Utilizing your 401(k) retirement account can seem daunting to beginner investors, but there are numerous strategies and tactics you can use to improve returns. Before any of that happens, though, investors will want to be sure to sign up for a 401(k) retirement account through your employer, which is often as simple as filling out a form.
As for the rest? Investing in your 401(k) doesn’t have to be complicated. From understanding your investment options and choosing your portfolio, to common mistakes to avoid, read on to get into the nitty-gritty.
How to Invest Your 401(k)
Investing in your 401(k) can often be as simple as making some basic investment choices. But it’s also good to know exactly how the account works.
As a refresher, a 401(k) is a type of tax-deferred retirement account sponsored by your employer. If you work for a non-profit, a school district, or the government instead of a company, your retirement plan might be a 403(b) or a 457(b) plan. All of these plans are employer-sponsored, meaning they pick the plan — and most of the information here applies to all three types of accounts.
You and your employer can both contribute to a 401(k). Many employers match employee contributions to some degree, and some may even contribute a portion of company profits to employees’ accounts (that’s known as a 401(k) profit-sharing plan).
Contributions are capped by the IRS: For the 2024 tax year, the maximum amount an individual might contribute to a 401(k) is $23,000, with an additional $7,500 in catch-up contributions allowed for people over age 50. The total amount that might be contributed to a 401(k), including matching funds and other contributions from an employer, is $69,000 (or $76,500 for people over age 50).
For the 2023 tax year, the maximum amount an individual could contribute to a 401(k) is $22,500, with an additional $7,500 in catch-up contributions allowed for people over age 50. The total amount that might be contributed to a 401(k), including matching funds and other contributions from an employer, is $66,000 (or $73,500 for people over age 50).
With all of that in mind, here are some things to remember as you start to invest in your 401(k), or look for ways to improve your returns. 💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.
Assess Your Goals
Investors should really take the time to assess their overall investment goals, and think about how their 401(k) fits into achieving those goals. Each investor will have different goals, and that means they’ll be willing to take different risks and be on different timelines as to when they want to reach those goals.
Again, this will vary from investor to investor, but before making any moves, it can be helpful to think more deeply about goals. Talking to a financial professional may be helpful, too.
Determine Your Risk Tolerance
Every investment comes with risk. The key is assessing your comfort level with risk now, and going forward. Whether you’re picking a target date fund or making your own mix of investments, you’ll want to allocate your money based on your needs and risk tolerance.
One rule of thumb when it comes to retirement investments is that the younger you are, the more risk you might be able to handle. The thinking goes that you will have more time to recover from market drops to allow riskier investments to pay off.
On the other hand, people closer to retirement may choose to adjust their investments. There, the goal would be to minimize risk, so that the savings they will soon need would not be overly impacted by a market downturn.
Look at Diversification
Diversification is critical when building a portfolio, so investors should keep an eye on what’s in their portfolio. An individual employee may not have a whole lot of say as to what exactly is going into their 401(k) investment mix, but you’ll want to keep an eye on things and stay abreast of the way that your portfolio manager is diversifying for you.
Target-Date Funds
A target-date fund is a mutual fund with a passive mix of investments aimed at a “target” retirement date. The mix of assets (stocks and bonds) typically becomes more conservative as your target retirement date nears. For people who prefer a hands-off approach, these funds might be a good investment option.
Something to keep in mind is that you don’t necessarily have to pick the target date based on when you actually plan to retire. If you feel the mix of assets is too aggressive, you might choose to select an earlier retirement year to take less risk.
Factors to Consider
Additionally, there are many factors investors will need to consider as it relates to their 401(k), such as their time horizon, expenses, and contribution levels.
• Time horizon: How long do you plan to invest? Investors will want to keep long-term returns in mind, and their investment mix and other choices can have an impact on their returns.
• Expenses: Investments often have expense ratios or other fees that can eat into returns, which is another thing to keep in mind.
• Contribution levels: The more you save for retirement and the earlier you start saving, the better off you’ll likely be in retirement. If you’re lucky enough to have an employer that matches your contributions, at a minimum you’ll probably want to take full advantage of your employer match.
Remember: Maximizing your 401(k) tends to benefit you in the long run. 401(k) employer contributions vary, so it makes sense to find out how matching works at your company, and then contribute at least enough to get that “free money.”
Get a 2% IRA match. Tax season is now match season.
Get a 2% match on all your SoFi IRA contributions* through Tax Day (up to the annual contribution limits). Plus, funding your IRA may reduce taxes.
*Offer lasts through Tax Day, 4/15/24. Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.
401(k) Investing: Things to Keep In Mind
There are a couple of other things that investors may want to try and keep in mind in regard to their 401(k), such as leaving old accounts open, and over-investing in specific funds.
Putting Everything into a Money Market Fund
A money market fund is a mutual fund made up of relatively low-risk, short-term securities. It’s a tempting move, because it feels like you don’t risk losing money. You’ll want to gauge whether your investing returns are outpacing inflation, accordingly. That may be the case if your money is only being invested in a money market fund — in fact, that may be the default if employees don’t make investment selections for their portfolio. You’ll need to check with your plan provider to find out.
Leaving Old 401(k)s Open
When you leave your current employer, it’s often a good idea to roll over your 401(k) into a traditional or Roth IRA. Most 401(k) accounts have fees associated with them. While typically an employer will pay those fees while you work for them, once you’re no longer with the company, many will stop paying them for you.
By moving your money into an account of your choosing, you have more control over the fees you pay. You’ll also generally have a broader range of investment choices. 💡 Quick Tip: How much does it cost to set up an IRA? Often there are no fees to open an IRA, but you typically pay investment costs for the securities in your portfolio.
The Takeaway
Investing in a 401(k) retirement savings account is fairly simple, especially since you can set it up through your employer. Whether you are typically a hands-on investor or prefer a hands-off approach, you can get your 401(k) contributions up and running — and start saving money for your future.
If you have an old 401(k), as noted above, you might want to consider doing a rollover to an IRA account so you can better manage your savings in one place.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
FAQ
Can I invest my 401(k) on my own?
It may be possible to invest in your 401(k) on your own, as some employers offer a self-directed plan option, which gives investors more choice and say over their portfolio.
Is it possible to make my 401(k) grow faster?
To make your 401(k) grow faster, you can look at increasing your contributions (up to a specified limit), or changing your investment mix. But note that many investments with higher growth potential tend to have higher associated risks.
Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
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For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Looking for the best summer jobs for teachers? Teachers, just like students, really enjoy the summer break. It’s a great time for them to relax and feel refreshed. But, this break can also be a chance for teachers to make extra money and even start a new business. I know many, many teachers who have…
Looking for the best summer jobs for teachers?
Teachers, just like students, really enjoy the summer break. It’s a great time for them to relax and feel refreshed. But, this break can also be a chance for teachers to make extra money and even start a new business.
I know many, many teachers who have side hustles in the summer. From part-time gigs to full-time summer businesses, there are many side jobs for teachers that you may want to try out.
Best Summer Jobs for Teachers
There are many summer jobs for teachers listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Flexible way to freelance – Proofreading
Side job for teachers from home – Blogging
How to make passive income as a teacher – Sell printables
Work as much or as little as you want – Flea market flipping
Creative job idea – Dog treat baker
Side job for teachers in summer – Grocery shopper
Camp counselor – If you love the outdoors, being a camp educator can be both rewarding and enjoyable, combining teaching with adventure activities.
Summer school teacher – Many schools have summer classes where you can continue teaching.
1. Teach summer school
One clear way for teachers to earn extra money in the summer is by teaching summer school.
It’s a good way to use your teaching abilities and make some additional income. The best part is that summer school happens during your summer break (big surprise, right?!), so it fits well with your schedule when you’re already off from regular school.
To start, check with your local school districts. A lot of them have summer school programs, and they usually share job opportunities on their websites or local education job boards.
2. Sell educational printables
Selling educational printables is a way for teachers to earn extra money. It’s especially good for those who want to make passive income as a teacher.
Your materials, like worksheets, lesson plans, and activities, are helpful to other teachers and parents looking for high-quality educational content.
Some places to sell your educational printables include:
Teachers Pay Teachers(TPT) – This is a popular site where millions of teachers buy and sell original educational resources.
Etsy – This site is known for handmade items, but also is a great place for selling educational materials and printables.
Educational printables include things like math problems, vocabulary cards, and science experiments. They’re useful for different grades, age groups, and learning goals, making it simple to improve regular teaching or homeschooling. You can share these resources online or print them for in-person classes too.
Recommended reading: How I Make $400,000 Per Year Selling Educational Printables.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Flip used items for resale
Trying your hand at flipping items from flea markets and thrift shops can be a fun and money-making summer job for you as a teacher.
Flippers are people who find items at flea markets, yard sales, and thrift stores that are priced lower than their actual value. They then sell these items for a profit.
The summer is a great time to do this because there are typically a lot of yard sales, flea markets, and people just in general decluttering more (so you may find more things that people are giving away), where you can find items to resell.
Some items that you can buy and resell include clothing, antique furniture, collectible toys, sports equipment, electronics, rare books, jewelry, and more.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
4. Tutor
During the summer, your teaching skills are still needed. Tutoring can be a flexible and fulfilling summer job that lets you work with students one-on-one either online or in person.
You may be able to tutor on subjects like math, foreign language, science, and more. You also may be tutoring kids, teenagers, or even adults.
To begin, you can look for tutoring jobs on online tutoring sites like Tutor.com. You can also sell in-person local tutoring sessions by reaching out to tutoring companies nearby or advertising your services on social media or in local Facebook parent groups for your area.
5. Camp counselor
Becoming a camp counselor could be a rewarding experience for you in the summer. In this job, you’d guide groups of children through indoor and outdoor activities, as well as educational programs at summer camps.
Your daily tasks would include keeping campers safe, organizing games, and giving both educational and emotional support.
Summer camps come in different types, ranging from general adventure camps to specialized ones focusing on sports, arts, or science.
6. Freelance bookkeeping gigs
If you like numbers and you’re a teacher, online bookkeeping can be a way to spend your summer.
A bookkeeper is someone who assists in managing and tracking the financial aspects of a business. They usually keep records of sales, track expenses, and generate financial reports.
People with virtual bookkeeping jobs work from home, handling their responsibilities remotely. Virtual bookkeeping is a great choice for remote work as all tasks can be completed online or with computer software, eliminating the need to go into an office physically.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
7. Swim instructor
If you’re a teacher who loves the water, becoming a swim instructor for the summer could be the perfect seasonal job for you. Your educational background gives you the ability to communicate and manage classes, which are important skills for teaching swimming.
To find swim instructor jobs:
Look on websites like Craigslist or Facebook for listings, including summer-specific roles.
Check out local community centers, pools, and summer camps.
Networking can help, so let friends and professional contacts know you’re looking.
Another job similar to this would be to become a lifeguard at a local pool.
8. Tour guide for local attractions
As a teacher, your ability to tell stories and lead can be very useful for a summer job as a tour guide. Your skill in explaining things well makes you a great choice to share history and local stories with visitors.
Check out jobs at museums, historical places, or become an ambassador for your city by guiding people to discover hidden treasures.
9. Pet care jobs
If you’re a teacher who loves animals, you may want to look into summer jobs in pet care, like being a dog walker or pet sitter. Your caring skills can easily transition to taking good care of furry friends while students are on break.
Rover is a website that connects pet owners with pet sitters and dog walkers. You can choose to do this job on weekends throughout the year or only open your schedule during the summer months – it’s your choice.
Starting on Rover is simple – you create a profile sharing your experience with pets and the services you can offer, such as dog walking, pet sitting, and house sitting.
