family.
I know a few people who left their day job to work at Costco due to the good pay, nice benefits, and fun work environment. So, it can be a great one to look into!
Recommended reading: 20+ Best Jobs That Pay $20 An Hour Or More
6. Chipotle
At Chipotle, you can work part-time and still get health insurance. They understand that you might be studying, have another job, or need extra time for yourself. That’s why they offer flexible schedules.
If you join their team, even part-timers can sign up for health insurance. All Chipotle crew members are eligible for the Anthem Preventive Plus, Delta Dental PPO plan, and EyeMed PPO vision plan.
They also have 100% tuition coverage for select programs. You can learn about agriculture, technology, and business. If you’re into something else, they give up to $5,250 for other study areas.
Other helpful benefits from Chipotle include paid time off, 401(k) retirement savings plans, free meals, an annual bonus, a gym membership discount, and more.
7. Walmart
At Walmart, you can find part-time jobs that come with health insurance.
Part-time jobs with health insurance at Walmart include stocking shelves, unloading trucks, customer service, cashier, and more.
If you’re working at least 30 hours per week over a 60-day period, you can become eligible for coverage.
Once you meet the hours requirement, you can choose from different health plans. These plans are not just any plans; they include options for medical, dental, and vision coverage.
8. JPMorgan Chase
JPMorgan Chase gives health insurance to part-time employees, such as for entry-level jobs like being a bank teller or in customer service.
For example, as a part-time associate banker, you’ll be helping customers with their banking needs. You will be talking to them about their accounts and showing them how to use the bank’s products and services.
To get health insurance at JPMorgan Chase, you need to work at least 20 hours a week, and their benefits include medical, vision, and dental coverage.
9. Delta Airlines
If you’re looking for part-time work and need health insurance, you might want to find a job at Delta Airlines.
There are many different jobs at Delta Airlines that could fit your needs, even if you work part-time. These can include becoming a ticket agent, gate agent, customer service, and more.
They have multiple health plans that you may be interested in, plus dental and vision plans.
Delta also gives paid long-term disability coverage, optional short-term disability insurance, and company-paid basic life insurance.
10. Amazon
If you’re looking for a part-time job with health insurance, you may want to look for a job at Amazon.
Amazon is one of the largest companies in the world, so it makes sense that they would give good health insurance.
Amazon’s medical plans cover things like prescription drugs, emergency and hospital care, mental health, X-rays, and lab work.
There are no exclusions for pre-existing conditions in any of Amazon’s medical plans. They have many different plans, so it means that you can pick the one that fits you and your family the best. Plus, all plans cover 100% of preventive care.
The benefits available to you can vary based on how many hours you work each week and where you live. For example, if you are full-time or work 40 hours a week, you get one set of benefits. If you work between 30-39 hours or 20-29 hours, your benefits may be different. And if you’re in certain states, these standard benefits might not apply.
11. Lowes
At Lowe’s, you can find many jobs that could fit your schedule, and they offer both part-time and full-time positions.
Lowe’s gives affordable health insurance plans to both part-time and full-time workers. These plans cover medical, dental, and vision, and you can get low-cost prescription drugs after 30 days.
If you head to the Lowe’s worker’s benefits website here, you can actually see a preview of your different benefit options. I thought this was really handy. I clicked on “Prospective Lowe’s Associate” which then showed me their medical plan pricing. I typed in my zip code, and it showed me that there was one available medical plan in my area for a part-time Lowe’s Associate.
This plan started at $38.60 for Employee Only. For Employee + Children, the plan then costs $106.18. For Employee + Family, the cost is $152.52 each month. This medical plan includes an annual deductible of $0 and an out-of-pocket maximum of $9,100 for an individual plan or $18,200 for a family plan.
This platform also showed me pricing for their dental coverage, which is through Delta Dental. The pricing for this started at $9.60 per month for an Employee Only plan.
Other employee benefits from Lowe’s include off-the-job accident insurance, identity protection insurance, life insurance of $20,000, short-term disability insurance, 401(k), and an Employee Stock Purchase Plan (ESPP).
12. Ikea
If you’re considering a part-time job, Ikea is a place you might think about. Ikea gives health benefits to its part-time workers, and you get benefits if you work at least 20 hours a week.
IKEA’s health insurance is from Anthem, and many find the premiums reasonable. Besides health coverage, IKEA also offers dental, vision, and prescription coverage. Additionally, employees enjoy benefits like paid time off, parental leave, pet insurance, and income protection.
Some examples of part-time jobs with health insurance at Ikea include retail sales associate, customer service representative, forklift operator, and food service team member.
13. Whole Foods Market
If you’re looking for a part-time job that offers health insurance, Whole Foods Market might be a place to consider. To get health insurance at Whole Foods, part-time employees need to work at least 30 hours per week.
Examples of part-time jobs at Whole Foods include sales associate, customer service representative, cashier, and more.
14. Trader Joe’s
Trader Joe’s is a popular place to work, especially if you want a part-time job with health insurance.
Trader Joe’s has medical, dental, and vision plans for eligible crew members, and the company covers a big part of the cost, which starts as low as $25 per month.
They also have competitive pay, a retirement plan, up to a 20% store discount, paid time off, and more.
14. Staples
If you work part-time at Staples, you can get helpful health benefits. Staples provides medical, dental, and vision plans for both full-time and part-time employees.
You become eligible for these benefits if you work at least 15 hours a week.
All part-time associates are also eligible for other employee benefits like dental, vision, life, dependent life, accidental death, and short-term disability insurance coverage.
Some examples of part-time jobs at Staples include retail sales associate, cashier, stocker, and more.
15. Home Depot
Home Depot has a generous benefits package for its employees, which includes medical coverage, dental insurance, vision coverage, short-term disability, and more.
Part-time employees can qualify for benefits if they work an average of 16 hours per week or more during a 90-day period.
Some examples of part-time jobs at Home Depot include cashier, sales associate, customer service representative, stocker, and more.
Frequently Asked Questions About Part Time Jobs With Health Insurance
Below are answers to common questions about part-time jobs with health insurance.
Which jobs have the best health insurance? What companies have the best healthcare benefits?
Jobs at larger companies like UPS and Starbucks usually have better health insurance, even for part-time employees. They have good health insurance because they want to keep and attract good employees who will stay for a long time.
Remember to check if you need to maintain a certain number of working hours to keep your health insurance active as the requirements can change. Each company is different too, so make sure to look at the details for each job.
What companies give medical insurance to part-timers?
Companies such as UPS, Staples, and Chipotle are known for giving health insurance to part-time workers. Each company has its own criteria for eligibility, so you’ll need to check if you meet their requirements.
How can I find nearby jobs that give health benefits quickly?
You can start by seeing if any of the companies mentioned above have job openings near you.
Does Starbucks give health insurance to part time employees?
Yes, Starbucks gives part-time employees the option to enroll in health insurance plans, including medical, dental, and vision coverage, as long as they meet certain eligibility criteria (such as a minimum amount of hours worked each week).
Is health insurance through work worth it?
Yes, getting health insurance through your job can be a way to save money as well as get access to health insurance. My husband did this for years, and he had great health insurance that was extremely cheap.
Part-Time Jobs With Health Insurance – Summary
I hope you enjoyed this article about how to find part-time jobs with health insurance for medical care.
Health insurance isn’t only for full-time employees.
