Overall, 7,906 homes changed hands across the Palmetto State in April at a median sales price of $340,000 — up 5.4 percent from a year ago.

Several submarkets reported double-digit jumps in sales, with the two largest-volume markets in Charleston and Myrtle Beach up 8 percent and 2.1 percent, respectively.

The greater Greenville area spiked 15.8 percent and Columbia rose 13.9 percent.

Spartanburg saw the second-biggest leap in April with an 18.5 percent rise in sales — second only to Beaufort, where closings surged 27.2 percent.

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The Florence-based Pee Dee region took one of the hardest hits along with Cherokee County, with sales dropping 17.1 percent and 18.8 percent year over year, respectively.

As for prices, Hilton Head remains the highest-priced market with median home sales reaching $550,000. Charleston follows steadily behind at $425,700.

Home sales in the city of Greenwood — about 50 miles south of Greenville — fell 5.7 percent year over year. Prices soared 32.3 percent, however, putting the small city on par with the Aiken and Spartanburg markets.

Home sales across South Carolina rose 7.2 percent year over year in April after a rocky March that saw nearly double-digit declines.

Mortgage rates continue to be one of the biggest hurdles for homebuyers, but a dip for the second consecutive week will offer a bit of breathing room heading into the summer, according to Sam Khater, Freddie Mac’s Chief Economist.

“Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates,” Khater said. “The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.”

As of Thursday, the average 30-year fixed-rate mortgage fell to 6.94 percent from 7.02 percent a week earlier, financier Freddie Mac reported. The comparable but shorter-term 15-year home loan also fell, landing at 6.24 percent from 6.28 percent. 

“May has been a better month for the mortgage market, with the last three weeks showing declining mortgage rates and increasing applications,” said Bob Broeksmit, CEO of the Mortgage Bankers Association. “Rates below 7 percent are good news for prospective buyers, and MBA expects them to continue to inch lower this summer.”

The Federal Reserve remains undecided on when or whether it will cut its key interest rate this year, which would trickle down to mortgages.

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Welcome to the charming city of Richmond, VA, where history meets modernity and southern hospitality is at its finest. With its cobblestone streets, historic architecture, and bustling arts scene, Richmond offers a unique blend of old-world charm and contemporary allure. Residents here enjoy a thriving culinary scene, picturesque parks, and a strong sense of community. Whether you’re drawn to an apartment in the downtown area of Richmond or a rental house in the peaceful suburbs, there’s something for everyone.

In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Richmond. Let’s get started and see what awaits in this historic and vibrant city.

Pros of living in Richmond, VA

1. Rich history and culture

Richmond is steeped in history and culture, offering residents a deep sense of heritage and tradition. From the historic cobblestone streets of Shockoe Bottom to the iconic Monument Avenue lined with statues of Confederate leaders, the city is a living museum of American history. The Virginia Museum of Fine Arts and the American Civil War Museum provide enriching experiences for art and history enthusiasts, while the city’s vibrant arts scene showcases local talent and creativity.

2. Outdoor recreational opportunities

With its proximity to the James River and the scenic beauty of the surrounding area, Richmond boasts an abundance of outdoor recreational opportunities. Residents can enjoy kayaking, paddleboarding, and tubing on the river, as well as hiking and mountain biking along the extensive trail system. The city’s numerous parks and green spaces, such as Maymont Park and Belle Isle, offer tranquil retreats for nature lovers and outdoor enthusiasts.

3. Culinary delights

Richmond’s culinary scene is a melting pot of flavors and influences, with a diverse array of restaurants, cafes, and food trucks to satisfy every palate. From Southern comfort food and barbecue joints to trendy farm-to-table eateries and international cuisine, the city’s dining options are as varied as they are delicious. The annual Beer, Bourbon, and BBQ Festival and Lebanese Food Festival celebrate the city’s culinary diversity, showcasing the talents of local chefs and artisans.

4. Affordable cost of living

One of the appealing aspects of living in Richmond is its relatively affordable cost of living compared to other major cities on the East Coast. The average rent for a 2 bedroom apartment in Richmond is $1,754, below the national median rent of $1,987. Housing options range from historic homes in charming neighborhoods to modern apartments in the bustling downtown areas, offering residents a variety of choices to suit their lifestyle and budget. The city’s lower overall cost of living allows for a comfortable and fulfilling life without breaking the bank.

5. Thriving arts and music scene

Richmond has a thriving arts and music scene, with a strong sense of community and creativity that permeates the city. The First Fridays Art Walk showcases the work of local artists and galleries, while live music venues like The National and The Broadberry host a diverse range of performances, from indie rock and hip-hop to jazz and blues.The annual Richmond Folk Festival showcases local musicians as well as larger national acts. The city’s support for the arts fosters a vibrant cultural landscape that enriches the lives of residents and visitors alike.

6. Access to higher education

Richmond is home to several prestigious colleges and universities, including the University of Richmond, Virginia Commonwealth University, and Virginia Union University. The presence of these institutions not only contributes to the city’s intellectual and cultural vibrancy but also provides opportunities for lifelong learning and personal growth. Residents have access to a wide range of educational and enrichment programs, as well as cultural events and lectures hosted by the local academic community.

7. Close-knit communities

Richmond is known for its close-knit communities and strong sense of neighborhood pride, fostering a welcoming and inclusive environment for residents. From the historic charm of Church Hill to the eclectic energy of Carytown, each neighborhood has its own distinct character and identity. The city’s strong community spirit is evident in the numerous local events, farmers’ markets, and neighborhood gatherings that bring people together and create a sense of belonging.

Cons of living in Richmond, VA

1. Humid climate and unpredictable weather

Richmond’s climate is characterized by hot, humid summers and mild winters, with occasional extreme weather events such as hurricanes and tropical storms. The high humidity levels can be uncomfortable for some residents, especially during the summer months, while the unpredictable weather patterns may pose challenges for outdoor activities and planning daily routines.

2. Traffic congestion and limited public transportation

Like many urban areas, Richmond experiences traffic congestion, particularly during rush hours and peak travel times. The city’s public transportation system, while improving, still has limitations in terms of coverage and frequency, making it less convenient for some residents to rely on public transit for their daily commutes. The lack of comprehensive public transportation options may contribute to traffic congestion and parking challenges in certain areas.

3. Limited job opportunities in certain industries

While Richmond has a diverse economy with a strong presence in sectors such as finance, healthcare, and government, some residents may find limited job opportunities in certain industries. The city’s job market may not be as robust in fields like technology and creative industries compared to larger metropolitan areas, which could pose challenges for individuals seeking employment in specific sectors. Major employers in Richmond include VCU Health Systems, Capital One Financial, Virginia Commonwealth University, and Dominion Energy.

4. Allergens and pollen levels

Richmond’s natural beauty and lush greenery come with a downside for allergy sufferers, as the city experiences high pollen levels during certain times of the year. Residents with allergies may find themselves affected by seasonal allergens, which can impact their overall well-being and quality of life, requiring them to take extra precautions and seek appropriate medical care.

5. Limited nightlife options

While Richmond has a vibrant arts and music scene, some residents may find the city’s nightlife options to be relatively limited compared to larger urban centers. The availability of late-night entertainment, bars, and clubs may not be as extensive as in other cities, which could be a drawback for those seeking a more robust nightlife experience.

