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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Arizona’s sun-drenched landscapes and iconic deserts provide a stunning backdrop for renters seeking adventure and opportunity. Whether you’re drawn to the dynamic energy of Phoenix or the educational richness of Tempe, Arizona boasts an array of attractions that make it an enticing place to call home. Yet, living in Arizona isn’t without its challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of living in Arizona, offering valuable insights to help you navigate life in the “Land of the Sun.”
Population | 7,431,344 |
Avg. studio rent | $805 per month |
Avg. one-bedroom rent | $1,016 per month |
Avg. two-bedroom rent | $1,262 per month |
Most affordable cities to rent in Arizona | Kingman, Sierra Vista, Yuma |
Most walkable cities in Arizona | Tempe, Tucson, Phoenix |
Arizona’s rich cultural heritage is evident in its vibrant Native American communities, historic towns, and Spanish colonial architecture. The state is home to numerous cultural festivals, museums, and galleries that showcase its diverse history and traditions. For example, the Heard Museum in Phoenix offers an unparalleled collection of Native American art and artifacts.
Arizona is known for its extreme heat, especially during the summer months when temperatures can soar above 100 degrees Fahrenheit. This can lead to increased energy bills due to air conditioning and potential health risks. Cities like Phoenix and Tucson experience some of the highest temperatures.
The state boasts an array of natural landscapes, from the awe-inspiring beauty of the Grand Canyon to the mystical red rocks of Sedona. The Grand Canyon, recognized as one of the Seven Natural Wonders of the World, stands as an iconic symbol of Arizona’s unparalleled beauty, drawing millions of visitors annually to explore.
Arizona faces significant challenges with water scarcity due to its desert climate and reliance on the Colorado River. Drought conditions and water management issues can affect daily life and lead to restrictions on water use. This issue is particularly acute in cities like Yuma, which is in one of the driest regions of the state.
Arizona’s economy is growing, with sectors like technology, healthcare, and manufacturing leading the way. The state has become a hub for tech companies, with cities like Phoenix attracting startups and established firms alike. This economic growth has led to job creation and innovation throughout the state.
While Arizona has made strides in improving its transportation infrastructure, traffic congestion can still be a significant issue, especially in larger cities like Mesa. The reliance on cars due to the sprawling urban areas can lead to long commute times and contributes to air pollution.
Arizona offers a relatively affordable cost of living. Housing, groceries, and utilities are generally less expensive, which can be particularly attractive reason to move to the state. Cities like Kingman exemplify Arizona’s affordability where the average rent for a one-bedroom apartment is $695. Buying a house is also favorable where the median sale price in Kingman is $284,000.
Arizona’s dry climate and desert landscape can be challenging for individuals with allergies. Dust storms and pollen can exacerbate respiratory conditions such as asthma. Cities like Tucson experience high pollen count where the top allergens are Mulberry, Juniper and Ash trees.
Arizona offers a plethora of outdoor activities, catering to adventurers and nature enthusiasts alike. From hiking the picturesque trails of the Grand Canyon to exploring the scenic wonders of Sedona’s red rock formations, there’s no shortage of opportunities to immerse oneself in the state’s breathtaking landscapes.
Arizona’s air quality can be a concern, especially in urban areas and during certain times of the year. Factors such as vehicle emissions, industrial activities, and natural events like dust storms contribute to occasional periods of poor air quality, which may pose health risks for sensitive individuals.
Arizona is renowned for its emphasis on health and wellness, attracting visitors and residents alike seeking rejuvenation and relaxation. The state boasts numerous wellness retreats, spas, and fitness centers, offering a wide range of holistic treatments and activities to promote well-being. Whether indulging in yoga sessions amid Sedona’s tranquil red rocks or unwinding at luxury resorts nestled in the Sonoran Desert, Arizona provides abundant opportunities for rejuvenation and self-care.
Arizona faces wildfire risk due to its arid climate, rugged terrain, and occasional periods of high winds. Dry conditions, coupled with lightning strikes or human activities, can spark wildfires that spread rapidly, posing threats to both property and lives.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Costs deter buyers The average 30-year-fixed mortgage rate currently stands at 6.82%, well below the 23-year high of almost 8% hit in October, but still more than double the all-time low of 2.65% reached during the pandemic. This has led many prospective homebuyers to delay their purchasing plans, bolstering rental demand and putting upward pressure … [Read more…]
Michigan has a beautiful array of landscapes, ranging from the Great Lakes’ expansive shores to the lush forests of the Upper Peninsula. Its cities, like Grand Rapids with its craft brewery scene and Ann Arbor as a vibrant center of education and innovation, present diverse living environments. However, navigating life in Michigan has its hurdles. In this ApartmentGuide article, we’ll uncover the pros and cons of calling the Great Lakes State home, giving you insights on whether you’ll want to call this state home.
