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When people think of Hartford, they often picture its historic downtown and capital city atmosphere, but the true essence of living in Hartford extends beyond the urban core. The suburbs of Hartford are diverse residential areas that offer a quieter, more relaxed lifestyle while still providing easy access to the city’s rich culture and amenities. These Hartford suburbs are spread across various parts of the metropolitan area, each with its own unique character and appeal.

In this ApartmentGuide article, we’ll explore some of the most notable Hartford suburbs—from scenic, rural escapes to vibrant town centers—highlighting key aspects such as population, average rent, and what makes each area stand out. Whether you’re searching for the perfect apartment in Hartford or curious about the different Hartford neighborhoods, let’s discover the best parts of Hartford to call home.

Cost of living in Hartford

Before we dive into the top Hartford suburbs, let’s cover how much it costs to live in Hartford. The overall cost of living in Hartford is 2% higher than the national average, but it remains more affordable compared to other major cities in the Northeast. Housing plays a significant role in this, with the median sale price for a home in Hartford at $295,000, which is lower than the national average of $432,657. Rent follows a similar trend, with the average rent for a one-bedroom apartment in Hartford at $1,698, just slightly above the national average of $1,514.

While some suburbs around Hartford offer more affordable options, others can be more expensive. Here, we’ll explore a range of top suburbs, providing different lifestyle and housing opportunities depending on your budget and preferences.

1. West Hartford

Known for: Shopping, parks, and vibrant community

West Hartford is one of the most popular and well-known suburbs in the Hartford area, offering a blend of suburban charm and urban convenience. Known for its thriving shopping and dining scene, West Hartford is home to Blue Back Square, a bustling area full of restaurants, shops, and entertainment options. Residents enjoy the many parks and green spaces, including the renowned Elizabeth Park with its famous rose garden. West Hartford’s blend of cultural amenities and beautiful residential neighborhoods make it a sought-after location for people seeking a mix of excitement and tranquility.

Population: 63,000
Average rent for a one-bedroom apartment: $2,195
Median home sale price: $515,000
West Hartford transportation scores: Walk Score 44, Bike Score 44

Apartments for rent in West Hartford, CT | Houses for rent in West Hartford, CT | Homes for sale in West Hartford, CT

2. Glastonbury

Known for: Scenic beauty, top-rated schools, and outdoor activities

Glastonbury offers a serene lifestyle with its picturesque landscapes and historic charm. Located just southeast of Hartford, Glastonbury is known for its beautiful parks and recreational opportunities, including Riverfront Park, where residents can enjoy scenic walks along the Connecticut River. The town is rich in history, featuring numerous historic homes and a charming town center filled with boutiques and restaurants. Glastonbury’s peaceful ambiance and proximity to outdoor activities make it an attractive option for those looking for a more relaxed way of life.

Population: 35,000
Average rent for a one-bedroom apartment: $1,550
Median home sale price: $422,500
Glastonbury transportation scores: Walk Score 16, Bike Score 19

Apartments for rent in Glastonbury, CT | Houses for rent in Glastonbury, CT | Homes for sale in Glastonbury, CT

3. Farmington

Known for: Historic charm, outdoor recreation, and medical hub

Farmington is a historic town located just west of Hartford, known for its charming colonial homes and abundance of outdoor activities. The town’s scenic beauty, combined with its proximity to hiking and biking trails, makes it a great destination for outdoor enthusiasts. Farmington is also home to the University of Connecticut Health Center, making it a hub for medical professionals. The town’s blend of history, nature, and modern conveniences offers residents a quiet yet engaging lifestyle.

Population: 26,000
Average rent for a one-bedroom apartment: $1,425
Median home sale price: $561,900
Farmington transportation scores: Walk Score 33, Bike Score 30

Apartments for rent in Farmington, CT | Houses for rent in Farmington, CT | Homes for sale in Farmington, CT

4. Simsbury

Known for: Scenic views, cultural attractions, and a close-knit community

Simsbury is a picturesque town located along the Farmington River. Known for its rolling hills, beautiful parks, and outdoor activities, Simsbury is an ideal location for those seeking tranquility and access to nature. The town is home to Heublein Tower and Talcott Mountain State Park, offering hiking opportunities with scenic views. Simsbury’s vibrant arts and cultural scene, coupled with its historic character, gives the town a unique charm.

Population: 24,000
Average rent for a one-bedroom apartment: $2,003
Median home sale price: $433,000
Simsbury transportation scores: Walk Score 4, Bike Score 30

Apartments for rent in Simsbury, CT | Houses for rent in Simsbury, CT | Homes for sale in Simsbury, CT

5. Avon

Known for: Affluent community, excellent schools, and scenic beauty

Located west of Hartford, Avon is a suburb that offers a high quality of life with its affluent neighborhoods and scenic beauty. Avon is home to numerous parks and hiking trails, including Talcott Mountain State Park, which features breathtaking views. The town is known for its quiet, well-maintained neighborhoods and top-rated schools, making it a desirable location for those seeking a peaceful suburban lifestyle with easy access to Hartford’s amenities.

Population: 19,000
Average rent for a one-bedroom apartment: $1,938
Median home sale price: $615,000
Avon transportation scores: Walk Score 54, Bike Score 50

Apartments for rent in Avon, CT | Houses for rent in Avon, CT | Homes for sale in Avon, CT

6. Newington

Known for: Suburban convenience, local amenities, and proximity to Hartford

Newington is a suburban town located just south of Hartford, offering residents a comfortable lifestyle with easy access to the city’s amenities. The town is known for its local parks, shopping centers, and restaurants, providing everything residents need within a short drive. Newington’s convenient location and suburban feel make it an ideal place for those looking for a balance between urban and suburban living.

Population: 30,000
Average rent for a one-bedroom apartment: $2,134
Median home sale price: $305,000
Newington transportation scores: Walk Score 31, Bike Score 30

Apartments for rent in Newington, CT | Houses for rent in Newington, CT | Homes for sale in Newington, CT

Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the Hartford area. Average rent and home sale price data were sourced from Redfin and Rent.com as of October 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.

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Mortgage interest rates are in a pretty good place this week, rising so minimally that the incline could be easily mistaken for a flat surface. The 30-year fixed-rate mortgage rate rose three basis points, averaging 6.19%. A basis point is one one-hundredth of a percentage point.