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Have you been asking yourself, “Should I move to Madison, WI?” Known for its picturesque lakes, exciting cultural scene, and top-notch educational institutions, Madison offers a unique blend of small-town charm and big-city amenities. But is it the right move for you? In this article, we’ll explore the various aspects of life in Madison, helping you weigh the pros and cons to determine if this dynamic Midwestern city is your ideal new home. Let’s get started.

Madison at a Glance

Walk Score: 50 | Bike Score: 66 | Transit Score: 35

Median Sale Price: $425,000 | Average Rent for 1-Bedroom Apartment: $1,625

Madison neighborhoods | Houses for rent in Madison | Apartments for rent in Madison | Homes for sale in Madison

Pro: Access to beautiful lakes

Madison is surrounded by four stunning lakes, Lake Mendota, Lake Monona, Lake Waubesa, and Lake Kegonsa. This close proximity to water offers locals numerous recreational activities. Residents enjoy boating, fishing, and kayaking during the warmer months. The lakes also provide scenic views and serene spots for picnics. In winter, they transform into ice skating and ice fishing venues. This unique feature enhances the city’s charm and outdoor lifestyle.

Con: Harsh winters

One of the significant downsides of living in Madison is the harsh winter weather. The city experiences long, cold winters with heavy snowfall and frigid temperatures that can dip well below freezing. This can make daily commutes challenging and outdoor activities less enjoyable. Residents often have to invest in proper winter gear and prepare their homes and vehicles for the cold season. This can be a significant drawback for those unaccustomed to harsh winter conditions.

Pro: Access to high-quality education

Madison is home to the University of Wisconsin-Madison, a top-tier public research university. This institution offers a wide range of academic programs and has a strong reputation for research and innovation. The presence of the university also means that residents have access to various cultural and educational events, such as lectures, art exhibits, and performances. Additionally, the university’s libraries and resources are available to the public, providing a wealth of knowledge and learning opportunities.

Con: High cost of living

The cost of living in Madison is 4% higher than the national average. Housing prices, in particular, can be steep, especially in neighborhoods close to the university or downtown. Additionally, the cost of goods and services, including groceries and dining out, can be higher than the national average. This means residents may need to budget carefully to manage living expenses in this city.

Pro: Extensive biking trails

With a Bike Score of 66, Madison is known for its extensive network of biking trails. The city promotes cycling as a primary mode of transportation. Trails like the Capital City State Trail and the Southwest Commuter Path offer scenic routes for commuting and leisure. Additionally, the city’s bike-sharing program, BCycle, provides convenient access to bikes for short trips. This emphasis on cycling promotes a healthy and active lifestyle for locals and makes Madison a haven for cycling enthusiasts.

Con: Limited public transportation

While Madison does have a public transportation system, it’s not as extensive or efficient as those found in larger metropolitan areas. The bus routes can be limited, and service frequency may not be convenient for all residents, particularly those living in more suburban or outlying areas. This can make it challenging for individuals without a car to navigate the city and access essential services and amenities.

Pro: Thriving farmers’ markets

Madison hosts one of the largest producers-only farmers’ markets in the nation. The Dane County Farmers’ Market offers fresh, local produce and artisanal goods. It’s a community hub where residents gather weekly. The market supports local farmers and promotes sustainable living. It’s a beloved tradition that enhances the city’s local culture.

Con: Limited nightlife options

While Madison has a variety of bars and entertainment venues, its nightlife options can be somewhat limited compared to larger cities. The city’s smaller size means fewer options for live music, theater, and other late-night entertainment. This can be a significant drawback for those seeking a more vibrant nightlife scene.

Pro: Rich cultural scene

Madison offers a rich cultural scene with a variety of museums, theaters, and art galleries. The Overture Center for the Arts hosts Broadway shows, concerts, and other performances, while the Chazen Museum of Art features an impressive collection of visual art. The city also has a dynamic music scene, with numerous live music venues and annual events like the Madison World Music Festival. These provide locals with ample opportunities to enjoy and participate in the arts.

Con: Seasonal allergies

Madison’s lush environment can be challenging for those with seasonal allergies. Pollen levels can be high during spring and summer. This can cause discomfort and health issues for allergy sufferers. Managing symptoms sometimes requires medication and lifestyle adjustments for some. This can be a significant drawback for some individuals.

Madison is known for its strong sense of community and civic engagement. Residents are often involved in local events, volunteer opportunities, and neighborhood associations. The city hosts numerous festivals and community gatherings throughout the year, such as the Wisconsin Film Festival and the Great Taste of the Midwest beer festival. This sense of camaraderie and active participation helps foster a welcoming and inclusive atmosphere

Source: rent.com

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Homeownership is possible with bad credit home loans

The range of home loans for bad credit available today often surprises buyers.

Many lenders will issue government-backed FHA and VA loans to borrowers with credit scores starting at 580. Some lenders even offer FHA loans with a credit score as low as 500, though this is far less common.

With a credit score above 600, your options open up even more. Conventional mortgages require only a 620 score to qualify. And with a credit score of 680 or higher, you could apply for just about any home loan.

Verify your home loan eligibility. Start here

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Can I buy a house with bad credit?

Yes, you can buy a house with bad credit. While getting approved for a home loan with bad credit is challenging, it’s not impossible.

Check your home loan options. Start here

Across the industry, the lowest possible credit score to get a mortgage loan is 500. However, it’s important to note that mortgage lenders willing to accommodate such low scores are few and far between.

Additionally, these lenders usually charge higher interest rates to offset the risk associated with lending to borrowers with poor credit histories.

What do mortgage lenders consider a bad credit score?

The definition of a bad credit score varies between mortgage lenders. But, as a rule of thumb, the FICO scoring model considers scores below 580 to be “poor” or “bad.” If you’re looking for a mortgage with a credit score below 620, it may be considered a “low credit mortgage.”

Verify your home loan eligibility. Start here

FICO credit score ranges:

  • Below 580: Bad credit
  • 580 to 669: Fair credit
  • 670 to 739: Good credit
  • 740 or above: Excellent credit

Still, some home buyers can qualify for a home loan with a FICO score as low as 500, depending on the loan program.

Home loans for bad credit

Home buyers seeking bad credit home loans have multiple programs to choose from. Yet, the FHA loan stands out as the most common mortgage option for those with poor credit histories.

When comparing home loans for bad credit, evaluate the loan terms, interest rates, and monthly payments to determine which suits your personal finances best.

Verify your home loan eligibility. Start here

Although each loan program and lender has its own unique credit score requirements and minimum down payments, here’s what you can generally expect to see:

FHA loan: 500 credit score

An FHA mortgage is a government-backed loan guaranteed by the Federal Housing Administration. This is why they’re a good option for borrowers with bad credit. You can qualify for an FHA loan with a low credit score of 500 and a 10% down payment, or 3.5% down if your FICO is 580 or above.

  • FHA loans accept applicants with credit scores as low as 500.
  • Applicants with scores between 500 and 579 need a 10% down payment.
  • Borrowers with low or bad credit may pay higher mortgage interest rates, but FHA loan rate increases are typically lower than conventional loans.
  • An upfront and annual mortgage insurance premium (MIP) is required, which adds to the loan’s overall cost.

Another appealing quality is that, unlike conventional loans, FHA-backed mortgages don’t carry risk-based pricing. This is also known as “loan-level pricing adjustments” (LLPAs). Risk-based pricing is a fee added to loan applications with lower credit scores or other less-than-ideal traits.

