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Apache is functioning normally

September 26, 2023 by Brett Tams
Apache is functioning normally

By the end of 2022, 27 million Americans had an outstanding personal loan balance with the average amount owed being $11,116. The interest rates of these loans are also the highest they’ve been since 2011 at 11.23 percent.

Sources: TransUnion and the St. Louis Federal Reserve

As of the second quarter in 2022, Americans owed over $192 billion in personal loans, according to TransUnion®.  This was a 31% increase from 2021 and is thought to be due to the financial hardships Americans experienced during the COVID pandemic that overwhelmed the nation in 2020.

If you’re one of the many Americans who took out a personal loan in early 2022, the good news is that interest rates were very low, according to the St. Louis Federal Reserve. Since then, rates have reached new highs, so many Americans are struggling to pay back these loans.

Understanding the current trends in personal loans can help you see where you stand financially. We’ve gathered 10 personal loan statistics that include the most common reasons people take out personal loans, delinquency rates and which states have the highest personal loan debt to help you make better financial decisions if you’re accumulating too much debt.

In This Piece

Must-know Personal Loan Statistic Findings

Millions of Americans are taking out personal loans, and the following are some of the most interesting facts on the topic.

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  • 27 million Americans have personal loan debt (TransUnion)
  • At the end of 2022, the average new loan amount was $8,018 (TransUnion)
  • The average amount owed in personal loan debt was $11,116 at the end of 2022 (TransUnion)
  • In November of 2022, personal loan interest rates were the highest they’ve been since May of 2011 (St. Louis Federal Reserve Bank)
  • New Jersey has the highest average new personal loan account balance at $13,494 (TransUnion)

Average Personal Loan Debt in America

According to TransUnion, Americans owed roughly $9,896 on average as of the first quarter in 2022, the highest it’s been in recent years. Americans took out loans at an average of $6,656 per loan, which was over $1,000 more than in the previous quarter of 2022.

The amount owed per borrower dropped significantly between Q2 and Q3 in 2022, but by the end of the fourth quarter, the average amount owed increased by over 100 percent with the new loan amount dropping to $8,018.

The increase in personal loan debt may have been due to the inflation the country experienced in 2022. TransUnion also reports that there were more loans approved to “super prime borrowers,” or those with credit scores over 720, stating, “On a percentage basis, personal loan originations for subprime and near-prime borrowers increased in the single digits [year over year] whereas super prime borrowers experienced a 33% rise in the third quarter.”

How Many Americans Have Personal Loans?

The amount of Americans taking out personal loans increased 12 percent from 23.9 million in the first quarter of 2022 to 27 million by the fourth quarter.

Prior to the beginning of the COVID-19 pandemic, the total amount of personal loan borrowers was 23.3 million at the end of 2019 and dropped to 21.2 million by the end of 2020. The number of borrowers then grew back to 22.8 million in the following fourth quarter of 2021 and continued to grow as the pandemic regressed.

Quarter

Q4 2022 Average new account balance

Q4 2019

23.3 million

Q4 2020

21.2 million

Q4 2021

22.8 million

Q4 2022

27 million

The Most Common Reasons to Take Out a Personal Loan

LendingTree conducted a survey of their users in 2022 and found that the most common reason consumers took out personal loans was to pay down other debts. Over 58 percent of borrowers used these loans to pay down debt, and the other main reasons included credit card refinancing, home improvements and other major purchases.

Rank

Reason

Percentage of respondents

1

Debt consolidation

41%

2

Other

17.3%

3

Credit card refinance

17.3%

4

Home improvements

6.2%

5

Major purchase

4.1%

6

Medical expenses

3.0%

7

Moving/relocation

2.9%

8

Everyday bills

2.9%

9

Car financing

1.7%

10

Car repair

1.1%

11

Business

0.9%

12

Vacation

0.5%

13

Homebuying

0.4%

14

Wedding expenses

0.4%

Average Personal Loan Interest Rates

During the second quarter of 2022, the Federal Reserve Bank of St. Louis reported that interest rates reached an all-time low of 8.73 percent. By the end of the year, these rates were the highest they’ve been since 2011 at over 11.2 percent.

Personal Loan Debt Compared to Other Debts

Based on TransUnion data, personal loans account for less than four percent of the total number of accounts when compared to other types of loans, such as credit cards, home and auto loans.

Account type

Number of accounts

Percentage of accounts

Credit card

518.4 million

76.3%

Auto loan

81.2 million

11.9%

Mortgage loan

52.6 million

7.83%

Personal loan

27 million

3.97%

It’s also important to note that not all credit card accounts carry a balance.

Personal Loan Delinquency Rates

Delinquent accounts are accounts 60 days or more past due and can hurt your credit score. The Q4 TransUnion report shows that the delinquency rate dropped year over year between 2019 and 2020, but was up 53 percent as of 2022, with an overall delinquency rate of 4.14 percent.

Quarter

Delinquency rate

Q4 2019

3.48%

Q4 2020

2.7%

Q4 2021

3%

Q4 2022

4.14%

TransUnion’s 2022 Credit Snapshot shows that in the last month of the report, those with the lowest credit scores have the highest delinquency rate of 23.9 percent, while super prime borrowers are only at 12 percent.

Credit score range

Percentage of delinquent borrowers

Subprime (300 to 600)

23.9%

Near prime (601 to 660)

23.7%

Prime (661 to 720)

23.3%

Prime plus (721 to 780)

17%

Super prime (781 to 850)

12%

Personal Loan Statistics by State

TransUnion’s 2022 Credit Snapshot reports that New Jersey has the highest average new account balance at over $13,000, and Oklahoma has the lowest at $3,170. Although Oklahoma has the lowest new account balance, they have the highest delinquency rate at 7.73 percent.

State

Q4 2022 Average new account balance

Q4 2022 Delinquency rate

AK

$10,296

2.9%

AL

$4,362

6.59%

AR

$7,089

5.18%

AZ

$9,343

3.78%

CA

$10,454

3.47%

CO

$12,322

2.03%

CT

$11,712

2.57%

D.C.

$9,016

6.55%

DE

$9,146

4.04%

FL

$8,379

3.94%

GA

$8,621

5.18%

HI

$12,224

2.28%

IA

$7,443

2.94%

ID

$9,072

4.38%

IL

$9,236

3.46%

IN

$7,439

2.97%

KS

$8,349

3.05%

KY

$6,875

3.36%

LA

$6,797

5.07%

MA

$12,518

2.24%

MD

$10,956

2.77%

ME

$6,651

1.67%

MI

$7,052

3.21%

MN

$10,692

3.73%

MO

$6,522

6.69%

MS

$5,179

4.96%

MT

$9,326

2.53%

NC

$10,035

3.03%

ND

$8,051

1.89%

NE

$7,755

3.65%

NH

$11,719

2.31%

NJ

$13,494

3.49%

NM

$5,418

6.31%

NV

$8,839

3.74%

NY

$11,843

2.77%

OH

$7,595

3.75%

OK

$3,170

7.73%

OR

$10,523

2.93%

PA

$10,418

3.06%

RI

$8,744

2.14%

SC

$5,924

4.89%

SD

$9,945

2.06%

TN

$5,355

5.38%

TX

$4,952

6.33%

UT

$7,966

4.23%

VA

$9,875

3.37%

VT

$6,180

0.82%

WA

$9,570

2.94%

WI

$6,489

3.95%

WV

$10,864

1.96%

WY

$7,698

2.66%

Personal Loan Statistics by Type of Lender

More and more Americans are turning to financial technology companies, also known as FinTech, for their personal loans. These are online banking services that are done via a company’s website or mobile app, and 32.9 percent of all personal loans are done through these types of companies.

Lender type

Distribution of total balances

FinTech

32.9%

Banks

20.5%

Credit unions

19.7%

Other finance companies

26.9%

Can Personal Loan Debt Affect Your Credit Score?

If you’re one of the 27 million Americans with a personal loan, you don’t have to let your debt harm your credit score. As you’ve learned from these personal loan statistics, many Americans have turned to personal loans to pay off other debts, but many people are delinquent with their payments, which can hurt their scores.

Credit.com provides a variety of credit tools and tips to help you work to repair and improve your credit. You can learn more about our services, like ExtraCredit, or click here to get your free credit report card.

