Orlando, Florida, is a dynamic and exciting city with much to offer its residents. From world-famous theme parks and a thriving job market to a diverse culinary scene and ample outdoor activities, there’s something for everyone. However, it’s important to consider factors like the cost of living, traffic, and the need for a car when deciding if Orlando is the right place for you. Not sure if O town is for you? Read on to find out what to expect if you’re considering a move to the Orlando area in 2024.
You know it from: Sisters, Sharknado 3, The Florida Project
Average 1 bedroom rent: $1,779 | Orlando apartments for rent, Orlando houses for rent
Average home price: $409,000 | Orlando homes for sale
Average cost of full-service moving services: $112/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Hospitality and Tourism, Healthcare, Aviation and Aerospace, Information Technology
Move here for: Water sports/recreation, the food scene, the weather
Be sure to bring: A bathing suit and sunglasses
1. Theme parks galore
Orlando is home to some of the most famous theme parks in the world, including Walt Disney World, Universal Studios, and SeaWorld. These parks attract millions of tourists each year, which means residents often have easy access to world-class entertainment and attractions. However, it also means that certain areas can be crowded, especially during peak tourist seasons.
Moving Tip: Locals often take advantage of annual passes and visit during off-peak times to avoid the crowds.
2. Must love thunderstorms, heat, and humidity
Orlando’s climate is characterized by hot, humid summers and mild winters. Summer temperatures often soar into the 90s with high humidity, making air conditioning a necessity. Thunderstorms are frequent in the afternoons during the summer months. On the flip side, winters are pleasantly mild, with temperatures rarely dipping below 50°F. This makes Orlando an ideal place for those who enjoy warm weather year-round.
3. A serious culinary scene
Orlando offers diners an incredible culinary scene, featuring everything from food trucks to fine dining. The city is known for its variety of international cuisines, reflecting its diverse population. Areas like Winter Park and Thornton Park are popular dining destinations, offering everything from trendy cafes to high-end restaurants. The annual Epcot International Food & Wine Festival is a must-visit for food lovers.
4. Growing job market
Orlando’s job market is booming, particularly in the hospitality, healthcare, and technology sectors. Major employers include Walt Disney World, AdventHealth, and Lockheed Martin. The city has also become a hub for tech startups and innovation, with the University of Central Florida fostering a strong talent pool. This growth has led to a competitive job market, with numerous opportunities for career advancement.
5. Cost of living is average but housing can get pricey
The cost of living in Orlando is right around the national average, with housing about 5% higher than the average. Popular neighborhoods like Lake Nona and Baldwin Park can be quite pricey. However, there are more affordable options in areas like College Park and MetroWest. It’s important to budget accordingly and consider commuting options if you choose to live in a more affordable suburb.
6. You probably need a car
Orlando’s public transportation system is not as extensive as in other major cities. The primary mode of public transport is the Lynx bus system, which can be time-consuming and inconvenient for daily commutes. The SunRail commuter train offers limited service but is expanding. Most residents find that owning a car is essential for getting around efficiently.
7. Water sports are a big deal
Orlando offers plenty of opportunities for outdoor activities and sports. Lake Eola Park in downtown Orlando is a popular spot for walking, jogging, and paddle boating. The city’s numerous lakes and parks provide ample space for kayaking, fishing, and picnicking. For those who enjoy golf, Orlando boasts several world-class golf courses.
8. One of the largest universities in the nation is in Orlando
Orlando has a robust education system, with numerous public and private schools rated highly by parents and educational authorities. The University of Central Florida is one of the largest universities in the country and offers a wide range of programs. Valencia College is another well-regarded institution, providing affordable education and transfer pathways to universities.
9. Summer gridlock is a thing
Traffic congestion is a common complaint among Orlando residents, especially during rush hours and tourist seasons. The I-4 corridor is notorious for its traffic jams, and navigating around theme park areas can be frustrating. However, the city is continually working on infrastructure improvements to alleviate some of these issues.
10. Your pets will love it here
Orlando is very pet-friendly, with numerous parks, trails, and even restaurants that welcome pets. Areas like Lake Baldwin Park offer off-leash dog parks where pets can roam freely. Many apartment complexes and rental homes are also accommodating to pet owners, making it easy to find a suitable place for you and your furry friend.
11. The arts and culture scene is top-notch
The arts and culture scene in Orlando is thriving, with numerous theaters, galleries, and music venues. The Dr. Phillips Center for the Performing Arts hosts a variety of performances, from Broadway shows to concerts. The Orlando Museum of Art and the CityArts Factory are great places to explore local and international art. Festivals and events, such as the Orlando Fringe Festival, add to the city’s cultural richness.
Moving Tip: The Orlando Science Center, Gatorland, and the Crayola Experience offer fun and educational experiences for children.
12. So many (nearby) beaches, so little time
Orlando is centrally located, making it easy to access both the Atlantic and Gulf coasts. Popular beach destinations like Cocoa Beach and Clearwater Beach are about an hour’s drive away. This proximity allows residents to enjoy beach outings without the need for long travel times.
13. Quality healthcare is easy to access
Orlando is home to some top-notch healthcare facilities, including AdventHealth Orlando and Orlando Health. These institutions offer a wide range of medical services and are known for their quality care. The presence of these healthcare giants ensures that residents have access to excellent medical attention when needed.
14. Sports enthusiasts rejoice
Orlando is a great city for sports fans, with professional teams like Orlando Magic (NBA) and Orlando City SC (MLS). The city also hosts various sporting events, including the annual Citrus Bowl and PGA Tour events. Kia Center and Inter&Co Stadium are popular venues for catching live sports action.
Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from The Orlando Real.
I got active on Twitter over the past year and change and to my surprise (not sure why it’s surprising really), encountered lots of housing bears on the platform.
Many were/still are convinced that the next housing crash is right around the corner.
The reasons vary, whether it’s an Airbnbust, a high share of investor purchases, high mortgage rates, a lack of affordability, low home sales volume, rising inventory, etc. etc.
And the reasons seem to change as each year goes on, all without a housing crash…
So, now that we’re halfway through 2024, the obvious next question is will the housing market crash in 2025? Next year’s got to be the year, right?
But First, What Is a Housing Crash?
The phrase “housing crash” is a subjective one, with no real clear definition agreed to by all.
For some, it’s 2008 all over again. Cascading home price declines nationwide, millions of mortgage defaults, short sales, foreclosures, and so on.
For others, it might just be a sizable decline in home prices. But how much? And where?
Are we talking about national home prices or regional prices? A certain metro, state, or the nation at large?
Personally, I don’t think it’s a crash simply because home prices go down. Though it is a pretty uncommon occurrence to see nominal (non-inflation adjusted) prices fall.
Over the past few years, we’ve already experienced so-called home price corrections, where prices fell by 10%.
In 2022, we were apparently in a housing correction, defined as a drop in price of 10% or more, but not more than 20%.
Ostensibly, this means a drop of 20%+ is something much worse, perhaps a true housing crash.
But you have to look at the associated damage. If home prices fall 20% and there aren’t many distressed sales, is it still a crash?
Some might argue that there’s simply no other outcome if prices fall that much. And maybe they’d be right. The point is a crash needs to have major consequences.
If Homeowner Joe sells his home for $500,000 instead of $600,000, it’s not necessarily a disaster if he bought it for $300,000 a few years earlier.
He’s not happy about it, obviously, but it’s not a problem if he can still sell via traditional channels and even bank a tidy profit.
Of course, this means others who had to sell wouldn’t be so lucky, since their purchase price would likely be higher.
Still, this hinges on a major decline in prices, which historically is uncommon outside of the Global Financial Crisis (GFC).
Stop Comparing Now to 2008
One thing I see a lot is housing bears comparing today to 2008. It seems to be the go-to move in the doomer playbook.
