Tuscaloosa, Alabama, is a vibrant city with a rich history and strong community. Residents enjoy a mix of southern charm and modern amenities, with various dining, shopping, and entertainment options. The city’s beautiful parks and outdoor spaces provide plenty of outdoor activities and relaxation opportunities. Whether you’re a sports fan, a history buff, or simply looking for a welcoming place to call home, Tuscaloosa has something for everyone. So, if you’re considering moving to Tuscaloosa, looking for homes for sale, or want to learn more about the area, this Redfin article will dive into what Tuscaloosa is known for.
1. University of Alabama
Tuscaloosa is widely recognized as home to the University of Alabama, a prestigious institution with a rich history and academic excellence. As one of the largest universities in the state, it is a successful college football program in the country. The university’s influence extends beyond academics and athletics, shaping the city’s cultural fabric and contributing to its vibrant and spirited community.
2. College football
College football holds a special place in Tuscaloosa’s identity, with the city known for the powerhouse football program of the University of Alabama. The genuine enthusiasm and support of the local community and the team’s success have turned game days at Bryant-Denny Stadium into iconic events. College football in Tuscaloosa is not just a sport; it’s a cultural phenomenon that fosters a sense of unity, pride, and spirited celebration throughout the city.
3. Mercedes-Benz U.S. International
Tuscaloosa is home to the Mercedes-Benz U.S. International manufacturing plant, a cornerstone of the city’s economic landscape. This major automotive facility plays a crucial role in producing a variety of Mercedes-Benz vehicles, contributing to the local job market and elevating Tuscaloosa’s profile as a hub for automotive manufacturing. The presence of Mercedes-Benz U.S. International underscores the city’s significance in the automotive industry.
4. Lake Tuscaloosa
Lake Tuscaloosa enhances Tuscaloosa’s allure with its scenic beauty and recreational opportunities. Near the city, the lake provides a serene escape for residents and visitors alike, offering a picturesque setting for boating, fishing, and water-related activities. Its tranquil waters and surrounding natural landscapes contribute to the city’s appeal, providing a peaceful retreat and a haven for outdoor enthusiasts.
5. Music scene
Tuscaloosa’s music scene adds a eclectic dimension to the city’s cultural landscape. Boasting various venues that showcase local and regional talent, the city resonates with live performances, creating a dynamic atmosphere for music enthusiasts. Whether enjoying performances at intimate local bars or larger music venues, residents and visitors find Tuscaloosa’s music scene a lively and diverse tapestry that enhances the city’s cultural vibrancy.
Here are just a few reasons you should make the move to Michigan.
A state rich in history and diversity, Michigan is famous for its unique blend of natural beauty, artsy enclaves and industrious cities. This article will cover many of the most noteworthy attractions and attributes that make Michigan one of the most desirable states in the country to call home.
Jobs and economy
Michigan is synonymous with the automotive industry and is widely considered to be the car capital of the world. Cities like Detroit are the heartbeat of America’s car manufacturing, with giants like General Motors, Ford and Stax Chrysler all headquartered here. Beyond cars, Michigan has a growing tech scene and is an essential state in terms of national agricultural production, known for cherries, apples and blueberries.
Michigan’s largest employers
Attractions
Michigan is home to a ton of unique attractions, appealing to a ton of different interests. The Great Lakes, particularly Lake Michigan, offer stunning landscapes and outdoor activities. Mackinac Island is a unique car-free zone, known for its historic charm. The Henry Ford Museum and Detroit Institute of Arts are must-visit places for history and art enthusiasts.
Food
Michigan’s food scene is as interesting as its population. The state is famous for its cherries, leading to a whole lot of cherry-based dishes. Detroit-style pizza, with its thick crust and reverse layering of cheese and sauce, is also a local favorite.
Five of the best restaurants in Michigan
Another legendary Michigan snack is the pasty. A pasty is a savory, handheld pastry filled with a hearty mixture of meat, usually beef or pork, combined with potatoes, onions and sometimes rutabaga. All this is encased in a flaky, golden crust. This traditional dish, reflecting Michigan’s mining heritage, offers a satisfying and convenient meal, perfect for the type of on-the-go eating that was required to build the city up so many years ago.
Culture and entertainment
Michigan’s culture is a reflection of its history and diversity. Detroit, the largest city, is the birthplace of Motown music, a genre that revolutionized the music industry. Festivals like the National Cherry Festival in Traverse City and the Detroit Jazz Festival showcase the state’s production and creativity.