Yes, there are jobs that will give you medical insurance for working just part-time shifts!
Finding the right part-time job with health insurance and a nice benefits package is very possible across many different industries. Companies like UPS, Starbucks, and Costco are known for giving health and medical insurance to part-time workers.
This can be a game changer for you if you are balancing multiple jobs, attending school, or have family obligations that don’t allow for a full-time position.
What other part-time jobs come with health insurance? Leave a comment below and let me know!
Hindsight is frequently 20/20 when discussing recent market movement and this morning’s weakness is an example that’s worth considering. Heading into the second half of December, our advice was that none of the movement in bonds should be taken as indicative of the market’s true intentions. We also frequently noted inexplicable strength combined with low volume. Now this morning, we’re right back to levels that prevailed on the last few liquid/high-volume trading days of the first half of December. Viewed in that light, one could argue that it’s only logical, but was it?
At first glance, yes, one could argue it was logical.
But here’s the catch: all too often, we can observe that the present set of variables argues for a logical result, but that logical result doesn’t reliably occur. In other words, logical outcomes don’t necessarily increase predictability. All we can say is that this outcome makes good sense in hindsight. It also makes sense given the reality that additional improvement in bonds will require this week’s economic data to come in weaker than expected. With that data beginning tomorrow, and with the recent trend having been bullish, it’s no big deal to see a bit of a pull back.
To be clear, we did have a few economic reports this morning, but the bigger ticket data starts tomorrow with JOLTS, ISM, and Fed Minutes. The biggest data hits on Friday in the form of the jobs report.
I want to share a fantastic Q&A from this past week. A reader, “Vince,” wrote in and said:
Hi Jesse. I just reread your best of 2023 post about Compounding. Well, I’m late 50s. No debt. Have stayed the course, and am retiring with 4.2m dollars and 5.5m net worth. I’m the poster child for DCA, yearly rebalancing and living below your means but enjoying life. My wife and I know we’re very fortunate.
Here’s the irony. Bernstein said ‘when you win the game, stop playing ‘ To me, that means going to a 55/45 (or even a 50/50) portfolio in perpetuity because a 3% withdrawal rate is likely all we need to keep us happy. Yet, I’m giving up some return that comes with 60/40.
Thoughts? I can afford to be more aggressive, maybe much more so, but is it worth it? Or should I just chill, rebalance annually or every 18 months, and watch the portfolio grow but a bit more slowly.
Thanks!
Vince is in an awesome situation. To add some context to his message:
I wrote back to Vince and said:
Hey Vince. Thanks for reading and for writing in. It’s fun to chat with folks like you.
First off…wow. You find yourself in a terrific position! I love those details…dca, rebalance, live below your means. Do you mind if I ask…looking back, what was your rough average career household salary? And where did that salary max out? I’m just curious.
[And now I’m coming back up here after having written the entire email…this would be a wonderful blog post Q&A, with your permission. Happy to anonymize you entirely. Let me know your thoughts?]
Yes – great Bernstein quote. I have a thought experiment that might put you at ease…
Take your current household spending needs…let’s say, $150,000 per year.
Social Security will cover some…let’s say $50,000 per year (assuming you’re US? your country might have a different social safety net)
Therefore, your portfolio needs to cover $100,000 every year.
And I’m going to assume (?) the $4.2M you mention is fully investable.
If you went 50/50 in your portfolio – roughly $2.1M in stocks, $2.1M in bonds – you’d have 21 years of annual spending in bonds. Ideally, high-grade Treasury bonds. In theory, you have 21 years of buffer before you “need” to tap into your stocks.
Do we have faith that your stocks will outpace bonds over a 21-year period? That’s now the critical question. Based on the stuff I talk about on The Best Interest, my answer is: yes, 21 years is a sufficient period for stocks to do their thing.
Next question: can/should we pull that period closer to the present? 15 years? 10 years?
60/40 –> $2.5M stocks, $1.7M bonds –> 17 years
70/30 –> $2.95M stocks, $1.25M bonds –> 12.5 years
I think you can feel good about 60/40. 17 years of bonds is a great buffer.
But should you? You’re right that, technically speaking, you’re adding more risk to your portfolio. And for what reason? To die with a larger pile of money?
It all comes back to Bernstein’s quote: what game are you playing, Vince? Have you “won?” If not, that’s fine. But ask yourself: when will that answer change? What is “winning” to you?
For example, if you have big goals for your “Excess Money,” that’s a different story. Do you want to donate $1M to the dog shelter when you die? In that case, we should separate that portion of your money from the rest of your money, and invest it differently.
But if you’re main/most important goal is, “Live comfortably forever,” and the 55/45 gets you there…great! You’ve done it.
…now I’m curious, how much return are you actually giving up in the long run by shifting down from 60/40 to 55/45?
Assume 7% annualized inflation-adjusted returns for stocks and 2% inflation-adjusted for bonds
60/40 –> 5.00% per year, or 165% inflation-adjusted growth over 20 years.
55/45 –> 4.75% per year, or 153% inflation-adjusted growth over 20 years.
Definitely a difference. But not a huge one, IMO, especially when you (specifically you) won’t define success or failure based on that ~0.25% per year annualized difference.
Alright – that’s a lot. But I hope it helps.
If Vince’s portfolio is $4.2M and his annual needs are $100,000, he’ll be entering retirement following (essentially) a “2.38% Rule.” That’s way more conservative than the classic 4% Rule.
He doesn’t need to expose himself to undo risk. 60% stocks, 55% stocks, 50% stocks…Vince will be successful in any of these portfolios. Since he has “won the game” of career financial success, he can “stop playing the game” by taking some of his chips off the table a.k.a. reducing his exposure to risk assets (stocks).
Stocks outperform bonds over long periods of time, and Vince will be able to leave his stocks untouched for decades (if he wants to).
Now, Vince did get back to me and shared some of his personal story. I want to share some of those details with you.
On his salary and investing: “I started at 35k in 1994 and ended at about 560k this year. One outlier year was about 600k. I’d bet my average was around 200k but there were so many big jumps it’s really hard to say. (I never moved jobs for a bigger salary. In fact sometimes I took less to be happier. Eventually , the money came). Also, I got married and we both worked so I’d guess 275k average over 30 years, but this may be off. As I mentioned, dca, rebalance, live below our means. Also, 95% indexing with 4 funds and occasionally buying a stock or two and holding it.
Vince’s top-end salary ($500 – $600K) is top 1% territory. His average salary ($275K) is top ~4%. Vince earned great money. But his starting salary is relatively low. Salary growth was essential for Vince’s success. The lesson: you can – and should – look for ways to increase your income over your career. It might take decades. But it makes a huge difference.
And Vince’s investing technique is…boring! Index funds, dollar-cost averaging, buy-and-hold, annual rebalance. Sound familiar?! The boring stuff, while BORING, really does work.
I’m not pulling your leg here with my articles and podcasts about boring, long-term investing. I’m serious. It works. Just look at Vince. Moving on…
On his lifestyle: “We drive old cars and jeans and t shirts are our preferred outfits. We researched our area before buying and our house that cost 350k is now worth about 1.2m. Actually, not the best 25-year return, but we’re very happy here.We want to keep living simply but comfortably. We’ve put 2 kids through college and have no debt. We love traveling but can do it rather inexpensively. In fact, we just spent a month in Portugal for a small amount. So 55/45 it is. THANK YOU!!!!!