I get it, it’s the most recent example and thus feels the most relevant. But if you weren’t there, and didn’t live it, you simply can’t understand it.
And if you weren’t, it’s hard to distinguish that time from now. But if you were, it’s clear as day.
There are myriad differences, even though they’re quick to mock those who say “this time is different.”
I could go on all day about it, but it’s best to focus on some main points.
At the moment, housing affordability is poor thanks to a combination of high home prices and equally high mortgage rates, as seen in the chart above from ICE.
Despite a big rise in prices over the past decade, the high mortgage rates have done little to slow down the party.
Yes, the rate of home price appreciation has slowed, but given the fact that mortgage rates rose from sub-3% to 8% in less than two years, you’d expect a lot worse.
It’s just that there’s really no correlation between home prices and mortgage rates. They can go up together, down together, or move in opposite directions.
Now, proponents of a housing crash often point to buying conditions right now. It’s a horrible time to buy a house from a payment-to-income perspective. I don’t necessarily disagree (it’s very expensive).
But that completely ignores the existing homeowner pool. And by doing so, it’s a totally different thesis.
You can say it’s a bad time to buy but that the average homeowner is in great shape. These statements can coexist, even though everyone wants you to take one side or the other.
Look at the Entire Homeowner Universe
To put this perspective, consider the many millions of existing homeowners coupled with prospective home buyers.
Your average homeowner today has a 30-year fixed-rate mortgage set somewhere between 2-4%.
In addition, most purchased their properties prior to 2022, when home prices were a lot lower.
So your typical homeowner has a rock-bottom interest rate and a relatively small loan amount, collectively a very attractive monthly payment.
To make matters even better for the foundation of the housing market, which is existing homeowners, most have very low loan-to-value ratios (LTVs).
They’ve also got boring old 30-year fixed-rate loans, not option ARMs or some other crazy loan program that wasn’t sustainable, as we found out quickly in 2008.
These homeowners also haven’t tapped their equity nearly as much as homeowners did in the early 2000s, despite home equity being at record high levels (see above).
This is partially because banks and mortgage lenders are a lot stricter today. And partially because of mortgage rate lock-in. They don’t want to give up their low mortgage rate.
In other words, the low mortgage rate not only makes their payment cheap, it also deters taking on more debt! And more of each payment pays down principal. So these loans (and their borrowers) become less and less risky.
Some have turned to home equity loans and HELOCs, but again, these loans are much more restrictive, typically maxing out at 80% combined loan-to-value (CLTV).
In 2006, your typical homeowner did a cash-out refinance to 100% CLTV (no equity left!) while new home buyers were coming in with zero down payment as home prices hit record highs.
Take a moment to think about that. If that’s not bad enough, consider the mortgage underwriting at that time. Stated income, no doc, you name it.
So you had virtually all homeowners fully levered along with a complete lack of sound underwriting.
Slumping Home Sales in the Face of Poor Affordability Is Actually Healthy
That brings us to home sales, which have slumped since the high mortgage rates took hold. This is normal because reduced affordability leads to fewer transactions.
The worry is when this happens supply could outpace demand, resulting in home price declines.
Instead, we’ve seen low demand meet low supply in most metros, resulting in rising home prices, albeit at a slower clip.
While housing bears might argue that falling volume signals a crash, it’s really just evidence that it’s hard to afford a home today.
And the same shenanigans seen in the early 2000s to stretch into a home you can’t afford don’t fly anymore. You actually need to be properly qualified for a mortgage in 2024!
If lenders had the same risk tolerance they had back in 2006, the home sales would keep flowing in spite of 7-8% mortgage rates. And prices would move ever higher.
That spike in home sales in the early 2000s, seen in the chart above from Trading Economics, shouldn’t have happened. Fortunately, it’s not happening now.
At the same time, existing homeowners would be pulling cash out in droves, adding even more risk to an already risky housing market.
Instead, sales have slowed and prices have moderated in many markets. Meanwhile, existing owners are sitting tight and paying down their boring 30-year fixed mortgages.
And with any luck, we’ll see more balance between buyers and sellers in the housing market in 2025 and beyond.
More for-sale inventory at prices people can afford, without a crash due to toxic financing like what we saw in the prior cycle.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Atlanta, often referred to as “The ATL” or “Hotlanta,” is a vibrant city with a rich history and a dynamic cultural scene. With its diverse neighborhoods, thriving job market, and Southern charm, it’s no wonder that many people dream of calling Atlanta their home. However, life in this bustling metropolis comes with its own set of challenges. So whether you’re searching for a trendy apartment in Midtown or a cozy apartment in Buckhead, you’ve come to the right place.
In this ApartmentGuide article, we’ll explore the various pros and cons of living in Atlanta, helping you decide if this Southern gem is the right place for you.
Fast facts about living in Atlanta
Population: Approximately 500,000 residents
Average rent: $1,764 per month for a one-bedroom apartment
Median home sale price: $434,730
Public transit: Metropolitan Atlanta Rapid Transit Authority (MARTA) provides extensive bus and rail services
Public parks: Over 300 parks and green spaces for recreation and relaxation
Annual tourists: Approximately 50 million visitors each year
Restaurants: Over 3,000, offering a wide variety of cuisines from around the world
1. Pro: Cultural and entertainment hub
Atlanta is a cultural mecca, offering unparalleled access to theaters, museums, and music venues. The Fox Theatre, High Museum of Art, and Atlanta Symphony Orchestra are just a few examples of the endless entertainment options. The city also hosts numerous cultural festivals and events, such as the Atlanta Film Festival, Music Midtown, and the National Black Arts Festival. Additionally, iconic landmarks like the Georgia Aquarium, World of Coca-Cola, and the Martin Luther King Jr. National Historical Park add to the rich tapestry of experiences available.
2. Con: Traffic congestion
Atlanta is notorious for its traffic congestion. The city’s sprawling layout and high number of vehicles on the road make commuting time-consuming and stressful. Residents often face long commute times, especially during peak hours, which can impact daily life and work schedules. While the city has made efforts to improve infrastructure and public transportation, many residents still find that driving is necessary for daily commutes.
3. Pro: Thriving job market
Atlanta has a robust and diverse job market, particularly in the technology, healthcare, and film industries. The city is home to numerous major companies, providing ample job opportunities and contributing to the city’s economic stability.
Top employers in Atlanta
The Coca-Cola Company
Delta Air Lines
Emory University and Emory Healthcare
Home Depot
UPS
4. Con: Limited public transportation
Despite efforts to improve, Atlanta’s public transportation system is still limited compared to other major cities. With a transit score of 44, a walk score of 48, and a bike score of 42, getting around without a car can be challenging. MARTA operates buses and rail services, but the coverage and frequency may not be convenient for all residents. The city’s spread-out nature and limited public transit options can make commuting difficult, leading many residents to rely on personal vehicles for daily transportation.
5. Pro: Relatively affordable cost of living
The cost of living in Atlanta offers a relatively affordable for a larger city. Overall, the cost of living in Atlanta is 2% less than the national average. Housing costs are particularly reasonable, with the median sale price for a home in Atlanta around $434,730 and the average rent for a one-bedroom apartment in Atlanta about $1,764 per month, which is 2% less than the national average. Additionally, utilities are 15% less expensive, transportation costs are 1% below average, and while groceries are 1% more expensive and healthcare costs are 8% more, these are manageable expenses.
6. Con: Weather extremes
Atlanta experiences a range of weather conditions, from hot and humid summers to mild winters. The city’s weather can be unpredictable, with sudden changes in temperature and frequent rain during the spring and summer. While some enjoy the variety, others may find the weather extremes challenging to handle. Summer heat waves can be uncomfortable, leading to increased energy costs for cooling, while occasional ice storms in winter can disrupt daily life.