Source: credit.com

Posted in: Business, Loans, Personal Loans Tagged: 2, 2019, 2020, 2021, 2022, 2023, About, ak, al, All, app, ar, Auto, auto loan, Auto Loans, average, az, balance, Bank, Banking, banks, bills, borrowers, business, ca, car, car repair, co, common, companies, company, Consumers, country, covid, COVID-19, COVID-19 pandemic, Credit, credit card, credit cards, Credit Report, credit score, credit score range, credit scores, Credit unions, ct, data, Debt, debt consolidation, Debts, decisions, Delinquency rate, expenses, ExtraCredit, Federal Reserve, Finance, financial, Financial Wize, FinancialWize, financing, Fintech, first, fl, Free, free credit report, ga, good, Grow, hi, home, Home Improvements, homebuying, ia, id, il, improvements, in, Inflation, interest, interest rates, ks, ky, LA, Learn, learned, lender, LendingTree, loan, loan interest, Loans, low, Main, Make, md, me, Medical, medical expenses, MI, mn, mo, mobile, Mobile App, More, Mortgage, mortgage loan, Moving, ms, NC, ne, new, New Jersey, News, nh, NJ, nm, november, nv, ny, oh, ok, Oklahoma, Online Banking, or, Originations, Other, pa, pandemic, payments, percent, Personal, personal loan, Personal Loans, points, PRIOR, Purchase, Q3, rate, Rates, Refinance, refinancing, relocation, repair, report, ri, right, rise, sc, score, sd, second, single, St. Louis, states, statistics, survey, Technology, time, tips, tn, tools, TransUnion, trends, tx, ut, VA, vacation, vt, wa, Wedding, wi, work, wv, wy

Apache is functioning normally

September 25, 2023 by Brett Tams
Apache is functioning normally

In the United States, it’s illegal to drive a car without car insurance. Depending on the state you’re driving in, the consequences of doing so can range from a fine to a misdemeanor on your record. So, if you’re planning on hitting the road anytime soon, be sure to purchase car insurance to avoid penalties. 

In this article, we’ve researched the average cost of car insurance by state to give you a better idea of how much to budget.  

Key findings: 

  • According to AAA, the national average cost of car insurance for a full-coverage policy was $1,588 in 2022.
  • On average, the cheapest states for full coverage car insurance are Ohio, Maine and Idaho, while the most expensive states are Florida, Louisiana and Michigan. 
  • USAA, Geico and State Farm offer the cheapest minimum coverage plans, while USAA, Geico and Nationwide offer the cheapest full-coverage insurance. 
  • The average cost of car insurance tends to decrease with age, but starts to rise again around age 70. 
  • Individuals with high credit scores pay lower car insurance premiums on average compared to those with poor credit. 

How much is car insurance?

According to AAA, the national average cost of car insurance for a full-coverage policy was $1,588 in 2022. This figure is based on an under 65 years old driver who lives in the city or suburbs, has over six years of driving experience, and has not been involved in any accidents. 

Average cost of car insurance by state

When calculating the cost of car insurance, the state you live in plays a role in how much you can expect to pay. This is because factors like population density, climate, road conditions and crime rate in your area can play a part in the likelihood that you’ll file a claim.  

According to insurance.com, the cheapest states for car insurance if you’re looking for minimum coverage are Iowa, South Dakota and Wyoming costing an average of $263, $267, and $293, respectively. Meanwhile, the cheapest states for full coverage auto insurance are Ohio ($1,023), Maine ($1,116), and Idaho ($1,121). 

The most expensive states for car insurance in terms of minimum coverage are New Jersey, Florida, and New York where drivers pay an average of $989, $908 and $875, respectively. For full coverage insurance, drivers in Florida ($2,560), Louisiana ($2,546), and Delaware ($2,137) pay the most in the country on average. 

State

Minimum coverage

Full coverage

AK

$336

$1,359

AL

$420

$1,542

AR

$422

$1,597

AZ

$494

$1,617

CA

$582

$2,115

CO

$467

$1,940

CT

$773

$1,750

DE

$821

$2,137

FL

$908

$2,560

GA

$567

$1,647

HI

$389

$1,306

IA

$263

$1,321

ID

$326

$1,121

IL

$484

$1,578

IN

$384

$1,256

KS

$389

$1,594

KY

$717

$2,105

LA

$726

$2,546

MA

$523

$1,538

MD

$607

$1,640

ME

$330

$1,116

MI

$711

$2,133

MN

$479

$1,493

MO

$525

$2,104

MS

$434

$1,606

MT

$389

$1,692

NC

$396

$1,368

ND

$340

$1,419

NE

$350

$2,018

NH

$411

$1,307

NJ

$989

$1,901

NM

$376

$1,505

NV

$683

$2,023

NY

$875

$2,020

OH

$308

$1,023

OK

$352

$1,797

OR

$551

$1,244

PA

$398

$1,445

RI

$648

$1,845

SC

$628

$1,894

SD

$267

$1,581

TN

$368

$1,373

TX

$520

$1,875

UT

$526

$1,469

VA

$469

$1,321

VT

$306

$1,158

WA

$505

$1,371

WI

$375

$1,499

WV

$474

$1,610

WY

$293

$1,736

Average cost of insurance by company 

Another factor that’s going to influence how much you can expect to pay for car insurance is the specific company you purchase your plan through.  

According to U.S. News & World Report, USAA, Geico and State Farm offer the cheapest minimum coverage plans, while USAA, Geico, and Nationwide offer the least-expensive full-coverage insurance. 

Farmers, Progressive, and Nationwide offer the most expensive minimum coverage rates while Allstate, Farmers, and Progressive offer the most expensive full coverage plans. 

Insurance company

Minimum coverage

Full coverage

Allstate

$1,961

$2,138

American Family

$1,327

$1,388

Farmers

$1,782

$2,059

Geico

$1,064

$1,238

Nationwide

$1,347

$1,338

Progressive

$1,440

$1,650

State Farm

$1,191

$1,348

Travelers

$1,290

$1,448

USAA

$948

$1,056

Average cost of insurance by age 

According to CarInsurance.com, the cost of both minimum and full coverage car insurance tends to decrease with age, as seen in the chart below. However, there is an uptick around age 70 where rates start to go back up.  

Age

Minimum coverage

Full coverage

20

$1,109

$3,532

30

$539

$1,785

40

$520

$1,682

50

$496

$1,581

60

$482

$1,511

70

$554

$1,661

Average cost of insurance for young drivers

Young drivers are the most expensive age group to insure. Although there are a few exceptions, insurance rates decrease with age among young drivers. 

Age

Minimum coverage

Full coverage

16

$2,402

$7,203

17

$1,971

$5,924

18

$1,706

$5,242

19

$1,234

$3,874

20

$1,109

$3,532

21

$884

$2,864

22

$794

$2,593

23

$736

$2,415

24

$690

$2,267

Average cost of insurance by credit score 

According to the Insurance Information Institute, your credit score is a good indicator of how many insurance claims you’ll file. As a result, insurance companies use credit scores to determine risk, and those with a good credit score pay cheaper premiums. The Zebra found that individuals with poor credit pay approximately 114% more than those with great credit. 

Credit score

Average annual rate

Very poor (300-579)

$2,887

Average (580-669)

$2,296

Good (670-739)

$1,912

Excellent (740-799)

$1,606

Exceptional (800-850)

$1,350

What factors affect your car insurance rate?

As you can see from the above charts, the cost of car insurance varies by the following factors: 

  • Age: Typically, young drivers under the age of 25 and senior drivers over the age of 65 are charged more for car insurance. 
  • State of residence: Since the minimum coverage required varies by state, your location is one of the factors that will influence the price. 
  • ZIP code: In addition to your state of residence, your ZIP code will also play a role in the cost of insurance since your vehicle is more likely to be damaged in certain areas, such as ZIP codes with high crime rates. Typically, the cost of car insurance will be greater in cities than in rural areas. 
  • Marital status: Statistically, married drivers are less risky than single drivers resulting in a lower insurance cost. 
  • Gender: Based on risk, male teenage drivers tend to have the highest cost of car insurance of any demographic. 
  • Credit history: Those with a low credit score tend to pay higher premiums than individuals with good credit. 
  • Driving record: Since car insurance premiums are based on risk, individuals with a good driving record can expect to pay lower premiums, while those with a poor driving record may experience increased rates. 
  • Car make and model: You may pay less if you drive a vehicle that insurance companies deem safe. On the other hand, you’re likely to pay more if you drive a small sports car since they pose a higher risk. 
  • Mileage: Higher annual mileage increases the risk you’ll get into an accident and will likely raise your premiums. 
  • High-risk violations: Driving under the influence and at-fault accidents are examples of violations that may result in you being considered a high-risk driver. 