Michigan’s cultural heritage is deeply rooted in its history, from the Motown Museum in Detroit that showcases the city’s musical legacy to the numerous festivals celebrating its diverse communities like the East Lansing Film Festival. Along with festivals, the state’s history of innovation and manufacturing, particularly in the automotive industry, is displayed in museums like The Henry Ford in Dearborn.
Michigan experiences extreme winters with heavy snowfall and below freezing temperatures, particularly in the Upper Peninsula. This weather can lead to difficult driving conditions, increased heating costs, and the need for regular snow removal, impacting daily life during the winter months.
The state is home to stunning natural landscapes, including the Great Lakes, over 100 state parks, and thousands of miles of beaches. Places like Sleeping Bear Dunes National Lakeshore and Pictured Rocks National Seashore offer breathtaking views and a plethora of outdoor activities such as hiking, fishing, and camping.
Michigan ranks among the states with some of the highest humidity levels in the nation. Humidity can lead to discomfort and exacerbate existing health conditions for some residents. The combination of heat and humidity can make outdoor activities feel more oppressive and challenging. Additionally, increased humidity can contribute to issues like mold growth and indoor air quality concerns in homes and buildings.
Michigan boasts a vibrant arts and music scene, with Detroit known as the birthplace of Motown music. The state hosts numerous art fairs, music festivals like the Detroit Jazz Festival, and live performances throughout the year, reflecting its rich cultural diversity and artistic talent.
Infrastructure in some parts of Michigan, including roads and bridges, requires significant improvement. The state has faced challenges with aging infrastructure due to climate change, leading to concerns over safety and the need for extensive repairs and upgrades. This can pose as a challenge to residents who commute.
Michigan is home to prestigious universities and colleges, including the University of Michigan and Michigan State University. These institutions offer a wide range of programs and contribute to research, innovation, and the state’s educational landscape.
Michigan’s weather is famously erratic, with residents often experiencing dramatic shifts in temperature and sudden weather changes. From unexpected snowstorms in April to heatwaves in October, predicting the weather can be a challenge. This variability can impact daily life, requiring residents to be prepared for a wide range of conditions throughout the year.
Michigan is a haven for sports enthusiasts, hosting professional teams like the Detroit Lions and Detroit Tigers, as well as offering numerous recreational activities such as boating, fishing, and skiing. The state’s diverse landscapes provide the perfect backdrop for a wide range of outdoor adventures.
Michigan’s lush natural landscape brings with it seasonal allergies, with pollen levels often peaking during the spring and summer months. For allergy sufferers, this can mean dealing with symptoms like sneezing, itchy eyes, and congestion. While the state’s beauty is undeniable, those prone to allergies may need to take precautions during peak pollen seasons to minimize discomfort.
Michigan’s proximity to Lake Huron, Lake Michigan, Lake Superior and Lake Erie offer residents unparalleled access to recreational opportunities, including swimming, boating, and fishing. The vast expanses of freshwater provide not only stunning natural beauty but also opportunities for water-based activities year-round.
Outside of major cities, Michigan’s public transportation options are often limited, leaving residents reliant on personal vehicles for commuting and travel. In fact, in Ferndale, the transit score is 13, meaning the city is car-dependent where almost all errands require a car. This lack of comprehensive public transit infrastructure can pose challenges for those without access to cars, particularly in rural areas.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
The Big Apple, New York City, truly has something for everyone – from the bustling streets of Manhattan to the vibrant neighborhoods of Brooklyn. This world-renowned city is home to countless iconic landmarks, from Times Square and Central Park to Madison Square Garden and the Statue of Liberty.
If you’re looking to rent an apartment in New York City, you might be surprised to find that the average rent for a studio is $3,900 and a one-bedroom apartment is $4,770. But don’t worry, we’ve got you covered. ApartmentGuide has compiled a list of the most affordable neighborhoods in New York City to rent this year.
