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Apache is functioning normally

Apache is functioning normally

MSR Valuation, Non-QM, DPA, Mobile Property Valuation Tools; What’s the Fed Chair Up To? New-Home Housing Market List

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MSR Valuation, Non-QM, DPA, Mobile Property Valuation Tools; What’s the Fed Chair Up To? New-Home Housing Market List

By:
Rob Chrisman

Thu, Jun 22 2023, 10:16 AM

“So, HBO Max is now just ‘Max.’ Your move, Peacock.” Lenders continue to cogitate on their next moves as rates remain stubbornly high and inventory available for sale stubbornly low, and neither appears ready to change much any time in the near future. As I continue to visit with groups of lenders and vendors, lender’s overhead, and how comp figures into that, continues to be a hot topic. STRATMOR’s current blog is titled, “Compensation: Ever Changing,” and I asked STRATMOR CEO Lisa Springer about what lenders are doing in that area. “Lenders in increasing numbers are reaching out to STRATMOR to advise on compensation strategies from a holistic point of view, seeing how changes fit within the entire company. Management teams are thinking about structural changes and capitalizing on the opportunity to create win-win comp programs for both the employees and the companies.” In housing and inventory news, a recent real estate report from Zillow predicts 5% growth in home values this year. Housing inventory remains limited, which in turn continues to push property prices skyward and inflate home value appreciation. And sure you can read this list of hot new-home markets, and may even have branches in them, but do you have the products to offer those buyers? (Today’s podcast can be found here and this week’s is sponsored by MCT and its Hedge Advisory division. Download their recently released whitepaper, Mortgage Pipeline Hedging 101, for more information on hedging in today’s market. Today’s has an interview with Optifunder’s Carmel York that goes through a comprehensive overview of the warehouse lending space and current environment.)

Broker and Lender Services, Products, and Software

“Home equity lenders need fast, reliable, and objective property valuations to streamline processes, lower origination costs and deliver a better borrower experience, all while mitigating risk. This is a tough balancing act, but Black Knight can help. Our innovative mobile app – Validate – simplifies the property valuation process for home equity loans and lines of credit. Validate combines artificial intelligence, a condition-adjusted AVM and up-to-date property data with borrower-supplied property photographs to automatically determine a property’s value and the available equity. With Validate, lenders can save time and money, increase valuation accuracy, manage risk, and provide a better consumer experience. Learn more by scheduling a demo today.”

For many people, homebuyer assistance programs can make the difference between building wealth by making fixed mortgage payments or being subject to the ever-increasing cost of rent. This National Homeownership Month, Jackie, a single woman in the greater Tampa area, shared the story of how mortgage broker Pam Marron of Innovative Mortgage Services helped make her homeownership dreams a reality by pairing Pasco County Community Development’s DPA offering with Freddie Mac’s BorrowSmart program. Down Payment Resource made it easy for Pam to identify best-fit programs, understand requirements upfront and maximize the assistance she could provide Jackie. Learn how Down Payment Resource can help you be a community hero while filling your pipeline with eager first-time homebuyers.

“The Newrez Correspondent team would like to thank all of our lenders and industry partners who took the time to meet with us in NYC for the annual Secondary and Capital Markets Conference and Expo. It is a testament to the team and industry as we came together and discussed ways to navigate this fluctuating market. As a top-tier aggregator, our offering provides the product, pricing, and service our clients need to succeed and grow their business. Looking for Non QM? Our industry-leading Smart Series products are now available through LoanNEX. This product and pricing eligibility platform is available at no cost to our correspondents. Contact your regional sales manager to learn more! Believe it or not, we are only a little over 120 days from the National MBA Convention in Philadelphia. Save the date – We will have meeting space at the Loews Hotel – Stay tuned for more details as we prepare to take on the city of brotherly love! As always, thank you to our customers for their time, business, and partnerships!

Do you have a servicing portfolio? Do you understand how it is valued? With the decline in overall production, the MSR asset has become more critical than ever and effectively managing that asset demands ongoing oversight. MCT offers portfolio valuations that are accurate and easy to understand, with built-in safeguards focused on client and borrower data security. MCT’s fair value analysis and reports are customized to support servicer’s internal requirements and objectives, and extensive number of clients and MSR market knowledge keep your valuations timely, accurate, and reliable. Schedule a phone call with the MCT MSR experts to discuss a customized approach for valuing your MSR portfolio.

Non-Agency and Non-QM News

Sure, non-Agency production remains far below 10 percent of overall volume. But many programs are an important part of an LO’s offering to potential borrowers, and no LO wants to tell a client, “I can’t help you. But this other lender may be able to.” Let’s take a random look at what’s new out there.

