Disney has a massive global footprint across its theme parks, films and merchandise. And it doesn’t stop there. Among its many offerings is the Disney Cruise Line, whose fleet of five ships sails all over the world.
Family-friendly but with adults-only areas, Disney cruises offer some of the most comprehensive cruise options around. Let’s break down everything there is to know about the Disney Cruise Line, including pricing, destinations and its loyalty program.
About Disney Cruise Line cruises
You can always expect some magic from Disney, and there is no exception when sailing on Disney Cruise Line. Although its fleet is small, it offers a high-end, family-friendly experience for guests. Here’s a quick overview of Disney Cruise Line’s key features.
Cabin types: Disney Cruise Line offers all the usual cabin types, including inside, oceanview, verandah and concierge-level rooms. Disney Cruise Line’s cabins are larger than average and designed for families, with split bathrooms and privacy curtains. Their largest rooms can accommodate up to seven guests.
Main U.S. routes: Disney has several departure points from within the United States, including options from San Diego, New York City, Miami, and Galveston, Texas. However, its most frequent departures are fromPort Canaveral in Brevard County, Florida, to the Bahamas and the Caribbean or from Vancouver, British Columbia to Alaska.
Loyalty program: Disney Cruise Line offers the Castaway Club to repeat guests. It has four membership levels — Silver, Gold, Platinum and Pearl. The first level is earned by completing a single cruise.
Disney Cruise Line destinations
Although Disney currently operates only five ships, the cruise line still manages to cover most of the world. Here are the locations you can currently sail on a Disney cruise:
Disney cruise destinations
Australia.
Caribbean.
New Zealand.
Pacific Coast.
Panama Canal.
South Pacific.
Transatlantic.
Cruises are available in a variety of lengths, from three nights up to 15 nights.
Disney Cruise Line prices
Disney cruises tend to be more expensive than the average cruise. Currently, for example, the cheapest cruise departing from Port Canaveral is a three-night trip to the Bahamas, which costs $1,958 for two guests.
And you’ll pay more to take a “special occasion” Disney cruise. The same three-night Bahamas cruise sailing during Disney’s Silver Anniversary at Sea starts at $2,345 for two guests.
When it comes to timing, standard logic applies. The high season will cost more, especially during holidays and the summer break.
The cheapest rate we found — the previously-mentioned $1,958 — is for a cruise in late January, a time when those with school-aged children might have trouble getting away. Meanwhile, the most expensive period for this cruise takes place over the Christmas holiday and rings in at $3,737 for an inside stateroom.
For all destinations, if you’d like to save money, avoid peak periods and search all available dates to find the lowest rates. This is true even on less popular cruises, such as those sailing up to Alaska.
The cheapest cost for two guests to Alaska from Vancouver is $2,983 in mid-September, while the same cruise will cost you $4,607 if you sail over the Fourth of July holiday.
🤓Nerdy Tip
One-way positioning cruises — that is, those that end in a different location from where they started — are often much cheaper per night than standard round-trip cruises.
What’s included
Disney cruises are more inclusive than most cruises. You don’t, for example, need to pay extra for soft drinks on a Disney cruise like you would on Norwegian Cruise Line. You’re also entitled to complimentary room service 24/7, unlike on Virgin Voyages, where you’ll be charged a $5 fee for each delivery.
Here are more inclusions you can expect.
Live, high-quality entertainment.
Large staterooms (designed for parties of up to three guests).
Disney’s private island, Castaway Cay (on most Bahamas and Caribbean cruises).
Upscale restaurants, quick-service dining, poolside snacks and room service.
Adults-only lounges and pool areas.
Waterslides (on some ships).
Disney Cruise Line loyalty program: Castaway Club
Disney isn’t known for its loyalty programs. For example, there is no frequent traveler program associated with staying at one of its resorts or frequenting its parks. However, Disney Cruise Line rewards repeat customers with various benefits, including a complimentary specialty dinner, free photo downloads and an exclusive terminal check-in area.
Castaway Club levels
The Castaway Club levels are Silver, Gold, Platinum and Pearl.
Silver
How to earn: Sail on one cruise.
Best benefits: Book cruises one day before the general public, online activity planning 90 days before sailing, check in 33 days early, exclusive terminal check-in.
Gold
How to earn: Sail on five to nine cruises.
Best benefits: Book cruises two days before the general public, online activity planning 105 days before sailing, check in 35 days early, onboard reception, special discounts.
Platinum
How to earn: Sail on 10 to 24 cruises.
Best benefits: Book cruises three days before the general public, online activity planning 120 days before sailing, check in 38 days early, complimentary specialty dinner.
Pearl
How to earn: Sail on 25+ cruises.
Best benefits: Book cruises four days before the general public, online activity planning 123 days before sailing, check in 40 days early, complimentary unlimited digital photo package.
What is the best Disney Cruise Line ship?
The Disney Wish is the newest Disney Cruise Line ship and certainly its best. It just launched in the summer of 2022. Among its many amenities, guests can find the first-ever Disney attraction at sea. It’s a 760-foot water slide filled with show scenes, lighting, music and more that touches down into a lazy river.
The Disney Wish also has dedicated areas themed for “Frozen,” the Marvel Universe and “Star Wars.”
In addition, the Disney Wish has all the regular amenities you’d expect on a Disney cruise, including live entertainment, pools and spacious staterooms.
Frequently asked questions
Does Disney Cruise Line have free Wi-Fi?
Disney Cruise Line does not offer free Wi-Fi. Instead, it has three levels of packages from which to choose:
Stay Connected: $10 per day for the entire cruise or $12 per day for a 24-hour period.
Basic Surf: $20 per day for the entire cruise or $24 per day for a 24-hour period.
Premium Surf: $30 per day for the entire cruise or $36 per day for a 24-hour period.
These packages are available on the Disney Wish, Disney Magic, Disney Fantasy and Disney Dream. The Disney Wonder still operates on the old data-usage Wi-Fi packages.
Is Disney Cruise Line all-inclusive?
Most of your daily expenses, including your food and non-alcoholic beverages, are included when sailing on a Disney cruise. However, if you’d like specialty drinks or alcohol, you’ll need to pay extra. Gratuities are not included, and Disney Cruise Line’s recommended tip is a minimum of $14.50 per guest, per night.
How much is the Disney Cruise Line drink package?
Disney Cruise Line doesn’t offer the standard drink package other cruise lines offer. Drink packages allow you to pay a flat-rate price and drink as much alcohol as you’d like.
Instead, you’ll either pay per drink or purchase bundled quantities onboard. It’s also possible to purchase a specialty beer mug at the pub onboard, which can then be refilled across the ship. Much like Disney’s popcorn buckets, your beer mugs entitle you to cheaper refills on all your beer.
Does Disney Cruise Line require COVID-19 vaccine or test?
In the past, Disney Cruise Line required that you be vaccinated or tested for COVID-19 before sailing, but this is no longer the case. Guests departing from the United States are not required to do either, though the cruise line highly encourages you to get vaccinated before sailing.
(Top photo courtesy of Disney Cruise Line)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
MortgageIT, a subsidiary of Deutsche Bank, announced today it will wind down its wholesale lending business in the coming months.
The company will cease accepting new loan applications as of today, and all loans previously submitted must be locked by December 24, with the last day to fund January 30.
There was no reason cited on the memo, though it’s pretty obvious why any wholesale lending company would shut down at this point.