From Lenox Hill to Flatbush, New York City has affordable neighborhoods that fit your budget. The best part is that they’re all under New York City’s average rent for studio and one-bedroom units. Let’s jump in and see what New York City neighborhoods made the list.
1. Lenox Hill
2. Flatbush
3. Washington Heights
4. Northeastern Queens
5. Ridgewood
6. West Bronx
7. East Harlem
8. Bushwick
9. Park Slope
10. Tudor City
11. Prospect Heights
Read on to see what each neighborhood has to offer its residents.
Average studio rent: $2,715
Average 1-bedroom rent: $1,425
Apartments for rent in Lenox Hill
Lenox Hill is the most affordable neighborhood in New York City, as the average rent for a one-bedroom unit is $1,425. There are plenty of reasons to love living in Lenox Hill, from attractions like Central Park and the Frick Collection to green spaces like St. Catherine’s Park. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, from deli’s and Italian restaurants to trendy pubs and vegan spots. For renters living in New York without a car, there are several subway stations in Lenox Hill.
Average studio rent: $1,900
Average 1-bedroom rent: $2,000
Apartments for rent in Flatbush
Flatbush is a bustling area located in the Brooklyn borough. This affordable neighborhood has lots of attractions such as Prospect Park and the Brooklyn Botanic Garden, giving renters plenty of green spaces to enjoy. There are plenty of transit stops in the neighborhood, making it easy to get into Manhattan. It’s also a walkable area, so make sure to explore the restaurants, shops, and nearby neighborhoods like Kensington and Midwood.
Average studio rent: $1,995
Average 1-bedroom rent: $2,100
Apartments for rent in Washington Heights
With an average one-bedroom rent of $2,100, Washington Heights is the third-most affordable neighborhood in New York. This Manhattan neighborhood is an awesome option to consider as it’s near attractions like Fort Tryon Park, United Palace, and Fort Washington Park. There are also picturesque views of the Hudson River, so this area is great for exploring and enjoying New York. Or, if you’re looking for a fun night out, you can head to nearby Yankee Stadium to watch a game.
Average studio rent: $1,820
Average 1-bedroom rent: $2,145
Apartments for rent in Northeastern Queens
Northeastern Queens is the fourth-most affordable neighborhood in New York. This neighborhood is a great option if you’re looking for New York’s charm without living in the heart of Manhattan. For example, you can easily access the Queens Botanical Garden, Flushing Meadows Corona Park, and the New York Hall of Science.
Average studio rent: $1,587
Average 1-bedroom rent: $2,300
Apartments for rent in Ridgewood
Just about 8 miles from Manhattan, Ridgewood is a stellar neighborhood if you want to rent an apartment. It’s also a great area if you’re living in New York without a car, as Ridgewood has a few subway stops. There are also several beautiful green spaces in the area, like Grover Cleveland Playground. Ridgewood is also home to a variety of restaurants, shops, and cafes like Super Pollo, Topos Bookstore, and Rudy’s Pastry Shop. You can also find the charming Madison–Putnam–60th Place Historic District.
Average studio rent: $1,603
Average 1-bedroom rent: $2,599
Apartments for rent in West Bronx
Next up is West Bronx, the sixth-most affordable neighborhood in New York. West Bronx is full of history and charm with tree-lined streets, historic buildings, and museums, like the Bronx Museum of Arts. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Crotona Park, catch a game at Yankees Stadium, or grab a meal at one of the neighborhood restaurants. There’s something for everyone living in West Bronx.
Average studio rent: $2,800
Average 1-bedroom rent: $2,750
Apartments for rent in East Harlem
East Harlem is next on our list, just east of Central Park. East Harlem has a friendly atmosphere and community feeling, with plenty of local cafes and restaurants throughout the area, such as Ricardo Steak House and El Kallejon. You can also check out some of East Harlem’s green spaces, like Thomas Jefferson Park, or visit museums, like El Museo del Barrio, the Graffiti Hall of Fame, and the Museum of the City of New York.
Average studio rent: $2,289
Average 1-bedroom rent: $2,850
Apartments for rent in Bushwick
Bushwick takes the eighth spot on our list of most affordable neighborhoods in New York. The average rent for a one-bedroom unit is roughly $2,000 less than the city’s average, making Bushwick a great option to consider renting in. It’s located in Brooklyn, which means you’ll have the best of city life without living in the city center. This artsy area is home to many art galleries, like the Bushwick Collective, and green spaces, like Maria Hernandez Park and Irving Square Park.
