When it comes to home decor, the concepts of minimalism and maximalism are two sides of the same coin. While minimalism champions simplicity and functionality, maximalism celebrates boldness and exuberance. Whether you’re curating a minimalist sanctuary in your Charleston, SC home, a vibrant, maximalist space in your Denver, CO apartment, or a balanced style in your San Diego, CA rental, the stars might offer some insight into your home style. Here’s how to decorate according to your zodiac sign and align your home with minimalism, maximalism, or a blend of both.
1. Minimalist signs: Virgo, Pisces, Capricorn, Taurus, and Cancer
For signs that value simplicity, order, and function, minimalism is the perfect fit. Venessa of itourvista3D Virtual Tours explains, “Minimalism, characterized by clean lines and clutter-free spaces, appeals to Virgos, Cancers, Pisces, Taurus, and Capricorns who appreciate order and functionality.”
Virgo
Virgos naturally lean into minimalism, with their love of organization and neatness. As lifestyle blogger Diana Collibri notes, “Attention to detail and love for organization are traits of the minimalist Virgo. You’ll often see this in their choice of functional furniture, minimalist shelving, and neutral storage baskets for a clutter-free space. Atef from home renovation guide, Renovera, adds, “Virgos thrive with sleek, multifunctional furniture like storage benches, which align with their need for an orderly, efficient home.”
Capricorn
Capricorns are drawn to timeless, high-quality pieces that echo their practical and disciplined nature figuring out how to decorate their home. According to Goodyear, AZ-based health and wellness blogger Mandy Wilde of The Midst, “Capricorns appreciate clean lines, natural materials like wood and stone, and cool tones for a refined, enduring look.”
Taurus
For Taurus, minimalism isn’t just about simplicity—it’s about embracing natural beauty. As Marrisa, owner of MZ Fine Designs in Waverly, MN where she offers unique, handcrafted pieces notes, “Taurus is likely to gravitate toward natural materials like wood, and earthy tones, reflected in unique pieces like handmade charcuterie boards.” These minimalist, yet elegant, items serve as both functional art and conversation starters, adding a touch of sophistication to a Taurus’s home.
Pisces
Pisces approach minimalism with a dreamy, ethereal touch. “Pisces appreciate pieces that transport them to another realm, making their homes serene, almost otherworldly sanctuaries,” says Lori Serra of Fine Art Canvas in Los Angeles, CA. Their soft, flowing fabrics and muted palettes are ideal for creating a space that feels both calm and imaginative.
Cancer
Cancers, known for their deep emotional connection to home, favor cozy, minimalist spaces when determining how to decorate according to their zodiac sign. David Gomez of Zodiac Zone Horoscope explains, “Cancers value soft textures, pastel hues, and family heirlooms, all contributing to a warm and inviting atmosphere that feels like a true sanctuary.” A Cancer’s dream home includes a deep-seat sectional sofa, soft throw blankets, and a cozy fireplace—a space where they can relax and feel safe.
2. Maximalist signs: Leo, Sagittarius, Aries, Gemini, and Scorpio
For signs that enjoy making bold statements, maximalism offers the perfect creative outlet. Venessa of itourvista3D points out, “Maximalism, characterized by bold colors and eclectic textures, resonates more with Leos, Aries, Scorpios, and Sagittarius, who express their vibrant personalities.”
Leo
Leos are known for their vibrant, show-stopping personalities, and their homes reflect this. “Leos are creative, playful, and exceptional hosts,” says certified astrologer Yael Teramel of Yael Astrology. They love big, well-lit spaces, statement pieces like gold-framed mirrors, and dramatic lighting. Marrisa of MZ Fine Designs adds, “vibrant colors such as those in resin charcuterie boards, suit Leo’s bold taste, making these pieces both functional and striking in their decor.”
Sagittarius
For Sagittarius, the free-spirited traveler, maximalism is a natural fit. Elyse Calucci from the podcast Allegedly Astrology explains, “Maximalism appeals to their love for collecting memories, stories, and eclectic items from their adventures and travels around the globe.” Their homes are filled with vibrant tapestries, global patterns, and unique art pieces that reflect their journeys. As Mandy Wilde from The Midst adds, “Sagittarians embrace layered textures and rich colors, creating a warm, welcoming space that tells the story of their life’s adventures.”
Aries
Aries, with their fiery, bold nature, thrive in maximalist environments that reflect their passion and zest for life. “Aries gravitate toward spaces filled with bright colors, statement pieces, and a sense of movement; think patterns and unique textures,” says Elyse Calucci.
Adam Mizrahi of MixPlaces located in Miami, FL also highlights, “Aries often opt for bold, vibrant statement pieces that showcase their dynamic personalities.” Whether it’s bold wall art or a statement rug, Aries isn’t afraid to let their decor speak for itself when determining how to decorate according to their zodiac sign.
Geminis
Geminis are naturally maximalists, drawn to variety and change. “Their fun, creative, and full-of-life personalities tend to transpire in their vibrant homes,” says Anda from House of Andaloo, in San Diego, CA. Anda notes, “Geminis often mix styles, colors, and textures, evolving their spaces frequently to keep things interesting.” They love eclectic furniture, vintage animalia decor, and statement artwork that brings a lively, upbeat energy to their homes.
Scorpio
Scorpios, although typically associated with a more reserved personality, lean toward maximalism in a refined way. They prefer purposeful, quality pieces that make a strong impact without overwhelming the space. According to Dawn Henson from architectural design group Small House Works, “A well thought out furniture plan is key for Scorpios who favor dual-purpose furniture like the OZ Sid space-saving coffee table that converts into a dining table.” This kind of design reflects Scorpio’s desire for functionality with a bold, impactful statement.
3. Balanced signs: Libra and Aquarius
Some signs, like Libra and Aquarius, find a balance between minimalism and maximalism, combining both styles to create unique, harmonious spaces.
Libra
Libras are known for their desire for balance and harmony in all aspects of life, including their homes. “Libras enjoy balance and order, so they may keep the decor simple by avoiding clutter,” explains lifestyle blogger Juju Gurgel located in Fort Myers, FL. However, Libras also appreciate elegance and beauty, blending minimalist design with luxurious touches like soft fabrics and ornamental elements. Lori Serra of Fine Art Canvas adds, “Libras love art that blends classical grace with modern innovation, mirroring their preference for spaces that are both peaceful and aesthetically pleasing.”
Aquarius
For Aquarians, modern minimalism with a twist is the way to go. Mandy Wilde from The Midst suggests, “Aquarians are drawn to futuristic, unconventional designs and geometric furniture that reflects their progressive spirit.” Eco-friendly materials and smart technology often make their way into an Aquarius home, marrying functionality with individuality in a minimalist yet distinct space.
Maximalist vs minimalist in interior design: The best of both worlds
Whether you lean minimalist or maximalist,figuring out how to decorate according to your zodiac sign can inspire home decor choices that reflect your personality. From the calm, serene spaces of Pisces to the bold, adventurous homes of Sagittarius, astrology offers a fascinating lens through which to view your design preferences.
As Karen Bradley from holistic interior design group Okos Koti notes, ”Your zodiac sign can significantly influence your home decor preferences.” And with tools like 3D virtual tours, as Venessa of itourvista3D suggests, “you can explore various styles to see how they align with your astrological traits.”
Each sign brings its unique flavor to home decor, and no matter where you fall on the minimalism-maximalism spectrum, your space can become a beautiful reflection of your inner self, inspired by the stars.
Yes, college is expensive. The real surprise: Housing can be pricier than tuition. At public four-year colleges in 2023-24, the average cost for housing and food was $12,770 — higher than the $11,260 for tuition and fees, according to a 2023 College Board report. Students at community colleges and private schools also faced similarly high housing costs.
High housing prices can impact a student’s ability to thrive at college or complete their degree. According to a 2019 report by Temple University’s Hope Center in Philadelphia, about 56% of surveyed students said they experienced housing insecurity — including the inability to pay rent — in the previous year.
“We see escalating prices and escalating costs whether you’re on- or off-campus, and so it’s becoming a bigger piece of the college education funding puzzle for a lot of families,” says Olan Garrett, associate vice president of student affairs at Temple University.
There are strategies to lower your college housing costs, from getting roommates to carefully comparing on- and off-campus options. Advisors at your college can guide you toward affordable options, even in emergency situations.
Before you take out more student loans than necessary to pay for college housing, consider these expert-approved tips.
Start early and do your research
Start looking for housing as early as possible — for many students looking off-campus, that will be mid- to late-fall for the next academic year, says Garrett. You may have more time if you want to live on-campus: that selection process typically opens in the spring, he says.
“The later you wait, the fewer options there will be,” Garrett says.
One way to get ahead of the curve: reach out to leasing agents in your community. “For example, if you’re going to an open house or an apartment tour, find the leasing agent and get in contact with them about what other available units might come up,” suggests Matt Aini, chair of the Student HOMES Coalition, a student-run organization that promotes affordable student housing policies. This could help you find apartments that aren’t yet listed online.
Do some research on your potential landlord or rental management company before signing a binding lease. Reach out to friends and peers and look up online reviews.
“How have people perceived the way the landlord works? Is it a landlord that’s very responsive to requests?” says Garrett.
Compare on-campus and off-campus options
Off-campus living may come with more independence and cheaper rent — but when it comes to comparing costs with on-campus options, it’s not always “apples to apples,” says Garrett.
With on-campus living, utilities like heat, water, electricity, trash and WiFi are typically baked into your housing fee. The dorm may also come fully furnished. Off-campus rent doesn’t usually include these services, so you’ll have extra college expenses. Off-campus apartments may also require a security deposit and first month’s rent upfront.
Most college websites offer online cost-of-living calculators that can help you compare average costs of living on- or off-campus.
If your school is close to home and you have the option to continue living there, you may consider commuting to save money on housing.
Aini, who is a senior at the University of California, Berkeley, lives with his parents nearby and commutes to campus.
“I made a very conscious decision,” Aini says. “And among other things, you see the cost. And I think it just makes things easier.”
Get roommates and manage expectations
Having a roommate is part of the quintessential college experience for many freshmen at American universities. Even after freshman year, living with roommates allows you to split rent and utility bills.
“I do believe there’s value in roommates or shared living environments,” says Brenda Ice, senior associate dean and senior director of residential life at Brown University in Providence, R.I. “This isn’t me saying, ‘try to pack in as many people as you can in a particular house or apartment,’ but I do believe there is both a social benefit of living with more than one person in a shared space, while also helping to cut down on costs.”
Be willing to compromise on amenities to get a place that’s within your budget. You may not be able to live in a brand new or recently renovated residence hall without roommates.
“Understand the first goal of this is to be able to live in a place of comfort that allows you to sleep, study, do the things you need to do,” Garrett says.
Reach out to university resources
For help navigating housing options, reach out to your university’s housing and residence life office. School administrators can walk you though on-campus options, and some can help with off-campus housing.
“Have a conversation with a housing officer,” Garret says. “In most cases, one size does not fit all.”
Many colleges offer off-campus housing databases with vetted landlords and properties. Some may even offer free workshops. For example, Brown works with a campus partner to teach students about financial literacy, understanding leases, connecting with neighbors and more, Ice says.