Where to see live music in Michigan
Michigan also has strong European influences throughout the state with cities like Holland displaying vast fields of tulips surrounded by windmills. It’s easy to forget you’re even in the lower 48 when you live in a place like that.
Education
Michigan also prides itself on its educational institutions. The University of Michigan and Michigan State University are renowned for their well-funded research programs and strong academics. These institutions not only contribute to the state’s education but also to its sports culture, particularly college football.
Natural resources
Michigan’s natural beauty is hands down one of its best assets. The state is surrounded by four of the five Great Lakes, providing over 3,000 miles of downright gorgeous coastline. Its numerous state parks, forests and the famous Sleeping Bear Dunes National Lakeshore (pictured above) offer opportunity for endless outdoor activities.
Five great state parks in Michigan
Local slang and customs
Michigan has its unique lingo and customs. Terms like “Yooper” — a resident of the Upper Peninsula — and “troll”— someone living under the Mackinac Bridge, or, the Lower Peninsula — are common. The custom of “going up north” refers to vacationing in the northern part of the state, a popular option for local snowmobilers and ice fishers in the winter.
Make Michigan your home
Known for its significant contributions to the automotive industry, stunning natural beauty and amazing people, it’s easy to see that there’s so much more to Michigan than what meets the eye. From its buzzing cities to the peaceful natural surroundings, there’s something in Michigan for everyone to discover and enjoy.
If you’ve decided on Michigan and you’re ready to find the perfect apartment, you’ve come to the right place.
Special guest Mike McCarthy joins us today for an open discussion on what it really means to be an American. On this episode of The Kings Table Podcast, we talk about the problems plaguing the US and the actions we can take as individuals to fix them. In line with this topic, we touch on strengthening the family unit, breaking the cycle of bad decisions, and tapping into the drive that made America great.
Other discussions include why we’re NOT confident that the Fed will reduce rates next year and what the world’s greatest leaders rely on to make major decisions.
From the tranquil shores of Spring Lake to the historic streets of Bogota, there are dozens of picturesque towns throughout New Jersey. With a rich history, vibrant communities, and a slower pace of life, these small towns provide a great escape from the hustle and bustle of city living. Join us as we explore the hidden gems and untapped beauty of these charming small towns in New Jersey.
#1: Villas, NJ
Median Sale Price: $734,250
Homes for Sale in Villas | Apartments for Rent in Villas
Villas is a small town known for its picturesque landscapes and tranquil atmosphere. With a median sale price of $734,250, this town offers a variety of beautiful homes for those seeking a peaceful retreat away from the busy city. Residents and visitors can enjoy outdoor activities such as hiking, biking, and fishing, as well as explore the local shops and restaurants that add to the town’s charm.
#2: Leonia, NJ
Median Sale Price: $619,000
Homes for Sale in Leonia | Apartments for Rent in Leonia
Leonia is a delightful small town in New Jersey known for its rich history and vibrant community. Residents can enjoy exploring the town’s historic sites, participating in community events, and dining at the local eateries that showcase the town’s diverse culinary scene.
#3: Haledon, NJ
Median Sale Price: $615,000
Homes for Sale in Haledon | Apartments for Rent in Haledon
Haledon is a hidden gem of a small town, offering a close-knit community and a peaceful atmosphere. Residents can enjoy exploring the town’s parks, visiting local art galleries, and experiencing the warm hospitality of the local businesses.
#4: Bogota, NJ
Median Sale Price: $598,000
Homes for Sale in Bogota | Apartments for Rent in Bogota
Bogota is a charming small town known for its friendly community and convenient location. The town has plenty of parks and recreational facilities, as well as local shops and restaurants that contribute to the town’s vibrant atmosphere.
#5: Brookdale, NJ
Median Sale Price: $340,000
Homes for Sale in Brookdale | Apartments for Rent in Brookdale
Brookdale is a quaint town nestled in a picturesque setting. With a median sale price of $340,000, this town offers affordable housing options. Residents can enjoy the town’s natural beauty, explore the nearby hiking trails, and experience the peaceful ambiance that makes Brookdale a desirable place to call home.
#6: Glen Ridge, NJ
Median Sale Price: $685,500
Homes for Sale in Glen Ridge | Apartments for Rent in Glen Ridge
Known for its tree-lined streets and historic architecture, Glen Ridge is another great small town in New Jersey. Residents can enjoy the town’s parks, visit the local museums, and dine at the cozy restaurants that add to the town’s unique character.
