Step into the inviting realm of Massachusetts’ charming small towns, where timeless beauty, community warmth, and a rich history blend harmoniously. From scenic landscapes to cultural treasures, each town unfolds a unique narrative waiting to be explored. Join us as we embark on a journey to discover 7 beautiful small towns in Massachusetts.
1. Adams, MA
Median sale price: $162,000
Walk Score: 82
This town’s heritage is reflected in its historical sites and museums, offering glimpses into its past. Adams’ community thrives through local events that bring residents together in celebration. Whether you’re indulging in local cuisine, exploring cultural gems, or partaking in town gatherings, everyone can find something to love in Adams.
Homes for sale in Adams, MA
Apartments for rent in Adams, MA
2. Athol, MA
Median sale price: $360,000
Walk Score: 66
Athol opens its arms to those seeking a blend of nature and culture. The town’s natural beauty is mirrored in its outdoor spaces and recreational opportunities. Athol’s artistic soul is showcased through local galleries and creative workshops. If you’re wandering amidst natural wonders or immersing yourself in artistic expression, Athol offers a peaceful escape for all who live there.
Homes for sale in Athol, MA
Apartments for rent in Athol, MA
3. Lenox, MA
Median sale price: $700,000
Walk Score: 65
Lenox provides an elevated New England experience with a plethora of cultural attractions. You’ll often find locals at the renowned Tanglewood Music Center, enjoying outdoor concerts in the stunning Berkshire Hills. Looking for more to do? The historic Ventfort Hall provides a glimpse into Gilded Age opulence, while hiking trails in Kennedy Park offer opportunities to appreciate the region’s natural beauty.
Homes for sale in Lenox, MA
Apartments for rent in Lenox, MA
4. Hardwick, MA
Median sale price: $318,600
Walk Score: 25
Hardwick offers a quiet retreat where history and nature converge in harmony. Residents often explore the iconic Hardwick Common, a historic district with preserved colonial-era architecture. The Hardwick Winery provides a delightful spot for tastings and events, while the Quabbin Reservoir invites outdoor enthusiasts for hiking and birdwatching.
Homes for sale in Hardwick, MA
Apartments for rent in Hardwick, MA
5. Dighton, MA
Median sale price: $551,000
Walk Score: 4
Dighton beckons with a rural charm that resonates with those who appreciate simplicity. The town’s scenic landscapes invite leisurely walks and opportunities for rural exploration. Dighton’s strong sense of community is upheld through local gatherings and shared appreciation for its surroundings.
Homes for sale in Dighton, MA
Apartments for rent in Dighton, MA
6. Marion, MA
Median sale price: $882,500
Walk Score: 13
Marion encourages you to savor coastal beauty and a maritime heritage. The town’s connection to the sea is mirrored in its waterfront activities and nautical charm. Marion’s spirit is celebrated through events that honor its seafaring traditions and bring neighbors together. The town’s artistic flair is showcased in local galleries and creative workshops.
Homes for sale in Marion, MA
Apartments for rent in Marion, MA
7. Essex, MA
Median sale price: $800,000
Walk Score: 54
With its seaside features, Essex provides a unique and enriching place to call home. Locals often enjoy exploring the Essex Shipbuilding Museum, delving into the town’s history of boat building. The stunning Crane Beach becomes a sanctuary for relaxation and outdoor activities during the summer months, while the annual Essex ClamFest celebrates the area’s culinary delights.
Homes for sale in Essex, MA
Apartments for rent in Essex, MA
Wrapping up small towns in Massachusetts
Massachusetts’ small towns offer a diverse array of experiences that celebrate nature, history, and community. Each town unveils its unique character through cultural offerings, natural beauty, and shared gatherings. Whether you’re drawn to cultural sophistication, serene landscapes, or coastal retreats, these small towns in Massachusetts are sure to delight.
With mortgage rates high compared to where they were just a couple years ago and more federal rate hikes on the horizon, homebuyers may be in a tough spot when it comes to affording a new home.
But that doesn’t mean that you should wait to buy your home if you find a house that fits your needs and budget. In fact, some experts believe there are some compelling reasons not to wait. If you’re shopping for a home today, you should know your options to determine the best path forward for your long-term financial future.
Learn about the best mortgage rates you can qualify for today here.