What’s the difference between full and minimum coverage? 

Minimum coverage car insurance — liability coverage — is required in most states and is used if you’re at fault in an accident. This coverage will pay for damages and injuries of the other party when you’re responsible for the incident. 

On the other hand, full coverage insurance, or collision coverage, includes liability coverage plus damage caused to your own vehicle. Keep in mind that lenders often require you to obtain full coverage insurance before you get an auto loan. 

FAQ

Below, we’ve answered some common questions regarding the cost of auto insurance. 

Can my driving record affect my car insurance rate? 

Your driving record is one of the factors that affects your car insurance rate. As a result, those with traffic violations or accidents on their record can expect to pay higher premiums. 

Does your car insurance cost go down after you pay off your car?

Your care insurance cost doesn’t typically go down after your pay off your car. However, you do have the option to decrease the amount of coverage on your vehicle once it’s paid off. 

Which car insurance company is the cheapest?

As mentioned above, insurance companies that offer the cheapest plans include Geico, Auto-Owners, USAA and Erie.

Does car insurance decrease annually? 

For young drivers in particular, car insurance rates decrease each year you renew your policy without filing a claim. You can expect to see the biggest drop in price at age 25. 

The average cost of car insurance varies by factors including state, age, insurance company and credit score. Some factors, such as your age, are beyond your control, but other factors, such as your credit score, can be improved. 

Check your credit score for free today to see if it’s a reason your car insurance is high. 

Source: credit.com

Posted in: Auto Insurance, Banking, Car Insurance, Insurance Tagged: 2, 2022, 2023, aaa, age, ak, al, ar, Auto, auto insurance, auto loan, average, az, before, Budget, ca, car, Car Insurance, car insurance rates, charts, Cities, city, climate, co, codes, common, companies, company, conditions, consequences, cost, country, Credit, credit history, credit score, credit scores, crime, ct, Delaware, Drivers, driving, expensive, experience, Family, faq, farm, Financial Wize, FinancialWize, first, fl, Florida, Free, ga, gender, good, good credit, good credit score, great, hi, history, ia, id, idaho, il, in, Insurance, insurance premiums, ks, ky, LA, lenders, liability, Live, loan, louisiana, low, LOWER, maine, Make, married, md, me, MI, Michigan, mn, mo, model, More, Most Expensive, ms, NC, ne, new, New Jersey, new york, News, nh, NJ, nm, nv, ny, offer, oh, Ohio, ok, or, Other, pa, party, plan, Planning, plans, play, poor, price, Purchase, questions, Raise, rate, Rates, read, report, ri, rise, risk, rural, safe, sc, score, sd, single, South, south dakota, Sports, state farm, states, suburbs, tn, tx, under, united, united states, usaa, ut, VA, vt, wa, wi, will, wv, wy, young

Apache is functioning normally

September 24, 2023 by Brett Tams
Apache is functioning normally

With most of the year under our belt, the holiday season is just around the corner. No matter what you celebrate, this season is full of food, celebrating and spending time with loved ones.

While you’re hard at work prepping for the holiday season, scammers are too. A survey conducted by Experian found that a full 1 in 4. Americans have been a victim of identity theft or fraud in the holiday season. If you’re worried about scammers this year, don’t worry—we’ve got tips on how to look for holiday shopping scams this season.

When the pandemic hit in early 2020, COVID-19 scams became a popular method for criminals to get access to your information and steal your identity. However, the holidays are when these scammers go into overdrive, meaning it’s important to be extra cautious as you do your online shopping and holiday giving. Here are some of the most common holiday shopping scams to be aware of.

Illegitimate Charities

Many people use the holidays as a reason to be a bit more generous, but be careful before you make that donation. Many scammers create fake charities in an attempt to get you to donate. They get your money—and possibly access to your identity info—and no good ever comes from that generosity. 

Check for social media presence, news stories, financial records and proof that any charity you’re considering donating to actually exists and has a good reputation.

  • I just watched a documentary on the dark web, and I will never feel safe using my credit card again!

  • Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.

  • I need that peace of mind in my life. What else do you get with ExtraCredit?

  • It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.

  • It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.

  • …we live in Oklahoma.

Fake Online Stores

Online shopping is a convenient way to check off all the items on your list without having to actually brave the holiday crowds. However, it’s important to ensure that the sites you’re shopping from are actually legitimate. Scammers create fake online storefronts—sometimes even mimicking well-known retailers—and you don’t know it’s fake until the merchandise never comes or you start seeing evidence of identity fraud.

Empty Gift Cards

Gift cards are the perfect choice if you’re not sure what someone on your gift-giving list wants or if they like to pick out items themselves. But selling gift cards that have a $0 balance or have already expired is a common and remarkably easy scam. This happens most often on local sales sites, such as Craigslist and Facebook Marketplace.

Email Scams

Have you ever gotten an email about something you bought online—but you never actually purchased anything from that retailer? Maybe the email said you needed to reset your password or gave you a link to track your package. These are phishing email scams designed to get you to enter your personal info so scammers can use it for identity theft.

Shipping Problems

One of the biggest worries that comes with online shopping—especially with the supply chain issues that have come as a result of the COVID-19 pandemic—is whether the gifts will arrive on time. Criminals capitalize on this fear by sending out emails, texts and other communications letting you know there’s been an issue with your package. You’re asked to provide personal information such as your address, credit card info and birth date to confirm your order, but all you’re really doing is giving scammers the information they need to steal your identity.

While the holidays are a common time for shopping scams, it doesn’t mean there’s nothing you can do about it. Learn what to look for and how to protect yourself from identity theft with these tips.

1. Pay Attention to Website URLs

Online searches can lead you to scammer-run websites that unleash computer malware or collect credit card numbers for identity theft. Carefully read website domain names. Watch for unfamiliar vendors or missing letters, misspellings or other tweaks to the name of a legitimate company. Pay special attention to the last letters. For example, tiffanyco.mn indicates a Mongolia-based website, not the legitimate website for Tiffany & Co., tiffany.com.

2. Make Sure the Site Is Legitimate

Before ordering, check the “Contact Us” page for a phone number and physical address and the “Terms and Conditions” link detailing return policies and such. Unlike legitimate vendors, bogus websites are less likely to post these—or they’ll provide them in a suspicious manner, such as via a faxed request only.

How do you know if a holiday website is legit? Check the Better Business Bureau as well as Facebook and Google reviews before you buy from a new place. If the business doesn’t have any social media or online presence other than the website, that’s a red flag. 

3. Only Buy Gift Cards From Retailers

Buy gift cards directly from the retailer and avoid shopping for discount gift cards through local swap sites. You may also want to buy gift cards online or from the checkout instead of the display racks, which are less secure. Fraudsters can peel off stickers to glean gift card codes, replace them in envelopes and wait for an unsuspecting shopper to buy them. Once purchased and activated, they enter stolen codes at the retailer’s website to make online purchases—leaving the intended recipient with a useless card.

4. Look for HTTPS Sites

When buying online, check the URL to see whether the website starts with “http://” or “https://.” The “S” is for “secure” and is your best bet for safe shopping. Some legitimate retailers may use http sites, but your information is much more vulnerable to attack in this case because it’s easier for hackers to get to it. Even with a secure page, avoid using public Wi-Fi hotspots for online shopping or other financial transactions.

5. Use Prepaid Gift Cards for Online Shopping

Consider buying prepaid cards for online shopping instead of using your actual debit or credit card. These cards are often reloadable for ease of use, and if your information does happen to be stolen, hackers will only have access to the amount on the card and not your entire bank account.

6. Take Care on Craigslist

On Craigslist or when answering local classified ads, deal only with sellers who provide a phone number you can verify. Don’t rely solely on email correspondence. Assume any request for wire-transfer payment is a scam, and be suspicious of prepaid debit card transactions. Using PayPal or a credit card is your safest bets.

7. Avoid Deals That Seem Too Good to Be True

Stay clear of prices from private sellers that seem too good to be true or are tied to hard-luck stories, such as a need to sell quickly because of divorce or military deployment. No one is selling the latest gaming console for only $50, no matter how hard up they are. These are common scams to get advance payment—and you’ll likely get no merchandise.