Check your FHA loan eligibility. Start here

FHA loans are a strong option if you’re seeking home loans with bad credit. This type of mortgage offers lenient qualifying credit requirements and no risk-based pricing adjustments.

Non-qualified mortgage (Non-QM): 500 credit score

Non-QM loans offer a more flexible lending criteria for those who do not meet the strict qualifications of conventional mortgages, with some available to borrowers with credit scores as low as 500.

  • Tailored for applicants unable to qualify for mainstream home loans.
  • Usually charge higher interest rates compared to other types of loans.

For individuals with bad credit, non-QM loans provide an alternative path to homeownership, albeit with potentially higher costs.

Check your bad credit home loan options. Start here

If you’re interested in a non-QM loan, check out the specialty mortgage programs some banks and credit unions offer that are neither conventional loans nor government-backed. Or, work with a mortgage broker who can recommend products from various lenders that might fit your needs.

VA loan: 580 credit score

The Department of Veterans Affairs offers VA loans to veterans, active-duty service members, and some military-affiliated borrowers. VA loans do not require a down payment or ongoing mortgage insurance payments.

  • VA loans do not have a minimum credit score, but lenders typically prefer a minimum of 580 to 620.
  • Borrowers with lower credit scores get rates comparable to those with higher credit scores.
  • VA loans are renowned for offering the lowest interest rates available.
  • A one-time funding fee is included, which most borrowers roll into their closing costs.

Verify your VA loan eligibility. Start here

VA loans are among the best options for financing a home for those who qualify, regardless of credit history.

Conventional loan: 620 credit score

Conventional loans are arguably the most common type of mortgage. Borrowers with low credit scores may wish to consider alternative options because a conventional loan would most likely have higher interest rates and fees.

  • A minimum credit score of 620 is generally required.
  • Loan-level price adjustments (LLPAs) are based on credit score and loan-to-value ratio (LTV).
  • Private mortgage insurance (PMI) is required for down payments of less than 20% of the home purchase price.

As your LTV rises and your credit score falls, your fee goes up. For instance, a borrower with a 20% down payment and a 700 credit score will pay 1.25% of the loan amount in LLPAs. But an applicant with a 640 score and 10% down will be charged a fee of 2.75%.

Verify your conventional loan eligibility. Start here

Still, despite the higher costs associated with lower credit scores, conventional loans remain a viable option for many, with FHA loans often presenting a more cost-effective route for bad-credit borrowers.

Fannie Mae HomeReady: 620 credit score

The HomeReady program by Fannie Mae offers an avenue for low- to moderate-income borrowers to secure financing with just a 3% down payment.

  • A minimum credit score of 620.
  • Available to both first-time and repeat home buyers.
  • Offers reduced rates for private mortgage insurance compared to standard conventional loans.

Verify your HomeReady eligibility. Start here

HomeReady is an excellent program for those looking to finance homes in low-income communities.

Freddie Mac Home Possible: 660 credit score

Freddie Mac’s first-time home buyer program, Home Possible, can help buyers get into homes with a 3% down payment.

  • Minimum credit score of 660
  • Must be a first-time home buyer
  • Down payment assistance programs are available for those unable to save the required down payment.

Verify your Home Possible eligibility. Start here

This loan program is particularly well suited for first-time home buyers with moderate credit.

USDA loan: 640 credit score

USDA loans are popular with home buyers in qualifying rural areas because they offer zero-down payment options and competitive mortgage rates.

  • Applicants need a minimum 640 credit score to qualify.
  • The property must be situated in a designated rural area.
  • Household income cannot exceed 115% of the area median income (AMI).
  • Whether you’re purchasing a home or refinancing your current mortgage with a USDA loan, you’ll pay a 1% upfront guarantee fee and a 0.35% annual fee.

Verify your USDA loan eligibility. Start here

A USDA mortgage is a government-backed loan guaranteed by the U.S. Department of Agriculture. This is why USDA loans are a great option for people looking to buy real estate in a rural area because they have flexible credit requirements and require no down payment.

Bad credit mortgage lenders

A less-than-perfect FICO score doesn’t mean you’re confined to dealing with subpar mortgage lenders. Surprisingly, some top-tier lenders specialize in assisting borrowers whose credit scores hover around or even dip below 600.

While it’s true that qualification may not be possible for everyone and your interest rate might be above what a “prime” mortgage borrower would receive, you have just as much right to seek out the best mortgage rates, fees, and customer service. Don’t let your credit score deter you from exploring all available options.

For comprehensive advice on finding the right lender for your situation, check out our guide to the best bad credit mortgage lenders. This resource lists the top lenders specifically catering to bad credit home loans, helping you make an informed decision that aligns with your needs.

How to get a home loan for bad credit

Improving your chances of getting a bad credit home loan may seem daunting, but there are strategies to boost your loan approval odds. As you begin the loan application process, mortgage underwriters will review your entire financial history. If your credit is low but the rest of your financial picture looks good, you’re more likely to get approved.

Check your home loan options. Start here

By following these proven steps, you can significantly improve your appeal to lenders and streamline your home buying process.

Check your free credit report for accuracy

The three major credit bureaus (Experian, Equifax, and TransUnion) make mistakes sometimes. Your creditors can report inaccurate information to the credit bureaus, too. Monitor your credit history to notice errors before they lower your score. The government has set up a website where you can check your credit accounts free: annualcreditreport.com

Dispute inaccurate information

If you do find inaccurate information in your credit history, be sure to file a dispute, especially if the errors include huge blemishes like foreclosures, repossessions, or collections accounts.

Collections accounts can linger on your credit reports for years. They can negatively impact your financial standing even after they’re paid, as paying off a collection upgrades its status to “Paid” but doesn’t remove it from your report.

Negotiating for its complete removal, known as “Pay for Delete,” by contacting the collection agency and offering payment in exchange for deletion from your credit report is a game-changer. Always ensure this agreement is in writing before making any payments, effectively erasing the financial mishap and potentially boosting your credit score.

Get mortgage loan preapproval

Securing mortgage preapproval is a pivotal step for buyers with bad credit. It not only clarifies your budget but also boosts your appeal to sellers. The preapproval process can also pinpoint where to improve your credit so be honest about your finances when seeking preapproval; lenders may suggest programs for credit issues.

Lower your DTI and credit utilization ratios

Lenders evaluate your debt-to-income ratio, or DTI, to determine if you can afford a new monthly mortgage payment. Reducing existing debts before submitting a mortgage application can make qualifying for a home loan easier.

Similarly, paying down credit card debt and personal loan balances also lowers your credit utilization ratio. Credit utilization measures your debt balance against your credit limit. For instance, a $7,000 balance on a $10,000 credit limit results in a 70% ratio, which is considered high. Aiming for a utilization ratio of 30% or lower can significantly boost your credit score.

Improve your payment history

Missed and late payments will lower your FICO score. Be sure to make on-time payments on all your loans and credit cards. It’s a good idea to set your accounts on autopay.

Consider a co-signer

If you’re unable to qualify for a mortgage due to a low credit score, you might want to consider bringing a co-signer into the equation. A co-signer essentially vouches for you, making lenders more comfortable with extending credit your way. In essence, you’re leveraging another person’s higher credit score and financial stability to boost your chances of securing that loan.