Even if your school doesn’t offer such robust housing resources, it likely has a housing officer. At North Seattle College, a community college, housing resource specialist Shannon Thomas helps students through emergency housing situations.
“I make connections with agencies and programs all throughout the area, whether it’s community service organizations, city or state programming, private landlords, or other schools and agencies,” Thomas explains.
Submit the FAFSA to minimize borrowing costs
If you need to take out student loans for housing, then prioritize federal student loans, which have more generous protections and flexible repayment options. You must submit the FAFSA to qualify for federal student loans and need-based Pell Grants. If you’ve borrowed the maximum amount in federal loans, consider private student loans as a last resort to fill in any funding gaps.
Read your lease and communicate with landlords
If you plan to live off campus, understand that leases are binding legal documents with major financial implications. Violating your lease terms may result in extra fees, eviction and a stain on your record that could make it difficult to rent an apartment in the future.
Some schools, like Brown, employ attorneys to help students with legal advice, including reviewing lease terms and navigating landlord disputes. You can also bring your lease documents to a free legal clinic at your school or in your community, says Aini.
If you’re already living off-campus and foresee an issue paying rent, reach out to your landlord proactively, Garrett says.
“I’m channeling my wife here, who’s a property manager, she would say, ‘communicate with your landlord early … if you know you’re going to be an issue, let them know you’re going to be an issue.’ Most landlords are willing to work with you up front,” he explains.
Apply for emergency housing grants
According to the 2019 Hope Center survey, 14% of students at four-year colleges said they experienced homelessness in the past 12 months. At community colleges, that figure was 18%. The vast majority of these students temporarily stayed with a relative or friend, the survey found.
Grants can help you get by in emergency situations where you’re at risk of losing housing. States, cities and institutions usually offer these grants. To learn about your options, reach out to the housing officer at your institution.
For example, colleges in Washington state can dole out the Washington Student Achievement Council (WSAC) emergency grant.
To apply for the WSAC grant, students typically first meet with a housing coordinator at their school, says Thomas, who oversees the WSAC grant program at North Seattle College. The amount of money students can get from this grant is flexible, though Thomas says it goes up to roughly $3,000.
“We will assess their housing needs, their basic needs and then we’ll prioritize what those are and set a course for finding them,” Thomas says. “A student might drop in and say, ‘we’re moving into an apartment that’s going to cost us ‘X’ amount of money. I only have so much. I am not receiving assistance from my family, or can’t pay for a variety of reasons. And so can you help me with this?’ And so what happens is, we take a request for financial assistance and we explore it as a team.”
In an urgent situation, Thomas says he may refer students to a shelter or arrange for a stay in a motel.
“It’s pretty clear that if you’re addressing the basic needs of your students, that you’re going to improve your retention rates … and you’re also going to improve the quality of community on your campus,” Thomas says.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.See Lexington Law’s editorial disclosure for more information.
Landlords don’t report your rent payments to the credit bureaus, but there are rent-reporting services that allow you to add rent to your credit report. This can help build your score by improving your credit history.
The only thing worse than having to pay rent is having nothing to show for it on your credit score. Unlike mortgage loan lenders, landlords are not required to report your rent payments to the major credit bureaus, so your credit report won’t automatically reflect them. But the good news is that you can learn how to add rent to your credit report to build your score.
In this guide, we teach you how you can build credit with rent payments through rent-reporting services. You’ll learn how these reporting services work, which companies provide these services and what to look for.
Does paying rent build credit?
Paying your rent each month doesn’t help you build credit on its own. It costs your landlord money to report your payments to the credit bureaus, which is why many landlords don’t report.
Rent doesn’t help you build credit, but it’s helpful to know how your renting can negatively affect your credit. When you initially fill out a rental application, your credit score can temporarily decrease if the landlord runs a hard inquiry into your credit report. Your credit score can also decrease if you owe the landlord money and it goes to collections. This can happen if you owe money after moving out or when breaking your lease agreement.
Which rent-reporting services help build credit?
There are a few different ways to report your rent to help you build credit. Some companies charge for rent reporting, but you can also find services that do it for free. As more landlords learn about the benefits of reporting rent, many are beginning to provide it for tenants. A recent TransUnion® report found that 27 percent of landlords who know about rent reporting have adopted the practice.
Below, we list some of the best rent-reporting services. As you’ll see, some services only report to specific credit bureaus.
Free rent-reporting services for tenants
Experian Boost®: Experian Boost is a free rent reporting service created by the major credit bureau Experian. This app allows users to report all monthly bills to Experian, from rent payments to video streaming services.
Piñata: This app bills itself as the solution to make rent rewarding for its users, and it is partnered with TransUnion.
Self: Self has a free plan that allows tenants to report their rent payments. With the upgraded paid service, you can report your utility and cell phone payments. Utility payments are only reported to TransUnion.
Paid rent-reporting services for tenants
Boom: This service is an app for renters to track their payments and boost their credit score by reporting payments to all three bureaus.
Credit Rent Boost: This is a paid service tenants can use to report their credit scores to TransUnion and Equifax®. You will have to pay a la carte every time for past and ongoing rent payments.
RentReporters: This service is a one-time fee and will add 24 months of past rent payments to your credit report immediately for a quick boost. This service reports to Equifax and TransUnion.
Rental Kharma: Rental Kharma charges a one-time setup fee and a monthly subscription. They report all of your past history for your current address to TransUnion and Equifax. For an additional fee and monthly charge, you can add a roommate or spouse.
PaymentReport: This service reports to Equifax and charges a small monthly fee. You’ll need to link your bank account so they can verify your payments. They also have a free option if you can provide landlord verification.
Rock the Score: After an enrollment fee, you pay monthly for reporting to TransUnion and Equifax. You can pay an additional fee for up to two years of your rental history.
Rent-reporting services for landlords
Esusu Rent: With Esusu Rent, a landlord will collect rent payments through the Esusu online portal. Then, Esusu will share tenants’ payment history with every major credit bureau.
Rent Dynamics: This is a CRM for landlords to create and manage renter profiles, implement omnichannel communication services and help their residents build credit through the Resident Retention program.
PayYourRent: Landlords or property management pays the fee to report to all three credit bureaus. Tenants can choose to opt in or out at any time.
ClearNow: Landlords can provide this service to take rent out of tenant checking or savings accounts. ClearNow reports to Experian® only.
Bilt Rewards: This service is specific to Bilt Alliance properties that participate. Tenants receive the option to use this service upon move-in and can earn points using the Bilt credit card. Bilt Rewards reports to all three bureaus.
Azibo: Azibo reports to all three bureaus and allows tenants to make free ACH bank transfers for their rent payments. Tenants also have the option to pay by debit or credit card for a 2.99 percent convenience fee.
Jetty Credit: This is part of a pilot program from Fannie Mae and is free to renters at participating properties. It adds two years of previous rental history and also reports on-time utility bills. Jetty Credit reports to all three bureaus.
How to report rent to credit bureaus
While there aren’t any self-rent-reporting methods to send your rent payment history directly to the major bureaus, you can use third-party reporting services. Your payment history is worth 35 percent of your credit score, so a rent-reporting service can be instrumental when trying to improve your credit score. Typically you connect to your bank account to verify you’re paying your rent. Some can link to credit cards as well.
Each rent-reporting service is different and will have different costs, so it’s beneficial to research and compare the options. Once you find a service to use, you should continue to check your credit report to ensure the payments are showing.
It may be helpful to talk to your landlord prior to choosing a service. Some landlords report rent because it helps them screen tenants and can incentivize renters to pay on time to avoid lowering their score. If they see how it can benefit their business, they may decide to provide rent reporting.
What to look for in rent-reporting services
You have multiple options for rent-reporting services, and the right one depends on your unique situation. There are both free and paid services, so your budget is something to take into consideration. Just remember, the least expensive option may not be the best one.
Here are some factors to keep in mind when choosing a service that reports your rent:
Cost: The price should be within your budget.
Additional reporting: Some services offer additional reporting for utilities and other regular payments.
Credit bureaus: Ideally, you want your rent reported to all three credit bureaus.
Rental history: Services sometimes add up to two years of previous rental history on signup.
Cancellation policy: See if the service will let you cancel at any time or if there’s a fee.
Reviews: It’s always helpful to see what current and previous customers say about the service.
Can your personal credit score benefit from rent reporting?
One challenge many people face is that they don’t know if their credit score needs a boost from rent reporting because they’re unsure where they stand. Here at Lexington Law Firm, you can receive a free credit assessment.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
You may have heard that 20% is the ideal down payment on a house, but that doesn’t mean you must pony up that amount to become a homeowner. In truth, the average house down payment is considerably smaller. Currently, the median down payment for a house is 15%, according to data from the National Association of Realtors® (NAR).
Here, you’ll learn more about down payments so you can house-hunt like an insider. Getting a sense of what others are paying and how that differs based on geographic area is helpful. We’ll also share how you might access help if you can’t come up with 20%. Armed with this intel, you’ll be better prepared to navigate that major rite of passage: purchasing a home.
Table of Contents
Key Points
• The median down payment for a house in the US ranges widely from 10% to 35% of the purchase price.
• The amount of the down payment can vary based on factors like loan type, credit score, and lender requirements.
• A larger down payment can result in lower monthly mortgage payments and potentially better loan terms.
• Down payment assistance programs and gifts from family members can help with affordability.
• It’s important to save and plan for a down payment to achieve homeownership goals.
Average Down Payment Statistics
As of 2023, the median down payment for a house was 15%, or $63,908 if you consider that the median national home price in 2023 was $426,056, according to Redfin. This was up slightly from 13% in 2022, according to the NAR. (The median means half of buyers put down less and half put down more; it’s generally considered a better barometer than an average, because the latter can be thrown off by outliers — people who spend wildly more or less than usual.)
This 15% figure shows that the conventional wisdom that you need 20% down to purchase a home is, to a large extent, untrue. In fact, in an April 2024 SoFi survey of prospective homebuyers, many planned to put down far less than 20%. Almost a third of respondents (29%) said they planned to put down 10% or less, and 7% of those surveyed were exploring zero-down-payment options.
A 20% down payment will lower your mortgage amount and monthly payments vs. a smaller down payment, and will allow you to avoid private mortgage insurance (PMI), but it’s not the only game in town.
Average Down Payment on a House for First-Time Buyers
First-time buyers make about a third of all home purchases, and the typical down payment for first-time buyers in the NAR survey was 8%, while repeat buyers’ typical down payment was 19%. (Repeat buyers often have money from the sale of their first residence to put toward the purchase of their next one.)
Down Payment Requirements by Mortgage Loan Type
The amount of money you put down on a home may be governed in part by the type of mortgage loan you choose (and conversely, how much money you have saved for a down payment could dictate the type of mortgage you qualify for). Let’s take a look at the different loan types and their down payment requirements.
Remember that if you are buying your first home or you haven’t purchased a residence in three or more years, you may qualify as a first-time homebuyer and be eligible for special first-time homebuyer programs.
Conventional Loan
This is the kind of loan favored by most buyers, and for first-time homebuyers some conventional home loans can allow for as little as 3% down on a home purchase. A repeat homebuyer might need to put down a bit more — say 5%.
