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The Sunshine City, Tampa, FL, is known for its beautiful beaches along the Tampa Bay, vibrant arts culture, and neighborhoods full of historic Spanish architecture. There are many reasons to consider moving to Tampa, from attractions like the Tampa Riverwalk, the Henry B. Plant Museum, countless historic districts, and professional sports teams.
With an average rent of $1,895 for a studio and $1,742 for a one-bedroom apartment, Tampa may not fit into your rental budget. If you’re looking to rent an apartment in Tampa, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in Tampa to help you find the perfect place that fits your budget.
9 Affordable Neighborhoods in Tampa, FL
From North Tampa to University Square, these Tampa neighborhoods offer affordable options that won’t break the bank. Let’s dive in and explore the best neighborhoods for renters in Tampa.
1. North Tampa
2. University Square
3. Temple Crest
4. 40th Street Corridor
5. Terrace Park
6. Ybor City Historic District
7. Wellswood
8. Tampa Heights
9. North Hyde Park
Read on to see what each neighborhood has to offer its residents.
1. North Tampa
Average studio rent: $895
Average 1-bedroom rent: $1,000
Apartments for rent in North Tampa
North Tampa is the most affordable neighborhood in Tampa, as the average rent for a one-bedroom unit is $1,000. There are many reasons to love living in North Tampa, from attractions like Busch Gardens and the University Mall to green spaces like Copeland Park. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Tampa’s food scene. For renters living in Tampa without a car, there are a few bus stops close to North Tampa.
2. University Square
Average studio rent: $1,200
Average 1-bedroom rent: $1,050
Apartments for rent in University Square
University Square is a bustling area next to North Tampa. This affordable neighborhood has many attractions, such as the University Mall and Copeland Park. Busch Gardens, a popular theme park with rollercoasters, zoo exhibits, and more, is also nearby.
3. Temple Crest
Average studio rent: $990
Average 1-bedroom rent: $1,162
Apartments for rent in Temple Crest
With an average one-bedroom rent of $1,162, Temple Crest is the third-most affordable neighborhood in Tampa. This neighborhood is a fantastic option to consider as it’s near attractions like Rowlett Park and Busch Gardens. There are also picturesque views of the Hillsborough River, so this area is great for exploring and enjoying Tampa. If you’re looking for a relaxing afternoon, you can find Temple Crest Center Playground in the area.
4. 40th Street Corridor
Average studio rent: $1,015
Average 1-bedroom rent: $1,187
Apartments for rent in 40th Street Corridor
40th Street Corridor is the fourth-most affordable neighborhood in Tampa and encompasses areas like Temple Crest. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants. For example, you can easily access the University Mall, Lettuce Lake Park, and the Museum of Science and Industry.
5. Terrace Park
Average studio rent: $1,000
Average 1-bedroom rent: $1,300
Apartments for rent in Terrace Park
Just about 10 miles from downtown, Terrace Park is a stellar neighborhood if you want to live near downtown. Terrace Park is home to attractions like Busch Gardens, the Museum of Science and Industry, and Takomah Trail Park. There are also plenty of restaurants and bars in the area, such as the Yuengling Brewing Company and Petra Restaurant.
6. Ybor City Historic District
Average studio rent: $1,699
Average 1-bedroom rent: $1,390
Apartments for rent in Ybor City Historic District
Next up is Ybor City Historic District, the sixth-most affordable neighborhood in Tampa. Ybor City is full of history and charm, with tree-lined streets, historic buildings, and museums. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Centennial Park, explore Ybor City Museum State Park, see a show at The Ritz Ybor, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in Ybor City.
7. Wellswood
Average studio rent: $1,225
Average 1-bedroom rent: $1,400
Apartments for rent in Wellswood
Northwest of downtown, Wellswood is the seventh-most affordable neighborhood in Tampa. Wellswood has a friendly atmosphere and community feel, with plenty of local cafes and restaurants along Armenia Avenue, such as Mambos Cafe and La Cabana Restaurant. You can also check out some of Wellswood’s green spaces, such as Wellswood Park. There are also several bus stops in the area, so living in the neighborhood without a car is possible.
8. Tampa Heights
Average studio rent: $1,275
Average 1-bedroom rent: $1,450
Apartments for rent in Tampa Heights
Tampa Heights takes the eighth spot on our list of most affordable neighborhoods in Tampa. It’s a great area for renters new to the city, as it’s just north of downtown. Also, the average rent for a one-bedroom unit is roughly $1,450, making Tampa Heights a less expensive area. It has several attractions like Water Works Park, Armature Works, a famous food hall by the water, and Robles Park Center.