That said, it’s crucial to understand the responsibilities and implications for both parties involved. The co-signer’s credit score will be affected, for better or worse, by the loan’s performance. Lenders might also average your credit scores, depending on their specific policies, which can make the loan more attainable. Nevertheless, your interest rates will often be based on the lower of the two scores, meaning you may pay a bit more over the life of the loan.

Avoid unnecessary hard pulls

First things first: not all credit checks are detrimental to your credit score. Soft inquiries, such as those conducted for background checks, don’t affect your score.

However, hard inquiries, like the ones made when you apply for a new credit card or a loan, can lower your score a bit. Each hard pull can reduce your credit score by a few points. So always check whether the creditor will be performing a hard or soft pull on your credit report.

Leverage home equity

For homeowners who are unable to cash-out refinance due to bad credit, a home equity line of credit (HELOC) may be a solution. A HELOC allows access to funds based on the equity built in the home. By tapping into home equity through a HELOC, individuals bypass the strict credit requirements of conventional cash-out refinancing.

This approach can unlock cash for renovations, debt consolidation, or other financial needs, even when a poor credit score would typically close doors to such opportunities.

FAQ: Home loans for bad credit

Check your home loans for bad credit options. Start here

What is the lowest credit score to buy a house?

The lowest credit score typically required to buy a house is 500 with an FHA loan, which requires the borrower to make a 10% down payment. For credit scores of 580 or higher, a 3.5% down payment is sufficient. Conventional loans typically require a minimum credit score of around 620.

Can you get a mortgage with very bad credit?

Yes, it’s possible to secure a mortgage with bad credit, especially through government-backed loans designed to assist borrowers in this situation. Some lenders also offer home loans for bad credit, which are designed to assist potential homeowners with lower credit scores. These loan programs may offer other benefits, such as lower minimum down payments or no down payment requirements at all.

Which mortgage lender is best for bad credit?

Different mortgage lenders will view your application differently, so it’s important to shop around when you have bad credit. Online mortgage lenders have opened up more choices for many low-credit-score borrowers. Make sure to work with someone who has a Nationwide Mortgage Licensing System (NMLS) license.

How are mortgage lenders able to offer home loans for bad credit?

Unlike personal loans and student loans, mortgages are secured loans. The security comes from the value of your home, which your lender could repossess if you default. FHA, VA, and USDA loans have an additional level of protection: backing from the federal government. That’s why you could still get an FHA loan, for example, even with a credit score below 580, which most lenders consider subprime lending.

Can I get a home loan with a 500 credit score?

It is possible to find an FHA lender willing to approve a credit score as low as 500. You may also be able to find a non-QM (non-conforming) conventional lender with a 500 credit score minimum. But you won’t have many choices and must be prepared to make a larger down payment. It will also help if you have fewer other debts compared to your monthly income.

Check your eligibility for a bad credit home loan

It’s possible to buy a house with bad credit.

You’ll likely pay a higher mortgage rate, but you could get on the homeownership ladder now and start building equity. And you can always refinance to a lower rate later once your credit improves.

Want to find out whether you qualify for one of the many home loans for bad credit? Consulting with a mortgage loan officer about your options is free and will help you determine which bad credit mortgage program is best for you.

Time to make a move? Let us find the right mortgage for you

Source: themortgagereports.com

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Located in the heart of the Midwest, Des Moines offers a unique blend of urban excitement and small-town charm. Known for its exciting arts scene, lush parks, and friendly neighborhoods, living in Des Moines means enjoying a community that values both culture and nature. Whether you’re exploring the bustling downtown area or taking a peaceful stroll along the Des Moines River, there’s always something to discover. So, if you’ve been asking yourself, “Should I move to Des Moines, IA?” you’re in the right place. In this article, we’ll explore the pros and cons of life in Des Moines to help you decide if it’s the perfect spot for your next adventure. Let’s go.

Des Moines at a Glance

Walk Score: 45 | Bike Score: 39 | Transit Score: 30

Median Sale Price: $210,000 | Average Rent for 1-Bedroom Apartment: $1,120

Des Moines neighborhoods | Houses for rent in Des Moines | Apartments for rent in Des Moines | Homes for sale in Des Moines

Pro: Affordable cost of living

One of the standout features of Des Moines is its affordable cost of living. The cost of living in Des Moines is 12% lower than the national average. Additionally, the median home sale price is about $200,000 less than the national average. Utilities, groceries, and healthcare costs are also relatively low. This affordability allows residents to enjoy a higher quality of life without the financial strain found in more expensive cities.

Con: Limited public transportation

With a Transit Score of 30, Des Moines doesn’t have an extensive public transit system. While Des Moines offers some public transportation options, they are relatively limited compared to larger metropolitan areas. The bus system, DART, covers the city but may not be as convenient for those living in suburban areas. This often necessitates owning a car, which can be a drawback for those who prefer or rely on public transit. Additionally, the lack of extensive public transportation can make commuting more challenging.

Pro: Exciting cultural attractions

Des Moines offers a rich array of cultural attractions, including the Des Moines Art Center and the Science Center of Iowa. The city also hosts the annual Des Moines Arts Festival, which attracts artists and visitors from all over the country. These cultural amenities provide residents with numerous opportunities for enrichment and entertainment, making the city a lively place to live.

Con: Harsh winters

Des Moines experiences harsh winters with heavy snowfall and freezing temperatures. The winter cold can last several months, making it difficult for those unaccustomed to cold weather. Snow removal can be a constant chore, and icy roads can make driving hazardous. These conditions can be a significant drawback for those who prefer milder climates.

Pro: Outdoor recreation opportunities

Des Moines offers numerous opportunities for outdoor recreation, with over 75 parks and numerous trails. Gray’s Lake Park and the High Trestle Trail are popular spots for walking, biking, and picnicking. The city’s commitment to green spaces provides locals with ample opportunities to enjoy nature and stay active. These outdoor amenities promote a healthy and active lifestyle for people living in the area.

For those who enjoy high-end shopping, Des Moines may feel somewhat lacking. While there are shopping centers like Jordan Creek Town Center, the options for luxury brands and designer stores are limited. Residents often have to travel to larger cities for a more extensive shopping experience. This can be a drawback for fashion enthusiasts and those who enjoy upscale retail therapy.

Des Moines is known for its strong sense of community and friendly residents. Neighborhoods often host events and gatherings, fostering a close-knit atmosphere. The city’s numerous community organizations and volunteer opportunities make it easy for residents to get involved. This sense of belonging and community support is a significant advantage of living in Des Moines.

Con: International air travel limitations

While Des Moines International Airport offers several domestic flights, it has limited international options. This can be inconvenient for frequent travelers or those who need to travel abroad for work or leisure. Residents often have to connect through larger airports, adding time and complexity to their travel plans. This limitation can be a drawback for those who prioritize easy access to global destinations.

Pro: Growing food scene

Des Moines has a burgeoning food scene with a variety of restaurants offering diverse cuisines. From farm-to-table eateries to international fare, the city’s culinary landscape is expanding. The Downtown Farmers’ Market is a popular spot for fresh, local produce and artisanal goods. This growing food scene provides locals with numerous dining options and culinary experiences.