7. Pro: Diverse neighborhoods
Atlanta is a melting pot of cultures, with each neighborhood in Atlanta offering unique character and charm. From the historic streets of Inman Park to the trendy vibes of East Atlanta Village, there’s a place for everyone. Explore the vibrant art scene in Castleberry Hill, enjoy the bustling markets in Ponce City Market, or relax in the upscale shops of Buckhead. This diversity also means a variety of cuisines, festivals, and cultural experiences are available year-round, ensuring there’s always something new to discover.
8. Con: High humidity
Atlanta’s climate, while generally pleasant, comes with high humidity levels, especially during the summer months. The humidity can be uncomfortable and make outdoor activities less enjoyable. High humidity can also affect indoor comfort and increase the reliance on air conditioning, leading to higher utility costs. Residents need to be prepared for the humid conditions and take measures to stay cool and hydrated.
9. Pro: Access to education and healthcare
Atlanta is home to several esteemed educational institutions, including Georgia Institute of Technology and Emory University. Additionally, the city has top-notch healthcare facilities, such as Emory Healthcare and Piedmont Healthcare. This access to quality education and healthcare is a significant advantage for residents. The abundance of specialized programs and advanced research centers attracts students and professionals from all over the globe.
10. Pro: Green spaces
Despite its urban nature, Atlanta offers numerous green spaces where residents can escape the concrete jungle. The city’s extensive park system provides residents with ample opportunities for relaxation, recreation, and outdoor activities. These green spaces serve as a much-needed respite from the city’s fast pace, offering walking trails, picnic areas, sports facilities, and beautiful natural scenery.
Popular parks in Atlanta
Piedmont Park
Centennial Olympic Park
Atlanta BeltLine
Grant Park
Chastain Park
11. Con: Competitive lifestyle
The competitive nature of Atlanta can be a double-edged sword. While it drives innovation and excellence, it can also lead to high-stress levels. The fast-paced lifestyle and constant pressure to succeed can be exhausting for some individuals. This environment often demands long working hours and a relentless pursuit of career advancement. Balancing work and personal life can be challenging, and the high cost of living adds to the pressure to excel.
12. Pro: Iconic landmarks
Living in Atlanta means having iconic landmarks that contribute to the city’s unique character and charm right at your doorstep. These sites are great for sightseeing, offering educational and recreational opportunities for residents and visitors alike. From historic sites to modern attractions, these landmarks reflect the rich history and vibrant culture of Atlanta, making it a fascinating place to live.
Iconic landmarks in Atlanta
Georgia Aquarium
World of Coca-Cola
Martin Luther King Jr. National Historical Park
CNN Center
The Fox Theatre
13. Pro: Rich cultural diversity
Known for its cultural mosaic, Atlanta is home to people from around the world, speaking numerous different languages. In neighborhoods like Buford Highway, residents can experience a wide array of cuisines and traditions from different cultures. This blend of backgrounds creates a unique environment where diverse perspectives and traditions thrive. Cultural institutions, festivals, and parades throughout the city highlight this diversity, from the Atlanta Greek Festival to the Atlanta Jazz Festival and the annual Dragon Con.
Solar net energy metering in California (NEM 3.0) is a billing mechanism through which utility companies compensate customers (via credits on their electric bill) for electricity their residential solar systems send to the grid. NEM can make solar more affordable, but some state NEM policies make it less beneficial.
California is one of those states; however, solar panels in California can still be worth it for homeowners. Understanding how net metering works in California can help you get the most out of your solar system.
How net metering has evolved in California
NEM in California has gone through three major versions:
NEM 1.0
California’s first NEM program was implemented in 1996. Under NEM 1.0, solar customers could sell their extra electricity back to the utility at the retail rate (the price at which the utility charged consumers for electricity), they could choose any electric rate plan the utility offered and they didn’t have to pay extra fees for connecting to the grid.
NEM 2.0
NEM 2.0 was introduced in 2016–2017. This version of NEM still compensated customers for excess power at the retail rate, though customers couldn’t offset 100% of the charges (some were “nonbypassable”). It also required solar customers to be on a time-of-use (TOU) rate plan in which the price of power depends on when it’s used, and it introduced an interconnection fee
.
NEM 3.0
Officially called the Net Billing Tariff (NBT), NEM 3.0 is the current version of NEM, adopted by the California Public Utilities Commission (CPUC) in December 2022 and implemented in April 2023. The NBT cut the rate utilities pay to buy excess solar power by about 75%
.
5 things to understand about net metering in California
These provisions affect many solar installations and related electric bills in California.
Low payment for your excess electricity. This is the biggest factor affecting NBT solar customers. Under the NBT, you are paid for the electricity you send back to the grid according to a complicated “avoided cost” formula that takes into account the value of that electricity to the grid at the time you send it to the grid. Your system will likely send excess electricity to the grid during the middle of the day, which is when lots of other people are also sending excess solar power to the grid. That means the utility will buy your electricity for a much lower rate than it would have under NEM 2.0.
Time-of-use (TOU) rate plan. Under TOU rates, what you pay for electricity depends on when you use it. The NBT requires solar customers to pay specific TOU rates that, compared with other TOU rates, are lower at off-peak use times and higher at peak times. That will further affect your electricity costs and solar savings.
Nonbypassable charges. As the name suggests, solar customers pay these charges even if they generate enough extra power to offset them. Under the NBT, nonbypassable charges are based on all electricity you pull from the grid.
Monthly billing, annual true-up. The utility keeps a running tally of whether the value of the power you’ve used from the grid is more than the value of the power you’ve sent to the grid. If you took more than you gave, you’ll get a bill from the utility; if you gave more than you took, the utility gives you a credit on your bill. This reconciliation exercise used to happen once a year; now it’s once a month. “Under NEM 2.0, residential customers of investor-owned utilities do not pay more than the roughly $10 minimum bill if they owe more than that at the end of a month. They pay the cumulative amount owed at their annual true-up date,” said Brad Heavner, policy director at the California Solar and Storage Association (CALSSA), in an email. “Under NBT, if customers owe an amount at the end of a month, they pay that full amount. This avoids surprise annual true-up bills.”
Solar system size limit. Under the NBT, customers can install enough solar to offset up to 150% of their electricity use. To do this, they must sign a statement acknowledging that they are getting more solar than they need to serve their rate of consumption, Heavner said. However, utilities have been inconsistent in implementing this, said Barry Cinnamon, CEO of California solar company Cinnamon Energy Systems, in an email. Be aware of size limits if you already have solar and want to add more, which might bump you from NEM 1.0 or NEM 2.0 to the NBT. “There are ways for customers to increase the size of their existing NEM 1.0 or NEM 2.0 system without triggering a change to the NBT,” Cinnamon said. “Contact your local installer for more information on these solar expansion possibilities.”
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How to make California net metering (NEM 3.0) work for you
Even with the drawbacks of the NBT, solar may still make sense for your California home. Here’s how you can make NEM 3.0 work for you.
Add a battery
A solar battery can make a big difference in the cost-effectiveness of your solar under the NBT. Instead of sending excess electricity back to the grid at a low rate, you can store it in your battery and use it later. You can also avoid high TOU rates by charging the battery when you’re generating the most electricity, then using that electricity during expensive peak TOU hours.
For these reasons, many new solar customers in California are turning to batteries. According to the Energy Information Administration, the number of California solar customers installing batteries with their solar panels jumped from just over 20% in October 2023 to well over 50% in April 2024
. A May 2024 study by the Lawrence Berkeley National Laboratory found that the percentage of California solar installations that were paired with energy storage rose from 10% to 60% .