Why you shouldn’t wait for mortgage rates to drop
While it may seem like a good idea to wait for mortgage rates to drop before buying a home, many experts we’ve spoken to advise against doing so, even in today’s rate environment.
For one, it’s a common belief that you should secure the home that’s best for you — even if it’s not in the best rate environment. Plus, future lower rates could mean higher home prices than you’ll find even today.
“Buyers should focus on their need for housing and the availability of homes in their desired location,” David A. Krebs, a licensed mortgage broker at Dak Mortgage recently told CBS News. “If they find a house that suits their needs, they should not hesitate due to high-interest rates.”
There’s also the possibility that today’s mortgage rates represent a new normal rather than a short-term bump.
“If you look at the mortgage rate data going back to 1971, the average rate on a 30 year fixed rate mortgage is about 7.75%, which is roughly where we are today,” says Bill Nelson, CFP, founder of Pacesetter Planning.
“Borrowers are looking at current rates and viewing them as abnormally high and thus, expecting that they’re likely to fall in the next 5-10 years,” he says. “But the reality is that current rates are average and the rates over the past decade or so have been abnormally low.”
Find out mortgage rates currently available for you here now!
What you can do instead
Whether mortgage rates drop later this year or next — or they stay near today’s rates for the foreseeable future — it could be worth securing your ideal home if you find it today. There are a few things you can do to make sure you’re prepared, no matter what the future brings.
Refinance in the future
There’s always the possibility that rates will go down in the future, allowing you to save on your long-term payments with a refinance. Continue to monitor current rates and keep up with the rate environment after you lock in the mortgage on your new home.
While it’s not currently a good time to finance, “if you have received a new mortgage after 2021, I’d keep a close eye on mortgage rates to see when/if refinancing could make sense for you,” says Jake Northrup, CFP, founder of Experience Your Wealth.
Just make sure you watch out for closing costs and other details, like your new term, monthly payments and overall amount paid.
Choose an affordable loan now
Of course, predicting the future is impossible — and you shouldn’t rely on any financial unknown when it comes to a commitment as big as a mortgage.
“If the opportunity presents itself to refinance down the road, by all means take advantage of it as long as you will continue to stay in the home for long enough to recoup the closing costs,” Nelson says.
He also warns against relying on this strategy, though. “But, do not count on refinancing just because you are used to seeing rates be lower than they are today.”
Nelson has a practical approach. He recommends securing a fixed rate mortgage with a payment you can afford based on current rates. You can make sure you get the best possible rate by applying with a great credit score and shopping around with different lenders to secure the best terms possible.
Start now by comparing mortgage rates you can qualify for today.
The bottom line
While mortgage rates could go down in the future, it’s also possible that today’s 6%-7% APRs are here to stay. If you’re in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment. In other words, it can pay off long-term to lock in a higher rate now rather than waiting to buy until rates eventually drop. You may get lucky with an opportunity to refinance to a lower rate in the future, but you can also take action to secure the best possible rate that fits in your budget today.
Start exploring your available mortgage options here.
Do you want to learn how to get free clothes? There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit. From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your…
Do you want to learn how to get free clothes?
There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit.
From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your family. In this article, I will help you find free clothing both online and near you.
Whether you’re an expert bargain hunter or just learning the ropes, taking advantage of free outfits can be the key to sprucing up your wardrobe without spending a ton of money. Read on to learn more about how to get free clothes, discounts, and clever hacks to get free clothes while maintaining your budget.
Key Takeaways
Explore online platforms, like Facebook Buy Nothing groups, Craigslist, and Freecycle.org, for free clothing options.
Connect with friends and communities to organize clothing swaps.
Blogging or social media can lead to free clothing items and discounts.
How To Get Free Clothes
1. Facebook Buy Nothing Groups
If you’re looking for the easiest way to learn how to get free clothes, Facebook Buy Nothing groups can be one of the best options in your local area. These local groups on Facebook are part of the Buy Nothing Project, which aims to connect neighbors who are willing to give items away for free, including clothing.
I have given away many, many things in my Facebook Buy Nothing group, and I see lots of clothes given away all the time. You can find free clothes for women, men, children, and babies in your local Facebook Buy Nothing group.