Con: Limited entertainment options

While Des Moines offers some entertainment options, such as theaters and music venues, they are not as abundant as in larger cities. The variety of concerts, shows, and events can be limited, which may not satisfy those seeking constant entertainment. Residents may find themselves traveling to nearby cities for a broader range of activities. This can be a downside for those who thrive on a bustling entertainment scene.

Source: rent.com

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Facts: The 30-year fixed mortgage rate from Freddie Mac averaged 6.94% over the last week. At this rate, with 20% down, a mortgage payment on the median-priced $433,500 new home is $2,293, and $407,600 on an existing home is $2,156.

Positive: Mortgage rates eased and are now below 7%. This helps buyer affordability; even at higher rates, first-time buyers rose last month. Sellers still have a favorable market with an average of 3.2 offers and 27% of homes selling above list price.

Negative: Rates and housing affordability are the killjoys of the spring market. New and existing home sales are both down. Is this a housing market only for the wealthy? 28% of buyers last month paid with cash and did not care about mortgage rates, and the largest annual growth in existing-home sales was over $1 million.

Source: nar.realtor

Apache is functioning normally

A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period.

The study, released late last year, examined three core elements of HECM program effectiveness between 2000 and 2020. It was conducted by analytics firm SP Group LLC and its subcontractor Econometrica Inc.

RMD already examined the study’s section on various HECM policy implementations during that time, but the report also included a detailed section on the program’s impact on borrowers during these two decades.

Borrowers tend to be younger, single seniors

As stated by actor Tom Selleck in a commercial for American Advisors Group (AAG) in 2019, the reverse mortgage program has served “over a million Americans.” The study’s section on borrower characteristics reinforces the figure, detailing that the Federal Housing Administration (FHA) endorsed 1.1 million HECM loans between Oct. 1, 1999, and Sept. 30, 2020.

By using HUD administrative data from these loans, the researchers compiled “some fundamental characteristics and trends of the HECM borrower population during this period,” including age-related data showing that those on the younger end of the qualifying spectrum made up the bulk of borrowers.

“[I]n general, the age distribution of the HECM portfolio is skewed toward the younger end of the senior age range, with 45 percent of HECM borrowers aged 62 to 70,” the report said. “Females (68 percent) tend to use the HECM program at more than twice the rate as males (32 percent), which is a much higher ratio of females to males than in the general senior population.”

Additionally, roughly 60% of HECM borrowers live alone in single-person households, with a similar share of borrowers being unmarried. This constitutes “a much higher percentage than the unmarried population in the general senior population,” the study notes, and the vast majority of borrowers are also white.

Race, ethnicity and financial status

The report goes on to state that 84% of HECM borrowers were white, 14% were Black and 2% were of another race. Whites comprised the largest portion of HECM borrowers during this 20-year period, ”consistent with their predominance in the general population during this time.”

The largest share of non-white reverse mortgage borrowers during the period were Black, while only about 6% of borrowers identified as Hispanic or Latino. That figure “is below the share represented in the general population of seniors,” the study reads. “Non-Hispanic and non-Latino borrowers vastly outnumbered Hispanic and Latino borrowers in all years the 20-year period of this study covers.”

Unsurprisingly, the report labels most HECM borrowers as “house rich and income poor.” It utilized U.S. Census Bureau data to estimate the median income for the senior population living in a one-person household at $30,000 in 2019 dollars. Researchers added the income of HECM borrowers annually to provide a point of comparison between actual borrowers and average figures.

“Although two-thirds of HECM borrowers had annual incomes below the $30,000 benchmark, most of the borrowers in the program had sufficient equity in their homes along with home values higher than average for the general senior population,” the report said.

Data indicated that 43% of HECM borrowers had homes valued at $300,000 or more in 2019 dollars, which helps to illustrate that the program helped to provide “extra income security to borrowers who are ‘house rich and income poor,’” the report said. “In addition, a high proportion of borrowers draw down large amounts of their HECM line of credit within the first month.”

Uses of proceeds

In 2011, HUD began asking borrowers how they planned to use their loan proceeds by adding a new section to the HECM loan application, so the data is incomplete for the full examination period.

Since 2011, roughly half of all borrowers chose only one reason, while the other half selected multiple reasons. Most of the borrowers who chose one reason (53%) selected “additional income” as their reason for obtaining the loan.

“This finding is in line with the HECM program goal of providing seniors the ability to turn their home equity into supplemental income,” the report said.

One-third of all borrowers since 2011 said they intended to use the proceeds to pay off an existing property lien, but the researchers argue there is not a lot of distinction between this reason and the “additional income” selection.

That’s because “extinguishing existing forward liens with HECM proceeds is a mandatory program requirement,” the study explained. “For those borrowers whose forward mortgage is extinguished and converted into a reverse mortgage, the HECM loan provides relief from forward mortgage payments, and the net equity proceeds provide a source of ‘additional income.’”

The third most common use of HECM proceeds was for “leisure activities,” the study said, with 11% of borrowers indicating this as their chief reason for obtaining the loan. Curiously, this response was largely concentrated within a specific time period.

“The bulk of responses indicating leisure as the primary reason were concentrated in the years 2016 and 2017,” the study said. “It is unclear if this response was due to a change in borrower preferences or an alteration in how the data were collected during those years.”

These years came shortly after revised non-borrowing spouse provisions went into effect for the HECM program but before it would feel the impacts of a reduction in principal limit factors and the implementation of a requirement that could lead to a second property appraisal.

Source: housingwire.com

Apache is functioning normally

Broker Products; Legal Thoughts on Dual Licensing; Agency and Investor News; Interview With Tour de France Rider

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Broker Products; Legal Thoughts on Dual Licensing; Agency and Investor News; Interview With Tour de France Rider


Fri, May 24 2024, 11:57 AM

“Abandon all hope ye who enter here.” (Dante’s words, not Disney’s.) That could be the slogan of Times Square, but for those who just spent days at the Secondary conference in Times Square, trying to avoid everything in Times Square, you can look forward to the same event at the same place in the same hotel next year, May 18-21, 2025. Manhattan has so, so much more to offer. In a year, will groups still be discussing Attorney Opinion Letters, offering a savings on refis and new construction for Agency loans? What about LOs coming real estate agents, and vice versa? (For lenders considering that, given the NAR lawsuit that isn’t 100 percent settled yet, Attorney Brian Levy addresses dual licensing in “Double Dipping and Conflicts of Interest” and “Employee or a Duck?”.) Found here, this week’s podcasts are Sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. Today’s has an interview with Tour de France cyclist Joe Dombrowski on his transition from an athletic career to one in (potentially) residential lending.

Broker Products

Calling all mortgage brokers! Kind Lending is pumped to announce the return of VIBE 2024 – Very Important Broker Exchange, the ultimate “Growth Mindset” event designed to supercharge your success! VIBE is the only growth mindset event of its KIND within the Mortgage industry with a one-of-a-KIND speaker lineup. Don’t miss out on hearing and learning from industry-shaking speakers, Glenn Stearns, Grant Cardone, Barry Habib, and more to be announced! Join us at the Pearl Theater located at the beautiful Palms Casino Resort in Las Vegas, NV on Friday, 10/18. Registration and Sponsorship packages are open and ready for the taking! Visit www.kind-vibe.com to learn more, catch up on VIBE 2023, and/or reserve your spot at this one-day, growth mindset event! We look forward to vibin’ with you in October at the entertainment capital of the world!

