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The Sunshine City, Tampa, FL, is known for its beautiful beaches along the Tampa Bay, vibrant arts culture, and neighborhoods full of historic Spanish architecture. There are many reasons to consider moving to Tampa, from attractions like the Tampa Riverwalk, the Henry B. Plant Museum, countless historic districts, and professional sports teams.
With an average rent of $1,895 for a studio and $1,742 for a one-bedroom apartment, Tampa may not fit into your rental budget. If you’re looking to rent an apartment in Tampa, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in Tampa to help you find the perfect place that fits your budget.
9 Affordable Neighborhoods in Tampa, FL
From North Tampa to University Square, these Tampa neighborhoods offer affordable options that won’t break the bank. Let’s dive in and explore the best neighborhoods for renters in Tampa.
1. North Tampa
2. University Square
3. Temple Crest
4. 40th Street Corridor
5. Terrace Park
6. Ybor City Historic District
7. Wellswood
8. Tampa Heights
9. North Hyde Park
Read on to see what each neighborhood has to offer its residents.
1. North Tampa
Average studio rent: $895
Average 1-bedroom rent: $1,000
Apartments for rent in North Tampa
North Tampa is the most affordable neighborhood in Tampa, as the average rent for a one-bedroom unit is $1,000. There are many reasons to love living in North Tampa, from attractions like Busch Gardens and the University Mall to green spaces like Copeland Park. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Tampa’s food scene. For renters living in Tampa without a car, there are a few bus stops close to North Tampa.
2. University Square
Average studio rent: $1,200
Average 1-bedroom rent: $1,050
Apartments for rent in University Square
University Square is a bustling area next to North Tampa. This affordable neighborhood has many attractions, such as the University Mall and Copeland Park. Busch Gardens, a popular theme park with rollercoasters, zoo exhibits, and more, is also nearby.
3. Temple Crest
Average studio rent: $990
Average 1-bedroom rent: $1,162
Apartments for rent in Temple Crest
With an average one-bedroom rent of $1,162, Temple Crest is the third-most affordable neighborhood in Tampa. This neighborhood is a fantastic option to consider as it’s near attractions like Rowlett Park and Busch Gardens. There are also picturesque views of the Hillsborough River, so this area is great for exploring and enjoying Tampa. If you’re looking for a relaxing afternoon, you can find Temple Crest Center Playground in the area.
4. 40th Street Corridor
Average studio rent: $1,015
Average 1-bedroom rent: $1,187
Apartments for rent in 40th Street Corridor
40th Street Corridor is the fourth-most affordable neighborhood in Tampa and encompasses areas like Temple Crest. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants. For example, you can easily access the University Mall, Lettuce Lake Park, and the Museum of Science and Industry.
5. Terrace Park
Average studio rent: $1,000
Average 1-bedroom rent: $1,300
Apartments for rent in Terrace Park
Just about 10 miles from downtown, Terrace Park is a stellar neighborhood if you want to live near downtown. Terrace Park is home to attractions like Busch Gardens, the Museum of Science and Industry, and Takomah Trail Park. There are also plenty of restaurants and bars in the area, such as the Yuengling Brewing Company and Petra Restaurant.
6. Ybor City Historic District
Average studio rent: $1,699
Average 1-bedroom rent: $1,390
Apartments for rent in Ybor City Historic District
Next up is Ybor City Historic District, the sixth-most affordable neighborhood in Tampa. Ybor City is full of history and charm, with tree-lined streets, historic buildings, and museums. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Centennial Park, explore Ybor City Museum State Park, see a show at The Ritz Ybor, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in Ybor City.
7. Wellswood
Average studio rent: $1,225
Average 1-bedroom rent: $1,400
Apartments for rent in Wellswood
Northwest of downtown, Wellswood is the seventh-most affordable neighborhood in Tampa. Wellswood has a friendly atmosphere and community feel, with plenty of local cafes and restaurants along Armenia Avenue, such as Mambos Cafe and La Cabana Restaurant. You can also check out some of Wellswood’s green spaces, such as Wellswood Park. There are also several bus stops in the area, so living in the neighborhood without a car is possible.
8. Tampa Heights
Average studio rent: $1,275
Average 1-bedroom rent: $1,450
Apartments for rent in Tampa Heights
Tampa Heights takes the eighth spot on our list of most affordable neighborhoods in Tampa. It’s a great area for renters new to the city, as it’s just north of downtown. Also, the average rent for a one-bedroom unit is roughly $1,450, making Tampa Heights a less expensive area. It has several attractions like Water Works Park, Armature Works, a famous food hall by the water, and Robles Park Center.
9. North Hyde Park
Average studio rent: $1,395
Average 1-bedroom rent: $1,495
Apartments for rent in North Hyde Park
A well-known Tampa neighborhood, North Hyde Park takes the last spot on our list of affordable neighborhoods in Tampa. North Hyde Park near the Tampa Riverwalk and the Straz Center for the Performing Arts, meaning there’s plenty to do throughout the week. You’ll find there are countless historic buildings in North Hyde Park, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as Kennedy Boulevard is nearby.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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Today’s mortgage rates
Average mortgage rates edged higher yesterday. It was a modest increase by any standards but tiny by comparison with Wednesday’s big jump.
First thing, it was looking as if mortgage rates today could fall. But that could change later in the day.
Current mortgage and refinance rates
Find your lowest rate. Start here
Our table is having technical problems. But we’re working hard to fix them.
Program | Mortgage Rate | APR* | Change |
---|---|---|---|
30-year fixed VA | 7.222% | 7.262% | +0.05 |
Conventional 20-year fixed | 7.007% | 7.058% | +0.07 |
Conventional 10-year fixed | 6.51% | 6.584% | +0.09 |
Conventional 30-year fixed | 7.127% | 7.173% | +0.07 |
30-year fixed FHA | 7.056% | 7.1% | +0.09 |
Conventional 15-year fixed | 6.64% | 6.713% | +0.1 |
5/1 ARM Conventional | 6.785% | 7.888% | +0.08 |
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here. |
Should you lock your mortgage rate today?