After that, customers will send you requests, and you can discuss pricing. Rover handles the payment process, and you’ll get paid directly into your account.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
10. Test prep instructor
As a teacher, your knowledge of academic subjects is very helpful, especially in the summer. Becoming a test prep instructor can be a great chance to help students in getting ready for their exams and earn extra money.
Test prep instructor jobs include subjects like math and English, and they cater to different education levels, from elementary school to college.
11. Sell your lesson plans
Teachers Pay Teachers (TPT) is a website made just for educators to buy and sell educational items, and it’s a well-liked side hustle for teachers. If you’ve created lesson plans, worksheets, or other teaching tools for your class, you can share them on TPT and make some extra income.
The school year may be over for you, but that doesn’t mean that you can’t create and sell lesson plans – these are bought year-round!
You can sell:
Lesson plans and unit studies
Worksheets and printable activities
PowerPoint presentations and interactive notebooks
Posters, charts, and visual aids
On Teachers Pay Teachers, the typical teacher can earn around an extra $300 to $500. However, some teachers make hundreds of thousands of dollars extra each year.
12. Coach a school sport
If you love sports and you’re a teacher, coaching a school sport during the summer might be a great match for your skills and interests.
Coaching a school sport is a great option within your own school district, as many schools need help with their sports teams. You can try coaching sports like soccer, basketball, volleyball, and track and field. Additionally, there are opportunities with after-school clubs such as yearbook, chess, choir, and more that can be a teacher’s side hustle.
13. Run a dog bakery
Beginning a dog bakery can be an enjoyable side job for teachers who adore both dogs and baking. By creating treats for dogs such as cupcakes, cookies, cakes, and more, you can earn an additional $500 to $1,000, or even more, each month.
Recommended reading: How I Make $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
14. Sell handmade goods on Etsy
Etsy is a popular online marketplace that connects makers and shoppers looking for unique handmade goods. If you’re a teacher with a creative side, this could be a great site for you to showcase and sell your crafts during the summer months.
Some examples of what you can sell on Etsy that are related to school include:
Educational games and activities
Educational materials like lesson planners and printable worksheets
Handcrafted classroom decorations or educational games
Personalized items such as bookmarks, nameplates, or tote bags
But, you don’t have to only sell teaching-related items. You can sell many other things such as furniture, clothing, jewelry, soap, home decor, and more.
15. Work at a restaurant
Many teachers work part-time or full-time at a restaurant during the summer as servers, hosts, bartenders, and kitchen staff.
Working in restaurants can fit teachers well since they have flexible hours that can match your open summer schedule, and you can leave the job easily once school resumes in the fall.
I know many, many people who have done this, and I would say this is one of the top summer jobs for teachers.
16. Proofread
As a teacher, you likely excel at proofreading and can easily catch mistakes. Using these skills, proofreading can be a fantastic side job. By proofreading, you can help authors, website owners, students, and others in their writing while earning extra income.
Even the best writers can overlook errors in grammar, punctuation, and spelling. That’s why having a proofreader can be helpful for nearly everyone.
You can usually set your own hours, which is perfect for the irregular schedules you might have.
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
17. House sit
House sitting is a good option for teachers looking to make extra income during the summer months because a lot of people take vacations in the summer. As a house sitter, you are typically responsible for maintaining someone’s home while they are away. This can include watering plants, collecting mail, and making sure the house remains secure.
People hire house sitters to make sure their homes aren’t left empty, as a visible presence can discourage potential thefts.
To begin house sitting, you can join house-sitting websites to find gigs in your area or ask for referrals from friends and family. Starting with people you know for house-sitting and then using their references can expand your job search.
18. Blog
Blogging can be an enjoyable way for you, as a teacher, to earn extra money from home. Many teachers run blogs, and it makes sense – you can blog when you have free time, without sticking to a strict schedule.
To start your blog, first, pick a topic you’re passionate about, maybe something related to your teaching field or a hobby you enjoy. There are plenty of different niche ideas such as personal finance, travel, food, home, pets, and so much more.
You can earn money as a blogger through ways like:
Affiliate marketing – Share links to products or services related to your blog topic and earn a commission for sales made through your referral links.
Advertising – Add display ads or sponsored posts on your blog.
Courses and ebooks – Create courses or ebooks in your expertise area and sell them through your blog.
Learn more at How To Start A Blog FREE Course.
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
19. Freelance writing
If you’re looking for remote summer jobs for teachers, then becoming a freelance writer can be a great option.
Freelance writers create content for blogs, websites, magazines, newspapers, advertising companies, and more. You can find writing jobs on platforms like Upwork and Fiverr. Also, you can find clients independently by reaching out to websites you are interested in writing for.
I have been a freelance writer for years, and it all started as a side hustle. This is a great side hustle because you can choose to work as much or as little as you want, such as if you are only looking to do freelance writing in the summer months when you are not teaching at a school.
Recommended reading: 14 Places To Find Beginner Freelance Writing Jobs
20. Transcribe
An online transcriptionist’s role involves listening to video or audio files and typing out the content they hear. Various types of transcriptionists exist, including legal, general, and medical transcriptionists.
This job demands solid typing and listening skills, and the flexibility to work from home on your schedule. Transcriptionists typically earn an average of $15 to $30 per hour.
This is another great side hustle because you can choose to work as much or as little as you want, such as if you are only looking to make extra money during the summer months.
I recommend signing up for FREE Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Beginner Online Transcription Jobs To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
21. Rent out an unused room in your home
If you have a spare room in your house, you might want to try renting it out over the summer. Platforms such as Airbnb or Vrbo make it easy for you.
I have rented out rooms to others in the past, and it has been a great way to make extra money. If you live in a touristy area, this could even be a gig that you only do in the summers and earn enough to cover your bills or at least pay for some of them.
22. Rent your garage space
If you have available storage space like a garage, driveway, closet, basement, or attic, you might consider renting it out to make extra money. This can be a profitable side hustle without requiring much of your spare time.
Neighbor is a platform where you can list your extra space for rent and potentially earn up to $15,000 per year.
This is a gig that may take up more than just your summer because typically people may store their stuff more long-term. But, you may find some people who only need to store things a few months at a time or perhaps you can also try to turn this into a year-round side hustle.
Recommended reading: Neighbor Review: Make Money Renting Your Storage Space
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You can use this website to list your unused space for rent and make up to $15,000 per year by doing so. With Neighbor, you can rent out your garage, driveway, basement, parking lot, shed, warehouse, carport, attic, street parking, or even a closet.
23. Teach English as a second language
If you’re a teacher looking for a seasonal opportunity, teaching English as a second language (ESL) during the summer can be a rewarding experience.
Many institutions are looking to hire for ESL teaching jobs, ranging from local schools to international language camps and online platforms. Here’s how you can get started and what you might expect:
Typically, ESL teachers need a bachelor’s degree and a teaching credential like TEFL (teaching English as a foreign language) certification. Some positions abroad might have additional requirements.
24. Answer online surveys
If you’re looking for a flexible way to earn extra cash during the summer, answering online surveys could be a great fit. Companies are always in search of genuine feedback to improve their products or services, and your opinions are valuable.
Now, this won’t be a full-time job, but you share your thoughts and can make extra money or free gift cards on your own schedule.
The survey companies I recommend are:
Swagbucks
User Interviews – These are the highest paying surveys with the average being around $60 for an hour of your time.
Branded Surveys
American Consumer Opinion
Pinecone Research
PrizeRebel
InboxDollars
Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month
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User Interviews pays very well for market research studies and these are some of the highest paying online surveys, with each paying $50 to $100 or more. The average pays over $60.
25. Mystery shop
Companies hire mystery shoppers to gain insights into their customers’ experiences. They seek genuine opinions on products, feedback on customer treatment, evaluations of phone call interactions, and more. Mystery shoppers play a key role in providing valuable feedback to companies.
This is a great summer side hustle for teachers because you can simply pick up mystery shopping jobs when you need them. So, it’s completely okay and normal to only accept jobs during the summer.
Here’s what mystery shoppers do:
Visit businesses anonymously.
Complete specific tasks, such as purchasing a product or asking questions.
Record your observations.
Provide a detailed report on your experience.
I have done many secret shopping jobs over the years, and I often got mystery shops that provided me with $100 to cover a free dinner.
Recommended reading: How To Become A Mystery Shopper
26. Find gigs on Craigslist
Craigslist can be a goldmine for finding great summer jobs for teachers. It’s a site where individuals and businesses post quick jobs to make extra money.
You can find these gigs by going to the Craigslist website for your city or area. Right on the home page, you’ll spot a section labeled “Gigs.” This is where short-term job offers are posted, ranging from labor-intensive tasks to more skill-specific roles.
Here are some jobs I have found in the past on Craigslist:
Moving boxes to a new house
Deep cleaning a home
Putting together new furniture out of a box
Taking down a shed in a backyard
Handyman
Movie extra
Event parking help
27. Deliver groceries with Instacart
If you’re a teacher looking for flexible summer jobs for teachers, try delivering groceries with Instacart.
Grocery delivery services, like Instacart, are in demand as more people prefer having someone else do their grocery shopping.
Becoming a personal grocery shopper with services like Instacart can earn you an average of $15 to $20 per hour for delivering groceries. You’re paid per order, and you get to keep 100% of your tips. The flexibility allows teachers to choose their schedules, working in the evenings, on weekends, or even exclusively during the summer.
Recommended reading: Instacart Shopper Review: How much do Instacart Shoppers earn?
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Instacart is a popular website for people looking to earn extra money shopping for and delivering groceries. Instacart gives you the option to turn your free time into a chance to make some extra money.
28. Real estate agent
If you’re a teacher looking for a productive way to spend your summer months, you may consider becoming a real estate agent.
Some teachers work as real estate agents alongside their full-time teaching jobs. This is possible because you can list and sell homes during weekends, breaks, evenings, and over the summer.
However, selling homes may have some challenges, as clients may occasionally require your full attention during the day, and you might be occupied with teaching. This is something to consider before getting into real estate as a side job.
29. Virtual assistant
If you’re a teacher looking for a flexible summer job that pays well, becoming a virtual assistant (VA) could be a perfect fit. As a VA, you can use your organizational skills and attention to detail to help businesses and entrepreneurs from the comfort of your home.
Some examples of what a VA does include:
Email management – Keep inboxes organized and respond to emails on behalf of your clients.
Scheduling – Manage calendars, arrange meetings, and send reminders.
File organization – Keep digital files in order using online tools like Google Drive or Dropbox.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
30. Drive for Uber or Lyft
Driving for Uber or Lyft can give you a flexible way to earn money during your summer break.
You get to set your own hours and work as much or as little as you desire, meaning you can align this job with your summer plans.
31. Library assistant
As a teacher, your skills are a natural fit for a summer position as a library assistant. Libraries often seek additional staff during the summer months, providing a great opportunity for you to engage in a role that supports literacy and learning in a calm environment.
Your job may include doing things such as:
Organizing books – Keeping the library orderly and materials easy to access
Circulation desk duties – Checking books in and out for people
Helping library users – Helping visitors find books and resources, and answering inquiries
You can simply contact libraries near you to see if they are hiring.
32. Driver’s ed teacher
Teaching driving lessons to teenagers and adults is a popular side hustle for teachers. If you’re interested, you can check if the high school near you needs a teacher for this subject. Alternatively, reach out to a local driving school to inquire about potential teaching opportunities.
Driving instructors make around $20 an hour more or less, depending on where you live.
Back when I was in high school, I actually took my driver’s ed course at my high school in the summer. It was an easy summer credit, and I also got a discount on my car insurance. One of the teachers taught this course and it seemed fairly easy (other than having to deal with a bunch of us high school students over the summer who were wanting to learn how to drive, ha!).
33. Babysitting
Babysitting can be a side job for teachers, and depending on your location, you might earn around $15 to $25 per hour. Parents tend to prefer hiring teachers as babysitters due to their extensive experience with children.