8. Don’t Open Holiday E-Cards From People You Don’t Know

Delete E-Cards or general holiday emails if you don’t know the sender. These mass-sent greetings likely contain malware. Legitimate card notifications should include a confirmation code to safely open the card at the issuing website.

9. Beware of Undeliverable Package Emails

Avoid emails claiming that FedEx, UPS, DHL or the U.S. Postal Service has an undeliverable package with links for details. The links will install malware that can log keystrokes to steal computer files and passwords. Unless you previously provided an email address, courier services won’t contact you this way. This scam baits you to call for details—at which point you’ll be tricked into making an expensive overseas call or revealing your personal and financial information. Look up the callback number yourself if you’re curious.

Gearing up for the holidays? Go ahead and enjoy your holiday shopping this year. Just be a little careful—keep an eye out for anything suspicious and make sure that any website you buy from is legitimate.

If you’re worried that you might already be a victim of identity theft or just want to keep a closer eye on your credit, ExtraCredit can help you know what’s going on with your credit report and spot identity theft as soon as it happens.

Source: credit.com

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Apache is functioning normally

September 10, 2023 by Brett Tams

Minneapolis is a thriving city in the state of Minnesota. It’s known for its parks, lakes, trails and outdoor activities, as well as its indoor attractions like the Walker Art Center. Unique indie and vintage shops line its streets, and it’s home to the University of Minnesota.

Career-driven professionals flock to Minneapolis for its ample opportunities, whereas families and retirees enjoy quieter suburb communities with museums, premier school districts and free movies and concerts in the park. As of Jan. 2022, the average cost of a two-bedroom apartment in Minneapolis, Minnesota was $1,806.

Where to live in Minneapolis

There are multiple neighborhoods to choose from if you’re wondering where to live in Minneapolis, MN, and each one has something unique to offer. Some are more affordable and family-centered, whereas others are expensive and provide easy access to cultural and social events. Though choosing one may seem overwhelming, you can easily narrow your neighborhood choices by completing our multiple-choice quiz below!

Who’s coming with you?

Which one neighborhood characteristic can you not live without?

What’s your idea of quality downtime?

Which of these best describes your current life stage?

Your personal style could be best described as:

Which of the following is most important to you in choosing an apartment?

Where to Live in Minneapolis

Uptown

Uptown Minneapolis is a coveted area due to its relaxed, fun atmosphere. Its choice of bars, restaurants, entertainment venues and specialty shops portrays its vibrancy. For example, Uptown features a 20,000-square-foot store called Kitchen Window that sells wares, ingredients, appliances and other items procured locally, nationally and internationally. Uptown Theatre is a popular favorite among locals, who can see foreign, indie and avant-garde films. Residents enjoy rooftop dining at Stella’s Fish Café & Prestige Oyster Bar, bowling and theatrical performances at Bryant Lake Bowl & Theater and live acoustic music at Troubadour Wine Bar. Uptown is the prime destination for singles, night owls, partygoers and social butterflies. It attracts individuals who enjoy food, shopping, movies and live entertainment. This trendy area appeals to a younger crowd who wants to have fun.

Find Apartments Uptown

Loring Park

Loring Park is a hip location characterized by large festivals and modern art. Home of the Twin Cities Gay Pride Festival, it’s an inclusive neighborhood with one of the lowest crime rates in Minneapolis. The Minneapolis Sculpture Garden is an expansive urban sculpture park famous for approximately 40 works of modern art. Loring Park is also the site of recent construction, including the renovation of Alden Smith Mansion, which is becoming a 124-unit apartment complex. There are pet-friendly apartments nearby, and spots like Lakes & Legends Brewing Company let you bring your dog indoors. It’s a great neighborhood for those with pets or significant others. It’s also perfect for individuals looking for a safe, inclusive community. Its quirky vibe attracts hipsters, and its new, stylish spaces make it a premier location.

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Linden Hills

Image Source: 2719 W 43rd St

Linden Hills provides families and retirees opportunities to canoe and kayak. It’s common to see individuals ice fishing or gathering for the Lake Harriet Winter Kite Festival. When warmer weather strikes, people flock to the beach. This family-friendly neighborhood has a prolific past well-documented by the Minnesota Streetcar Museum. Linden Hills is known for its delectable food, ranging from the Argentinian-inspired menu at Martina to stir-fries and curries at Naviya’s Thai Brasserie. Its shopping centers feature antiques and collectibles, and individuals can catch free movies and concerts at Lake Harriet Bandshell Park. Linden Hills has affordable and luxurious apartments. It’s known for its history, outdoor activities, shopping and food. It’s popular with families and retirees who wish to spend time outdoors while being close to everything they need.

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North Loop

Hipsters and young professionals inhabit the North Loop, where they enjoy proximity to cultural events. It’s sometimes referred to as the “Warehouse District” since many of its trendy restaurants and shops were originally warehouses. If you’re searching for rare or out-of-print books, James & Mary Laurie Booksellers has over 120,000 to choose from. The North Loop is also home to Target Center, where the Minnesota Timberwolves and Lynx play. In addition, the Minnesota Twins occupy Target Field. Basketball and baseball fans enjoy going to a game before grabbing a drink with friends. The North Loop is expanding and ripe with construction. It’s well-suited for cultural enthusiasts, hipsters and young professionals. It’s not far from work, great food, a pub or a sporting event.

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Downtown East

Downtown East is a professional neighborhood that has gained a reputation for its live entertainment venues. Significant sporting events and concerts take place in the U.S. Bank Stadium. Nearby, the Minneapolis Armory attracts clubbers looking for live music and events. The trend-setting neighborhood is home to a cutting-edge skate park in Elliott Park. Interestingly, the same company that designed the skate park at the 2020 Tokyo Olympics constructed it, and the park is complete with rails, ledges, quarter pipe and a seat wall for skaters and spectators. Downtown East is the perfect destination for singles and young professionals who want close proximity to work and have fun things to do on the weekend. It has some great pet-friendly apartments for those who wish to bunk with furry friends.

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Dinkytown

Image Source: The Knoll Dinkytown

Dinkytown is known for its proximity to the University of Minnesota. Single college students and those with roommates are likely residents. It’s a smaller neighborhood with convenient locations. Students enjoy affordable bars, dining options and social venues, such as Huntington Bank Stadium, Williams Arena, Maturi Pavilion, 3M Arena at Mariucci and Ridder Arena. From football to basketball to hockey, students enjoy going to games and nearby bars. There are excellent accommodations for parents who come to visit or catch a game. The quirky neighborhood also demonstrates its appreciation for art with the Frederick R. Weisman Art Museum. Dinkytown is a quirky college town with affordable apartments. With activities to attend on and off campus, Dinkytown is constantly in motion.

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St. Anthony

St. Anthony became a city in 1945 and belongs to the metropolitan area of Minneapolis. Locals call it “The Village” due to its tight-knit community, and the University of Minnesota campuses in St. Paul and Minneapolis are 10-15 minutes away. It’s also known for its premier K-12 independent school district. The city prioritizes easy access to parks, bike trails, golf courses and Silver Lake. It’s a “GreenStep City Level 5,” meaning it has demonstrated devotion to efficiency, resiliency and a healthy environment. St. Anthony is close to downtown Minneapolis and residents can reap the advantages before retreating to a smaller community setting. Families and college students are likely residents and enjoy quality relationships while receiving a good education. Weekends filled with picnics, golfing, walking and biking provide relief from hectic schedules.

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Golden Valley

Image Source: Hello Apartments

Golden Valley became a city in 1972 and is near downtown Minneapolis. It’s a welcoming suburb community committed to diversity, equity and inclusion. One of its characteristics is its relationship to nature. Over 1,035 of its acres compromise open spaces and parks. The city cares for approximately 50 miles of trails where individuals walk, hike and maintain their health. Due to the accessibility of these parks and trails, Golden Valley is a “Parkinson Friendly Community” by the National Parkinson Federation of Minnesota, and it has events for all ages. Individuals who prioritize nature and relaxation are good Golden Valley candidates. Retirees enjoy community events designed for their age group and activities like birdwatching, walking and fishing. The welcoming community also makes a beautiful couples’ destination.

Find Apartments in Golden Valley

Rebecca Green is a content editor and writer for RentPath. She enjoys interior design, dogs and can tell you where to find the best pizza in Brooklyn. You can see some of her other published work on Apartment Guide.