Mortgage rates are one piece of the puzzle when it comes to the housing market. Other big variables, like the number of homes for sale and home prices, also influence how friendly the market feels to home buyers. As we kick off the last quarter of 2024, let’s look at where things stand.

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Rates are fairly favorable

Even though we’ve seen a couple weeks’ of rate increases, mortgage interest rates remain the lowest we’ve seen them in just over two years. The last time we had average 30-year rates in the sixes was September 2022. Current rates are also well off the highs we saw last year. Rates are nearly two percentage points below the high of almost 8% hit back in October 2023.

Lower interest rates allow home buyers’ budgets to stretch further. At last year’s peak of 7.79%, a buyer who could swing $2,200 in monthly principal and interest could afford a roughly $278,000 home. But at today’s 6.19%, that same buyer can afford a $318,000 home — an additional $40,000 in buying power.

You might think okay, if I can afford that much more in the 6% range, imagine what I could get if interest rates were even lower. But given current economic conditions, forecasters are predicting rates will only edge down slightly through the end of this year and into 2025. We’re talking going from the very low sixes to the very high fives, which for most will not make a huge difference.

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Inventory is edging upward

A dearth of homes for sale has been an issue for years, but inventory is finally starting to pick up. In August 2024, there were 1.35 million existing homes — a number that doesn’t include new construction — on the market, according to the National Association of Realtors. (August is the most recent data available.) It’s the largest inventory the U.S. has seen since fall 2020, which was, by comparison, a boom time for home sales.

Last time inventory was this high, the number of homes sold per month was more than 40% higher than it is today. At the same time that inventory’s coming back, home sales are relatively slow. One way the NAR measures inventory is months’ supply, which feels sort of like a word problem. This number basically says if no new homes were put on the market and every home currently on the market was sold at the current sales pace, how long would it take for the current inventory to be cleared out?

In August 2024, that came to 4.2 months. Last time inventory was this robust, it would have sold in just 2.6 months. A larger number of homes for sale selling at a slower pace could give buyers more leverage than they’ve had in quite some time.

Prices still a sticking point

More homes being listed, and more listings languishing on the market, should translate to lower home prices. It’s supply and demand, right? If there’s more supply, we should see the price go down. We haven’t really seen that happen though, because as more supply enters the market, there’s plenty of demand to meet it. According to NerdWallet’s annual Home Buyer Report, only 23% of Americans who began 2023 with the intention of buying a home succeeded.

Median existing home prices hit record highs this summer, and though we’ve seen slight month-over-month decreases, prices remain stubbornly high. In August, the median price of an existing home was $416,700, according to NAR data. That complicates affordability. If mortgage interest rates are going down but home prices are going up, how much are lower rates helping?

It’s vital to remember that national-level numbers like the ones we’ve been using here don’t necessarily capture what you’ll see on the ground in any given market. Take median list prices, for example. Realtor.com data from September 2024 looking at the 50 largest U.S. metro areas shows substantial variation. Last month, the median list price in Rochester, New York, was up 13% year over year. Baltimore and Houston saw no change. And in Miami, the median list price dropped more than 12%.

Similarly, what’s going on with the broader housing market — or even your local one — probably doesn’t make as much difference to your individual homebuying choices as what’s going with you. If you’re at a point where you can afford a home that meets your needs in a place where you want to put down roots, you’re in a housing market that works for you.

Source: nerdwallet.com

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With Nevada’s gold and silver mining history amongst the rugged mountain ranges, it’s no surprise that the state is known for its natural landscapes. From the Sierra Nevada Mountains to the Ruby Mountains and Red Rock Canyon, Nevada has charming mountain towns, perfect for anyone looking to live a mountain lifestyle.

To help you get started, Rent. has collected a list of the best mountain towns in Nevada. Whether you’re looking for a city with history or a town surrounded by lush wilderness in the middle of the state, there’s something for everyone in Nevada.

1. Boulder City

Mountain range: Spring Mountains and the Desert Mountains

Average rent price: $1,878

Population: 15,840

Apartments for rent in Boulder City, NV

Houses for rent in Boulder City, NV

Homes for sale in Boulder City, NV

Boulder City is situated between the Spring Mountains and the Desert Mountains and offers a unique blend of natural beauty and historical charm. This town has a population of just over 15,000 and is awesome for outdoor enthusiasts and history buffs alike.

The nearby mountains and parks like Sloan Canyon National Conservation Area, provide opportunities for hiking, biking, and exploring the great outdoors. Boulder City is also known for its proximity to the Hoover Dam, a marvel of modern engineering and a popular tourist destination. You can also find unique landmarks like the Nevada State Railroad Museum Boulder City, the Robert L. Mendenhall Scenic Overlook, and the Nature Discovery Trail and Rock Garden in the city.

2. Carson City

Mountain range: Sierra Nevada

Average rent price: $1,713

Population: 54,770

Apartments for rent in Carson City, NV

Houses for rent in Carson City, NV

Homes for sale in Carson City, NV

Carson City, Nevada’s capitol, is set against the backdrop of the majestic Sierra Nevada. Located near Lake Tahoe, this city has a rich history that embraces the surrounding nature. You can find popular trails and parks in the area like Ash Canyon Creek Trailhead, Kings Canyon Waterfalls, Snow Valley Peak, and Whale Beach.

The city’s 54,770 residents enjoy a blend of cultural attractions, including museums, historic sites, and outdoor activities such as hiking and skiing. Some of the popular landmarks in town include the Nevada State Railroad Museum, Nevada State Museum, and the Brewery Arts Center. With its proximity to Lake Tahoe, picturesque trails, and popular ski resorts, Carson City is a top mountain town in Nevada.

3. Elko

Mountain range: Ruby Mountains

Average rent price: $1,853

Population: 21,040

Apartments for rent in Elko, NV

Houses for rent in Elko, NV

Homes for sale in Elko, NV

Elko is a hidden gem in the heart of the Ruby Mountains, near the Jarbidge Wilderness. This spot is a paradise for those who love the great outdoors. For example, you can fish at the South Fork River, spend the day at the South Fork State Recreation Area, hike up Liberty Peak, camp near the mountains, or learn about the region at the California Trail Interpretive Center.