Average studio rent: $2,500
Average 1-bedroom rent: $3,100
Apartments for rent in Park Slope
A well-known New York neighborhood, Park Slope is the next area. In the Brooklyn borough, Park Slope is home to the Old Stone House of Brooklyn and Grand Army Plaza, meaning there’s plenty to do throughout the week. You’ll find there are countless historic brownstones in Park Slope, so make sure to explore the area’s charm. If you need to commute to work, there are lots of options as the 7th Avenue subway station is nearby.
Average studio rent: $2,400
Average 1-bedroom rent: $3,575
Apartments for rent in Tudor City
The tenth-most affordable neighborhood in New York is Tudor City. This area has a vibrant feeling, just blocks from the Empire State Building. You can find parks like Robert Moses Playground and the East River Esplanade, perfect for enjoying a sunny day in New York. Tudor City also events throughout the year at Tudor City Greens, providing residents with lots of opportunities to enjoy their neighborhood.
Average studio rent: $2,201
Average 1-bedroom rent: $4,145
Apartments for rent in Prospect Heights
The final spot on our list of affordable neighborhoods in New York is Prospect Heights. This affordable neighborhood is located north of the popular Prospect Park and is an awesome area if you’re looking for a neighborhood with a charming main street. You can find plenty of cozy cafes and lively restaurants along Vanderbilt Avenue and Flatbush Avenue. Prospect Heights is home to Barclays Center, where you can see concerts and sporting events. It’s also close to parks like Prospect Park and the Brooklyn Museum, so there’s a lot to do in this neighborhood.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in 2024.
American renters are fearful that their home-owning aspirations are increasingly getting out of reach, according to a recent survey by the real-estate platform Redfin, amid an environment of high home prices and elevated mortgage rates.
Almost 40 percent of the renters polled told surveyors they did not believe they would own a home of their own, up from 27 percent in a similar survey Redfin conducted in May and June. Part of the struggle for these Americans is that homes are beyond what they can afford. Securing a down payment can prove elusive, and high mortgage rates may discourage them from acquiring property.
Read more: How to Get a Mortgage in 2024
The Redfin survey sampled about 3,000 U.S. residents in February, and its analysis of renters’ expectations came from a 1,000 renters in the poll.
Mortgage rates in particular have stayed elevated over the past six months. After hitting a peak of 8 percent—the highest level since the turn of the century—mortgage rates declined to the mid-6 percent range at the end of the year and into 2024. In recent weeks, however, the cost of home loans have ticked up to above 7 percent, depressing activity in the mortgage market.
On April 11, the 30-year fixed rate rose to almost 7.4 percent, Mortgage News Daily reported, the highest levels since November 2023. The rise follows news that suggests borrowing costs may stay elevated for longer than economists initially anticipated.
High mortgage rates now mean that first-time buyers must earn about $76,000 to afford what the industry describes as a starter home, which is an 8 percent increase from a year ago and almost 100 percent higher than it was before the pandemic, Redfin said. It added that home prices have soared more than 40 percent since 2019, as buyers took advantage of low borrowing costs during the pandemic to acquire houses, increasing demand, escalating competition and pushing up prices.
Read more: Compare Top Mortgage Lenders
“Buying a home has become increasingly out of reach for many Americans due to the one-two punch of high home prices and high mortgage rates,” Redfin wrote.
Renters being unable to buy homes has in turn contributed to increased competition and price jumps in the rental market. The median asking rent is at $2,000 in the U.S., close to the record high it reached in 2022, Redfin said. Still, despite the elevated cost of rent, renting may be a more affordable option than homeownership.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now—especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” said Daryl Fairweather, Redfin’s chief economist. “While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.”
To purchase a house, a buyer would need about $60,000 as a down payment for a home loan, an amount that is out of reach for many Americans.
Fairweather added, “The sheer expense of purchasing a home is causing the American Dream of homeownership to lose some of its shine.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Colorado’s diverse landscapes, from the towering Rocky Mountains to the vast plains and stunning desert vistas, offer residents and visitors unparalleled opportunities for adventure. Its cities, like Denver with its vibrant cultural scene and Boulder as a hub for innovation, create an atmosphere that draw people in from all over. However, living in Colorado presents its own set of challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of calling the Centennial State home, providing insights to help you make informed decisions on whether this state is right for you.