“Rocket Pro TPO continues to deliver valuable training opportunities! Earlier in May, a new Pro Performance Sales Training was held for partners and featured insights from three mortgage industry experts. Attendees learned how to convert social media engagement into leads, close more loans by meeting clients at the right time and place on social media, and provide ongoing value to clients even after they’ve bought a home. The training also offered tips on using analytics to target messaging with confidence. Now, this exclusive training is available to everyone: catch the replay here. Additionally, mark your calendars for IGNITE Live on July 9th, 2024, hosted by Mike Fawaz, EVP of Rocket Pro TPO. This event will cover industry discussions, current trends, and offer insights on staying ahead in the current market. Don’t miss this opportunity. Contact Rocket Pro TPO today to explore partnership opportunities that can benefit both your clients and your business.”

Agency and Investor, Correspondent and Broker News

Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on the mission of the Federal Home Loan Bank (FHLBank) System as the Agency considers next steps for related rulemakings. The RFI provides an opportunity for the public to provide feedback on a core recommendation of FHFA’s Federal Home Loan Bank System at 100: Focusing on the Future report. Recognizing the importance of government-sponsored enterprises serving a clear public purpose, the report recommends clarifying the mission of the FHLBank System and updating how the Agency evaluates the FHLBanks’ achievement of that mission.

FHA published ML 2024-09 amending FHA’s eligibility requirements to remove the home office geographic address from data that must be the same in both the Lender Electronic Assessment Portal (LEAP) and SAM.gov. This change will streamline data reporting and support lender compliance by reducing potential contradictory information between the LEAP and SAM.gov platforms.

The Appraiser Quality Monitoring (AQM) list is moving to Fannie Mae Connect™. You can find it and over 80 other reports using the app’s search feature. The list will continue to be available on the AQM webpage through July 30, 2024, after which Fannie Mae Connect will be required for viewing.

Fannie Mae issued Selling Notice, Area median incomes (AMIs) will be implemented in Desktop Underwriter® (DU®) and HomeReady® application programming interfaces (APIs), Loan Delivery, and the Area Median Income Lookup Tool effective May 19. The AMIs will continue to be applied in DU based on the casefile create date, while the Application Received Date provided in Loan Delivery will be used to determine which AMI limit to use when evaluating eligibility for the loan-level price adjustment (LLPA) waiver.

Discussed in Pennymac announcement 24-48, Fannie Mae and Freddie Mac have both issued recent clarifications on how seller-paid real estate agent commissions are treated in light of recent settlements and ongoing litigation involving the National Association of Realtors (NAR).

Fannie Mae and Freddie Mac announced the 2024 Area Median Income (AMI) limits with an effective date of May 19, 2024. Pennymac is aligning with these change, view Pennymac announcement 24-49.

At the direction of FHFA, Fannie Mae and Freddie Mac have updated their Selling Guides to provide more specificity regarding lender responsibilities to ensure that properties are covered by adequate insurance. Pennymac Announcement 24-50: Property Insurance Sufficiency provides additional information.

United Wholesale Mortgage (UWM) announced 0 percent Down Purchase, a program aimed to help more borrowers become homeowners without an upfront down payment. This UWM-exclusive program allows qualified borrowers to receive a 3 percent down payment assistance loan up to $15,000 from UWM. This loan will not accrue interest and will not require a monthly payment. Contact UWM for borrower requirements.

PHH Mortgage updated Government UPB LLPAs and Spec Adjustments to allow for more accurate pricing.

Capital Markets

On the heels of the latest Federal Open Market Committee meeting minutes from Wednesday, which unsurprisingly showing that FOMC voters feel they need to see more evidence of disinflation before considering any interest rate cuts, markets yesterday finally received some data from this week to crunch on.

New-home sales disappointed, dropping 4.7 percent in April after an above-average print in March. The pullback was a bit sharper than anticipated but can largely be explained by early April’s move higher in mortgage rates. And speaking of mortgage rates, 30-year fixed mortgage rates fell below 7 percent for the first time since that early April rise, according to Freddie Mac’s Primary Mortgage Market Survey. Separately, initial jobless claims dropped again.

New home sales declining means both new and existing home sales are now trending in negative directions. While rising inventory levels in the resale market are a factor weighing on new sales, existing home sales (a much larger portion of the market) have been in a downward trend since hitting a six-year peak at the end of 2020.

Existing home sales are currently running at just 79 percent of the millennium-to-date sales average. This is partly due to the majority of American homeowners being locked into their homes from record low mortgage rates as a result of QE4. Two cheers for Jerome and his efforts that will keep tens of millions of homes off the market for years to come. As far as new home sales slacking, single-family home building has been lacking since 2008.

U.S. business activity grew the most in two years in early May, evidenced by flash Manufacturing and Services PMI readings for the U.S. showing accelerating growth. The reports invited some speculation that the Fed could hold off on its initial rate cut, with pricing for a September cut now a coin-toss. If you recall, the minutes from the FOMC’s May 1st decision showed “many” Fed officials questioning whether policy was restrictive enough. Some even mentioned a willingness to tighten further if needed.

Fed speakers, of which there seem to be far too many, have stuck to the script since that meeting, cautioning investors that they will need to see more evidence of disinflation before any rate cuts are appropriate. If you don’t agree with the “too much Fed speak” sentiment, look no further than this week’s Atlanta Fed Financial Markets Conference. Atlanta Fed President Raphael Bostic has taken the stage on six different occasions, and there were eight other Fed speakers issuing remarks for public dissemination.

Today’s economic calendar is under way with durable goods orders for April at +.7 percent! Expectations were for a decline of 1.0 percent month-over-month versus a 0.9 percent increase previously. Later today brings remarks from Fed Governor Waller, and final May Michigan sentiment. Pay attention to the 1-year and 5-to-10-year inflation expectation components of the Michigan figures, which the Fed places an emphasis on when it comes to the central bank’s theory of what causes inflation. It hasn’t been pretty lately: The 1-year index has risen three releases in a row to 3.5 percent, while the 5–10-year index has also increased over the past three releases to 3.1 percent and has weighed on market hopes for rate cuts this year.

Things stop trading at 2PM ET, 8AM HT, per SIFMA’s recommendation ahead of the Memorial Day holiday. We begin the day with Agency MBS prices unchanged from Thursday’s close, the 10-year yielding 4.49 after closing yesterday at 4.48 percent, and the 2-year little change at 4.94.


“Dreaming of a better way to run your business? We’re on a mission to empower independent mortgage banks like yours to reach new heights of success. As part of the Homestead Funding team, you’ll maintain your independence so you can focus on production. We provide cutting-edge tools, technology, and executive support to help you thrive without the burdens of regulations or compliance. Our extensive product line is constantly evolving to meet market demands, ensuring you have the programs and financing solutions to successfully assist diverse clients. Plus, our dedicated marketing team is here to amplify your visibility and attract new leads through print and digital campaigns. Since 1995, we’ve been inspiring professionals like you to thrive. Our force in the industry has proven that growth doesn’t mean sacrificing independence. Contact Dave Stagnitti to learn how you can accelerate your career with Homestead Funding, 518-390-5960.”