9. North Hyde Park
Average studio rent: $1,395
Average 1-bedroom rent: $1,495
Apartments for rent in North Hyde Park
A well-known Tampa neighborhood, North Hyde Park takes the last spot on our list of affordable neighborhoods in Tampa. North Hyde Park near the Tampa Riverwalk and the Straz Center for the Performing Arts, meaning there’s plenty to do throughout the week. You’ll find there are countless historic buildings in North Hyde Park, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as Kennedy Boulevard is nearby.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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A post-occupancy agreement, also known as a post-closing possession agreement, allows the seller to remain in the property they just sold to the buyer for a set period after closing. This can be a win-win for both parties in some situations, but it comes with major risks for the buyers. I have personally bought many houses with post-occupancy agreements and some worked out great while others ended in a costly eviction. A post-occupancy agreement may be needed in some cases but as a regular home buyer, I would be very careful ever accepting one.
Table of Contents
What is a post-occupancy agreement?
In a typical home sale transaction, the seller and buyer agree to a closing date and time, and possession of the home transfers when that closing takes place. The sellers bring the keys and hand them to the buyers if they are both at closing. Or the buyers can pick up the keys or their agent can give them the keys if both parties are not at the closing table (my preference).
In some cases, a seller may want extra time to move out after closing. They may be waiting for their new house to close, or for a house to be built, or they might just want more time to move. This sounds like a reasonable request for the seller but it can come with major risks for the buyer. This is why I try to avoid post-occupancy agreements if possible.
The video below was a nightmare after a post-occupancy agreement went bad:
What are the risks of a post-occupancy agreement?
Many people have heard the stories on the news of a seller who will not move out of their home are they sell. Almost all of these situations come from post-occupancy agreements. During a typical sale, the buyer does a walk-through of the home to make sure it is clean, all the seller’s stuff is moved out, and the property is in the same condition as when they put a contract on it (unless the contract says otherwise). If there is anything wrong, the buyer can delay or even not buy the home.
When the seller is still living in the home and the buyer closes on it (completes the purchase), they cannot make sure it is clean, all the seller’s stuff is gone, or the seller is out. Some sellers want the money that is in their home but want to stay! If the seller does not leave after a post-occupancy agreement, the buyer cannot simply kick them out, they must go to court and evict them.
An eviction can take months or even years in some states like New York.
Why do I agree to post-occupancy agreements?
I am a real estate investor who works hard to get the best deals I can. I buy a lot of distressed properties that need work and many sellers have unique situations. I also buy from many wholesalers who make deals with sellers that I must agree to. In a perfect world, I would never do a post-occupancy agreement but in some cases, it is a take-it-or-leave-it situation and the deal is good enough for me to take the risk.
I would estimate I have some kind of problem with 30 percent of the post-occupancy agreements I do. For me, it is not as big of a problem as it can be for inexperienced homeowners or people who need to move into the home. I also have a YouTube channel that helps me recoup some of my losses with the crazy situations that occur. I also know how to handle evictions, squatters, and other situations where someone not as experienced could be completely lost on what to do.
How should a post-occupancy agreement be structured
There are also risks with how post-occupancy agreements are structured. Some people just agree to let the seller stay and maybe pay a little rent. The problem with this is there is no motivation for them to move out. When we do a post-occupancy agreement we try to make it painful if the seller does not hold up to their obligations and move.
The post-occupancy agreement should always be in writing and money should be held back in escrow from the seller proceeds. I like to hold back at least $10,000 on houses below $400k and if they do not move by a certain date, I get that $10,000 as the buyer. That may seem like a lot but an eviction and a few months of house payments can eat through that very fast. If you are buying a more expensive home, I would hold back much more.
I have seen many agreements that can be wishy-washy and not work out for either party. Some will charge a per diem if the seller does not move like $200 a day. It can be confusing when they are officially out, and when the dates officially start and proving when they are out. I have seen some people create a lease with rent charged and a deposit. You have to be very careful with this as many states have laws on how much the deposit can be compared to rent, how a deposit is paid back or kept, and the rights of the tenant after the lease is started. It is usually easier to evict a seller who does not move than a tenant with a lease.
Another crazy situation:
Should you agree to a post-occupancy agreement?