The number of layoffs resulting from the closure are unknown, though it’s likely the company employed far fewer than the 2,500-figure listed on their website.
Back in October 2007, it was rumored that the company laid off more than 500 workers at its 40 operations centers nationwide as market conditions deteriorated.
MortgageIT was founded back in 1988 and later acquired by German banking giant Deutsche Bank in 2007 (yes, bad timing).
Based in New York City, it served all 50 states via retail and wholesale channels, providing residential mortgage loans.
It’s unclear what the company’s retail presence looks like at the moment, though their website says they still provide permanent and construction-to-perm loans in “select luxury resorts across the Caribbean and Latin America.”
This is the latest wholesale lending casualty, preceded three weeks earlier by HSBC, which shut both its wholesale and correspondent home lending businesses.
Check out the latest list of closed lenders, layoffs, and mergers.
The tenant screening process is stressful, but you need to know that the people living in your properties can cover their monthly rent. If they can’t and a breach of contract leads to eviction, it’s a traumatic and emotional event for both you and the tenant. And, it’s definitely a costly headache for you. Evictions can cost a landlord many thousands of dollars in legal fees and court costs, lost rent, property turnover costs, etc. For the screening process, you’ll need to know how to verify employment, as well as do a full background and credit check. Knowing a would-be tenant’s income means you’ll see if they can afford their monthly rent. A traditional rule of thumb is to calculate that their rent would be 30 percent or less of their gross monthly income.
Keep in mind that in high-rent markets like San Francisco or New York City, this rule is difficult to follow. In fact, a Harvard Joint Center paper on housing affordability found that the number of renters paying more than 30 percent of their gross income on rent comprises more than half of all renters.
Your ultimate goal with income verification is just to see that the prospect has a steady source of income and will likely pay the rent in full and on time.
How to get started verifying a prospective tenant’s income
You could either ask for documentation or call a prospective tenant’s employer to verify income. But it’s worth your while to do both. For one, employers are not obligated to answer your questions. They may choose not to respond for legal reasons or to protect themselves from a possible breach of employee privacy.
You should do the employment verification once the rental application is completely filled out and you can see the self-reported income, at least, is going to cover monthly fees. Do the verification before heading into a background check in case there are any red flags. If there are, you might skip the background check and save yourself some time and money.
What to ask if you call your prospective tenant’s employer
First, make sure the tenant has given you the name of the correct person to contact. In a larger company, it’s likely the human resources department or payroll. You might take a quick check on the company website to make sure. In a smaller company, you might just speak with a direct supervisor. In some cases, there will be a specific phone number or email address for information on who handles employment verification.
Once you introduce yourself to the person on the phone let them know who you’re calling about and why you need the following information: job title/what the person does for the company, date of hire, employment status, salary. Be sure to document the name and contact information of the person you ultimately receive the information from. In fact, you should document the entire screening process by keeping all your notes and emails.
Note that some employers may only acknowledge employment status and dates of employment.
What documents will verify employment?
Pay stubs are the most common proof-of-income document. Ask to see several months since many people get paid twice a month. But there are other documents that a prospective tenant may use to prove income:
Income statement
People who work for an employer can verify their income by showing a W-2, which is the federal government’s form for showing wages and taxes. Self-employed people (freelancers and contract workers) will have 1099-Misc or 1099-NEC (non-employee compensation) statements. From these, you can glean how much pay your prospective received by various clients, which will give insight into monthly or yearly income.
Employer letter
You can ask a prospective tenant to send you a salary verification letter written and signed by his or her employer. It’s possible that the prospect could fake a salary verification letter. Require a work phone number and relevant employer contact information.
Social Security benefits statement
If a prospective tenant is on Supplemental Security Income (SSI) or receives disability payments, you can ask to see a benefit verification letter from the Social Security Administration.
Worker’s compensation letter
Perhaps a tenant receives income from a current or previous employer because they suffered an injury on the job. While you can see the tenant has steady wages, keep in mind this form of compensation is likely short-term.
Unemployment statement
Yes, this does prove income, but just as with worker’s compensation, it will likely end after a certain amount of time.
Bonus and incentive payments
If your renter has a commission-based job, he or she may receive bonus checks periodically. While their income may seem inconsistent, look at their income over time to see if they will be able to pay the rent each month.
Income tax returns
Looking at a return will show you how much your renter earns regardless of whether they’re a salaried employee or have 1099 compensation.
Bank statements
While this may seem intrusive, this form of income verification works well for a tenant who’s self-employed. You’ll be able to see monthly income deposits, which can help you determine if the person can afford the unit.
How can I tell if a prospective tenant is not being honest about employment verification?
It’s possible that a would-be tenant might give you a fake reference. They may have someone offer false employment verification. Or, they may even create fake wage statements.
Look closely at all the documents you’re given. For example, fake income statements may have all-around numbers, something that’s atypical. Look for typos, and these documents should look professional and not messy. Check that the letter “O” hasn’t been used for the number “0″ and vice versa. Make sure the Social Security numbers match. And, of course, verify the information on the document with the employer.
Verification is good for all
Knowing how to verify employment of a prospective tenant’s income is just one element in your arsenal as you prepare to allow someone to rent your property.
Checking a would-be tenant’s background and making sure they can afford the monthly payments is important for you as a landlord, as well as for the tenant. A tenant buried by rental payments can lead to all sorts of headaches.
Stacey Freed is an award-winning writer and former senior editor for Remodeling, a trade publication focused on the business of the remodeling and construction industry. As an independent writer, she continues to write about the building, design, architecture and housing industries. Her work has appeared in Better Homes and Gardens and USA Today special interest publications, Realtor magazine, This Old House, Professional Builder and online at AARP, Forbes.com, House Logic and Sweeten.com among other places.
It’s no secret FHA loans have been extremely popular during the latest housing recovery, thanks to their low down payment and credit score requirements.
Before recent changes, FHA loans tended to be a better option than conventional mortgage loans because of relatively low mortgage insurance premiums and cheaper mortgage rates.
Additionally, when the high-cost conforming loan limit (for Fannie and Freddie loans) dropped to a maximum of $625,500 in late 2011, the FHA became the only game in town for those looking to take out the largest loans possible while avoiding the jumbo realm and the restrictions that come with it.
Though the FHFA dropped the high-cost conforming loan limit over a year ago, HUD kept its high-cost loan limits intact, allowing prospective borrowers to take out loans as large as $729,750 in the priciest regions of the country.
These limits are still available until the end of the year, at which point the new national loan limit “ceiling” will align with the max high-cost conforming limit of $625,500.
In short, this is a blow to those in higher-cost regions of the country looking to put down as little as possible when purchasing a home, especially with the 3% down mortgage going the way of the dodo.
650 Counties Nationwide Will Have Lower FHA Loan Limits Next Year
HUD said about 650 counties will have lower loan limits as a result of this change. Places like Los Angeles, the San Francisco Bay Area, Washington DC, New York City, and parts of Colorado and Virginia will see loan limits fall from the current ceiling of $729,750 to the new ceiling of $625,500.
The national loan limit “floor” for FHA loans will remain unchanged at $271,050 in 2014, which is set at 65% of the conforming loan limit.
Certain areas of the country will have loan limits in between the floor and ceiling, including parts of California, Florida, and Illinois, along with other major metros nationwide.
This was done by design to usher in private capital and return the FHA to its original mission of serving the underserved, which aren’t the rich and well-to-do.