To get started with Facebook Buy Nothing groups, simply search for a Buy Nothing group in your town or city. If you live in a large city, there might be multiple groups for different neighborhoods. Once you find the right group, send a request to join. You can start by searching “your city name Buy Nothing Group” as an example.
After you’ve been accepted into the group, you can start looking for free clothes. Keep an eye out for posts from group members offering clothing items they no longer need, and don’t hesitate to ask questions and state your interest in the items you like. When you find something you’d like to have, simply comment on the post to let the person know that you’re interested. The person may choose to gift the item to the first person who comments, or they might decide to draw names at random.
Another way you can learn how to get free clothes on Buy Nothing is by hosting a clothing round-robin. This is when people put together a box of clothes together that goes person to person. You can try items on in your home, take clothing you like, add to the box, and pass it along to the next person.
Facebook Marketplace may also have free clothing listed as well.
2. Look at Craigslist for free clothing
Craigslist has a free section on their website where you can find clothing and other items that people are giving away.
To get started, go to Craigslist.org and head to the free section of the website. Then type “clothes” or whatever specific article of clothing you are looking for in the Craigslist search bar.
Then when you find a free clothing listing that you like, simply click on the title or image to view more information about the offer and send an email to the person.
Note: For your safety, it is a good idea to meet the person in a public place and bring a friend along when you pick up the clothes.
3. Check Freecycle.org for clothing and shoes
Freecycle.org is a great resource for where to get free clothes online.
Freecycle is a nonprofit movement/website that allows members to give away and receive items for free in their local area. Freecycle is all about reducing waste and keeping items out of landfills.
To get started, create a free account on Freecycle.org and start looking at what is available in your area.
When you find something you like, simply respond to the listing, and the person will give you details on how to pick up the items.
For more content related to how to get free clothes, check out: 15 Awesome Ways To Get Free Stuff.
4. Organize a swap with friends to get free clothes
Setting up a clothing swap with friends and family is a fun way to refresh your wardrobe while also learning how to get free clothes.
Here are some steps to host a fun clothing swap:
Set a date and location – Choose a date and time that works for you and your friends. It’s a good idea to host the swap at your home or another comfortable space where everyone feels welcome. Make sure there is enough room for everyone to display and try on clothes.
Invite your friends – Create a guest list and send out invites. You can use social media, email, or text message to invite your friends. Make some ground rules for how the swap will work, and ask everyone to bring clean, gently used clothes that they no longer wear.
Prepare the space – Set up an area where friends can display their clothing items. This can be as simple as just using a dining room table or everyone sitting on the couch in the living room.
You can make it even more fun by asking everyone to bring snacks and food as well and make it more of a potluck.
I also recommend checking out the website Rehash. This is an online swap website where you can trade clothing with others online.
5. Birthday freebies
Many stores give you discounts or free stuff on your birthday when you sign up for their email lists or by joining customer loyalty programs.
These offers can be in the form of discounts, coupons, or even free items for a limited time.
Related: 31 Birthday Freebies You Should Sign Up For
6. Participate in sweepstakes and contests
If you want to learn how to get free clothes from companies, participating in sweepstakes and contests is a great option. Many stores and clothing brands have contests on their social media platforms, offering free clothing or clothing gift cards.
You can often find these by simply following your favorite stores and brands on social media – like Facebook, Twitter, and Instagram – to see when they hold a giveaway.
Another way to find sweepstakes and giveaways to enter is to search related hashtags on Twitter, Facebook, and Instagram. Many times, sweepstakes and giveaways are tagged with these hashtags in order to grow even more and so that people can find them. I used to enter giveaways all the time, and this is exactly how I would find giveaways to enter. Some hashtags to find free online clothing giveaways include:
#sweepstakes
#giveaway
#clothinggiveaway
#contest
7. Find money-making apps that will pay you in clothing gift cards
If you’re looking to add some new clothing to your wardrobe without spending a lot of money, you can try using money-making apps that give you free gift cards or PayPal cash.
This may include taking surveys and shopping online, you can earn points that can be redeemed for gift cards to popular clothing stores. Here are some apps to consider using for free gift cards:
Swagbucks is a popular site that rewards you for completing tasks, such as watching videos, taking surveys, and shopping online. You can earn points and redeem them for gift cards from popular stores, like Amazon, Target, Walmart, Adidas, and Under Armour, where you can purchase clothing.