If you are a regular home buyer looking for a place to move into, be very careful agreeing to a post-occupancy agreement. I would make sure you love that house and have no other options. If you do agree, make sure there is a large enough penalty to make it worthwhile to you if the seller does not move. You also need to make sure your insurance is set up correctly, there is an agreement for who pays for utilities and there is recourse if the house is damaged during the extra time the seller lives there. It also helps if you have a YouTube channel where you can post crazy stories if something goes bad.
Conclusion
I am okay doing post-occupancy agreements if everything is set up correctly and that is my only option. But even as an experienced investor, I try to avoid them if at all possible. If you happen to live in a state with long eviction timelines I would be really careful agreeing to any post-occupancy agreement.
Source: investfourmore.com
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Located in California’s fertile San Joaquin Valley, Fresno stands as a testament to the Golden State’s agricultural heartland. As the fifth-largest city in the state, Fresno offers a unique blend of small-town charm and big-city amenities. From the sprawling vineyards of nearby wine country to the majestic Sierra Nevada Mountains on the city’s doorstep, Fresno is a gateway to outdoor adventure and natural beauty. With the city holding so many amazing qualities, it’s no wonder people are asking themselves, “Should I move to Fresno?”
If you’ve been wondering about making the move to Fresno, you’re in the right place. In this article, we’ll discuss the pros and cons of living in this city to help you decide if Fresno is the right choice for you. Let’s dive in.
Fresno at a Glance
Walk Score: 47 | Bike Score: 58 | Transit Score: 33
Median Sale Price: $385,000 | Average Rent for 1-Bedroom Apartment: $1,360
Fresno neighborhoods | Houses for rent in Fresno | apartments for rent in Fresno | Homes for sale in Fresno
Pro: Fresh local produce
Because of it’s location in the heart of California’s Central Valley, Fresno is a haven for fresh produce lovers. The city’s farmers’ markets, such as the Vineyard Farmers Market, overflow with locally grown fruits and vegetables. This agricultural abundance supports a dynamic local cuisine scene, with farm-to-table restaurants showcasing the region’s best. The availability of fresh, quality ingredients is a significant perk for residents who value healthy and sustainable eating.
Con: Air quality concerns
One of the challenges of living in Fresno is dealing with its air quality. With it’s position in a valley, the city often finds itself grappling with smog and pollution, particularly during the hot summer months. This can affect outdoor activities and pose health concerns for people with respiratory issues. Despite efforts to improve the situation, air quality remains a concern that locals must find ways to navigate.
Pro: Growing job market
In recent years, Fresno has seen growth in its job market, particularly in the healthcare, education, and agricultural sectors. New businesses and industries are setting roots in the city, offering a range of employment opportunities. This economic development is promising for residents and attracts individuals looking for new ventures. The evolving job market is a sign of Fresno’s potential for future prosperity.
Con: High cost of living
The cost of living in Fresno is 9% higher than the national average. The cost of utilities, such as electricity, water, and gas, tends to be higher compared to other cities in California. For instance, residents may find themselves paying more for electricity bills due to the region’s warm climate, which requires extensive use of air conditioning during the hot summer months. Additionally, water bills can be elevated due to the need for irrigation in agricultural areas surrounding Fresno. These higher utility costs can strain household budgets and make it challenging for some residents to manage these extra expenses.
Pro: Proximity to national parks
Fresno’s location is ideal for nature lovers and outdoor enthusiasts. It serves as a gateway to some of the country’s most stunning national parks, including Yosemite, Kings Canyon, and Sequoia National Parks. These natural wonders offer endless opportunities for hiking, camping, and exploring the great outdoors. The ability to take a day trip to such iconic destinations is a unique advantage of living in Fresno, providing an easy escape to nature whenever the city life becomes too much.
Con: Extreme summer heat
Residents of Fresno must prepare for the extreme heat that envelops the city during the summer months. Temperatures frequently soar above 100 degrees Fahrenheit, making outdoor activities uncomfortable and sometimes hazardous. This intense heat can limit recreational options and increase reliance on air conditioning, subsequently raising utility bills. The summer heat is a significant factor to consider for anyone thinking about moving to Fresno.
Pro: Unique local cuisine
Fresno’s culinary scene is a hidden gem, with a unique blend of influences from its diverse population and agricultural roots. Local specialties include dishes inspired by Mexican, Southeast Asian, and farm-to-table cuisine. Restaurants like The Annex Kitchen, which offers Italian-inspired dishes made with local ingredients, highlight the city’s innovative and delicious food offerings. For foodies, Fresno offers a delightful exploration of flavors that reflect its cultural diversity and agricultural abundance.