Population | 5,877,610 |
Avg. studio rent | $1,386 per month |
Avg. one-bedroom rent | $1,522 per month |
Avg. two-bedroom rent | $1,907 per month |
Most affordable cities to rent in Colorado | Grand Junction, Pueblo, Greeley |
Most walkable cities in Colorado | Denver, Englewood, Boulder |
Whether you’re exploring the picturesque trails of Rocky Mountain National Park or embarking on a scenic drive along the iconic Trail Ridge Road, there’s opportunities for every recreational opportunities. In fact, Colorado is known for its winter sports with options like the Vail Ski Resort and Breckenridge, residents and visitors can indulge in world-class skiing, snowboarding, and other activities.
The high altitude of many areas in Colorado can pose health challenges for newcomers and visitors. Altitude sickness is common, and the thin air can exacerbate respiratory and cardiovascular conditions. It takes time for the body to adjust to the lower oxygen levels at higher elevations. So if you’re considering a move to this state, you’ll want some time to adjust.
Colorado boasts a robust economy with a strong job market, particularly in sectors such as technology, aerospace, and renewable energy. The state’s economic health attracts businesses and professionals, contributing to a high quality of life for its residents.
The cost of living in Colorado, particularly in bustling cities like Denver and Boulder, surpasses the national average, posing financial hurdles for residents. With housing prices soaring, the median sale price in Denver sits at a staggering $565,000, while one-bedroom rentals command an average of $2,148 per month, amplifying the financial burden.
Colorado is home to several highly regarded universities and research institutions, including the University of Colorado and Colorado State University. These institutions contribute to the state’s vibrant intellectual community and offer numerous opportunities for higher education and research.
Colorado’s semi-arid climate brings with it the challenge of drought and water scarcity, leading to periodic water restrictions and conservation efforts. Residents may need to adjust their lifestyles and landscaping practices to comply with water-saving measures imposed during dry periods.
Colorado is known for its health-conscious residents and has consistently been ranked as one of the healthiest states in the U.S. The state’s culture promotes physical activity, outdoor recreation, and a balanced diet, contributing to the overall well-being of its population.
Colorado faces a significant risk of wildfires, particularly in areas where urban development meets wildland. The state has experienced several devastating wildfires in recent years, leading to property damage, evacuations, and air quality issues.
Colorado is a haven for foodies and craft beer enthusiasts, with a thriving culinary scene that includes farm-to-table restaurants, food festivals, and over 400 craft breweries. The state’s diverse food and drink offerings reflect its cultural richness and innovation.
Due to its diverse climate and vegetation, Colorado can be challenging for people with seasonal allergies. Pollen from trees, grasses, and weeds can lead to uncomfortable symptoms for allergy sufferers, particularly during the spring and summer months. Colorado Springs stands out as a prime example of a city where allergies can be a concern, boasting one of the highest pollen counts in the state.
Colorado’s abundance of sunshine year-round provides residents with ample opportunities for outdoor activities and boosts overall mood and well-being. With over 300 days of sunshine annually, the state offers a bright and inviting environment for exploring its stunning landscapes and enjoying recreational pursuits in every season.
As Colorado’s population grows, traffic congestion has become a significant issue, particularly in metropolitan areas. While there are public transportation options, many residents rely on personal vehicles, leading to crowded highways and longer commute times.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Property preservation company MCS announced last month that it had entered the reverse mortgage business after acquiring Five Brothers Asset Management Solutions. In part one of RMD’s interview with MCS CEO Craig Torrance, he explained his company’s interest in the reverse space.
In the second part of the interview, Torrance goes deeper into the value proposition of engaging in the reverse mortgage business; the ways companies like his might be able to simplify certain necessary property obligations; and more about what the company is inheriting from Five Brothers in terms of knowledgeable people and reverse industry relationships.
Editor’s note: This interview has been edited and condensed for clarity and readability.
Craig Torrance: I think [we] will naturally, hopefully, bring in the lenders to think through what this relationship will look like going forward, and to identify what else we can do to help folks in the space. Generally, I think as we pull together resources and understand as an industry what we can do, there will be more of that type of thinking around what services can be created for reverse mortgage owners to utilize and say, ’Hey, I need work done. I need somebody to cut my grass.’