American Consumer Opinion is a popular survey website where you can get paid around $1 to $5 (longer surveys pay more than shorter ones) for each survey you answer.
Branded Surveys is an online survey company that pays around from $0.50 to $5.00 per survey that you answer. Like with all survey companies that I recommend, it is free to join.
Fetch Rewards is a grocery rewards app where you can redeem your points for clothing gift cards. You scan your receipts from grocery shopping and earn points that can be exchanged for gift cards at various clothing stores, like American Eagle, Gap, Lululemon, Old Navy, and more.
Upside is a cell phone app that gives you cash back for using the gas stations that are listed in their app. You simply sign up for a free account, and then look at the Upside app to find gas stations located near you. With Upside, you can make up to $0.25 per gallon cash back at gas stations. You can then redeem your earnings for cash to your bank account, but also for free gift cards to H&M, Nike, Target, Walmart, and more.
Ibotta is an app where you can unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
By using these apps, you can earn gift cards to clothing stores without spending a dime.
Related: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)
8. Redeem credit card rewards points to put towards free gift cards for clothes
You can benefit from using your credit card rewards points to score free gift cards for clothes!
Many credit card issuers offer reward programs, which give you points for every dollar you spend. By accumulating these points, you can redeem them for various rewards, including gift cards to your favorite clothing stores.
The way that rewards credit cards work is that every time you use your credit card, you can earn points for spending money. Yes, spending money just like how you normally spend money.
Two rewards credit cards that I personally like include:
Note: Using credit cards for their rewards is only wise if you are a responsible credit card user. You do not want to add debt to your life to earn credit card rewards, as debt that gains interest is not free or worth it! You need to make sure you’re paying your credit card balance in full each month for the gift card rewards to be worth it so that you are not taking on debt that you don’t need.
9. Start a clothing blog or social media account
Starting a clothing blog or social media account can be a fun way to get free clothes to promote. By building a following, clothing brands may want to partner with you and give you free clothing.
To begin, choose a platform where you want to focus your time, such as starting a fashion blog or setting up an Instagram account. For example, if you’re passionate about taking pictures, Instagram can be a perfect platform for this. If you want to focus on writing, then a blog may be better. If you prefer video, then starting a YouTube channel or TikTok may be for you.
Next, you’ll want to focus on growing your audience. You can grow your following by regularly posting high-quality content and replying to comments.
Once you are ready, you can start reaching out to clothing brands for possible partnerships by sending emails or social media messages, telling them that you are interested in promoting their products and discussing how the collaboration can benefit the both of you. You may be asked to share statistics about your blog or social media account, including your follower count and engagement rate to show that the partnership would be worthwhile.
In addition to receiving free clothing, partnering with clothing companies can lead to other benefits, such as promo codes for your readers or even earning referral income for any purchases from followers made through your affiliate links.
You can learn how to start a blog in my free How To Start a Blog Course.
Note: Please keep in mind that being a trustworthy blogger or social media influencer means always disclosing when a post is sponsored or when you receive a product for free. Adding disclaimers is also the law when using affiliate links or sharing sponsored posts.
10. Get a job at a clothing store
When I was younger, I worked at a clothing store. If we beat our monthly sales goals, we were given a percentage of that in a gift card to the store. This was a great way to get free clothing!
Now, not all clothing stores have this perk, but you may be able to ask around and see if others do.
Another perk of working at a clothing store is the employee discount that you can get. As an employee, you typically receive a good employee discount – sometimes up to 50% off. This could be a great way for you to save money on clothes while earning a paycheck.
11. Reach out to a local nonprofit or charitable group
Many nonprofits or charitable groups offer free clothing to those in need.
Shelters, religious organizations, and other groups often have clothing banks available. Don’t be afraid to reach out to these organizations if you find yourself needing how to get free clothes for everyday or work.
12. School donation programs
Some schools and universities host clothing donation programs, which can help students who may be struggling financially.
You can keep an eye out for these events to get free clothes for yourself or your children. Schools might even have partnerships with local retailers, providing designer clothing at no cost, along with essentials.
I recommend reaching out to your school and asking what options are available for you.