Batteries are expensive, however. In California, the average cost is $7,706 after the 30% federal tax credit, according to EnergySage
.
Shift your energy use
If you can, use energy when you’re generating the most solar or when rates are low. For example, do laundry in the middle of the day or charge an electric car after peak evening hours. If you work from home, you may already use more electricity during the day, when your system is generating the most.
🤓Nerdy Tip
Solar leasing allows homeowners to rent solar panels. Instead of a big upfront investment, homeowners typically make monthly lease payments. However, the homeowners don’t own the panels, so they typically don’t qualify for tax incentives or rebates, and the lease contract may make it more challenging to sell their houses.
Go solar before export rates go down
Every two years, the CPUC updates the avoided cost calculator, which determines what the utility will pay consumers for their excess electricity.
“Customers lock in the currently calculated export rates for the next nine years,” Heavner said. “These numbers change each year, but you know what they are according to the current calculation of export rates. This lock-in will no longer be available to customers installing after 2028.”
Export rates have been coming down, Heavner said. They could also go up in the future, becoming more favorable to NBT customers, as the value of energy sent to the grid increases because of rising electricity demand.
“It is not clear how the utilities will change the NBT export rate,” Cinnamon said. “The original export rates were already effectively reduced by utilities, so I expect that these export rates will continue to change in the utilities’ favor.”
Look at the big savings picture
Solar panels usually last 20–30 years. Although the NBT lengthened the solar payback period (now nine years, by some estimates), you may still save money over time. In addition, rapidly rising electricity costs could shorten that payback period
.
Frequently asked questions
What’s the difference between net metering and net billing?
Under net metering, you sell solar-generated electricity to the grid at the retail rate. Under net billing programs, you sell your excess energy to the grid at a below-market rate.
In California, this lower rate is based on a calculated value of the electricity at the moment it’s sent to the grid. This is also known as the “avoided cost” rate because it reflects the costs the utility avoids by buying power from you instead of producing that power or purchasing it elsewhere.
Can I install solar now and add a battery later?
Yes. If energy storage isn’t right for you at the moment, you can still go solar now and add a battery later if costs come down.
Will there be a new version of the NBT in California?
NEM policies have been shifting across the nation, and it’s possible that the NBT in California will change.
“The strong US dollar makes international travel cheaper for Americans but makes US homes much more expensive for foreigners,” NAR chief economist Lawrence Yun explained. “Therefore, it’s not surprising to see a pullback in US home sales from foreign buyers.” The report, which surveyed NAR members about transactions with international clients, revealed that foreign buyers … [Read more…]
Charlotte, North Carolina offers a unique blend of Southern charm, college town energy, and big city sophistication. Known for its thriving job market, mild weather, and growing food scene, Charlotte is an attractive destination for both renters and buyers. Not sure if the Queen City is for you? Read on to find out what to expect if you’re considering a move to the Charlotte area in 2024.
You know it from: Days of Thunder, The Color Purple, The Eyes of Tammy Faye
Average 1 bedroom rent: $1,527 | Charlotte apartments for rent, Charlotte houses for rent
Average home price: $445,000 | Charlotte homes for sale
Average cost of full-service moving services: $112/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Manufacturing, Finance, Tech
Move here for: The job market, big city amenities with a small town feel, outdoor recreation
Be sure to bring: Baseball hat and boat shoes
1. Southern hospitality is a real thing in Charlotte
Charlotte residents are famously friendly and welcoming. Whether you’re at a local brewery, a neighborhood festival, or just walking down Tryon Street, expect to be greeted with smiles and warm conversation. This sense of community extends to neighborhood gatherings and public events, making it easy for newcomers to feel at home quickly. The genuine friendliness of Charlotteans is often cited as one of the city’s most appealing qualities.
2. Mild winters and hot, humid summers
Charlotte enjoys four distinct seasons, with mild winters that rarely see snow and long, hot summers. Spring and fall are particularly pleasant, offering comfortable temperatures perfect for outdoor activities. However, the summer heat can be intense, with temperatures frequently soaring into the 90s and high humidity levels.
Moving Tip: Beat the summer heat by embracing the local custom of escaping to the mountains or nearby lakes. Check out Salem Lake near Winston-Salem or the quaint town of Sylva. If you’re feeling fancy, Highlands and Cashiers are also popular.
3. Rapidly growing job market
Charlotte is a major financial and banking hub, home to Bank of America and the east coast operations of Wells Fargo. The city’s economy is diverse, with opportunities in finance, tech, healthcare, and energy sectors. This growth has spurred a high demand for skilled professionals, making Charlotte an attractive destination for job seekers. The low unemployment rate and competitive salaries add to the city’s appeal for career-driven individuals.
4. Diverse neighborhoods with unique charm
From the historic charm of Dilworth to the urban vibe of Uptown, Charlotte’s neighborhoods offer something for everyone. NoDa (North Davidson) is known for its artsy feel and vibrant nightlife, while South End boasts trendy eateries and the popular Rail Trail. Each neighborhood has its own distinct personality, making it easy to find a community that fits your lifestyle. Exploring these areas is a great way to discover what makes Charlotte special.
5. The craft beer scene is booming
Charlotte has a thriving craft beer scene, with over 30 breweries scattered throughout the city. Popular spots like Olde Mecklenburg Brewery, NoDa Brewing Company, and Sycamore Brewing attract locals and visitors alike. Beer enthusiasts will enjoy the variety of local brews and the lively social scene at these breweries. Many offer tours, events, and food trucks, creating a perfect atmosphere for casual outings.
6. Excellent outdoor recreation opportunities
With the U.S. National Whitewater Center, Lake Norman, and numerous parks, Charlotte offers plenty of outdoor activities. The Whitewater Center provides everything from whitewater rafting to rock climbing and mountain biking. Freedom Park and Romare Bearden Park are ideal for picnics, sports, and community events. These green spaces are perfect for those who enjoy an active lifestyle and connecting with nature.
Moving Tip: One of the perks of living in Charlotte is its convenient location. The Blue Ridge Mountains are just a few hours to the west, perfect for weekend getaways and outdoor adventures. To the east, the Carolina coast offers beautiful beaches and seaside towns. This accessibility makes it easy to enjoy diverse landscapes without long travel times.
7. Traffic can be challenging
The city’s rapid growth has led to significant traffic congestion, especially during rush hours. Main arteries like I-77 and I-85 can become bottlenecks, making commutes longer than expected. Charlotteans often strategize their travel times to avoid peak congestion. While public transportation is available, it’s not as extensive as in larger cities, so having a car is often necessary.
8. From collard greens to fine cuisine
Charlotte’s culinary scene is diverse and delicious, offering everything from Southern comfort food to international cuisine. Popular dining spots include Kindred in Davidson, Optimist Hall, and Haberdish in NoDa. The city’s food truck culture is also thriving, with weekly events like Food Truck Friday showcasing a variety of options. Foodies will appreciate the constantly evolving restaurant landscape and the emphasis on local ingredients.
Moving Tip: If you’re new to the region, we urge you to try Cheerwine, the polarizing soda that is either beloved or bemoaned by NC denizens.
9. Cost of living is relatively affordable
Compared to other major cities, Charlotte’s cost of living is quite reasonable. Housing costs, while rising, are still 10% below the national average. Utilities, groceries, and healthcare also tend to be less expensive. This affordability makes it possible to enjoy a higher quality of life without breaking the bank.
10. Strong education options
Charlotte offers a range of educational opportunities, from highly-rated public schools to prestigious private institutions. The city is also home to several colleges and universities, including UNC Charlotte and Davidson College. These institutions provide quality education and contribute to the city’s vibrant intellectual community.