Elko has a population of about 21,000 and is renowned for its rich heritage, including the National Cowboy Poetry Gathering and the Northeastern Nevada Museum. The Ruby Mountains offer endless adventures, from hiking and camping to fishing in pristine mountain lakes. Elko provides a cozy community atmosphere amidst the rugged beauty of Nevada’s landscape.

4. Ely

Mountain range: Schell Creek Range

Average rent price: $1,900

Population: 4,120

Apartments for rent in Ely, NV

Houses for rent in Ely, NV

Homes for sale in Ely, NV

Ely is located in the shadow of the Schell Creek Range near the White Pine Mountains. This small town has plenty of outdoor recreation to offer its residents. For instance, you can visit the Ward Charcoal Ovens State Historic Park, hike, camp, and explore Cave Lake State Park, or check out Garnet Hill. 

Ely is a historic town, originally founded in the late 1800s as a stagecoach stop along the Pony Express and Central Overland Route. In the years following, it became a copper mining town. You can learn about the town at museums like White Pine Public Museum and Nevada Northern Railway Museum. If you’re looking for a bit of history mixed with outdoor recreation, be sure to check out Ely.

5. Fallon

Mountain range: Virginia Range and the Humboldt-Toiyabe National Forest

Average rent price: $1,102

Population: 8,530

Apartments for rent in Fallon, NV

Houses for rent in Fallon, NV

Homes for sale in Fallon, NV

Fallon, situated between the Virginia Range and the Humboldt-Toiyabe National Forest, offers a unique blend of rural charm and outdoor adventure. Home to the Lahontan State Recreation Area, you can boat, fish, and camp at the park or explore nearby areas like the Fallon National Wildlife Refuge and Mt Augusta.

This town has a population of 8,530 and is known for its agricultural community, local restaurants, and the famous Fallon Cantaloupe Festival. Residents and visitors enjoy exploring the surrounding landscapes, which offer everything from bird watching to off-road adventures. 

6. Incline Village

Mountain range: Sierra Nevada

Average rent price: $4,629

Population: 8,620

Apartments for rent in Incline Village, NV

Houses for rent in Incline Village, NV

Homes for sale in Incline Village, NV

Incline Village is a top Nevada mountain town with its location along the shores of Lake Tahoe and the Sierra Nevada mountains. This picturesque community is known for its stunning natural beauty and upscale amenities, like the Incline Village Championship Golf Course, Lake Tahoe Scenic Overlook, and skiing at Mt. Rose.

The town’s 8,620 residents enjoy access to world-class skiing, water sports, and hiking trails, like Mt Rose Trailhead, Tahoe Meadows Ophir Creek Trailhead, and Tahoe East Shore Trail. Incline Village’s vibrant community life, combined with its scenic views, makes it a premier destination for those seeking luxury living in the heart of nature.

7. Minden

Mountain range: Sierra Nevada and the Carson Range

Average rent price: $2,625

Population: 3,160

Apartments for rent in Minden, NV

Houses for rent in Minden, NV

Homes for sale in Minden, NV

Minden is situated between the Sierra Nevada and the Carson Range, east of the Lake Tahoe area. Living in Minden, you’ll have easy access to ski resorts like Heavenly Mountain Resort and East Peak, alongside Lyon Peak and Pinyon Trailhead. 

This small town is known for its quaint downtown area, community events, and easy access to outdoor recreation. You can learn more about the town’s history at places like the Dangberg Home Ranch Historic Park and the Carson Valley Museum. Minden’s location makes it a perfect spot for those who want to live in a smaller town but want easy access to nature.  

8. Pahrump

Mountain range: Spring Mountains and the Desert Mountains

Average rent price: $1,553

Population: 37,330

Apartments for rent in Pahrump, NV

Houses for rent in Pahrump, NV

Homes for sale in Pahrump, NV

Pahrump sits near the Spring Mountains and the Desert Mountain and is a community where you’ll still find the spirit of the West. On the border with California, Pahrump is close to the famous Death Valley National Park. It’s also near spots like Ash Meadows National Wildlife Refuge, Charleston Peak, and Red Rock Canyon National Conservation Area, which are all great for exploring Nevada’s wilderness.

With a population of 37,330, Pahrump offers a mix of suburban and rural living. Pahrump’s wineries, golf courses, and proximity to Las Vegas make it a popular option for those seeking a balance between nightlife and nature.

9. Reno

Mountain range: Sierra Nevada

Average rent price: $1,932

Population: 246,400

Apartments for rent in Reno, NV

Houses for rent in Reno, NV

Homes for sale in Reno, NV

Reno, known as “The Biggest Little City in the World,” is surrounded by the breathtaking Sierra Nevada and the serene Washoe Mountains. You can find a variety of hiking trails and spots for winter sports, like Hunter Creek Trailhead, Mt Houghton, Washoe Lake, and Clark Mountain. 

With a population of 246,400, Reno is a hub of culture, arts, and outdoor activities, offering something for everyone. From the vibrant Riverwalk District to the thrill of outdoor adventures in nearby mountains, Reno combines urban vibes with natural beauty. If you’re looking for a bigger city close to iconic natural landmarks like Lake Tahoe, consider moving to Reno.

10. Sparks

Mountain range: Sierra Nevada and the Virginia Range

Average rent price: $1,867

Population: 100,200

Apartments for rent in Sparks, NV

Houses for rent in Sparks, NV

Homes for sale in Sparks, NV

Sparks is a vibrant suburb of Reno, also situated in the Sierra Nevada and the Virginia Ranges. It offers a blend of suburban comfort and outdoor adventure. For example, you can visit The Sparks “S,” bike along the Tahoe Pyramid Bikeway, or check out Cottonwood Park along the Truckee River. 

With a population of 100,200, Sparks is known for its friendly atmosphere, parks, and recreational areas. The city’s marina, events like the annual Rib Cook-Off, and proximity to Reno’s attractions make it a great place to live.