Becoming a babysitter can be a great way to make extra money in the summer as well, as you can choose to sign up for babysitting jobs that are only during this time.
Plus, many families need extra help during the summer because school is not in session, but the parents still have to work. That is where you come in!
Another job similar to this would be elderly companion care.
Frequently Asked Questions
Below are answers to common questions about finding summer jobs for teachers.
Do teachers still make money during the summer?
Yes, many teachers do receive income during the summer, especially if their annual salary is distributed over 12 months. However, if you’re paid only for the months you work, looking for summer employment can supplement your income during this period. Not all teachers have summer gigs, but those who want to make income in addition to their teacher salaries may try to find something in the summer.
What is the best summer job for a teacher?
The best summer job for a teacher often capitalizes on their skill set. Positions like tutoring, educational program coordination, or teaching summer school are highly relevant options. Teachers might also consider roles in curriculum development or educational content creation.
What jobs exist for substitute teachers looking for summer employment?
Substitute teachers can find summer jobs in other educational roles, such as tutoring, mentoring, or working in summer camps. Many community centers and educational institutions also look for qualified professionals to lead summer workshops or help with childcare programs.
What are some summer jobs for teachers from home?
Teachers looking for summer jobs from home can find opportunities such as online tutoring or virtual summer school teaching. Other side gig ideas include writing content for websites, blogging, transcribing, and more.
Best Summer Jobs for Teachers – Summary
I hope you enjoyed this article on the best summer jobs for teachers.
As you can see, there are many ways to make extra money over your summer vacation.
Teachers have lots of options during the summer. They can stick with education by teaching summer school or tutoring. Or, they can try something new like being a camp counselor or giving local tours.
Teachers who like trying out new things might sell educational printables, sell things for profit, or sell services like pet care or freelance writing.
What do you think are the best jobs for teachers in the summer?
Welcome to Summerlin, the epitome of tranquility and luxury living in the heart of Las Vegas.
With its meticulously designed neighborhoods and vast array of exclusive amenities, Summerlin truly embodies the perfect blend of opulence and serenity.
From exquisite gated communities to world-class golf courses and award-winning schools, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
And people have started to take notice.
Summerlin has seen an influx of new residents in the past few years, fast becoming Nevada’s top-selling community.
In the first half of 2023 alone, an impressive total of 544 new homes were sold in the master-planned community, pushing it to rank #5 nationally in new home sales in a recent midyear report by national real estate consultant RCLCO.
Celebrities too have been flocking to the area, with A-listers like Mark Wahlberg ditching the glamorous L.A. lifestyle and buying homes in Summerlin, Nevada.
To get a better feel of the local real estate market, we’ve reached out to industry expert Cami Lincowski, a prominent luxury Las Vegas real estate agent and former star of HGTV’s Say Yes to the Nest.
Talking about the appeal of the area of its rise in popularity, Cami tells us that “Summerlin is not only thriving, but when you throw in the latest and greatest shopping & high-rated restaurants the valley has to offer; there’s no denying that this area ranks amongst the top cities to call home.”
So let’s take a closer look at what makes this Las Vegas Valley community such a great place to live.
The luxury lifestyle in Summerlin
Summerlin is synonymous with luxury.
This master-planned community boasts some of the most prestigious homes in Las Vegas, offering residents an unparalleled level of elegance and sophistication. From sprawling mansions to stylish townhouses, Summerlin has something to suit every taste and preference.
The meticulously designed neighborhoods of Summerlin showcase architectural excellence and attention to detail.
Gated communities like The Ridges, Tournament Hills, The Lakes, and Red Rock Country Club provide residents with a sense of exclusivity and security. Impeccably landscaped streets and manicured lawns add to the overall aesthetic appeal, creating a sense of grandeur at every turn.
More recently, The Summit Club has emerged as the pinnacle of luxury living in Summerlin. The 555-acre resort community south of The Ridges (and only 9 miles away from the Las Vegas strip) is the only fully private residential golf and lifestyle club community in all of Las Vegas.
In addition to the stunning homes, Summerlin offers a wealth of amenities that cater to the luxury lifestyle.
Residents have access to world-class golf courses, private country clubs, and state-of-the-art fitness centers. The community also boasts a wide range of recreational facilities, including tennis courts, swimming pools, and parks, ensuring that there is always something to do for those seeking an active lifestyle.
The real estate market in Summerlin
The real estate market in Summerlin is thriving, thanks to its reputation as one of the most desirable places to live in Las Vegas. But you do have to have deep pockets – or an outstanding credit score – to afford to buy here.
The demand for homes in Summerlin has been steadily increasing over the years, leading to a rise in property values. The community’s prime location, coupled with its exceptional amenities and quality of life, make it an attractive choice for both homebuyers and investors.
But despite being a top luxury home destination, Summerlin’s house prices can accommodate a wide range of budgets — and are considerably less prohibitive compared to those found in other top luxury markets on the West or East Coasts.
“Anyone can call Summerlin home,” luxury agent Cami Lincowski tells us. “With price ranges starting at $400k & tipping the scale at $15m+, this city is not just made of city lights, but all walks of life.”
The community offers a wide range of housing options, from single-family homes to luxury condominiums and townhouses.
Whether you are looking to buy a home or invest in real estate, Summerlin offers a wealth of opportunities. The community’s diverse housing options cater to a range of budgets and lifestyles, ensuring that there is something for everyone.
Celebrities that call it home
With the Mansion Tax adding fuel to the California exodus, many of the Golden State’s affluent residents started flocking to new luxury markets — with A-listers and famous individuals choosing to make Las Vegas their new primary residence.
Naturally, Summerlin emerged as a top choice.
Celebrities to have called Summerlin home include actor Mark Wahlberg (who sold his sprawling $55 million LA mansion to move here), Grammy Award-winning singer Celine Dion, who sold her freshly-built Summit Club house for a record $30 million, and several Golden Knights players.
NHL pro Max Pacioretty played only four seasons with the Vegas Golden Knights (2018-2022) but went all in when it came to making himself at home in Sin City. The Carolina Hurricanes left winger owned a 10,000+ sq. ft. home in The Ridges community, which he sold for top dollar last year.
Pacioretty’s spectacular estate “netted” a cool $11 million, a record for the high-end The Ridges community.
Rob Roy, the CEO, founder, and chairman of Switch Communications Group, also paid $33 million for 5 acres to build a luxury estate in the same Summerlin resort community.
And while Wahlberg recently sold one of his Summerlin homes for $16.6 million one year after buying it, he made it clear he loves living here and has no plans of leaving the Las Vegas community. He’s just waiting for his other mansion to be completed.
Top neighborhoods in Summerlin
Summerlin is home to a number of top-notch neighborhoods, each with its own unique charm and character. Here are some of the most sought-after areas in the community:
#1 The Ridges
Located at the base of the Red Rock Canyon, The Ridges is an exclusive gated community known for its luxurious homes and breathtaking views. With its private golf course and world-class amenities, it is one of the most coveted neighborhoods in Summerlin.
#2 Tournament Hills
Situated around the TPC at Summerlin Golf Course, Tournament Hills offers residents the opportunity to live near one of the best golf courses in Las Vegas. The neighborhood features a mix of custom-built homes and luxury estates, providing a premium living experience.
#3 The Gardens
Nestled among lush green landscapes and scenic walking trails, The Gardens is a peaceful and picturesque neighborhood in Summerlin. With its tree-lined streets and well-maintained parks, it offers residents a serene and idyllic setting.
Tranquility and natural beauty
One of the most remarkable aspects of Summerlin is its breathtaking natural beauty.
Nestled against the majestic Red Rock Canyon, the community offers stunning views of the surrounding desert landscape. The vibrant hues of red and orange against the clear blue sky create a picturesque backdrop that is hard to find elsewhere in Las Vegas.
Summerlin is a nature lover’s paradise, with over 150 parks and more than 150 miles of trails to explore. Whether you enjoy hiking, biking, or simply taking a leisurely stroll, there is a trail for every skill level. The community is also home to numerous lakes and ponds, perfect for fishing or enjoying a peaceful picnic by the water.
For those seeking a more tranquil experience, Summerlin offers an abundance of peaceful retreats. The community’s botanical gardens and meditation centers provide a serene environment for relaxation and introspection. Escape the hustle and bustle of city life and immerse yourself in the tranquility that this community has to offer.
Amenities and recreational activities
Summerlin is not just a place to live; it is a lifestyle.
The community offers an impressive array of amenities and recreational activities that cater to residents of all ages. From world-class golf courses to community centers and sports facilities, there is something for everyone.
Golf enthusiasts will be delighted by the exceptional courses that Summerlin has to offer.
The TPC at Summerlin is a championship golf course designed by renowned architect Bobby Weed. With its challenging fairways and breathtaking views, it is a favorite among golfers of all skill levels. The community is also home to the Red Rock Country Club, which features two Arnold Palmer-designed courses and a host of other amenities.
In addition to golf, Summerlin offers a wide range of recreational activities. The community’s numerous parks and trails provide ample opportunities for outdoor enthusiasts to stay active.
Tennis courts, basketball courts, and soccer fields are available for those who enjoy team sports. And for those who prefer indoor activities, the community’s state-of-the-art fitness centers and swimming pools provide plenty of options.
Schools and education options
Summerlin is not only known for its luxury homes and amenities; it is also home to some of the best schools in Las Vegas. The community offers a wide range of educational options, from top-rated public schools to prestigious private institutions.
The Clark County School District serves the majority of students in Summerlin, offering a comprehensive curriculum and a strong emphasis on academic excellence. The district’s schools consistently rank among the best in the state, providing students with a quality education that prepares them for future success.
For those seeking a private education, Summerlin is home to several esteemed institutions.
The Alexander Dawson School is a renowned independent school that offers a challenging and well-rounded education. The Meadows School, another prestigious private institution, is known for its rigorous academic program and strong college preparatory curriculum.
When it comes to shopping and dining, Summerlin has it all. The community is home to The Shops at Summerlin, a premier shopping destination that offers a wide range of retail and dining options.
From high-end fashion boutiques to popular chain stores, there is something for every shopper.
Food enthusiasts will also be delighted by the diverse culinary scene in Summerlin. The community boasts a wide range of restaurants, offering everything from casual dining to fine dining experiences. Whether you are craving sushi, steak, or Italian cuisine, you will find it all in Summerlin.
Summerlin’s proximity to the Las Vegas Strip
One of the unique aspects of living in Summerlin is its close proximity to the Las Vegas Strip. While the community offers a peaceful and serene environment, the bustling energy of the Strip is just a short drive away.
Residents can easily access all the excitement that Las Vegas has to offer, from world-class entertainment and nightlife to renowned restaurants and shopping.
The convenience of being near the Strip allows residents of Summerlin to enjoy the best of both worlds. They can retreat to the tranquility of their luxurious homes after a night out on the town, providing the perfect balance between opulence and excitement.
Why Summerlin is the ideal place to live in Las Vegas
To sum things up, Summerlin is a community that embodies the perfect blend of luxury and tranquility. Its meticulously designed neighborhoods, breathtaking natural beauty, and array of exclusive amenities make it an ideal place to live in Las Vegas.
Whether you are seeking a luxurious retreat or a place to call home, Summerlin offers a lifestyle unlike any other. From world-class golf courses to award-winning schools and gourmet dining, every aspect of life in Summerlin is centered around providing the utmost comfort and convenience.
Escape the hustle and bustle of the Strip and immerse yourself in the beauty and serenity of Summerlin.
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Imagine your tenant is navigating the process of applying for a driver’s license, securing a new job or proving residency within a school district for their children. In these situations, they might turn to you for assistance in crafting a proof of residency letter so they can prove residency. Let’s break down what residency letters entail and what’s required in an official proof of residency letter.