FHA Loan
An FHA loan, acquired through private lenders but guaranteed by the Federal Housing Administration, allows for a 3.5% minimum down payment if the borrower’s credit score is at least 580.
VA Loan and USDA Loan
These loans usually require no down payment, although there are still other hoops to jump through to qualify for one of these loans.
A VA loan backed by the Department of Veterans Affairs, is for eligible veterans, service members, Reservists, National Guard members, and some surviving spouses. The VA also issues direct loans to Native American veterans or non-Native American veterans married to Native Americans. For a typical VA loan borrower, no down payment is required.
A USDA loan backed by the U.S. Department of Agriculture is for households with low to moderate incomes buying homes in eligible rural areas. The USDA also offers direct subsidized loans for households with low and very low incomes. Typically, a credit score of 640 or higher is needed. While borrowers can make a down payment, one is not required.
Jumbo Loan
A jumbo loan is a loan for an amount over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA). In most U.S. counties, the conforming loan limit for a single-family home in 2024 is $766,550. Minimum down payment rules for jumbo loans vary by lender but are generally higher than those for conforming loans. Some lenders require a 10% down payment, and others require as much as 20%.
For all of the above loan types, the home being purchased must be a primary residence in order to qualify for the minimum down payment, but a homebuyer can use a conventional or VA loan to purchase a multifamily property with up to four units if one unit will be owner-occupied.
Average Down Payment by Age Group
The latest NAR Home Buyers and Sellers Generational Trends Report breaks down by age the percentage of a home that was financed by homebuyers in 2023.
Older buyers tend to use proceeds from the sale of a previous residence to help fund the new home. Buyers 59 to 68 years old, for instance, put a median of 22% down, the NAR report shows.
Most younger buyers depend on savings for their down payment. Buyers ages 25 to 33 put down a median of 10%, and those ages 34 to 43, 13%. A fortunate 20% of the younger homebuyers (those age 25-33) received down payment help from a friend or relative.
Percentage of Home Financed
All buyers
Ages 25-33
Ages 34-43
Ages 44-58
Ages 59-68
Ages 69-77
Ages 78-99
50%
15%
6%
8%
15%
22%
31%
29%
50-59%
6%
2%
5%
5%
9%
14%
11%
60-69%
6%
2%
5%
6%
9%
11%
9%
71-79%
13%
13%
14%
14%
12%
9%
15%
80-89%
23%
26%
27%
22%
19%
18%
14%
90-94%
13%
19%
14%
12%
10%
4%
8%
95-99%
14%
22%
17%
12%
8%
4%
7%
100% (financed the whole purchase)
12%
9%
11%
13%
9%
9%
6%
Average Down Payment by State
The average house down payment in any given state is tied to home prices in that location. You can look into the cost of living by state for an overview and then find the median home value in a particular state at a given point in time and estimate what your down payment might be.
The least expensive states in which to buy a home? Iowa, Oklahoma, Ohio, Mississippi, and Louisiana are among them, according to Redfin.
Average Down Payment On a House in California
California, the most populous state and one of the largest by area, is joined by Hawaii and Colorado on many lists of the most expensive states in which to buy a house. Redfin shows a median sales price of $859,300 in California in spring of 2024. A 3% down payment would be $25,779; 10% down, $85,930; and 20% down, $152,260. The Los Angeles housing market is among the toughest in California, with the median sale price up more than 10% in the last year to $1,050,000. You might want to check out housing market trends by city as well if you are interested in finding out where owning a home could be more or less expensive.
Hawaii comes out near the top with a median home price of $754,800. Three percent down would be $22,644; 10% down, $75,480; and 20%, $150,960. In Hawaii, the conforming loan limit is $1,149,825, a reflection of the state’s high home prices. If you need a mortgage for more than that amount in Hawaii, you’ll be in the market for a jumbo loan.
Recommended: How to Afford a Down Payment on Your First Home
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Source of Down Payment
You’re probably wondering where homebuyers get the money to afford a down payment, especially first-time homebuyers. NAR has polled buyers to probe that question. Not surprisingly, more than half of buyers (53%) simply say they have saved up the money — which of course isn’t simple at all.
Savings is especially likely to fund a home purchase for those ages 25-33. Almost three-quarters of younger buyers rely on it for their down payment. Older buyers also use savings but are more likely to draw on the sale of a primary residence. This is especially true after age 59.
Other down payment sources include gifts from relatives or friends, sale of stock, a loan or draw from a 401K or pension, or an inheritance. For those who don’t have generational wealth or savings to rely on, first-time homebuyer programs can make home ownership possible.
City, county, and state down payment assistance programs are also out there. They may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.
How Does Your Down Payment Affect Your Monthly Payments?
Curious to see what your potential mortgage would look like based on different down payments? Start with a home affordability calculator (like the one below) to get a feel for how much you’ll need to put down and other expenses.
Or use this mortgage calculator to estimate how much your mortgage payments would be, depending on property value, down payment, interest rate, and repayment term.
What Do I Need to Buy a House?
If Your Down Payment Is Less Than 20%
If your down payment will be less than 20%, you now know that you’ll have plenty of company. (In SoFi’s survey, 14% of would-be buyers said not having an adequate down payment was their primary challenge.) Consider these ways to optimize the situation:
• A government loan could be the answer: FHA loans are popular with some first-time buyers because of the lenient credit requirements. The down payment for an FHA loan is just 3.5% if you have a credit score of 580 or more. Just know that upfront and monthly mortgage insurance premiums (MIP) always accompany FHA loans, and remain for the life of the loan if the down payment is under 10%. If you put 10% or more down, you’ll pay MIP for 11 years.
• You may be able to improve your loan terms: If you can’t pull together 20% for a down payment, you can still help yourself by showing lenders that you’re a good risk. You’ll likely need a FICO® score of at least 620 for a conventional loan. If you have that and other positive factors, you may qualify for a more attractive interest rate or better terms.
• You can eventually cancel PMI: Lenders are required to automatically cancel PMI when the loan balance gets to 78% LTV of the original value of the home. You also can ask your lender to cancel PMI on the date when the principal balance of your mortgage falls to 80% of the original home value.
You may be able to find down payment assistance: City, county, and state down payment assistance programs are out there, and SoFi’s survey suggests they don’t get enough attention: About half (49%) of the homebuyers who said they were challenged to come up with a down payment hadn’t looked into city or state down payment assistance programs. The assistance may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.
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Dream Home Quiz
The Takeaway
What is the average down payment on a house? Currently, it’s about 15% of the home’s purchase price, which usually means mortgage insurance and higher payments for the buyer. But buyers who put less than 20% down on a house unlock the door to homeownership every day. If you want to join them, you can be helped along by low down payments for first-time homebuyers, as well as government loans, down payment assistance, and other programs.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
Is 10% down payment enough for a house?
Yes. More than a third of all buyers put down 10% or even less to buy a home. Lower down payments are especially common among younger and/or first-time homebuyers.
What is the minimum you should put down on a house?
Conventional wisdom says the minimum down payment is 20%, but most buyers put down less — 15% is far more common. Younger buyers and first-time homebuyers, especially, often put down far less and some home loans allow you to finance 97% or even 100% of the home’s cost.
What factors can affect my down payment requirements?
The amount of down payment you’ll need to come up with depends on your loan type, credit history and credit score, the cost of the property you’re buying, and whether you are a first-time homebuyer.
What are the pros and cons of putting down less than 20% on a house?
Putting down less than 20% on a house might allow you to buy a home sooner. It might also permit you to set aside money for renovations or to pay off other debts. The disadvantage is that those who put down less than 20% usually have to pay for private mortgage insurance which adds to their monthly costs. (Those with FHA loans who put down less than 20% will pay a mortgage insurance premium.)
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Update 10/22/24: During the Q3 earnings call they stated:
We have already achieved our plan of refreshing 40 products globally this year, and we expect to do several more by year end.
I think it’s likely that the Business Platinum will be refreshed soon. Some reddit users found a new design image for the Business Platinum card, but as far as I know that is a placeholder but the html does show ‘<div role=”img” class=”dls-card-lg dls-card-tilt” style=”background-image:url(/content/dam/amex/us/credit-cards/features-benefits/Q32024-New-Card-Art/SBSPropLend’.
Original post: During the American Express earnings call today American Express’ CFO Christophe Le Caillec announced that they plan to complete 40 card refreshes globally this year.
In 2024, we expect to exit the year with some further momentum compared to the current growth supported by continued product innovation and our focus on premium value propositions. We currently have plans to refresh around 40 products globally next year.
Previously American Express has stated that it wants to refresh charge cards every 3-4 years. The last time the Platinum & Gold card had a major overhaul was 3-4 years ago I think we can expect those cards to be refreshed. This lines up with the Dell/Adobe and Indeed credits having a 2024 end date.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Many Americans don’t closely track their finances or know what their current credit score is. Being financially literate, especially when it comes to credit usage, can make it much easier to manage your finances and, over time, improve your situation. The good news is that numerous personal finance tools are available today to make things easier than ever.
Keep reading to learn more about the top four personal finance tools you should start using today.
What are financial tools?
Financial tools are apps or services that help you track and manage your financial transactions. These tools can help you stay within your spending limits, meet your financial goals and make informed financial decisions.
Today, you can access many of these tools online through a secure platform or app. For many, these tools are an essential part of financial management. They help simplify the financial tracking process and make it easier to understand your current financial status.
Top 4 types of personal finance tools available
1. Budgeting tools
Financial freedom doesn’t just happen overnight. It takes careful planning and continuous tracking of where you spend every dollar. This is why maintaining a personal budget is so important. Keeping a budget can ensure you’re saving enough to meet your future needs, preventing you from spending more money than you earn and helping you create an emergency fund.
Fortunately, you no longer need to rely on pen and paper to keep a budget and track your spending. Instead, there are a number of online tools you can use to quickly track where you spend every dime. While Mint has been a popular budgeting tool for many consumers, it’s ceasing operations as of January 1, 2024. Whether you’re looking for a Mint replacement or your first budgeting app, here’s a look at the top options available.
You Need A Budget: Commonly referred to as YNAB, this tool uses the zero-based budget system to track every dollar you earn and spend. The easy-to-use finance tool lets you link all your accounts, including bank accounts, credit cards and loan payments, to help you get a clear view of your financial status.
Goodbudget: This online tool uses the popular envelope budgeting system to ensure you’re tracking every dollar you spend. While you can’t link your bank account to Goodbudget, you can import data from your bank to keep everything up to date. The app shows you how much money you have left to spend in each category.
PocketGuard: PocketGuard is a simplified budgeting tool that links to your bank accounts, credit accounts and loans. It automatically tracks your bills to let you know how much you have left to spend. While it doesn’t have all the special features you might find with other budgeting apps, it’s a good choice for those who prefer a straightforward approach to budget tracking.
HoneyDue: This online budgeting tool is ideal for couples who want to sync their accounts. It lets users customize their own settings for what information they want to share with each other and how to split expenses. HoneyDue also offers special features such as bill reminders and goal setting.