(FYI, the housing return Vince mentioned is about 5.5% nominal / 2.7% real annual return. )
The important takeaway is Vince’s choice to drive cheaper cars and wear cheaper clothes than he otherwise could. By my math, you could buy a Corvette on a $500,000 salary. You could fly first class. You could eat caviar. But Vince is an example that wealth is what you don’t see.
“Wealth is created by a slow, steady drip of investment deposits, just like decades of waves carving a shoreline rock. Wealth is compound interest that grows slowly at first, then rapidly in the end. Wealth is what you choose not to spend money on. Wealth is quiet.”
It sounds like Vince still doing what he loves. He’s cutting costs where he can (or where he simply doesn’t care), but then spending where he wants to. That’s bimodal spending. Vince is enjoying the journey.
Vince is a success story. He’s won the game. And now, like a smart investor, he’s opting to “stop playing” by taking some of his investment risk off the table.
Thanks, Vince, for sharing your example with us.
Thank you for reading! If you enjoyed this article, join 7500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
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Do you want to learn how to make money in one hour? Whether it’s for an unexpected bill or you’re saving for a special purchase, the good news is that there are many real ways you can make money within an hour or less. These can be ways to make extra income or even possibly…
Do you want to learn how to make money in one hour?
Whether it’s for an unexpected bill or you’re saving for a special purchase, the good news is that there are many real ways you can make money within an hour or less.
These can be ways to make extra income or even possibly be turned into a full-time job.
Back when I had student loans, I found many different ways to make money in an hour. I did this because I wanted to squeeze in quick side hustles around my full-time job – such as before and after work and during my lunch break. There were also times when I needed money quickly, such as in less than an hour, and I had to find ways to make that happen to have cash on hand.
There may be other reasons for why you need to make money in an hour or less. If this is you, continue reading below to learn how to make money in 60 minutes or less!
Key Takeaways
If you have unwanted items (like clothes you don’t wear anymore), sell them. You can use apps or go to a thrift store, and they might give you cash right on the spot.
You could sell helpful services like tutoring or dog walking. These jobs pay you right away for the time you spend doing them.
You can make money fast by taking online surveys. Websites like Survey Junkie or Swagbucks pay you for sharing your opinions.
Recommended reading: How To Make $100 A Day
Best Ways to Make Money in One Hour
Whether you only have one hour to spare each day or if you need to make money in literally one hour from now, you do have some options.
Make money in one hour by selling items you don’t need
Got stuff at home you don’t use anymore? You can turn those things into cash, often in just an hour!
Here are some easy ways you can do this.
Clothes and jewelry – Look in your closet. Are there clothes that are no longer worn? Take them to a thrift store or a consignment store like Once Upon A Child. They buy your gently-used clothes and you leave with cash in your hand!
Toys and games – If you have toys or video games that just sit around, you can sell these too. Kids outgrow these fast, and you can find a new home for them where they’ll be loved again.
Unused gift cards – If you have gift cards that you haven’t used, you can sell them!
Other stuff – Electronics, books, or maybe some old furniture could also be sold.
You can sell items on platforms like Decluttr, Facebook Marketplace, Craigslist, and eBay. I have sold on all these (plus a lot more!), and they are all easy to use.
You could even have a garage sale if you have lots of items to get rid of.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
Mow lawns or shovel snow
Making money in one hour can be done if you mow lawns or shovel snow. These jobs can be done quickly, and you get paid right after you finish the work.
You’ll need a lawn mower, shovel, and/or snow blower to get started, and you can typically charge around $50+ for a yard.
Doing a good job increases the chances of people asking you to return or recommending you to their friends. Take your time to do things well. Before starting any work, make sure to ask how much they’re willing to spend because this way, both of you agree on the price!
Return a recent purchase
If you bought something you don’t need or haven’t used yet, returning it is a quick way to get cash.
Surprisingly, many people have items lying around that they’ve purchased but may have not used yet. If you really need the cash, then this can be a great option to start with.
First, find your receipt. This shows you paid for the item and when you bought it. No receipt? Look in your email or bags. Sometimes, stores send receipts to your email or put them in your shopping bag.
Next, check the store’s return policy. Some stores let you return items within a certain time, like 30 or 60 days. Be quick – if you wait too long, you can’t return it!
Before you go to the store, make sure the item is in good shape. It should look like when you bought it. Return it in its original packaging if you can. Here’s a list of what you’ll need to return a purchase:
Your receipt (or email proof)
The item (unused and not broken)
Packaging (the box or bag it came in)
At the store, go to the customer service desk and tell them you want to return the item. Be polite – it makes things smoother. If you don’t want to go to the store, some stores might let you mail the item back.
Remember, some items can’t be returned. Things like opened DVDs or personal use items like earbuds usually can’t go back to the store. It’s always a good idea to know the return rules before you buy things.
Deliver food to make money in one hour
If you want to make money fast and take advantage of the gig economy, you can deliver food, such as groceries or restaurant meals. Companies like Instacart, Uber Eats, and DoorDash let you sign up to be a delivery driver.
To get started, you’ll need a car, bike, or scooter and sign up for the company that you want to work with. You’ll then get orders on your phone through an app, go to the restaurant or grocery store, pick up the food, and drive it to the customer’s place (this may be their home or where they work).
You’ll get paid for each person or food delivery, plus get tips as well.
You get to choose the hours that you want to work, and you can work for just one hour or as much as you want.
Related to this, you can even deliver packages for retailers with Amazon Flex!
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Instacart is a popular website for people looking to earn extra money shopping for and delivering groceries. Instacart gives you the option to turn your free time into a chance to make some extra money.
Drive for rideshare companies
If you want to make money quickly, you might start driving for companies like Uber or Lyft.
You get paid for giving people rides in your car, and the more you drive, the more money you can make.
Drivers can earn about $20 per hour on average. In some cities, drivers can make more than $30 an hour.
You can increase your earnings further by concentrating on busy areas (such as before and after a concert) and driving during the busiest times (such as on a Saturday night). This way, you can make more money for each hour of your time!
Recommended reading: How To Make $1,000 In 24 Hours
Answer online surveys
If you want to make money quickly, you can try taking paid online surveys. Market research companies need your opinions to make their products better, so they pay you for your time.
Some paid survey sites where you can take surveys include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Here’s what to do:
Sign up: Make a free account on the survey site.
Pick a survey: Choose one that looks interesting to you.
Give honest answers: Share what you really think about the questions you’re asked.
Earn rewards: After you finish, the site will give you points or money.
Earning money from answering surveys is not always fast, and it won’t make you rich. But if you have an hour, it’s a simple way to earn a little extra cash.
For me, I have answered a lot of surveys over the years. I like how I can answer surveys in little breaks I have during the day, such as before and after work, during a lunch break, while being a passenger in a car, and so on. They are easy to answer, and usually only take a few minutes.
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Branded Surveys is one of the most popular survey sites that rewards you in cash and gift cards for sharing your opinion. You can get paid anywhere from $0.50 to $5.00 per survey.
Perform odd jobs found on Craigslist
Craigslist has a jobs section on their site where you can find tasks that people need done right away. These are typically one-time gigs, but there are also part-time and full-time jobs listed here as well.
When you do a job on Craigslist, you usually get paid right after you complete the short task. That means you’ll receive your money on the same day.