Skip the pay stubs with Bank Statement Loans from the Industry’s Leader in Non-QM Solution Lending, Carrington Correspondent. Self-employed borrowers can use 12 or 24 months of bank statements to verify income and secure loans up to $3.5 million.

Summer Specials are in season at LoanStream. BPS’ off on some Government products and Non-QM: Full Doc, Alt Doc & DSCR.

Are your borrowers’ tax returns leaving them with too little income to qualify? Large amounts of tax write-offs can disqualify your borrowers from standard agency and Jumbo transactions. Champions Funding’s Activator loan option may be the perfect fit for those situations without the hassle of submitting tax returns. Now offering ITIN loans for non-U.S. Citizens.

Unite Mortgage, a DBA of Home Mortgage Alliance Corporation (HMAC), is offering the perfect program for borrowers looking to take cash out of their home but don’t want to refinance their 1st mortgage due to having a low-rate locked in. Mortgage Brokers… The 2ND Mortgage Program from Jet Mortgage is here. Contact Aaron Hilton at 623-252-0606 or send an email to [email protected]. Need a Bank Statement income analysis done? Click here and choose Aaron Hilton as your AE. Interested in learning more? Check out the Prime Seconds Matrix and Rate Sheet.

Champions Funding is 100% Non-QM with a dedicated underwriting team to move your files from submission to funding with ease – and GREAT communication. In a recent product update, Champions increased the Max LTV/CLTV by 5% on the Accelerator No Ratio (DSCR <.75) loan products at Champions Funding. Minimum 700 FICO to qualify with maximum loan amount up to $1 Million.

Capital Markets

In an about-face move, markets are seemingly succumbing to the Fed’s “higher rates for longer” projections to reduce U.S. growth to below its long-term trend and contain price pressures, with pricing in fed funds futures suggesting one additional 25 basis points hike at the July Federal Open Market Committee meeting and then holding firm at that level through the end of the year as the most likely outcome. Echoing his comments at the post-FOMC press-conference, Fed Chairman Powell delivered the first part of his two-day semiannual Humphrey-Hawkins testimony on monetary policy to Congress yesterday, telling the House Financial Services Committee in prepared remarks that “there is still a long way to go” in reducing inflation and that most FOMC members expected that further rate hikes are needed this year to thwart persistently high inflation.

Which all reminds me… The semiannual testimony of the U.S. Federal Reserve Chairman to Congress is commonly referred to as the Humphrey-Hawkins testimony in reference to the Humphrey-Hawkins Full Employment Act (the Full Employment and Balanced Growth Act of 1978). The bill was named after its primary sponsors, Senator Hubert Humphrey and Representative Augustus Hawkins, and was enacted with the goal of promoting full employment and stable prices in the U.S. It mandated the Federal Reserve to pursue maximum employment and stable prices as part of its monetary policy objectives.

Additionally, the Act required the Chairman of the Federal Reserve to provide regular reports and testify before Congress on the state of the economy (including the outlook for inflation, unemployment, and economic growth), discuss the central bank’s monetary policy decisions, and answer questions from members of Congress. The term “Humphrey-Hawkins testimony” became popularized as a shorthand way to refer to these semiannual appearances by the Federal Reserve Chairman to discuss the economy and monetary policy with Congress, in accordance with the requirements of the Humphrey-Hawkins Act. And Powell certainly put the “hawk” in Hawkins yesterday.

Fed Chair Powell’s main points were threefold. The inflation target of 2 percent is the goal the central bank intends to get back to, and though inflation has declined over the past year, we have a long way to go to get back there. The Summary of Economic Projections (“dot plot”) sees no rate cuts this year while market forecasts are (still, and likely wrongly) calling for a chance of one at the December meeting. Price stability comes first as a lousy currency negates all the work on the employment part of the Fed’s dual mandate. As Powell said in a recent presser, “Without price stability, the economy doesn’t work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all.”

Today’s calendar contains three central bank decisions where more rate hikes are expected: the Swiss National Bank (SNB), Norges Bank, and the Bank of England (+ 50 basis points). The (busy) U.S. calendar is under way with the Chicago Fed National Activity Index for May, as well as weekly jobless claims (264k, roughly as expected and unchanged from last week, 1.759 million continuing claims: the labor market is still tight). Later today brings May existing home sales, May leading indicators, KC Fed manufacturing for June, a Treasury auction of $19 billion reopened 5-year TIPS, and Freddie Mac’s Primary Mortgage Markets Survey. Today is also loaded with Fed speakers including Chair Powell’s visit before the Senate Banking Committee, but also Governor Waller, Governor Bowman, Cleveland President Mester, and Richmond’s Barkin. The narrative since last week’s meeting is that the FOMC is trying to figure out whether it has done enough and how much more tightening is needed. After yesterday’s seesaw of rates rallying hard after selling hard, which eventually took us back to flat on the day, we begin Thursday with Agency MBS prices unchanged from Wednesday night, the 2-year at 4.71, and the 10-year unchanged 3.72 percent.