2. Online banking tools
Nearly all banks, credit unions and credit card companies offer online services. Chances are, you already use these online tools to track your account balance, deposits and charges. While using these tools for basic services is a good first step, these apps offer so much more. Here’s a look at several other online services most financial institutions offer.
Online bill payment: Most banks and credit unions let you use their online platform to pay bills. This great feature allows you to instantly make payments online so you can avoid late payment fees.
Mobile check deposit: Fortunately, you don’t have to run to the bank every time you want to deposit a check. You can deposit it directly through your mobile device. In many cases, you can see funds from these deposits in your account almost immediately or the next day.
Transfer funds: When that work bonus hits your bank account, you don’t have to risk spending more of it than you planned. Instead, use your online banking platform to transfer the funds from your checking to your savings account instantly.
Credit score: Some banks and credit unions provide their customers with a look at their credit score. This feature can help you track your score over time.
3. Investment tools
According to the latest Gallup poll, 61 percent of adults in the United States own some type of stock. For many, their stock ownership is limited to their 401(k), but your investment options don’t have to stop there. Many online tools are ideal for beginner and long-time investors.
Best of all, you don’t need a lot of money to invest. In fact, you can get started with your spare change. If you’re ready to start building your investment portfolio, check out these online investment tools.
Acorns: Acorns is a good option for those just starting to invest. There are no minimum deposit requirements when you sign up for its Round-Ups program. This program rounds up every transaction you make to the nearest whole dollar. It then uses these funds to automatically invest your money and build your portfolio.
RobinHood: RobinHood is a popular investment app for those who want to take charge of their own investment options. There are no minimum balance requirements or commission fees, which is great for those looking for a low-cost way to start investing in the stock market. RobinHood even lets users buy cryptocurrency.
Fidelity: If you’re looking for an online tool that offers a hands-off approach to investment while also helping you better understand the stock market, Fidelity may be the right option for you. The combination of its robo-advisor services and online resources and tools make it easy to build a customized investment strategy.
Betterment: Through the Betterment app, you can start investing with as little as $10. This app lets you set your financial goals, risk level and starting amount. With these details, it automatically creates an investment plan to help you reach your goals.
4. Credit-related tools
Many people fail to understand the full impact their credit score has on their overall financial health. For instance, you may already know that your credit report and credit score can impact your ability to secure a credit card or obtain a car or home loan. But did you also know your credit score can determine your ability to rent an apartment, land a job or set up utilities in your name without a deposit?
It’s crucial you stay up to date on your credit score and credit report. First, tracking your credit can alert you to drops in your score and give you time to take steps to address any issues. Second, understanding issues on your credit report lets you create a strategy for repairing or rebuilding your credit.
Finally, regularly examining your credit report can help you quickly identify any errors that are wrongfully hurting your credit and take steps to fix them. It can also help you guard against identity theft.
You’re entitled to request one free copy of your credit report each year from each of the three major credit bureaus—Experian, TransUnion and Equifax. But you don’t have to wait until the end of the year to track your credit. Instead, you can use Lexington Law’s free credit assessment and other paid services to get updated information related to your credit. Using a combination of these tools can help you get a better handle on your financial status and set up a strategy to improve your credit.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Credit union student loans are offered by member-owned financial institutions to help you cover college costs. While banks and online lenders also offer private student loans, credit unions often stand out by providing no-fee loans with competitive interest rates.
In this guide, we’ll walk you through how credit union student loans work, explore your options, weigh the pros and cons, and explain how to apply.
What Are Credit Union Student Loans?
Credit union student loans are private loans offered by credit unions to help students pay for college or other educational costs. Depending on your situation, they can be a good alternative to loans from big banks or once federal student loans have been exhausted.
Advantages of Credit Union Student Loans
Credit unions are all about putting their members first. Because they prioritize people over profits, they can offer perks like lower interest rates and fewer fees. Some credit unions even team up with others to share resources, making things more convenient and affordable for you.
Advantages include:
Lower costs: As nonprofits, credit unions don’t focus on making money for investors. This allows them to pass savings on to you through lower interest rates and fewer fees, helping you save on loans.
Member-focused: Credit unions are dedicated to helping their members. You’re likely to receive personalized attention and support from representatives who take the time to understand your needs and recommend the best services for you.
Flexibility: Credit unions may be more flexible with loan eligibility requirements for members. They might be more willing to work with students who are considered high-risk or don’t have a cosigner.
Eligibility Requirements
To get a student loan from a credit union, you typically need to be a member. Each credit union usually has its own membership guidelines, which might require you to work in a specific industry, belong to a certain group, live in a particular area, or attend a specific school.
If you have a family member who’s already a member, you might be able to join through them. Many credit unions allow immediate family members to become members, which could give you access to a student loan.
Keep in mind, though, there might be a membership fee, typically between $5 and $25.
When it comes to getting a student loan, each credit union has its own criteria, just like banks and online lenders. While private lenders often look for a credit score of 670 or higher, you might still qualify even if your score is lower.
Recommended: Do Credit Unions Help You Build Your Credit Score?
Types of Credit Union Student Loans
Here’s a look at the types of student loans offered by credit unions. Keep in mind, though, that options vary by credit union.
Private Student Loans
Private student loans from credit unions are a way to help cover college costs. While it’s recommended to use federal financial aid first, a private student loan from a credit union may help bridge the gap. These loans often have competitive interest rates and flexible terms, making them an appealing option to finance higher education costs.
Unlike federal student loans, though, how much you can borrow and the interest rate you get usually depend on your credit and income.
Student Loan Refinancing
Some credit unions offer student loan refinancing options, which may help you streamline your student debt and potentially save you money. When you refinance with a credit union, you’re essentially getting a new loan to pay off your existing ones, whether your loans are federal or private.
In other words, credit union refinancing for student loans lets you consolidate your loans into one payment, potentially with a lower interest rate and better terms if you qualify. And with just one monthly payment to manage, handling your debt could become much less stressful.
Keep in mind, though, that refinancing federal student loans into private student loans makes it so you’re no longer eligible for federal benefits, such as student loan forgiveness programs and income-driven repayment plans.
Recommended: Pros and Cons of Student Loan Refinancing
How to Apply for a Credit Union Student Loan
Applying for a student loan from a credit union is a straightforward process, but it’s important to understand the eligibility requirements, necessary documentation, and application process.
Step 1: Check Eligibility
Before applying for a student loan from a credit union, you’ll typically need to become a member. Some credit unions will let nonmembers apply, but to receive a loan you must be a member. If you’re already a member, make sure you meet their lending requirements — like being enrolled at least half-time.
Also, double-check to see if your school qualifies for private student loans. If you’re attending a community college or trade school, not all schools may be eligible, so it’s important to confirm.
Step 2: Gather Required Documents
If you meet the eligibility requirements, you can typically apply online, by visiting a branch, or by reaching out to the credit union directly.
When you’re ready to apply, you’ll typically need to share some basic information, like your name, Social Security number, and proof of income. It’s a good idea to check your credit score first, as lenders typically look for borrowers with a solid credit history, a good credit score (670-739), and a certain level of income.
If you’re concerned you might not qualify on your own, think about getting a cosigner. A student loan cosigner could increase your chances of getting approved and might even help you get a lower interest rate and better terms.
Step 3: Compare Loan Options
You may want to compare lenders in order to get the best rate and terms for your situation. Some lenders let you get prequalified, which helps you explore your options. Since prequalifying only involves a soft credit check, it won’t affect your credit score and you can see potential rates and terms without any worries.
In addition to exploring credit unions, it’s worth checking out other lenders that might offer competitive rates and terms.
Step 4: Submit Your Application
Once you choose your credit union or another lender, you can submit your official application. The lender will then usually do a hard credit check, and you’ll get the final approval decision.
Repaying Your Credit Union Student Loan
With some private student loans, you’ll need to make payments during school, while others let you hold off until you’ve graduated. To find out which one applies to your loan, check with your loan servicer or take a look at your loan documents.
It’s also a good idea to ask if the interest that builds up during the time you’re in school will be added to your principal balance when repayment starts.
When it comes time to make your payments, where you pay depends on your loan servicer. Most servicers let you pay online, but it’s smart to confirm this before your payments begin.
Many servicers also offer automatic payments, which automatically deduct your monthly payment from your bank account. This can help you avoid missing payments or getting hit with late fees.
Recommended: 6 Strategies to Pay Off Student Loans Quickly
Tips for Managing Credit Union Student Loans
Here are a few tips for managing your credit union private student loans.
Make a budget. Knowing where your money goes each month is key to setting aside funds for loan payments. Review your income and expenses to see where you can cut back, and try to allocate more toward paying off your loans.
Compare repayment options. Unlike federal loans, repayment options with credit unions and other private lenders can vary. If you’re struggling to keep up with payments, check if your lender offers plans like interest-only repayments, which allow you to defer the principal.
Make extra payments. Whether it’s biweekly payments instead of monthly or tossing in extra cash when you can, paying a bit more here and there can help you pay off your loans faster. Just be sure to request that any extra funds go directly toward the principal balance.
Sign up for autopay. Many private lenders offer an automatic payment option. By enrolling in autopay, you can ensure you never miss a payment.
Focus on high-interest debt. If you have multiple student loans, paying off the one with the highest interest rate first could save you money in the long run.
Consider refinancing your loans. If managing your payments feels overwhelming, you can refinance your student loans. This allows you to combine multiple student loans into one, ideally with a lower interest rate or more favorable terms.
The Takeaway
Credit unions offer private student loans to help cover college expenses like tuition and books. Unlike federal student loans, these private loans don’t offer the same flexible repayment options or borrower protections. It’s best to use your federal aid first, and then turn to private student loans if needed.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
Can you use a credit union for a student loan?
Yes, some credit unions offer private student loans to their members. These loans work similarly to those provided by banks or online lenders, often with competitive interest rates and additional member perks.
Are student loans from credit unions considered private?
Yes, student loans from credit unions are considered private since they’re funded by the credit union, not the government. While they don’t offer the same federal benefits and protections, they often come with competitive rates and special perks for members.
Is it more difficult to get a student loan from a credit union?
Getting a student loan from a credit union usually depends on your credit history and being a member. Membership might require living in a certain area or belonging to a specific group. But once you’re in, you could benefit from more personalized service and potentially better rates than what you may find with other lenders.
Photo credit: iStock/hobo_018
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Fall in Portland, Maine is a spectacular experience, filled with vibrant colors and a host of activities. September to October is the best time of year to enjoy the magic of fall in Portland, from the scenic coastal views to fun downtown festivities. Stroll through the charming streets of the Old Port, where you can explore local shops and enjoy seasonal treats at cozy cafes. Don’t miss the chance to visit nearby orchards for apple picking or take in breathtaking views on a scenic drive. With local festivals celebrating food, art, and community, there’s fall things to do in Portland, ME for everyone to enjoy.
Whether you’re searching for a house to rent in Portland, ME, an apartment to call home, or ready to purchase your first home in the city, , this city has so much to offer. Let’s explore 15 fall things to do in Portland, ME, where pops of color and cozy vibes create the perfect backdrop for autumn and give you a taste of why Portland is a good place to live.