To find Craigslist gigs in your town, just go to Craigslist and look for the “gigs” section.
Here are some gigs and tasks I found through a quick search on Craigslist:
House cleaner
Mover
Focus groups
Help with launching a boat
Gardening help
Help with painting a home
Lawn mowing
Participate in focus groups
Are you looking for a quick way to make money? Joining focus groups can be a fun way for you to earn extra cash and many times they take an hour or less.
A focus group is a small group of people who talk about products or services. Companies use your opinions to make their stuff better by learning more about their customers, such as you.
User Interviews is a popular site to find focus groups to take part in.
I have done a user interview in the past and got paid $400 for just one hour of work. It was simple, and everything happened online through a video call to see my opinion on a new feature for a well-known company (one of the largest companies in the world, in fact – so even large companies use these to help them improve!).
You can make $50 to $100 per hour, or even more, by sharing your thoughts and feedback.
Recommended reading: 19 Best Places To Find Paid Research Studies
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User Interviews pays very well for market research studies and these are some of the highest paying online surveys, with each paying $50 to $100 or more. The average pays over $60.
Mystery shopping
If you want to earn money quickly, like in just an hour, you can try becoming a mystery shopper. Mystery shoppers are people just like you and me who get paid to shop and give their opinion.
I’ve done a lot of mystery shopping over the years to make some extra money and to get free stuff. It’s easy work that can be done either on the phone (such as by rating their customer service when they answer the phone) or in person at a store. Most mystery shops take less than an hour too! I’ve done many that even take less than 5 minutes to complete.
The way mystery shopping works is that you’ll typically buy products or try services, pay attention to the details like how clean the store is or if the staff is nice, and then answer questions that the mystery shopping company gives you after you are done.
Donate plasma
If you’re looking for ways to make money in one hour, you can donate plasma and get paid for it.
When you go to donate, the center will check your blood to make sure you’re healthy and that your plasma can be used to help others.
Here’s what you might earn for your plasma donation:
$20 to $50 for each time you donate
Up to $300 a month if you donate regularly
Some centers might pay more money for your first time donating, like a bonus to persuade you to start. The amount you get can change depending on where you live, so make sure to confirm before you commit.
Tutor students online
If you want to learn how to make money in one hour online, then online tutoring jobs can be a good option to look into.
If you’re good at a subject, you can make money fast by tutoring students online. Lots of students need help with their schoolwork and are willing to pay for your knowledge.
As a tutor, you might spend 30 minutes to an hour giving a lesson, answering questions online, or working one-on-one with a student through a video lesson.
Tutors can earn different amounts depending on what they teach (the subject) and the duration of the session (whether it’s a quick question or a full-hour session). For example, tutoring in advanced subjects like calculus usually pays more than simpler ones like first-grade math. Some tutors may earn around $20 per hour, while others can make well over $100 per hour.
Sell scrap metal
Selling scrap metal or precious metals is a quick way to make some money in just one hour.
To get started, you’ll want to find metal items from around your home. This can be old appliances, wires, and even soda cans.
Then, you’ll want to find a scrap yard nearby to take your metals. You’ll want to make sure it’s clean and to keep your metals separated and organized.
Once you get to the scrap yard, you’ll weigh your metal on their scales, and then they’ll give you a price. If it’s your first time, ask how the process works just so that you are not confused by anything.
Prices change often, so what you earn depends on the type and weight of the metal you sell.
Play online games for rewards
Have you ever thought you could make money by playing games on your phone or computer? Yes, you can! Some apps and websites let you earn rewards, like gift cards or even cash, just for playing online games in your spare time.
Apps that pay you for playing games usually make their money through ads, things you buy in the app, and paid gaming competitions. They share a bit of what they earn with you to get you to keep playing their games and spend more time on their platform.
Here’s a quick list of the top game platforms that pay real cash:
KashKick
Swagbucks
InboxDollars
Recommended reading: 23 Best Game Apps To Win Real Money
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Swagbucks is a site where you can earn points for answering surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
Walk dogs
If you like being around pets and want to make money fast, dog walking is a great choice. Many dog walking gigs are one hour or less per visit, so this can be a great way to make money in an hour.
To start, you just need a love for dogs and a good pair of walking shoes.
You can set your rates, usually between $10 to $20 for a 30-minute walk.
One hour of walking dogs could mean walking one dog for 60 minutes or doing two 30-minute walks for two different dogs.
Rover is a website that connects pet owners with pet sitters and dog walkers. Starting on Rover is simple. You create a profile where you talk about your experience with pets and the services you can offer, such as dog walking, pet sitting, and house sitting. After setting up your profile, you’ll get requests from customers and discuss pricing. Rover handles payment processing, and you’ll receive the payments directly into your account.
I know many people who are dog walkers, and they all really love the job. I have also used dog sitters in the past – it is a wonderful and super helpful service.
Freelance online on your own schedule
As a freelancer, you get to choose your own hours. So, you may decide to work an hour here and an hour there.
Back when I had a full-time job, this is what I loved about being able to freelance online – I could work in my spare time, even if it was just small pockets of time that I had. For example, I would complete short tasks an hour before I went to work, during my hour lunch break, and later once I got home from work.
And, there are many different types of freelance gigs that you can do, such as managing social media as a virtual assistant, data entry, proofreading, graphic design, email management, and more.
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
Sign up for a high yield savings account
A high-yield bank account is a low-risk method to make extra money, and it typically takes less than an hour of your time to set up.
These savings accounts earn more interest than a regular one, so your money grows faster.
You will want to make sure that you pick a trustworthy bank and check the interest rates regularly because they can go up or down. Some people move their money into high-yield savings accounts often so that they can get the highest interest rates.
I personally use Marcus by Goldman Sachs as they have a very high rate. You can get up to 5.50% (at the time of this writing through a referral link bonus). According to this high-yield savings account calculator, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
This is an easy way to make passive income!
Frequently Asked Questions
These answers help you find quick ways to make money when you need it fast.
How can I make money ASAP?
If you need cash right away, you can sell things you don’t use anymore, like toys or clothes. Another fast way is to do small jobs for neighbors, like walking their dogs or helping in the garden.
How can I make $100 a day?
To make $100 a day, you could do jobs like cleaning houses, pet sitting, or babysitting. You could also combine a few things like doing surveys online, delivering food, or driving people places.
How to get money in one day without a job?
Without a job, you can still make money by selling stuff online, like clothes, games, or even sports equipment. You can also collect cans or bottles to recycle, or ask friends or family if they need help with anything for some quick cash.
How to make money in one hour as a kid?
As a kid, you can make money fast by setting up a lemonade stand, doing a car wash, or even making and selling crafts to friends and family (such as bracelets or custom T-shirts!). Of course, please check with your parents and stay safe.
How can I make money in one hour at home?
To make money in an hour at home, you can do things like sell items that you already own, such as your old clothing or a cell phone. You could also walk dogs, freelance online, or even tutor.
How to Make Money in One Hour – Summary
I hope you enjoyed this article on how to make money in one hour.
As you can see, there are many things that you can do to make money – whether you’re looking for a full-time job or just want to complete short tasks that take less than an hour.
Hour or shorter gigs helped me a ton to pay off my student loans as quickly as I could. Being able to work in short amounts of time helps me to work on my own schedule and fit more side hustles in.
Why are you looking to make money in an hour? Let me know in the comments below!