11. The arts are a big part Charlotte’s culture
The arts are alive in Charlotte, with numerous galleries, theaters, and museums. The Mint Museum, Bechtler Museum of Modern Art, and Blumenthal Performing Arts Center are just a few highlights. The city also hosts events like the Charlotte Film Festival and Charlotte Symphony performances. Culture enthusiasts will find plenty to explore and enjoy in Charlotte’s dynamic arts scene.
12. Sports fans will feel right at home
Charlotte is a sports town, home to the NFL’s Carolina Panthers, the NBA’s Charlotte Hornets, and the NASCAR Hall of Fame. Bank of America Stadium and Spectrum Center host exciting games and events throughout the year. Whether you’re a football, basketball, or motorsports fan, Charlotte offers plenty of opportunities to cheer on your favorite teams.
13. Vibrant nightlife and entertainment
From lively bars and clubs in Uptown to cozy music venues in NoDa, Charlotte’s nightlife has something for everyone. The Music Factory and Epicentre are popular destinations for concerts and entertainment. The city’s vibrant social scene ensures there’s always something happening, making it easy to find fun and excitement after the sun goes down.
14. A green city with plenty of parks
Charlotte boasts an abundance of green spaces and parks, perfect for outdoor enthusiasts. Freedom Park, Romare Bearden Park, and the U.S. National Whitewater Center offer a variety of recreational activities. These spaces provide a welcome respite from urban life and are popular spots for picnics, sports, and relaxation. The city’s commitment to green spaces makes it easy to enjoy nature without leaving the city.
Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Charlotte Alliance.
Do you want to learn how to start a print-on-demand business? Print-on-demand businesses allow you to create and sell custom products like t-shirts, mugs, and phone cases without needing to store any inventory. Today, I have a great interview to share with you all about this business idea. It’s with Jessica Roop, who has had…
Do you want to learn how to start a print-on-demand business?
Print-on-demand businesses allow you to create and sell custom products like t-shirts, mugs, and phone cases without needing to store any inventory.
Today, I have a great interview to share with you all about this business idea.
It’s with Jessica Roop, who has had a print-on-demand side hustle for a couple of years. She’s been designing and selling her own products, and she recently launched a course on the subject I Love Print on Demand.
She profits around $500 and $1,500 per month with her print-on-demand side hustle. She has made over 6,000 print-on-demand product sales too!
In this interview, I ask Jessica questions about how to start a print-on-demand business from home.
So, if you are interested in starting a flexible and in-demand side hustle, I ask her questions you may be wondering about, like:
What is print-on-demand? How does print-on-demand work?
What are print-on-demand items a person can sell?
How much can a new person make selling print-on-demand?
How much does it cost to start and run a print-on-demand business?
Can someone with no tech skills start a print-on-demand business?
Today’s interview will help you get started on your path to becoming a successful print-on-demand entrepreneur.
I recommend signing up for the freebie 17 Hot-Selling Print-on-Demand Products That Can Pay for Your Next Vacation and More! to learn more.
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This freebie will teach you about print-on-demand as well as give you a list of 17 hot-selling products you can sell via print on demand.
How To Start a Print-On-Demand Business
Below is the interview all about how to start a print-on-demand business.
1. Please give us a little background on yourself and how you got started with a print-on-demand business. How much do you earn monthly from print-on-demand?
Hi! I’m Jessica. I’ve worked full-time online since 2017, doing everything from food blogging to offering virtual assistant services.
In 2020, like many of us, I found myself with some extra time on my hands because of COVID. In my free time, I became a little obsessed with how well e-commerce was doing, so I decided it would be a good side hustle to pursue. In 2021, I started planning my e-commerce business with an early 2022 launch. I was so excited!
I wish I could say that this was the beginning of my print-on-demand journey, but unfortunately, I dove into e-commerce the hard way: I started an online gift company that carried physical inventory.
Seeing as I live in a 692-square-foot apartment, this did not turn out to be a great idea. Plus, I completely underestimated how long it would take to pull products, package them, print shipping labels, and take boxes to the post office. It was exhausting, and my fun little e-commerce “side hustle” became a nightmare.
One day, print-on-demand randomly popped into my head, probably out of complete desperation!
A few years prior, I had created a few print-on-demand products after hearing about the idea somewhere. I never took selling the products I designed seriously, but the idea suddenly sounded intriguing. It would solve all of my problems because I wouldn’t have to carry any inventory and wouldn’t have to pack, package, or ship anything.
I launched my first print-on-demand product on Etsy in May 2022 and quickly had a best-selling product on my hands. I was hooked and haven’t looked back since!
My profit averages between $500 and $1,500 per month. I’m pretty busy with my “day job” income streams, so print-on-demand has always been a side hustle for me. It’s a super fun creative outlet and a great way to generate extra cash every month.
2. What is print-on-demand? How does print-on-demand work?
At its core, print-on-demand means that products are produced “on demand,” meaning they aren’t produced until an order comes through. For example, a design isn’t printed on a blank mug until a customer orders it.
Print-on-demand has evolved into a term for a business model where regular people can team up with a print-on-demand production partner and sell a wide variety of products without ever holding physical inventory or doing any of the fulfillment.
Let’s say you sell on Etsy like I do. Here’s how the process would look for you:
You create a digital design file (much easier than it sounds; some of my best sellers are text-only designs!) and upload it to your production partner’s site; in this example, let’s say you’ve designed a t-shirt
You list your t-shirt for sale on Etsy
A buyer finds your t-shirt, loves it, and purchases it
The order is sent to your production partner, and you click a button to confirm the order
Your production partner prints your digital design file on a t-shirt in the customer’s preferred size, packages it, prints a shipping label, and sends it off to your customer
Your production partner uploads the tracking information to Etsy and marks the order as complete
That’s it! Etsy pays you (minus transaction fees), and you pay your production partner. You pocket the difference, typically about 30% of the price you listed it for on Etsy. Your customer pays 100% of the shipping costs.
As you can see, at no point during this process do you hold a physical item in your hands. Your production partner takes care of all of it for you.
Here’s a print-on-demand product example.
3. What are print-on-demand items a person can sell?
Pretty much anything! Although I don’t have any exact figures, I’d say there are thousands of different products available for print-on-demand.
Every production partner offers something different, and the vast majority of production partners are adding new products all the time. And within each product category, there are often many different variations. For example, there isn’t just one type of mug out there – there are different sizes, different shapes, different colors, different materials.
Here are just a few of the products available for print-on-demand:
Mugs
Tumblers
T-shirts
Sweatshirts
Tote bags
Makeup bags
Wall art
Blankets
Desk mats
Cell phone cases
Ornaments
Bumper stickers
Jigsaw puzzles
Pet bowls
Can coolers
If you can dream it, it’s probably available!
4. How much can a new person make selling print-on-demand?
As long as you dedicate yourself to the process, making ~$500/month in profit on Etsy within the first 3-6 months is possible.
I started making that amount only about a month in, but I was lucky to have a best-selling product very quickly. That wasn’t my intention (I was just excited to get a single sale!), but I just happened to release a product that really spoke to people.
After that initial start-up period, for a part-time effort on Etsy, $500 to $1,500 a month in profit is totally doable. For a full-time effort on Etsy, $40,000 to $70,000 a year in profit is achievable.
You probably noticed that I’m saying on Etsy. If you create your own store (Shopify is a popular platform for self-hosting) and start doing a lot of paid ads and/or social media, you can scale a lot higher. There are people making multi-six figures a year in profit!
5. How much does it cost to start and run a print-on-demand business?
If you’re starting your shop on Etsy like I did, here is a general overview of costs:
Etsy (sales platform): $0.20 per new item listing, plus transaction fees of 6.5% after you make a sale
Creative Fabrica (to source fonts and images to use on designs): $3.99/month
Printify (production partner): No subscription fee, although they do offer a Premium plan for $24.99/month that allows you to purchase the products cheaper (highly recommended if you start making more than ten sales a month)
*Some people use Canva, but I’ve found that Adobe Illustrator makes it easier to produce quality designs. That said, Canva is making improvements all the time, so switching over will hopefully be possible eventually!