1. Pop some tags at the local thrift shops
The community around thrift and vintage shopping in Portland is eclectic and supportive, hosting regular events like swap meets and pop-up markets. Whether you’re hunting for a vintage vinyl record, mid-century furniture, or stand-out fashion statements, you’ll be sure to find something unique at one of Portland’s thrift stores.
“One of my favorite things about Portland is the amount of thrift and vintage shops we have,” shares local photographer Shado of Shado of a Rose Photography. “All within a 10-minute walk you could get incredible vinyl at Moody Lords, find that new sweater you need for fall at Material Objects, or pick up a retro video game/movie poster from Electric Buddhas.”
And, if you’ve worked up an appetite while thrifting, Shado has you covered. ”If you’re in the mood for some food just pop over to Exchange street a few blocks away. Whether you’re getting incredible chicken from Crispy Gai, eating $1 oysters on a Wednesday night at Blyth and Burrows, or having dessert at Gorgeous Gelato, you really can’t go wrong when going out in the Old Port.”
2. Admire the fall foliage in Portland
Whether you’re walking, biking, or simply taking a drive, enjoying the fall foliage in and around Portland is a perfect way to experience the changing of the seasons. The contrast of the colorful foliage with the historic architecture and coastal scenery creates a picturesque setting that feels like a scene from a postcard.
Fall colors around town
“This small East Coast city, with its cozy New England town feel, offers a little bit of something for those wanting to feel at home or someone seeking a temporary home base to do some leaf-peeping in Maine during the fall season,” describes local Portland author Marpheen Chann.
One of the best ways to experience the fall foliage in Portland is by exploring the many parks and waterfront areas. “A walk or bike ride on smooth trails can take you around Back Cove, where you can get a quality photo of Downtown Portland from across the water at Payson Park. Continue your day at Portland’s Eastern Promenade, the perfect place for a picnic with scenic views of Casco Bay and its islands,” Chann shares.
Catch a train
You can also relax into a scenic tour of the fall foliage by hopping on the Maine Narrow Gauge. “From your comfortable seat on the historic train, take in the dazzling colors of autumn, set against the backdrop of Casco Bay. You’ll hear all about Portland’s history and learn about local landmarks from onboard narration,” describes Matt Levy, general manager of the Maine Narrow Gauge Railroad. You can also get special Pumpkin Train tickets for the last two weeks of October, and continue the fun into the holiday season with a Polar Express themed train ride.
Finish the day
Hungry after a day of exploring fall in Portland? “Experience some of Portland’s iconic and diverse restaurants without the summer crowds with Cambodian-Chinese eats at Oun Lidos on Market Street,” recommends Chann. “If you’re looking for a good spot for a drink or a casual date, pickup where you left off with a friend or a book at Novel on Congress Street or snag some downtown views high up at the Top of the East on High Street.”
Whether you’re walking around town or getting into the countryside, experiencing the fall colors in Portland is an autumn must-do – finished off with great food, of course.
3. Wander the picturesque streets of Portland
“Portland in the Fall is magical,” gushes Adria Moynihan Rusk, a painter at Still Life Studio in Portland. “You’ll skip the rush of summer tourists while being here at the most picturesque time of year. Check out the Old Port and Bayside neighborhoods to find a unique selection of local shops and breweries.”
Old Port
Portland’s neighborhoods offer a mix of maritime heritage and urban appeal, inviting you to spend your autumn days wandering their streets. “Fall is a perfect time to explore Portland,” agrees Sierra Bisson, author of the travel blog The Ocean Drifter. “Walk around the cobblestone streets of the Old Port, where you’ll find great shopping and amazing restaurants.”
Charming lanes and narrow alleys wind through the Old Port, where brick buildings house eclectic shops, art galleries, and cozy restaurants. “When you’re in the area, make sure to stop by must-try spots like Duckfat and Taco Escobarr,” Bisson continues. “If you’re in the mood for some nightlife, swing by Bonfire for a fun evening with a great atmosphere and drinks.”
The Waterfront
If you’re looking for places to stop by on your stroll, Rusk is full of suggestions. “Grab a latte at Bard Coffee and walk down Commercial Street to people-watch along the waterfront,” she shares. “Take the fairy out to Peak’s Island and back, and then head to Washington Avenue for a hot bowl of Pho Ga at Cong Tu Bot. Don’t forget to try the potato donuts at the Holy Donut.”
To finish off your day of exploring Portland in the fall, Rusk recommends, “Find a park bench on the East End promenade and watch the boat traffic skip across Casco Bay. It’s hard to do it wrong, so make an adventure of it.”
4. Warm your insides with local beer tasting
Portland, ME’s craft beer scene is renowned for its creativity, quality, and variety, making it one of the top destinations for beer lovers in the country. The city boasts a high concentration of breweries, from long standing favorites like Allagash Brewing Company to newer, experimental breweries like Bissell Brothers. Many breweries are located in Portland’s industrial areas and waterfront, offering taprooms where guests can sample a range of styles, from hoppy IPAs and smooth stouts to crisp lagers and sour ales.
“You absolutely have to check out at least one of the local breweries – Portland is known for its craft beer scene,” confirms Bisson of The Ocean Drifter blog.
Must-visit breweries
“Fall in Portland isn’t complete without attending Oktoberfest at one, or more, of the city’s great breweries,” seconds local tech expert and beverage connoisseur Dan DeSimone. “I especially like Belleflower, which is walking distance from a number of other breweries like Austin Street and Rising Tide. Tandem Coffee is right down the street too if you’re in the mood for a latte break (pumpkin spice optional) between beers.”
The East Bayside is another area that is renowned for its breweries, with local chocolate shop Dean’s Sweets offering the perfect neighborhood map to plan out your day of beverage sampling. “The East Bayside is one of the fastest-changing neighborhoods in Portland, ME,” reveals Kristin from Dean’s Sweets. “There are spirit makers, food trucks, hard seltzer, and cider right alongside the many breweries and wineries. And of course, chocolate at Dean’s Sweets, for those who want a gift for others or a nibble for yourself,” she laughs.
Join a beer tour for a unique beer-tasting experience
For a fun way to spend fall in Portland and sample the craft beer scene, consider a beer tour. “Join the Maine Brews Cruise for a cozy, festive journey through Maine’s craft alcohol scene amidst the backdrop of stunning fall foliage,” shares the Maine Brews Cruise team.
With options of a guided walk through the streets of Portland or having your own designated driver on a tour bus, the Maine Brews Cruise is perfect for those who enjoy a snug atmosphere while exploring local breweries, distilleries, and wineries. “With expert guides and a warm setting, you can learn, taste, and toast to the season – flannel attire recommended for the full autumn experience,” says the team.
You can also embrace Portland’s coastal vibe with a beer and boat tour through SeaPortland. “For those eager to experience Portland’s crisp fall beauty and rich history, SeaPortland provides exclusive tours that combine sightseeing with local brew tastings,” describes the crew. “You can explore historic Fort Scammel or enjoy a Harbor Cruise, where the vibrant fall colors enhance the flavor of each locally brewed beer. These 90-minute tours promise a blend of good vibes and spectacular sights, ideal for anyone looking to savor the season.”
However you prefer to indulge in the local craft beer scene, the city’s community-focused beer culture is a great fall thing to do in Portland.
5. Get outside into Portland’s local landscape
Portland is a mix of coastal beauty and historic urban charm. Located on a peninsula overlooking Casco Bay, the city’s waterfront features working harbors, marinas, and scenic parks like the Eastern Promenade. In the fall, the vibrant foliage adds to the town’s allure, making outdoor exploration a must.
See the scenery
“Visiting Portland in the fall is many people’s highlight of the year,” states Nick Robinson of Portland Schooner Co. “For a nature experience in town, try the walking trails at the Evergreen Cemetery where you can catch migrating birds in the trees, turtles and other amphibians in the ponds, and an array of tree species lighting up the landscape with their vibrant colors.”
You can also get a new perspective of Portland’s scenery via a historic wooden schooner, sailing your way around Casco Bay on the Maine-built boat through the Portland Schooner Co. “Don’t forget your hat, sunglasses, and cozy layers,” reminds Robinson.
Enjoy your dining outdoors
“Autumn in Portland is my favorite time of year,” confesses Chelsea K Ray, a wardrobe consultant and blogger based in the city. “Breakfast right on Casco Bay at the Porthole is a must. Walk off your lobster Benedict with a stroll along the East End Trail, and don’t forget to dip your toes in the ocean at East End Beach.”
Ray recommends doing some shopping at Mexicali Blues and Ports of Call on Commercial Street before enjoying fresh seafood at DiMillos, a floating restaurant that features beautiful waterfront views. “Wrap your day up with a cocktail at the Commercial Street Pub,” encourages Kay, noting that the pub is a true local’s spot where you can share your day’s adventures with other patrons.
6. Celebrate the season with Harvest on the Harbor
Since its inception in 2007, Harvest on the Harbor has celebrated Portland’s outstanding culinary scene, showcasing the talents of local chefs, brewers, distillers, and food artisans. “This is the 16th year for Harvest on the Harbor, which draws attendees from around the world to savor the deliciousness of Maine,” shares the Harvest on the Harbor team.
Portland has earned the reputation as “The Foodiest Small Town in America,” and the festival nods to this title by highlighting Maine’s rich food and beverage culture.
“Harvest on the Harbor is a celebration of Maine-made spirits, Maine lobster, Maine oysters and Maine seafood,” confirms the team. “With four events in three days there is something for everyone, including the Maine OysterFest, From The Sea and the Maine Cocktail Classic.”
Held the last weekend of October, Harvest on the Harbor offers a fun fall outing and a tasty celebration of Maine’s local flavors and traditions.
7. Indulge in Portland’s fall flavors and festivities
Portland celebrates fall with festivals, outdoor markets, food, and events like the Portland Farmers’ Market, which overflows with fresh produce, baked goods, and seasonal flowers.
Local eats and treats
“Portland is simply vibrant in autumn,” affirms Jamie, author of the blog Travel Addict. “Whether you are tasting local beers at the Portland Beer Hub, hiking on Peaks Island, or tasting the freshest of seafood along the waterfront, it’s the perfect fall destination with something for everyone. The cuisine is top notch – with incredibly fresh seafood at Scales and exquisite flavors at Duck Fat.”
Seasonal favorites like cider donuts, craft pumpkin ales, and hearty farm-to-table dishes become staples at eateries across the city, making a food tour a perfect fall thing to do in Portland.
“Maine Day Ventures keeps you moving and learning while you eat and shop,” suggests Kristin of Dean’s Sweets. “The guide gives an insider’s behind-the-scenes taste of the most popular spots in the city. The tour includes generous portions of some Maine specialties, including lobster, blueberries, craft beer, and the always-loved Maine potato, along with some up-and-coming foodie trends.”
Fall activities
Other fun fall activities come recommended from the Harvest on the Harbor team, including visiting corn mazes, hiking, trying award-winning restaurants, shopping and gallery hopping.
“Every Friday, the City of Portland hosts a First Friday Art Walk with gallery openings,” says Harvest on the Harbor. “Performing arts opportunities include the Portland Symphony Orchestra, celebrating its 100th season with performances at a few area breweries and a pay-what-you-can Chamber Series.”