A 49-state licensed mortgage lender with a large servicing and strong capital base, seeking to expand retail footprint by partnering with large production teams or regional mortgage banks interested in a capital partnership. The goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. By partnering with us, you can utilize our mature systems to add loan officers and scale your operations across the US. If you are a strong retail loan origination team feeling constrained by layers of management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious inquiries can email Chrisman LLC’s Anjelica Nixt.

“Evergreen Home Loans™, a leader in the Western U.S. mortgage industry, is proud to announce its fourth consecutive recognition at the Puget Sound Business Journal’s Corporate Philanthropy Awards 2024. This accolade underlines our steadfast commitment to community engagement and philanthropy, a core aspect of our corporate culture that attracts passionate professionals dedicated to making a difference. Located across Arizona, California, Idaho, Montana, Nevada, Oregon, and Washington, Evergreen is continually looking for talented individuals eager to advance their careers in a supportive and dynamic environment. Join us in our mission to provide affordable home financing solutions and make a meaningful impact in our communities. Explore opportunities at Evergreen Careers.”

Canopy Mortgage is attracting producing loan officers across the Nation and remains profitable as we move into the summer! How many national lenders can say that they’ve made it to profitability this year? Not many. Canopy Mortgage is forging ahead with significant momentum and looking for branch managers to be part of their success story as they continue to innovate and empower LO’s with highly efficient tech that’s driving down the cost to fund a loan. Looking for a better way to run your business? Contact Josh Neumarker at 888-696-9076 for more information or to schedule a one of a kind Tech-Demo to see where the magic happens.

Nations Lending notched another win. Mortgage Executive Magazine has ranked Nations as one of the top 40 mortgage companies in the country. CEO Jeremy Sopko cited the recognition as proof of the company’s commitment to customer experience and industry innovation. The philosophy of Home Loans Made Human® has led to the continued success of Nations. This recent accolade comes on the heels of Scotsman Guide naming several of their originators in the top 5 percent nationally. Nations hosted its Presidents Club Awards to celebrate many of these top producers. The event also honored and recognized the contributions of non-producing support staff. Nations Lending President Bill Osborne summed up the spirit of the event. “It’s our way to show how thankful we are to everyone that makes this company great.”

“This lender landscape demands both speed and adaptability, which is why Sierra Pacific Mortgage (SPM) is rolling out AI within our proprietary origination system, ExpressLoan™, that provides precise and comprehensive guidance tailored to a borrower’s needs in a matter of seconds. No more wasting time sifting through underwriting guidelines to qualify potential loan scenarios! Hey Sierra is designed to fill the gaps in the mortgage industry, giving both tech-savvy newcomers and seasoned professionals an equal opportunity to work smarter, not harder. Whether you’re looking for FHA, VA, Conventional, or other loan product guidelines, Hey Sierra is the tool you turn to if you want to become a more efficient and effective loan originator. Ready to work with a lender who equips their originators with the cutting-edge technology they need to serve more clients and grow their business? Connect with a member of our Sales Leadership Team today.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Inside: Learn $75000 a year is how much an hour. Plus find a 75k salary budget to live the lifestyle you want.

You want to know to look into this… 75k salary is a good hourly wage when you think about it.

When you get a job and you are making about $16 an hour, making over $75,000 a year seems like it would provide amazing opportunities for you. Right?

The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.

The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.

Obviously, $75k is above the average and median incomes; yet, most people feel like they can barely make ends meet with this higher than average salary.

But, the question remains… can you truly live off 75,000 per year in today’s society? The question you want to ask all of your friends is $75000 per year is a good salary.

In this post, we are going to dive into everything that you need to know about a $75000 salary including hourly pay and a sample budget on how to spend and save your money.

These key facts will help you with money management and learn how much per hour $75k is as well as what you make per month, weekly, and biweekly.

Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…

Can I make a living on this salary?

$75000 a year is How Much an Hour?

When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 75k a year hourly. That way you can decide whether or not the job is worthwhile for you.

75000 salary / 2080 hours = $36.06 per hour

$75000 a year is $36.06 per hour

Let’s breakdown how that 75000 salary to hourly number is calculated.

For our calculations to figure out how much is 75K salary hourly, we used the average five working days of 40 hours a week.

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $75000 by 2,080 working hours and the result is $36.06 per hour.

Just above $36 an hour.

That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.

What If I Increased My Salary?

Just an interesting note… if you were to increase your annual salary by $9K, it would increase your hourly wage by $4.32 per hour.

To break it down – 84k a year is how much an hour = $40.38

That is a huge difference in what you are able to afford! Every dollar adds up to over $40 an hour.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

How Much is $75K salary Per Month?

On average, the monthly amount would be $6,250.00.

Annual Salary of $75,000 ÷ 12 months = $6,250.00 per month

This is how much you make a month if you get paid 75000 a year.

$75k a year is how much a week?

This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $75k salary a year, how much can I expect to make at the end of the week for my effort?

Once again, the assumption is 40 hours worked.

Annual Salary of $75000/52 weeks = $1,442 per week.

$75000 a year is how much biweekly?

For this calculation, take the average weekly pay of $1,442 and double it.

$1,442 per week x 2 = $2,884

Also, the other way to calculate this is:

Annual Salary of $75000 / 26 weeks = $2,884 biweekly.

Get your biweekly budget template.

How Much Is $75K Salary Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight-hour work day.

8 hours x 52 weeks = 260 working days

Annual Salary of $75000 / 260 working days = $288 per day

If you work a 10 hour day on 208 days throughout the year, you make $360 per day.

$75000 Salary is…

$75000 Salary – Full Time Total Income
Yearly Salary (52 weeks) $75,000
Monthly Salary $6,250
Weekly Wage (40 Hours) $1,442
Bi-Weekly Salary (80 Hours) $2,884
Daily Wage (8 Hours) $288
Daily Wage (10 Hours) $360
Hourly Wage $36.06
Net Estimated Monthly Income $4,772
Net Estimated Hourly Income $27.53
**These are assumptions based on simple scenarios.

75k A Year Is How Much An Hour After Taxes

Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.

When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.

Every single tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

So, how much an hour is 75000 a year after taxes?

Gross Annual Salary: $75,000

  • Federal Taxes of 12%: $9,000
  • State Taxes of 4%: $3,000
  • Social Security and Medicare of 7.65%: $5,737

$75k Per Year After Taxes is $57,262.

This would be your net annual salary after taxes.

Hourly Wage After Taxes

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$57262 ÷ 2,080 hours = $27.53 per hour

After estimated taxes and FICA, you are netting $57,262 per year, which is $17,737 per year less than what you expect.

***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***

Taxes Based On Your State

In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.

Thus, your yearly gross $75000 income can range from $51,262 to $60,262 depending on your state income taxes.

That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $75,000 income.

How Much Is 75K A Year Hourly Salary Calculator

More than likely, your salary is not a flat 75k, here is a tool to convert salary to hourly calculator.

This is great when looking for the best jobs for moms.

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75k salary lifestyle

Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.

One of the biggest factors to consider is your cost of living.

In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $75,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower-cost area.

To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.

As we noted earlier in the post, $75,000 a year is above the median income by $15000 that you would find in the United States. Thus, you are able to live an above-average lifestyle here in America.

What a $75,000 lifestyle will buy you:

If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.

When A $75,000 Salary Will Hold you Back:

However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 75k a year is going to be pretty darn difficult.