What is a proof of residency letter?
Also referred to as an affidavit of residence, a proof of residency letter is a straightforward statement confirming that a person resides at a specific address. No need for elaborate details or commentary on your tenant’s qualities; simplicity is key. While you can involve an attorney, drafting one yourself can save on residency letter legal fees.
Who can request a proof of residency letter?
Typically, your tenant initiates the request to establish residency for various purposes, as mentioned earlier. However, there are instances where a third party might seek proof of residence regarding your tenant.
As a landlord, safeguarding personal and credit information, you must obtain your tenant’s written consent to disclose such details to a third party. A tenant release form, including specific authorization language, can be used for this purpose.
What to include in a proof of residency letter
Start by understanding why your tenant needs the letter. Depending on the situation, you may need supporting documents like the lease or details about your tenant’s lease agreement. Keep it simple and factual. Begin with your legal name, address and date. Follow with a salutation and proceed with the main body of the letter.
Declare your full legal name and title, confirming your tenant’s residence at a particular address since the lease start date, along with rent payment details. Mention any other individuals residing with the tenant.
Include a line affirming the truthfulness of the document, and be prepared to sign it in front of a notary, possibly with an additional witness. Having the letter notarized is not always required, it fully depends on the requesting party for the letter.
Proof of residency letter template
[Landlord’s Name] [Landlord’s Street Address] [Landlord’s City, State, ZIP Code] [Date]
To Whom It May Concern,
I, [Your full legal name], am the landlord of [Name of your resident]. I’m writing to acknowledge and confirm that [he/she] resides at [Street address, City, State] and has done so since [Day/Month/Year] as my tenant.
[Tenant’s name] lives in the home with [Names of other residents who live with the tenant]. [Tenant’s name] pays me [Rent amount] each month on [Date].
I swear and affirm under penalty of perjury that the facts outlined in this statement are true and accurate.
If you have any questions or concerns, contact me at [Your phone number].
Sincerely,
[Your signature]
To make things smoother, keep a sample copy on file to quickly fulfill your tenant’s request, particularly if you manage multiple properties. This proactive approach will undoubtedly be appreciated by your tenants.
FAQs: Proof of residency letter
Writing a affidavit of residence doesn’t have to be difficult, however, since it’s one of a landlord’s official documents it’s important to write it correctly. Here are some common questions asked in the residency letter process.
Why might a tenant need proof of residency?
Tenants may require a proof of residency letter for various reasons such as applying for a driver’s license, securing employment or verifying their residence within a specific school district. It serves as official documentation confirming their address.
Can a proof of residency letter be requested by government agencies?
Yes, government agencies may request a proof of residency letter for various purposes, including eligibility for certain benefits or programs. Ensure you are aware of the specific requirements and provide the necessary information.
Is a proof of residency letter the same as a lease agreement?
No, they are different. A lease agreement outlines the terms and conditions of the rental arrangement, while a proof of residency letter is a statement affirming that a person resides at a particular address. The proof of residency letter complements but does not replace, the lease agreement.
What backup documents might be needed when drafting this letter?
Depending on the situation, you may need supporting documents such as a copy of the lease, details about the date the tenant signed the lease or information about rental payments. Be prepared to gather and provide additional documentation as required.
Can I refuse to provide a proof of residency letter if requested by a tenant?
As a landlord, you have the right to evaluate and fulfill requests for proof of residency letters based on legitimate reasons. However, it’s important to understand your responsibilities and legal obligations to ensure fair and consistent treatment of all tenants.
How long is the letter valid?
The validity period may vary based on the purpose for which it is requested. Some entities may have specific timelines, so it’s advisable to check with the requesting party. Keeping records of when the letter was issued can also be helpful.
Can I customize the affidavit of residence template provided?
Yes, the template provided serves as a guide, and you can customize it based on specific requirements or additional information needed by the requesting party. Ensure that any modifications still adhere to legal and factual accuracy.
Navigating the affidavit of residence
In the realm of rental management, understanding and providing proof of residency letters can greatly benefit both landlords and tenants alike. Whether your tenant is embarking on obtaining a driver’s license or confirming residence within a school district, the affidavit of residence stands as a crucial document.
By embracing the insights shared in this article, landlords can navigate proof of residency requests with ease, providing valuable support to tenants as they navigate life’s milestones and obligations. Ultimately, fostering a transparent and cooperative environment enhances the overall rental experience for both parties involved.
Interested in becoming a landlord? See how you can create passive income with less hassle by listing your property with us.
Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
If you’re thinking about putting your house on the market, you may be wondering whether you can sell your own home. Yes, you can, but don’t put up a For Sale sign just yet. Although you’re allowed to sell your own home, doing so is a lot of work. Before you move forward, take time to consider the pros and cons of handling things on your own.
Statistics on FSBO Homes
For sale by owner, better known as FSBO, tells buyers you’re not using a real estate agent or a broker. According to the National Association of REALTORS®, FSBO listings accounted for 10% of all home sales in 2021.
Nearly 30% of owners used word-of-mouth marketing via friends, family members, and neighbors to market their listings. Owners also used yard signs, third-party real estate aggregators, social networking sites, and other FSBO marketing methods to find buyers.
Why Sell Your Own Home?
Many people ask “Can I sell my own home?” because real estate agents receive a commission on every sale they make. The average commission is 6%, with the listing agent receiving slightly more than the buyer’s agent. If your home sells for $300,000, that’s $18,000 in commissions at the average rate.
Then, assuming the listing agent gets 3.5% and the buyer’s agent gets 2.5%, selling your own home would save you $10,500. You could use that money to buy new furniture, cover some of your closing costs, invest in the stock market, or take a vacation.
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Potential Pitfalls of Selling Your Own Home
If you decide to sell your own home, you’ll have to do all the work that a real estate agent would normally do. Some of the most important tasks include:
Setting a sale price
Preparing your home for walk-throughs and open houses
Advertising the property
Following all relevant real estate laws
Meeting with potential buyers and their agents
Learning how to do these things is time-consuming, and there’s also the risk you’ll make a serious mistake. For example, if you price your home based on emotions instead of market data, you may have trouble attracting potential buyers.
When you sell your own home, you also lose the opportunity to benefit from an agent’s extensive network of contacts. Experienced agents maintain relationships with plumbers, landscapers, home staging professionals, and other people who can help you get your home ready for the market. If you don’t have these relationships, you may have to wait weeks or even months before a home service provider can add you to their busy schedule.
One of the biggest potential drawbacks to selling your own home is that you may not get as much money as an agent would. The National Association of REALTORS reports that FSBO listings sold for an average of $225,000 in 2021. In contrast, agent-listed homes sold for an average of $330,000.
Tips for Selling Your Home Without an Agent
If you decide to sell your own home, follow these tips to maximize the sale price and reduce the amount of time it takes to find a buyer.
1. Choose the Right Sale Price
When setting a price for your home, you have to think strategically. If it’s priced too high, you’ll have trouble selling. If it’s priced too low, you’ll lose out on potential profit. The price has to be just right to attract a buyer without leaving money on the table. To find the right price, consider these factors.
Recent Sales
A comparative market analysis lists recent sales in your neighborhood, giving you valuable information about local prices. Normally, a real estate agent would provide a CMA report for you, but it’s possible to create your own. To get started, use public records or third-party listing websites to identify sold homes that are approximately the same size and age as your home.
Once you have the initial list, narrow it down by looking for homes that have features similar to yours. For example, if your home has four bedrooms and two bathrooms, you’ll want to include other four-bedroom homes in your analysis.
The market changes quickly, so limit your search to homes sold in the last three months. Once you have a workable list, note the sale price of each listing. If you’re not comfortable creating your own CMA report, consider getting a professional home appraisal.
Location
The location of your home has a big impact on the sale price. Many buyers are willing to pay a premium to move to an excellent school district or reduce the amount of time it takes to get to restaurants, salons, office buildings, and entertainment venues.
Location refers not just to what city you live in but also where your home is situated. If it’s near an airport or a busy street, you may not be able to get as much as you would if it was tucked away at the end of a quiet cul-de-sac.
Condition of the Home
The better your home’s condition, the more money you can get for it. Think top-of-the line appliances, fresh paint, and new flooring. If your home needs repairs or the appliances and flooring are a little outdated, you may have to set a lower price to attract potential buyers.
Market Conditions
Supply and demand have a big impact on home prices in your area. In a seller’s market, the demand for homes outpaces the supply, driving prices higher. Buyers may even get into bidding wars over the most desirable properties. In a buyer’s market, the supply of homes outweighs the demand, driving prices down.
2. Use Multiple Advertising Methods
It would be great if all you had to do was put your listing on social media, but it takes a little more work to sell a home. You may want to use the following marketing methods:
Newspaper advertisements
Social media posts
Yard signs
Third-party listing websites
Flyers at local businesses
Virtual home tours
3. Plan Your Open House Carefully
An open house gives potential buyers a chance to walk through your home and see if it looks just as good in person as it does in photos. Here are a few tips to help you plan a successful open house event:
Schedule it on a weekend: Many people work during the week, so holding an open house on a Wednesday at 11 a.m. isn’t the best way to attract eager buyers. If possible, schedule your open house for a Sunday afternoon.
Advertise: Yard signs are helpful, but you should use several advertising methods to make more people aware of your event. Try advertising on a third-party website or posting on social media
Clean thoroughly: You don’t want potential buyers focusing on dust bunnies, so give your home a thorough cleaning the day before your open house. Before people arrive, straighten your throw pillows, take out the garbage, and do some last-minute tidying.
Put away personal items: Potential buyers should be able to imagine themselves living in your home. They may have a tough time doing that if you have family photos and other mementos on display. To make your home more appealing, put away personal items before the open house begins.
Make arrangements for your pets: If possible, take your pets to a family member’s house before your event begins. Some buyers aren’t comfortable with animals, and you’ll have an easier time focusing if you don’t have to worry that one of your pets is going to escape.
4. Consult an Attorney
If you sell your home without an agent, you’re still responsible for following all relevant laws and regulations in your area. To ensure you don’t make a costly mistake, consult an attorney beforehand. A licensed attorney can advise you of your rights and educate you about the potential pitfalls involved in selling real estate.
It’s possible to sell your home without a real estate agent, but it takes a lot of time and effort. If you make a mistake, you can easily lose thousands of dollars in profit, making it critical to do in-depth research before you begin the process. You may also want to research other things before selling or buying a home, such as the state of your finances, your current credit health, or your loan options. Credit.com can help you work to understand these things better, so consider signing up for your free Credit Report Card today
If you spent your teenage years waiting anxiously for one of your siblings to get out of the shower, the idea of selling your spacious, multi-bathroom home and moving into a smaller house or condo may feel like a reversal of fortune.
Yet for many retirees, downsizing makes financial and practical sense. Younger baby boomers — those currently ranging in age from 57 to 66 — made up 17% of recent home buyers, while older boomers — ages 67 to 75 — accounted for 12%, according to a 2022 report from the National Association of Realtors Research Group. Boomers’ primary reasons for buying a home were to be closer to friends and family, as well as a desire to move into a smaller home, the report said. Both younger and older boomers were more likely than others to purchase a home in a small town, and younger boomers were the most likely to buy in a rural area.
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For retirees Fred and Shelby Bivins, selling their home in Green Valley, Ariz., will enable them to realize their dream of traveling in retirement. The Bivinses have put their 2,050-square-foot Arizona home on the market and plan to relocate to their 1,600-square-foot summer condo in Fish Creek, Wis., a small community about 50 miles from Green Bay. They plan to live in Wisconsin in the spring and summer and spend the winter months in a short-term rental in Arizona, where they have family.