The FHA is also grappling with massive losses on older loan vintages, which has forced the agency to make several changes to shore up reserves, including imposing higher mortgage insurance premiums and requiring coverage to stay in force much longer.
For these reasons, conventional loans are often a better deal nowadays unless you absolutely cannot put down at least 5% on your mortgage.
In Alaska, Guam, Hawaii, and the Virgin Islands, the ceiling is 150% higher because of more expensive construction costs.
By the way, if you’re an existing FHA borrower, you can utilize the streamline refinance program regardless of loan balance.
And Home Equity Conversion Mortgages (HECM) are subject to a maximum claim amount of $625,500, regardless of whether in the contiguous United States or the special exception areas listed above.
With the typical cost of a home in Los Angeles soon topping $1 million, and the state’s median rent approaching $3,000, there’s a sense of doom around how unaffordable California has become. We clearly need more housing density to meet the current needs. But we don’t have to sacrifice the lifestyle to which Californians have grown accustomed.
Los Angeles is geographically vast — nearly twice the size of Chicago and significantly larger than New York City, with much lower population density than those two cities. Jobs are nearly as dispersed here as homes, and none of our transportation options work that well: We are too sparse for trains and we have under-prioritized bus service, which most Angelenos don’t use because it’s rarely the fastest option. L.A. is built around cars, yet it’s also now too dense for vehicle traffic to move efficiently.
But this kind of sprawl can be put to good use. In contrast to Chicago and New York, whose commercial centers dwarf job prospects elsewhere in each city, Greater Los Angeles has numerous clusters of job-rich areas. The Westside and Irvine rival downtown L.A., and employment centers in Glendale, the West Valley, Long Beach, Anaheim and the Inland Empire each contains roughly half as many jobs as there are downtown.
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We can reframe our planning for housing around these medium-density urban hubs, which are scattered throughout the region. This approach has been a successful and flexible model, especially outside the U.S. Consider the densely populated suburbs of Tokyo, which offer varied housing types and transportation options, or the suburbs of many major European cities built around lower density townhomes, row houses or smaller apartment buildings and duplexes. Often those developments are close to a commuter rail station that can take residents into the central city in less than 45 minutes.
Maximizing our multiple job centers requires that we shift course from our single-family-dominated residential landscape to hit a sweet spot that works for Californians: more density, but not so dense that Angelenos will have to sacrifice the space we’re used to. We should focus on increasing smaller multifamily housing (i.e. two to eight units) while still making it possible for people to live close enough to employment centers.
To do this, we have to reform our land use — including laws that discourage building for density — to provide alternatives to sprawling single-family neighborhoods. This does not necessarily mean obliterating the urban forms and communities that have been built in the past century. But without some densification, we’ll keep pushing people and development into the Inland Empire and other outlying areas (which is already happening). The result is predictable: more punishing commutes and, in all likelihood, still expensive housing.
I live in a single-family home on L.A.’s Westside, and I see firsthand how laws that favor my type of home hold the neighborhood back. Although I live next door to multifamily housing, those apartments and townhomes are the exception in my neighborhood. Restrictions on building anything but a single-family home or an accessory dwelling unit stretch a mile from my house to the nearest stop on the Metro E (formerly known as Expo) Line. Restrictions on building apartments apply to most land plots in a one-mile radius around that Metro stop.
These zoning limitations make no sense: They mean too few people can live close enough to generate the ridership necessary to justify the immense investment it took to build the E Line. Further, the neighborhood’s single-family housing is so astronomically expensive — a million dollars will get you … nothing — that the people most likely to rely on the E Line cannot afford to live there. There are several reasons why ridership is down on L.A. Metro’s trains and buses, and too little density near transit is a major reason.
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Remote work has also opened up new possibilities for housing in Southern California. A key factor that continues to drive up real estate in central cities is the increased tendency for higher-income households to live closer to highly urbanized areas. Remote work can help ease these rent pressures by making some central neighborhoods less appealing for higher-income office workers who no longer have to go into a downtown office.
Neighborhoods such as Echo Park and Boyle Heights might see some relief from constantly rising rents and displacement pressures. More strategic planning around transit-rich neighborhoods would further relax rent increases in these neighborhoods. If we can allow for greater density in more neighborhoods, particularly in zones close to dispersed job centers such as Santa Monica, Pasadena and Burbank, then the areas most at risk of gentrification should see some relief.
This approach would also allow greater flexibility in the type of development needed to meet state housing mandates. Under state guidelines, Southern California has to add 1.3 million housing units by 2029. If we have, by a conservative estimate, at least 12 major job centers, each hub should be zoned to serve 100,000 units of housing within commuting distance to reach the 2029 goal.
With remote work and less than daily commutes, the potential commuting distance many workers are willing to accept will be greater. In turn, this significantly expands the land area where we can build units to serve an employment hub, providing workers with many more potential housing possibilities. But only if we allow them to be built.
Los Angeles has a unique urban landscape. Because of our many dispersed employment-rich centers and broad geography, we don’t have to mimic East Coast cities to increase housing density. We don’t need to build condo towers or skyscraper apartment buildings to house everyone. The path to a more livable and equitable future is clear: Allow more housing in a diversity of well-connected neighborhoods, and L.A. can still remain L.A.
Michael Lens is a professor of urban planning and public policy, and associate faculty director of the Lewis Center for Regional Policy Studies at UCLA.
Betterment and Betterment are not only two of the most popular robo advisors in the industry, but they may very well be the most innovative in the field. Though they represent two of the first robo advisors, both have built out their platforms and now offer robust portfolio options and other services to their clients.
Though they each have their own nuances–and specializations–you really can’t go wrong with either platform. Each will take complete control of your portfolio, managing every aspect of it for a very low annual fee. When you sign up with either service, your only responsibility will be to fund your account on a regular basis.
But what if you’re either new to robo advisors or you’re considering a switch from another one? If you’re researching robo advisors, the information will inevitably lead to Betterment and Wealthfront. So let’s take a look at the two heavyweights in the robo advisor space and see which might be a better fit for your portfolio. Listen to the Podcast of this Article
About Betterment
Betterment is not only the original robo advisor, but its also the largest independent robo (along with Wealthfront), with $21 billion in assets under management. The company is based in New York City and began operations in 2008.
As a robo advisor, Betterment is an automated, online investment platform that handles all aspects of investment management for you. When you sign up for the service, you complete a questionnaire that will help determine your investment goals, time horizon, and investment risk tolerance. From that information, Betterment creates a portfolio of stocks and bonds to meet your investor profile.
They dont actually invest your money in individual securities, but instead through exchange-traded funds (ETFs), each representing a specific asset class. They can build an entire portfolio for you through about a dozen funds that will give you exposure to the entire global financial markets.
All this is done for a low annual management fee. Your only responsibility will be to fund that your account on a regular basis and let Betterment handle all the management details for you.
Better Business Bureau rates Betterment as A+, which is the highest rating in a range from A+ to F. The company also scores 4.8 stars out of 5 by more than 20,000 users on the App Store, and 4.5 stars out of 5 by more than 4,500 users on Google Play.
About Wealthfront
Wealthfront is, with Betterment, the largest independent robo advisor, and Betterment’s primary competitor. In fact, with over $24 billion in assets under management, its now slightly larger than Betterment. The company is based in Redwood City, California, and launched operations in 2011.