In many cases, some of those services are managed by family members. So, you’ve got the elderly folks in the reverse mortgage, and the kids are the ones trying to figure out how to maintain mom’s house. If we can professionalize that so people feel good knowing the person performing this work at mom’s house is from a solid, reputable company — and that the lender, the servicer and everybody’s kind of involved in that — it’s probably an upside for the whole community.
Torrance: Yes. We grabbed everything out of the business, and we’re also going to continue with the team there. They bring a lot of industry expertise, and the business was huge: It was a 50-year-old business. They spent a lot of time in this space, with a lot of people there having 20 to 25 years of experience in reverse. Part of the deal was to bring all that expertise into MCS and continue.
So, we really want to be active in the reverse space, be a participant in the industry, be part of the conversations and share what we think we can do to help out. Hopefully, everyone can raise their hands.
Torrance: We don’t see any direct competitor to our place. We see direct competitors in certain segments, like property preservation in forward (lending). There are competitors in single-family rental (SFR) service centers. In reverse, there are a few competitors. But to us, what is key is that when you put it all together, there isn’t any one company that can do all the things we can. That’s why we feel good about the business model.
Adding in reverse allows all those reverse companies to pull from a commercial business, from our single-family rental business and from our forward mortgage business. That ultimately means we have more vendors, better technology and tools — we believe — than our competitors. So, we have individual competitors in certain segments but no one overall competitor, which makes us somewhat unique.
Torrance: I think the key message that I would double down on is the conversation around labor in the U.S. and how costs to perform this kind of maintenance work have only accelerated over the last few years. What we’ve found is that this is ultimately a fee-based business. When you perform some of these basic types of maintenance services, there’s a cap on how much you can charge for that.
What has happened is we have seen vendors leave the space, so we are at a point where they would rather work for Amazon than cut grass because they can make more money than cutting grass on a defaulted reverse mortgage property. So, what we’ve seen is people shy away from this segment and these FHA-backed properties. MCS is trying to solve that problem by bringing more work to the vendors today through reverse, forward, commercial and SFR.
Torrance: The only thing I would add in is that Five Brothers has built a technology platform to really enable the reverse process very well. When it comes to technology, people say you can build anything. It’s just ones and zeros at the end of the day. And to an extent, that’s true, but the reality is that it’s hard to build the platform to do reverse mortgage process servicing.
It’s hard to build a servicing platform, and the servicing platform that reverse people use is different from forward. So, thinking through that, what they’ve really done over the last 20 to 30 years is they’ve created a process flow and enabled that process for a really slick tech engine that you can now move through the reverse process very easily. It’s transparent, and we can unlock a lot of efficiencies, and ultimately get to compliance and deliver great service through there.
That was critical for me. Technology needs to unlock this. Five Brothers probably has the best property preservation platform for reverse in that segment. We now have that platform, will continue to invest in it and we can only just accelerate that over the next few years.
Source: housingwire.com
From the scenic shores of Cape Cod to the historic streets of Boston and the lush Berkshires, Massachusetts has an array of landscapes that cater to every lifestyle. Its cities, such as Worcester with its cultural heritage and Cambridge as an intellectual and innovation hub, offer unparalleled living experiences. However, living in Massachusetts presents its own unique set of challenges. In this ApartmentGuide article, we’ll examine both the pros and cons of calling the Bay State home, providing insights to help you make informed decisions about if this state is right for you.
Population | 7,001,399 |
Avg. studio rent | $2,161 per month |
Avg. one-bedroom rent | $2,330 per month |
Avg. two-bedroom rent | $2,748 per month |
Most affordable cities to rent in Massachusetts | Holyoke, Chicopee, Springfield |
Most walkable cities in Massachusetts | Cambridge, Somerville, Boston |
Massachusetts is steeped in American history, offering an abundance of historical sites and landmarks. From the Freedom Trail in Boston to the witch trials in Salem, the state provides a unique journey through the nation’s past, making it a haven for history buffs and educational trips.
Home to world-renowned institutions such as Harvard University and the Massachusetts Institute of Technology (MIT), Massachusetts offers unparalleled educational opportunities. The state’s prestigious universities not only provide top-tier academic programs but also foster innovation and research, contributing to Massachusetts’ reputation as a leader in education and technological advancement.
Massachusetts, especially the Greater Boston area, is notorious for its traffic congestion. Commuting can be a time-consuming and frustrating experience, with the city frequently ranking high on lists of worst traffic in the United States. You’ll want to plan accordingly as the rush hour gridlock becomes a daily reality for those residing there.