#7: Mystic Island, NJ
Median Sale Price: $452,000
Homes for Sale in Mystic Island | Apartments for Rent in Mystic Island
Mystic Island is a hidden treasure of a small town, offering a waterfront lifestyle and a close-knit community. With a median sale price of $452,000, this town provides a range of housing options that’s relatively affordable. Life in Mystic Island consists of enjoy boating, fishing, and other water activities, as well as exploring the local shops and restaurants that embrace the town’s coastal charm.
#8: Milltown, NJ
Median Sale Price: $722,500
Homes for Sale in Milltown | Apartments for Rent in Milltown
Milltown is a charming small town known for its rich history and strong sense of community. Residents can enjoy the town’s parks, participate in community events, and explore the local shops and restaurants that contribute to the town’s vibrant atmosphere.
#9: Ashland, NJ
Median Sale Price: $403,000
Homes for Sale in Ashland | Apartments for Rent in Ashland
Ashland boasts plenty of peaceful neighborhoods and a convenient location. With a median sale price of $403,000, this cozy town offers affordable housing options for many homebuyers. Ashland has plenty of greenspaces, shopping centers, and locally-owned restaurants.
#10: Spotswood, NJ
Median Sale Price: $305,000
Homes for Sale in Spotswood | Apartments for Rent in Spotswood
Next up on the list of charming small towns in New Jersey is Spotswood. For those in search of small-town charm, Spotswood boasts gorgeous parks, annual community events, and local shops and restaurants.
#11: Mays Landing, NJ
Median Sale Price: $235,000
Homes for Sale in Mays Landing | Apartments for Rent in Mays Landing
Mays Landing is known for its rural beauty and peaceful surroundings. With a median sale price of $235,000, this town offers affordable housing in a charming, suburban setting. Residents can enjoy the town’s parks, explore the nearby nature reserves, and experience the warm hospitality of the local businesses.
#12: Spring Lake, NJ
Median Sale Price: $825,000
Homes for Sale in Spring Lake | Apartments for Rent in Spring Lake
Last on our list of charming small towns in New Jersey is Spring Lake. Known for its beautiful beaches and upscale atmosphere, this town offers luxurious housing in a cozy setting. Residents can enjoy the town’s pristine beaches, visit the local boutiques and art galleries, and dine at the upscale restaurants that contribute to the town’s elegant charm.
In this episode of The Kings Table, we discuss an event that has rocked the real estate world: the National Association of Realtors and top residential brokerages being ordered to pay $1.8 billion in damages to approximately half a million home sellers. They were found liable for artificially inflating home sale commissions, a decision that is poised to reshape the industry.
For the full episode, find Mike Ayala’s Investing for Freedom wherever you listen to podcasts.
Meet the hosts:
1. Mike (The Sage) Ayala is an accomplished investor, speaker, and podcast host, who stands at the helm of Investing for Freedom, guiding busy professionals and entrepreneurs toward the path of genuine liberation and optimal living. 2. Ashish (Hostess with the Most-est) Nathu is a founder and CEO, entrepreneur, real estate investor, triathlete, and host of the Rich Equation Podcast. 3. Matt (Hero of Hospitality) Aitchison is a distinguished real estate investor, captivating speaker, and committed philanthropist. 4. Aaron (The Trend Spotter) Amuchastegui is a seasoned real estate virtuoso with a remarkable track record of over 1,000 house transactions, predominantly acquired through astute foreclosure purchases at courthouse auctions.
Connect with us!
We eagerly await your feedback about the show! Kindly share your thoughts via text message at this number: (844) 447-1555.
Mike Ayala: Instagram: https://www.instagram.com/themikeayala/ YouTube: https://www.youtube.com/channel/UCoa4pNSAYxBM6nSn2jCrPYA Website: https://investingforfreedom.co/
Are you looking for the best books about budgeting? Learning how to budget can change your life – you may be able to improve your finances, stop living paycheck to paycheck, start living debt-free, improve your net worth, and so much more. All from learning how to budget. To get good at budgeting, I think…
Are you looking for the best books about budgeting?
Learning how to budget can change your life – you may be able to improve your finances, stop living paycheck to paycheck, start living debt-free, improve your net worth, and so much more.
All from learning how to budget.
To get good at budgeting, I think it’s a great idea to learn from people who know a lot about it, which includes reading the best money books. There are all different kinds of budgeting books out there that cater to different people and their unique financial situations, so you are sure to find one that fits what you are looking for.
Key Takeaways
Best Books About Budgeting
Below are the best books about budgeting.