Con: Public transportation limitations
The public transportation system in Fresno, while present, doesn’t always meet the needs of all its residents. Coverage can be sparse, and frequency of service is often lacking, especially outside of the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently. The limitations of public transportation can impact daily commutes, access to services, and overall mobility within Fresno.
Fresno boasts a strong sense of community, with locals often coming together to support small businesses, schools, and charitable causes. Neighborhoods host block parties, community gardens, and local markets that foster a sense of belonging. This community spirit is evident in the city’s response to challenges, where neighbors are quick to lend a hand. Living in Fresno means being part of a community that cares and connects, enhancing the quality of life for its members.
Con: Limited nightlife and entertainment options
While Fresno has its charms, it may fall short for those seeking a bustling nightlife or a wide array of entertainment options. The city has some bars, clubs, and cultural events, but the variety and frequency might not match larger cities. This can be a drawback for anyone who thrives on the energy of a vibrant night scene. Residents often find themselves traveling to nearby cities for concerts, festivals, and other entertainment pursuits.
Source: rent.com
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The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.
If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.
11 Affordable Neighborhoods in Philadelphia, PA
From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.
1. Hartranft
2. Cedar Park
3. Fox Chase
4. Near Northeast Philadelphia
5. Cobbs Creek
6. North Central
7. Upper North District
8. Oxford Circle
9. Southwest Philadelphia
10. Bustleton
11. Richmond
Read on to see what each neighborhood has to offer its residents.
1. Hartranft
Average studio rent: $850
Average 1-bedroom rent: $1,050
Apartments for rent in Hartranft
Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.
2. Cedar Park
Average studio rent: $840
Average 1-bedroom rent: $1,075
Apartments for rent in Cedar Park
Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.
3. Fox Chase
Average studio rent: $962
Average 1-bedroom rent: $1,112
Apartments for rent in Fox Chase
With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.
4. Near Northeast Philadelphia
Average studio rent: $990
Average 1-bedroom rent: $1,112
Apartments for rent in Near Northeast Philadelphia
Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.
5. Cobbs Creek
Average studio rent: $1,100
Average 1-bedroom rent: $1,200
Apartments for rent in Cobbs Creek
Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.
6. North Central
Average studio rent: $850
Average 1-bedroom rent: $1,215
Apartments for rent in North Central
Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.
7. Upper North District
Average studio rent: $1,062
Average 1-bedroom rent: $1,245
Apartments for rent in Upper North District
Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.
8. Oxford Circle
Average studio rent: $1,355
Average 1-bedroom rent: $1,250
Apartments for rent in Oxford Circle
Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.
9. Southwest Philadelphia
Average studio rent: $900
Average 1-bedroom rent: $1,250
Apartments for rent in Southwest Philadelphia
A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.
10. Bustleton
Average studio rent: $1,099
Average 1-bedroom rent: $1,276
Apartments for rent in Bustleton
The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.
11. Richmond
Average studio rent: $750
Average 1-bedroom rent: $1,285
Apartments for rent in Richmond
Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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If you’re ready to shop for a new home, a mortgage preapproval letter shows sellers that you’re a serious buyer who can secure financing from a lender. It also gives you a clear idea of how much you may be eligible to borrow.
To show lenders that you’re a qualified borrower, you’ll need personal identification, pay stubs, bank account statements, a list of your monthly debts, tax returns, W-2 statements and information about your down payment. You’ll also need to submit to a credit check. Most lenders require a credit score of at least 620 for a conventional mortgage, but a higher score will increase your chances of getting preapproved and can lead to lower rate offers.
The lender may also verify your history of making your rent or mortgage payments on time. Depending on whether the lender has additional questions and how much of its preapproval process is automated, accepted borrowers can expect to receive a preapproval letter anywhere from a few hours to a few days after applying.
Even if you have all of the required documentation and a qualifying credit score, don’t take the application process for granted. Lenders will be scrutinizing your financial readiness. Avoiding potential pitfalls will help keep your homebuying goal on track.
Don’t take on any new debts or lines of credit
Lenders want to see that your finances are stable, including your obligations to creditors. Avoid making large purchases on credit or opening additional credit lines, including new credit cards.