Employment

“Behind the scenes at Sagent! As we continue building the team to propel our vision and mission for the industry, it’s important to also recognize the existing (and powerful) team that have been supporting us since the beginning of our future-of-servicing journey. Meet Greg Lane (Director, Financial Analysis), finance + accounting aficionado, and according to him, “It doesn’t matter what the numbers are supposed to do, whether it’s investments, foam pricing (you’ll have to read to find out why this is relevant), or fintech software FP&A, it’s what I like to do.” But there is so much more to Greg than pricing and forecasting revenue. Greg is a loving husband, father, pet owner, golfer. While in college, he scored an internship in Beijing for 3 months supporting a sole distributor for European beverage brands. Check out our latest employee spotlight piece for a glimpse into Greg’s world and what it’s like to be a part of Team Sagent.”

Are you frustrated as a retail loan officer or mortgage banker with the lack of flexibility to provide custom loan options? Take control: follow the lead of thousands of MLOs like you who have joined the wholesale channel in the last year. Whether you open your own independent mortgage brokerage or join a team as a loan officer, you’ll have the ability to provide your clients with the personalized solutions they need. Contact our team at BeAMortgageBroker.com today and you’ll be well on your way to a more fulfilling tomorrow.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

Of the estimated 211,154 residential units foreclosed on in California during 2009, roughly 77,145 were rental units, according to a new report focused on tenant rights.

The foreclosures resulted in the displacement of an estimated 208,795 tenants who were living in single-family homes, condos, and multi-family apartments, despite likely making on-time mortgage payments every month.

From 2008 to 2009, there was a 70 percent increase in the foreclosure rate of apartment buildings of five units or more – single-family foreclosures fell 3.1 percent year-to-year.

An overwhelming 85 percent of the foreclosed properties went back to banks and mortgage lenders in 2009, while private investors took the rest.

During the year, banks forfeited more than $776 million in rental income, focusing on booting tenants by hiring lawyers to litigate eviction cases and having real estate agents carry out cash-for-keys deals.

“Once the properties are vacated, they become prime targets for vandalism, further contributing to plunging property values, and creating legal liability for banks as the owners of blighted vacant property,” the Tenants Together report said.

“Furthermore, banks continue to tarnish their standing in local communities by maintaining their policies to evict rent- paying tenants.”

Fannie Mae and Freddie Mac have implemented post-foreclosure programs to assist renters, but many banks apparently continue to see tenants as obstacles to future profits.

Tenants Together is calling for better tenant protections, including making the “Protecting Tenants at Foreclosure Act” (PTFA) permanent, passing local “just cause for eviction” laws, providing tenant notification when a landlord receives a foreclosure filing, and boosting legal funding for tenants in foreclosure situations.

Currently, PTFA provides tenants with the right to a 90-day notice to vacate after foreclosure and requires new owners to allow tenants with leases to continue occupying properties until the end of the lease term, unless sold to a buyer who intends to occupy the property as their primary residence.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

Have you ever noticed that all the credit cards in your wallet are exactly the same size?

That’s because every credit card issued in the U.S. — and around the world — must be 3.375 inches wide by 2.125 inches high, according to requirements established decades ago by the International Organization for Standardization (ISO).

Credit card issuers can get a little creative with their logo and some other design features, but there are rules regarding credit card size, including how high, wide, and thick they can be. (And, by the way, those same rules apply to debit cards and government-issued IDs.)

Read on to learn why, when it comes to credit cards, size matters.

Why Are All Credit Cards the Same Size?

It makes sense that all credit cards should be a uniform size so they can fit conveniently in the slots of any type of wallet. But that’s just a happy byproduct of card standardization.

The dimensions were put in place so that payment-processing technology can accept any credit card, no matter where the card came from or where it’s used. This means the same cards you use to make purchases or withdraw cash in the U.S. can go with you when you take a vacation trip to Paris, France, or any of the ISO’s member nations.