Markets have turned gloomy over the prospects of the Federal Reserve cutting general interest rates over the next few months. And that’s been pushing mortgage rates higher.
So, for now, my personal rate lock recommendations remain:
- LOCK if closing in 7 days
- LOCK if closing in 15 days
- LOCK if closing in 30 days
- LOCK if closing in 45 days
- LOCK if closing in 60 days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
- The yield on 10-year Treasury notes fell to 4.50% from 4.55%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
- Major stock indexes were falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
- Oil prices increased to $87.42 from $85.57 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
- Gold prices climbed to $2,414 from $2,361 an ounce. (Good for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Because gold tends to rise when investors worry about the economy.
- CNN Business Fear & Greed index — fell to 51 from 54 out of 100. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So, lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
Today
Two economic reports are scheduled for this morning.
The March import price index (IPI) landed at 8:30 a.m. Eastern. And that would normally be bad for mortgage rates. Markets had been expecting it to hold steady at 0.3% and it came in at 0.4%.
So, how come mortgage rates were falling first thing? Well, it’s too early to be sure. But those rates often move in the opposite direction after a sharp movement one way or the other. That’s simply markets reflecting on the change and deciding they over-reacted.
This morning’s other report isn’t due until 10 a.m. Eastern. And that means I won’t have time before my deadline to assess its likely impact on markets. They were expecting the preliminary consumer sentiment index for April to improve slightly to 79.9% from 79.4%.
A lower figure may help mortgage rates to fall while a higher one could push them upward. But this is one of those reports that rarely move those rates far unless they contain shockingly good or bad data.
Mortgage rates might also be affected by earnings reports later from three of the biggest U.S. banks, JPMorgan Chase, Wells Fargo and Citigroup. If they all tell a really positive story, stock market reactions could spill over into the bond market that largely determines mortgage rates.
Next week
We’ve had April’s two most important reports over the last six days. And, taken together, they were pretty bad for mortgage rates.
Next week’s reports aren’t typically as influential by a long way. But a couple of them (retail sales and industrial production) could move mortgage rates higher if they feed markets’ current pessimism over Fed rate cuts — or push them downward if they contradict it.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Apr. 11 report put that same weekly average at 6.88%, up from the previous week’s 6.82%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Mar. 19 and the MBA’s on Mar. 22.
Forecaster | Q1/24 | Q2/24 | Q3/24 | Q4/24 |
Fannie Mae | 6.7% | 6.7% | 6.6% | 6.4% |
MBA | 6.8% | 6.6% | 6.3% | 6.1% |
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
- Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
- Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
- Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
- When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
- Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
- Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
- Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
- Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
- Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
- Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
- Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
- Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
- Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
- Interest rate
- Annual percentage rate (APR)
- Monthly mortgage payment
- Loan origination fees
- Rate lock fees
- Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
So, for the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
- Conventional home loans — minimum 620 credit score
- FHA loans — minimum 500 credit score (with a 10% down
payment) or 580 (with a 3.5% down payment) - VA loans — no minimum credit score, but 620 is common
- USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
Indeed, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
- Conventional home loans require a down payment between 3%
and 5% - FHA loans require 3.5% down
- VA and USDA loans allow zero down payment
- Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account as evidence of their financial circumstances. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. And this gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders. And it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Those mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
Source: themortgagereports.com
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The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.
If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.
11 Affordable Neighborhoods in Philadelphia, PA
From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.
1. Hartranft
2. Cedar Park
3. Fox Chase
4. Near Northeast Philadelphia
5. Cobbs Creek
6. North Central
7. Upper North District
8. Oxford Circle
9. Southwest Philadelphia
10. Bustleton
11. Richmond
Read on to see what each neighborhood has to offer its residents.
1. Hartranft
Average studio rent: $850
Average 1-bedroom rent: $1,050
Apartments for rent in Hartranft
Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.
2. Cedar Park
Average studio rent: $840
Average 1-bedroom rent: $1,075
Apartments for rent in Cedar Park
Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.
3. Fox Chase
Average studio rent: $962
Average 1-bedroom rent: $1,112
Apartments for rent in Fox Chase
With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.
4. Near Northeast Philadelphia
Average studio rent: $990
Average 1-bedroom rent: $1,112
Apartments for rent in Near Northeast Philadelphia
Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.
5. Cobbs Creek
Average studio rent: $1,100
Average 1-bedroom rent: $1,200
Apartments for rent in Cobbs Creek
Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.
6. North Central
Average studio rent: $850
Average 1-bedroom rent: $1,215
Apartments for rent in North Central
Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.
7. Upper North District
Average studio rent: $1,062
Average 1-bedroom rent: $1,245
Apartments for rent in Upper North District
Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.
8. Oxford Circle
Average studio rent: $1,355
Average 1-bedroom rent: $1,250
Apartments for rent in Oxford Circle
Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.
9. Southwest Philadelphia
Average studio rent: $900
Average 1-bedroom rent: $1,250
Apartments for rent in Southwest Philadelphia
A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.
10. Bustleton
Average studio rent: $1,099
Average 1-bedroom rent: $1,276
Apartments for rent in Bustleton
The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.
11. Richmond
Average studio rent: $750
Average 1-bedroom rent: $1,285
Apartments for rent in Richmond
Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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Arizona’s sun-drenched landscapes and iconic deserts provide a stunning backdrop for renters seeking adventure and opportunity. Whether you’re drawn to the dynamic energy of Phoenix or the educational richness of Tempe, Arizona boasts an array of attractions that make it an enticing place to call home. Yet, living in Arizona isn’t without its challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of living in Arizona, offering valuable insights to help you navigate life in the “Land of the Sun.”