There are two factors that will keep holding you back:

  • You must pay off debt and cut all fun spending until that happens.
  • Break the paycheck to paycheck cycle.
  • Live a lifestyle that you can afford.

It is possible to get ahead with money!

It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.

$75K a year Budget – Example

As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.

If you want to know how to manage 75k salary the best, then this is a prime example for you to compare your spending.

You can compare your budget to the ideal household budget percentages.

recommended budget percentages based on $75000 a year salary:

Category Ideal Percentages Sample Monthly Budget
Giving 10% $500
Savings 15-25% $1000
Housing 20-30% $1500
Utilities 4-7% $250
Groceries 5-12% $472
Clothing 1-4% $47
Transportation 4-10% $313
Medical 5-12% $344
Life Insurance 1% $19
Education 1-4% $47
Personal 2-7% $94
Recreation / Entertainment 3-8% $188
Debts 0% – Goal $0
Government Tax (including Income Taxes, Social Security & Medicare) 15-25% $1478
Total Gross Income $6,250
**In this budget, prioritization was given to savings, basic expenses and no debt.

Is $75,000 a year a Good Salary?

As we stated earlier if you are able to make $75,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.

You shouldn’t be questioning yourself if 75000 a good salary.

However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.

This $75k salary would be considered a middle-upper class salary. This salary is something that you can live on very comfortably.

Check: Are you in the middle class?

In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per person income (source).

The question you need to ask yourself with your 75k salary is:

  • Am I maxed at the top of my career?
  • Is there more income potential?
  • What obstacles do I face if I want to try to increase my income?

In the future years and with possible inflation, some expensive cities 75,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities that you can make a comfortable living at 75,000 per year.

If you are looking for a career change, you want to find jobs paying six figures.

Is 75k a good salary for a Single Person?

Simply put, yes.

You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.

Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $75000 per year.

And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.

Is 75k a good salary for a family?

Many of the same principles apply above on whether $75000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.

The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.

That means that amount of money is coming out of the income that you earned.

So, the question really remains is can you provide a good life for your family making $75,000 a year? This is the hardest part because each family has different choices, priorities, and values.

More or less, it comes down to two things:

  1. The location where you live in.
  2. Your lifestyle choices.

You can live comfortably as a family on this salary, but you will not be able to afford everything you want.

Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 75,000 per year, then the combined income for the household would be $150,000. Thus making your combined salary a very good income.

Learn how much money a family of 4 needs in each state.

Can you Live on $75000 Per Year?

As we outlined earlier in the post, $75,000 a year:

  • $36.06 Per Hour
  • $288-360 Per Day (depending on length of day worked)
  • $1442 Per Week
  • $2884 Per Biweekly
  • $6250 Per Month

Next up is making $80000 a year.

Like anything else in life, you get to decide how to spend, save and give your money.

That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.

In addition, if you are early in your career, starting out around 50,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $75K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.

Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.

But one of the things that can help you the most is to stick to zero based budgeting to make sure you stay on track.

Learn exactly how much do I make per year…

One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.

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Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

NEW YORK (AP) — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target.

The central bank kept its key rate at a two-decade high of roughly 5.3%, where it has been since last August.

Here’s what to know:


Credit card rates are at or near all-time peaks, and mortgage rates have more than doubled in recent years.

According to LendingTree, the average credit card interest rate in America today is 24.66%, unchanged from last month, though that rate has risen for 24 of the last 26 months.

“That isn’t likely to fall anytime soon, despite the Fed taking its foot off the gas,” said LendingTree Credit Analyst Matt Schultz. “That’s likely the unfortunate reality for the next several months.”

In the battle against credit card debt, 0% balance transfer cards “are still your best weapon,” according to Schultz, but “they’re getting harder to get and their fees are rising.”

With delinquencies and debt totals also increasing for consumers, some banks are becoming more hesitant about taking on transferred balances, he said, meaning consumers will need good credit to get approval.


Yields on savings accounts and certificates of deposit (CDs) have been hovering at high levels, thanks to the Fed’s increased interest rates, according to Ken Tumin, banking expert and founder of DepositAccounts.com. That said, “several banks have been lowering deposit rates (with the) expectation that the Fed will start cutting rates at some point this year.”

Certificate of deposit rates have been the first to fall, and a few online banks have also started lowering online savings account rates. Ally Bank dropped its rate to 4.25% from 4.35% and Discover to 4.25% from 4.30%.

Even so, most online banks held their online savings account rates steady in 2024, and several online banks still offer yields of 5.25%. The highest online yield is currently 5.55%, with the average online 1-year CD yield 4.94% as of April 1st, according to DepositAccounts.com.

Tumin notes that “brick-and-mortar bank deposit rates continue to be slow in their movement higher,” saying that while their average rates have gone up sharply in the last year, “they are still very low compared to online rates.”

The average savings account yield for all banks and credit unions, of which the vast majority are brick-and-mortar, is 0.52% as of April 24th.


The Fed doesn’t directly set mortgage rates, but it does influence them. The bond market, inflation, and other factors all contribute to the high mortgage rates currently facing consumers.

The average rate on a 30-year, fixed-rate mortgage recently rose to above 7% for the first time since November. LendingTree Senior Economist Jacob Channel notes that mortgage rates can shift even as the Fed holds its benchmark rate steady, and that consumers should consider many economic data points before deciding to take on a mortgage.

“Even in the face of relatively steep mortgage rates and high prices, now could still be a good time to buy a home,” he said. “Timing the market is virtually impossible… In that same vein, there are a lot of people who won’t be able to buy until the market becomes cheaper.”

High shelter and rent costs have contributed to steep inflation in recent months.

A Bankrate study found that renting is cheaper than buying a typical home in all 50 of the largest U.S. metro areas. As of February, the typical monthly mortgage payment on a median-priced home in the U.S. was $2,703, while the typical national monthly rent was $1,979. That’s a nearly 37% gap between the costs of renting and buying a home.

“While it would be nice if the Fed could fix everything on its own, it probably can’t, at least not without causing a great deal of weeping and gnashing of teeth,” said Channel.


While vehicle prices have steadied through late 2023 and early 2024, Bankrate Chief Financial Analyst Greg McBride predicts that high interest rates on auto loans will linger for those with weak credit profiles. Borrowers with stronger credit may see more competitive rates, but the Fed’s decision will continue to make auto loans expensive, even if vehicle prices decline. The average car loan hasn’t been this pricey since 2008.

McBride predicts five-year new car loan rates will reach an average of 7.0% and four-year used car loans, 7.5% by the end of 2024.

In the past year, borrowers have f aced especially expensive monthly payments due to high interest rates, and auto loan delinquency reached its highest rate in nearly thirty years. The average monthly car loan payment was $738 for new vehicles and $532 for used ones in the fourth quarter of 2023, according to credit reporting agency Experian.

New vehicles cost an average of $47,218 in March 2024, according to Kelley Blue Book, a price that, combined with high interest rates, pushes many buyers out of the market for new cars.


Not as quickly as it would like.

Several recent reports on prices and economic growth have undercut the Fed’s belief that inflation was steadily easing.

“Inflation has shown a lack of further progress toward our 2% objective,” said Chair Jerome Powell.

While inflation has cooled from a peak of 7.1% to 2.7%, average prices remain well above pre-pandemic levels, and the costs of services continue to grow — including for rents, health care, restaurant meals, and auto insurance.


“The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.”

Source: apnews.com