All financial transaction cards must follow the ISO’s ID-1 format. It specifies the dimensions of a credit card in inches must be 3.375 wide by 2.125 high, with a thickness of 0.0299 inches, and the corners must be rounded. The sequence of the digits in your credit card number and other card features also must follow standards set by the ISO.

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When Did the Size of a Credit Card Become Standardized?

Although credit cards have gone through several major changes over the past 60 or so years—especially when it comes to developing new ways to pay and protect against identity theft—they’ve actually looked pretty much the same since the late 1950s.

There were different versions of credit “cards” before that — made from clay tablets in ancient times, dog tag-style metal plates in the 1930s, and even paper and cardboard in the ‘40s and ‘50s. But when American Express and Bank of America began issuing cards in 1958, and other banks followed suit in the next few years after that, credit cards quickly evolved to the size and shape they are today. Even that magnetic “swipe” stripe on the back has been around for decades: It was invented in the 1960s by an IBM engineer and became the standard worldwide by the early ’70s.

Recommended: What Is a Contactless Credit Card and How Does It Work?

What Are Credit Cards Made Of?

American Express is credited with creating the first plastic credit card, in 1959, and that’s still what most cards are made of. A card is typically created using a plastic resin known as polyvinyl chloride acetate (PVCA) that makes it bendable, durable, and water resistant.

Some credit card companies also issue metal credit cards, which are sturdier than plastic cards and usually heavier, too. (We’re only talking about a few grams here, however, so not nearly enough weight to put extra stress on a pants pocket or purse strap.)

What Is the Weight of a Credit Card?

While most plastic credit cards weigh about 5 grams, metal credit cards—which may be made from stainless steel, aluminum, titanium, or a mix of metals—may weigh in at anywhere from 10 to 18 grams.

These heavier cards are sometimes considered more prestigious, as many premium cards are made of metal. And feeling that distinctive heft in your hand can make a metal card stand out from plastic cards. But metal cards aren’t as rare as they used to be. And the way a credit card works is basically the same no matter what material it’s made from.

If you’re thinking about applying for a credit card, you may want to start by finding the card that’s the best fit for you based on its financial benefits rather than its appearance or physical weight. It can be helpful to compare the type of rewards a card offers, if it has low or no fees, the interest rate and credit limit you can qualify for, as well as other perks.

Recommended: What is the Average Credit Card Limit and How Can You Increase It?

Are There Other Design Features that Can Vary?

Although all credit cards are the same size and share other important features, if you lay out your credit cards side by side in front of you, you’ll also likely spot a few differences.

Your credit card number may be on the front of some cards and on the back of others, for example, and those numbers might be flat or slightly raised (embossed). There may or may not be a space for your signature. And the security hologram and code verification value (CVV) — features that are there to protect you from fraudsters — also may vary a bit from card to card.

The magnetic stripe and chip used for making payments are located in the same spot on every card, though. Again, this is designed to make processing transactions as universal and convenient as possible. Mastercard plans to slowly get rid of the swipe stripe on its cards, however, starting in 2024.

Recommended: Guide to Choosing a Credit Card

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The Takeaway

Although there have been significant advancements over the years in how credit cards can be used, how payments are processed, and the technology that helps shield consumers from theft, the standard credit card size and shape hasn’t changed in decades. And thanks to the international standards that dictate credit card dimensions, all your cards should fit in any card reader used worldwide — and in the slots in your wallet.

This means you can focus on other factors when choosing which credit card or cards you want to own, including the card’s interest rate, the types of rewards offered, and other benefits and protections.

Looking for a new credit card? Consider a rewards card that makes your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt. (It’s also a pretty good-looking card… if you’re into that sort of thing.)

The SoFi Credit Card: The smarter way to spend.

FAQ

What size is a credit card in centimeters?

The International Organization for Standardization (ISO) specifies that credit cards, debit cards, and gift cards must be 8.56 cm by 5.398 cm (which is 85.6 mm by 53.98 mm, or 3.375 inches by 2.125 inches). The ISO standard for credit card thickness is .076 cm (that’s .76 mm, or about .03 inches).

What is the print size on a credit card?

Print size, font, and color may vary from one credit card to the next. Some credit card issuers even allow their customers to personalize a card with their own custom or semi-custom design.

How can visually impaired consumers tell a credit card from a debit card?

Credit card issuers are increasingly moving away from using raised letters and numbers as part of their card designs. Mastercard, for instance, plans to introduce the Touch Card, which uses a distinctive notch on the side (rounded for debit, squared for credit, triangular for prepaid) to aid those who may struggle to identify the card they’re using.