“Making large purchases, such as buying a car or expensive furniture on credit, can significantly impact your debt-to-income ratio” says Matt Vernon, head of consumer lending at Bank of America in Charlotte, North Carolina. “By taking on more debt before obtaining preapproval, you could potentially exceed the debt-to-income ratio threshold that lenders are comfortable with, making it harder to qualify for the mortgage amount you need or to obtain favorable terms.”
Don’t create job or income instability
“Lenders prefer borrowers with stable employment and income histories because they view them as less risky,” says Vernon. He adds that changing jobs or having irregular streams of income can alarm lenders and jeopardize your application, even if your income is higher as a result.
If your income fluctuates or is unpredictable — for instance, if you’re in a commission-based role or self-employed — you will also need to demonstrate that your earnings are consistent enough to make your monthly mortgage payment, says Steve Kaminski, head of U.S. residential lending at TD Bank, also based in Charlotte.
Don’t make large deposits without documentation
“Large, unexplained deposits might raise questions about the source of funds or suggest undisclosed debts, which could impact the borrower’s ability to repay the mortgage,” says Vernon. If you’ve received money from a family member toward a down payment, be prepared to provide the lender with a signed letter from your relative that confirms the funds are not a loan. The lender may also ask for additional documentation, such as withdrawal and deposit slips.
Don’t rush the process
Even if you’re eager to shop for homes, it’s imperative to take your time with your mortgage preapproval application. “If anything’s off or missing, it could slow down or even hurt your preapproval process. Take a little extra time to double-check everything to avoid any delays,” Vernon says.
It’s worth your while to look at multiple lenders. Comparing quotes could get you the lowest rate and save you thousands in interest. Researching and narrowing your lender options during preapproval will help you act quickly once you’ve found a home and are ready to move forward with a mortgage application.
Kaminski says, “There is a lot to consider, and it can be overwhelming when combined with the emotion of home shopping and potential stress of low housing inventory and competitive offers.”
While you can’t control the market, you can present the strongest possible personal financial profile. In addition to providing the right information at the right time, you want to avoid any moves that could damage lenders’ perception of your ability to make loan payments. By getting preapproved, you’ll have successfully completed an important step in your homebuying journey.
Source: nerdwallet.com
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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.
American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don’t always move in predictable patterns—NPR reported elevated spending in 2023 despite rising inflation costs.
Here, we’ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We’ll also share personal finance resources that can help you refine your budget and reach your savings goals.
Table of contents:
Overview of American spending habits
According to the Bureau of Labor Statistics (BLS), Americans spent an average of $72,967 in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.
What do Americans spend the most money on?
Expenditure | Cost |
Housing | $24,298 |
Transportation | $12,295 |
Food | $9,343 |
Personal Insurance and Pensions | $8,742 |
Healthcare | $5,850 |
Entertainment | $3,458 |
All Other Expenditures | $2,080 |
Cash Contributions | $2,755 |
Apparel and Services | $1,945 |
Education | $1,335 |
Personal Care Products and Services | $866 |
In 2022, the BLS noted a 7.5 percent increase in income to coincide with a 9 percent increase in expenditures. Among the different categories, spending on food increased by 12.7 percent from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by 6.9 percent and 3.1 percent, respectively.
These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that 39.4 percent of a one-person household’s expenses go toward housing costs, while 32.1 percent of a two-person household’s funds are spent on housing.
To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.
Teen spending habits
According to the United States Census Bureau, more than 43 million teenagers live in America. Gaining a better understanding of teen spending habits is important, as teens spend about $63 billion each year.
More than 50 percent of young adults (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will prioritize school attendance over traditional means of employment—which could affect where and how often they’re spending money.
College student spending habits
College student spending habits fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm—many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.
In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.
Gen Z spending habits
Generation Z includes anyone born between 1997 and 2012. Gen Z spending habits reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.
A 2021 study by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they’re getting better overall value from a different company.
Millennial spending habits
Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.
Millennial spending habits include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.
Baby boomer spending habits
Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.
They’re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, baby boomer spending habits indicate that this generation holds more than 50 percent of the wealth in the United States.