Source: rent.com

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Apache is functioning normally

September 5, 2023 by Brett Tams

South Dakota is home to vast and varied landscapes like the stunning Badlands National Park and the towering Black Hills, alongside quaint and historic cities like Sturgis and Deadwood. With its outdoor activities and Old West heritage, South Dakota has many reasons that make it a great place to live. If you’ve been considering moving to South Dakota or buying a home in the state, you also probably have a budget you’d like to stay under as you look for a place to live. When it comes to buying a home in South Dakota the median home sale price is $375,000. 

Don’t worry if that number doesn’t fit in your budget – we’ve got options to help you find a home or apartment that does. Redfin has rounded up a list of the 5 of the most affordable places to live in South Dakota, and they all have a median home sale price under the state’s average. Let’s jump in and see what cities are on the list.

#1: Aberdeen

Median home price: $218,950 
Average sale price per square foot: $104 
Average rent for a 1-bedroom apartment: $845 
Median household income: $58,439 
Nearest major metro: Fargo, ND (195 miles)
Aberdeen, SD homes for sale
Aberdeen, SD apartments for rent

With a median home sale price of $218,950, Aberdeen claims the first spot on our list of affordable places to live in South Dakota. About 28,600 people live in this city and it’s roughly 195 miles from the nearest metropolitan city, Fargo, ND. If you’re considering moving to this area make sure to explore Wylie Park where you’ll find Wylie Lake, a campground, and Storybook Land, or check out downtown Aberdeen.

#2: Brookings

Median home price: $265,000 
Average sale price per square foot: $163 
Average rent for a 1-bedroom apartment: $965 
Median household income: $54,676 
Nearest major metro: Sioux Falls (57 miles)
Brookings, SD homes for sale
Brookings, SD apartments for rent

Taking the second spot on our list of affordable cities to live in South Dakota is Brookings, about an hour drive north of Sioux Falls. When living in this city of 24,500 people, you can check out green spaces like Dakota Nature Park, Sexauer Park & Campground, and McCrory Gardens, explore the South Dakota Art Museum, and visit the downtown area.

#3: Rapid City

Median home price: $300,000 
Average sale price per square foot: $200 
Average rent for a 1-bedroom apartment: $1,230 
Median household income: $58,072 
Nearest major metro: Denver, CO (350 miles)
Rapid City, SD homes for sale
Rapid City, SD apartments for rent

Third is Rapid City where about 75,400 residents currently live. The median home sale price is $300,000 which is about $75K less than the median home sale price in South Dakota. If you find yourself moving to the third most affordable city in South Dakota, make sure to enjoy time outside exploring the Black Hills Caverns, or hiking, mountain biking, and taking in the scenery at Skyline Wilderness Area Park. You can also visit museums and sites like The Journey Museum & Learning Center, the Berlin Wall display, and the Museum of Geology. 

#4: Watertown

Median home price: $310,000 
Average sale price per square foot: $141 
Average rent for a 1-bedroom apartment: $630 
Median household income: $54,676 
Nearest major metro: Fargo, ND (150 miles)
Watertown, SD homes for sale
Watertown, SD apartments for rent

A little more expensive than Rapid City is Watertown, the next city on our list. With a population close to 22,200, there’s still plenty to do in this city. Plan to check out Sandy Shore State Recreation Area along the shores of Lake Kampeska, visit Bramble Park Zoo, and explore the local shops and restaurants downtown.

#5: Sioux Falls

Median home price: $325,000 
Average sale price per square foot: $182 
Average rent for a 1-bedroom apartment: $1,017 
Median household income: $54,676 
Nearest major metro: Minneapolis, MN (270 miles)
Sioux Falls, SD homes for sale
Sioux Falls, SD apartments for rent

Consider adding Sioux Falls to your list of cities to consider living in if you’re looking for an affordable place to move to in South Dakota. With 181,900 residents, moving to this affordable city gives you the perks of city-life while still living close to nature. In Sioux Falls, you can visit Falls Park to see the waterfalls, check out the butterflies and animals at Butterfly House & Aquarium, and explore museums like the Old Courthouse Museum.

Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in South Dakota. Median home sale price and median sale price per square foot from the Redfin Data Center during August 2023. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.

Source: redfin.com

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Apache is functioning normally

August 20, 2023 by Brett Tams

Pre-orders now available for LOVE™ throw blankets with delivery by holiday 2023; Faribault Mill will donate 10% of all sales to the grantLOVE Project fund

LOS ANGELES, CALIFORNIA , UNITED STATES, August 17, 2023/EINPresswire.com/ — Faribault Mill, a legendary American heritage brand and maker of handcrafted premium wool and cotton throw blankets, bed blankets and accessories, has announced a collaboration partnership with the grantLOVE Project, an artist-owned and operated project created by Los Angeles-based artist Alexandra Grant. grantLOVE x Faribault Mill LOVE throw blankets are designed by Grant and feature the LOVE™ symbol using the mill’s natural materials.

For each LOVE throw blanket purchased from Faribault Mill, 10% of sales will be donated to the grantLOVE Project at the Entertainment Industry Foundation, with funds directed to nonprofits that support arts education and youth experiencing homelessness. Since its inception in 2008, the grantLOVE Project has worked to raise awareness and money for numerous nonprofits through the gift and sale of collaborative artworks and editions made with Grant’s LOVE symbol.

Pre-orders for the LOVE throw blankets are now live here, at $295, through September 15th with delivery in late November in time for the holidays.

“The LOVE throw blanket is a unique way to express how much we want to nurture our relationships and show we care—that we can wrap ourselves and each other in LOVE!” Grant said. “Working with the Faribault Mill team brings over a century and a half of experience in quality, sustainable blanket-making to the collaboration, weaving new combinations of color into my LOVE artwork.”

The collaboration with grantLOVE is Faribault Mill’s latest artist project, addressing growing consumer interest in fine art, premium design and social impact. The LOVE throw blankets are woven at the company’s mill in Faribault, MN out of 85% wool and 15% cotton. Faribault Mill blankets, throws and accessories are created with the highest quality wool and cotton—the world’s most naturally sustainable fibers— for breathable, hypoallergenic, and easy care products.

“Our brand delivers warmth, well-beyond the utility of a blanket, and to pair it with the meaning of LOVE is incredibly powerful,” said Ini Iyamba, vice president, product design & development, Faribault Mill. “The grantLOVE Project Fund proceeds are a testament to the importance of artist collaborations to the next generation of Faribault Mill customers, who care deeply about design, quality and social impact. We are delighted to bring the exceptional art practice of Alexandra Grant, through the grantLOVE Project, to our customers in such a fresh and meaningful way.”

The grantLOVE Project is a fund of the Entertainment Industry Foundation (EIF), based in Los Angeles, CA. The grantLOVE x Faribault Mill collaboration was established in partnership with fine art licensing and creative consulting agency Alice Riot.

For more information and details on the pre-order window, follow @faribaultmill and @grantloveproject on Instagram.

About Alexandra Grant

Alexandra Grant is a Los Angeles– and Berlin–based visual artist whose work explores issues around communication across languages, literary traditions, and cultures. Her work has been exhibited in museums and galleries globally and she is represented by Miles McEnery Gallery in New York and carlier|gebauer in Berlin and Madrid. Grant is the creator of the grantLOVE Project, which has raised funds for arts-based nonprofits, and her work has been exhibited at galleries and institutions around the world. She’s also co-founder of independent publisher X Artists’ Books and an advisor to the Futureverse Foundation. Grant received her Master of Fine Arts from the California College of Arts and Crafts and her Bachelor of Arts from Swarthmore College.

About the grantLOVE Project

grantLOVE is an art project started by Los Angeles and Berlin–based artist Alexandra Grant in 2008 to help raise awareness and money for various arts nonprofits through the gift and sale of collaborative artworks and editions made with Grant’s LOVE symbol. For more information, visit www.grantlove.com.

The grantLOVE Project is a fund of the Entertainment Industry Foundation (EIF), a Charity Navigator Four-Star Charity that meets all 20 Better Business Bureau charity standards and carries the Candid Platinum Seal of Transparency. EIN: 95-1644609. Learn more at www.eifoundation.org/grantlove.