8. See the city by sea
Experience Portland by sea for stunning views of Casco Bay, its islands, and iconic lighthouses like Portland Head Light. Fall tours provide a quieter, more intimate experience, with crisp air and warm autumn sunlight reflecting off the water.
“If you’re looking to enjoy Maine’s autumn spectacle, Casco Bay Custom Charters offers cozy flannel-wrapped adventures aboard vintage vessels,” shares Dyland Suhr from Maine Tour Company. “Enjoy breathtaking views of the colorful coastline with a bottomless mimosa brunch or a sunset dinner prepared by a private chef. This is the perfect opportunity for private groups to make unforgettable leaf-peeping memories on the water.”
Charter a boat for an intimate and private experience, or take the ferry across the bay to Peaks Island for a day of strolling amongst the neighborhood’s fall colors.
“Catch the ferry at Casco Bay Lines,” recommends Kristin from Dean’s Sweets. “The 30-minute trip across the bay is fun all on its own. Get some sun and enjoy the sparkling water and cool air along the way. If you’re lucky, you may see a bald eagle or a harbor seal.”
9. Take a day for everyone to play
“A trip with loved ones to Portland wouldn’t be complete without a visit to the Children’s Museum & Theatre of Maine, the state’s most visited museum and top destination for play located at Thompson’s Point,” says Shultzie Fay Willows, a representative for the museum.
Kids can explore hands-on exhibits like water and air activities, an outdoor playground, and an indoor climbing structure. They can also enjoy cultural displays, aquarium tours, performances at the country’s oldest children’s theater, and creative activities in MakerSpace – all included.
To round out the fall weekend in Portland, Willows is full of all-ages recommendations. “Afterward, paint some pottery next door at Color Me Mine or explore the fascinating International Cryptozoology Museum,” she shares. “For lunch, stop by Bissell Brothers, savor a grilled cheese at Sacred Profane, or enjoy hot dogs and pierogi at Leisure Time. There is something for everyone to do, try, and explore.”
10. Journey to the countryside for a true fall farm experience
A 40-minute drive from Portland, Bowdoinham comes alive in autumn with apple picking, pumpkin patches, and hot cider. This rural town along the Kennebec River is known for its vibrant farming community and fall harvest season.
If you’re looking for beautiful colors, Stonecipher Farm is an organic farm brimming with bright veggies in the autumn months. “The ‘no-till’ approach to vegetable production means a highly organized field system, resulting in an outstanding aesthetic,” claims Ian Jerolmack from the farm. “Folks have said it looks like the king’s garden.”
When you’re done exploring the farm, head back into town and sample from many other local farms at various Bowdoinham fall festivals, where vendors line up with their fresh offerings and handmade crafts.
11. Bring Fido along for the adventure
Portland is known for being an exceptionally dog-friendly city, welcoming four-legged companions in many public spaces and businesses. Numerous restaurants and breweries have outdoor patios where dogs are welcomed with water bowls and treats. The city’s pet-friendly vibe extends to shops, where many local businesses allow well-behaved dogs.
“There are many restaurants and locations that are dog-friendly throughout the city, just make sure to check their pet policy and local leash laws to ensure you and your dog have a great and safe time enjoying Maine’s fall together,” advises Portland pet photographer Gina Soule.
“Enjoying Portland in the fall alongside your four-legged best friend gives you a taste of the very best of Maine,” Soule continues. “From having your dog join you for a stroll along the Eastern Prom, exploring Higgins beach together, to enjoying an adult beverage around a fire on the patio at Maine Craft Distilling, you can’t go wrong with any of the numerous dog-friendly locations Portland has to offer.”
12. Cozy up with a good book
Fall and books are the perfect pair, whether you’re curling up in a chair by a roaring fire or sipping on tea at a local cafe with a book in hand. “Portland has a rich and robust bookish culture, with tons of amazing bookshops throughout the city,” adds Ash Holland, local owner to The Lucky Fox Bookshop.
Local favorites include Sherman’s, which opened in 1896, residing as Maine’s oldest bookstore. Another is Longfellow’s, a classic book shop with the perk of having the occasional feline guest wandering the store, available to adopt if it happens to choose you.
But if you’re after a fun and unique bookshop experience, look no further than The Lucky Fox Bookshop. A traveling and online bookstore, The Lucky Fox is an independently-run business that hosts pop-up shops at hot spots around Portland, and centers their collection around LGBTQ themes, fantasy, and works from marginalized authors. “Check out the event page to see where we’ll be setting up shop this fall and winter; or, explore the online shop to snag your next great read,” advises Holland.
As the weather gets cooler, many bookstores also host special events like author signings, book clubs, and seasonal sales, making bookshop hopping a perfect fall activity for a day in Portland.
13. Prepare to be spooked at a haunted house
A visit to a haunted house perfectly captures the fall mood, blending eerie history with spooky entertainment as the days grow shorter and colder.
While there are multiple haunted houses you can explore around Portland, nothing quite beats The Annual Haunting at the Parsonsfield Seminary. Originally built in the 1800s, its 42 rooms transform into an epic spooky mansion for the ultimate Halloween experience. You’ll be led on a tour through the building’s four floors for a suspenseful storytelling show, guaranteed to give you some scares. Tours are offered only the last two weekends of October, and the seminary changes its act every year for a truly unique time.
While the Parsonsfield Seminary is located an hour out of Portland, it’s more than worth the trip. Make a weekend of it by staying nearby with Backcountry Excursions, where owner Cliff Krolick ensures you get the full fall experience cozying up in one of his yurts or cabins nestled within the woods.
14. Travel off the beaten path on an oyster tour of Portland
“If you’re an oyster lover visiting Portland, be sure to check out the Maine Oyster Trail,” recommends Trixie Betz, an oyster expert.
The Maine Oyster Trail, of which Portland is a major hub, offers activities like farm tours, boat tours, raw bars, shuck trucks, and even kayaking adventures, where you can see oyster farming up close and taste the product directly from the source. It’s a great fall activity that combines education, fresh seafood, and Maine’s scenic coastline.
“Fall is the best time to enjoy oysters, and what better place to do that than in Maine,” shares Betz. “Not only will you enjoy delicious Maine oysters and learn about the industry, you’ll earn prizes along the way.”
The Maine Oyster Tour includes an oyster passport you can use to keep track of the places you’ve visited; the more establishments you check into, the more prizes you earn. The farm-to-table approach of the experience gives you the unique opportunity for direct interaction with Maine’s oyster farms, making the Maine Oyster Trail a perfect fall thing to do in Portland.
15. Escape the chill with local nightlife
Portland’s nightlife changes with the seasons, especially in the fall when outdoor patios stay open with heaters and fire pits. Many places also host seasonal events, from Halloween-themed parties to fall harvest festivals that go into the night. Rising Tide Brewing Company and Oxbow Blending & Bottling have both indoor and outdoor spaces, and you can often find live music or food trucks.
For local music and laid-back vibes, check out the Flask Lounge for nightly live music, dancing, and up-and-coming DJs and bands. “Nestled in the heart of Portland, Flask Lounge is your favorite down-to-earth neighborhood bar,” affirms Flask Lounge owner Jessica Nolette. “Known for its unassuming charm and the city’s most affordable drinks, it truly feels like home.”
If dancing isn’t your thing, cozy up inside an intimate cocktail bar instead. The Portland Hunt + Alpine Club will serve you creative drinks in a sleek, Scandinavian-inspired space. For a warm and vintage vibe, Blyth & Burrows features a speakeasy-style experience, with handcrafted cocktails celebrating the maritime history of Portland.
Whether you’re in the mood for craft beers, live music, dancing the night away, or a more elegant evening, exploring the nightlife in Portland fall will leave you feeling warmer than you started.
Discovering fall things to do in Portland, Maine
There’s truly something special about fall in Portland, Maine. From festive farmers’ markets to cozy cafes and autumnal events, there’s something for everyone to enjoy. Whether you’re a lifelong resident or a first-time visitor, there are a plethora of fall things to do in Portland just waiting to be discovered. So bundle up, head out into the brisk air, and immerse yourself in all the fall fun this enchanting New England city has to offer.
A safari is a guided tour, usually in Africa, that can bring you up close to elephants, zebras, giraffes, lions, rhinos and more. Often, these adventures involve taking open-sided safari vehicles into nature and observing and photographing wild animals in their natural habitats. (Other safaris are for hunting; here, we’ll focus on the former.) If you’re planning your first safari, here are some tips.
1. Work with a travel agency that specializes in planning safaris
Even if you’re an avid traveler, safari planning is still best left to the professionals. By using a reputable safari planning travel agency like Yellow Zebra, Abercrombie & Kent or Timbuktu, you can get several benefits:
Guidance on when and where to go based on your wants and needs. Your safari planning expert will likely have relevant information on where to go based on weather, animal migrations and what you’re looking to get out of your safari. (For instance, if you want to see hordes of wildebeest in July, your safari adviser might guide you to a different destination than if you’re looking for rhino encounters.)
On-the-ground experience about accommodations. Some safari planners have visited the properties themselves or have colleagues who have, which helps give you a better idea of what to expect before you book a property.
Help arranging transport during the safari. Even after you have the property you’re staying at sorted out, depending on where you’re going on safari, you may benefit from help arranging transport. For instance, if you’re flying to the northern Serengeti for a safari, you’ll likely fly into Kilimanjaro International Airport, but after that you may need to take a few additional, smaller flights to get closer to your accommodation (and even once you land at the airstrip closer to your accommodation, you’ll likely need a guide to pick you up and take you to your final destination). If you use a travel agency, it can set up all the internal transportation for you — and you’ll be thankful it did.
Advice about side trips to complement your safari. Even if you’re interested only in going on safari, you may want to talk to your safari travel adviser about nearby non-safari destinations to check out. For instance, you can add on some beach time in Zanzibar after your Serengeti safari or if you’re going on safari in South Africa, you could consider a beach trip to Mozambique afterward.
🤓Nerdy Tip
If you have a friend or family member who booked a safari through a travel agency and enjoyed their experience, tell the safari agency that you’ve been referred and it will sometimes offer you a discount on your booking.
2. Buy and bring the right equipment
There might not be many stores near your safari accommodation, so you’ll want to make sure you buy and bring the right equipment with you. Here are some items that you might want to bring on your safari:
Binoculars. Bringing a good pair of binoculars (we recommend either 8x, 10x or 12x magnification) will enhance your travel experience so you can see animals that are farther away, see birds better and get a closer view of your safari experience. Note that some safari accommodations offer complimentary use of binoculars during guests’ stay, so you should check with your accommodations before purchasing binoculars.
Camera. Rather than relying on your smartphone, consider purchasing or renting a camera with a telephoto lens so you can capture animals from far away for the best safari pictures. If you’re new to photography, you may want to take a few photography classes or watch instructional videos so you’re prepared to get the best shots of the animals and landscape during your safari.
Clothes that are appropriate for your safari. In general, you want to wear natural colors that blend in with the environment. Blue and black can attract tsetse flies, and try to stay away from bright colors. Additionally, depending on where you’re going, temperatures can fluctuate from cold in the mornings to hot in the afternoons, so you may want to consider safari pants that can be unzipped at the knee and turned into shorts.