Enhance your credit with Lexington Law Firm
American spending habits can fluctuate based on a person’s background, but credit scores impact all of us in many ways. At Lexington Law Firm, we can help you understand the nuances of credit. Get your free credit snapshot now to see your credit score and get a free credit assessment to help you get started.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
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Have you ever thought, “Should I move to Albuquerque, NM?” As the largest city in the New Mexico, Albuquerque possesses a unique fusion of Native American, Hispanic, and Anglo influences, creating a one-of-a-kind culture. From the vibrant colors of the annual Balloon Fiesta painting the desert sky to the rugged Sandia Mountains providing a majestic backdrop, this city offers a lifestyle that seamlessly marries urban amenities with outdoor adventure. In this article, we’ll take a closer look at some of the pros and cons of living in Albuquerque, exploring its unique features and its potential challenges. By the end, you’ll have a better understanding of what it’s like to own a home or rent an apartment in this city and decide whether it’s the right place for you.
Albuquerque at a Glance
Walk Score: 43 | Bike Score: 61 | Transit Score: 29
Median Sale Price: $335,000 | Average Rent for 1-Bedroom Apartment: $1,120
Albuquerque neighborhoods | Houses for rent in Albuquerque | Apartments for rent in Albuquerque | Homes for sale in Albuquerque
Pro: Thriving culinary scene
The culinary scene in Albuquerque is a delightful blend of Native American, Hispanic, and Anglo influences, creating a unique and flavorful dining experience. Restaurants like Sadie’s of New Mexico and El Pinto have put the city on the map with their authentic New Mexican cuisine. The local obsession with green and red chile peppers adds a spicy kick to dishes, making dining out in Albuquerque an exciting culinary adventure.
Con: Hot summers
The desert climate of Albuquerque means experiencing hot summers, with temperatures often soaring above 90 degrees Fahrenheit. While the dry heat is more tolerable than the humid heat found in other regions, it can still be overwhelming, especially in July and August. This extreme weather can limit outdoor activities during the day and increase the reliance on air conditioning, impacting both comfort and utility bills.
Pro: Rich cultural heritage
Albuquerque is a city steeped in a rich tapestry of Native American and Hispanic cultures. Locals can attend exciting events like the annual Albuquerque International Balloon Fiesta. An attraction where hot air balloons paint the sky with vibrant colors, drawing visitors from around the globe. Old Town Albuquerque offers a glimpse into the city’s past with its historic adobe buildings and traditional New Mexican cuisine. This cultural melting pot provides residents with a unique and diverse living experience, unlike anywhere else.
Con: Occasional water shortages
Being in a desert, Albuquerque occasionally faces water shortages and drought conditions. Water conservation is a significant concern, affecting everything from residential gardening to public park maintenance. These conditions can lead to restrictions on water use, impacting some people’s daily lives and the overall greenery of the city. It’s a reminder of the environmental challenges posed by the region’s arid climate.
Pro: Outdoor recreation opportunities
Albuquerque is a haven for outdoor enthusiasts. Nestled in the Sandia Mountains’ foothills, it offers easy access to hiking, biking, and skiing. The Rio Grande River provides opportunities for kayaking and paddle boarding. Locals can enjoy the natural beauty of the landscape and engage in healthy, active lifestyles year-round. This access to diverse outdoor activities is a significant draw for people looking for a balance between urban living and nature.
Con: Intermittent air quality issues
Albuquerque sometimes grapples with air quality issues, particularly during wildfire season. The city’s location in a valley can trap smoke and pollutants, leading to poor air quality days. This situation can affect outdoor activities and pose health concerns for individuals with respiratory conditions. While not a daily problem, it’s an environmental con that residents must occasionally contend with.
Pro: Accessible healthcare options
The city is home to several top-rated hospitals and healthcare facilities, including the University of New Mexico Hospital. Albuquerque’s healthcare system offers a wide range of services and specialties, making it a regional hub for medical care. This accessibility to quality healthcare is a significant advantage for residents, ensuring that medical needs can be met promptly and efficiently.
Con: Public transportation limitations
With a Transit Score of 29, public transportation options are slim in this city. While Albuquerque has made strides in improving its public transportation system, it still faces limitations. The coverage area can be sparse, and frequency of service is not always adequate for the needs of all residents, especially those living outside the central areas. This situation can make it challenging for people without personal vehicles to navigate the city efficiently.
Pro: Innovative tech and research hub
Albuquerque is emerging as a hub for innovation, technology, and research, largely due to institutions like Sandia National Laboratories and the University of New Mexico. This environment fosters job opportunities in cutting-edge industries and attracts people from around the country. The city’s commitment to supporting startups and tech companies contributes to a dynamic and forward-thinking economy.