Photo credit: iStock/Sitthiphong

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.1
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

Apache is functioning normally

Living in the City by the Bay comes at a steep cost

Ever since its early days as a coastal California boom town, San Francisco has been an expensive place to call home. But with the rise of Silicon Valley and the tech industry in the Bay Area, the cost of living here has skyrocketed even more in recent years.

In fact, it’s one of the most expensive cities in the United States. Of course, that high cost of living comes with plenty of perks like outdoor access, multicultural cuisine and walkable neighborhoods of historic architecture.

If you want to better understand why San Francisco‘s cost of living is so high, we’ll explore five things that are affecting the rising cost of living.

  • Housing costs
  • Food prices
  • Utility costs
  • Transportation costs
  • Healthcare costs
  • Goods and services costs
  • Tax rates
  • How much do you need to earn to live in San Francisco?

San Francisco cost: housing prices

As you may have heard, housing prices are at the forefront of San Francisco’s cost of living crisis. In fact, it’s 206.6 percent higher than the national average. Currently, a one-bedroom apartment costs an average of $3,498. Studio units go for around $2,781 a month. If you want extra space, be prepared for a significant jump in price as three bedrooms average a whopping $4,696 a month. Prices are going up the most in trendy, popular neighborhoods like Nob Hill, Dogpatch, the Lower Haight and Northeast.

A small beacon of hope is that studio and one-bedroom prices are down 5 percent and one percent, respectively, from last year. But two-bedroom prices are up 2 percent from the previous year.

If you want to live in the Bay Area and not pay San Francisco prices, you’ll have better luck elsewhere. In nearby Oakland, you can find one-bedroom apartments for around $2,788. Fremont one-bedrooms fetch an average of $2,347 and you can even go as low as $1,800 for a one-bedroom in Vallejo. But at the same time, San Francisco doesn’t even have the top housing prices in the Bay Area. Living in Palo Alto, expect to pay around $4,000 a month for a one-bedroom apartment.

If you want to buy a home in San Francisco, prepare yourself. The median sale price of a house in San Francisco is $1,350,308. This is down 10.9 percent from last year, but that’s small comfort to most homebuyers.

San Francisco food prices

From fresh seafood to some of the best pan-Asian cuisine in America, San Francisco is an amazing foodie city. While not as expensive as housing costs in Los Angeles, food prices in San Francisco are still high at 31.4 percent above the national average. This is 1 percent higher than last year, so prices have gone up slightly.

Time to get groceries? As an example of how food prices in San Francisco may affect you, here’s the average cost of some common food items. Buying a dozen eggs costs around $3.83, a half-gallon of milk is $3.38 and a loaf of bread will set you back $5.04. Fancy a steak night? With a price tag of $18.36, it’ll be an expensive meal.

San Francisco utility prices

One of the best things about living in San Francisco is the climate. With its Mediterranean-style climate and the cooling effect of oceanic breezes, summers are kept tolerable and winters don’t get too cold. The mild weather allows for year-round outdoor recreation and enjoyment, which is great to know for anyone considering a move to the City by the Bay.

That also means that utility prices here aren’t too extravagant. Utility rates are only 31.8 percent over the national average, which is down 1.8 percent from last year. Average monthly energy bills for San Francisco residents come out to around $267.64. For the Internet, $69 is the average monthly price for 60 megabits per second.

San Francisco transportation prices

Everyone knows that driving in major cities can be a real pain. You have to deal with heavy traffic congestion and hard-to-find parking. Luckily, San Francisco has a great public transportation network of buses and light rail for locals and visitors alike to use to navigate the city and surrounding Bay Area.

Transportation costs in San Francisco are 38.4 percent above the national average, which is down 4.7 percent from last year.

For getting around San Francisco, riders have several different options. The Muni system from the San Francisco Municipal Transporation Agency offers bus routes, light rail, and historic cable car lines around the city. Rates vary by the type of transportation. A single ride on both bus and light rail lines is $2.50 for adults and an unlimited day pass to buses, trains and cable cars is $5. A monthly “Clipper” pass on all Muni transit options (including cable cars) is $81. For exploring beyond San Francisco, the Bay Area Rapid Transit rail system (BART) has six different routes around the Bay Area. Fares are paid using Clipper, the all-in-one transit card for both Muni and BART and fares vary by duration of ride.

Along with avoiding traffic, another great reason to use San Francisco is because of tolls. Driving between Oakland or Marin County, you’ll find tolls on both the Golden Gate Bridge (to Marin County) and the Bay Bridge (to Oakland). Toll rates vary by vehicle axle number. For example, a one-time toll for two-axle vehicles is around $8.80. For a complete list of Golden Gate Bridge toll amounts, check here. Tolls are also collected electronically via FasTrak, so if you don’t have an account, an invoice is sent to the address attached to your license plate. Tolls on the Bay Bridge between San Francisco and Oakland start at $7 for two-axle vehicles.