1. The Millionaire Next Door
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy written by Thomas J. Stanley is a favorite personal finance book for many people and is a great first budgeting book to read.
This book helps you to better understand the habits and mindset of millionaires in an easy-to-understand way (and it’s so interesting to read as well!). You will learn about the importance of living below your means and avoiding lifestyle inflation to achieve financial success and build real wealth.
You’ll find out that many millionaires live real simple lives, spending wisely and doing things differently, like how they use their time and raise their kids. It’s surprising to see what being rich really means, and some people who seem rich might actually have a lot of debt.
This is one of the best budgeting books because it teaches you that anyone can retire with wealth.
Please click here to learn more about The Millionaire Next Door.
2. The Simple Path To Wealth
The Simple Path To Wealth was written by J.L. Collins, and it’s one of the best books on money management, especially if you want to retire early.
This highly recommended book makes building wealth easy to understand, and it’s the book to go to if you want to make your finances better but don’t want to spend a lot of time on it.
In his book, Collins talks about important money topics, like staying away from debt, building wealth, understanding the 4% rule, and much more.
Please click here to learn more about The Simple Path To Wealth.
3. Broke Millennial
Broke Millennial: Stop Scraping By and Get Your Financial Life Together was written by Erin Lowry, and is one of the must-read best money books for young adults. The author makes talking about money fun and interesting, especially for young adults.
This book is made for millennials (and young adults!) who want to manage their money well.
Erin writes about how to have a clear plan to stop being broke and gives a step-by-step guide where she covers many different topics, including tricky ones like managing student loans and talking about money with your partner.
I like to give this book as a graduation gift to those finishing high school or college. It’s one of the best personal finance books for beginners because it helps young adults better understand money.
Please click here to learn more about Broke Millennial.
4. The No-Spend Challenge Guide: How to Stop Spending Money Impulsively, Pay off Debt Fast, and Make Your Finances Fit Your Dreams
The No-Spend Challenge Guide by Jen Smith is the perfect book for those struggling with spending. This guide has actionable steps to stop impulsive spending, pay off debt, and align your financial decisions with your dreams.
Jen Smith went from struggling to stay on a budget for more than two weeks to paying off $78,000 of debt in under two years. In her book, she shares experiences and strategies, including using No-Spend Challenges to shift her money mindset and budget more effectively.
Please click here to learn more about The No-Spend Challenge Guide.
5. The One Week Budget: Learn to Create Your Money Management System in 7 Days or Less!
The One Week Budget by Tiffany Aliche (The Budgetnista) is a great book to read if you want to create a better money management system that takes less of your time. So many people are afraid to manage their money because they think it will be hard or take a lot of time, so this is a great book to read to overcome that.
In just one week, this book will help you create a budgeting system to manage your money effectively. This is a great read for anyone new to budgeting or looking for a more simple approach to managing their money.
Please click here to learn more about The One Week Budget.
6. We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power
We Should All Be Millionaires by Rachel Rodgers is an inspiring book that teaches women how to build wealth and achieve financial independence.
You will learn how to make better money decisions, strategies to bring in more income, and how to change your attitude about money.
This book will also show you how to overcome obstacles in your life (such as lack of confidence or knowledge) so that you can build wealth.
Please click here to learn more about We Should All Be Millionaires.
7. How to Stop Living Paycheck to Paycheck (2nd Edition): A Proven Path to Money Mastery in Only 15 Minutes a Week!
How to Stop Living Paycheck to Paycheck by Avery Breyer is a practical guide that helps readers break the cycle of living paycheck to paycheck, and it gives tips on budgeting, saving, and investing.
You will learn how to build an emergency fund, get out of debt, avoid budget traps, and more.
This book teaches a complete budget system for beginners and takes only 15 minutes per week to do.
Please click here to learn more about How to Stop Living Paycheck to Paycheck.
8. How To Pay Off Your Mortgage In Five Years: Slash Your Mortgage with a Proven System the Banks Don’t Want You to Know About
How To Pay Off Your Mortgage In Five Years by Clayton Morris and Natali Morris is a great book for anyone looking to pay off their mortgage fast.
This is a helpful read for homeowners looking to shorten their mortgage term and save money on interest in the long run. This is a step-by-step system with a strategic plan to pay off your mortgage fast.
Please click here to learn more about How To Pay Off Your Mortgage In Five Years.
9. You Need A Budget
You Need A Budget: The Proven System for Breaking the Paycheck-to-Paycheck Cycle, Getting Out of Debt, and Living the Life You Want by Jesse Mecham is a great personal finance book that teaches you a step-by-step budgeting system for managing your money more effectively.