6. What do you like about print-on-demand? Is it worth it?
I like to joke that I’m a mix of highly motivated and highly lazy, and I’ve found that print-on-demand, especially on Etsy, is perfect for someone like me!
I love that I can publish as many product designs as I want with minimal effort and minimal risk. If something doesn’t work out, it’s no big deal… I can just move on to the next product. After seeing the other side of things with an inventory-based business, print-on-demand is so easy and super low-stress.
I’ve also come to really love the creative process of designing new products. I’ve spent my whole life feeling like I’m not creative, but print-on-demand has ignited a creative flame in me that I didn’t know existed. My designs are pretty basic, but sometimes I’ll spend hours designing products without even realizing time is passing.
It’s 110% worth it. It’s such a fun hobby – one that makes me money! Print-on-demand is a great way to fund vacations, home improvements, “me time” things (like time at the spa), and to pay off bills. Plus, if taking it full-time is your goal, that’s doable as well.
7. How does a person get customers for print-on-demand?
I highly recommend starting with Etsy because they have a built-in customer base. Etsy has about 92 million active buyers globally, so the potential is enormous! People don’t go to Etsy for any other reason than to purchase something, so you can be laser-focused on acquiring customers.
Like many online platforms, Etsy heavily relies on SEO for listings, so as long as you optimize your listings for their search engine, they can be found by potential buyers.
Etsy is the “easy button” for print-on-demand customers, but there are other ways to get customers, namely organic social media and paid social media (ads). For these methods, instead of hosting your products on Etsy, you would likely have your own online store through platforms like Shopify, Wix, Woocommerce, etc.
TikTok Shops are also becoming popular ways for print-on-demand sellers to reach customers. With a TikTok Shop, you sell directly on the app, and customers can purchase directly on the app, so you don’t need to have a separate store somewhere.
TikTok has strict rules for selling through its shops, including the maximum number of days that can pass before the product is shipped to the customer. This used to be a barrier to entry for print-on-demand since some products can take a little while to be fulfilled (because they need to be printed before they’re shipped), but now more production partners are making sure their products are shipped within TikTok’s timelines.
8. Can someone with no tech skills do this?
Yes! You don’t have to be super tech-savvy to start; you just have to be open to learning new skills. People of all tech levels can be successful with print-on-demand.
Even when it comes to graphic design, you don’t have to be skilled. As I mentioned before, some of my best-selling designs are text-only! Plus, with an inexpensive subscription to a place like Creative Fabrica, you can source millions of images and fonts to use in your designs.
9. Which is the best print-on-demand platform?
I use Printify and love it.
The two biggest players in print-on-demand are Printify and Printful, and I decided to go with Printify because I preferred their pricing structure and product selection. They have been fantastic and I have zero regrets!
10. Can you list the steps needed to get started selling print-on-demand?
If you choose to go the Etsy route, here’s what you need to do:
Set up a Printify account
Sign up for Creative Fabrica or a similar site to source fonts and images
Choose a product or two to start with on Printify (mugs are always a good choice) and download the design templates
Download Adobe Illustrator, open the design templates, and start designing
Upload your designs to Printify
Open an Etsy account and connect Printify to Etsy
Upload your products to Etsy
Start selling!
This is just a general overview, of course. There are other important pieces of the puzzle like researching niches, choosing from different design styles, and crafting your Etsy listings in the right way so they show up in Etsy results.
11. Can you tell me more about the course you have?
I Love Print on Demand is the course I wish I had when I started my print-on-demand journey.
With it, you will set up your print-on-demand business for success from day one so you can skip the stress and start making money faster!
I honestly had no clue what I was doing when I started, and it’s a total miracle I figured out the eight steps listed above, let alone any of the other moving pieces and parts. It was a slow learning process for me, and I made a lot of mistakes at the beginning, which was a pretty stressful experience.
When I created my course, I thought about all of the questions I had and all of the things that slowed me down and then created a course that addressed all of those aspects.
I also made sure to keep it simple by narrowing the focus to the top three products that sell best for me. Print-on-demand can be a little like the Cheesecake Factory menu—there are so many product options, and you can easily get overwhelmed! It’s okay to branch out to other products later, but I keep you laser-focused so you focus on what works right from the beginning.
If you’re interested, you can check out my I Love Print on Demand course here.
You can also sign up for my free ebook, 17 Hot-Selling Print-on-Demand Products That Can Pay for Your Next Vacation and More!, here.
Do you want to learn how to start a print-on-demand business? What would you sell?
Note from Making Sense of Cents: I hope you enjoyed this helpful article on how to start your own POD business. There are many marketplace and ecommerce platforms (your supplier who does your order fulfillment) that you can get started with, as you learned above. And, there are many unique designs that you can sell to stand apart from the crowd. I have bought many items (a wide range of products such as apparel, accessories, and home decor) from POD businesses over the years, and I expect this to continue for myself and many others for the future. There are many ways to grow a print-on-demand business too (such as Facebook, Instagram, and even YouTube), so that can help you to make more money and maybe even increase your profit margins. I hope you see lots of success!
Welcome to the vibrant city of Oakland, where the rich cultural diversity and stunning natural beauty come together to create a truly unique urban experience. From the bustling waterfront to the serene redwood forests, Oakland offers a little something for everyone. So whether you’re looking for an apartment in downtown Oakland or an apartment in Rockridge, you’ve come to the right place. In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of living in Oakland. Let’s get started and see what awaits in this diverse city.
Fast facts about living in Oakland
Population: Approximately 430,000 residents
Average rent: $2,355 per month for a one-bedroom apartment
Median home sale price: $895,000
Public transit: Bay Area Rapid Transit (BART), AC Transit buses, and ferries
Public parks: Over 130 parks and green spaces for recreation and relaxation
Annual tourists: Approximately 3.5 million visitors each year
Restaurants: Over 1,000, offering a variety of cuisines from around the world
1. Pro: Rich cultural scene
Oakland offers a vibrant cultural scene, with numerous museums, galleries, and theaters. The city is home to the Oakland Museum of California, which showcases the state’s art, history, and natural sciences. Additionally, the Fox Theater and the Paramount Theatre host a variety of concerts, performances, and events throughout the year. The city’s diverse population contributes to a rich tapestry of cultural festivals and events, such as Art + Soul Oakland and the Eat Real Festival, offering residents ample opportunities for artistic and cultural engagement.
2. Con: High cost of living
Housing costs in Oakland are relatively high, with the median sale price for a home in Oakland around $895,000 and the average rent for a one-bedroom apartment in Oakland about $2,355 per month. These housing costs are 87% higher than the national average, making it challenging for many people to afford living in the city.
The high cost of living extends beyond just housing. Overall, the cost of living in Oakland is about 40% higher than the national average. Utilities are 40% more expensive, groceries are 17% higher, transportation costs are 33% above average, and healthcare costs are 21% more. These increased expenses in multiple areas can significantly impact residents’ budgets, requiring careful financial planning to manage effectively.
3. Pro: Strong job market and innovation hub
Oakland has a robust and diverse job market, particularly in the technology, healthcare, and education sectors. The city’s proximity to Silicon Valley and San Francisco provides additional job opportunities, and its more affordable commercial real estate has attracted a growing number of tech companies and startups. This environment fosters a spirit of innovation and entrepreneurship, providing numerous opportunities for networking and career advancement in the tech industry.
Major employers in the area include Kaiser Permanente, Clorox, and the Port of Oakland. The presence of these companies, along with a thriving startup scene, contributes to the city’s economic stability and offers a wide range of career opportunities.