With a rich array of museums, theaters, and galleries, Massachusetts boasts a vibrant cultural scene. Events like the Boston Marathon and various music festivals like Green River Music Fest in Greenfield highlight Massachusetts’ diverse cultural offerings all over the state.
Massachusetts experiences harsh winters, with heavy snowfall and cold temperatures often reaching below freezing. This can lead to disruptions in daily life, from transportation delays to increased heating costs, affecting residents’ comfort and safety.
Despite its urban centers, Massachusetts offers easy access to nature and outdoor activities, providing residents with a welcome escape from city life. Whether exploring the sandy shores of Cape Cod, skiing down the slopes of the Berkshire Mountains, or hiking along the picturesque trails of the Appalachian Trail, Massachusetts has a diverse array of landscapes and recreational opportunities to suit every preference and season.
The availability of affordable housing in Massachusetts is limited, making it challenging for many people to find suitable living arrangements. This issue is exacerbated in metropolitan areas, where the demand for housing continues to be competitive. Furthermore, as housing prices continue to rise, particularly in desirable urban neighborhoods, residents may face a lack of affordable housing.
Massachusetts has a strong and diverse economy, with sectors such as technology, education, and healthcare leading the way. This economic strength provides a wealth of job opportunities and contributes to a high standard of living for many residents. Additionally, Massachusetts’ reputation as a hub for research and development attracts top talent from around the world.
Seasonal allergies can be a significant issue for residents of Massachusetts, particularly in the spring and fall. The high pollen count during these seasons can affect people’s health and quality of life, making it uncomfortable for those with allergies. The top allergies in Plymouth are Elm, Juniper and Poplar trees which can trigger allergic reactions.
The state has a rich sports culture, with passionate fan bases for teams like the Boston Red Sox, New England Patriots, and Boston Celtics. This creates a vibrant community atmosphere, bringing residents together in celebration of their beloved teams and shared sporting traditions.
Massachusetts residents face relatively higher property taxes compared to the national average, placing an additional financial strain on homeowners. With an average effective tax rate of 1.12%, surpassing the national average of 0.99%, the cost of homeownership in the state becomes notably more burdensome. These elevated property taxes contribute to the overall higher cost of living in Massachusetts, posing challenges for those aspiring to achieve homeownership in the state.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
If you caused a major car accident and the other driver sued you to cover their medical costs, would you have enough liability insurance to pay the damages? In a financially disastrous situation like this one, an umbrella insurance policy could help.
Umbrella insurance offers extra liability coverage beyond what’s on the policies you already have, such as auto or homeowners insurance. But there can be big differences from one umbrella policy to the next, including coverage details and maximum limits. Here’s how to find the best umbrella insurance for you.
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When comparing umbrella insurance options, consider the following questions.
A standard umbrella insurance policy will cover injuries or property damage you cause to others, as well as your legal defense for such claims. But the nitty-gritty details may vary between policies.
For example, if your idea of a fun vacation is renting a Jet Ski and hitting the water, know that some umbrella insurers won’t cover these kinds of personal watercraft. The best umbrella insurance coverage for you will include your hobbies and other activities.
Many umbrella policies offer coverage anywhere in the world, which could be useful if you often travel overseas. But some policies may pay only for lawsuits brought in the U.S. or Canada.
You might also see some insurers offering excess liability policies, which tend to be similar but not identical to umbrella policies. Excess liability policies essentially boost the limits on the coverage you already have, while umbrella policies may also offer extra types of coverage that aren’t available on your existing policies.
An independent insurance agent can help talk you through exactly what’s covered and what isn’t by each policy you’re considering.
Insurers often require a minimum amount of liability insurance on your underlying policies before you can buy umbrella insurance.
For instance, to add umbrella coverage to your car insurance, your policy may need to have $250,000 of bodily injury liability coverage and $100,000 of property damage liability coverage. To add umbrella coverage to a homeowners policy, you often need $300,000 of liability insurance.
If your existing policies fall short of these limits, increasing your coverage amounts will likely raise your premiums.
Before they sell you an umbrella policy, many insurers require that you carry your auto, homeowners, condo or renters insurance with them, too. RLI and Auto-Owners Insurance are two companies that offer stand-alone umbrella insurance policies, meaning you could carry your auto or homeowners coverage with someone else.