You will learn things such as how to pick your priorities for your money, how to not let expenses sneak up on you, how to handle an unexpected expense, and how to get your money to last.
Please click here to learn more about You Need A Budget.
10. The Automatic Millionaire
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach is a book that simplifies the process of becoming financially independent, emphasizing the power of automating your savings and investments.
The Automatic Millionaire begins with the inspiring tale of an ordinary American couple — a low-level manager and a beautician — whose combined income never surpasses $55,000 per year. Remarkably, they achieve debt-free homeownership of two houses, put both kids through college, and retire at 55 with over $1 million in savings.
Please click here to learn more about The Automatic Millionaire.
11. I Will Teach You To Be Rich
I Will Teach You To Be Rich was written by Ramit Sethi and is a great first personal finance book to read. This has been a popular money book for years and for good reason!
This book is full of very helpful lessons presented in a fun way, and he covers the basics of personal finance, including budgeting, saving money, investing, and more.
Please click here to learn more about I Will Teach You To Be Rich.
12. The One Page Financial Plan
The One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl Richards is a book that will help you create a single-page plan based on your personal financial goals.
This book will help you figure out how much money to invest each year, how much life insurance you need, how to handle unexpected costs (or a job loss), and more.
If you are looking for more of a visual way to manage your money, then this is the book to read.
Please click here to learn more about The One Page Financial Plan.
13. Your Money or Your Life
Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence by Vicki Robin and Joe Dominguez has sold more than one million copies and is one of the most popular and best money books ever.
This book has been popular for over 25 years (but don’t let that stop you from reading it!), and it’s been updated with more recent topics like side hustles, new investment options, how to track your money online, and more.
This book focuses on mindful spending and helps you reevaluate your relationship with money. This book will guide you in getting out of debt, saving money with mindfulness and good habits, building wealth, contributing to saving the planet, and so much more.
Please click here to learn more about Your Money Or Your Life.
14. The Financial Diet
The Financial Diet (same name as the very popular blog!) by Chelsea Fagan is a guide to managing money, including tips on budgeting, saving, and investing so that you can make smart financial decisions.
This book will teach you how to get good with money, how to stick to a budget, how to invest, how to save money on food, and more.
The Financial Diet is the personal finance book for someone who doesn’t care about personal finance but is looking for a beginner’s guide to improve their financial situation. The writing style of this book will keep you interested and actually want to learn about personal finance.
Please click here to learn more about The Financial Diet.
Frequently Asked Questions About Budgeting Books
Below are common questions about finding the best budgeting books.
What are the best budgeting books for young adults?
My favorite budgeting book for young adults is Broke Millennial, and I personally buy this book and give it as a gift to anyone I know who is graduating from high school or college.
There are many other budgeting books that people love such as How To Manage Your Money When You Don’t Have Any by Erik Wecks, The Total Money Makeover by Dave Ramsey, Money Honey by Rachel Richards, Spend Well, Live Rich by Michelle Singletary, and so many others.
What’s the best budgeting book planner?
A budgeting book planner is a tool that you can use to organize your finances in one place and stick to your budget. You can find many different budgeting book planners here.
Best Budgeting Books – Summary
I hope you enjoyed this list of the best books on budgeting.
As you can see, there are many different budgeting books that can fit your personal situation.
These books talk about different parts of budgeting, like making a basic plan or handling money when you don’t have much. Whether you’re just starting or want to get better at budgeting, there is probably a book above that has something for you to learn.
Here’s a quick list of the best budgeting books listed above:
Some Americans who are high earners, but not rich yet are opting for non-traditional mortgages.
Interest-only mortgages offer lower monthly payments, at least initially, but can be risky.
They’re best suited for buyers of higher-end property who invest their money elsewhere.
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With home prices and mortgage rates sky high, potential homeowners — even those with deep pockets — are looking for ways to ease the cost burden.
Some Americans who are high earners, but not rich yet, known as HENRYs, are opting for unusual interest-only mortgages that boost affordability, at least in the short-term. These loans allow the borrower to pay just interest and none of the principal for a certain number of years. The loans are generally reserved for more affluent buyers of higher-end property who can afford a sizeable down payment and have sufficient money saved.
There are some attractive benefits of this kind of loan. They offer lower monthly payments at first, which allow borrowers to invest the money they would otherwise spend to pay off their house on other, higher-return investments. They also allow borrowers whose incomes are expected to rise in the future to buy more expensive homes than they otherwise would be able to afford.