13. Local yard sales
Yard sales are a great place to find cheap or even free clothes. Some homeowners may be willing to part with clothes for very cheap or free, especially towards the end of the day when they are packing up and they want to get rid of the items that are remaining.
14. Pregnancy and baby sample boxes
If you are pregnant, then you can probably get a free baby box filled with items you’ll want and need.
You typically get a free baby box when you create a baby registry. These boxes are often filled with free baby samples, such as a baby onesie, baby bottles, diapers, pacifiers, and more.
I got both the Amazon baby box and the Babylist baby box when I was pregnant, and they were both great and free! I simply created a registry through both sites (which is something that I was already doing), and I received the free baby box once someone purchased something off my baby registry.
In each, there was one baby onesie. So it wasn’t a lot of free baby clothing, but it was fun to receive and there were lots of other free items in the box as well.
Related: Best Baby Gear – Guide For New Parents
15. Refer friends to your favorite stores
Referral programs are offered by many online clothing companies, and this may get you some free clothing.
When you refer a friend to the website, both you and your friend often receive a discount or credit towards your next purchase. You can share your unique referral link with friends and family, or promote it on social media to reach a larger audience.
Some online stores which have a referral program include Lulus, Poshmark, ThreadUP, Stitch Fix, Rent The Runway, and many more.
Make the most of online shopping to get money to put towards clothes
When shopping online, there are ways that you can save money. While these won’t lead you to getting entirely free clothing, these tips can make clothing more affordable.
Use coupons and promo codes –Always keep an eye out for coupons and promo codes before making a purchase to save money on clothes. Websites, like Honey, often have promo codes available for online stores. This way, you can save on your purchases and have more money to put towards new clothes. You can install the Honey browser extension, which automatically finds and applies available coupon codes and promo codes when you shop online. Then shop like normal and when you’re ready to checkout, Honey will instantly find and apply the best coupon codes directly to your shopping cart.
Cash-back sites –Using cash-back sites is another smart way to save money on your apparel purchases. Rakuten offers cash back (up to 40% cash back!) for shopping at many different online retailers (they have thousands of options). Simply browse the Rakuten website, find stores you normally shop at, and earn a percentage of cash back for every purchase.
Loyalty programs –Signing up for loyalty programs can be a great way to earn points or rewards that can be put towards new clothes. Many clothing stores offer rewards programs for their customers. As a member, you can earn points with each purchase that can be redeemed for discounts or even free clothing items.
Shop at thrift stores and consignment shops –Thrift stores can be a great source of free or inexpensive clothes. There are even online thrift stores, such as ThredUP and OfferUp.
Frequently asked questions about how to get free clothes
Below, I answer common questions about ways to get clothing for free.
Where can I find free clothing giveaways?
One way to find free clothes that are being given away is to search for online giveaways and contests. You can find these by going to giveaway websites, or searching hashtags on Twitter and Instagram, such as #giveaway and #clothinggiveaway.
There are many if you want to learn how to get free clothes, such as reaching out to nonprofit organizations, shelters, and churches in your local area. You can also check out websites, like Freecycle.org or Craigslist, for listings of free clothing resources in your community. Also, joining local Facebook Groups for clothing swaps or free items may help you find free clothes near you.
How can I receive free clothes delivered to my door?
By participating in referral programs, product testing programs, or signing up for clothing site rewards, you can potentially receive free clothes delivered to your door.
How to get free items from SHEIN?
There are a few ways to get free Shein clothes, and this is a very popular question about how to get free clothes!
There is a Shein Free Trial Center where you may be able to test out outfits for free. You will have to write a product review for the item you get for free with the Shein product testing program.
There are also Shein giveaways on social media all the time that you can enter as well.
How do I manage to have a great wardrobe on a tight budget?
To have a great wardrobe on a tight budget, you may want to focus on versatile and timeless pieces that can be mixed and matched. This may include shopping sales, clearance sections, and secondhand stores to find affordable clothing items. You can also swap clothes with friends or attend clothing swap events to save money.
How can I get a lot of clothes with little money?
You can get a lot of clothes with little money by shopping at thrift stores, discount stores, and clearance sales.
How do I get free athletic wear?
Many running shoes have a product testing program for athletes and runners, such as the Saucony product testing program, Reebok product testing program, New Balance tester community, and the Nike product testing program.