Another factor to look at when shopping is the maximum limit a company offers. Most umbrella policies stop at $5 million, but some go higher. Farmers, for instance, offers umbrella insurance up to $10 million in most states, while Chubb‘s umbrella limits go up to $100 million.
When choosing your coverage limit, add up the value of your assets, such as savings, investments and real estate. These are things you could lose if someone files a lawsuit against you. Consider choosing an umbrella liability limit at least high enough to cover all your assets.
Many major carriers offer umbrella insurance. A good first step is to call your current auto and home insurer and request an umbrella insurance quote. Remember that you may have to increase the coverage limits on your underlying policies, which could raise your total cost.
If you have coverage with multiple companies, ask how much it would cost to move all your policies to that company, including the new umbrella. See if a bundling discount could reduce the total cost of your premiums.
🤓Nerdy Tip
Take this opportunity to shop around. Since you’re adding a new type of insurance and potentially raising the coverage limits on your existing policies, you may find that your current insurer no longer offers the best value.
We recommend getting quotes from at least three companies before making a decision. An independent agent or broker can shop around on your behalf and explain the coverage differences between policies.
Below are some of the major umbrella insurance companies in the U.S., along with details about their coverage limits and eligibility requirements. Keep in mind that smaller regional insurers may also offer solid coverage at an affordable price. A local insurance agent can help you find them.
Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Massachusetts, Nevada and New York.
Eligibility requirements: You must have underlying policies with at least the following limits:
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Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Hawaii.
Eligibility requirements: Requirements vary by state. Generally, your underlying policies must meet the following minimums:
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Coverage limits: $1 million to $5 million, with additional limits potentially available.
States available: Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.
Eligibility requirements: Eligibility requirements differ depending on underlying policy, underlying carrier and where you live.
Coverage limits: $1 million to $100 million.
States available: All 50 states and Washington, D.C.
Eligibility requirements: Minimum limits for underlying policies vary by state.
Note: Chubb’s policy is technically an excess liability policy, not an umbrella policy.
Coverage limits: $1 million to $10 million, except in Florida and California, where the maximum limit is $5 million.
States available: All states except Alaska, Delaware, Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, North Carolina, Rhode Island, Vermont, Washington, D.C., and West Virginia.
Eligibility requirements: Farmers must insure at least one car with bodily injury liability limits of at least $250,000 per person and $500,000 per accident. You can insure your home with any company as long as it has at least $300,000 of liability coverage.
Insurance type |
NerdWallet star rating |
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Auto insurance |
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Homeowners insurance |
Coverage limits: $500,000 to $10 million. (Limits above $2 million require additional eligibility requirements.)
States available: Washington, D.C., and all states except Alabama, California, Georgia, Montana, Nevada, New York, Texas and Washington. In the states where Geico doesn’t currently sell umbrella insurance, it can offer a policy through a partner carrier.
Eligibility requirements: You generally must have all vehicles insured with Geico and have the following minimum coverage limits on any relevant underlying policies:
Auto, RV, motorcycle or golf cart |
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Property (homeowners, renters, etc.) |
$300,000 of liability coverage. |
Boat (26 feet or longer, or over 50 horsepower) |
$300,000 of liability coverage. |
Boat (under 26 feet with motor of 50 horsepower or less) |
$100,000 of liability coverage. |
Coverage limits: $1 million to $5 million.
States available: All states except California, Georgia, Louisiana and New Jersey. Coverage limits and requirements vary by state.
Eligibility requirements: You generally must have a Liberty Mutual auto policy with at least the limits below, but requirements may vary by state. The other policy types are optional, but if you have any of them, the liability limit must be at least $100,000.
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Homeowners, dwelling, watercraft, farmer’s personal liability or general personal liability |
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Coverage limits: $1 million to $5 million.
States available: Washington, D.C., and all states except Alaska, Hawaii, Louisiana and Oklahoma.
Eligibility requirements: It depends on where you live. In most cases, all vehicles and your primary home must have Nationwide policies with at least the following limits:
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Coverage limits: $1 million to $5 million, with higher limits available through the USAA Insurance Agency.
States available: All 50 states and Washington, D.C.
Eligibility requirements: USAA policies are available only to veterans, active military and their families. The following limits apply to underlying policies:
Homeowners, renters or rental property |
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Watercraft (if applicable) |
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Source: nerdwallet.com