There are also higher risks than a conventional mortgage. Borrowers won’t gain equity in their home, beyond the down payment they made. They’re on the hook for potentially higher mortgage payments in the future, and if their home value declines, they could lose the equity they have or the ability to refinance. Some interest-only loans require borrowers to pay off the entirety of the principal once the interest-only period ends.
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When Sam, whose last name is known to Business Insider, and his wife were looking to buy a home in Brooklyn in the spring of 2022, the homes they liked largely exceeded their budget, which was between $2–$2.5 million.
But one day they got an unexpected opportunity. Their neighbors directly across the street from their rental apartment in Carroll Gardens were about to put their three-bedroom brownstone on the market. The house was exactly what they were looking for, except it was priced at $3.1 million. But their neighbors offered to sell it to them before putting it on the market. Without broker’s fees, the home would cost about $2.8 million.
Sam, a self-employed marketing consultant, was initially concerned the house was just too risky and expensive of a purchase. The future of New York City real estate was still somewhat unclear as many who fled the city when the pandemic hit were slow to return.
But when First Republic bank offered him and his wife a 40-year interest-only loan, they sprung for it. They paid a 20% down payment and locked in a low mortgage rate of between 2.6 and 2.7% for the first 10 years of the loan, and a guarantee that their rate would double at that point.
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Their monthly, interest-only mortgage payment is just under $5,000 per month, which is just a few hundred dollars more than they were previously spending on rent.
Eighteen months later, Sam and his wife are still happy with their decision. They can easily afford their payments now, are saving up for the future rate-hike, and Brooklyn real estate is booming. The couple thinks they’ll be in the house for fifteen or twenty years, at which point their kids will be through high school and they might downsize or leave the city.
“These days, it seems like a pretty safe bet that in 10 to 20 years from now, the value will be higher,” he said. “I don’t know if it’s going to skyrocket or be a little bit higher, but we don’t think it’ll go down.”
A deal for ‘sophisticated investors’
Sam and his wife are the target demographic suitable for an interest-only loan. But these mortgages can be very risky if a borrower doesn’t have sufficient funds to handle higher payments down the line, or the property loses value, in which caseborrowers have to be prepared for potentially higher interest rates after the initial stage of their loan is over.
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These loans are a “niche product” that should be reserved for high-end real estate purchases by borrowers who are “sophisticated investors,” said Chen Zhao, the head of economic research at Redfin. Since you’re not building equity in your home under an interest-only mortgage, those who take out these loans should be investing their money in other ways that are likely to give them a better return, Zhao said.
The proliferation of interest-only mortgages could also evenhurt buyers who can’t afford to take advantage of them. Because they allow affluentborrowers to buy more expensive homes, they can help inflate prices in already high-cost markets. Claes Bäckman, a researcher at the Leibniz Institute for Financial Research SAFE in Germany who has studied the introduction of interest-only mortgages in Denmark, says the loan type doesn’t significantly boost affordability or allow more young people to become homeowners.
“I think it will certainly help the buyers who can afford to get one of these, but if they are competing against other buyers who can also get an interest-only mortgage, they might not get much of a benefit in terms of affordability,” Bäckman said.
A history of predatory lending
Interest-only mortgages were much more common, especially for less-affluent borrowers, in the years leading up to the 2008 financial crisis. At the time, many homebuyers were offered risky loans they couldn’t afford, which ultimately led to the subprime mortgage crisis.
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After the financial crisis, the federal government passed regulations on risky mortgages, making interest-only loans much less common. But with home prices soaring and interest rates stubbornly high, buyers are again opting for riskier loans, including interest-only.
Hillary, whose last name is known to Business Insider but requested partial anonymity to protect her husband’s business, and her husband were victims of these predatory lending practices. In 2007, the couple took out an interest-only mortgage to buy a $585,000 home in San Diego. The house was down the street from Hillary’s motherand the couple wanted it to be their forever home, so they splurged. While their real estate agent warned them against taking out such a large, high-interest loan, the bank encouraged them to take on two loans without any down payment — one at 8% and the other at 9% interest.
When the financial crisis hit, Hillary’s husband, a commission-based financial advisor, saw his income plummet. Hillary, a self-employed photographer, also took a hit. Then the couple had a new baby. They were soon forced to take out loans to make their $4,000 monthly mortgage payments. When they asked their bank to modify the terms of the loan, it refused. The couple declared bankruptcy and ultimately sold the house in 2012 for just $365,000.