Top employers in Oakland
Blue Shield of California
Sutter Health
Pixar Animation Studios
Southwest Airlines
Alameda Health System
4. Pro: Outdoor recreational activities
Oakland offers a wide range of outdoor recreational activities, thanks to its extensive park system and proximity to natural attractions like the East Bay Hills and the San Francisco Bay. Residents can enjoy hiking, biking, kayaking, and picnicking in the numerous parks and natural areas. The city’s mild climate allows for year-round enjoyment of these activities.
Popular outdoor spots in Oakland
Lake Merritt
Joaquin Miller Park
Redwood Regional Park
Temescal Regional Recreation Area
Middle Harbor Shoreline Park
5. Con: Traffic and parking
Oakland, like many urban areas, experiences traffic congestion and limited parking options. The city’s layout and infrastructure can make driving challenging, and finding parking can be difficult and expensive, especially in popular neighborhoods and downtown. Public transportation, biking, and walking are popular alternatives, but residents who rely on cars may find the traffic and parking situation frustrating. Investing in a parking spot or using car-sharing services can help mitigate some of these challenges.
6. Pro: Culinary diversity
Oakland features a diverse culinary scene, with a wide range of restaurants offering cuisines from around the world. From high-end dining establishments and historic seafood restaurants to food trucks and ethnic eateries in neighborhoods like Chinatown and Fruitvale, the city has something to satisfy every palate. Food festivals, such as Eat Real Festival and Oakland Restaurant Week, showcase the city’s culinary creativity and provide opportunities for residents to explore new flavors.
Popular restaurants in Oakland
Commis
Brown Sugar Kitchen
Homeroom
Sobo Ramen
Drake’s Dealership
7. Con: Earthquake risk
Oakland is located near several major fault lines, making it prone to earthquakes. While the city has implemented stringent building codes and preparedness measures to mitigate the impact of seismic activity, the risk of earthquakes remains a significant concern for residents. Homeowners and renters are encouraged to have earthquake insurance and to be prepared with emergency kits and plans. This natural disaster risk is an important factor to consider when deciding to live in Oakland.
8. Pro: Public transportation
Oakland has a well-developed public transportation system, making it easy for residents to get around without a car. Bay Area Rapid Transit (BART) connects Oakland to San Francisco, Berkeley, and other parts of the Bay Area. AC Transit provides extensive bus services, and ferries offer a scenic commute across the bay. Ride-sharing services like Uber and Lyft are also widely available. Oakland has a transit score of 57, a walk score of 75, and a bike score of 65, reflecting the city’s good infrastructure for public transit, walking, and biking.
9. Pro: Strong sense of community
Oakland is known for its strong sense of community and civic engagement. Residents are often involved in neighborhood associations, community events, and local initiatives that promote a sense of belonging and collaboration. The city’s diverse neighborhoods, such as Rockridge, Montclair, and Fruitvale, each have their own unique character and charm, fostering tight-knit communities where residents support one another. This strong community spirit enhances the quality of life and makes Oakland a welcoming place to live.
10. Pro: Vibrant arts scene
Oakland features a vibrant arts scene, with numerous galleries, studios, and performance spaces. The city is home to the Oakland Art Murmur, a monthly event that showcases local artists and galleries, and the First Fridays street festival, which features live music, food vendors, and art installations. Additionally, Oakland’s cultural diversity is reflected in its many community arts programs and events, offering residents ample opportunities to engage with the arts and express their creativity.
Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market.
According to data at HousingWire’s Mortgage Rates Center, the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago. The rate for 15-year conforming loans averaged 6.66% on Tuesday, compared to 6.79% a week ago.
HousingWire Lead Analyst Logan Mohtashami recently wrote that higher mortgage rates “have increased recession risk by targeting the one sector that always falls before every recession: residential construction workers. And higher rates are also impacting the future supply of homes, as housing permits have been in a downtrend for a while.“
Data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) showed that housing starts shrank 4.4% year over year in June. But this pullback was led by the multifamily sector, where starts dropped 23.4% compared to June 2023. Single-family starts rose 4.4% during the year. Permits fell by 3.1% year over year, including a 1.3% decrease in single-family permits.
Housing completions also grew by 15.5% during the year, although the bulk of this was tied to multifamily (40.2% growth). There were a record number of apartments delivered in many markets last year, but builders appear to be pulling back to avoid a glut of supply.
Lower mortgage rates are having a positive impact on application levels, with the Mortgage Bankers Association (MBA) reporting last week that applications were up 3.9% on a yearly basis during the week of July 12. Most of this growth was tied to refinance applications, which were up 37% year over year.
Fannie Mae economists project two rate cuts by the end of 2024. In a report released Tuesday, the government-sponsored enterprise anticipated the Federal Reserve would cut benchmark rates in September and December, resulting in the average 30-year rate declining to 6.8% in 2024 and to 6.4% in 2025.
Fannie also upwardly revised its forecast for purchase mortgage origination volume to $1.22 trillion due to home price appreciation that is expected to finish 2024 higher than previously anticipated. Fannie reduced its forecast for refinance originations to $346 billion this year but expects $563 billion in refis next year. In total, Fannie is forecasting $2.11 trillion in origination volume in 2025, up from a projected $1.70 trillion this year.
Survey data released Tuesday by Bright MLS concluded that “affordability is increasingly becoming more of a challenge for potential homebuyers.“ The survey of 1,180 real estate agents across six Mid-Atlantic states and the District of Columbia found that 14% of sellers in June saw a contract fall through due to a buyer’s inability to secure financing, which was up from 11% in May.
The surveyed agents also noted that affordability was the No. 1 reason for a buyer pausing their home search efforts over the past six months, while high mortgage rates were the No. 2 reason. Each of these factors were cited by nearly 60% of respondents.
“With mortgage rates hovering around 7% and home prices continuing to rise, financing is a growing challenge for buyers, and this is beginning to impact a buyer’s ability to make it across the finish line,” Bright MLS chief economist Lisa Sturtevant said in a statement.
Good news, however, came in the form of less competition. In June, 38% of buyers successfully completed a purchase through Bright MLS while submitting only a single offer. That was up from 31.2% one year ago.
As a city with deep roots in tradition and a dynamic spirit, New Orleans provides an experience unlike any other place in the United States. Famous for its vibrant music scene, world-class cuisine, and distinctive architecture, the city attracts people looking for a unique cultural experience. Not sure if the big easy is for you? Read on to find out what to expect if you’re considering moving to the New Orleans area in 2024.
You know it from: Bad Lieutenant, A Streetcar Named Desire, The Big Easy
Average 1 bedroom rent: $1,709 | New Orleans apartments for rent, New Orleans houses for rent
Average home price: $369,000 | New Orleans homes for sale
Average cost of full-service moving services: $140/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Oil & gas, tourism, logistics, aerospace manufacturing
Move here for: The food, the people, the music
Be sure to bring: Your appetite and social skills
1. The weather is a mixed bag of heat, humidity, and occasional hurricanes.
New Orleans experiences a subtropical climate, meaning hot, humid summers and mild, short winters. The city also faces an annual hurricane season from June to November, with the potential for severe storms. New residents should be prepared for high humidity levels, which can make summer temperatures feel oppressive. It’s important to have a plan for hurricane preparedness, including evacuation routes and emergency supplies. Despite the weather challenges, many find the year-round warmth preferable to colder climates.
Moving Tip: Scheduling your move in the spring, fall, or winter months will make it less sweaty. If your new home doesn’t have central air, you will need to invest in an air conditioner and moisture control solution.