Con: Seasonal allergies
Residents of Albuquerque may find themselves battling seasonal allergies. The city’s desert landscape, combined with its diverse plant life, can lead to high pollen counts, especially in the spring. Juniper, mulberry, and elm trees are common allergens that can affect quality of life for allergy sufferers. While this is a natural aspect of the region’s flora, it’s a con for those sensitive to seasonal changes.
Source: rent.com
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Las Vegas, NV, is recognized for its vibrant nightlife, casinos and themed resorts, and world-class entertainment from music residencies and museums to amusement park rides—all set against stunning desert landscapes. With so much to offer, it’s no wonder about 734,000 residents call this city home.
If you’re looking to rent an apartment in Las Vegas, you might be surprised to find that the average rent for a studio is $871, and a one-bedroom apartment is $1,280. ApartmentGuide has compiled a list of the most affordable neighborhoods in Las Vegas to help you find the perfect place within your budget.
5 Affordable Neighborhoods in Las Vegas, NV
From the lively Downtown area to the charming Sunrise neighborhood, there are plenty of options that won’t break the bank. Let’s dive in and explore the Las Vegas neighborhoods that made the list.
1. Sunrise
2. Downtown
3. Northern Strip Gateway
4. Downtown East
5. Southeast Las Vegas
Read on to see what each neighborhood has to offer its residents.
1. Sunrise
Average studio rent: $850
Average 1-bedroom rent: $850
Apartments for rent in Sunrise
Sunrise is the most affordable neighborhood in Las Vegas, as the average rent for a one-bedroom unit is $850. There are plenty of reasons to love living in Sunrise, from attractions like the Sunrise Library and the beautiful Douglas A. Selby Park and Trailhead to green spaces like Gary Reese Freedom Park. If you’re looking for an area with plenty of shops and restaurants, Sunrise may be for you. You can find several shopping centers and eateries along Nellis Boulevard.
2. Downtown
Average studio rent: $805
Average 1-bedroom rent: $987
Apartments for rent in Downtown
Downtown Las Vegas is the bustling city center, home to nightlife, world-class restaurants, and much more. If you’re new to Las Vegas and want to live amongst the hustle and bustle, you can rent an affordable apartment in the neighborhood. Downtown has many attractions, such as the Fremont Street Experience and the Neon Museum, among hidden gems. There’s always something to explore Downtown, whether it’s a concert, museum, or new restaurant.
3. Northern Strip Gateway
Average studio rent: $650
Average 1-bedroom rent: $1012
Apartments for rent in Northern Strip Gateway
With an average one-bedroom rent of $1,012, Northern Strip Gateway is the third-most affordable neighborhood in Las Vegas. This neighborhood is an awesome option to consider as it’s near attractions like the Stratosphere Tower and the Punk Rock Museum. There are also picturesque views of the Las Vegas Strip, so this area is great for exploring and enjoying Las Vegas. Or, if you’re looking for a relaxing afternoon, you can find Stupak Park in the area.
4. Downtown East
Average studio rent: $800
Average 1-bedroom rent: $1140
Apartments for rent in Downtown East
Downtown East is the fourth-most affordable neighborhood in Las Vegas. This neighborhood is a great option if you’re looking for a more suburban feeling. For example, there are a few parks in the area like Rafael Rivera Park and Hadland Park. The area is close to I-515 and Nevada 582 freeways, making it easy to travel around.
5. Southeast Las Vegas
Average studio rent: $830
Average 1-bedroom rent: $1140
Apartments for rent in Southeast Las Vegas
Just about 5 miles from downtown, Southeast Las Vegas is a stellar neighborhood if you want to live close to downtown. It’s also a great area for commuting as there are a lot of freeways and major roads nearby. Southeast Las Vegas also has parks like Springs Preserve and Lorenzi Park. You’re also close to major shopping centers like the Las Vegas Premium Outlets and Meadows Mall.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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With year-round sunshine, warm weather, stunning mountain views, and desert landscapes, Phoenix, AZ, is a wonderful city to call home. From its Southwestern vibe, colorful neighborhoods, and outdoor activities, it’s no surprise that 1.6 million people live in the “Valley of the Sun.”
If you’re looking to rent an apartment in Phoenix, you’ll find that the average rent for a studio is $1,125 while a one-bedroom apartment is $1,237. But those numbers might not fit your budget. ApartmentGuide is here to help with a list of the most affordable neighborhoods in Phoenix to rent this year.
8 Affordable Neighborhoods in Phoenix, AZ
From Lake Biltmore Village to Roosevelt, Phoenix has affordable neighborhoods that fit your budget. The best part is that they’re all under Phoenix’s average rent for studio and one-bedroom units. Let’s see what Phoenix neighborhoods made the list.