Looking back now, Hillary thinks she and her now ex-husband were too optimistic about their future income when they bought the house, but that her bank was reckless.
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“They clearly should never have given us a loan,” Hillary said. “But when you’re young and it’s the, quote, perfect home for you, you know, what are you supposed to do?”
She’s concerned that some buyers are now falling into a similar trap of believing they’ll be able to refinance their loans later for a better deal.
In the broader world of real estate, interest-only mortgages could be contributing to another crisis. These days, interest-only mortgages are increasingly popular among commercial real estate buyers. They made up 88% of new commercial mortgage-backed issuances in 2021 — an increase from 51% in 2013, The Wall Street Journal reported based on data from the company Trepp.
And it’s not going well for borrowers. Commercial mortgage defaults are on the rise. With interest rates so high, many office building owners aren’t able to secure new loans they can afford. In May 2023, Fitch Ratings estimated that 35% of pooled securitized commercial mortgages due between April and December of this year would be ineligible for refinancing.
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Consumer protection advocates are are concerned that homebuyers are increasingly opting for non-traditional mortgages that carry higher risks. Some borrowers are attracted to interest-only loans by the lower monthly costs, but aren’t prepared for worst-case scenarios, and to ultimately pay more to own their home.
“It’s a question of, do people understand that this is a product that’s going to be more expensive for them long term, or are they just enticed by the lower monthly payments?” Bäckman said.
Texas stands out for its singular identity, storied history and cowboy culture. From its dynamic job market to its iconic food, this state offers a blend of traditional charm and modern innovation. Here’s a closer look at what makes Texas such a remarkable place to call home, far beyond the stereotypes.
Jobs and economy
Texas is a powerhouse in various industries, including technology, energy, agriculture and manufacturing. It’s a hub for innovation, particularly in cities like Austin and Dallas. The energy industry, especially oil and gas, has long been a cornerstone of the state’s economy. Agriculture also plays a significant role, with Texas leading the nation in cattle, sheep and goat farming.
Texas’ top five employers
Tourist attractions
Texas is filled with must-visit destinations. The Alamo in San Antonio is a historic landmark, symbolizing Texas’ struggle for independence. Big Bend National Park and the Texas Hill Country provide awe-inspiring natural beauty. Houston’s Space Center is a top attraction for a taste of space exploration.
Food
Texas is synonymous with barbecue, known for its slow-cooked brisket and savory ribs. Tex-Mex cuisine is another highlight for foodies looking to further refine their palettes.
Five of the best restaurants in Texas
Culture and entertainment
Texas has a rich culture, with influences from its Mexican heritage, cowboy roots and old school country charm. Cities like Austin, known for its live music scene, and Fort Worth, with its rodeo events, reflect the state’s diverse entertainment options.
Five great places to see a show in Texas
Education
The state is home to renowned educational institutions like the University of Texas and Texas A&M University, offering top-notch academic and research opportunities. Public education also receives significant attention, with a smattering of forward-thinking initiatives being pursued to enhance learning experiences.
Natural resources
Texas’ landscape is as varied as its economy and its people, ranging from deserts and beaches to forests and plains. It’s a leader in wind energy and has significant oil and natural gas reserves. The state’s natural resources contribute significantly to its economy and way of life.
Five great state parks in Texas
Additional highlights
Sports: Texas is passionate about sports, with major teams in football, basketball, baseball and more at the professional and collegiate levels throughout the state.
Arts: The state’s art scene includes world-class museums, galleries and theater productions.
Healthcare: Texas is at the forefront of medical research and healthcare services, with acclaimed facilities like the Texas Medical Center.
Texas takes the cake
Asking the question, “what is Texas known for?” opens a window into a state rich in history, diversity and innovation. Whether it’s the job opportunities in Austin, the award-winning food in Houston, the natural beauty of the Hill Country or the palpable Texas pride that pours out of every corner of the state, Texas offers something for everyone, making it a distinctive and highly coveted spot in the country to call home.
Welcome to Lake Oswego, a city in the heart of Oregon’s Willamette Valley, known for its serene waterfront living, upscale neighborhoods, and vibrant community spirit. With Oswego Lake as its centerpiece, this charming city offers a unique blend of picturesque landscapes, stunning lakefront properties, and a thriving cultural scene. Whether you’re drawn to the tranquility of lakeside homes for sale or seeking engaging community events, this Redfin article will dive into the distinctive charm Lake Oswego holds.