Sunscreen and a wide-brimmed hat. There are days where you might spend 10-plus hours on the road and you want to make sure your skin is protected. Bringing sunscreen with you and wearing a wide-brimmed hat on your journey can help to protect your skin.
Bug spray. To help prevent mosquito and other insect bites, consider bringing bug spray such as DDT. Before deciding which bug spray to pack, check with local regulations to see if any chemicals are banned in the country you’re visiting.
Bringing the right gear can enhance your safari experience.
3. Check to see whether the planes that you’re flying to your safari have weight or other restrictions for luggage
Depending on where you’re going on safari, you may be in small planes that have luggage requirements that you may not have had to follow for other trips. For instance, Coastal Aviation in Tanzania has the following luggage restrictions for light aircraft flights:
Weight allowance of 33 pounds (15 kilograms) per person, including hand luggage.
All luggage must be in soft bags (i.e., duffel bags).
🤓Nerdy Tip
If you’ll be away for a week or more, check with your safari accommodation to see if it offers laundry services, which can help you pack lighter.
4. Embrace the experience, and expect accommodations that may be outside of what you’re used to
While there are some more traditional hotel options you could book on safari — such as Four Seasons Safari Lodge Serengeti and the JW Marriott Masai Mara Lodge — you may find yourself booking a safari where the accommodations are more akin to camping (albeit higher-end camping) than a hotel.
For instance, Wayo Serengeti Green Camp in northern Tanzania is so close to the animals that you can find zebras outside your accommodations, and you can even take walking safaris, but the camp differs from typical hotels in many ways, including:
“Bucket showers” instead of typical showers. (A bucket shower is basically when the staff warms water up upon request and then fills a bucket outside of your tent that connects to the shower in your tent.)
No Wi-Fi or electrical plugs in your room, with Wi-Fi and charging only in the common area.
Set lunch and dinner times with no room service, although many camps will provide you with a bagged breakfast, lunch or dinner upon request.
You may need to be escorted to and from your tent at night to ensure your safety, including using a flashlight to alert the staff when you’re ready to be picked up from your room.
If you’re booking a safari camp instead of a hotel, you should embrace the experience so that you can fully enjoy the tranquility instead of focusing on how the camp differs from the type of hotel experience you might normally book.
5. Look into what shots, medicines and visas you may need for your trip
As soon as you can after booking your trip, you should look into whether you need any special shots, medicines or visas for your safari. For instance, you must have a yellow fever vaccination and certificate to enter Kenya, Uganda and the Republic of Congo. Additionally, Tanzania requires citizens of the United States to get a visa to enter the country (note that you can pay for the visa on arrival).
We recommend booking an appointment with your doctor or going to a travel clinic to discuss shots and medicine and using the U.S. Department of State’s website to learn about the visas you may need.
How to book a safari on points
Safaris can be expensive, and a great way to save money on your safari is to use points. There are a couple of ways that you can book a safari on points:
Book your flights using points. A round-trip ticket from Los Angeles to Kilimanjaro, Tanzania, from June 2 to June 16, 2025, currently costs $1,704 in cash or you could use 139,000 Flying Blue miles and pay $441.10 in fees for the same flights. American Express, Chase, Capital One and Citi all let you transfer points to Air France’s Flying Blue program.
Book your accommodation using points. You can use points to book your safari accommodation either by booking a hotel like the JW Marriott Masai Mara Lodge, which allows Marriott Bonvoy members to pay for the stay with points, or by paying for your lodging with a credit card that lets you use points to offset the total balance owed, like Chase’s Pay Yourself Back program.
Even if you’re only able to offset a portion of your safari using points, it can help reduce the overall cost of what could otherwise be an expensive adventure.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Explore how the 2024 presidential candidates’ tax plans could impact your finances and what to know before voting.
What tax proposals are the 2024 presidential candidates making, and how might these policies affect your finances? What should you know before voting on tax issues? Hosts Sean Pyles and Anna Helhoski discuss the key differences in the candidates’ tax plans and how to make informed decisions to protect your financial future. They begin with a discussion of the importance of tax policy, with tips and tricks on understanding credits and deductions, how taxes fund government services, and the long-term effects of tax laws on your paycheck.
Then, Anna talks to Amy Hanaeur, the executive director of the left-leaning Institute on Taxation and Economic Policy, to discuss the candidates’ specific tax proposals. They discuss proposals to cut corporate taxes, extend expiring tax cuts, provide child tax credits, and eliminate taxes on Social Security benefits.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Taxes. Nobody likes them, but it’s how we pay for government, from local police and fire departments to the folks at the national level who make our currency and on and on. So what’s a fair and effective tax structure? That’s an argument democracies have been having since the Greeks came up with the system of government, and it’s an argument that we’re still having in earnest in the 2024 presidential campaign.
Amy Hanaeur:
Two-thirds of the cost of making those individual tax cuts permanent would go to the richest fifth of Americans. So to the richest 20% of Americans. So just for a sense of what that would cost, in 2026 alone, that would cost more than $280 billion.
Sean Pyles:
Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.
Anna Helhoski:
And I’m Anna Helhoski.
Sean Pyles:
This is episode three of our Nerdy deep dive into presidential policy and personal finance. And today, Anna, it’s so exciting. We’re going to talk tax policy.
Anna Helhoski:
Wait, wait, don’t everybody leave yet. This is really important stuff. It has a huge effect on your bottom line, so you should know what the two presidential candidates are proposing to do with your tax dollars and then vote accordingly.
Sean Pyles:
Sometimes it’s hard to figure out exactly what this or that tax policy will do to your paycheck. There are proposals for credits and deductions and write-offs, and it can pretty quickly induce your brain to go on zombie status. But even just the broad strokes are important to understand, so we’re going to go through some of that today.
Anna Helhoski:
And remember, Sean alluded to this at the top of the show. Taxes pay for just about every government service you use. Every time you drive on a highway, every time you call 911. Every time you jangle cash in your pocket. Every time you pay for college with a federal student loan.
Sean Pyles:
Every time you get a letter delivered by the USPS. Every time you go to a national park. Every time your grandparents get a Social Security check. Every time you find yourself in a court of law. And every time you realize that national security is pretty important. All of that is the government at work and it’s funded by the money that comes out of your paycheck.
Anna Helhoski:
Is some government spending ridiculous? Yup. Some of my own spending is ridiculous, by the way, but I digress. You can argue over the size of government. A famous Republican anti-tax lobbyist named Grover Norquist once said his goal was to “reduce it to the size where I can drag it into the bathroom and drown it in the bathtub.” But it’s hard to imagine how anything would get paid for if there weren’t taxes, including all those other campaign promises that candidates are making.
Sean Pyles:
Right. How would anything get done if it weren’t for, you know… government? But as we’ve been saying throughout this series, the most important part of all of this is that you are an educated voter. That you understand how the presidential candidates’ tax policies could affect you.
Anna Helhoski:
And then take that knowledge to the ballot box and vote your conscience. Or for a lot of us, take that knowledge to the mailbox after you’ve filled in your ballot at home.
Sean Pyles:
I’ve got to say I really love voting from the comfort of my couch, usually in my pajamas. As we’ve noted previously, we want to say at the outset that we are not here to take sides or fan the flames of an already contentious political season. Our goal here is the same goal that we always have at NerdWallet: to help you, our listeners, make smart informed decisions about the stuff that impacts your finances. Sometimes that means choosing the right credit card for your needs. Other times, that means voting for the candidate who you believe will help you achieve your life and financial goals. All right. Well, we want to hear what you think too, listeners. To share your thoughts around the election and your personal finances, leave us a voicemail or text the Nerd hotline at 901-730-6373. That’s 901-730-N-E-R-D, or email a voice memo to [email protected]. So, Anna, who is helping us sort through tax policy today?
Anna Helhoski:
Today, we’re speaking with Amy Hanaeur. She’s the executive director of the left-leaning Institute on Taxation and Economic Policy. Amy Hanaeur, thank you so much for joining us.
Amy Hanaeur:
Thanks for having me.
Anna Helhoski:
Unsurprisingly, Kamala Harris and Donald Trump have introduced some pretty different tax plans. So to kick off our discussion, I’m hoping you can give an overview of what stands out most to you in these plans.
Amy Hanaeur:
I would say there’s a pretty dramatic difference between Vice President Harris’s tax proposals and former President Trump’s tax proposals. It’s one of the biggest policy differences between these candidates.
Vice President Harris has plans to raise revenue from wealthy people and corporations. She’s also a little more concrete about her plans for the child tax credit, which helps middle-class families with children and other families with children. Trump has kind of a history of slashing taxes in ways that largely redound to wealthy people and corporations. He has also put forth some middle-class tax cuts. Those also will go to the wealthiest as well as to middle-class families. So I think his proposals all in all are more expensive and can make it a little harder to pay for the things that are spending priorities for either party.
Anna Helhoski:
Harris has come out with a number of tax breaks, including up to $50,000 for new small businesses, a $25,000 housing tax credit for first-time home buyers, and an increased child tax credit that includes $6,000 for new parents. Would these be effective policies and walk us through their feasibility?
Amy Hanaeur:
I would say that the $6,000 newborn child tax credit along with her proposal to restore the expanded child tax credits for older children that took place during the pandemic are very proven, very effective policies. And we know that the expanded child tax credit cut poverty almost in half. We know that it helped lots and lots of middle-class families. And we know that even at a time when unemployment was sky high, those child tax credits kept the economy moving and kept a lot of families solvent. And the new expanded $6,000 that she’s proposing for newborns is really important because that first year is so important developmentally for children, and so for families to have a little bit more resources in that first year, I think, makes a lot of sense.
The other two things that you asked about I think are a little more marginal in their effect and maybe not the very best approaches. The tax break, the $50,000 for new businesses is a little complicated because a lot of new businesses don’t actually earn enough to pay taxes. And so they would probably stretch that until when they are profitable, and then they would reduce their taxes once they are profitable further down the road. We just don’t think that that makes as much sense as some other approaches. The tax credit for new home buyers is an interesting idea. I think the Vice President is pairing that with some activities on the supply side to make sure that there’s more housing. But I think that those supply-side activities are a crucial part of that because if you just give a tax credit to new home buyers, it could end up driving up the cost of housing. I don’t think it’s the most important or the strongest part of her tax proposals.
Anna Helhoski:
And we need to have more housing supply in order to have more first-time home buyers.
Amy Hanaeur:
Anna Helhoski:
I want to shift over to Trump. He certainly wants to extend the 2017 tax cuts made under his administration, and he said he plans to lower the corporate tax rate even further. Can you remind us what was in the 2017 Tax Cuts and Jobs Act and what is set to expire next year? I know it was a complex law, but if you could give us the highlights.
Amy Hanaeur:
The 2017 tax law really cut the corporate rate from 35% to 21%, and the result of that was that corporate tax payments plummeted, and a lot of huge profitable corporations continued to pay far below the statutory rate. So the rate was 21%, but actually, lots and lots of corporations pay much, much less than that. Our research shows, and the research of a lot of other scholars shows that these kinds of cuts increase income and racial inequality. They also… This is kind of important. They send a massive windfall like 40 cents of every dollar to foreign investors because foreign investors own 40% of corporate stocks. That is just not a very well-targeted proposal, and it would really cost us a lot in revenue, which could reduce the ability of either party to execute on their spending priorities.