11. Spring Creek

Mountain range: Ruby Mountains

Average rent price: $2,070

Population: 13,460

Apartments for rent in Spring Creek, NV

Houses for rent in Spring Creek, NV

Homes for sale in Spring Creek, NV

Spring Creek, located near the majestic Ruby Mountains, is full of scenic beauty and outdoor recreational opportunities. This town, with a population of 13,460, is perfect for those who love nature, with activities such as hiking, fishing, and wildlife viewing readily available. Some popular places to enjoy the outdoors include South Fork State Recreation Area, Lamoille Canyon Scenic Byway, and Ruby Lake National Wildlife Refuge. Spring Creek’s sense of community and its peaceful, rural atmosphere make it a great place to live. 

12. Virginia City

Mountain range: Sierra Nevada

Average rent price: $1,000

Population: 770

Apartments for rent in Virginia City, NV

Houses for rent in Virginia City, NV

Homes for sale in Virginia City, NV

Virginia City is a historic town set in the Sierra Nevada and near the Virginia Range. Near mountains like Mt. Davidson, Mt. Bullion, Emma Peak, and Mt. Grosh, there are plenty of hiking trails and viewpoints to see the surrounding area. It’s also close to historic landmarks like the Sutro Tunnel, the Chollar Mine, and the Mackay Mansion Museum.

With a population of just 770, this town offers a unique glimpse into the past, with its well-preserved 19th-century Victorian buildings and rich mining history. Today, Virginia City is a vibrant community, attracting visitors with its museums, antique shops, and ghost tours. It’s an intriguing place to live for those fascinated by history and the allure of the Old West.

Note, this list is not comprehensive of all the mountain towns in Nevada. Town must have average rental data to be included on the list. Average rental data from Rent.com during September 2024. Population data sourced from the United States Census Bureau.

Source: rent.com

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Categories

Real Estate

October 3, 2024
by Mark Ferguson

The Federal Reserve recently cut interest rates more than expected. This is the first rate cut in four years, and it could significantly impact the housing market, inflation, and the broader economy. Let’s dive into what this means for real estate, inflation, and more.

Table of Contents

Video: Will the Fed Interest Rate Cut Increase Housing Prices?

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High Interest Rates and Inflation: A Misconception?

For years, I’ve advocated for cutting interest rates and argued against raising them. While many believe high interest rates help control inflation, I think they might do the opposite—and definitely don’t help with housing affordability. Studies suggest that high rates raise mortgage payments, making housing more expensive, not less.

A common belief is that high rates will force housing prices down, but I argue that high rates might actually make the situation worse by reducing supply. Fewer homes are built when borrowing costs are high, and existing homeowners are reluctant to sell, waiting for lower rates. This supply shortage pushes prices up, not down.

What is the Best Investment in a High Inflation Environment?

What the Fed Rate Cut Means for Mortgage Rates

The Fed’s interest rate decisions don’t directly affect mortgage rates, but they are closely related. The Fed sets the federal funds rate, which is what banks pay to borrow from each other. Mortgage rates, on the other hand, are determined by the bond market and overall economic conditions.

Typically, when the Fed cuts rates, mortgage rates also drop. But the relationship isn’t always linear. As we’ve seen recently, mortgage rates have been all over the place. Earlier this year, they were above 7%, but now they’ve dropped to around 5.7% for a 30-year mortgage, according to NerdWallet. That’s a significant drop, which makes homes more affordable by lowering borrowing costs.

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Could Lower Rates Boost Housing Demand?

Lower rates could trigger a surge in homebuying. Many renters and homeowners have been sitting on the sidelines, waiting for rates to drop. When they do, these buyers may jump back into the market, driving prices up. We could see a short-term price increase due to a spike in demand.

However, lower rates also make it easier to build new homes. Increased construction would boost supply, potentially stabilizing prices over time. Currently, there’s a significant housing shortage, and more building is necessary to meet demand. So while prices may rise in the short term, more construction will help create a more balanced housing market in the long run.

Future Value Inflation Calculator

The Argument for Lower Rates Stabilizing the Market

Some people argue that lowering rates will bring more homes onto the market, as current homeowners who have been holding off on selling will finally list their properties. This could increase supply, but those same sellers are also buyers. So, while more homes might come on the market, there will still be buyers ready to snatch them up, including renters who have been waiting for a better deal.

In fact, with more buyers than sellers, we could see even higher demand than supply, leading to an imbalance favoring buyers. Lower rates, combined with strong demand from immigrants and other demographics, could lead to a more pronounced housing boom.

What is the Best Way to Invest in Real Estate?

Job Growth, Immigration, and Housing Demand

Another factor driving housing demand is immigration. Recently, there’s been significant job growth, but most of it has been among foreign-born workers. Data from the Census and the Social Security Administration shows a substantial increase in employment for foreign-born individuals, while employment for native-born workers has decreased. With more immigrants entering the workforce, housing demand is likely to rise, adding pressure to the housing market.

Many predict that population declines will lead to a housing crash, especially as baby boomers age. However, immigration is offsetting those declines. The U.S. population is still growing, which means more demand for housing, both for homeownership and rentals. Coupled with lower interest rates, this could result in continued upward pressure on home prices.

Why High Rates Don’t Necessarily Lower Prices

There’s a misconception that raising interest rates automatically leads to lower prices, whether for housing or goods. While higher rates can reduce demand, they also reduce supply, which can keep prices elevated. Fewer homes are built, fewer people sell their homes, and businesses cut back on production. In the housing market, this stagnation leads to a supply-demand mismatch, propping up prices rather than reducing them.

Studies from the 1970s and 1980s, when interest rates were at their highest, show that housing prices still rose dramatically. In fact, during the 1970s, prices tripled, and in the 1980s, they doubled. High rates simply don’t curb housing prices as much as people think.

Do Higher Rates Actually Cause Inflation?

Another controversial idea is that high rates can lead to inflation. Many people think raising rates controls inflation by reducing demand, but it doesn’t consider the supply side. When borrowing costs are high, businesses slow down production, which reduces supply. This supply contraction can lead to higher prices for goods and services, as companies are forced to raise prices to cover their costs.

For example, I own a small business. If my costs increase due to higher interest rates, I can’t just lower my prices to compensate for reduced demand. I still need to cover my fixed costs, so I might raise prices instead. This is how high interest rates can cause prices to rise, counterintuitively contributing to inflation rather than reducing it.