About Faribault Mill

Founded in 1865, Faribault Mill is renowned for producing timeless, handcrafted blankets, decorative throws, apparel, and accessories. Throughout its storied history, the company has provided woolen blankets to pioneers heading west and comforted our troops through two world wars. Today, Faribault Mill continues to create products that are built to stand the test of time, with a commitment to 100% Made in USA manufacturing using naturally sustainable fibers like wool and cotton. The company and its workers are woven into American history. Visit them online at faribaultmill.com or at retail stores in Faribault, Edina, and Excelsior, MN to learn more about their iconic brand.

For more information, contact:

Rick Dow
Faribault Mill
[email protected]
612.743.5631

Emma Jacobson-Sive
EJS Media
[email protected]
323.842.2064

Kelly Groehler
Alice Riot
+1 612-669-8602
[email protected]

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August 17, 2023, 20:39 GMT

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Apache is functioning normally

August 16, 2023 by Brett Tams

Fires are becoming increasingly frequent and destructive across the nation, particularly along the West Coast. Your homeowners insurance usually includes fire insurance, safeguarding against all accidental blazes. However, the specifics of your coverage can vary depending on where you live, especially if you own a home in wildfire territory. 

So what is fire insurance, what does it cover, and how is it changing? Whether you live in a city with high-fire risk like Brentwood, CA, or in low-risk Duluth, MN, this Redfin article has everything you need to know. 

What is fire insurance? 

Fire insurance is a specific type of insurance coverage that compensates homeowners for accidental damage caused to their property by fire. It’s often included as part of a standard homeowners insurance policy, but depending on where you live and the specifics of your policy, the coverage can vary. 

Does homeowners insurance cover fires?

Yes, homeowners insurance usually covers all fires, including wildfires. In fact, fire coverage is one of the foundational elements of most standard homeowners insurance policies. Here’s a breakdown of what’s generally covered in the event of a fire:

  • Dwelling coverage: This covers the structure of your home, including walls, roofs, and built-in appliances. If a fire damages or destroys any part of the physical structure of your home, this portion of your policy would help pay for repairs or rebuilding.
  • Personal property coverage: This covers your belongings inside the home, such as furniture, clothing, electronics, and other personal items. If these are damaged or destroyed by fire, your policy would help compensate you for their value, either at actual cash value (which accounts for depreciation) or replacement cost (which doesn’t factor in depreciation), depending on your policy.
  • Detached structures: If you have other structures on your property, like a garage, shed, or fence, these are typically covered under a standard homeowners policy if they’re damaged or destroyed by fire.
  • Loss of use or additional living expenses: If a fire makes your home uninhabitable, this portion of your policy can help cover the costs of living elsewhere temporarily, such as hotel bills, meals, and other associated expenses.
  • Liability protection: If someone is injured on your property as a result of the fire, or if you accidentally cause a fire that damages a neighbor’s property, this part of your policy may cover legal or medical expenses.

What doesn’t fire insurance cover? 

While fire insurance is designed to provide broad coverage for damages resulting from fires, there are certain exclusions and scenarios that might not be covered by a standard policy. Here are some common limitations:

  • Intentional fires (arson): If the fire is determined to have been set intentionally by the homeowner or with their knowledge, the insurance will not cover the damages.
  • Vacancy: If a property has been vacant for a specified period (typically more than 30 days), damages from a fire might not be covered. Insurance companies see vacant properties as higher risks for vandalism, theft, and neglect.
  • War and nuclear hazard: Damages resulting from war, including undeclared war, civil war, insurrection, rebellion, or revolution, are typically excluded. Similarly, fires resulting from nuclear reactions or radiation are not covered.
  • Other perils: If a fire results from an earthquake, landslide, power outage, neglect, faulty design or materials, or ordinance of law, insurance may not cover your property. 

How is fire insurance changing? 

With the increasing frequency and intensity of wildfires, especially in places like California, insurers are reevaluating their risk models. Recently, State Farm stopped offering homeowners insurance entirely in California in early 2023. This has led to much higher premiums from other companies in some areas and even refusal to insure homes in particularly high-risk zones. These changes follow the most destructive wildfire seasons in the state’s history, with 11 of the state’s 20 largest wildfires occurring in the past five years. 

This follows a trend in other states across the country ravaged by climate change-induced disasters. For example, in parts of Kentucky ravaged by flooding in 2022, flood insurance rates are set to quadruple. Similarly, insurance companies in Florida and Georgia are raising rates due to more frequent hurricane damage. 

Insurance markets are regulated by local and federal governments, and many states and counties are struggling to keep their residents insured. In areas frequently hit by wildfires, state governments are stepping in to ensure homeowners can access affordable fire insurance. This might include offering subsidies, such as through high-risk pools.

What can you do? 

If your home is at risk of wildfires, there are actions you can take to lower your insurance rates and help keep your coverage. Installing fire protection devices, like smoke detectors, fire alarms, sprinkler systems, and smart home security systems can all help lower your premiums. 

It’s also essential to understand the specifics of your coverage. The more transparent and comprehensive your policy is, the better off you are in the case of a disaster. 

Final thoughts

Fire insurance is a vital safety net for homeowners, ensuring that they can rebuild and recover after a devastating fire. As the world changes, so too does the landscape of fire insurance. Homeowners should regularly review their policies, stay informed about changes in the industry, and consider the evolving risks and benefits associated with their property.

Source: redfin.com

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Apache is functioning normally

August 14, 2023 by Brett Tams

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to [email protected].

Q1. Sara and Greg from St. Cloud MN: Hello Brian, Our question might need the help of a marriage counselor but it’s real estate related so we thought we would ask for the pros and cons first. We’re in our late 20s and have been saving to buy a home since before we got married 2 years ago. We talked a lot about starting a family and having a yard for children but didn’t talk much about the specific house we wanted until just a recently. Turns out we couldn’t be further apart on what we want in a home. I want a charming older home, maybe from the 1920s and Greg wants a new home with all of the modern amenities and new technology. What are the pros and cons of each?

A1. Hi Sara and Greg. First off, I’m not a marriage counselor (twice divorced) so I’m only answering from a real estate perspective. Buying a home is such a personal choice that you’ll need to find another way to work that out.

The pros and cons really depend on your prospective and preferences. Older homes tend to cost less to purchase but can be much more expensive to maintain and costly to remodel if they haven’t had a major face-lift in a few decades. Still there are advantages such as older homes often have much larger lots and even acreage. Older homes will have mature landscaping (that may need serious pruning), while new homes may not have any landscaping, particularly nothing in the backyard.

If you’re buying brand new, you’ll have several floor plans to choose from, be able to pick the colors, and have some say in the modern appliances that come with it. While a DIY repainting project for an old house is relatively inexpensive, upgrading to modern appliances can easily cost $30k to $40k. Keep in mind that most young couples are a bit cash strapped for a year of two after buying their first home. You may need to live with the old appliances for a while. Even before you get to the appliances, make sure you know what is going on with the utility systems. Houses from the 1920s had dangerous electrical systems but most were upgraded decades ago. You’ll also want to know the age and condition of HVAC, plumbing, roof, foundation, possibly water well and septic, etc. If these have been upgraded and maintained over the years, you probably won’t have problems. Still, you’re going to want a good Home Warranty plan. Brand new homes shouldn’t have problems with these systems and should come with a warranty from the builder.

Modern amenities are usually a big deal with older homes. Don’t expect a TV cable outlet in every room and you’ll probably find fewer electrical outlets than you’re used to. You can mostly forget internet, surround sound, and security system cables being buried in the walls (think about going wireless when remodeling). Still, if you’re planning a major upgrade, you can have these done to your own preferences and still have the elegance of a sturdy old home.

There are other things you want to consider. Older homes sometimes have lower property taxes because of a lower value and maybe because of the neighborhood. The neighborhood is almost certainly fully developed which means it isn’t likely to experience growth and changes that can come with new developments.

It’s all about trade-offs. Older homes that have stood the test of time come with a quality and timeless beauty that you don’t find in new construction. On the other hand, newer homes are built to more exacting standards such as fire safety and energy efficiency. However, newer homes tend to have veneer finishes rather than old-growth solid wood. Many new homes have had that veneer pulled back over the years to reveal substandard building materials or shoddy workmanship.

Sara and Greg, I hope this helps you better understand the major differences between purchasing a new –v- old home. Ultimately it’s a big decision that you’ll live with for many years.

Readers are encouraged to comment with their thoughts and experiences about what should be consider when comparing old and new homes. Our weekly Ask Brian column welcomes questions from readers of all experience levels with residential real estate. Please email your questions or inquiries to [email protected].

Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.

Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years with articles listed on Yahoo Finance, Benzinga, and uRBN. Brian is a regular contributor at Realty Biz News

Latest posts by Brian Kline (see all)

Source: realtybiznews.com

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Apache is functioning normally

August 13, 2023 by Brett Tams

Wildfires are destructive and can be catastrophic for homeowners, especially those who are lower income. And unfortunately, fires are getting more frequent, larger, and stronger. The wildfire season in the western US has increased by more than 100 days since 1970, along with larger and more frequent fires. These fires are expensive, too; from 2017-2021, they have cost governments more than $90 billion and have dramatically altered landscapes in forests across the country. As such, it’s important to be prepared.  

Regardless of whether you live in a high fire-risk area, like Brentwood, CA, or somewhere with very little risk, such as Duluth, MN, these tips are essential. Climate change is accelerating, helping to prolong and intensify droughts and heat waves throughout the country. This creates a greater risk for wildfires anywhere in the US. So no matter where you live, read on for essential tips from Redfin to learn how to prepare for a wildfire. 

1. Clear the ignition zones around your home

First, it’s essential to create defensible zones around your home to reduce the fuel sources for a wildfire. This is called the Home Ignition Zone (HIZ), which is broken up into three subsections ranging from 0-200 feet away from your house. Here’s a quick breakdown of the zones.

Immediate zone (0-5 feet)

The immediate zone is the area directly adjacent to your home, including the structure itself and its immediate surroundings. This is the most important zone to take immediate action on. Make sure to clear your house first and then work your way around your property. The goal of this zone is to eliminate fire risk as completely as possible.  

  • Keep this zone free of all flammable vegetation and materials, especially anything underneath decks and between cracks in patios. Ideally, you shouldn’t have any vegetation in this zone.
  • If you have trees with long branches, make sure none of them get within five feet of your home. 
  • Clean roofs and gutters regularly to prevent a buildup of flammable debris.
  • Use non-flammable landscaping materials and high-moisture-content plants.
  • Store firewood, propane tanks, and other flammable materials away from this zone.
  • Make sure your home siding is at least six inches off the ground. 

Intermediate zone (5-30 feet) 

This zone acts as a buffer and is primarily focused on landscaping and creating breaks that can reduce fire spread. Depending on where you live, it may still be beneficial to keep vegetation to a minimum. 

  • Use “fire-resistant” plants that are strategically spaced to prevent the fire from spreading continuously.
  • Remove dead vegetation and prune trees regularly to keep them away from the ground (creating a separation between low-level vegetation and tree canopies). 
  • Space trees so they have a minimum of 18 feet between crowns and are no closer than ten feet from your home. 
  • You can have grass in this area, but it should be mowed to a maximum of four inches. 
  • If possible, create breaks with driveways, walkways, and lawns.

Extended zone (30-100 feet, 200 feet in sloped areas)

The goal of this zone is to disrupt a fire’s path, not eliminate it entirely. Landscaping should be maintained, but doesn’t necessarily have to be fire-resistant. 

  • Remove ladder fuels (vegetation that can carry a ground fire to treetops) by pruning and maintaining space between shrubs and trees.
  • Remove any vegetation adjacent to sheds or other small structures within this area.
  • Keep grass and other vegetation mowed to a short height.
  • Regularly remove dead plant and tree material.
  • Keep at least 6-12 feet between the canopy tops of trees.

2. Update your landscaping 

Landscaping plays a crucial role in preparing for a wildfire, especially in areas prone to wildfires, like San Bernardino and Riverside counties. Apart from creating a defensible space using the HIZ, there’s a lot you can do. Here are a few suggestions.

  • Plant selection: Opt for fire-resistant plants that are native to your region. These plants typically have a high moisture content, are low-growing, and don’t accumulate dead branches or leaves. Examples include succulents, some species of rockrose, lavender, and yarrow. Avoid plants that produce resins, oils, or waxes, as they can be highly flammable. 
  • Hardscaping: Use hardscaping elements like stone walls, pavers, concrete pathways, and patios to create firebreaks in your yard. These non-flammable elements can act as barriers, slowing or stopping the progress of a fire, and are great elements to add to your intermediate zone. 
  • Water features: Water features aren’t viable for every home, especially if you live in a drought-ridden region. However, if you are able to install them, consider ponds, streams, fountains, or even birdbaths. These can act as barriers to wildfires and can be a water source for firefighting if needed. 
  • Yard equipment: Avoid storing equipment with fuel still in the tank, such as lawnmowers, chainsaws, leaf blowers, and other gas-powered tools. 

3. Use fire-resistant building materials

You can retrofit your home to prepare it for a wildfire, but installing fire-resistant materials at the outset is much more cost-effective. 

Regardless of when you fireproof your home, it’s important to note the Flame Spread Index, which measures how far and how fast flames spread across the surface of a material. There are three ratings from best to worst: Class 1 (A), Class 2 (B), and Class 3 (C). Ideally, most of your home would exclusively contain materials in the Class 1 and 2 categories. 

Ensure you never use non-treated materials, especially not fiberboard, hardboard, and plywood. Additionally, some types of wood are more flammable than others, such as pine, oak, and douglas fir. Here’s a list of essential fire-resistant building materials to consider.

  • Roofing and siding: Metal sheeting, fiber cement, slate tiles, fiberglass-based asphalt shingles, and brick and stone. Brick and metal are some of the most fire-resistant materials commonly available.
  • Decking and framing: Composite wood, Structural INsulated Panels (SIPs), aerated concrete, steel, and Fire-Retardant Treated (FRT) wood. You can treat wood after installation, as well as purchase pre-treated wood. 
  • Windows and doors: Insulated, double pane, tempered glass windows; steel; fiber-cement; and fire-rated wooden doors. Fire-rated doors have cores that can limit fire and smoke for up to three hours, although 20 minutes is the most common. If you have a garage door, metal is the best choice. 
  • Insulation: Fiberglass, radiant/reflective barriers, foam, and mineral wool. There are many types of wool to choose from, including glass, rock, and slag. It’s also important to note that reflective foil insulation conducts electricity.

4. Consider Insulated Concrete Forms (ICFs)

Insulated Concrete Forms (ICFs) are a material and system that consists of hollow blocks or panels made of insulating materials, which are stacked to form the shape of the walls of a building. Once in place, these forms are filled with concrete, creating a solid, insulated wall system. ICFs are extremely energy efficient, durable, and resistant to various natural disasters, including wildfires. 

ICFs have unique properties that can withstand wildfires for up to four hours. While a bit more expensive than traditional wood, if you’re building a new home, ICF may be the most fire-safe option.

5. Install fire alarms and monitors

Your next step should be to know when a fire is happening in your home. In the case of a wildfire, you’ll likely know when it’s coming, but it’s still useful to install alarms and protection, so you can help limit the spread to other homes. And without fire detection, you are at increased risk of harm and damage to your home.

  • Smoke detectors: Smoke detectors are legally required. Ensure you have working detectors in every room of your home, test them monthly, and replace batteries annually. Make sure to follow your local building codes when installing and maintaining detectors. 
  • Heat sensors: These can detect unusual spikes in temperature and can be especially useful in garages or workshops where you might store flammable materials.
  • Remote monitoring: Some smart security systems can pair with smart smoke and carbon monoxide detectors to offer remote fire monitoring, allowing you to be alerted even if you’re not home. This can be crucial for early detection and response.

6. Purchase and maintain fire extinguishers

Home fire extinguishers may not be useful for large wildfires, but they can help suppress a fire and prevent it from spreading further. While not required for one- and two-family homes, they are invaluable tools. 

Maintaining extinguishers is crucial. Every month, check the pressure gauge to ensure it’s in the “green” zone. And once per year, have a professional inspect it. After any use, recharge or replace the extinguisher. Over time, even if unused, extinguishers degrade; typically, you should have them served every six years and replaced every twelve

7. Invest in a home sprinkler system

Home sprinkler systems can be an invaluable tool to reduce your risk of fire damage inside and outside your home. There are two types of sprinkler systems that can be useful during a wildfire: interior and exterior. 

Home sprinkler systems are similar to those found in commercial buildings but are tailored for residential environments. They can play a crucial role in saving lives, reducing property damage, and providing an added layer of safety to homeowners. Homes that had 

Exterior sprinkler systems, sometimes called “wildfire sprinkler systems” or “defensible space sprinklers,” are designed to wet the home and its immediate surroundings. This helps prevent wind-blown embers, radiant heat, and direct flame contact.