San Francisco’s compact city center and interconnected neighborhoods also make it an exceptionally great city for walking and cycling. It boasts a near-perfect walk score of 93 and a great bike score of 77. Thanks to BART and other local mass transit options, San Fran also has a high transit score of 82.

San Francisco healthcare prices

Home to nationally ranked hospitals, San Francisco is a great place to live for healthcare quality and access. Prices also aren’t too astronomical, being only 31.5 percent above the national average. This is up 8.4 percent from last year, however.

This is what you can expect to pay for some general healthcare costs living here. A doctor’s office visit runs around $174.07 and going to the dentist is slightly more affordable at $148.07. Over-the-counter medications like Ibuprofen are around $12.52 a bottle.

When looking at healthcare costs, though, it’s important to take these average rates with a grain of salt. Everyone’s healthcare needs vary depending on their health situation and health insurance. While your neighbor may have high costs due to their medical needs, your other neighbor may not need to spend a lot of money on healthcare. Because of these extremes, it’s tough to determine average overall healthcare costs.

San Francisco goods and services prices

Enjoying urban fun like going out for pizza or heading to the movies is one of the best parts of living in a major city like San Francisco. Luckily, the costs of miscellaneous goods and services in San Francisco are one of the more affordable cost of living categories. It’s only 23.6 percent higher than the national average, up 1.1 percent from last year.

Going out to the movies, tickets cost around $15.41. Want to grab some pizza after? It’ll be around $14.77. For some general monthly maintenance services like getting a haircut, the average cost is $26.74.

Taxes in San Francisco

Calling California home means living in one of the most heavily taxed states in America. That means that, on top of all the other cost of living expenses, every person living there expects a hefty tax burden.

California’s state sales tax is 7.25 percent. Combined with local and county sales and use taxes, San Francisco’s overall tax rate is 8.62 percent. For every $1,000 spent living in San Francisco, you’ll be paying $86.20 in taxes.

How much do I need to earn to live in San Francisco?

Affording San Francisco’s high cost of living comes with many benefits as well as a high price tag. But how much would you need to make to comfortably afford housing, food, utilities, taxes and other miscellaneous purchases living here?

The median household income for people living in San Francisco is $126,187. While this may seem high for an average salary, remember that all those big expenses add up and will take a decent chunk out of your monthly salary.

The easiest way to calculate if you can afford to live in a particular city is by starting plugging the rent into a cost-of-living calculator. Experts recommend that you only spend 30 percent of your gross monthly income on rent. This leaves 70 percent for everything else.

Going back to the housing section, the average rent for a one-bedroom apartment in San Francisco is $3,498. To fit the 30 percent rule, you’d need to make $11,660 a month for $3,498 to account for 30 percent of your monthly income. That would mean looking at an annual income of $139,920.

Want to see what your salary or income can get you in San Francisco? Use our rent calculator to crunch the numbers.

Life in San Francisco

Even though San Francisco is an expensive place to live, it gives locals plenty of bang for their buck. You get to live in one of the most picturesque places in coastal California, in a vibrant, cultural city with thriving industries, great connectivity and a educated, progressive population.

Methodology

The Cost of Living Index comes from coli.org.

The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of September 2022.

Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

We can’t rely on maintenance for everything.

When it comes to apartment living, ensuring the safety and security of your living space is crucial for your experience. Being aware of potential hazards that can arise during your lease term can save you time and money and protect you and your living experience.

We’ve gathered eight potential apartment mishaps and the practical tips and tricks renters need to know to safeguard their space. By taking proactive measures, you can create a safer living space and enjoy peace of mind in your apartment.

1. Fire

There are a lot of steps taken by property management for renters to protect them against fires. They install smoke detectors in key areas of your apartment and ensure they are in working order. Renters should take it one step further, by regularly testing them and replacing batteries as needed.

Residents should also inform themselves of the tools readily available in the building in the event of an emergency. Hallways should have fire extinguishers readily available and renters should educate themselves on how to use them. Additionally, it’s key to familiarize yourself with the building’s fire evacuation plan and exits.

2. Mold

Renters can take proactive steps to prevent mold growth in their apartments. One effective measure is to ensure proper ventilation by utilizing the installed fans in bathrooms and kitchen areas. These fans help to remove extra moisture from these high-moisture areas, reducing the chances of mold formation.