These companies will need your shoe size and some other information from you before they can send you anything. There will most likely be an in-depth questionnaire for you to answer after you try the shoes.
In some cases, you will not be able to keep the shoes, just so you know.
How To Get Free Clothes Online Without Paying – Summary
I hope you enjoyed today’s article on my best tips and tricks on how to get free clothing. As you can see, there are many ways to get started!
Whether you are looking for free t-shirts, jeans, shoes, work clothes, or something else, there is plenty of free apparel if you look around.
With Facebook Buy Nothing groups, Craigslist, and Freecycle.org, you can connect with like-minded individuals and exchange items without needing to pay. Also, connecting with friends, family, and online communities by organizing clothing swaps, working with money-making apps that offer gift cards, and blogging or engaging on social media can lead to free clothing items as well.
Remember, when you maximize your online shopping by using loyalty programs, cash-back apps, referral programs, and coupons, you’ll have more money to put towards new clothing items.
Do you know how to get free clothes? What’s your favorite way?
WEST PALM BEACH, Fla. — Three South Florida counties ranked in the top 10 in the state where financing a home is the most expensive, according to a study by SmartAsset.
The study used median home values and estimated interest rates for a 30-year fixed-rate mortgage to calculate the total cost of financing a home.
Miami-Dade was ranked seventh with Martin County eighth and Palm Beach County 10th behind No. 1 Monroe County, which includes Florida’s Keys, including a median home price of $957,819. Among the 67 counties in the state, Broward was 13th, St. Lucie 14th, Indian River 19th and Okeechobee 52nd.
Rank
County, State
Median Home Value
Interest Rate Estimates
Total Interest
Total Cost
Most Expensive Index
1
Monroe County, FL
$957,819
6.64%
$1,002,777
$1,960,596
37.68
2
Walton County, FL
$681,162
7.05%
$766,357
$1,447,519
27.56
3
Collier County, FL
$594,299
6.59%
$617,111
$1,211,409
22.91
4
Saint Johns County, FL
$515,056
7.04%
$579,043
$1,094,099
20.59
5
Nassau County, FL
$463,650
6.92%
$510,422
$974,072
18.23
6
Manatee County, FL
$458,069
7.01%
$512,386
$970,455
18.16
7
Miami-Dade County, FL
$479,969
6.22%
$464,330
$944,299
17.64
8
Martin County, FL
$460,905
6.49%
$469,124
$930,029
17.36
9
Sarasota County, FL
$460,560
6.27%
$449,591
$910,151
16.97
10
Palm Beach County, FL
$458,834
6.24%
$445,550
$904,385
16.85
FL
$326,286
7.36%
$342,646
$668,932
The study adjusted the Freddie Mac national average interest rate by county using average credit score and debt-to-income ratio.
The overall loan payments were a 30-year fixed-rate mortgage at a 20% down payment. Loans were around 7%.
“For most buyers, the cost of purchasing a home goes beyond the price one pays at closing — interest rates will have a significant impact on the final cost of the purchase,” SmartAsset wrote in a news release.
From its beautiful beaches to eclectic dining, there are many reasons to call New Jersey home. This small state on the Eastern Seaboard boasts approximately 130 miles of coastline, dotted with seaside resorts. It’s home to one of the most ethnically diverse cities in America, Jersey City.
These multicultural cities and towns make New Jersey a hub for diverse dining, art, culture and history. Living in New Jersey also keeps you close to all the action of New York City and Philly. But nature lovers can swim, hike, cycle and even ski in state parks and outdoor recreation areas.
Offering a unique blend of things to do, deciding on the best place to live in New Jersey comes down to personal preference and budget. For the most part, the cost of living in New Jersey is above the national average. But there are a few areas where the cost of living is lower, so don’t let the high cost of living dissuade you. There are still affordable places to live around the state. Here’s a look at how the cost of living in New Jersey breaks down across the state for expenditures like housing and healthcare.
New Jersey housing prices
With one exception, the cost of living for housing in New Jersey sits above the national average. Those located within the Tri-State area top the charts, with the highest housing averages around the state. The Tri-State area, also known as the New York metropolitan area, encompasses New York City, New Jersey’s six biggest cities and parts of Connecticut and New York state. It’s the largest and most populous metro area in America.