Conclusion: Why Lower Rates Are Good for the Economy

In summary, I believe lower interest rates are better for the economy and the housing market. Lower rates encourage building, make borrowing cheaper, and can help stabilize housing prices in the long run. While some fear that lowering rates will cause prices to surge, the alternative—keeping rates high—only prolongs the problem by restricting supply.

Additionally, the data shows that high rates don’t automatically lead to lower prices and, in some cases, can even cause inflation. As we move forward, it will be interesting to see how the Fed’s rate cuts impact the economy and the housing market in the months to come.

What do you think? Let me know in the comments below!

Source: investfourmore.com

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How much drivers pay at the gas pump — averaging $3.22 per gallon in September — depends largely on the price of oil and the cost of refining it. But federal, state and local taxes and fees can add significantly to the total.

On top of a federal tax of 18.4 cents per gallon, most states levy multiple taxes and fees on a gallon of gas. Those include some combination of excise taxes (imposed on goods, services and activities), sales taxes, environmental taxes and inspection fees.

Those costs add up to an average of 32.6 cents per gallon in state taxes, according to a NerdWallet analysis of U.S. Energy Information Administration data. Combined with the federal tax, that’s about 51 cents per gallon, on average, factored into the gas prices you see at your local station.

States with the highest gas tax

State tax rates vary widely. California’s rate (69.8 cents per gallon) and Illinois’s rate (67.1 cents) are highest, followed by Pennsylvania (58.7 cents). Alaska has, by far, the lowest state tax (9 cents per gallon), followed by Mississippi (18.4 cents) and Hawaii (18.5 cents).

2024 state gas tax hikes

In many cases, gas taxes are adjusted annually based on the consumer price index, a proxy for inflation calculated by the U.S. Bureau of Labor Statistics. That means taxes may rise (or fall) with the annual rate of inflation. Sometimes states also phase in new or higher fees by increasing them incrementally.

As for what happens with that tax revenue, states often use it to fund infrastructure improvements and environmental initiatives.

Oct. 1 gas tax hike

Washington D.C.’s motor fuel surcharge will tick up slightly from 11.4 cents per gallon to 11.8 cents per gallon on Oct. 1, according to the D.C. Office of Tax and Revenue. That fee is added to the district’s 23.5-cent sales tax on gasoline. Altogether, drivers pay 35.3 cents per gallon in state taxes when they fill up.

July 1 gas tax hikes

Gas taxes in seven states went up on July 1, generally by less than 2 cents.

Colorado’s road usage fee increased from 3 cents per gallon to 4 cents per gallon, according to the Colorado Department of Revenue. Additionally, an environmental fee increased from 0.6 cents per gallon to about 1.3 cents per gallon. Those fees are on top of a 22-cent gas tax. Altogether, the state tax on gas increased from about 26 cents per gallon to about 28 cents per gallon.

The Illinois gas tax increased from 45.4 cents per gallon to 47 cents per gallon, according to the Illinois Department of Revenue. All told, the state tax on gas increased from 66.5 cents per gallon to 67.1 cents per gallon in state taxes — the second highest in the country.

In Indiana, the gas tax increased from 34 cents to 35 cents per gallon, according to the Indiana Department of Revenue. In addition to the excise tax and a 1-cent oil inspection fee, the state charges a gasoline use tax. That tax rate is adjusted on a monthly basis. In July, the use tax rate is 20.1 cents per gallon. In all, Indiana drivers pay state taxes totaling 56.1 cents per gallon.

Missouri’s motor fuel tax rate increased from 24.5 cents per gallon to 27 cents per gallon, according to the Missouri Department of Revenue. Combined with two other fees levied on a gallon of gas, totaling about half a cent, the state taxes add up to 27.5 cents per gallon.

Nebraska’s fuel tax rate went up half a cent to 29.6 cents per gallon, according to the Nebraska Department of Revenue. Combined with an environmental fee, drivers in the state pay 30.5 cents per gallon in state taxes.

The Virginia motor fuels tax rate increased from 29.8 cents per gallon of gas to 30.8 cents per gallon, according to the Virginia Department of Motor Vehicles. The state’s motor vehicle fuels sales tax rate for gas increased from 8.7 cents per gallon to 9 cents. In all, motorists pay 40.4 cents per gallon in state taxes.

Source: nerdwallet.com

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While lower mortgage rates have reinvigorated hope for the stalling housing market, 2025 might not wind up much better than 2024.

Sure, lower interest rates boost affordability, but there are other components to a home purchase that remain cost-prohibitive.

Whether it’s simply an asking price that’s out of reach, or rising insurance premiums and lofty property taxes. Or other monthly bills that eat away at the housing budget.

This explains why mortgage origination forecasts for purchase lending continue to be pretty dismal.

However, the emerging trend of rising mortgage refinance volume should get stronger into 2025.

2024 Purchase Volume Has Been Revised Down

A new report from iEmergent revealed that 2024 purchase mortgage originations are projected to fall in terms of loan count when compared to 2023.

In other words, despite lower mortgage rates, the number of home purchase loans is now expected to fall below 2023 levels.

However, thanks to an increase in average loan size, the company believes purchase loan volume will still see a modest increase of 3.5% year-over-year.

To blame is still-high mortgage rates, which peaked about a year ago and have since fallen nearly two percentage points.

But home prices remain elevated, and when combined with a 6% mortgage rate and steep insurance premiums and rising property taxes, the math often doesn’t pencil.

Adding to affordability woes is the continued lack of existing home supply. There simply aren’t enough homes for sale, which has kept prices high in spite of reduced demand.

Refis Expected to Jump Nearly 50% from 2023 Lows

On the other side of the coin, mortgage refinances are finally showing strength thanks to that pronounced decline in mortgage rates.

They bottomed in late 2024 when the 30-year fixed hit the 8% mark, with only a handful of cash out refinances making sense for those in need of payment relief (on other debt).

But since then rate and term refinances have picked up tremendously as recent vintages of mortgages have fallen “into the money” for monthly payment savings.

As noted a week ago, rate and term refis surged 300% in August from a year earlier and the refinance share of total loan production rose to 26%, the highest figure since early 2022.

Chances are it will continue to grow into 2025 as mortgage rates are expected to ease further this year and next.

iEmergent said they “expect rates to finally start declining in the months ahead,” on top of the near-2% decline we’ve already seen.