The 2023 housing market faced one of the same roadblocks we saw in 2022: mortgage rates were too high for home sales growth. Now that we’re in 2024, the Federal Reserve‘s rate hike cycle is over, so let’s look at what that means for housing demand and home prices. However, a yearly forecast has limitations and in this crazy housing and economic cycle, if people give you a yearly forecast without guidance as variables change, you’ll be dealing with stale data. Every Saturday I publish a weekly housing market tracker with forward-looking data and insights so you can adjust quickly to market conditions.
Here’s my forecast for 2024:
10-year yield and mortgage rates
For 2024, the 10-year yield range will be similar to 2023, but with a few different variables to watch.
10-year yield range: 4.25%-3.21%
Mortgage rates: between 7.25%-5.75%
A key level to watch for the 10-year yield is 3.37%. To go below this level last year, labor would need to break, so I borrowed Gandalf the Grey’s catchphrase: “You shall not pass.” And the 10-year yield did not pass that level in 2023!
However, if the labor or economic data gets weaker, we can break through that Gandalf line, which means 2.72% on the 10-year yield is in play for 2024. This could mean sub-5% mortgage rates if the spreads get better — a win for the housing market.. If the spreads are still bad, mortgage rates will be between 5%-6%. If the 10-year yield gets above 4.25%, the U.S. economy has outperformed again, as it did in Q3 when it grew at 5% and jobless claims fell.
Here is a chart of the 10-year yield with the inflation growth rate data tied to it for 2023:
Now let’s talk about mortgage rates!
The spread between the 10-year yield and mortgage rates can get better in 2024, which means mortgage rates could be 0.625% to 1% lower next year. For example, mortgage rates would be under 6% today if the spreads were normal. Instead, they closed 2023 at 6.67%. If the spreads get anywhere back to normal and the 10-year yield gets to the lower end of the range in 2024, we can have sub-5 % mortgage rates in 2024.
With the Fed no longer in hiking mode, any economic weakness on the labor side is a better backdrop to send mortgage rates lower. Unlike 2023, this year there are more positive variables that could send mortgage rates lower rather than higher.
Home prices
If everything stays constant, 2024 home-price growth levels will repeat what happened in 2023: low single-digit national home-price gains.
What could make home prices grow faster than low single digits? If I am wrong and mortgage rates go lower for longer and we don’t get more new listings in 2024, then home prices can grow faster in 2024 because we will have the same issue as before: too many people chasing too few homes.
What could make home prices decline? This would happen if we saw a surge of stressed inventory and mortgage rates didn’t go low enough to handle that much new supply into the market. We had mortgage rates in a solid range between 3.75% and 4.75% for most of the previous decade, but that hasn’t been the case recently. So, this is something to consider only if we see an increase in stressed inventory.
To give an example of what I am talking about, from 2008 to 2011, new listings data ran between 250,000 and 400,000 each week, with the peak seasonal data at 370,000 and 400,000. We haven’t had new listings data break over 90,000 in the peak seasons of 2021, 2022 or 2023. So if we do see a push in stressed new listings we have to be on it right away and see how the supply and demand equilibrium works.
However, we won’t have this conversation until we see it in the weekly data. In this episode of the HousingWire Daily podcast I explain how fast the housing dynamics shifted after Nov. 9, 2022, with prices returning to all-time highs in months. This is why weekly data is important!
Existing home sales
When we saw mortgage rates fall from 7.375% to 5.99% early in 2023, we got one of the most significant existing home sales prints ever, going from 4 million to 4.55 million. We need lower rates to get more consistent sales growth and to have one or two monthly existing home sales prints of 4.72 million or more, it’s going to take sub-6% mortgage rates with duration.
We will track the purchase application data weekly, however, I am only focused on that 4.72 million monthly print number for 2024 because the lack of affordability with rates still this high is impacting sales.
New home sales
As long as mortgage rates go lower, the builders can sell homes because they can lower mortgage rates even more than the existing home sales market and they have a pipeline of homes to sell. They have 106,000 homes that they haven’t even started construction on yet, and only 78,000 new homes have been completed and are ready to sell. They will manage their supply slowly.
Economic outlook
Looking at the economic cycle and the housing economy, we have a similar playbook going into 2024 as we did in 2023. Let’s look at that dynamic.
I raised the final flag in my six recession red flag model on Aug. 5, 2022. However, by Nov. 9, 2022, I saw that housing market dynamics had shifted and if I was right, the builders were about to get more positive about their business. Sure enough, the builders confidence survey started to grow again going into 2023.
As mortgage rates started rising toward 8%, the builders survey started to go lower, mostly due to smaller builders feeling the pinch. Now that rates have fallen again, this is a positive for the single-family housing market. The new home sales market means more to the economy because of construction jobs and big-ticket item purchases. In contrast, the existing home sales market is more about the transfer of commission and moving trucks.
People correctly keep an eye on the builder’s survey. However, the builder survey and new home sales rebounded to growth in 2023, and now, with rates almost down 1.5% for 2024, lower rates will help the builder survey again.
This is only for the single-family housing market, not the apartment market, which is heading into a decline in activity. This is something to watch on labor, as certain builders will not need as many people to build apartments. When rates stay too high for too long, you eventually impact future production.
We will only start talking about a recession when jobless claims break over 323,000 on the four-week moving average. We won’t talk about a recession today, or next year or even this decade until that happens. The history of economics has shown us that we need the labor market to break to have a job-loss recession. If you followed my work during COVID-19, you know my critical two takes about the labor market and how household balance sheets are much better now than ever. When jobless claims break that critical level, we will have a good discussion about the economy and the housing market, just not yet.
If the economy doesn’t have a credit event where lending gets tighter, the consumer should hold up in 2024, especially with lower mortgage rates. This means the homebuilders can sell more homes and keep construction workers employed longer. Falling construction employment is a staple of all job-loss recessions, and we have avoided that so far.
For 2024, I want to stress that the economic data can turn on a dime — both positive and negative — in ways that weren’t the case in the previous decade. Following the weekly tracker will be essential for the housing market and the economy. I track this stuff daily so you don’t have to!
The existing home sales market has spent the last 18 months with sales near great recession levels. Now it’s time for the Fed to give up on its covid-era housing economic policy and be pro-housing once again. It’s time to get U.S. housing off the COVID-19 policy and get sales growing.
When you apply for a new job, you know that you’ll need to submit a cover letter and resume. It’s the best way to show your past work experience and qualifications. But did you know that you can also create a renter resume and rental cover letter as you hunt for a new place to rent?
That’s right! A renter resume is a great way to highlight your past rental history, detail your income and occupation and help the landlord get to know you better. Renter resumes help you stand out from lots of applicants. They also show your future landlord just how serious you are about wanting to rent a home from them.
When you find yourself looking to rent a new home and you want to better your odds of securing that lease, check out this sample letter to rent a house and draft up your own renter resume.
When to create a renter resume
Once you’ve decided that it’s time to move and find a new place to live, you’ll start the house hunt to find some new locations to rent. When you go to rent a new place, you’ll have to fill out a rental application, which is standard practice.
While a renter resume isn’t required, it’s a nice added touch to help the landlord know you better. Here are a few scenarios when you should create a renter resume:
It’s a competitive market
Just like dream jobs, your dream apartment may go up on the market and quickly get snatched up. A renter resume is a great way to stand out from other potential tenants in a hot market.