It is also crucial to promptly report any water leaks or excessive moisture to the landlord or property management. Necessary repairs or actions are then taken to address the issue and prevent mold growth. In the case of wet areas, it is important to clean and dry them to reduce the likelihood of mold growth.

3. Pests

To safeguard your space from critters, start by keeping it clean and free of food crumbs. You can do this by regularly vacuuming and sweeping the floors, wiping down surfaces and immediately cleaning up any spills or crumbs as they come.

Another kitchen trick is to store food in airtight containers and promptly dispose of garbage in sealed bins. You can also request maintenance to seal any cracks or gaps in windows, doors and walls you notice to prevent pests from entering.

If necessary, use non-toxic pest control methods like traps or baits, or request your apartment to consult a pest control service to address any infestations you notice like bed bugs. These preventive measures effectively protect your apartment from pests and help you enjoy a pest-free living space.

4. Carbon monoxide poisoning

Protecting your apartment from carbon monoxide (CO) poisoning is crucial. Ask the leasing staff if CO detectors are in their apartments and if they’re not, request they do so or install your own. Other tips include avoiding indoor use of grills, keeping vents open and not blocked and educating yourself and your roommates about CO poisoning symptoms.

Common symptoms include headaches, dizziness, nausea, confusion, weakness and difficulty breathing. As carbon monoxide is colorless and odorless, it is challenging to detect without equipment. If you experience these symptoms and suspect carbon monoxide poisoning, it is important to evacuate your apartment immediately, seek fresh air and contact emergency services.

5. Electrical issues

Some common electrical issues renters may run into during their lease include power outages, tripped circuit breakers and faulty switches or outlets. While the on-site maintenance team is the best resource in most of these situations, there are a few things renters should have on hand in case of emergency.

During a power outage, having a portable battery pack is essential. You can charge your electronics, plug in a flashlight and have power on hand for however long you may need it.

For tripped circuit breakers and faulty switches, it’s best to leave these alone and consult the apartment maintenance team to avoid making the situation even worse. You can avoid these mishaps by not plugging too many things in at once and checking for faulty switches and plugs when you initially move in and notifying the leasing staff.

6. Burglary

While apartments are generally secure, burglaries can still occur meaning additional security is necessary. Start by checking that all potential entry points, including doors and windows, have sturdy locks in good condition.

You can reinforce sliding doors with bars or a security rod with tools for additional peace of mind as well. If your apartment comes with a security system, it is worth the additional fee to utilize it for less stress. If they do not, consider installing an apartment-approved security system like a Ring doorbell camera to keep an eye on your apartment surroundings.

It’s also important to establish good relationships with your neighbors, as they can act as an extra set of eyes and ears. If you’re going to be gone for a long period of time, asking a neighbor you trust to collect any packages or mail left in front of the door also helps your apartment appear occupied during your absence.

7. Storm damage

From light rain to tornados, there is a lot you can do to protect your apartment, belongings and yourself from potential damage. In the case of bad weather, make sure to remove any patio furniture that would be blown away or damaged by rain and other weather conditions. Moving your car to a higher level in the parking garage or a higher elevation spot on the road will also protect your car from the damage of flooding.

In severe weather, secure any loose items or furniture inside your apartment that could be easily knocked over during a storm. Another essential step is having an emergency kit prepared with essentials like flashlights, batteries and a first aid kit. Lastly, determine the building’s area designated for residents to go during a storm. If your building doesn’t have a storm shelter, choose an enclosed spot away from windows.

8. Personal safety

We’re not always in our apartment, and it’s important to stay aware of your surroundings even in apartment common areas, garages and mail rooms. Avoid getting your mail or moving your car late at night to protect yourself from others.

If your apartment has a gate code or main door code, avoid sharing with too many individuals, as limiting access helps maintain security and prevents unauthorized entry. Being vigilant and cautious in these shared spaces can significantly contribute to the overall safety of your apartment.

Protect yourself and your living experience

As a savvy renter, you may not have complete control over your apartment living experience, but there are numerous proactive steps you can take to enhance your safety and well-being. By following these tips and tricks and utilizing the apartment on-site teams, you’re protected from the expected and unexpected.

Ready to find your safe space? Start your apartment living journey today.

Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

A barn that was transformed into a luxurious, 10,000-square-foot home in New Hope, PA, has hit the market for $10 million.

Known as “The Gatsby Barn,” the six-bedroom, 6.5-bath residence spans four levels.

Jazz singer-songwriter Leon Redbone, who died in 2019, was the prior owner and sold it to the current sellers in 2018 for about $1 million.