Anna Helhoski:
Has the former president said he wants all of those tax cuts renewed? Are there any proposed changes or is it just an extension?
Amy Hanaeur:
The corporate tax rate that I was just talking about is actually permanent, the cut that they already made. But as you said, he’s proposing further cuts to that corporate rate. So that’s a new proposal. That’s not an extension. The part that they made temporary were the individual components of the 2017 tax law, and they did that because it cost too much and it wasn’t possible to pass it with the policy mechanism that they were trying to use at the time because they were trying to do it with only one party’s support. In order to get it below the overall cost limit that is imposed on Congress, they made the individual tax cuts temporary. Former President Trump has said that he wants to extend all of the individual tax cuts that were in that 2017 law.
Anna Helhoski:
What has Harris said about that tax legislation?
Amy Hanaeur:
Well, she has said that with all of her tax cuts, there would not be a situation in which somebody earning less than $400,000 pays more. She has said that for the individual tax cuts, she wants to extend them for those earning less than $400,000 but phase them out over $400,000. I can say a little more about what the 2017 law did distributionally.
Anna Helhoski:
Amy Hanaeur:
If that’s helpful.
Anna Helhoski:
Absolutely.
Amy Hanaeur:
That law as a whole did deliver really large tax cuts to those in the top 1%, and that’s kind of a narrow sliver. I’m talking there about people with income over $800,000 a year. These cuts are the part that expire in 2025, but the Trump campaign wants to make them permanent. Two-thirds of the cost of making those individual tax cuts permanent would go to the richest fifth of Americans, so to the richest 20% of Americans. So just for a sense of what that would cost, in 2026 alone, that will cost more than $280 billion. It really does start to cut into revenue.
Anna Helhoski:
Have you seen any shifts in where Trump’s tax policy proposals are now versus when he was president?
Amy Hanaeur:
I would say that he’s kind of looking to just intensify his previous approach. Now, he’s floated some other things and his vice-presidential candidate has floated some other things, but in terms of concrete things on paper, it’s a little bit more of the same. He talked about, for example, repealing the tax on Social Security benefits. It would lower taxes for US households, I think, by an average of about $550 per household. But it would come with a big price because it would reduce Social Security and Medicare revenues by about $1.5 trillion over the next decade.
Anna Helhoski:
I want to talk specifically about Trump’s tariff proposal. He wants to do a 10% to 20% across-the-board tariff on all imports and up to 60% for goods from China. He has also suggested replacing personal income taxes with these new tariffs. Amy, how do tariffs on foreign countries and taxes for Americans intertwine?
Amy Hanaeur:
This is a sort of surprising proposal because it’s a real departure from the traditional way that Republicans have approached this issue. And frankly, a departure from how Democrats have approached this issue in recent years as well. Most economists absolutely agree that tariffs fall on consumers, but there can be reasons why advocates for particular industries, sometimes the owners, sometimes the workers, may want them at different times for particular economic development reasons or retaliatory reasons if they think that another country has appropriated a technology or industry that we had previously dominated in. I think what’s really challenging about the Trump proposal is that it is so across-the-board, and also that he hasn’t been very clear about exactly what he would do. So at some times, he has talked about 10% across-the-board tariffs. At other times, he has talked about 20% across-the-board tariffs. That’s a pretty big difference. And then he’s talked about, as you said, the additional 60% on China. An economist named Kim Clausing estimated 20% across-the-board tariffs would cost the typical household $2,600 a year. It’s a substantial hit to families and it manifests itself much in the way that inflation does. It would just be basically every product that every household buys would end up costing more.
Anna Helhoski:
Now, the Biden administration has largely kept the tariffs that Trump imposed during his previous term. What has Harris said about that and her view in general on tariffs?
Amy Hanaeur:
I’m not sure that she has said that much. I think that this is a part of the Biden administration policy that they are perhaps somewhat quiet about. I think it’s challenging to repeal those tariffs for political reasons. But I think from a policy perspective, it’s just important to note that they do fall on households. They’re not as large as those 20% across the board and 60% on China tariffs that the former president is putting forth. So they don’t have the same kind of impact, but it is kind of universally accepted that those kinds of tariffs do fall on consumers in terms of increasing prices.
Anna Helhoski:
More of our interview in a moment. Stay with us. Amy, real quick, I just want to turn back to Social Security for a second. Trump had said that he wants to get rid of the tax on Social Security. What would be the impact of that on the average American? What would that mean for their paychecks right now and for the prospect of them having Social Security when they reach retirement age?
Amy Hanaeur:
The Tax Policy Center did an analysis of this proposal and found that it would lower taxes for US households by an average of $550 a year. But at a big, big cost because it would end up reducing revenues in Social Security and Medicare by about $1.5 trillion with a T over the next decade. This would end up driving both programs into insolvency much faster, and so it would end up resulting in sharply reduced benefits for tens of millions of recipients. And the Tax Policy Center has not yet estimated, I don’t believe, the exact nature of those benefit reductions, but we know that Social Security is just one of our most important social programs, pulls a huge number of people out of poverty. The elderly used to be the poorest population age group in the United States, and after Social Security was put in place, they became the least likely to be poor among American households. So it’s really a huge part of our social safety net and just a huge part of our society.
Anna Helhoski:
Now, Trump and Harris don’t agree on very much, but one place where there is overlap is that both candidates have proposed to lift the tax on tips. Can you explain that for us and what it would mean for the average American, both those who receive tips and those who pay them?
Amy Hanaeur:
Getting rid of taxes on tips is probably more about politics than about creating a great public policy. First of all, a very small share of the workforce receives all of its income from tips. And so it would be kind of flawed because do we really think that a waitress who earns a very modest salary and a teacher’s aide or a teacher or a nurse’s aide who earns a really modest salary, do we really think that the waitress should pay a lower tax rate than a teacher or teacher’s aide or nurse’s aide who earns the same amount? And that would be the effect of this policy. It would also really encourage shifting some compensation to tips. So high-paid professionals could ask that their fees instead be structured as tips.
Now, Vice President Harris does have a check in place for her proposal that kind of gets at that because she has suggested ways that it could be targeted toward those earning under $75,000 a year. That certainly makes a big difference in terms of the possibility for gamesmanship by very wealthy earners. But fundamentally, we just think there are better ways at getting at helping low-wage workers who receive tips. Namely, we could get rid of the tipped wage. We could say that every worker deserves a minimum wage. The sub-wage for tipped workers is $2.13 an hour at the federal level. So we’re talking about a ridiculously low wage in 2024.
Anna Helhoski:
It seems like either candidate will struggle to bring forth most of these proposals if there’s not enough support in Congress. Either Harris’s or Trump’s proposals, what do you see there being congressional support for? And is there anything that Harris or Trump could do unilaterally?
Amy Hanaeur:
Obviously, a lot depends on the composition of Congress. So if either side gets a trifecta, if we have Republicans taking both Houses and the presidency, I would expect that former President Trump would be able to again cut taxes on billionaires and again cut taxes on corporations. I don’t think his Social Security proposals would go through under any party because Social Security is sort of famously the third rail of American politics, and it really does disrupt our social structures to think about reducing the funding available to pay for Social Security.
For Vice President Harris, if she were to get a trifecta, I think she would probably succeed in getting some of those revenue raisers. I could see her getting through the extensions of the individual tax cuts for those earning less than $400,000 but getting rid of them for those earning more. And in the perhaps most likely situation where we have divided government, I think a lot of this would be up for debate, and I think we’d end up seeing some mishmash of these two approaches.
Anna Helhoski:
Amy, what have we not seen Kamala Harris or Donald Trump weigh in on that you think is an oversight?
Amy Hanaeur:
There are pieces that are in Kamala Harris’s written proposals that don’t get a lot of attention. And one of the big ones is something very obscure called stepped-up basis. Sometimes people call it buy, borrow, and die. That basically says that for very wealthy people, if they acquire stocks or other assets that really grow in value over the time that they own those assets, that if they pass those on to heirs without selling them first, nobody ever pays taxes on the difference in value. So that’s always something that I think should get more attention. But it’s complicated to explain. As you can see with my efforts to explain it, it’s just complicated. And it’s easier to say, “We’re going to raise the corporate tax rate or we’re going to lower the corporate tax rate.” I think that’s something that could get more attention.
Anna Helhoski:
Is there anything else you want to call out about Harris or Trump’s tax plans?
Amy Hanaeur:
I would just say the big picture is: The Harris approach raises more revenue. It raises it primarily from the wealthiest and corporations. The Trump approach puts us deeper in debt and gives a lot more away to wealthy people and corporations. And both of them, I think, have some proposals that would help middle-class families on the tax side.
Anna Helhoski:
All right. Amy Hanaeur, thank you again for talking with me today.
Amy Hanaeur:
Yeah, thank you so much.
Anna Helhoski:
Sean, I want to emphasize one thing before we wrap up, and that’s how much authority the Executive Branch has to change taxes. The president does technically have the power to tax, but they generally don’t exercise that. What they do is press Congress to pass policies that they want. What we don’t know right now is what campaign promises will have bipartisan appeal once we have both a new administration and a new congressional makeup.
Sean Pyles:
You know, Anna, tax is a funny thing, where you make one change in one area and it can have drastic, sometimes unintended ripple effects in other areas. Two examples that come to mind are how Harris providing a tax credit for first-time home buyers could drive up home prices, and how Trump’s tax cuts exacerbated racial and wealth inequality. And these examples underscore how complicated and confusing tax policy can be. But it’s really, really important for all of us to engage with this since a number of components of the Tax Cuts and Jobs Act of 2017 will sunset in 2025. So we have a unique opportunity right now to reshape taxes and our votes will have a hand in that.
Anna Helhoski:
And one thing that Amy Hanaeur didn’t delve too deeply into is the no tax on tips policy that both Trump and Harris are endorsing. But fortunately, listeners, we did go into no tax on tips in a previous episode. So have a listen to our August 21st episode on that topic, which we’ll also link to in today’s show notes.
Sean Pyles:
Anna, tell us what’s coming up in the fourth and final episode of the series.
Anna Helhoski:
Sean, we’re going to talk about two specific areas of policy that affect a large swath of voters: student loans and healthcare.
Eliza Haverstock:
The fate of the repayment plan is now largely in the hands of the courts. However, the president can influence the situation by directing the Justice Department how to proceed with appeals. Harris would likely continue to vigorously defend the SAVE plan in court. Meanwhile, Trump is not likely to defend SAVE.
Anna Helhoski:
For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at (901) 730-6373. That’s (901) 730-N-E-R-D. You can also email us at [email protected]. And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.
Sean Pyles:
This episode was produced by Tess Vigeland and Anna. I helped with editing. Rick VanderKnyff and Amanda Derengowski helped with fact-checking. Megan Maurer mixed our audio. And a big thank you to NerdWallet’s editors for all their help.
Anna Helhoski:
And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Sean Pyles:
And with that said, until next time, turn to the Nerds.