Your rental or job history is spotty
Landlords look at your past job and rental history to predict what kind of tenant to expect. Property managers want to rent to people who have a consistent income, will pay the rent on time and will become a good edition to the neighborhood and other tenants.
If your history has gaps, a renter resume is a great way to explain the circumstances surrounding it. This is your chance to vouch for yourself, explain your history and convince the landlord that you’re a worthy candidate for the rental.
You don’t have a rental history yet
In some cases, people like students or newlyweds who have never rented before will lack rental history. In these situations, you won’t have a rental history to highlight and show that you would make an excellent tenant.
Use a renter resume to explain who you are and why you’d be a great tenant.
What to include in your renter resume
If you think a renter resume is a good option for you, here are the details you must include:
Contact information: Include your contact information like your email and phone number so the landlord can easily reach you
Objective: Include two to three sentences that clearly state what you’re hoping to achieve and why it’s important to you. Make this a short and concise paragraph that outlines why you want to rent a new home.
Background and personal information: Include details like hobbies, interests or how you spend your free time. While you don’t have to include details like race, gender, religion, familial status or age — absolutely include things that’ll humanize your application and show your personality.
Rental history: Talk about where you last lived, why you’re moving and what you’re hoping to get out of the new location. This is your opportunity to talk about what kind of neighbor you are and how you’ll be as a future tenant.
Work or student history: Another important thing to include in your renter resume is your work or student history. If you’re currently employed, you can provide information about your job status. This shows you’re a steadily employed person who will pay rent on time. If you’re a student, showcase your dedication to education. Talk about how those qualities will apply to you as a tenant, too. Landlords want to rent to dependable, stable people so use your work history and ethic clear.
References: While you can put lots of good things about yourself on paper, a personal reference is incredibly important to see what other people say about you. When you include references, avoid listing family members. Instead, put people like your manager, past neighbors or mentors. If your landlord calls them and asks about you, these people will advocate for you.
Renter resume template
We’ve included a renter resume template to use as a sample letter to rent a house. Simply fill in the blanks with your personal information. You can also download the word document template here.
Your name Email address Phone number Current address
OBJECTIVE: Write two to three sentences explaining your goals and motivations for wanting to move to this location.
(Example: I am interested in renting this home from you as I’m looking for a home in a location that is closer to work, has more space and is located in a neighborhood where I can walk and enjoy my neighbor’s company. This location seems like the perfect fit as it meets my needs and would be a great place to settle down long-term.)
BACKGROUND AND PERSONAL INFORMATION: Write two to three sentences about who you are, what you like to do and why you’re a good tenant.
(Example: I was born and raised in Salt Lake City and am now looking for a home of my own to rent. I went to school at the University of Utah and graduated with a degree in marketing. My husband and I are looking for a home where we can raise our two children. We like to go on walks, visit new parks, picnic as a family and explore new places. The location of this home is perfect for us as it’s close to work and good schools. We are a friendly, outgoing family who is eager to rent in a safe, clean neighborhood full of good people.)
RENTAL HISTORY: Include three to four sentences about where you’ve previously lived and why you’re moving. This section is very important because it’ll indicate what type of renter you are.
(Example: Before looking for a new place to live, I rented an apartment and resided there for X years. The reason I’m looking to move is that I want a place with more space and a backyard. I always paid the rent on time, kept the place clean and orderly and was a courteous neighbor at my previous location.)
WORK HISTORY: Draft three to four sentences detailing your work history, proof of income and employment record.
(Example: I’ve worked at the same company for five years. I’m dedicated to my work and company, which shows stability. I’m a hardworking person who values my job, hard work and a good work-life balance. When switch jobs, I make sure my finances are in order beforehand and have other work options lined up so I can stay consistent with an income.)
REFERENCES: Include a list of two to three references, your relationship to them, their phone numbers, email numbers and the best time to contact them. Make sure you let the references know that you’ve listed them so they are not caught off guard if the landlord reaches out to them.
Use your renter resume to impress future landlords
Once you’ve found the perfect place to rent, it’s time to write the perfect sample letter to rent a house. A one-page renter resume lets you stand out from other applicants and delight your future landlord.
Take a little extra time to write a renter resume using our template. You’ll find yourself moving into your dream home in no time.
Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.
If you spent your teenage years waiting anxiously for one of your siblings to get out of the shower, the idea of selling your spacious, multi-bathroom home and moving into a smaller house or condo may feel like a reversal of fortune.
Yet for many retirees, downsizing makes financial and practical sense. Younger baby boomers — those currently ranging in age from 57 to 66 — made up 17% of recent home buyers, while older boomers — ages 67 to 75 — accounted for 12%, according to a 2022 report from the National Association of Realtors Research Group. Boomers’ primary reasons for buying a home were to be closer to friends and family, as well as a desire to move into a smaller home, the report said. Both younger and older boomers were more likely than others to purchase a home in a small town, and younger boomers were the most likely to buy in a rural area.
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For retirees Fred and Shelby Bivins, selling their home in Green Valley, Ariz., will enable them to realize their dream of traveling in retirement. The Bivinses have put their 2,050-square-foot Arizona home on the market and plan to relocate to their 1,600-square-foot summer condo in Fish Creek, Wis., a small community about 50 miles from Green Bay. They plan to live in Wisconsin in the spring and summer and spend the winter months in a short-term rental in Arizona, where they have family.
Fred, 65, says the decision to downsize was precipitated by a two-month stay in Portugal last year, one of several countries they hope to visit while they’re still healthy enough to travel. “We’ve had Australia and New Zealand on our list for many years, even when we were working,” says Shelby, 68. The Bivinses are also considering a return visit to Portugal. Eliminating the cost of maintaining their Arizona home will free up funds for those trips.
With help from Chris Troseth, a certified financial planner based in Plano, Texas, the Bivinses plan to invest the proceeds from the sale of their home in a low-risk portfolio. Once they’re done traveling and are ready to settle down, they intend to use that money to buy a smaller home in Arizona. “Selling their primary home will generate significant funds that can be reinvested to support their lifestyle now and in the future,” Troseth says. “Downsizing for this couple will be a positive on all fronts.”
Challenges for downsizers
For all of its appeal, downsizing in today’s market is more complicated than it was in the past. With 30-year fixed interest rates on mortgages recently approaching 8%, many younger homeowners who might otherwise upgrade to a larger home are unwilling to sell, particularly if it means giving up a mortgage with a fixed rate of 3% or less. More than 80% of consumers surveyed in September by housing finance giant Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a statement. As a result, buyers are competing for limited stock of smaller homes, says Hannah Jones, senior economic research analyst for Realtor.com.
Here, though, many retirees have an advantage, Jones says. Rising rates have priced many younger buyers out of the market and made it more difficult for others to obtain approval for a loan. That’s not an issue for retirees who can use proceeds from the sale of their primary home to make an all-cash offer, which is often more attractive to sellers.
Retirees also have the ability to cast a wider net than younger buyers, whose choice of homes is often dictated by their jobs or a desire to live in a well-rated school district. While the U.S. median home price has soared more than 40% since the beginning of the pandemic, prices have risen more slowly in parts of the Northeast and Midwest, Jones says. “We have seen the popularity of Midwest markets grow over the last few months because out of all of the regions, the Midwest tends to be the most affordable,” she says. “You can still find affordable homes in areas that offer a lot of amenities.”