Renting in Arizona snapshot
Population | 7,431,344 |
Avg. studio rent | $805 per month |
Avg. one-bedroom rent | $1,016 per month |
Avg. two-bedroom rent | $1,262 per month |
Most affordable cities to rent in Arizona | Kingman, Sierra Vista, Yuma |
Most walkable cities in Arizona | Tempe, Tucson, Phoenix |
1. Pro: Rich cultural heritage
Arizona’s rich cultural heritage is evident in its vibrant Native American communities, historic towns, and Spanish colonial architecture. The state is home to numerous cultural festivals, museums, and galleries that showcase its diverse history and traditions. For example, the Heard Museum in Phoenix offers an unparalleled collection of Native American art and artifacts.
2. Con: extreme heat
Arizona is known for its extreme heat, especially during the summer months when temperatures can soar above 100 degrees Fahrenheit. This can lead to increased energy bills due to air conditioning and potential health risks. Cities like Phoenix and Tucson experience some of the highest temperatures.
3. Pro: Beautiful landscapes
The state boasts an array of natural landscapes, from the awe-inspiring beauty of the Grand Canyon to the mystical red rocks of Sedona. The Grand Canyon, recognized as one of the Seven Natural Wonders of the World, stands as an iconic symbol of Arizona’s unparalleled beauty, drawing millions of visitors annually to explore.
4. Con: Water scarcity
Arizona faces significant challenges with water scarcity due to its desert climate and reliance on the Colorado River. Drought conditions and water management issues can affect daily life and lead to restrictions on water use. This issue is particularly acute in cities like Yuma, which is in one of the driest regions of the state.
5. Pro: Economic opportunities
Arizona’s economy is growing, with sectors like technology, healthcare, and manufacturing leading the way. The state has become a hub for tech companies, with cities like Phoenix attracting startups and established firms alike. This economic growth has led to job creation and innovation throughout the state.
6. Con: Traffic in popular metros
While Arizona has made strides in improving its transportation infrastructure, traffic congestion can still be a significant issue, especially in larger cities like Mesa. The reliance on cars due to the sprawling urban areas can lead to long commute times and contributes to air pollution.
7. Pro: Affordable cost of living
Arizona offers a relatively affordable cost of living. Housing, groceries, and utilities are generally less expensive, which can be particularly attractive reason to move to the state. Cities like Kingman exemplify Arizona’s affordability where the average rent for a one-bedroom apartment is $695. Buying a house is also favorable where the median sale price in Kingman is $284,000.
8. Con: Seasonal allergies
Arizona’s dry climate and desert landscape can be challenging for individuals with allergies. Dust storms and pollen can exacerbate respiratory conditions such as asthma. Cities like Tucson experience high pollen count where the top allergens are Mulberry, Juniper and Ash trees.
9. Pro: Outdoor activities
Arizona offers a plethora of outdoor activities, catering to adventurers and nature enthusiasts alike. From hiking the picturesque trails of the Grand Canyon to exploring the scenic wonders of Sedona’s red rock formations, there’s no shortage of opportunities to immerse oneself in the state’s breathtaking landscapes.
10. Con: Air quality
Arizona’s air quality can be a concern, especially in urban areas and during certain times of the year. Factors such as vehicle emissions, industrial activities, and natural events like dust storms contribute to occasional periods of poor air quality, which may pose health risks for sensitive individuals.
11. Pro: Health and wellness
Arizona is renowned for its emphasis on health and wellness, attracting visitors and residents alike seeking rejuvenation and relaxation. The state boasts numerous wellness retreats, spas, and fitness centers, offering a wide range of holistic treatments and activities to promote well-being. Whether indulging in yoga sessions amid Sedona’s tranquil red rocks or unwinding at luxury resorts nestled in the Sonoran Desert, Arizona provides abundant opportunities for rejuvenation and self-care.
12. Con: Wildfire risk
Arizona faces wildfire risk due to its arid climate, rugged terrain, and occasional periods of high winds. Dry conditions, coupled with lightning strikes or human activities, can spark wildfires that spread rapidly, posing threats to both property and lives.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
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The average long-term mortgage rate has risen once again this week, with the average 30-year fixed loan now at 7.08 per cent, according to Bankrate’s latest survey of large lenders.
Another mortgage buyer, Freddie Mac, said the average rate on a 30-year mortgage rose to 6.88 per cent from 6.82 per cent last week. In comparison to a year ago, where the rate averaged 6.27%, this is having a genuine impact on American homeowners.
Average 30-year mortgage rates in the 10 largest metro areas ranged from 7.56% in Los Angeles to 6.85% in Chicago.
Rates are slightly higher now compared to the start of this year, keeping some borrowers waiting as the spring begins, which is typically known as the most popular time to buy a home.
The national median family income for 2023 was $96,300, according to the U.S. Department of Housing and Urban Development. The median price of an existing home sold in February 2024 was $384,500, according to the National Association of Realtors (NAR).
How will it affect your payment?
The initial impact of this change was felt in the stock market, with Wall Street sending shares sharply lower, as expectations that the Fed would be cutting rates proved to be premature.
Mortgage rates are influenced by the Fed benchmark rate, although they also reflect other factors, like bond yields and inflation. However, according to Lawrence Yun, chief economist at the NAR, rates for home loans are likely to be unchanged in the near-term due to factors like the strong job market and housing demand.
But that is no consolation for those already with mortgages. When mortgage rates rise, they can prove to be hugely damaging for families struggling to get by, as they add hundreds of dollars a month in costs for borrowers.
With this rise, based on a 20 per cent downpayment and a 7.08 per cent mortgage rate, the monthly payment of $2,063 amounts to 26 per cent of the typical family’s monthly income.
Source: marca.com
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Are you looking for ways to get paid to walk? Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash. I have…
Are you looking for ways to get paid to walk?