While many have argued that the rate cuts are mostly baked into mortgage rates already, which explained mortgage rates rising after the Fed cut, there’s still a lot of economic uncertainty ahead.

The 50-basis point came as a surprise to many and another one could be on deck for November, currently holding a 60% probability per CME FedWatch.

If it turns out the Fed has gotten behind the eight ball, 10-year bond yields (which track mortgage rates) could drop more than is already penciled in.

At the same time, there’s still room for mortgage spreads to compress as the market normalizes and adjusts to the new lower rates (and higher loan volumes ahead).

2025 Refinance Volume Slated to Rise Another 38%

Looking forward to 2025, the refinance picture is expected to get even brighter, with such loans rising a further 38% (in dollar amount) from 2024.

This will likely continue to be driven by rate and term refis as interest rates continue to improve and the millions who took out loans since 2022 take advantage of cheaper rates.

But it could also come in the form of cash out refinances, which will become more attractive as well.

Even if an existing homeowner has a rate of say 4%, something in the high-5s or low 6% range could work if they need cash.

This could be a reflection of increasing debts in other departments, as pandemic-era savings run dry.

Ultimately, homeowners have barely touched their equity this housing cycle, so there’s an expectation that it’ll happen at some point, especially with home equity at record highs.

You might also see this in the form of second mortgage lending, with HELOC rates expected to fall another 2% as the prime rate is lowered by that same amount over the next 12 months.

Meanwhile, iEmergent is forecasting a paltry 6.5% increase in purchase volume in 2025, pushing overall dollar volume growth to just 13.3%

As for why purchase lending is projected to be relatively flat next year, it’s a wider economy story.

If economic growth continues to decelerate and a recession takes place, a weaker labor market with higher unemployment could dampen home buyer demand.

So even if mortgage rates decline more as a result, you’ve got fewer willing and able buyers, despite lower monthly payments.

This explains the phenomenon of how home prices and mortgage rates can fall in tandem.

They might not, but it at least debunks the idea of there being an inverse relationship between the two.

Long story short, 2025 should be better for mortgage originators thanks to refis, but don’t get your hopes up on purchase lending seeing a big jump thanks to lower rates.

Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Latest posts by Colin Robertson (see all)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Named one of the cloudiest, snowiest, and coldest U.S. cities, Anchorage AK, is also one of the prettiest. With the Chugach Mountains in the distance and lots of gorgeous water, Anchorage truly has an abundance of natural beauty. Not to mention, Anchorage was also named one of the most affordable places to live in Alaska! 

However, if you’re not sure where to start your sightseeing journey, don’t worry. We’ve compiled Anchorage’s 10 top beautiful places to check out whether you’ve just signed a lease for your rental home, are looking for an apartment, or have lived in your Anchorage, AK home for several years and many more to come.

1. Tony Knowles Coastal Trail

In no particular order, our first recommendation is the Tony Knowles Coastal Trail. This is one of Agnes Stabinska’s, of travel blog Alaska Itinerary, favorites for a reason. She particularly loves the stunning views of the coastline, Chugach Mountains, and if you’re lucky – Denali in the distance. 

“It’s perfect for walking, biking, and photography, especially around sunset when the light beautifully illuminates the landscape. This 11-mile-long scenic path stretches from downtown Anchorage to Kincaid Park. Along the trail, some of the best viewpoints include Earthquake Park, which offers historical insights and beautiful coastal views, and Point Woronzof, where you can catch stunning sunset views and spot airplanes taking off from the nearby airport,” says Agnes. 

2. The Turnagain Arm

Another great option is The Turnagain Arm located just thirty minutes from downtown Anchorage. Bloggers José Luis Vílchez and Cora Rose of Art We There Yet? love this spot for three main reasons: to “1) Watch surfers ride the bore tide (a unique phenomenon that only happens in a few key places on the globe). 2) Look for eerie stands of dead trees along the Upper Arm. Often called “ghost forests”, these trees died when the land suddenly fell 6-8ft during the historic 1964 earthquake (second largest in recorded history). 3) Drive up Portage Valley Rd and view glacier after glacier clinging to the valley walls.” Their absolute favorite is the 14-mile isthmus trail which is the only stretch of land connecting the Kenai Peninsula to mainland Alaska, so make sure you add that to the top of your list.

Photo courtesy of Art We There Yet?

3. Mount Baldy

Next up, we have Humphrey Hawksley’s favorite place – Mount Baldy. “Matt Worden from Go Hike Alaska led me on the thousand feet climb along well marked trails where you can absorb Alaska’s expanse, beauty and tranquility,” notes Humphrey. “Roaming the ridgeline, you have mountainscape on one side and panoramic scenes across the Eagle River on the other,” he describes. 

Afterwards, Humphrey recommends checking out the Writer’s Block Bookstore and Cafe for a cup of joe, a new read, and some music. As the author of the Rake Ozenna thriller series (set in Alaska), we know his suggestion is foolproof.

4. Potter’s Marsh

“A hidden oasis in Anchorage is Potter’s Marsh, a wildlife viewing boardwalk and bird sanctuary,” says Your Alaskan Adventures’ Deborah Raarup. On this boardwalk stroll, you can expect to see moose, a variety of birds, and even some muskrats year round, as well as swans and their baby cygnets in the spring. 

Additionally, “On a clear day, you can see the beautiful Chugach Mountains to the east and the Turnagain Arm to the west,” tells Deborah. With the abundant wildlife and beautiful backdrop. Potter’s Marsh is truly “one of the best places in Anchorage to get outside on an easy hike to see wildlife.”

Photo courtesy of Your Alaskan Adventures

5. Earthquake Park

Add in a bit of Alaskan history with your nature outing at Earthquake Park. Although a tragic event, this spot commemorates the 1964 earthquake with several signs explaining the effects of the disaster. Beyond your daily history lesson, this park also features incredible trails with the best coastal views and if you’re in luck, gorgeous wildflowers. Don’t forget to stop at the oversation points to take in a grand sight of Cook Inlet and the surrounding mountains.

6. Chugach State Park

It wouldn’t be an Anchorage article without the mention of Chugach State Park! This beloved spot “provides Anchorage residents and visitors with world-class backcountry recreation via numerous trailheads within a half hour drive from the international airport and downtown of Alaska’s largest city,” says Mat Brunton, mountain guide and outdoor educator of Chugach Mountain Institute. 