1. Lake Biltmore Village
2. Roosevelt
3. Citrus Acres
4. Alhambra
5. North Mountain
6. West Phoenix
7. South Mountain
8. Sunnyslope
Read on to see what each neighborhood has to offer its residents.
1. Lake Biltmore Village
Average studio rent: $853
Average 1-bedroom rent: $979
Apartments for rent in Lake Biltmore Village
Lake Biltmore Village is the most affordable neighborhood in Phoenix. The average rent for a one-bedroom unit is $979, almost $300 less than Phoenix’s average. There are many reasons to love living in Lake Biltmore Village, from attractions like the beautiful Lake Biltmore to green spaces like Cave Creek Park – Cholla. If you’re looking for restaurants and shops, you can find a lot along Peoria Avenue. For renters living in Phoenix without a car, there are two bus stops in Lake Biltmore Village.
2. Roosevelt
Average studio rent: $799
Average 1-bedroom rent: $1,099
Apartments for rent in Roosevelt
Roosevelt is a bustling area that’s just north of downtown Phoenix. This affordable neighborhood has lots of attractions such as the Margaret T. Hance Park, which is home to The Japanese Friendship Garden of Phoenix, the Historic Ellis-Shackelford House, and Great Arizona Puppet Theater. Roosevelt has numerous restaurants and bars throughout the neighborhood, like The Vig, Pita Jungle, and Vovomeena.
3. Citrus Acres
Average studio rent: $975
Average 1-bedroom rent: $1,100
Apartments for rent in Citrus Acres
With an average one-bedroom rent of $1,100, Citrus Acres is the third-most affordable neighborhood in Phoenix. This neighborhood is an awesome option to consider if you’re looking for a more residential area. There are plenty of shopping centers and parks nearby like Desert Palms Power Center and Old Crosscut Canal.
4. Alhambra
Average studio rent: $1,002
Average 1-bedroom rent: $1,114
Apartments for rent in Alhambra
Alhambra is the fourth-most affordable neighborhood in Phoenix and is north of downtown. This neighborhood is an excellent option if you want access to plenty of shops and restaurants. For example, you can easily access the Christown Spectrum Mall, Cielito Park, and the Grand Canyon University campus. Alhambra is also home to the Uptown Farmers’ Market, held on Wednesdays and Saturdays, where you can check out the local vendors.
5. North Mountain
Average studio rent: $1,010
Average 1-bedroom rent: $1,122
Apartments for rent in North Mountain
Just about 10 miles from downtown, North Mountain is a stellar neighborhood if you want to live outside the hustle and bustle. It’s also a great area if you want quick access to the outdoors. For example, you can access North Mountain Park, Phoenix Mountains Preserve, and Cave Creek Park. North Mountain has other attractions, like the Martin Auto Museum and Event Center, the Castles N’ Coasters amusement park, and Cave Creek Golf Course.
6. West Phoenix
Average studio rent: $994
Average 1-bedroom rent: $1,160
Apartments for rent in West Phoenix
Next up is West Phoenix, the sixth-most affordable neighborhood in Phoenix. West Phoenix is a quaint neighborhood near parks, restaurants, and attractions. Make sure to enjoy the outdoors at Falcon Park or grab a meal at one of the neighborhood restaurants on Van Buren Street. There’s something for everyone living in West Phoenix.
7. South Mountain
Average studio rent: $853
Average 1-bedroom rent: $1,199
Apartments for rent in South Mountain
Nestled south of downtown, South Mountain is the seventh-most affordable neighborhood in Phoenix. South Mountain has an outdoorsy atmosphere with it’s easy access to South Mountain Park, where you can find numerous trails and lookouts. You can also check out some of South Mountain’s attractions, like the Mystery Castle, Raven Golf Club, and the Rio Salado South Basin Trail.
8. Sunnyslope
Average studio rent: $795
Average 1-bedroom rent: $1,225
Apartments for rent in Sunnyslope
Sunnyslope takes the eighth and final spot on our list of most affordable neighborhoods in Phoenix. The average rent for a one-bedroom unit is roughly $10 less than the city’s average, so you’ll still save a bit over time. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Sunnyslope is home to several bars and restaurants, like North Mountain Brewing Company and Little Miss BBQ Sunnyslope. There’s always something new to explore in this charming neighborhood..
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.