As a robo advisor, it works much the same as Betterment, creating a portfolio for you based on your answers to a questionnaire when you open your account. Wealthfront will also manage your account using a small number of ETFs spread across various asset classes. But on larger accounts, they’ll also add individual stocks to get greater benefit from tax-loss harvesting.
Like Betterment and virtually all robo advisors, Wealthfronts basic investment strategy is based on Modern Portfolio Theory (MPT), which emphasizes asset allocation over individual security selection.
Similar to Betterment, and really all robo advisors, your account will receive full investment management for a very low annual fee. Your only responsibility will be to fund your account on a regular basis.
Unfortunately, Wealthfront has a Better Business Bureau rating of F, due to unanswered complaints. However, the company gets 4.9 stars out of 5 from more than 9,000 users on the App Store, and 4.8 stars out of 5 by more than 2,700 users on Google Play.
Investment Strategies Betterment vs Wealthfront
Betterment Investment Strategy
Betterment offers two plan levels, Digital and Premium. Premium is available for minimum account balances of $100,000, while Digital is open to all account balances. Like many robo advisors, Betterment has evolved past building and managing a basic portfolio comprised of a mix of stocks and bonds.
For example, if you choose the Premium Plan, you’ll have access to live financial advisors. But there are many other services and plans to choose from.
Read More: Betterment Promotions
Basic portfolio mix
Your portfolio will be invested in as many as six stock asset classes/ETFs and eight bond asset classes/EFTs.
Stocks:
US Total Stock Market
US Value Stocks Large Cap
US Value Stocks Mid Cap
US Value Stocks Small Cap
International Developed Markets Stocks
International Emerging Markets Stocks
Bonds:
US High-quality Bonds
US Municipal Bonds
US Inflation-Protected Bonds
US High-Yield Corporate Bonds
US Short-term Treasury Bonds
US Short-term Investment-Grade Bonds
International Developed Markets Bonds
International Emerging Markets Bonds
Use of value stocks
Notice that three of the six stock asset classes involve value stocks. This is a specialization of Betterment and represents a time-honored stock market investment strategy. Value stocks are investments in companies with stock prices that are low in relation to their competitors by various standard measurements. But the companies are deemed to be fundamentally sound, and therefore likely to outperform the general market once the investment community realizes the true value of the stocks.
In this way, Betterment makes an attempt to outperform the general market, such as the S&P 500 or even some broader indices.
Smart Beta
This is another investment strategy Betterment uses with the potential to outperform the general market. This specific portfolio is managed by Goldman Sachs. Smart Beta is a form of active portfolio management, which seeks high-quality companies with low volatility, strong momentum, and good value.
Since its a higher risk/high reward type of investing, it requires a minimum portfolio of $100,000.
Socially responsible investing (SRI)
This is an investment option increasingly being offered by robo advisors. However, with Betterment only a portion of your portfolio will be invested in SRI. They replace the ETFs in the International Emerging Market Stocks and US Value Stocks Large Cap with ETFs that specialize in socially responsible investing in those sectors.
Learn More: The Pros and Cons of Socially Responsible Investing
Flexible Portfolios
If you want more control over your investment portfolio, you can choose this option. It allows you to adjust the individual asset class weights in your portfolio allocation. Its also designed for more advanced investors and gives you an opportunity to increase allocations in asset classes you believe are likely to outperform the market.
BlackRock Target Income
For investors looking for income and safety of principal, Betterment offers this portfolio, which consists of 100% of bonds. There is some risk of principal in this portfolio but it’s designed to be minimal. You can even choose the level of risk and return you want. It won’t provide the type of long-term gains you’ll get from a stock portfolio, but it will offer the kind of steady income that will work especially well for retirees.
Tax-loss Harvesting
Tax-loss harvesting is a year-end strategy in which asset classes with losses are sold (and later replaced with comparable ones) to offset gains in winning asset classes. The strategy helps to defer taxable capital gains on growing asset classes.
Betterment makes this strategy available on all account balances. However, it’s only offered on taxable accounts since it’s completely unnecessary for tax-sheltered retirement plans.
Betterment Everyday Cash Reserve
If you’re looking to add a cash option to your investment portfolio, you can do it through Betterment Cash Reserve. The account is eligible for FDIC insurance up to $1 million. The minimum deposit is $10, and offers unlimited transfers, both in and out of your account.
Betterment Checking
The Betterment Checking account gives you the flexibility to manage your money in a way that best fits your financial goals. You’ll get this account with a debit card and you can use it to pay in person or online. You’ll also get FDIC insurance on your money.
The Betterment Checking account is an innovative way to manage your money. It’s faster, more secure, and requires zero minimum balance requirements. You can now deposit checks using their streamlined mobile app. Just take a picture and deposit checks will be there for you on the other side.
Wealthfront Investment Strategy
Unlike Betterment, Wealthfront has a single plan for all investors, with an annual management fee of 0.25% on all account balances. And like Betterment, Wealthfront has expanded its investment options menu in many different directions.
Basic Portfolio Mix
Wealthfront uses 11 asset classes in the construction of its portfolios, including four stock funds, five bond funds, plus real estate and natural resources.
The allocation looks like this:
Stocks:
US Stocks
Foreign Stocks
Emerging Market Stocks
Dividend Stocks
Bonds:
Treasury Inflation-Protected Securities (TIPS)
Municipal Bonds (on taxable investment accounts only)
Corporate Bonds
U.S. Government Bonds
Emerging Market Bonds
Alternatives:
Real Estate
Natural Resources
Use of Alternative Investments
Wealthfront includes real estate and natural resources in its portfolio composition. The real estate sector invests in companies that provide exposure to commercial property, apartment complexes, and retail space. Natural resources are held in ETFs representing that sector.
The combination of the two offers a stronger diversification away from a portfolio comprised entirely of stocks and bonds, largely because they offer protection in an inflationary environment. It’s possible for these sectors to perform well when the general financial markets are not.
Smart Beta
The Smart Beta option attempts to outperform the general financial markets. The strategy deemphasizes market capitalization in the creation of a portfolio. For example, rather than using the capitalization allocations of certain companies within the S&P 500, the strategy might increase some allocations and decrease others. It’s more of an active investment strategy and requires a minimum investment portfolio of $500,000.
Wealthfront Risk Parity
This is another investment strategy for investors with larger accounts and a greater appetite for risk. Its been shown to provide higher long-term returns, but it may use leverage to increase those returns.
Stock-level Tax-loss Harvesting
Tax-loss harvesting is available on all taxable investment accounts. But Stock-level Tax-loss Harvesting is available to larger accounts to provide more aggressive tax deferral.
This is a fairly complex investment strategy, but it involves the use of individual stocks to take greater advantage of tax-loss harvesting. The use of individual stocks will make it easier to buy and sell securities to minimize capital gains taxes. Depending on the specific plan, the required minimum investment ranges between $100,000 and $500,000.
Wealthfront Path
This is a software-based financial advisory, providing you with financial planning tools. They can help you plan for retirement or saving for the down payment on a house or a college education for one or more of your children. The apps run what-if scenarios, that can make projections based on various savings levels for each of your specific goals.
Though it doesn’t offer live financial advice, the service is free to use.
Wealthfront Cash
You can open an interest-bearing cash account with Wealthfront Cash Account with just $1. There’s no market risk, no fees, unlimited free transfers, and your account is FDIC insured for up to $5 million. The account currently pays 4.30% APY and provides a safe, cash investment to go with your stock portfolios.