Getting paid to walk is a side hustle with the benefits of getting daily exercise and even getting paid for it. There are tons of ways to get paid to walk including getting paid for steps, losing weight, and even picking up trash.
I have personally been paid to walk, and it’s great!
How To Get Paid To Walk
Below are 19 ways to get paid to walk.
Recommended reading: 19 Ways To Get Paid To Workout
1. CashWalk
CashWalk is a free app that pays you to earn money just for running or walking outside or on a treadmill. You earn coins and can exchange them for gift cards to places like Amazon, Walmart, Apple, Starbucks, and more.
This pedometer app is designed to motivate you to achieve fitness goals and help build healthy exercise habits.
You won’t get rich with CashWalk, but it’s an easy way to make money by doing what you already do, which is walking.
You can sign up for CashWalk by clicking here. Also, you can get a free 100 points by using the referral code ESPU5.
2. Sweatcoin
Sweatcoin is a free app that helps motivate you to walk by rewarding your daily steps. This pedometer app only counts outdoor steps right from your phone (such as your iPhone or Android device), so if you’re a treadmill walker, those steps will not count in the app.
Once you accumulate enough coins, you can redeem them for products or donate to charity. The products that can be redeemed change regularly. You may see things such as Amazon credits, electronics, and other popular products. If you’re feeling generous, you can donate your earnings to charities like Save The Children, The African Wildlife Foundation, or Cancer Research.
3. Walk dogs
Rover is an app that connects you with pet owners who need help with pet sitting, dog walking, and drop-in visits. If you’re an animal lover, this is a great side hustle to try.
I was a Rover dog walker for several pet owners and it’s still one of my favorite side hustles to date. The app works on both Android and iOS devices.
How much money you earn on the Rover app varies on how many pets you’re walking, your experience, and what you set your rates at. Some pet sitters make $40,000 a year, while the top dog walkers in the field earn $100,000+. You can expect to earn between $15 and $25 per hour on Rover, with that rate being more depending on how many dogs you’re walking at one time.
Finding jobs is relatively easy because there are so many pet parents out there looking for a pet sitter or someone to walk their dog.
Click here to sign up for Rover.
Learn more at 7 Best Dog Walking Apps To Make Extra Money (another popular pet walking app that you can learn about is Wag!).
4. Get paid to pick up trash
A great way to help clean the environment, get exercise in, and get paid is by picking up trash. Many businesses want their property and parking lots to be clean so customers are shopping at a clean property.
Getting paid to pick up trash is a small business that you can start entirely on your own. Picking up trash can pay between $30-$50 an hour. There is a ton of trash to pick up in the world. Tools you will need include a broom, dustpan, and grabber tools.
You can learn more at Get Paid $30 – $50 Per Hour To Pick Up Trash.
5. Stepbet
Stepbet is a popular fitness app that pays you for walking. The app is user-friendly and even lets you connect your fitness tracker (such as your Fitbit, Google Fit, Samsung Health, or Apple Watch). Stepbet is a great way to stay motivated to complete your daily step goal and even get paid for doing this.
This is how the app works:
- You choose a game to set your step goals
- Bet a certain amount of money into the pot to join the game
- If you meet the weekly step goal, you can split the pot with others who also completed their goals and get your bet back plus more.
6. HealthyWage
HealthyWage is a popular fitness app that pays you to lose weight. To get started, go to HealthyWage and enter how much weight you want to lose, how long you’ll have to complete the weight loss goal, and how much money you want to bet.
Let’s say I wanted to lose 30 pounds in 9 months or less and I bet $60 of my own money. The website shows my prize range would be between $588 and $1,116.
HealthyWage has weekly weigh-ins and support from other people who are also trying to lose weight. The purpose of HealthyWage is to motivate you to lose weight by using a financial incentive, which makes it more motivating to complete your weight loss goal.
7. DietBet
DietBet is a fun and unique app that makes fitness fun and motivating. DietBet works by you choosing a game/challenge to complete. For example, there are current weight loss challenges where you bet $40 and have to lose 10% of your body weight within 6 months to win the shared pot of money.
This is how it works:
- You get started by choosing a challenge and betting money into the pot
- Two days before the challenge begins, you must weigh in which involves taking two photos (one of you standing on the scale with lightweight clothing, and the second photo of the scale and weight)
- The challenge will share how much weight you have to lose to win the pot of money at the end of the challenge.
8. Fit For Bucks
Fit For Bucks is an app that lets you earn rewards for being active. You can earn points by doing things like walking to the grocery store, hitting the gym, going for a hike, dancing, and more.
Rewards you can redeem include things like coffee, fitness classes, massages, haircuts, wine, and more. Using this app is a fantastic way to stay motivated to get more movement in while also getting rewarded for your hard work.
9. Charity Miles
Charity Miles is the app for you if you love giving back and being generous. Instead of giving rewards to you, the app lets you give your rewards to a charity of your choice. Every mile you walk earns a credit to be used as a donation to a charity.
One of my favorite charities, Save The Children, is on Charity Miles. So my daily walking that I already do helps me donate more money to my charity of choice.
10. Guided walking tours
If you’re an extrovert and have knowledge about your local town, you may want to become a walking tour guide. As a guided walking tour operator, you can create your own unique walking route and showcase special landmarks and sites to tourists. You must have in-depth knowledge of the area and provide excellent customer service.
I recommend researching what similar tours are charging to get an idea of what you should charge. You should also think about factors such as the duration of the tour, the experience you have, and any additional services you’ll include when deciding how much the walking tour will cost.
Having a website and/or social presence for your tour company is a great way to get new customers interested in your tours. Network with local hotels, travel websites, and tourism organizations to promote your tours. You may even want to offer a special discount or promotion to attract new customers.