Fred, 65, says the decision to downsize was precipitated by a two-month stay in Portugal last year, one of several countries they hope to visit while they’re still healthy enough to travel. “We’ve had Australia and New Zealand on our list for many years, even when we were working,” says Shelby, 68. The Bivinses are also considering a return visit to Portugal. Eliminating the cost of maintaining their Arizona home will free up funds for those trips.
With help from Chris Troseth, a certified financial planner based in Plano, Texas, the Bivinses plan to invest the proceeds from the sale of their home in a low-risk portfolio. Once they’re done traveling and are ready to settle down, they intend to use that money to buy a smaller home in Arizona. “Selling their primary home will generate significant funds that can be reinvested to support their lifestyle now and in the future,” Troseth says. “Downsizing for this couple will be a positive on all fronts.”
Challenges for downsizers
For all of its appeal, downsizing in today’s market is more complicated than it was in the past. With 30-year fixed interest rates on mortgages recently approaching 8%, many younger homeowners who might otherwise upgrade to a larger home are unwilling to sell, particularly if it means giving up a mortgage with a fixed rate of 3% or less. More than 80% of consumers surveyed in September by housing finance giant Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a statement. As a result, buyers are competing for limited stock of smaller homes, says Hannah Jones, senior economic research analyst for Realtor.com.
Here, though, many retirees have an advantage, Jones says. Rising rates have priced many younger buyers out of the market and made it more difficult for others to obtain approval for a loan. That’s not an issue for retirees who can use proceeds from the sale of their primary home to make an all-cash offer, which is often more attractive to sellers.
Retirees also have the ability to cast a wider net than younger buyers, whose choice of homes is often dictated by their jobs or a desire to live in a well-rated school district. While the U.S. median home price has soared more than 40% since the beginning of the pandemic, prices have risen more slowly in parts of the Northeast and Midwest, Jones says. “We have seen the popularity of Midwest markets grow over the last few months because out of all of the regions, the Midwest tends to be the most affordable,” she says. “You can still find affordable homes in areas that offer a lot of amenities.”
Meanwhile, selling your home may be somewhat more challenging than it was during the height of the pandemic, when potential buyers made offers on homes that weren’t even on the market. The Mortgage Bankers Association reported in October that mortgage purchase applications slowed to the lowest level since 1995, as the rapid rise in mortgage rates has pushed many potential buyers out of the market. Sales of previously owned single-family homes fell a seasonably adjusted 2% in September from August and were down 15.4% from a year earlier, according to the National Association of Realtors. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR chief economist Lawrence Yun said in a statement.
However, because of tight inventories, there’s still demand for homes of all sizes, Jones says, so if your home is well maintained and move-in ready, you shouldn’t have difficulty selling it. “The market isn’t as red-hot as it was during the pandemic, but there’s still a lot to be gained by selling now,” she says.
Other costs and considerations
If you live in an area where real estate values have soared, moving to a less expensive part of the country may seem like a logical way to lower your costs in retirement. While the median home price in the U.S. was $394,300 in September, there’s wide variation in individual markets, from $1.5 million in Santa Clara, Calif., to $237,000 in Davenport, Iowa. But before you up and move to a lower-cost locale, make sure you take inventory of your short- and long-term expenses, which could be higher than you expect.
Selling your current home, even at a significant profit, means you will incur costs, including those to update, repair and stage it, as well as a real estate agent’s commission (typically 5% to 6% of the sale price). In addition, ongoing costs for your new home will include homeowners insurance, property taxes, state and local taxes, and homeowners association or condo fees.
Nicholas Bunio, a certified financial planner in Berwyn, Pa., says one of his retired clients moved to Florida and purchased a home that was $100,000 less expensive than her home in New Jersey. Florida is also one of nine states without income tax, which makes it attractive to retirees looking to relocate. Once Bunio’s client got there, however, she discovered that she needed to spend $50,000 to install hurricane-proof windows. Worse, the only home-owners insurance she could find was through Citizens Property Insurance, the state-sponsored insurer of last resort, and she’ll pay about $8,000 a year for coverage. Her property taxes were higher than she expected, too. When it comes to lowering your cost of living after you downsize, “it’s not as simple as buying a cheaper house,” Bunio says
Before moving across the country, or even across the state, you should also research the availability of medical care. “Oftentimes, those considerations are secondary to things like proximity to family or leisure activities,” says John McGlothlin, a CFP in Austin, Texas. McGlothlin says one of his clients moved to a less expensive rural area that’s nowhere near a sizable medical facility. Although that’s not a problem now, he says, it could become a problem when they’re older.
If you use original Medicare, you won’t lose coverage if you move to another state. But if you’re enrolled in Medicare Advantage, which is offered by private insurers as an alternative to original Medicare, you may have to switch plans to avoid losing coverage. To research the availability of doctors, hospitals and nursing homes in a particular zip code, go to www.medicare.gov/care-compare.
At a time when many seniors suffer from loneliness and isolation, a sense of community matters, too. Bunio recounts the experience of a client who considered moving from Philadelphia to Phoenix after her daughter accepted a job there. The cost of living in Phoenix is lower, but the client changed her mind after visiting her daughter for a few months. “She has no friends in Phoenix,” he says. “She’s going on 61 and doesn’t want to restart life and make brand-new connections all over again.”
Time is on your side
Unlike younger home buyers, who may be under pressure to buy a place before starting a new job or enrolling their kids in school, downsizers usually have plenty of time to consider their options and research potential downsizing destinations. Once you’ve settled on a community, consider renting for a few months to get a feel for the area and a better idea of how much it will cost to live there. Bunio says some of his clients who are behind on saving for retirement or have high health care costs have sold their homes, invested the proceeds and become permanent renters. This strategy frees them from property taxes, homeowners insurance, homeowners association fees and other expenses associated with homeownership
The boom in housing values has boosted rental costs, as the shortage of affordable housing increased demand for rental properties. But thanks to the construction of new rental properties in several markets, the market has softened in recent months, according to Zumper, an online marketplace for renters and landlords. A Zumper survey conducted in October found that the median rent for a one-bedroom apartment fell 0.4% from September, the most significant monthly decline this year.
In 75 of the 100 cities Zumper surveyed, the median rent for a one-bedroom apartment was flat or down from the previous month. (For more on the advantages of renting in retirement, see “8 Great Places to Retire—for Renters,” Aug.)
Aging in place
Even if you opt to age in place, you can tap your home equity by taking out a home equity line of credit, a home equity loan or a reverse mortgage. At a time when interest rates on home equity lines of credit and loans average around 9%, a reverse mortgage may be a more appealing option for retirees. With a reverse mortgage, you can convert your home equity into a lump sum, monthly payments or a line of credit. You don’t have to make principal or interest payments on the loan for as long as you remain in the home.
To be eligible for a government-insured home equity conversion mortgage (HECM), you must be at least 62 years old and have at least 50% equity in your home, and the home must be your primary residence. The maximum payout for which you’ll qualify depends on your age (the older you are, the more you’ll be eligible to borrow), interest rates and the appraised value of your home. In 2024, the maximum you could borrow was $1,149,825.
There’s no restriction on how homeowners must spend funds from a reverse mortgage, so you can use the money for a variety of purposes, including making your home more accessible, generating additional retirement income or paying for long-term care. You can estimate the value of a reverse mortgage on your home at www.reversemortgage.org/about/reverse-mortgage-calculator.
Up-front costs for a reverse mortgage are high, including up to $6,000 in fees to the lender, 2% of the mortgage amount for mortgage insurance, and other fees. You can roll these costs into the loan, but that will reduce your proceeds. For that reason, if you’re considering a move within the next five years, it’s usually not a good idea to take out a reverse mortgage.
Another drawback: When interest rates rise, the amount of money available from a reverse mortgage declines. Unless you need the money now, it may make sense to postpone taking out a reverse mortgage until the Federal Reserve cuts short-term interest rates, which is unlikely to happen until late 2024 (unless the economy falls into recession before that). Even if interest rates decline, they aren’t expected to return to the rock-bottom levels seen over the past 15 years, according to a forecast by The Kiplinger Letter. And with inflation still a concern, big rate cuts such as those seen in response to recessions and financial crises over the past two decades are unlikely.
Note: This item first appeared in Kiplinger’s Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
Moving is typically a very stressful time. Things often get even more complicated when you are long-distance apartment hunting and plan to move a great distance.
If it’s your first move, avoid some rookie mistakes that could impact the process from going smoothly. But, even if you consider yourself a moving veteran, here are a few things you should know when looking for an apartment across the country that can help you tackle the process head-on.
1. Narrow in on your target neighborhoods
Everyone typically picks a specific state or city they want to move to. You should try and narrow your hunt down to a neighborhood or two you had in mind.
Looking at apartments all over the city will ultimately reduce your chances of finding the perfect place.
In the end, a large factor in your long-distance apartment-hunting journey will revolve around the neighborhood you end up in. This influences additional financial decisions such as rent prices and taxes, all the way to leisurely aspects like restaurants and activities.
Finding a location that you’re comfortable in that has your desired features, where you can enjoy the benefits of a short commute or a good school district, helps greatly narrow down the apartments you should look at.
2. Reduce stress any way you can
As previously mentioned, long-distance apartment hunting is a stressful ordeal but going ahead and accepting that fact is an important step in the process. That being said, it’s important to make sure you are removing stressful factors wherever possible. This ranges from the planning stage to something more hands-on in the packing phase.
Timing is one of the most important aspects of creating a peaceful moving process.
Oftentimes, people get too caught up micro-managing every single step of the process, which wastes precious time. On the other hand, though, others simply don’t start soon enough and it leaves too much for the end.
It’s better to prepare ready weeks ahead of time, so the extra time you gain can help boost productivity.
When long-distance apartment hunting, there are a few simple things to do to help eliminate possible stress down the road. When looking for your perfect apartment, some benefits often come when using a broker, such as having someone help locate a place for you while you still live long distance. This takes some burden off of you — allowing you to focus on other things.
In addition, when looking for an apartment, if you can find one that already offers a home warranty, that’s a huge plus. A home warranty helps protect your appliances should anything need replacing. Plus, this will streamline the process and can help save you money. Having one come with the apartment helps remove smaller-yet-important issues that need addressing when long-distance apartment hunting.
3. Determine what to leave behind
Moving provides a great opportunity for you to start getting rid of some of the items or clothing that you no longer need.
For those who find it harder to part with things, having this chance to go through all of your possessions can make it easier to identify what you can’t live without and what has run its course. Look into some tips for downsizing to make sure you aren’t dragging along any items that you’d rather leave behind.
In addition, another benefit to getting rid of some excess items is potentially saving some money with movers. Knowing what you will and won’t bring with you can aid in your long-distance apartment hunting adventure and help you decide how many boxes or trucks you might need.
It’s also important to think of the items that you will absolutely need when you arrive, ranging from toiletries to a mattress. Making sure that these items are easily accessible when moving can help you feel more comfortable and settled in once you move into your perfect apartment.
4. View the living space virtually
Unfortunately, COVID-19 hurt the real estate industry at the beginning. However, when looking at the admittedly small silver lining, it created a large growth in virtual showings and accelerated the growth of that aspect quite dramatically.
For those that don’t have the time or money to fly out to your desired location when long-distance apartment hunting, a virtual showing is the next best thing.
In a study by the National Association of Realtors, 35 percent of real estate agents are finding that sellers are relying on virtual tours when purchasing a living space with 26 percent relying on virtual showings. A tour is a user-run walkthrough of the location or a recorded video, while a walkthrough is a more interactive experience where an agent is walking through the living area while buyers are video calling in.
Finding an apartment that offers at least one of these benefits can help you get a better feel for the apartment that photographs simply won’t supply. You can get a better understanding of the layout and how it would feel while walking through the apartment, an experience that is very difficult or costly when long-distance apartment hunting.