And now, Wealthfront Cash allows you to get your paycheck up to two days early when you set up a direct deposit. They’ve also implemented the ability for you to invest directly into the market within minutes, straight from your Wealthfront Cash account. That means you can get paid early and immediately invest – giving you about extra days of investing each year.
Read more: Wealthfront Cash Account review
Wealthfront Portfolio Line of Credit
Much like a home equity line of credit, the Wealthfront Portfolio Line of Credit is secured by your investment account. You can borrow up to 30% of the value of your account for any purpose. There’s no prequalification since the line of credit is completely secured by your investment account.
The line of credit is automatic if you have a non-retirement account balance of at least $25,000. You can request funds against the line on your smartphone and receive them in as little as one business day.
Current interest rates paid on the line range between 2.45% and 3.70% APR, depending on the size of your account.
Retirement Planning Betterment vs. Wealthfront
One of the most common uses of robo advisors is the management of retirement accounts. Both Betterment and Wealthfront can manage all types of IRA accounts, similar to the way they do with taxable accounts. But each also offers some level of retirement planning.
Read More: Best Robo Advisors Find out which one matches your investment needs.
Betterment Retirement Planning
Betterment is strong in this category because in addition to their regular portfolios, they also offer income-specific investment options, like their BlackRock Target Income and Everyday Cash Reserve. The Target Income option in particular focuses on maximizing interest income, which is exactly what most people are looking for in retirement.
One of the advantages Betterment offers is that you can connect your 401(k) with your investment account. Betterment cant manage the 401(k) (unless chosen to do so by your employer through their 401(k) management plan), but they can coordinate your Betterment retirement account(s) with the activity in your employer plan.
And of course, if you have at least $100,000 in your Betterment account, you can enroll in the Premium plan and have access to live financial advisors.
But Betterment also offers its Retirement Savings Calculator to help you know if you’re on track for your retirement. By answering just four questions, they’ll be able to determine if your current retirement plan will provide the income you’ll need in retirement, taking your projected Social Security income into consideration. If it isn’t, it’ll let you know how much more you need to invest on a regular basis.
Wealthfront Retirement Planning
You can take advantage of Wealthfront Path to help you with retirement planning. You’ll start by linking your financial accounts so the program can get a better understanding of your finances. Recommendations to help you reach your goals are made based on the amount of regular contributions you’re making and the income you will need in retirement.
Path will analyze your spending patterns, your average annual savings rate, the interest you’re earning on those savings, as well as your investment and retirement contributions. It will also analyze the fees you’re paying on your investment and retirement accounts. Loan accounts are analyzed as well.
The information is assembled, and future projections are made. You’ll be given advice on any needed increases in savings for retirement contributions, as well as asset allocations. And perhaps best of all, since all your financial accounts are linked to the service, it will provide continuous updates on your progress toward your retirement goals.
Betterment Pros & Cons
No minimum initial investment or account balance requirement.
Reduced fee structure on larger account balances.
Use of value stocks seeks to outperform the general market.
Unlimited access to certified financial planners on account balances over $100,000.
Comprehensive retirement planning package.
Limited investment diversification, excluding alternative asset classes, like real estate and natural resources.
The annual management fee rises from 0.25% to 0.40% if you select the Premium plan.
The reduced fee structure on large account balances doesn’t kick in until you reach a minimum of $2 million.
Wealthfront Pros & Cons
Your account includes alternative investments, like real estate and natural resources. This offers greater diversification than a portfolio invested only in stocks and bonds.
The minimum initial investment is just $500. That’s not zero, but it’s an amount most small investors can comfortably start with.
Flat-rate fee of 0.25% on all account balances.
Larger accounts get the benefit of more efficient tax-loss harvesting strategies through Wealthfront Risk Parity.
The Wealthfront Portfolio Line of Credit lets you borrow up to 30% of the value of your non-retirement accounts at very low interest and with no credit check.
There’s no reduced management fee for larger account balances.
The retirement planning tool (Path) is an automated system and does not provide advice from live financial advisors.
Poor rating from the Better Business Bureau.
Bottom Line
We’ve covered a lot of territory and details in this side-by-side comparison of Betterment vs Wealthfront. The summary table below should help you to be able to compare the various services each offers with a quick glance.
Category
Betterment
Wealthfront
Minimum initial investment
Digital: $0 Premium: $100,000
$500
Promotions
Up To 1 Year Free
First $5,000 Managed Free
Management fees
Digital: 0.25% up to $2 million, then 0.15% above Premium: 0.40% to $2 million, then 0.30%
0.25%
Available accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and nonprofit accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and 529 accounts
Rebalancing
Yes
Yes
Dividend reinvestment
Yes
Yes
Tax-loss harvesting – on taxable accounts only
Yes
Yes
Socially-responsible investing
Yes
Available through Smart Beta ($500,000 minimum) and Stock-level Tax-Loss Harvesting ($100,000 minimum)
Smart Beta investing
Yes
Yes, minimum $500,000
Interest bearing cash account
Yes
Yes
Line of credit
No
Yes
Financial advice
Yes, on Premium Plan only
Automated only
Mobile app
Yes
Yes
Customer service
Phone and email, Monday through Friday, 9:00 am to 6:00 pm Eastern time
Phone and email, Monday through Friday, 10:00 am to 8:00 pm Eastern time
You’ve probably already guessed were not declaring a winner between these two popular roboadvisors. Both are first rate and you can’t go wrong with either. More than anything, your decision will likely come down to specific details–what features and benefits one offers that better suits your own personal preferences and investment style.
But one advantage that’s undeniable with both Betterment and Wealthfront is that not only is each a first-rate service, but they provide enough investment options and related services that they can accommodate your growing financial capabilities and needs well into the future.
For example, while you may start out with a basic managed portfolio, you’ll eventually want to get into higher risk/higher reward options as your wealth grows. As well, you’ll like the flexibility of having high-interest cash investment options, as well as low-cost or free financial or retirement advice.
We like both these services and are certain you can’t go wrong with whichever one you choose.
Betterment Cash Reserve Disclosure – Betterment Cash Reserve (“Cash Reserve”) is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients’ funds are deposited into one or more banks (“Program Banks“) where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.
Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC’s Form ADV Part II.
DoughRoller receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. DoughRoller is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
Silversea is a leader in the luxury, small-ship cruising market. These cruises typically appeal to the high-end traveler looking for personalized service, upscale dining and accommodations, access to smaller ports and a top-notch vacation experience.
If you’re in the market for a high-end cruise vacation, here’s everything you need to know about Silversea.
About Silversea
You won’t find waterslides, kids clubs or roller coasters on a Silversea cruise.
Instead, expect an elevated experience designed for those looking for a relaxing yet entertaining sailing. Here are a few key features of Silversea cruises:
Accommodations
Every one of Silversea’s cabins has an ocean view, and they’re all designated as suites with a high space-to-guest ratio. For guests’ needs throughout the cruise, butler service is available in every room.
Some suites are more luxurious — smaller suites only have windows overlooking the ocean, while classic veranda suites and many others come with a balcony.
Some room categories, such as the ultra-luxurious Otium Suite, are exclusive to Silversea’s newest ship, Silver Nova. Others are found across the fleet, although accommodations on board each vessel may differ slightly.
All-inclusive sailings
Many cruise lines charge their passengers a base fare for the trip, allowing them to choose various add-ons — such as beverages, specialty restaurants, internet access and port excursions — for an additional cost.