The benefits of these systems usually outweigh the costs of installation and use, as damage from a fire or firefighters is often far worse. Remember that your system must also be able to deliver water for up to eight hours straight. So if you live in a region parched by drought, this may be impossible. And, if you live in a windy area, an exterior sprinkler system may not be able to reach as far or as consistently. 

8. Install a generator for emergencies

Power outages are common during wildfires, as fires can damage infrastructure and utility service providers may perform Public Safety Power Shutoffs (PSPS) to prevent further fire spread. 

A generator can provide power to a home or facility during these outages, ensuring that essential appliances and systems remain operational. This can include supporting medical equipment, running external sprinkler systems, and charging communication devices. 

It’s also critical to keep an AM/FM/weather radio and battery-powered lanterns on hand for government communications. 

9. Keep your emergency kit stocked

Your emergency kit should contain essential supplies that will last at least 72 hours. This includes food, water, a first aid kit, tools and supplies, clothing, shelter, identification, cash, and special needs products. It’s also critical to keep an AM/FM/weather radio on hand to communicate with authorities and emergency responders.

10. Make sure your community is prepared

Protecting your own home is the first step, but is ultimately futile if your neighbors aren’t protected as well. Even if you install state-of-the-art sprinkler and fire detection systems on your property and follow the HIZ guidelines perfectly, water can run out, the power can go out, and fires can spread from your neighbor’s house more quickly than an exterior sprinkler system can put them out. 

To truly reduce your wildfire risk, it’s critical to talk to your neighbors and ask them to remove fire risks. For a community to survive a wind-driven fire, each household must properly prepare. One of the primary ways fires spread is by jumping from an unprotected house to a protected house. This means that even if you prepare your house using the HIZ, if your neighbors aren’t prepared, your home is still at risk.

Preparing for a wildfire hinges on small daily tasks and community responsibilities more than individual action. Communities must prepare together to reduce the risk of burning together. 

How to prepare for a wildfire: final thoughts

While there is no surefire way to protect your home from wildfires, preparing individually and as a community can help reduce risk. While reducing your risk is the best short-term action, the best long-term solution is to reduce your carbon footprint and slow the effects of climate change. If you have any questions, contact your local authorities or utility company.

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or fire prevention professional. Always seek expert advice and follow all official guidance before, during, and after a fire.

Source: redfin.com

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Apache is functioning normally

August 7, 2023 by Brett Tams

The “Land of 10,000 Lakes,” Minnesota is undoubtedly one of the gems of the upper Midwest. With its vibrant cities home to renowned theaters and museums to its nature like the iconic Lake Superior and the lush Superior National Forest, there are plenty of reasons you may be considering living in Minnesota. If Minnesota sounds like the state for you, then you may also be curious what cities fit into your budget. When it comes to buying a home in Minnesota, the median home sale price is $353,000.

If that number is out of your budget, don’t worry, we’ve got options to help you find a home. Redfin has collected 8 of the most affordable places to live in Minnesota. And the best part is that they all have a median home sale price under $353,000. From St. Paul to Duluth, let’s jump in and see what cities are on the list.

#1: St. Cloud

Median home price: $250,000 
Average sale price per square foot: $134 
Average rent for a 1-bedroom apartment: $739 
Median household income: $50,335 
Nearest major metro: Minneapolis (70 miles)
St. Cloud, MN homes for sale
St. Cloud, MN apartments for rent

With a median home sale price of $250,000, St. Cloud comes in at number one on our list of most affordable places to live in Minnesota. About 68,900 people live in this city and is roughly 70 miles from the nearest major metro Minneapolis. If you’re considering moving to this area make sure to explore Munsinger Gardens situated along the Mississippi River, stroll through downtown St. Cloud, or check out the St. Cloud State University campus.

#2: St. Paul

Median home price: $300,525 
Average sale price per square foot: $207 
Average rent for a 1-bedroom apartment: $1,307 
Median household income: $59,717 
Nearest major metro: Minneapolis (12 miles)
St. Paul, MN homes for sale
St. Paul, MN apartments for rent

Taking the second spot on our list of affordable cities to live in Minnesota is St. Paul, one half of the Twin Cities. When living in this city of 311,500 people, you can visit the Minnesota State Capitol or take a walk or bike ride along the Mississippi River. There is plenty to explore in the St. Paul area, so also make sure to go ice skating at the Landmark Center or shop at the St. Paul Farmers Market for some fresh local produce.

#3: Duluth

Median home price: $312,700 
Average sale price per square foot: $171 
Average rent for a 1-bedroom apartment: $1,495 
Median household income: $54,084 
Nearest major metro: Minneapolis (155 miles)
Duluth, MN homes for sale
Duluth, MN apartments for rent

About 86,700 people reside in Duluth which is situated along the shores of Lake Superior. The median home sale price is $312,700 which is about $40K less than the median home sale price in Minnesota. Make sure to visit the Glensheen Mansion, take a scenic drive along the North Shore, visit the Duluth Zoo, or take a walk or bike ride along the Duluth Lakewalk if you move to the third most affordable city.

#4: Rochester

Median home price: $314,250 
Average sale price per square foot: $169 
Average rent for a 1-bedroom apartment: $1,488 
Median household income: $59,717 
Nearest major metro: St. Paul (80 miles)
Rochester, MN homes for sale
Rochester, MN apartments for rent

A little more expensive than Duluth is Rochester, located in southern Minnesota. With roughly 121,400 residents in Rochester, make sure to visit museums and historic sites like the History Center of Olmsted County or Maywood Historic Home. You can also spend time outdoors exploring the nature trails at Quarry Hill Nature Center or rent a boat to take out on Silver Lake.

#5: Coon Rapids

Median home price: $335,750 
Average sale price per square foot: $188 
Average rent for a 1-bedroom apartment: $1,536 
Median household income: $59,717 
Nearest major metro: Minneapolis (16 miles)
Coon Rapids, MN homes for sale
Coon Rapids, MN apartments for rent

Another great area to add to your list is Coon Rapids, located just 16 miles north of Minneapolis. Home to 63,600 residents, this affordable town can be a great option to add to your list. Living in Coon Rapids, you can explore the Coon Rapids Dam Regional Park, and spend the afternoon at Crooked Lake.

#6: Minneapolis

Median home price: $339,900 
Average sale price per square foot: $217 
Average rent for a 1-bedroom apartment: $1,476
Median household income: $66,068 
Minneapolis, MN homes for sale
Minneapolis, MN apartments for rent

The other half of the Twin Cities, Minneapolis, is the next place on our list. The home prices are about $10K less than the state’s average. And with about 429,900 people living in Minneapolis, it’s a great place to consider living in this year. Make sure to check out all the local vendors at the Minneapolis Farmers Market and visit museums like Minneapolis Institute of Art, Walker Art Center, and the Bakken Museum. You can also spend the day exploring the Chain of Lakes and stop by the Stone Arch Bridge. No matter what neighborhood you move to in Minneapolis, there are countless things to explore in this city.

#7: Brooklyn Park

Median home price: $345,000 
Average sale price per square foot: $172 
Average rent for a 1-bedroom apartment: $1,585 
Median household income: $73,207 
Nearest major metro: Minneapolis (11 miles)
Brooklyn Park, MN homes for sale
Brooklyn Park, MN apartments for rent

Claiming the seventh spot on our list of affordable places to live in Minnesota is Brooklyn Park. With a population of about 86,500, living in Brooklyn Park is a great option for those looking for a mid-sized city to live in. Don’t miss out on visiting one of the parks in town or explore the Chesapeake Arts Center once moving to the area.

#8: Burnsville

Median home price: $350,500 
Average sale price per square foot: $180 
Average rent for a 1-bedroom apartment: $1,085 
Median household income: $76,017 
Nearest major metro: Minneapolis (17 miles)
Burnsville, MN homes for sale
Burnsville, MN apartments for rent

Last but not least on our list of most affordable places to live in Minnesota is Burnsville. About 64,300 people reside in Burnsville, situated just south of the Twin Cities. Living in Burnsville, make sure to spend the day at Crystal Lake, hike along the Black Dog Trail, or visit the nearby Minnesota Zoo.

Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in Minnesota. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2023. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.

Source: redfin.com

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