5. Find out which moving company has the best quote
When looking for an apartment across the country, an important consideration is how you’d physically get all your belongings there. Many people would choose a moving company to help them with the heavy lifting — figuratively and literally.
When doing so, it’s important to shop around and make sure you are getting the best bang for your buck. Before settling down and choosing one specific moving company, it’s good practice to ask a few what their prices would be and then make your decision.
Although some prices are higher due to additional services that you wouldn’t require, maybe the second or third company you ask has a lower price.
Doing your research before you lock into anything can make sure you are getting the best price — making your apartment search just a little bit more cost-effective.
Prepare yourself for success
Long-distance apartment hunting comes with its fair share of challenges, but being prepared for many of them helps put you in a better and more comfortable position.
Narrowing down your neighborhood can help you save time and energy in your apartment search. Finding all the smaller yet key ways you can reduce stress can help you relax more and spend time enjoying the adventure. Planning to downsize can help you rid yourself of unnecessary burdens, and allow you more space to create new memories. Virtual tours are a life (and wallet) saver when looking at apartments across the country, and scouting moving companies is an easy way to save some money in the short term.
Wherever your long-distance apartment hunting journey takes you, having an idea of what you should look out for can help you stress less and enjoy the experience more.
At Rent., our goal is to be the most efficient digital resource to help people find and live in a place they love. We strive to help renters make informed decisions by providing them with valuable information and advice, including money-saving tips, local guides, HD photos and certified ratings and reviews from actual residents.
The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN analysis found.
Navy Federal Credit Union, which lends to military servicemembers and veterans, approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022, according to the most recent data available from the Consumer Financial Protection Bureau. But less than 50% of Black borrowers who applied for the same type of loan were approved.
While many banks also approved White applicants at higher rates than Black borrowers, the nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans last year.
The disparity remains even among White and Black applicants who had similar incomes and debt-to-income ratios. Notably, Navy Federal approved a slightly higher percentage of applications from White borrowers making less than $62,000 a year than it did of Black borrowers making $140,000 or more.
A deeper statistical analysis performed by CNN found that Black applicants to Navy Federal were more than twice as likely to be denied as White applicants even when more than a dozen different variables – including income, debt-to-income ratio, property value, downpayment percentage, and neighborhood characteristics – were the same.
The Virginia-based Navy Federal, which was originally founded in 1933 to serve Navy employees, is now open to all members of the armed forces, Department of Defense personnel, veterans, and their relatives. It has about 13 million members and more than $165 billion in assets.
Bob Otondi, a Black business owner in Texas who was denied a mortgage by Navy Federal in 2021 – and then approved by another lender in about two weeks – said the rejection “didn’t make any sense at all.”
“I thought it could have been racial discrimination,” he told CNN, “but I could never prove it.”
In total, the credit union rejected about 3,700 Black applicants for home purchase mortgages last year, potentially blocking them from homeownership just as interest rates spiked. And Navy Federal also approved Latino borrowers at significantly lower rates than White borrowers.
In a statement, Navy Federal spokesperson Bill Pearson defended the credit union’s lending practices.
“Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws,” Pearson said. “Employee training, fair lending statistical testing, third-party evaluations, and compliance reviews are embedded in our lending practices to ensure fairness across the board.”
Pearson said that CNN’s analysis “does not accurately reflect our practices” because it did not account for “major criteria required by any financial institution to approve a mortgage loan.” Those factors included “credit score, available cash deposits and relationship history with lender,” he said.
But that information is not available in the public mortgage data. Navy Federal declined to release additional data about its loans to CNN that included borrowers’ credit scores or other variables. In addition, most of the Navy Federal applications that were denied are listed as being rejected for reasons other than “credit history.”
By some measures, Navy Federal has been successful at lending to minority borrowers: A fourth of its conventional mortgage applicants are Black, and about 18% of the conventional loans it originated went to Black borrowers – a larger portion than almost any other large lender.
But because of the large racial disparity in Navy Federal’s approval rates, even though more Black borrowers are applying for conventional mortgage loans from the credit union, most of them are getting denied.
Experts in mortgage lending and advocates for fair housing said that the racial gaps in Navy Federal’s approval rates were surprisingly large and raised questions about the institution’s lending practices. Lisa Rice, the president and CEO of the National Fair Housing Alliance, an advocacy group, said the racial gaps in Navy Federal’s lending identified by CNN were “some of the largest I’ve seen.”
“That is a quite stark disparity,” Rice said. “It’s unusual for us to see instances where the lender denies more loans than it approves.”
Experts said that Navy Federal’s racial disparities appeared to be an especially extreme example of a larger national problem. The credit union’s gap between White and Black approval rates has jumped significantly in recent years – and among all lenders, the racial approval rate gap has also grown.
More broadly, the gap in homeownership rates between White and Black Americans is larger today than it was before the Civil Rights era – and it’s a key driver of wealth disparities between White and Black families.
Navy Federal member says rejection left him feeling shocked and hurt
When Bob Otondi went house hunting in the summer of 2021, he immediately knew when he found his “dream house.” The three-bedroom home in a lakeside neighborhood of a Dallas suburb had an open kitchen, an expansive backyard with a pool, and – most importantly – it was in a great school district where Otondi’s son had long aspired to attend high school.
Otondi was thrilled when his bid for the home was approved, and expected that his mortgage application with Navy Federal would be smooth sailing. The relative of Navy servicemembers, Otondi had been a Navy Federal customer for years. The credit union had pre-approved him, he said he’d successfully paid off several previous Navy Federal vehicle loans, and he had budgeted a downpayment of more than 20% of the home’s value.
But then, just weeks before he was scheduled to close on the purchase, Otondi got bad news: Navy Federal was denying his application. The credit union told him in a form letter that it had concluded his income was not high enough to account for his debts.
Otondi said the last-minute denial didn’t make sense. According to documents he provided to CNN, he was making more than $100,000 a year from his logistics business and had a credit score above 700. He said he didn’t have significant debts.
In the heat of the pandemic-era housing market, Otondi feared he would lose the home. “I was stunned, I was shocked, I was hurt,” he said. He had been driving by the house with his son and daughter every week, and the kids had already planned out decorations for their rooms. “To go back home and tell them, ‘guys, we lost the house?’ I mean, devastating,” Otondi said.
But Otondi’s realtor, Angela Crescini, connected him with another mortgage lender who approved him for a loan in about two weeks – and the purchase went through.
“There was no real reason he shouldn’t have gotten the loan” from Navy Federal, Crescini said. “How can one lender get a loan done within 15 days and this other one couldn’t at all? It didn’t ring right to me.”
Pearson, the Navy Federal spokesperson, declined to comment on Otondi’s denial, saying that “our members’ personal and account information are private and confidential.”
As he sat in the airy living room of the three-bedroom home last month, Otondi said he was still frustrated by the mortgage denial. He said he submitted complaints to the Consumer Financial Protection Bureau – the federal agency that oversees consumer lending – as well as a Texas state agency, both of which went nowhere.
Hearing about the larger racial disparities in Navy Federal’s mortgage approvals made him think the credit union was “inhibiting veterans and their families from just uplifting themselves,” Otondi said.
CNN’s analysis doesn’t prove that Navy Federal discriminated against any borrowers. But it does show significant disparities in the credit union’s approval rates for borrowers of different races – and that it has larger racial gaps than many other large financial institutions.
The analysis was based on data collected under the Home Mortgage Disclosure Act, which requires most financial institutions to report anonymized information on mortgage applications to the government, including applicants’ race. CNN’s analysis focused specifically on conventional home purchase mortgages for homes intended to be used for a primary residence, and not intended to be used for a business or commercial purpose. CNN only analyzed loan applications that were ultimately approved or denied by lenders, not those that were withdrawn by borrowers before a decision was made.
In 2022, according to the data, Navy Federal approved 77.1% of White applicants, 55.8% of Latino applicants, and 48.5% of Black applicants. The 28.6-percentage-point gap between Black and White applicants was by far the largest gap among the 50 financial institutions that originated the most conventional home purchase loans last year, which includes Navy Federal.
In comparison, Wells Fargo had a roughly 19.5-percentage-point gap between its Black and White approval rates, US Bank had a 10-point gap, and Bank of America had a 3.5-point gap. The second-largest credit union in the country, State Employees’ Credit Union, had a 5.4-point gap.
Navy Federal’s racial disparities remain even when comparing only applicants with the same incomes or debt-to-income ratios. The credit union approved 59.3% of applications from Black applicants making $140,000 or more – those in the top quarter of applicants by income – and 59.8% of White applicants making less than $62,000 – those in the bottom quarter.
CNN’s analysis found that Navy Federal had statistically significant racial disparities in its mortgage approval rates while holding constant more than a dozen different variables including the applicant’s income and debt-to-income ratio, the loan amount, the property value, and the neighborhood’s socioeconomic makeup. Even among applicants who were identical among all those variables, the analysis found, Black applicants were more than twice as likely to be denied as White applicants, and Latino applicants were roughly 85% more likely to be denied than White applicants.
The analysis did not take applicants’ credit scores into account because the public data released under the Home Mortgage Disclosure Act does not include credit scores due to privacy concerns. That means that at least part of the racial disparity could possibly be explained by differences in credit scores between White and minority borrowers. Black borrowers in particular tend to have lower credit scores, in part due to the impact of historical discrimination and a continuing lack of access to traditional financial institutions in Black neighborhoods, according to researchers.
The data does, however, include information on the reasons that applicants were denied. Of the Navy Federal applications from Black applicants that were rejected, less than a fourth were listed as being denied because of “credit history.”
Notably, the racial disparities in Navy Federal’s approval rates have increased over time. In 2018, the difference between the White and Black approval rates was only 11.5 percentage points – far smaller than the 28.6-percentage-point gap in 2022.
José Loya, a UCLA professor who has studied racial gaps in mortgage approvals and reviewed CNN’s analysis, called the disparities in Navy Federal’s lending “alarming.”
“It does surprise me that they’re doing significantly worse than other big lenders,” because of Navy Federal’s status as a credit union, he said.
What may be widening the gap
The decision to approve or deny a mortgage application is largely made by automated underwriting systems, and advocates have been pushing lenders like Navy Federal to improve those systems to reduce racial disparities.
In recent years, some banks have changed their underwriting systems to take into account additional data that can reduce those racial disparities – such as including an applicant’s history of paying rent in a calculation of their creditworthiness. Pearson, the Navy Federal spokesperson, said rental history was “incorporated” into the credit union’s underwriting process, but did not provide additional details.
Some experts pointed out that Navy Federal’s member base of servicemembers, veterans, and their families may have a different financial picture than the general public that large banks serve, which could explain some of the racial disparities.
In addition, unlike large banks, Navy Federal isn’t subject to the Community Reinvestment Act, which encourages lenders to make loans in low and middle-income neighborhoods. While federal regulators review banks’ lending under the act, they don’t do so for credit unions and other non-bank lenders.
Some advocates and banking groups have been calling for years for revisions to the law to require credit unions to follow the same rules. “Our legislators have given a huge pass to credit unions, on the assumption that they’re serving and meeting the needs of their members,” said Rice, the fair housing advocate.
In other cases, racial disparities in mortgage lending have been linked to loan officers helping White borrowers more than Black ones, said Sara Pratt, a lawyer at the law firm Relman Colfax who previously led the U.S. Department of Housing and Urban Development’s civil rights enforcement efforts.
“A particular loan officer might make exceptions or just work harder for some peoples’ loans,” such as telling applicants to pay down credit cards or increase their downpayment if they’re on the edge of getting approved, Pratt said. “Loan officers might give this advice to a White borrower, and with a Black borrower, they’re less likely to do that.”