Silversea does away with this. It advertises an all-inclusive cruise package, which includes everything from shore excursions and alcoholic drinks to butler service and gratuities.
Primary U.S. ports
Silversea ships span the globe, but travelers that don’t want to venture too far from home will find many cruises departing from Fort Lauderdale and San Juan, Puerto Rico. Trips also depart from New York City for destinations in Canada.
Those wishing to depart from the West Coast can set sail from San Francisco or Los Angeles. Ships from these ports travel to the Caribbean, Alaska, Canada and other far-flung destinations.
Where does Silversea sail?
Silversea’s destination map is extensive, with over 900 ports on all seven continents. Sailings are at least six days long, but trips can last several weeks to a month or more.
For those with the time and the money, Silversea offers World Cruises that travel from continent to continent in a global adventure that can take as many as 140 days.
How much does a Silversea cruise cost?
Silversea sailings are no discount venture, but the all-inclusive nature of each cruise adds value.
Meals, drinks, entertainment and onboard special events are all part of the price. The rates vary based on demand, destination and time of year.
There are two types of prices: “door-to-door,” which includes airport transfers and airfare, or “port-to-port,” which is the cruise fare without any transportation to or from the port.
Rates can vary from as low as $2,800 for a seven-day trip from Colombia to Florida to $94,700 for a 125-day expedition cruise from Chile to Norway.
Silversea also offers special fares for single travelers on select excursions, which provides a discount instead of paying the full cost of a double-occupancy cabin.
What is the best Silversea ship?
There are 13 ships in the Silversea fleet — with more scheduled for delivery in the coming years — ranging in size from 51 to 364 cabins. The best ship, however, will depend on the type of sailing you want.
The smallest ships are typically expedition ships that sail itineraries like the Galapagos or Antarctica. For example, the 100-passenger Silver Origin was Silversea’s first purpose-built destination ship, built explicitly for cruising in the Galapagos. It is also the most environmentally-friendly ship built by Silversea.
Another small ship is the Silver Explorer, with a capacity for 144 guests and a strengthened hull to sail in Antarctica and the Arctic safely.
On the other end of the spectrum, you have larger ships such as Silver Spirit, which was renovated in 2018. With space for 608 passengers, it spends much of its time sailing around Europe, the Middle East and the Indian Ocean.
Ships like Silver Spirit look more like cruise ships, with amenities that include larger pools, lounges and plentiful dining options. Expedition ships are smaller by nature and therefore have fewer onboard facilities.
The best Silversea ship depends on the type of traveler you are, the destinations you want to visit, and the amenities you desire.
What is the newest Silversea ship?
Silver Nova is Silversea’s newest ship, with plans to set sail later this summer. It will also be the largest ship in the Silversea fleet, with space for 728 passengers. Coming in 2024 is a second ship of the same size, the Silver Ray.
These ships feature a new asymmetrical design that gives their interiors a more spacious feel. Additionally, they’ll have the largest pools in the Silversea fleet, and every suite will have a balcony.
What’s included in a Silversea cruise
As mentioned above, Silversea advertises its cruises as all-inclusive, and compared to many cruise lines, this is pretty accurate. Here’s what’s included with all Silversea cruises:
24-hour butler service.
Complimentary beverages, including alcohol, around the ship and in minibars.
Gourmet meals, including room service and specialty restaurants.
Gratuities.
Select shore excursions.
Wi-Fi access.
Onboard lectures and entertainment.
Passengers who opt for the door-to-door all-inclusive option will also receive the following:
Private transfers to and from their home airport.
Airfare to and from the port city, including international flights.
Transfers between the ship and the airport.
Overnight hotel stays in the port city on arrival or before returning home, if needed.
A few items are not included in the fare and will incur an additional cost:
Meals or accommodations while on shore.
Some shore excursions.
Reservation fees for select restaurants.
Laundry service.
Personal spa or beauty services.
Silversea loyalty program: Venetian Society
Unlike other cruise loyalty programs, Silversea’s program — the Venetian Society — does not award points. It doesn’t have elite status tiers, either. Instead, members earn “days” based on the length of each sailing. The more days they accrue, the more benefits they can receive.
Here’s what Venetian Society members can expect to receive based on the number of days accrued:
All members. By joining the program and completing your first sailing, you’re eligible for 5% savings on certain upcoming sailings. This can represent great value on expensive cruises, meaning signing up makes sense even if you only plan to sail occasionally.
100+ days. 5% savings on all future door-to-door sailings.
250+ days. 10% savings on all future door-to-door sailings.
350 days. Once you reach this level, you are eligible for one complimentary seven-day sailing.
500 days. Reaching this milestone means enjoying a complimentary 14-day trip.
500+ days. After this landmark, members will receive one complimentary seven-day trip for each additional 150 days they sail.
How to redeem Silversea days
The best part about the Venetian Society is that the benefits are cumulative. It’s not similar to a points program where once you redeem points, your balance gets lower until you earn more. With Venetian Society, you can take advantage of that perk once you hit the next milestone while enjoying previous bonuses.
For example, once you hit 350 days, you are eligible for a complimentary seven-day voyage. But, you can also take 10% off any door-to-door cruises — a perk you receive after reaching 250 days — you book after that.
Frequently asked questions
Does Silversea have free Wi-Fi?
Yes. Like most of its onboard amenities, Silversea cruises include basic Wi-Fi free of charge. Those in upper suites will receive free premium Wi-Fi speeds, and other guests can pay for a faster speed package. The prices vary by sailing and ship.
Is Silversea all-inclusive?
Yes, everything is included in the “port-to-port” fare. Adding airfare and ground transfers is part of the “door-to-door” offering.
How much is the Silversea drink package?
Drinks are included in the all-inclusive fare, so no additional drink package is offered.
Does Silversea require a covid vaccine or test?
No, but some destinations may have their requirements. For example, there may be some destinations or embarkation points where unvaccinated travelers must provide a negative covid test, and vaccinated travelers would have to show proof of receiving the vaccine. All requirements and protocols are subject to change.
(Top photo courtesy of Silversea)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
In our latest real estate tech entrepreneur interview, we’re speaking with Manuela Seve and Renata Thomé from Alpha’a.
Who are you and what do you do?
Manuela Seve (CEO): I have a background in finance, having worked as an equity analyst at Gávea Investments, one of Brazil’s most reputable investment management firms. My trajectory in the art world began at an early age; coming from a long line of art collectors with a foothold in the Latin American art market.
Renata Thomé (COO): I’ve built an extensive network of collectors, artists and dealers over the years. Before joining Alpha’a, I spent time working for major New York City galleries and auction houses including David Zwirner and in the Latin American art department at Christie’s. I also worked as an art consultant for the online auction house Paddle8.
What problem does your product/service solve?
Filling walls at scale whilst maintaining affordable pricing and high design standards is a massive challenge. Current options are expensive art galleries and art advisors, or posters that are detrimental to design concepts.
Alpha’a is an online, community-oriented platform offering tailor-made art collections for businesses across all industries including hospitality, tech, interior design and more — and makes artists’ works, primarily limited-edition prints, accessible to audiences all around the world through cutting-edge technology. With a network of more than 7,000 artists, we have spearheaded initiatives with notable names in contemporary art such as Ernesto Neto, Jarbas Lopes, Alexandre Arrechea and Nelson Leirner. Alpha’a streamlines the supply chain process by printing pieces directly in the originating country of each client’s business. Clients include Airbnb, Gilt, West Elm and Zola.