11. Evidation
Evidation is an app that lets you earn points and rewards for actions like walking, sleeping, and more. Participating in this app helps contribute to research and new health findings that will benefit everyone.
For example, one of the current programs in the Evidation app gives you 300 points for joining a program focused on the flu. The app monitors your activity and can alert you when it sees a change that suggests you may be feeling under the weather.
You can connect all kinds of fitness electronics to the Evidation app, including but not limited to Fitbit, Garmin, Google Fit, and Dexcom.
12. MyWalgreens (Walgreens Balance Rewards)
MyWalgreens is a program run by Walgreens with the purpose of getting people to make healthier decisions.
You can earn points in the program by walking and tracking other fitness activities. You can even earn points for tracking your blood pressure, blood glucose, sleep, and other health markers.
13. Gigwalk
Gigwalk is an app that connects gig workers with quick tasks like going to a store, reviewing product displays, checking prices, availability of products, and conditions. You get to choose which gigs you choose and get to decide your schedule and how often you work.
Here’s how Gigwalk works:
- First, you download the app on your phone.
- Then, you look for gigs nearby.
- Choose a gig that you like.
- After you finish the job, you get paid.
Money is sent directly to your PayPal account and each gig pays differently. It typically can range anywhere from $3 to over $100 – the time to complete a gig can vary from 5 minutes to a few hours.
14. Runtopia
Runtopia pays you to get fit by providing a motivational incentive to get moving.
The app has benefits like letting you record activities with GPS, data analysis to improve your performance, connecting with friends, and getting rewarded for various activities.
15. PK Rewards
PK Rewards is an app that rewards you for tracking all kinds of workouts. Your workouts get converted into coins which can be redeemed for cool prizes from brands like Lululemon, Nike, Amazon, and more. You earn coins based on the effort you put in.
Workouts can include pretty much anything from going to the gym, cycling, dancing, walking, and more. You can set personal goals in the app, compete with friends, and track your progress all within the app. You can even see your effort over time as you use the app.
16. Instacart
Instacart is a platform that connects customers with Instacart Shoppers who grocery shop and deliver food to customers. This job requires a lot of walking and physical activity and allows you to control your schedule and how often you work.
Signing up to become an Instacart Shopper is straightforward. Download the Instacart Shopper app and apply as a Shopper. Once your application is accepted, you can use the app to find orders, pick an order you like, and go to the store and start grocery shopping for the customer. When you’re done grocery shopping, deliver the groceries to the customer.
You earn money with each delivery and the more you deliver, the more job opportunities you’ll have available. Giving great service to your customers can lead to better tips, so customer service is important.
You can click here to sign up to be an Instacart Shopper.
Learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
17. DoorDash
Working for DoorDash is an active gig job that requires you to deliver restaurant meals to customers. This side hustle can require a lot of walking and physical activity depending on how you’re delivering food. You may decide to deliver food by car or by bike.
The benefits of working for DoorDash include choosing the hours you work and deciding where you want to work. The app is user-friendly and allows you to take orders, where to go, and how to get there. Each delivery earns between $2-$10, plus tips.
Please click here to sign up for DoorDash.
18. Distribute flyers
A side hustle that requires a lot of walking is getting paid to distribute flyers. To find jobs distributing flyers, check online job platforms like Indeed or Craigslist, and also search for jobs in newspapers, and community bulletin boards. Search for jobs using the keywords “flyer distribution”, or “leaflet distribution”.
You can also create a profile on gig platforms like TaskRabbit, Gigwalk, or Thumbtack and post or search for flyer distribution jobs. Make sure to check local events, trade shows, and festivals as these events always need promotional material to be distributed.
Before accepting any jobs, make sure to clarify pay rates and the schedule from the employer. This job is likely going to take a lot of daily steps and physical activity.
19. Mystery shopping
Mystery shopping is a tool companies use to learn ways to improve their customer experience. Mystery shoppers can get jobs in person, online, or on the phone. Jobs are different and may require you to buy something, sit down at a restaurant and eat, or even get your hair done in a salon. If you are required to buy something, make sure to keep your receipts as you will need them to complete your questionnaire.
My sister was a mystery shopper and I got to go with her on one of her gigs. We got to visit a restaurant for free as long as she gave her honest opinion after. Mystery shopping also involves going to stores such as Best Buy, salons, car dealerships, movie theaters, makeup counters, and more.
BestMark is a popular mystery shopping website that connects you with opportunities to earn money while helping companies improve their customer service.
Recommended reading: How To Become A Mystery Shopper
Frequently Asked Questions
Below are answers to common questions about ways to get paid to walk.
Can I get paid for walking?
There are tons of ways to get paid for walking including via fitness apps like SweatCoin and CashWalk that reward you for meeting daily step goals or participating in walking challenges. Rewards include things like gift cards, discounts, cash, and free stuff.
Besides using fitness apps that reward you for walking, you can also make money walking by working as a gig worker for TaskRabbit and DoorDash. These jobs include tasks like delivering food, running errands, and other jobs that require walking.
One of my favorite ways to make money walking is working as a Rover dog walker. If you love spending time with animals, you should consider becoming a dog walker.
What is the best app that pays you to walk?
Many activity tracker apps pay you to walk and each has its pros and cons. The most popular walking apps include CashWalk, Sweatcoin, Charity Miles, and StepBet. Each of these apps is user-friendly, easy to use, and rewards people for their movement. You get to choose from many rewards including gift cards, fitness gear, or donating your money to the chosen charity of your choice.
Is Sweatcoin real money?
Sweatcoin is not real money, but instead digital currency used in the Sweatcoin app. Sweatcoin users earn Sweatcoins based on how much they walk per day. As you take steps, digital coins are accumulated and can be redeemed for different rewards in the app like products, services, and discounts.
Can you earn money with a Fitbit?