She noted that she had no evidence that Navy Federal employees were doing that but said the disparities in Navy Federal’s approval rates should “require a lender to offer justifications for how the disparity occurred.”
According to federal law, lenders don’t have to be intentionally engaging in racism to break fair lending rules. A “disparate impact” on minorities can also lead to discrimination claims.
“It’s bad business to discriminate because if people are genuinely qualified – as in many cases they are – then lenders are missing the opportunity to make loans,” said Pratt. “Lenders who look more carefully at these issues can see they’re losing business that somebody else is getting.”
Pearson said that the credit union was proud of the large portion of its loans that went to Black borrowers, and that more than half of its branches in the US are located in “minority communities.”
“As a not for profit, member centric, membership organization, we are focused on expanding awareness and access to home ownership across the country,” he said. “Navy Federal is a trusted financial partner for all its members and advises each member based on their unique financial needs.”
‘I thought we were going to lose the house’
CNN’s analysis found that Navy Federal had larger racial disparities in its approval rates for conventional mortgages than for VA home loans, which each account for about half of the loans it originated last year. VA loans, which are backed by the federal government, are designed to allow veterans to get mortgages that they might not qualify for in the conventional market.
But racial disparities still existed among Navy Federal’s VA loan business. Last year, Navy Federal approved 84.2% of its white home purchase VA loan applicants, compared with 73.8% of Latino applicants and 71.6% of Black applicants. Its Black-White approval rate gap was larger than all but one of the 50 lenders that originated the most VA home purchase loans. Like in Navy Federal’s conventional business, the racial differences were statistically significant even when accounting for factors like income, property value, debt-to-income ratio, and downpayment percentage.
Ted Spencer, 42, applied for a Navy Federal mortgage in 2019 as he purchased a home in Raleigh, North Carolina. Spencer, who is Black, had been banking with Navy Federal since he joined the Navy two decades earlier and had good experiences with the credit union, so it was an obvious choice for a loan. He was preapproved for a VA loan with no downpayment.
On his first weekend house hunting, Spencer toured a four-bedroom home in North Raleigh with a woodsy yard big enough for his dog and space for the kids he and his girlfriend would later adopt. “We walked through the house, and we were both like, yeah, this was the one,” he said. Their offer was accepted right away.
After Spencer submitted his paperwork to Navy Federal, he ended up waiting weeks. He said he repeatedly emailed, called, and messaged his loan officer without any response. Then, finally, he heard back that the mortgage was denied, with a letter from the credit union that he showed CNN citing his credit history and debts.
“It was pretty much the 11th hour,” Spencer said. “I really thought we were going to lose the house.”
But like Otondi, Spencer found another mortgage lender who quickly approved him for a new loan, at a lower interest rate than Navy Federal was going to charge him – and he and his girlfriend were able to close on the loan only a week late.
Spencer said he never thought the denial had anything to do with his race, and that the data CNN showed him about racial disparities in the credit union’s lending practices “blew my mind.” He said it made him think about family stories he’d heard about his grandfather’s experience dealing with redlining as he tried to buy a home after returning from the Korean War.
Some realtors who specialize in serving minority and veteran homebuyers said that Spencer and Otondi’s experience of being denied by Navy Federal and then easily approved by another lender wasn’t uncommon.
“If a client calls and says ‘I was disapproved by Navy Federal,’ the first thing we say is ‘let’s get you in with another lender,’” said Anthony Reanue, a California-based realtor. “In the military community, many people know that Navy Federal is not the best when it comes to mortgages.”
The credit union has previously faced scrutiny over racial disparities. An analysis by the nonprofit news outlet The Markup using 2019 data found that Navy Federal was among the large lenders with the biggest racial gaps in approval rates – and CNN found that the gap has only grown since then. Navy Federal said at the time that The Markup’s analysis did not accurately reflect its practices.
Navy Federal has also faced legal action over allegations of aggressive lending practices and other banking violations. In 2016, it paid about $28.5 million in redress and fines after the federal government found it had falsely threatened borrowers over debt collection and froze them out of their accounts.
Some of the Black borrowers denied by Navy Federal said they saw homeownership not just as a financial accomplishment but as a larger life goal. As an immigrant from Kenya, Otondi said that buying his house felt like living “the American dream right here.”
But after his rejection from Navy Federal, he said he couldn’t help but think about other Black borrowers who weren’t able to get another loan.
“What about the ones who are denied? What about the ones who now can’t get their own dream house?” Otondi asked. “It’s something that’s going to affect generations, all the way down to their kids.”
HOW WE REPORTED THIS STORY
CNN analyzed data on millions of mortgage applications to evaluate racial disparities in lending at Navy Federal Credit Union and other lenders. The data was released by the Consumer Financial Protection Bureau under the Home Mortgage Disclosure Act, and CNN used the snapshot data for 2022 and prior years.
Reporters analyzed conventional, first lien, one-to-four-unit, conforming, home purchase loan applications. The review only included mortgages for homes intended to be used for a primary residence, and not intended to be used for a business or commercial purpose. Applications that were not fully submitted and acted upon were excluded.
CNN’s statistical analysis evaluated the likelihood of applicants of each racial and ethnic group being denied when more than a dozen other variables were held constant. The other variables, all of which are included in the HMDA dataset, were: the applicant’s income, the applicant’s debt-to-income ratio, the loan amount, the loan term, the loan-to-value ratio, the property value, the presence of a co-applicant, the applicant and co-applicant’s sex, the credit scoring model used to generate the applicant’s credit score, the primary applicant’s age, the minority population percentage of the property’s census tract, the median age of housing units in the property’s census tract, and the difference between the median income of the metro area and the median income of the property’s census tract.
The analysis classified applicants as Latino if they reported Latino ethnicity, no matter their race. Mixed-race applicants and applications from co-applicants of different races or ethnicities were excluded from the racial categories. Alternate methods of defining race and ethnicity – such as looking only at the demographics of the primary applicant and not any co-applicants – did not substantially change the results.
Philly’s coolest and trendiest neighborhood, Fishtown is a friendly place of both gentrifiers and long-time residents living in harmony. Former industrial lots and fisheries are now filled with people and purpose for many types. Galleries and public art. Dive bars and trendy taverns. Five-star restaurants and cheesesteak joints. Concert halls and rock clubs. Decades-old businesses and co-working spaces. Fortunately, it’s a dynamic urban cultural neighborhood along the Philadelphia riverfront.
Hipsters, artists, young families, gig economists, third-shifters, start-up entrepreneurs, foodies and of course, the working-class, all call the district home. Rowhouses, mid-rise rentals and loft-style Fishtown apartments line its blocks. In fact, it’s America’s hottest neighborhood. But what is it like to live in Fishtown, Philadelphia?
Where is Fishtown in Philadelphia?
Fishtown, Philadelphia is just northeast of Center City along the Delaware River. It’s bordered by similar-vibe neighborhood Northern Liberties to the south, up-and-coming Olde Kensington to the west and East Kensington to the north.
North Front Street, East York Street and the river form most of its border. I-95 forms a spine on its east side along Delaware Avenue. The Fishtown Philadelphia ZIP Code is 19125, also shared with the Kensingtons. Also, the neighborhood contains portions of 19123.
Source: Rent.
Living in Fishtown, Philadelphia
Like many gentrifying neighborhoods around the country, Fishtown has seen changes in demographics, increases in entertainment options and shifts in public services.
But Fishtown’s uniqueness lies in how it has been able to grow its new, younger population without pushing out longstanding residents. Considering this, how do some of the neighborhood’s most important community and lifestyle aspects rate?
Demographics
Nearly everybody lives in Fishtown. Zennials including empty-nesters, moms, recent grads, cops, novelists, homeowners, renters, natives and newbies. People from across the spectrum live in harmony in Philadelphia’s Fishtown.
Demographically, the neighborhood is pretty middle-of-the-road. Over two-thirds of Fishtown households make under $100,000 a year. Over half of residents are between 20 and 44, and half have never been married. Additionally, most have not completed higher than a high school education. Fishtown is overwhelmingly white, numbering over 85 percent compared to 35 percent for the city overall.
Education
Fishtown, as all of Philadelphia, is part of the School District of Philadelphia. Public school elementary school students attend Alexander Adaire School while older kids matriculate at Penn Treaty School for grades six through graduation. The neighborhood features one Catholic school, Saint Laurentius School. While there are no colleges in Fishtown, Temple University is just a mile away.
Safety
With gentrification comes security. Compared to some of its rougher neighbors like Kensington or Fairhill, Fishtown is extremely safe. In fact, Fishtown is one of Philly’s top 10 safest neighborhoods. It ranks ninth-best in the city in every category: violent crimes, property crimes and total crimes. Luckily, residents here have just a one in 35 chance of being a victim of a crime. And 88 percent of Fishtowners report the neighborhood as feeling “pretty safe” too.
Recreation and entertainment
For nightlife options, no neighborhood can match Fishtown.
If you’re a music fan, you have a run of venue types, including Johnny Brenda’s, The Barbary, Kung Fu Necktie, The Foundry and Fillmore Philadelphia.
The region is one of the best in Philly — if not the entire East Coast — for pizza, Mexican, breakfast and coffee, not to mention Joe’s Steaks, one of the city’s best cheesesteak jawns. Fishtown, also, offers one of the city’s best bar scenes, including Barcade, Murph’s Bar, Lloyd Whiskey Bar and Kraftwork.
Rivers Casino Philadelphia was Philly’s first gaming casino to open. Fishtown features several art galleries like Gravy Studio, Mothership Toy Gallery and Corridor Contemporary. And Fabrika is a unique cabaret space.
Penn Treaty Park is just one of many green spaces in Fishtown, including Palmer Park, Konrad Square and Hetzell Playground. Got a pupper? Palmer Doggie Depot features a cobblestone-lined play area, solar lighting and canine drinking fountains.
Transportation
Frankly, Fishtown is one of the most convenient neighborhoods in Philly.
SEPTA’s Market-Frankford train line runs along Fishtown’s western border on Front Street. There are stations at Girard Avenue and at Berks Street taking you into Center City in just 10 minutes. SEPTA’s Route 15 streetcar trolley begins by the Fillmore in Fishtown and runs along Girard and Richmond Avenues and all the way to West Philadelphia.
Additionally, Interstate 95 runs along the eastern side of Fishtown, northwest of Delaware Avenue. I-95’s Exit 23 dumps traffic directly into Fishtown at Girard and Delaware Avenues. Via the Interstate, it’s about 15 minutes to both the Philadelphia International Airport or to Camden, New Jersey. Not to mention, the neighborhood offers a walkability score of 91 and a bike score of 84.
History
The area that is now Fishtown was originally home to the Turtle Clan of the Lenape Native American tribe. But soon came the Swedish settlers, then the Germans, then the British. William Penn made his peace treaty with the Lenape at Penn Treaty Park in 1683.
Likewise, Fishtown was an early hub for Philly’s fishing industry — ergo the name. It was a blue-collar, working-class industrial neighborhood for 325 years.
Fishtown’s rise again began in 2003 — when two entrepreneurs decided to renovate an old boxer’s bar called Johnny Brenda’s into a craft beer and billiards haven with a killer concert venue upstairs. That one push began to transform Fishtown into its booming self today.
10 things to do in Fishtown
Fishtown, Philadelphia is one of Philly’s best ‘hoods for food, drink, coffee, art and entertainment. So what is there to do in the neighborhood? Probably start by eating… a lot.
Catch a show upstairs at Johnny Brenda’s, a 250-capacity two-story space featuring national touring acts, or the Fillmore Philadelphia, a 2,500-capacity concert hall.
Grab some ribs and a stein of Weissbier at Fette Sau, a popular barbecue spot, and Frankford Hall, the authentic German beer hall next door.