2. The food scene is legendary for good reason.
New Orleans is renowned for its unique culinary offerings, from beignets at Café du Monde to po’ boys and gumbo at local favorites like Domilise’s. The city’s food reflects a blend of Creole, Cajun, and international influences, making it a paradise for food lovers. Weekly farmers markets, such as the Crescent City Farmers Market, provide fresh, local produce and seafood. Dining out is a social activity, with festivals like the New Orleans Wine & Food Experience celebrating the city’s gastronomy. The unique local cuisine and wide array of amazing restaurants make food one of the best parts of living in New Orleans.
3. Music is the heartbeat of New Orleans.
Live music can be found almost every night of the week, with iconic venues like Preservation Hall and Tipitina’s leading the way. Street performers add to the lively atmosphere, especially in areas like the French Quarter and Frenchmen Street. Festivals such as the New Orleans Jazz & Heritage Festival draw crowds from around the world. Whether you’re a musician or a music lover, the city offers endless opportunities to experience and enjoy live performances.
4. Public transportation is limited but biking and walking are popular.
While New Orleans has a public transportation system, including buses and the historic streetcars, it can be unreliable and limited in coverage. With a TransitScore of 44/100, many residents find biking or walking to be more practical, especially in neighborhoods like the Marigny and the Garden District. The city’s flat terrain and relatively compact size make cycling a viable option, and there are bike lanes on many major streets. Programs like Blue Bikes provide easy access to rental bicycles. Walking is also common, with many neighborhoods designed to be pedestrian-friendly.
Moving Tip: Some residents choose not to have a car in New Orleans because the weather is temperate year round, street parking is difficult in some neighborhoods, and insurance can be pricey. If you do have a car, follow the parking laws; if they threaten to tow they mean it.
5. Mardi Gras is a season of celebrations leading up to Fat Tuesday.
Mardi Gras is an epic celebration that takes over the city for weeks on end. The festivities include elaborate parades, balls, and parties, with krewes like Zulu and Bacchus hosting some of the most famous events. Residents often participate by joining krewes or attending multiple events, and many take time off work to fully enjoy the season. The city becomes a colorful, lively place filled with music, costumes, and revelry. For newcomers, experiencing Mardi Gras is a rite of passage and an unforgettable part of living in New Orleans. Just wear close-toed shoes. Trust us.
6. The job market is varied but can be competitive.
New Orleans has a varied job market, with strong sectors in tourism, healthcare, education, and the oil and gas industry. Major employers include Ochsner Health System, Tulane University, and Entergy Corporation. However, competition for jobs can be stiff, and it may take time to find the right opportunity. Networking is crucial, and many jobs are filled through personal connections. The city also has a growing tech and entrepreneurial scene, with initiatives like The Idea Village supporting startups. While opportunities are available, job seekers should be prepared to put in effort to secure employment.
7. The people are hands down the best thing about New Orleans.
Ask any NOLA resident and they’ll tell you that the best thing about this city is the people. New Orleanians are known for their deep sense of pride in the city and they love sharing it with newcomers. It won’t be long before you start to feel the same way about your new home. Neighborhoods often have tight-knit communities, with residents actively participating in local events and supporting local businesses. Areas like Bywater and Mid-City are known for their strong community vibes. The city’s festivals, second lines, and block parties foster a sense of belonging and connectedness. Get to know your neighbors. They can give you insight into how to navigate the best and the worst parts of life in NOLA. Newcomers will find that becoming involved in community activities is a great way to meet people and feel at home.
Moving Tip: New Orleanians are known for their friendliness and hospitality. Learn the local customs, social norms, and unique lingo. Expect to greet the people you pass on the street and hear things like “Where y’at?” instead of “How are you?”
8. The architecture is stunning and historically significant.
New Orleans boasts a rich architectural heritage, with a mix of French, Spanish, Creole, and American styles. The French Quarter is famous for its wrought-iron balconies and colorful buildings, while the Garden District features grand mansions and oak-lined streets. Preservation efforts ensure that historic buildings are maintained, contributing to the city’s unique charm. Walking tours and events like the PRC’s Shotgun House Tour offer opportunities to explore and learn about the architecture. Living in New Orleans means being surrounded by beautiful, historic structures that add character to everyday life.
9. The cost of living is relatively affordable.
Compared to other major U.S. cities, New Orleans offers a more affordable cost of living. Housing costs can vary widely depending on the neighborhood, with areas like the French Quarter and Uptown being more expensive, while Mid-City and Algiers offer more budget-friendly options. Utilities, groceries, and healthcare are generally in line with the national average. The city also provides numerous free or low-cost entertainment options, such as public festivals and parks like Audubon Park and City Park. Overall, residents find that their money goes further in New Orleans compared to many other metropolitan areas.
Moving Tip: The cost of living can vary significantly depending on the neighborhood. Research housing costs, utilities, and other expenses to budget effectively. Renting initially can be a good way to get a feel for the city before committing to buying property.
10. The city has a laid-back and casual vibe.
New Orleans is known for its relaxed and easy-going atmosphere. Dress codes are generally casual, and people often greet strangers with a smile. The city’s pace is slower compared to many other urban areas, allowing residents to savor life’s moments. This laid-back attitude extends to dining, shopping, and socializing, making it a great place for those who appreciate a more relaxed lifestyle. Local traditions like lazy Sundays with jazz brunches at Commander’s Palace contribute to this easy-going vibe.
11. There are numerous parks and outdoor spaces.
New Orleans offers plenty of green spaces for recreation and relaxation. City Park is a massive urban park with walking trails, botanical gardens, and a sculpture garden. Audubon Park, located in Uptown, features a zoo, golf course, and scenic picnic areas. The Lafitte Greenway provides a multi-use trail connecting Mid-City to the French Quarter. These parks are perfect for outdoor activities like jogging, biking, and picnicking. The abundance of outdoor spaces contributes to a healthy and active lifestyle for residents.
12. The city’s festivals are world-famous and frequent.
New Orleans hosts numerous festivals throughout the year, celebrating everything from music and food to culture and history. In addition to Mardi Gras, there’s the New Orleans Jazz & Heritage Festival and the French Quarter Festival. Smaller festivals, like the Po-Boy Festival and the Oyster Festival, focus on local cuisine and traditions. These events offer endless entertainment and are a great way to experience the city’s vibrant culture. For residents, there’s always something to look forward to on the festival calendar.
13. Charter schools are a big part of the K-12 education landscape.
New Orleans offers a range of educational opportunities, from public and private schools to universities like Tulane and Loyola. However, the public school system has faced challenges, including funding issues and varying quality across schools. Charter schools have become a significant part of the education system, offering alternatives to traditional public schools. Parents often research extensively to find the best fit for their children.
14. Each neighborhood has its own unique vibe and personality.
In a city as chock-full of personality as NOLA, it’s no surprise that each neighborhood has its own distinct character and charm. The Marigny is known for its artsy vibe and vibrant nightlife, while the Bywater offers a bohemian atmosphere with colorful cottages. The Garden District features grand historic homes and lush gardens, whereas Uptown is famous for its oak-lined streets and elegant architecture. Mid-City provides a more laid-back, residential feel with easy access to parks and local eateries. Choosing the right neighborhood depends on your lifestyle and preferences, but there’s a perfect fit for everyone in New Orleans.
15. The sports scene is lively and enthusiastic.
New Orleans residents are passionate about their sports teams, particularly the New Orleans Saints (NFL) and the New Orleans Pelicans (NBA). Game days are major events, with tailgating and watch parties bringing the community together. Ceasar’s Superdome is a landmark venue that hosts not only sports events but also concerts and other large-scale events. The city also has a strong college sports presence, with Tulane University and the University of New Orleans offering various athletic programs. Sports fans will find plenty to cheer about and numerous opportunities to join in the excitement.
Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from City Data.