While you can’t earn any rewards or money on the Fitbit app, you can connect your Fitbit to fitness apps that reward you for daily movement. Programs and apps like MyWalgreens, StepBet, and others allow you to easily connect your Fitbit to the app.
Why do apps pay you to walk?
Apps pay users to walk because they make money from advertisements when users use their apps.
19 Ways To Get Paid To Walk – Summary
I hope you enjoyed this article on how to get paid to walk.
There are many ways to make extra money and get free stuff by walking, dancing, cycling, sleeping, and other health-related activities. Take advantage of these free apps and keep your motivation up by earning points and rewards toward free things like gift cards, fitness classes, food, and more.
The walking side hustles above have health benefits and even mental health positives, plus you may be able to earn an income, cash rewards, or even money for charity donations.
Have you ever tried any of these side hustles or walking apps that pay you for steps?
Recommended reading:
Source: makingsenseofcents.com
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The Big Apple, New York City, truly has something for everyone – from the bustling streets of Manhattan to the vibrant neighborhoods of Brooklyn. This world-renowned city is home to countless iconic landmarks, from Times Square and Central Park to Madison Square Garden and the Statue of Liberty.
If you’re looking to rent an apartment in New York City, you might be surprised to find that the average rent for a studio is $3,900 and a one-bedroom apartment is $4,770. But don’t worry, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in New York City to rent this year.
11 Affordable Neighborhoods in New York
From Lenox Hill to Flatbush, New York City has affordable neighborhoods that fit your budget. The best part is that they’re all under New York City’s average rent for studio and one-bedroom units. Let’s jump in and see what New York City neighborhoods made the list.
1. Lenox Hill
2. Flatbush
3. Washington Heights
4. Northeastern Queens
5. Ridgewood
6. West Bronx
7. East Harlem
8. Bushwick
9. Park Slope
10. Tudor City
11. Prospect Heights
Read on to see what each neighborhood has to offer its residents.
1. Lenox Hill
Average studio rent: $2,715
Average 1-bedroom rent: $1,425
Apartments for rent in Lenox Hill
Lenox Hill is the most affordable neighborhood in New York City, as the average rent for a one-bedroom unit is $1,425. There are plenty of reasons to love living in Lenox Hill, from attractions like Central Park and the Frick Collection to green spaces like St. Catherine’s Park. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, from deli’s and Italian restaurants to trendy pubs and vegan spots. For renters living in New York without a car, there are several subway stations in Lenox Hill.
2. Flatbush
Average studio rent: $1,900
Average 1-bedroom rent: $2,000
Apartments for rent in Flatbush
Flatbush is a bustling area located in the Brooklyn borough. This affordable neighborhood has lots of attractions such as Prospect Park and the Brooklyn Botanic Garden, giving renters plenty of green spaces to enjoy. There are plenty of transit stops in the neighborhood, making it easy to get into Manhattan. It’s also a walkable area, so make sure to explore the restaurants, shops, and nearby neighborhoods like Kensington and Midwood.
3. Washington Heights
Average studio rent: $1,995
Average 1-bedroom rent: $2,100
Apartments for rent in Washington Heights
With an average one-bedroom rent of $2,100, Washington Heights is the third-most affordable neighborhood in New York. This Manhattan neighborhood is an awesome option to consider as it’s near attractions like Fort Tryon Park, United Palace, and Fort Washington Park. There are also picturesque views of the Hudson River, so this area is great for exploring and enjoying New York. Or, if you’re looking for a fun night out, you can head to nearby Yankee Stadium to watch a game.
4. Northeastern Queens
Average studio rent: $1,820
Average 1-bedroom rent: $2,145
Apartments for rent in Northeastern Queens
Northeastern Queens is the fourth-most affordable neighborhood in New York. This neighborhood is a great option if you’re looking for New York’s charm without living in the heart of Manhattan. For example, you can easily access the Queens Botanical Garden, Flushing Meadows Corona Park, and the New York Hall of Science.
5. Ridgewood
Average studio rent: $1,587
Average 1-bedroom rent: $2,300
Apartments for rent in Ridgewood
Just about 8 miles from Manhattan, Ridgewood is a stellar neighborhood if you want to rent an apartment. It’s also a great area if you’re living in New York without a car, as Ridgewood has a few subway stops. There are also several beautiful green spaces in the area, like Grover Cleveland Playground. Ridgewood is also home to a variety of restaurants, shops, and cafes like Super Pollo, Topos Bookstore, and Rudy’s Pastry Shop. You can also find the charming Madison–Putnam–60th Place Historic District.
6. West Bronx
Average studio rent: $1,603
Average 1-bedroom rent: $2,599
Apartments for rent in West Bronx
Next up is West Bronx, the sixth-most affordable neighborhood in New York. West Bronx is full of history and charm with tree-lined streets, historic buildings, and museums, like the Bronx Museum of Arts. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Crotona Park, catch a game at Yankees Stadium, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in West Bronx.
7. East Harlem
Average studio rent: $2,800
Average 1-bedroom rent: $2,750
Apartments for rent in East Harlem
East Harlem is next on our list, just east of Central Park. East Harlem has a friendly atmosphere and community feeling, with plenty of local cafes and restaurants throughout the area, such as Ricardo Steak House and El Kallejon. You can also check out some of East Harlem’s green spaces, like Thomas Jefferson Park, or visit museums, like El Museo del Barrio, the Graffiti Hall of Fame, and the Museum of the City of New York.
8. Bushwick
Average studio rent: $2,289
Average 1-bedroom rent: $2,850
Apartments for rent in Bushwick
Bushwick takes the eighth spot on our list of most affordable neighborhoods in New York. The average rent for a one-bedroom unit is roughly $2,000 less than the city’s average, making Bushwick a great option to consider renting in. It’s located in Brooklyn, which means you’ll have the best of city life without living in the city center. This artsy area is home to many art galleries, like the Bushwick Collective, and green spaces, like Maria Hernandez Park and Irving Square Park.