It’s hard to find a park with more diverse landscapes as Chugach has it all: rugged mountains, glaciers, lush forests, and pristine lakes. Beyond hiking, this park is great for biking, spotting wildlife (moose, bears, eagles, etc.), fishing, camping, snowshoeing, and more. With the beautiful scenery and several activities to enjoy, it’s truly a favorite destination for outdoor lovers of all levels for a reason.

7. Adventure in the backcountry of Anchorage, AK

Looking to explore? The National Center for Outdoor & Adventure Education (NCOAE) offers the best wilderness adventures for both teens and adults. Starting in Anchorage, you’ll travel to McCarthy, settle in, and trek across the Alaskan wilderness to a rendezvous point. 

What next? Great question! At this remote airstrip, a bush plane will pick you up for a journey further into the backcountry – how cool! “During these days, participants hone their outdoor and leadership skills in the heart of the Alaskan wilderness. The landscape and wildlife provide a dramatic backdrop for the learning experience. Participants may encounter moose, lynx, bears, ground squirrels, Dall sheep, and other wildlife during their guided trip. Whatever challenges the Alaskan wilderness presents, you’ll gain the skills to endure and enjoy it with confidence and style. And once your adventure is complete, you’ll be returned safe and sound to Anchorage,” describes brand and business journalist Mikal Belicove.

8. Flattop Mountain

Indigo Alpine Guides owner Jack Bynum’s perfect day includes a hike to Flattop Mountain. An accessible hike for all levels, this mountain is arguably the most climbed in all Alaska. There are several different paths to choose from, so enjoy having a choose-your-own-adventure moment. Before the hike, Jack recommends fueling up at Fire Island Bakery and/or grabbing breakfast at Middleway Cafe. If you’re doing a late afternoon hike, Jack suggests stopping for a bite at Hearth Pizza for a well-deserved slice or two.

9. Ship Creek

For the ideal afternoon activity, take artist Duke Russell’s suggestion and scooter down to ship creek and the public boat launch. This spot “provides beautiful views of the downtown skyline as well as the Chugach Mountains and Government Hill,” describes Duke. Additionally, “When the tide is out, you’ll see many sea birds feeding in the flats along ship creek,” he adds. A scooter ride followed by a scenic view and beautiful birds? What more could you ask for?

10. Lake Hood

Thirsty for water? Alaskan Sights and Bites’ co-owners Dan and Chris Morris absolutely love Lake Hood. As the world’s busiest seaplane bases, it’s the perfect spot to watch the takeoff and land. And with the backdrop of the Chugach Mountains? There’s no better Alaskan experience. It’s also “a great spot to take photos, and get a feel for the adventurous spirit of Alaska — a place we often share with guests on our Alaskan Sights & Bites van tours,” add Dan and Chris.

Darby works as a Content Marketing Coordinator on Redfin’s impressive Content Marketing team. Her experience includes media advertising, graphic design, and a B.A. in business leadership with a concentration in marketing and communication studies. She currently resides in Seattle, WA, and can be found crafting with her friends and sipping on a chai latte at Gasworks Park. Her dream home is either a cream cottage in Madrona, WA, or a brownstone in the West Village.

Source: rent.com

Apache is functioning normally

Looking for unique things to do in Baton Rouge, Louisiana? The capital city is full of vibrant culture, rich history, and exciting experiences that go beyond the typical tourist spots. From outdoor adventures along the Mississippi River to exploring local food joints and lively festivals, Baton Rouge has something for everyone. Whether you’re looking to move into a new apartment in Baton Rouge, or buy a new house in the city, or you’re planning your next visit, dive into the city’s unique blend of Southern charm and modern flair with these must-try activities.

“The strength of Baton Rouge lies in its ability to feel like a small town or a bustling metropolis, depending on what you need at the time. Few places in the United States properly walk this line the way Baton Rouge can. Whether it’s a Saturday night in Tiger Stadium, or a Wednesday get-together at Pizza Art Wine, Baton Rouge delivers!” – Bradley King, a Baton Rouge local and owner of Second Line Photography

Photo by Bradley King – Second Line Photography

1. Baton Rouge Gallery

“If you’re trying to find the cultural side of Baton Rouge, First Wednesday Openings at Baton Rouge Gallery (which are always free) or the monthly ARTiculate Artist Talks (also free) are a great way to get to know some of the best living artists Louisiana has to offer.” – Jason Andreasen, President/CEO

2. The Brakes Bar 

If you’re craving a cocktail experience that feels like stepping into another era, look no further than this hidden gem. “The Brakes Bar is tucked away in a vibrant urban setting, this speakeasy-style bar blends vintage charm with a funky twist. The atmosphere feels like a throwback to the 60s & 70s, with a modern edge that speaks to the city’s eclectic soul. The menu? A mixologist’s dream, featuring foraged botanicals and locally sourced ingredients that make every drink an adventure in itself. Whether you’re a cocktail connoisseur or just looking to sip something extraordinary, this spot delivers an unforgettable, uniquely urban escape.” – Kelly C. Culotta, Marketing Director – City Group Hospitality

3. Stop by Spoke & Hub for dinner

Right in front of The Brakes Bar is a southern dinner called Spoke & Hub. 

“Casual concept, our version of the Contemporary Southern Diner, offering Americana fare with a southern twist. Here, you can find large outdoor patios, a courtyard patio to relax after a bike ride, drinking beer and great cocktails, eating some of the great contemporary diner fare, and brunching. Great family atmosphere with an amazing dessert bar for the children and of course we will be pet-friendly for all of our furry friends. Brunch served all day every day.” – Danielle Hampton, General Manager – City Group Hospitality

4. Redstick Adventures Private Tours

A great way to truly experience a city is by taking tours led by locals who know it inside and out. Redstick Adventures Tours offers city, food, and ghost tours that are perfect for those looking to explore different sides of New Orleans.