Meanwhile, selling your home may be somewhat more challenging than it was during the height of the pandemic, when potential buyers made offers on homes that weren’t even on the market. The Mortgage Bankers Association reported in October that mortgage purchase applications slowed to the lowest level since 1995, as the rapid rise in mortgage rates has pushed many potential buyers out of the market. Sales of previously owned single-family homes fell a seasonably adjusted 2% in September from August and were down 15.4% from a year earlier, according to the National Association of Realtors. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR chief economist Lawrence Yun said in a statement.
However, because of tight inventories, there’s still demand for homes of all sizes, Jones says, so if your home is well maintained and move-in ready, you shouldn’t have difficulty selling it. “The market isn’t as red-hot as it was during the pandemic, but there’s still a lot to be gained by selling now,” she says.
Other costs and considerations
If you live in an area where real estate values have soared, moving to a less expensive part of the country may seem like a logical way to lower your costs in retirement. While the median home price in the U.S. was $394,300 in September, there’s wide variation in individual markets, from $1.5 million in Santa Clara, Calif., to $237,000 in Davenport, Iowa. But before you up and move to a lower-cost locale, make sure you take inventory of your short- and long-term expenses, which could be higher than you expect.
Selling your current home, even at a significant profit, means you will incur costs, including those to update, repair and stage it, as well as a real estate agent’s commission (typically 5% to 6% of the sale price). In addition, ongoing costs for your new home will include homeowners insurance, property taxes, state and local taxes, and homeowners association or condo fees.
Nicholas Bunio, a certified financial planner in Berwyn, Pa., says one of his retired clients moved to Florida and purchased a home that was $100,000 less expensive than her home in New Jersey. Florida is also one of nine states without income tax, which makes it attractive to retirees looking to relocate. Once Bunio’s client got there, however, she discovered that she needed to spend $50,000 to install hurricane-proof windows. Worse, the only home-owners insurance she could find was through Citizens Property Insurance, the state-sponsored insurer of last resort, and she’ll pay about $8,000 a year for coverage. Her property taxes were higher than she expected, too. When it comes to lowering your cost of living after you downsize, “it’s not as simple as buying a cheaper house,” Bunio says
Before moving across the country, or even across the state, you should also research the availability of medical care. “Oftentimes, those considerations are secondary to things like proximity to family or leisure activities,” says John McGlothlin, a CFP in Austin, Texas. McGlothlin says one of his clients moved to a less expensive rural area that’s nowhere near a sizable medical facility. Although that’s not a problem now, he says, it could become a problem when they’re older.
If you use original Medicare, you won’t lose coverage if you move to another state. But if you’re enrolled in Medicare Advantage, which is offered by private insurers as an alternative to original Medicare, you may have to switch plans to avoid losing coverage. To research the availability of doctors, hospitals and nursing homes in a particular zip code, go to www.medicare.gov/care-compare.
At a time when many seniors suffer from loneliness and isolation, a sense of community matters, too. Bunio recounts the experience of a client who considered moving from Philadelphia to Phoenix after her daughter accepted a job there. The cost of living in Phoenix is lower, but the client changed her mind after visiting her daughter for a few months. “She has no friends in Phoenix,” he says. “She’s going on 61 and doesn’t want to restart life and make brand-new connections all over again.”
Time is on your side
Unlike younger home buyers, who may be under pressure to buy a place before starting a new job or enrolling their kids in school, downsizers usually have plenty of time to consider their options and research potential downsizing destinations. Once you’ve settled on a community, consider renting for a few months to get a feel for the area and a better idea of how much it will cost to live there. Bunio says some of his clients who are behind on saving for retirement or have high health care costs have sold their homes, invested the proceeds and become permanent renters. This strategy frees them from property taxes, homeowners insurance, homeowners association fees and other expenses associated with homeownership
The boom in housing values has boosted rental costs, as the shortage of affordable housing increased demand for rental properties. But thanks to the construction of new rental properties in several markets, the market has softened in recent months, according to Zumper, an online marketplace for renters and landlords. A Zumper survey conducted in October found that the median rent for a one-bedroom apartment fell 0.4% from September, the most significant monthly decline this year.
In 75 of the 100 cities Zumper surveyed, the median rent for a one-bedroom apartment was flat or down from the previous month. (For more on the advantages of renting in retirement, see “8 Great Places to Retire—for Renters,” Aug.)
Aging in place
Even if you opt to age in place, you can tap your home equity by taking out a home equity line of credit, a home equity loan or a reverse mortgage. At a time when interest rates on home equity lines of credit and loans average around 9%, a reverse mortgage may be a more appealing option for retirees. With a reverse mortgage, you can convert your home equity into a lump sum, monthly payments or a line of credit. You don’t have to make principal or interest payments on the loan for as long as you remain in the home.
To be eligible for a government-insured home equity conversion mortgage (HECM), you must be at least 62 years old and have at least 50% equity in your home, and the home must be your primary residence. The maximum payout for which you’ll qualify depends on your age (the older you are, the more you’ll be eligible to borrow), interest rates and the appraised value of your home. In 2024, the maximum you could borrow was $1,149,825.
There’s no restriction on how homeowners must spend funds from a reverse mortgage, so you can use the money for a variety of purposes, including making your home more accessible, generating additional retirement income or paying for long-term care. You can estimate the value of a reverse mortgage on your home at www.reversemortgage.org/about/reverse-mortgage-calculator.
Up-front costs for a reverse mortgage are high, including up to $6,000 in fees to the lender, 2% of the mortgage amount for mortgage insurance, and other fees. You can roll these costs into the loan, but that will reduce your proceeds. For that reason, if you’re considering a move within the next five years, it’s usually not a good idea to take out a reverse mortgage.
Another drawback: When interest rates rise, the amount of money available from a reverse mortgage declines. Unless you need the money now, it may make sense to postpone taking out a reverse mortgage until the Federal Reserve cuts short-term interest rates, which is unlikely to happen until late 2024 (unless the economy falls into recession before that). Even if interest rates decline, they aren’t expected to return to the rock-bottom levels seen over the past 15 years, according to a forecast by The Kiplinger Letter. And with inflation still a concern, big rate cuts such as those seen in response to recessions and financial crises over the past two decades are unlikely.
Note: This item first appeared in Kiplinger’s Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
In the world of retail and fashion, home was 2023’s biggest loser.
Apparel firms faced some stress too, but the category managed to avoid the bankruptcy boom that hammered the home sector. In the U.S., the year saw the bankruptcy filings of women’s lifestyle brand Soft Surroundings in September and the April Chapter 11 petition by David’s Bridal, marking its second brush with bankruptcy following its November 2018 filing. Footwear firm Rockport Co. filed on June 14 for its second tour of bankruptcy proceedings, while Shoe City’s parent company ESCO Ltd. filed earlier in the year. Overseas, there was also the Scotch and Soda bankruptcy in March in the Netherlands, followed one month later by the Dutch filing of fashion brand Sandwich.
And just this month, mall operator Pennsylvania Real Estate Investment Trust, better known as PREIT, found itself in bankruptcy proceedings for the second time in three years. The mall REIT expects to exit bankruptcy early next year, after which it will find itself under the ownership of its lenders.