9. Park Slope
Average studio rent: $2,500
Average 1-bedroom rent: $3,100
Apartments for rent in Park Slope
A well-known New York neighborhood, Park Slope is the next area. In the Brooklyn borough, Park Slope is home to the Old Stone House of Brooklyn and Grand Army Plaza, meaning there’s plenty to do throughout the week. You’ll find there are countless historic brownstones in Park Slope, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as the 7th Avenue subway station is nearby.
10. Tudor City
Average studio rent: $2,400
Average 1-bedroom rent: $3,575
Apartments for rent in Tudor City
The tenth-most affordable neighborhood in New York is Tudor City. This area has a vibrant feeling, just blocks from the Empire State Building. You can find parks like Robert Moses Playground and the East River Esplanade, perfect for enjoying a sunny day in New York. Tudor City also events throughout the year at Tudor City Greens, providing residents with lots of opportunities to enjoy their neighborhood.
11. Prospect Heights
Average studio rent: $2,201
Average 1-bedroom rent: $4,145
Apartments for rent in Prospect Heights
The final spot on our list of affordable neighborhoods in New York is Prospect Heights. This affordable neighborhood is located north of the popular Prospect Park and is an awesome area if you’re looking for a neighborhood with a charming main street. You can find plenty of cozy cafes and lively restaurants along Vanderbilt Avenue and Flatbush Avenue. Prospect Heights is home to Barclays Center, where you can see concerts and sporting events. It’s also close to parks like Prospect Park and the Brooklyn Museum, so there’s a lot to do in this neighborhood.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in 2024.
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Welcome to the charming city of Tallahassee, where the sun shines bright, and the Southern hospitality is always in full swing. With its rich history, diverse culture, and stunning natural beauty, Tallahassee offers a unique blend of urban amenities and outdoor adventures. So whether you’re searching for the perfect apartment in Tallahassee or a cozy home for rent, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of moving to Tallahassee. Let’s get started and see what awaits in the capital city of Florida.
Pros of living in Tallahassee
1. Abundant outdoor activities
Tallahassee is a haven for outdoor enthusiasts, with its proximity to numerous state parks, nature reserves, and the Apalachicola National Forest. Residents can enjoy hiking, biking, birdwatching, and kayaking in the picturesque surroundings of the city. The mild climate also allows for year-round outdoor recreation, making it an ideal destination for nature lovers.
2. Rich cultural heritage
Tallahassee boasts a rich cultural heritage, evident in its historic architecture, museums, and art galleries. The city is home to the Museum of Florida History, showcasing the state’s diverse history, and the Tallahassee Museum, which offers a glimpse into the region’s natural and cultural heritage. Residents can also explore the vibrant arts scene through local galleries, theaters, and music venues, providing a deep appreciation for the city’s cultural offerings.
3. Affordable cost of living
Compared to other cities in Florida, Tallahassee offers a more affordable cost of living, making it an attractive option for those seeking a balance between quality of life and expenses. The average rent for apartments in Tallahassee, is between $1,035 and $1,399 in 2024. Housing, groceries, and utilities are relatively affordable, allowing residents to enjoy a comfortable lifestyle without breaking the bank.
4. Strong sense of community
Tallahassee fosters a strong sense of community, with its friendly and welcoming atmosphere. Residents can engage in various community events, farmers’ markets, and local gatherings, creating a tight-knit and supportive environment. The city’s emphasis on community involvement and volunteerism further enhances the overall sense of belonging for its residents.
5. Educational opportunities
As the capital of Florida, Tallahassee is home to several prestigious educational institutions, including Florida State University and Florida A&M University. This provides residents with access to a wide range of academic and cultural resources, as well as opportunities for lifelong learning and personal growth.
6. Diverse culinary scene
Tallahassee offers a diverse culinary scene, with an array of restaurants, cafes, and food trucks serving up a variety of cuisines. From Southern comfort food to international flavors, residents can indulge in a culinary adventure without leaving the city. The local farmers’ markets also provide access to fresh, locally-sourced ingredients, contributing to the city’s vibrant food culture.
7. Proximity to beaches
Although not directly on the coast, Tallahassee is within driving distance of several stunning beaches along the Gulf of Mexico. Residents can take day trips to enjoy the sun, sand, and surf at popular spots like St. George Island and Shell Point Beach, making the city an appealing location for beach lovers.
Cons of living in Tallahassee
1. Limited public transportation options
Tallahassee’s public transportation system is relatively limited, with fewer options compared to larger metropolitan areas. With a transit score of 30, this can pose challenges for residents who rely on public transit for their daily commute or prefer not to drive. Potentially leading to transportation issues and longer travel times.
2. Humid climate
Tallahassee experiences a humid subtropical climate, characterized by hot, humid summers and mild winters. The high humidity levels can be uncomfortable for some residents, especially during the summer months, and may require adjustments in daily routines and activities to cope with the weather.
3. Limited job market
While Tallahassee is the state capital and home to government institutions and universities, the job market may be limited in certain industries. Residents seeking employment opportunities outside of these sectors may find fewer options available, requiring careful consideration when planning their career paths.
4. Seasonal weather challenges
Tallahassee is susceptible to seasonal weather challenges, including the potential for hurricanes and tropical storms during the summer and fall months. Residents need to be prepared for inclement weather and follow safety protocols, which can be a concern for some individuals.
5. Traffic congestion
As the city continues to grow, traffic congestion has become a common issue in certain areas of Tallahassee. Commuters may experience delays during peak hours, leading to longer commute times and potential frustration for those navigating the city’s roadways.
6. Limited entertainment options
While Tallahassee offers cultural and outdoor attractions, some residents may find the entertainment options to be more limited compared to larger cities. The nightlife and live music scene, in particular, may not be as extensive as in other urban centers, requiring residents to seek out alternative forms of entertainment.