“If you’re getting to know the city’s origins we suggest taking a trio of tours that we offer. First, the City Tour, highlighting some of the original architecture, neighborhoods and history that helped shape what Baton Rouge is today. For the more adventurous, try tasting your way through the unique cuisine of our historic cultures on our Food Tour. Or, if you’re attracted to the macabre, try your hand at ghost hunting and learning about our dark past on our Haunted Tour. These are the trifecta of tours a person should take to learn about Baton Rouge whether the person is new to the area or lived here all of his/her life they are sure to enjoy these new and different experiences and perspectives.” – Susan of Redstick Adventures Tours

5. French Truck Coffee

No trip is complete without stopping by a local coffee shop. It’s one of the best ways to experience a new city and embrace the local charm, and who doesn’t love a delicious, freshly brewed cup? 

“I recommend French Truck Coffee, located at the corner of Government St and Kenmore Ave. Grab your caffeine pick me up featuring freshly roasted coffee, and take a peek behind the scenes at the on-site roastery! They offer breakfast all day for those craving morning flavors anytime, as well as tasty lunch options to satisfy your midday hunger.” – Simone Reggie, Director of Sales & Marketing

6. Tend to your garden

Surrounding yourself with nature has countless benefits for both the mind and body. Whether you’re looking to cultivate a peaceful sanctuary or grow your own fresh produce, spending time in a local garden is one of the best unique things to do in Baton Rouge. 

“Being outdoors is one of the best things you can do for yourself,” says Kathleen Pourciau of This Thyme Gardens “If you’re interested in spending some time outside thriving with vegetables and flowers in your own nourishing garden, This Thyme Gardens provides garden consulting as well as design and installation of raised bed kitchen gardens in the Baton Rouge area.”

7. DIG Baton Rouge Restaurant Week

“If you visit Baton Rouge, come during DIG’s Restaurant Week! Each spring and summer, the bi-annual “Baton Rouge Restaurant Week” is an opportunity for restaurants in the area to come together and positively impact the community. This delicious event allows restaurants to showcase their outstanding cuisines, promote their fan favorites, and introduce specials to customers. Local chefs have the opportunity to offer a menu the average diner wouldn’t be able to try. What better way to experience Baton Rouge than with a week full of food?” – Emilee Calametti – DIG Magazine

8. Explore the Mid-City neighborhood

Mid City in Baton Rouge is a vibrant and diverse neighborhood known for its artsy vibe, historic homes, and local culture. It’s one of the most popular areas in the city, blending old charm with new energy. The area features a variety of locally-owned shops, galleries, and restaurants, making it a hub for creativity and small businesses. 

“I suggest everyone checks out Mid-City when visiting Baton Rouge. I love all the local shops that are an eclectic mix of arts, great food, live music, and shopping. I really love the Pink Elephant Antique Store. They have some great finds from the local area. Fluerty Girl has a store in Mid-City now with fun gifts that showcase humor from South Louisiana. There’s a lot to do!” – Natalie Wilson – Lily Magnolia Rose Photography

9. Ride a bike around the city

If you’re looking for a unique thing to do in Baton Rouge and an active and scenic way to explore the city, there’s no better way than by bike.This adventure offers a perfect mix of outdoor fun, fitness, and a chance to see the vibrant spirit of Baton Rouge up close.

 “A great way to get to know Baton Rouge is to get on a bike and ride from Downtown, down the levee bike path along River Road and the Mississippi River towards LSU.  Finish your journey by riding around the LSU Lakes. You might get lucky and get to experience tailgating on a Saturday before a LSU game.” –  Saskia Spanhoff – Cocha 

“I recommend riding bikes in the downtown area, going around the Capitol lakes and gardens, and then parking at the State Capitol, and going to the top! You can see Tiger Stadium and so much of Baton Rouge and the Mississippi from there! Then get dressed up and go to dinner at Tsunami – either downtown or the HIghland location! – Amber Elworth, Owner – Light House Coffee

10. Enjoy divine flavor at La Divina Italian Café

Visit locally owned La Divina Italian Café to sample flavors of gelato and sorbet for free! “If you enjoy live music, make sure to catch the Live local songwriters on Thursday nights at 6pm. On Fridays, “Original Music Group” features two original songs from the many local musicians who sign up to play. You are welcome to sign up to play your own music or simply enjoy and meet other locals.  La Divina Italian Cafe is open at 7am everyday with breakfast and the best espresso beverages in town!” – Mary of La Divina Italian Café

11. BREC Park Organization

Baton Rouge offers so many enriching experiences for people of all ages, especially for those seeking educational and fun activities. “As a homeschooling mom, some of my favorite highlights of Baton Rouge come from the amazing BREC park organization. The zoo, Knock Knock children’s museum and the USSKidd ship and science and arts museum are wonderful resources for our family. We also enjoy the many festivals and holiday parades year round. The Memorial Day flags at the state capitol are very meaningful to us.” – Meagan Stone Photography 

12. Go to a LSU tailgate and get some barbecue

Saturdays were made for tailgating in Death Valley. Rain or shine, LSU’s fans gather to celebrate their Tigers with a passion that rivals any team in the nation. You’ll hear “Geaux Tigers!” everywhere you turn on tailgate days. 

“As the Official Catering Partner of LSU Athletics, BRQ Seafood and BBQ is proud to fuel the game day excitement and make your tailgate an unforgettable one. Whether you’re a die-hard fan or simply looking for a fun-filled day, tailgating in Death Valley is an experience not to be missed.” – Charlie – BRQ Seafood and Barbeque

13. Join Live After 5 to live like the locals

Live After 5 is a vibrant celebration of culture and community in the heart of Baton Rouge, showcasing the city’s rich musical heritage and diverse local talents. This free outdoor concert series invites residents and visitors alike to unwind after a busy week, enjoy live performances, and savor delicious food from local vendors. With its lively atmosphere, Live After 5 encapsulates the spirit of Baton Rouge, fostering connections and creating cherished memories under the stars. It’s more than just music; it’s a testament to the city’s warmth and sense of belonging. – Audriane Williams, Owner of Young Chefs Academy Baton Rouge  

Baton Rouge is a city that offers far more than meets the eye, with a unique mix of history, culture, and outdoor activities that cater to every interest. Whether you’re exploring the city’s vibrant food scene, enjoying its scenic parks, or soaking in local traditions, there’s always something new and exciting to experience. So, the next time you’re in Baton Rouge, step off the beaten path and discover the hidden gems that make this city truly one-of-a-kind!