Play the slots and table games at Rivers Casino Philadelphia — one of just two casinos in the Philly city limits and the only one walking distance from Center City.
Bite into the classic lox sandwich at Philly Style Bagels, Bon Appétit Magazine‘s “Sandwich of the Year.”
Take in the riverfront views and the history at Penn Treaty Park, which surrounds the site where William Penn entered his famous peace agreement with Lenape Chief Tamanend in 1683.
Down a beer flight at Evil Genius Beer Company, which is known for ludicrous names for their amazing craft beer like “I Miss Precedented Times” and “Purple Monkey Dishwasher.”
Stay the night at Wm. Mulherin’s Sons, recently named USA Today “Best New Hotel in America.”
Snag a half-price happy hour latte at the flagship location of beloved local coffee shop La Colombe.
Laugh along with America’s best and most famous comics at Punchline Philly comedy club.
Eat a killer pie at Pizzeria Beddia, named “Best Pizza in America” by Bon Appétit, or at Pizza Brain, featuring the world’s first Museum of Pizza Culture.
Finding an apartment in Fishtown Philadelphia
In a city of neighborhoods, Fishtown is the king mackerel. A neighborhood for foodies, vintage shoppers, beer lovers, headbangers and hipsters, Fishtown has a diverse population of both new and generational, young and old, working and social class.
If you’re willing to pay the price, Fishtown is one of the best neighborhoods in Philly, if not the nation.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of June 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Michael is a Philadelphia-based writer with a variety of interests, including music, concerts, TV, politics, travel and sports. His background includes a decade as a programming executive in network television, six years as a marketing executive at a technology company, and time at two magazines and two advertising agencies. He currently works as Craft Beer & Brewery contributor for the Visit Philly Greater Philadelphia Tourism Bureau and sits on the board of a non-profit law firm that assists veterans with disabilities. Michael is a proud Syracuse grad (Newhouse) who has lived in Wichita, Albany, Chicago, Washington DC, Boston and beyond.
Austin is an ever-growing, popular city that attracts renters from all over the country. These are the best apartments in Austin offering renters a place to suit their needs — whether you are looking for access to nature, city suites or anything in between.
Check out the best apartments in Austin from our handy list below.
Photo source: Agave Falls Apartments / Rent.
Quaint exteriors and colorful interiors typify the Agave Falls Apartments. The one- and two-bedroom units have an optional decorative backsplash and under-market rents in East Austin. The community has two pools, high-speed internet access and a playground. Oh, and of course, there is a pet park, too.
Agave Falls even helps residents with their finances thanks to their innovative credit-building program.
Photo source: Oak Crest / Rent.
Oak Crest offers a unique alternative to classic apartment living. The three- and four-bedroom detached units each have their own yards, no shared walls and private decks and patios.
The community includes luxurious landscaping, extra storage and a washer and dryer in every unit. Pets and children can play thanks to the yard space, playground and swimming pool.
Photo source: Creekside on Parmer Lane / Rent.
Creekside on Parmer Lane has one-, two- and three-bedroom units in far Northeast Austin. The brand new, resort-inspired community has electric vehicle charging stations, curtained cabanas, USB port wall outlets and washers and dryers in every unit.
Additionally, amenities include kitchen islands/bars, a fire pit conversation area, a climate-controlled pet spa and quartz countertops.
Photo source: Avanti Hills / Rent.
In the gorgeous and hilly Bee Cave community, Avanti Hills has one- and two-bedroom floorplans stacked with amenities. Like most Austin complexes, the apartment includes two pools, a Zen garden, a billiards table and business and conference centers.
With each unit, residents benefit from a private parking garage, ceiling fans in each room, island kitchens and granite countertops.
Photo source: Bridge at Asher / Rent.
The Bridge at Asher has one-, two- and three-bedroom units with vaulted ceilings, fireplaces, oversized closets and garden tubs. Units include a carport and access to a pet park, fitness center, business center and swimming pool.
Residents can also take in hill country views from their large patios or balconies.
Photo source: The Catherine/Rent.
Located in the heart of Austin with spectacular city views, the Catherine has one-, two- and three-bedroom units. The luxury apartments offer a wide variety of floor plans with vaulted ceilings, oversized closets, extra-large balconies and hardwood floors.
Residents benefit from controlled building access, a large fitness center and full concierge service.
Photo source: The Park at Wells Branch / Rent.
Stay connected in multiple ways with The Park at Wells Branch’s fiber internet and public transportation access. This green community also has a pet park, hiking, biking and jogging trails and picnic areas with grills.
Inside the one- and two-bedroom units, residents will find spacious closets, hardwood floors and a fireplace. Other amenities include basketball courts, a media center, a hot tub, a fitness center and a swimming pool.
Photo source: Eagles Landing / Rent.
Spacious one-, two- and three-bedroom floor plans leave room for the whole family at Eagles Landing. This income-restricted community also offers a free after-school program and free summer camp.
Eagles Landing accepts vouchers and provides special cable rates and packages. They offer all of this on top of under-market rent prices.
Photo source: 620 Canyon Creek / Rent.
Families with children will love 620 Canyon Creek thanks to the excellent surrounding schools in Leander Independent School District and the easy access to Lake Travis. Canyon Creek is a green community with a recreation center, fitness center, swimming pool, hot tub and tennis courts.
The one-, two-, three- and four-bedroom units also have several luxury upgrades available, including customized mantels, direct access garages, Italian marble entryways, wood-burning fireplaces and jetted Roman tubs.
Photo source: Axis West Campus / Rent.
Less than a mile from the University of Texas’s most popular hangout, The Drag, Axis West Campus provides one-, two-, three- and four-bedroom apartments at an affordable price.
Residents have access to tanning beds, a media and gaming area, a Starbucks machine and an outdoor fire pit and entertaining area. The community also provides independent living units and disability accessibility too.
Photo source: Anthem at Ledge Stone / Rent.
Conveniently situated with access to the city but also in spacious Central Texas hill country, Anthem at Ledge Stone offers rustic style meets luxury living. This community has electric vehicle charging stations, a pet spa, a resort pool with private cabanas, a fire pit and social grills.
Inside the one-, two- and three-bedroom units, residents enjoy renovated interiors, island kitchens, stainless steel appliances, dimmable pendant lighting and vaulted ceilings in select units. All in all, it’s got everything you could need.
Photo source: West Gate Ridge Apartments / Rent.
Classically appealing with well-below average rent, West Gate Ridge provides standard amenities in Southwest Austin. The pet-friendly one- and two-bedroom units include disability access and spacious interiors.
All units have a private balcony or patio and washer/dryer connections. Residents also enjoy a playground, fitness center, swimming pool and business center.
Photo source: Collective on Riverside / Rent.
The Collective on Riverside is an excellent option for students. These one-, two-, three- and four-bedroom apartments have fully furnished options.
Students can also easily commute to school using public transportation or the university shuttle service that stops on-site. When not studying or working, Collective residents enjoy access to a variety of athletic facilities and bocce, shuffleboard and billiards.
Photo source: Southpark Crossing / Facebook
Live in style at Southpark Crossing. The one- and two-bedroom apartments feature nine- to 11-foot ceilings, crown molding, island kitchens and granite counters in the kitchen and bathrooms. Residents also benefit from extra storage in full-size pantries, oversized closets and balcony storage.
Enjoy the additional uncommon apartment luxuries of Nest Wi-Fi thermostats and an on-site movie theater with reclining seats.
Photo source: River Ranch / Rent.
Growing families will fit right in at River Ranch in Northeast Austin. The apartments also boast a community playground and splash pad. Fur babies can enjoy the dog park while parents will appreciate the fitness center.
Entertaining friends is also a breeze with the spacious clubhouse and community center that includes a fully-equipped kitchen.
Photo source: Bridge at Cameron / Rent.
The Bridge at Cameron is a brand-new community in Northeast Austin.
These one-, two- and three-bedroom, income-restricted apartments include programmable thermostats and extra storage. The smoke-free, green community also has an on-site technology center.
Residents can also enjoy the community room with a patio area, carpeted bedrooms and laundry facility.
Photo source: Hills at Leander / Rent.
The Hills at Leander offers private, quiet, comfortable living for seniors in Austin’s Cedar Park neighborhood. These income-restricted units enable independent living for seniors, including disability access, game rooms and group exercise.
Residents can also welcome visits from family and friends thanks to guest parking and an on-site picnic area with barbecues.
Photo source: Estates at Austin / Rent.
The Estates at Austin in Pleasant Valley is perfect for University of Texas students with five-, 10- and 12-month leases at half of the average city rent. This community also has a covered UT shuttle station that provides service directly to the university.
The one-, two-, three- and four-bedroom, disability-accessible units also include high-speed internet with included HBO. Students can work and play thanks to the 24-hour private study nooks and computer lab alongside basketball, tennis and sand volleyball courts.
Photo source: Scofield Park / Rent.
Offering luxury, affordable apartments in far North Austin, Scofield Park has all the amenities to keep residents connected and entertained. Residents can enjoy an internet cafe with a media center, an entertainment lounge and two 24-hour fitness centers. Even pups can stay busy with two on-site bark parks with agility courses.
This complex with one-, two- and three-bedroom apartments is also just minutes away from the Domain, a popular shopping center and local hot spot.
Photo source: Menchaca Commons/ Rent.
Spacious and affordable, Menchaca Commons has outdoor patios and a grilling area. Renters will also save money thanks to the energy-efficient appliances and LED lighting in every unit.
This green community also has Amazon package lockers and hardwood flooring on top of renovated interiors and ceiling fans in every room.
Photo source: Tintara at Canyon Creek / Rent.
Just minutes away from Lake Travis, Tintara at Canyon Creek has one-, two- and three-bedroom units. On top of affordable rent, Tintara offers hardwood floors, island kitchens and vaulted ceilings.
Renters also benefit from a private gated entry and the option to utilize a business conference center and boutique office space.
Photo source: Monterey Ranch / Rent.
Athletes of all types will feel at home in Monterey Ranch. In addition to a well-equipped fitness center and rec room, these apartments have a range of sports facilities, including a soccer field, basketball court, tennis courts, biking, hiking and running trails and five pools.
A selection of the studio, one-, two- and three-bedroom floorplans at Monterey Ranch are also ADA accessible.
Photo source: The Mansions at Onion Creek / Rent.
Enjoy all that South Austin has to offer from the Mansions at Onion Creek. These one-, two-, three- and four-bedroom units live up to their name, ranging from just over 700 to nearly 2,000 square feet.
Last but not least, the Mansions has an Olympic-sized infinity pool
Photo source: Barton Creek Villas / Rent.
Tucked into the hilly idyll of Barton Creek in West Austin, Barton Creek Villas has fantastic views thanks to its spacious open floor plans and oversized windows.
Outdoor enthusiasts will appreciate its bike and hiking trails while their pet companions will enjoy the on-site bark park with an agility course.
The community offers luxury one-, two- and three-bedroom units, plus a clubhouse with a coffee bar.
Photo source: Pioneer Hill / Rent.
Perfect for professionals that may work at the nearby companies in Northeast Austin, Pioneer Hill offers great prices and amenities for one-, two- and three-bedroom units — no wonder it’s one of the best apartments in Austin. Every apartment comes with a yard or a balcony and stylish modern interiors.
Residents also enjoy the option of full-size washer-dryer connections, extra storage and a community clubhouse.
The best apartments in Austin
Wherever you choose to live, Austin offers apartments that suit any lifestyle. Find apartments for rent in Austin today.
We looked at all available multifamily rental property inventory from January to June 2021 on Rent. to determine which properties with an Austin mailing address are most viewed by organic internet searches. The information included in this article is used for illustrative purposes only. The data contained herein does not constitute financial advice, availability or a pricing guarantee for any apartment.