7. Limited diversity in shopping options
Residents of Tallahassee may find that the city has a more limited selection of shopping options compared to larger metropolitan areas. While there are shopping centers and malls, the variety of stores and brands may not be as extensive. Potentially impacting the shopping experience for some individuals.
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A central counterparty clearing house (CCP), or Central Counterparty, is a financial institution that facilitates trading activities in European equity and derivative markets. Regional banks typically operate CCPs which are an important part of the international financial system.
CCPs maintain stability and efficiency across financial markets and reduce risks including counterparty, default, and market risks. In the United States, CCPs are called Derivatives Clearing Organizations (DCO) and are regulated by the Commodity Futures Trading Commission (CFTC).
Defining Central Counterparty Clearing Houses
The Bank for International Settlements (BIS) defines a CCP as “a clearing house that interposes itself between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the future performance of open contracts.” The Eurex is a well known CCP.
Central Counterparty Clearing Houses act as intermediaries between buyers and sellers in financial transactions. They handle clearing and settlements in various types of securities and derivatives transactions to reduce credit risk in the markets. Clearinghouses have existed for more than a century, and act as a way to reduce the risk of OTC derivative transactions.
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How Central Counterparty Clearing Houses Work
Central Counterparty Clearing Houses guarantee trade terms for buyers and sellers. They help reduce risk for investors by taking on credit risk involved in transactions, so even if a buyer or seller defaults on a transaction the other party doesn’t have as much loss as they might have without the CCP.
When buyers and sellers enter into transactions, they each deposit money with the CCP to cover the amount of the transaction. All CCP users must have a margin account.
In a process called “novation,” the CCP enters into two different contracts, one with the buyer and one with the seller. This provides a guarantee to the other party that if one side doesn’t follow through with the agreement the other side will still receive payment. CCPs typically use margin calls to settle trades if one party does not have the funds in their account.
If the trade falls through, the CCP completes the trade at the current market price. CCPs are for-profit businesses that generate revenue from their members and their transactions. They also work with parent exchanges that require them to remain profitable. Just like other types of businesses, CCPs each operate differently and have different business strategies to attract customers and earn revenue.
For instance, there are different types of derivative products that a CCP might choose to offer. One common business model for CCPs is to cross-margin products in a single netting pool. Parent exchanges place obligations on CCPs, so they need to earn enough revenue to meet those.
The specific financial products offered by a CCP, as well as its risk level, fee structure, and other features lead to different types of members, organizational structure, regulations, and rules for margin balances.
CCPs continue to evolve, offer new products, and become more sophisticated over time. Regulations are also evolving for CCPs which may change how they operate in the future.
Uses of a Central Counterparty Clearing House
CCPs maintain the anonymity of investors’ identities to protect their privacy. They also maintain the privacy of trading firms from buyers and sellers by using electronic order books and protect brokerage firms from the risk of buyers and sellers defaulting on their end of options such as calls or puts.
Another use of CCPs is to lower the number of transactions settled in order to move funds efficiently between investors.
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CCP Members
Financial institutions that want to clear trades through a central counterparty can become members of a particular CCP. Membership allows them to reduce credit risk for their customers and themselves. There are CCPs for different types of financial transactions, so financial institutions can choose the appropriate CCP to apply to for their needs.
CCPs want members that have a significant transaction volume, are creditworthy, and have a trading operation that works efficiently with the system run by the CCP. CCPs also want members to contribute funds to their default fund and secure collateral for their transactions. Each CCP has somewhat different criteria and requirements for membership, and membership information is not always publicly available.
Pros and Cons of CCPs
There are benefits and drawbacks to CCPs. Here are a few important ones to understand:
Pros
CCPs benefit investors in the following ways:
• Reduce counterparty risk
• Maintain stability in financial markets
• Increase efficiency of transactions
• Maintains privacy of customers
Cons
There are also some drawbacks to CCPs for investors, including the following:
• Participation fees
• May not be able to process non-standard transactions
• Some CCPs may not have adequate scale
CCPs and Blockchain
CCPs are now being used with blockchain technology, made popular in cryptocurrency markets, to further reduce risk and costs. An international group of clearing houses launched the Post Trade Distributed Ledger Group launched in 2015. The group studies ways to use blockchain technology for transactions.
Since its formation, the group has expanded to include about 40 global financial institutions collaborating to bring CCPs together with blockchain. The goal of using blockchain technology with CCPs is to reduce margin requirements and risk, reduce operational costs, improve regulatory oversight, and increase the efficiency of trade settlements. Ideally blockchain can help support better settlements, clearing processes, and reporting.
Decentralized exchanges already operate similarly to CCPs as a third party that handles transactions.
The Takeaway
Central counterparty clearing houses help reduce the risk of trading derivatives and securities. They became more popular after the financial crisis as a way for investors to minimize counterparty risk.
While CCPs may help maintain stability in financial markets and increase efficiency, they may also involve participation fees, or may not be able to process non-standard transactions. Understanding the ins and outs of CCPs can be helpful to investors as they learn to navigate the markets.
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FAQ
What is the difference between a clearing house and a central counterparty?
While a CCP acts as a clearing house for transactions, it has an additional step involved before doing so. The two parties involved in a transaction agree upon transaction terms, then the CCP must agree to the terms before they clear the transaction.
What is the CCP margin?
CCPs require customers to make collateral deposits, known as margin deposits, before entering into transactions. This provides them with funds they can use to guarantee trades in the event that one party defaults on an agreement. The initial margin required depends on the customer, the type of financial product, and the particular trade agreement.
Does central clearing reduce counterparty risk?
Central clearing reduces counterparty risk by guaranteeing trades for buyers and sellers. They take on the credit risk involved in transactions by becoming the buyer to every seller and the seller to every buyer.
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