1. Oswego Lake
Oswego Lake defines the city’s identity, offering residents exclusive access to waterfront living and recreational activities. This pristine lake, surrounded by upscale homes and picturesque landscapes, serves as the focal point of the community, fostering a lifestyle centered around its serene waters. Oswego Lake’s tranquil beauty and the myriad of activities it offers contribute to Lake Oswego’s reputation as a coveted destination for lakeside living.
2. Historic neighborhoods and charming architecture
Lake Oswego is celebrated for its historic neighborhoods and captivating architecture. Areas like the Old Town District exemplify it with its well-preserved early 20th-century buildings and the First Addition neighborhood showcasing charming craftsman-style homes. These areas reflect the city’s rich history and architectural diversity, drawing residents and visitors alike to appreciate their unique character and timeless appeal.
3. Booming culinary scene
Lake Oswego’s culinary scene offers diverse dining options catering to every taste. From upscale spots like Tucci Ristorante and Five Spice Seafood + Wine Bar to local favorites like Nicoletta’s Table, there’s a wide range to explore. With its emphasis on farm-to-table cuisine and inventive flavors, Lake Oswego presents an enticing dining experience.
4. Recreational activities
There are plenty of recreational activities in Lake Oswego, offering residents an array of options to embrace the outdoors. From kayaking and paddleboarding on Oswego Lake to exploring the expansive network of hiking trails at Tryon Creek State Natural Area, the city caters to outdoor enthusiasts. Additionally, golfing at Oswego Lake Country Club or simply enjoying the numerous parks and green spaces, Lake Oswego provides diverse recreational pursuits for all interests.
5. Beautiful waterfront properties
Lake Oswego is renowned for its stunning waterfront properties that grace the shores of Oswego Lake, offering residents an unparalleled lakeside living experience. The waterfront homes in Lake Oswego exude elegance and exclusivity, from luxurious estates with private docks to charming cottages and contemporary homes. With picturesque views and direct access to the serene waters, these properties epitomize lakeside luxury, drawing those seeking a peaceful and sophisticated lifestyle in a breathtaking natural setting.
6. Active community organization
From the Lake Oswego Community Center hosting diverse events to the Lake Oswego Preservation Society dedicated to conserving the city’s heritage, these organizations play a vital role in enhancing community bonds. Whether through volunteer opportunities, cultural initiatives, or neighborhood associations, Lake Oswego’s active community organizations actively contribute to the city’s vibrant and inclusive atmosphere.
7. Thriving art scene
Lake Oswego is known for its vibrant art scene, showcased through its galleries, public art installations, and the annual Lake Oswego Festival of the Arts. With venues like the Arts Council of Lake Oswego and Gallery Without Walls, the city celebrates local and regional artists, fostering a dynamic creative community. From sculpture walks to art classes and exhibits, Lake Oswego’s thriving art scene enriches the city’s cultural fabric, inviting residents and visitors alike to explore and appreciate diverse artistic expressions.
In episode 15 of The Kings Table Podcast, Ashish, Aaron, and Matt share their thoughts on interest rates, investment opportunities, and what the bottom of the real estate market really looks like. The kings offer unique perspectives on whether or not real estate is a risky bet right now and discuss what might happen to overzealous investors if rates climb even higher.
Listen and learn how to identify a good deal, when to bet on yourself, and what skills to double down on in this uncertain economic environment.
Subscribe to The Kings Table Podcast here: https://www.youtube.com/@KingsTablePodcast
Meet the hosts:
1. Mike (The Sage) Ayala is an accomplished investor, speaker, and podcast host, who stands at the helm of Investing for Freedom, guiding busy professionals and entrepreneurs toward the path of genuine liberation and optimal living. 2. Ashish (Hostess with the Most-est) Nathu is a founder and CEO, entrepreneur, real estate investor, triathlete, and host of the Rich Equation Podcast. 3. Matt (Hero of Hospitality) Aitchison is a distinguished real estate investor, captivating speaker, and committed philanthropist. 4. Aaron (The Trend Spotter) Amuchastegui is a seasoned real estate virtuoso with a remarkable track record of over 1,000 house transactions, predominantly acquired through astute foreclosure purchases at courthouse auctions.
Connect with us!
We eagerly await your feedback about the show! Kindly share your thoughts via text message at this number: (844) 447-1555.
Mike Ayala: Instagram: https://www.instagram.com/themikeayala/ YouTube: https://www.youtube.com/channel/UCoa4pNSAYxBM6nSn2jCrPYA Website: https://investingforfreedom.co/