Other retail bankruptcies include Party City, long a fixture on credit ratings watch lists, which filed in January. The party favor firm exited bankruptcy in October, but its bankruptcy also saw the closure of 35 big-box locations. And Christmas Tree Shops, once owned by Bed Bath & Beyond, ended up in bankruptcy court when its parent Handil Holdings filed for Chapter 11 protection in May. The company closed down operations in August, and shuttered 72 doors in the process.
But it’s been the troubled home furnishings category that has endured the most distress this year. That comes as little surprise, particularly after the home furnishings boom during COVID when people were sheltering in place. The return to offices, even in hybrid work environments, curtailed additional spending for refurbishing home workspaces. And the home sector was further hit by rising supply chain costs post-COVID, much of which was due to higher expenses connected to moving big pieces of furniture, both in imports and in shipments to customers.
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Even credit experts foresaw trouble ahead in home. The home furnishings category carried the highest default risk across retail since 2021, according to data from S&P Global Market Intelligence.
And the firing salvo from Wells Fargo’s emergency motion on Dec. 30, 2022, that pushed United Furniture Industries (UFI) into an involuntary Chapter 7 after its shutdown one month earlier set the stage for the upheaval to come in 2023. UFI eventually filed a Chapter 11 petition on Jan. 6.
Home was also the big category loser due to the the mega filings of Bed, Bath & Beyond and Tuesday Morning, with the latter contributing to what seemed to be a trend in second filings, the so-called Chapter 22. Z Gallerie was the rare exception across retail sectors that landed in bankruptcy court for the third time on Oct. 16. It’s first filing was back in 2009.
There’s another reason why the home sector’s bankruptcies stood out this year. By the end of the first quarter of 2023, there were already nearly 2,000 announced store closures. That tally included 300 CVS doors and 545 Foot Locker Inc. stores by 2026, including 420 Foot Locker branded sites and 125 Champs Sports locations.
Moving to the end of 2023, total store closings are edging closer to 2,900 locations. The store closures in the home sector contributed a total of 1,228 closed retail doors in 2023. That’s over one-third of the total stores closed this year, with Bed Bath & Beyond contributing 896 to the home sector’s total.
Below is a summary of the top bankruptcies in the home sector in 2023.
Serta Simmons
Mattress maker Serta Simmons Bedding, owned by private equity firm Advent International, filed a Chapter 11 petition on Jan. 23. The filing included the company’s bed-in-a-box brand Tuft & Needle. The company owned more than $62 million to its top 10 unsecured creditors.
Serta Simmons said on June 29 that it completed its restructuring and had emerged from bankruptcy proceedings. “The Serta and Beautyrest brands in our portfolio have a deep heritage in innovation and have played meaningful roles in the lives of consumers for generations,” the company’s CEO Shelley Huff said. “With our financial restructuring behind us, we are taking steps to drive growth by getting back to our innovation roots, reinvesting in our iconic brands, and nailing the fundamentals of our business with a focus on commercial and supply chain excellence.”
During the bankruptcy process, the company reduced its funded debt to $315 million from $1.9 billion at the time of its filing. The $1.6 billion debt reduction lowered the company’s annual cash interest expense by more than $100 million.
Tuesday Morning
Tuesday Morning found itself bankrupt for the second time in three years. It filed for Chapter 11 bankruptcy protection on Feb. 14, citing “exceedingly burdensome debt.” The off-price home retailer has since liquidated operations.
Tuesday Morning’s first petition was in May 2020, which saw it close 213 of its 700 stores. The retailer emerged from bankruptcy in January 2021 with 487 locations in operation. At the time of the second filing, the retailer said it planned to shutter 265 doors. This past May, the 49-year-old retailer decided to shut down operations and join the retail graveyard.
Bed Bath & Beyond
The long-awaited Bed Bath & Beyond bankruptcy finally occurred on April 23, eight months after speculation about its finances had suggested that a collapse was forthcoming.
One month before the bankruptcy, Bed Bath & Beyond closed 416 stores in the U.S., including some Buybuy Baby doors and it shut down its 45-store Harmon’s Beauty business. It also closed its Canadian stores, resulting in a loss of 1,400 retail jobs. When it shut down operations in June, the retail sector lost another 360 Bed Bath & Beyond stores and 120 Buybuy Baby locations.
The Bed Bath & Beyond intellectual property (IP) assets were sold to Overstock.com, best known for its liquidator origins selling excess or closeout inventory, for $21.5 million. Overstock in August rebranded itself as Bed Bath & Beyond. And the Buybuy Baby IP assets were sold to one of its suppliers, Dream on Me Industries Inc., for $15.5 million. Dream on Me subsequently acquired 11 of the Buybuy Baby store leases for $1.17 million, and reopened those locations on Nov. 18. The Harmon IP asset was acquired by investor Jonah Raskas for a reported $300,000. His initial plans are to open five Harmon locations, a CNBC story said.
The home goods chain had been struggling for years, but things started going downhill in a big way after it dismissed chief executive Mark Tritton and its merchandising leader in the wake of a first-quarter flop in 2022 when it burned through nearly $500 million in Q1 alone. It also spent $589 million on share buybacks instead of investing in turnaround strategies.
Its other problem was Tritton’s turnaround plan, which saw the retailer triple the number of private brands to lift opening price points and bring in more value products for a customer base that was on the hunt for deals on national brands. More bad news followed the troubled chain when its former chief financial officer, Gustavo Arnal, committed suicide in September 2022 after being named in a lawsuit alleging securities violations that included investor Ryan Cohen and his firm RC Ventures as defendants. Arnal has since been removed as a named defendant.
Altmeyer Home Stores
The 81-year-old family-owned regional home chain Altmeyer Home Stores filed for Chapter 7 liquidation in July.
The company operated 11 stores. It was headed by a fourth-generation Altmeyer at the time it filed its Chapter 11 petition.
The company sold primarily soft home linens in bedding, rugs, window treatments and kitchen accessories. But like many in the home sector, it also faced sourcing problems and a slew of online competitors.
Mitchell Gold + Bob Williams
August saw one of the biggest surprises of the year with the abrupt shutdown of upscale home lifestyle retailer Mitchell Gold + Bob Williams after its lender pulled the plug on financing, resulting in the closure of about 35 retail stores and outlets. The company filed its Chapter 11 petition in September, and went into liquidation mode after failing to find a buyer. In November, Surya, a Cartersville, Ga.-based home furnishings firm that specializes in rugs, textiles, lighting, furniture and decor, stepped up to acquire the Mitchell Gold + Bob Williams assets, including its IP and manufacturing facilities.
Surya, which brought on co-founder Mitchell Gold as an advisor, plans to restore the home lifestyle brand to its former glory. It plans to begin shipping the brand’s product line in the first quarter of 2024.
August also saw the closure of furniture firm Klaussner, better known as Klaussner Home Furnishings. And Solid Comfort, a Fargo, N.D.-based maker of casegoods for firms such as Marriott and Hilton in the hospitality industry, also shut down.
Z Gallerie
Upscale home decor retailer Z Gallerie landed back in bankruptcy court for the third time following a Chapter 11 filing by its parent company DirectBuy Home Improvement Inc. in October.
Z Gallerie was sold to DirectBuy, as affiliate of CSC Generation Holdings, during its second tour of bankruptcy proceedings in 2019. Its first petition was filed in 2009. The retailer started out as a picture framing and poster shop in 1979. During its heyday, it operated about 60 locations. At the time the business shut down for good, there were only 21 stores left in operation.