Over a two-year period, the owners transformed the former red barn, built in 1878, into a remarkable Art Deco-inspired beauty, and they’ve certainly priced it to reflect the upgrades.

The sprawling interior was the brainchild of two New York City designers, who were looking to combine the nostalgia of the Roaring ’20s with modern amenities.

“The special part about this home is the history of the property,” says listing agent Maureen Reynolds, of Serhant Pennsylvania LLC. “To get a large black barn that is 40 feet in height in Bucks County is really quite special. … I think the juxtaposition of old versus new was the key to the design.”

Exterior

(Realtor.com)

From a cozy living room with a stylish gas fireplace to an enormous dining room designed for hosting, there are plenty of spaces to welcome guests and enjoy family time.

“Everywhere you go, you will find a sitting area,” Reynolds notes. “The home offers this unique ability to stop and spend time together anywhere you are. There isn’t any place in the house where you can’t do that.”

Restored, antique balcony railings from the Waldorf-Astoria New York’s Starlight Room provide added history and luxury.

A four-story elevator and four-story, glass-encased, steel stair tower come with major wow factor.

Living area

(Realtor.com)

Dining room

(Realtor.com)

A sleek chef’s kitchen features high-end appliances, including a custom-built La Canche range from Paris and matching hood from RangeCraft. The culinary space also features a steam oven, custom cabinets, and an eight-seat, 16-foot island.

A professional-style bar with tin ceilings, smoky mirrors, and custom-lit glass shelves is situated nearby. There are also two separate wine rooms designed to accommodate up to 900 bottles.

“If someone loves cooking, there is also a kitchen on the lower level; and there is an entertainment area, where they put in over $1 million in that alone,” Reynolds says. “They have had professional and celebrity chefs come and cook there. The lighting system alone is amazing.”

Wine room

(Realtor.com)

Bar

(Realtor.com)

A home theater with a bar spans the top floor of the home.

The 10.5-acre property also features a heated pool and spa, imported palm trees, and an outdoor shower.

A nearby pavilion is outfitted with a 22-seat bar and a hanging fireplace imported from France. And an upscale outdoor kitchen comes complete with a pizza oven, Japanese hibachi tables, and a custom-built smoker.

There’s also a guest cottage and a carriage house with a fitness center and dance studio.

Home theater

(Realtor.com)

“They designed this home for their busy, active family to enjoy both indoor and outdoor living,” Reynolds says. “It is edgy but has a lot of comforts, like a large kitchen that it is so well thought out and designed. They thought of every detail to make the home comfortable. It’s not formal or stuffy; it’s just fun.”

She believes the dwelling will be used as a primary residence, possibly by someone who appreciates the property’s outdoorsy locale and edgy, urban-inspired design.

“It’s just so special,” Reynolds says. “We have had a lot of international interest, as well as from the West Coast. … The buyer could also be looking for somewhere to escape and get away from the city.”

Outdoor cooking area

(Realtor.com)

Source: realtor.com

according to the Reserve Bank of New Zealand. That is partly because there is no capital-gains tax, meaning money made on sales is typically not taxed.

@natashamfrost

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Source: nytimes.com

Apache is functioning normally

Apache is functioning normally

A new study claims homebuyers are often so mentally exhausted from home shopping that they rush the mortgage process and wind up with higher-risk loans.

A pair of George Washington University instructors identified the phenomenon as “cognitive resource depletion,” meaning individuals burn out on one activity and devote less time to a subsequent one, in this case, shopping for a home loan after finding a suitable property.

The findings are based on a test using two groups, one that participated in a home-shopping exercise followed by a mortgage shopping exercise, and one that only performed the latter.

Nearly half of those that performed both shopping exercises back-to-back selected higher-risk mortgages, while fewer than 20 percent who didn’t have to perform the home shopping exercise did the same.

I’m assuming higher-risk means adjustable-rate mortgages, and perhaps option arms, essentially those with lower monthly payments, at least initially.

While the study does make sense, it’s probably just one of many factors that determine what a borrower will end up with loan-wise.

There’s a good chance loan officers and mortgage brokers have a lot of influence, and debt-to-income ratio requirements may also drive loan program decisions out of pure necessity.

And once a home is ultimately selected, borrowers typically have to make quick decisions in order to obtain financing in a timely fashion.

All that said, it’s wise to study up on the wide array of mortgage programs out there before even searching for a home, and to get pre-qualified/pre-approved beforehand.

Aside from leading to a better choice of mortgage, it can help you avoid any nasty surprises late in the game that could crush your dream of homeownership entirely.

Source: thetruthaboutmortgage.com