What are you most excited about?
We recently opened a new $2 million round, which is well on its way to closing. The funding will be used for the continuing growth of the Alpha’a team in numbers and talent across our business units. This will result in creating new design tools, additional platform tools, more partnerships with local creators and an Alpha’a scholarship program in Latin America.
What’s next for you?
Our goals for Alpha’a are simple and powerful: To become the back office used by every artist in the world, to be the largest global source of art without inventory and to use technology to bring artists and companies together everywhere and anywhere.
What is a cause you’re passionate about and why?
As co-founders we share a passion for saving the world’s ecosystem. Using the arts, including other disciplines such as music and dance, we have created campaigns for a number of sustainability projects. In doing so, Alpha’a has partnered with prestigious NGOs such as Ocean, Globo and The Rainforest Alliance to effectuate change through our global artists community.
Thanks to Manuela and Renata for sharing their story. If you’d like to connect, find Manuela on LinkedIn here and Renata here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
Even outside the congested sprawl that is New York City, moving anywhere in New York State has benefits. The state is busy, beautiful and full of potential.
Whether you’re set on big city living or want to take advantage of the fall foliage and outdoor space upstate, if you want to call New York home, you’re going to need to take a close look at your budget. Calculating your cost of living, based on New York State prices, is a great way to start. Consider costs in these essential areas to see if this northeastern state is right for you.
New York Housing prices
It’s no secret that New York, overall, is an expensive place to live. Especially in and around The Big Apple, housing prices can skyrocket to the point that you’re cramming five people into a one-bedroom apartment.
That said, there’s always a deal to find, even if it means living a little further out than you’d anticipated. Here’s the cost of living in New York for housing in major cities.
Albany
As the state capital, Albany sits upstate along the Hudson River with a thriving urban center. It’s known for its diverse culture, great architecture and a lot of college students. Housing prices here are on the rise at 6.2 percent above the national average.
Rent prices are increasing only slightly year-over-year, keeping things pretty affordable. A one-bedroom apartment averages out to $1,267 per month, up 3 percent over last year. A two-bedroom apartment averages out to $1,465 per month, up 9 percent over last year.
Housing prices are also increasing at about the same rate, up 4.4 percent over last year. The median home price in Albany is currently $235,000.
Brooklyn
The largest New York City borough when it comes to population, Brooklyn is well-known for its people. The diverse crowd comes from all over the world, many to orchestrate a start-up or pursue an opportunity at one that’s taken off. A trendy place, that’s easy to navigate, Brooklyn is an attractive home for a lot of people, which is most likely why its housing prices are 196.7 percent above the national average.
Although rent prices are coming down in Brooklyn, when compared to last year, they’re still on the higher end. A one-bedroom apartment, down 25 percent, still has an average monthly rent of $2,600. Two-bedroom apartment prices have dropped by 53 percent, but are still $2,650 per month, on average.
Home prices are on the rise and pricy. The median home price in Brooklyn is $1.02 million, up 3 percent over last year.
Buffalo
The only city on the list coming in under the national average for housing, Buffalo is 6.8 percent below. The second-largest city in the state, situated right on Lake Erie, is what you think when. you think upstate.
Rents in Buffalo offer a mixed picture. One-bedroom apartments are up 5 percent, and two-bedroom apartments are down by 12 percent. This may make renting more affordable than buying since home prices are on the rise.
An average one-bed rents for $1,327 per month, a two-bed is at an average of $1,446 per month, but median home sales in Buffalo sit at $216,00, which is an 8 percent increase over last year.
Manhattan
As the literal center of everything, it’s no surprise housing prices in Manhattan are 382.7 percent above the national average (wow!). This is the most densely populated of the five boroughs, home to the Empire State Building, Times Square and Broadway. It’s also a major commercial, financial and cultural center. You get it all.
Average apartment rent aligns with this heightened housing cost. At $4,517 per month, finding an affordable place could be a challenge.
Home prices aren’t much better. The median home price in Manhattan, which stayed the same as last year, is currently $1.2 million.
Queens
Situated on Long Island, Queens is home to the U.S. Open tennis tournament, as well as great museums, restaurants and attractions. It’s also considered one of the safest New York City boroughs to live in and a great place for families. These attractive qualities have definitely boosted housing prices, which are 109.1 percent higher than the national average.
Apartment rent isn’t very cheap either, although prices are rising slowly. The average one-bedroom rent is $1,900, up 6 percent over last year, and two-bedrooms have an average monthly cost of $2,300, up 15 percent.
House prices are up 2.3 percent from last year. The median home price in Queens is pretty high though at $706,000.
Food prices
Another cost of living in New York is food. Averaging in all of New York State, food prices aren’t that expensive. The average New Yorker only spends between $233 and $267 per month on groceries, which isn’t that much. Of course, it depends a lot on where you live, whether you fit into what’s ‘average.’
Buffalo is 4.6 percent below the national average
Albany is 12.9 percent above the national average
Queens is 25.7 percent above the national average
Brooklyn is 29.2 percent above the national average
Manhattan is 44.4 percent above the national average
It’s no surprise that food prices are higher the closer in you get to New York City. You can see these differences much better when looking at the cost of individual items. For example, eggs in Manhattan are 38 percent more than eggs in Buffalo. Bananas in Brooklyn are 18 percent more than bananas in Albany.
This same price difference is apparent when on a date for two. A three-course meal in Brooklyn for you and a special someone is $90, but that same meal only costs you $73 in Buffalo. That’s a 19 percent difference just to live in the city.
Utility prices
Throughout New York State, utility prices hover pretty close to the average across the country. Two cities even tie, with utility prices slightly below average.
Albany and Buffalo tie at 4.6 percent below the national average
Manhattan is 3.3 percent above the national average
Queens is 4.4 percent above the national average
Brooklyn is 6.6 percent above the national average
Even with reasonable utility prices, monthly energy bills are high, on average, in every city on the list. They’re all above $150, with some even close to $200. It makes sense, though, when you think about how much electricity it takes to power this state, most of it concentrated in those neon signs in Times Square (they’re bright).
However, even with this energy consumption, the state’s Clean Energy Standard mandates New York provide 100 percent carbon-free electricity from all sources by 2040. They’re moving in the right direction for this cost of living in New York.
Transportation prices
Public transportation is big throughout New York, which is good because driving in some areas is downright intimidating. This includes city driving, as well as navigating all that winter snow. With a combination of buses, trains and your own car, here’s how the cities stack up when it comes to transportation prices as a cost of living in New York.
Buffalo is 0.6 percent below the national average
Albany is 0.8 percent above the national average
Queens is 9.2 percent above the national average
Brooklyn is 14.9 percent above the national average
Manhattan is 17.6 percent above the national average
Depending on where in New York you live, a car may really not be necessary. Public transportation in certain spots is amazing, and all five boroughs have impressive walk and bike scores. Manhattan, for example, has a walk score of 97 and a bike score of 87. You can definitely get around there without a vehicle.
NYC MTA
The New York City MTA extends its reach to all five boroughs, including Manhattan, Brooklyn and Queens. With subway, bus and rail lines, you can really get just about anywhere you need with the MTA.
Fares vary based on what line you’re riding and whether it’s an express. Most subway routes and local busses cost $2.75 per way. The express bus is $6.75.
The best way to use the MTA hassle-free is with a MetroCard. The cards themselves cost $1 plus the fee for the type of card you want. You also get unlimited swipes within a certain amount of time. For example, a 30-day unlimited MetroCard costs $127, but you get unlimited subway swipes for those 30 days.
CDTA in Albany
The Capital District Transportation Authority offers bus routes throughout Albany, but also services other cities within the Capital Region of the state. In Albany alone, there are 40 different routes.
The base fare for a ride on the CDTA is $1.50. For the most cost-effective ride, residents use a Navigator card which lets you add pay-as-you-go funds or buy a discounted monthly pass.
NFTA Metro in Buffalo
A combination bus and rail system, the NFTA actually covers both the Erie and Niagara Counties of New York. Within the heart of Buffalo, the rail system gets you where you need to go.
A standard fare is $2 for all NFTA Metro services. Monthly passes are also available for $75. There’s also a mobile app you can use to buy Metro funds to board both buses and the rail system.
Healthcare prices
Overall, the cost of living in New York for healthcare prices are pretty reasonable, with no city that much higher than the national average.
Buffalo is 8.2 percent below the national average
Brooklyn is 4.2 percent above the national average
Queens is 4.9 percent above the national average
Manhattan is 7.9 percent above the national average
Albany is 11.3 percent above the national average
Interestingly enough, the highest overall city, when it comes to healthcare prices, has the least expensive average doctor visit. Albany costs $99 on average to see the doc, while the most expensive visit will be in Queens at $132.86.
Goods and services prices
Overall, most of the things you have in your budget that aren’t completely necessary, but you really like having, cost more in New York, on average, than around the country.
Buffalo is 8.3 percent below the national average
Albany is 13.9 percent above the national average
Queens is 20.2 percent above the national average
Brooklyn is 23.8 percent above the national average
Manhattan is 33.1 percent above the national average
The sticker shock of childcare
One other item in the goods and services category that can really shift your monthly budget is childcare. Maybe you don’t need to pay for this now, but it’s a pricy item in New York, so it’s good to know.
A full-day, private preschool costs $2,043 per month in Brooklyn. Prices in other boroughs exceed $1,100 per month, as well. It’s not until you get further away, to Buffalo, that this cost dips below the $1,000 market. Preschool in Buffalo only averages out to $935.42.
Taxes in New York
Sales tax in New York can get high fast. The state has a sales tax of only 4 percent, but local areas can then add up to 4.875 to that total. That means the most you could possibly pay in sales tax is 8.88 percent. At this level, for every $1,000 you spend shopping, you’re automatically forking over $88.80 straight in taxes. That’s a high markup.
Of course, the areas within New York City max out their sales tax. Manhattan, Brooklyn and Queens all have an 8.88 percent sales tax rate. Buffalo is barely less at 8.75, and Albany is only slightly lower right at an even 8 percent.
Altogether, it’s expensive to shop (and live) in New York (but you knew that already).
How much do I need to earn to live in New York?
Living in New York comes with a hefty price tag, so it’s very important you calculate your cost of living properly in order to ensure your budget can handle it. The best way to do this is with our rent calculator, but there are a few basic numbers you can crunch, as well.
One of them is calculating how much you’d need to make annually to afford the average New York rent, which is $2,355 per month. To do this, you need to put 30 percent of your annual salary to rent. So, at this average price, you’d need to make $94,200 a year.
This is possible, but not always probable being that the average annual income in New York is only $88,030. This number comes close, but a few places may still be out of reach unless you bring in a roommate to supplement costs. That’s a game-changer for the budget.
Living in New York
The most amazing thing about New York is the assortment of lifestyles you can lead. You can take urban living to the extreme throughout New York City, or slow things down upstate. Sometimes, your budget will drive where you end up, and sometimes, you’ll cram yourself into a tiny apartment with roommates just to live in the middle of the action. Either way, New York has so much to offer and is a great place to take up residence.
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The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
A rental agent is your personal guide in the world of real estate rentals. While we often associate real estate agents with home purchases, rental agents specialize in helping you find the perfect apartment or house to rent. They’re the experts who know the rental market like the back of their hand, equipped with a deep understanding of local neighborhoods, rental trends, and available properties.
In this article, we’re diving into the world of rental agents and how they can be the game-changer you didn’t know you needed for your next living space. So, whether you’re a first-time renter or a seasoned tenant, let’s uncover how a rental agent can transform your search for your next apartment or house.
Should you use a real estate agent to find your next rental?
Using a real estate agent to find your next apartment or home offers many advantages that streamline the process and enhance your overall experience. These professionals possess in-depth knowledge of the local rental market, which can help them find properties that align with your preferences and budget. In highly competitive markets such as Los Angeles, New York City, Miami, and Boston, the role of rental agents becomes paramount in the quest to secure an apartment. However, it’s worth noting that rental agents are not exclusive to these larger cities; they are also present in smaller cities, offering valuable assistance to those seeking lease accommodations.
7 key ways a rental agent can help you
Navigating the rental market can be a challenge, but with a skilled rental agent by your side, you’ll have a seasoned expert to guide you. From finding the right apartment or house to handling negotiations and paperwork, here are the key ways a rental agent can make your renting journey a breeze.
1. Tailored property searches
A rental agent will curate a list of rental options that match your preferences, saving you time by presenting choices that align with your needs and budget.
2. Local expertise
With in-depth knowledge of the area, your agent will provide insights into neighborhoods, schools, transportation, and amenities, helping you make an informed decision.
3. Protection from scams
Rental agents prevent you from scams by verifying ownership, checking landlords, and ensuring legally sound leases, creating a safe rental process.
4. Schedule property viewings
Say goodbye to endless property visits. Your agent can schedule and coordinate viewings for you, ensuring you see the most suitable options without the hassle.
5. Communicate with landlords on your behalf
These agents act as intermediaries, communicating with landlords on your behalf to address queries, negotiate terms, and facilitate effective communication throughout the rental process.
6. Assist with lease negotiations
Leave the negotiating to the pros. Rental agents are skilled at securing favorable lease terms, rental rates, and other terms on your behalf.
7. Help you through the application process
Through the application process, rental agents provide the necessary forms, explain requirements, and assist with document submission.
How much do you pay real estate agents?
The cost of a real estate agent for rentals can vary based on factors such as location, market norms, and the specific services offered. Typically, you can expect to pay around one month’s rent or a percentage of one year’s rent. So if you rent an apartment in Tallahassee for $2,000 a month, you could pay anywhere between $2,000 to $2,400 if the agent takes 10% of the annual rent. However, practices can differ from region to region, so clarifying the terms and fees with the agent before entering into any agreements is essential. Consulting with the agent or agency upfront will help you understand the cost structure and any potential fees associated with their services in your market.
Where can you find a real estate agent that works with rentals?
You can find agents through various channels. A common approach is to search on reputable real estate agency websites, where agents often list their specialties and contact information. Additionally, requesting recommendations from friends, family, or colleagues who have recently rented properties can yield reliable referrals. Ultimately, online research, word-of-mouth referrals, and attending local events can help you find an excellent real estate agent to assist you in your apartment or home search.
The bottom line
In a nutshell, rental agents are your go-to resource for a stress-free renting experience. They’ve got your back, whether it’s finding the right place, protecting you from scams, or handling all the paperwork. So, whether you’re on the hunt for your first apartment or your rental dream house, partnering with a rental agent could be the key to a smoother, safer, and simpler renting experience.