With New York City being one of the most expensive places to live in the United States, naturally, cities within its metro area will also have high housing costs. But, before you resign yourself to sky-high rents, other parts of the state have more affordable housing.
This is what housing costs look like in cities around New Jersey. One example shows lower-than-national average housing costs in one area. The others show how average rents and housing costs vary across the New York metro area.
Morristown
Even though it’s located toward the western outskirts of the New York metro area, housing costs in Morristown are still up there at 37.8 percent above the national average. With its rich history and access to parks and wilderness areas, it’s considered one of the best places to live in New Jersey. But that clearly doesn’t mean affordable housing. Many people live in Morristown but commute to Newark or New York. As a popular bedroom community, that drives up housing prices.
Renting a one-bedroom apartment here costs an average of $2,315 per month, up 15 percent from last year. Two-bedroom apartments are up 6 percent to $2,927.
Buying a house in Morristown comes with some nasty sticker shock. Up 19.7 percent from last year, houses in Morristown have a median sales price of $718,325. That’s a big jump over the national average. So, whether you’re looking to rent or own in Morristown, you’ll be finding higher prices.
Newark
Newark, New Jersey’s most populous city, is right at the heart of the New York metro area in northeastern New Jersey. Being that close to New York City, it’s no surprise that the cost of housing here is higher than in other areas. At 51.3 percent above the national average, it has the highest housing average of our highlighted New Jersey cities.
Locals shell out an average of $2,705 for a one-bedroom apartment around Newark. That number is up 35 percent from last year. But the cost of a two-bedroom has declined 27 percent. You can find two-bedroom apartments for an average of $2,450. With these prices, it makes more sense to go for the cheaper two-bedroom option and have more space for less.
Housing costs in Newark have risen 17.7 percent from last year. Newark’s median sales price for a house is currently around $365,000, which is still below the national average.
Vineland
Located in southwestern New Jersey, Vineland is a cute, family-friendly town surrounded by farms and nature preserves. Its location near the southern end of the state, far from New York, means that rent prices are lower here. Housing costs here are 17.5 percent lower than the national average. With more affordable rents and great outdoor access, Vineland is a great option for budget-friendly living. It’s also just an hour away from Philadelphia.
Rent prices have stayed consistent here over the past year. A one-bedroom apartment costs an average of $937, the same as last year. Two-bedroom apartments have also seen no growth or decrease, holding steady at an average of $1,082 per month.
The home-buying market in Vineland has been on the rise over the past year, though, growing 15.9 percent. The median sales price for a home in Vineland is $231,750. That price is a fair bit lower than the national average of $430,695.
New Jersey food prices
From hoagies to pork rolls, New Jersey residents have no end to delicious things to dine on. Luckily, for the most part, the cost of living in New Jersey for food is only slightly above the national average. For overall average food prices, the cost of groceries in New Jersey is 8.7 percent above the national average. Locals spend between $3,201 to $3,600 on food per person annually. That comes out to $266 and $300 per month. But food costs do vary around the state. Here’s how grocery prices in some New Jersey cities stack up to the national average:
Vineland is 1.7 percent above the national average
Newark is 6.6 percent above the national average
Morristown is 12.5 percent above the national average
Vineland is the least expensive city for food on our list, with Morristown being the most expensive. Newark is a good middle point. But averages don’t tell the full picture. It’s possible the price of individual food items are the same in the most expensive and least expensive cities. Getting a dozen eggs in Vineland or Morristown costs the exact same at $1.83. If you’re picking up a half-gallon of milk, you’ll pay $2.77 in both Morristown and Newark. In Vineland, it’s only $2.55.
As such a multicultural state with so many different kinds of cuisines, dining out is huge here. So, the cost of going out to dinner will also vary depending on where you are. Going out for a nice three-course meal of Portuguese or Spanish food for two in Newark will set you back $72.50. In Morristown, you’ll pay 20.83 percent less at $60 for the same kind of special night out.
New Jersey utility prices
Overall, the cost of living for utilities in New Jersey is higher than the national average. Utilities include services and items like energy, water and internet that are essential for your home. Compared to the national average, this is how expensive it is to pay for utilities in these New Jersey cities.
Vineland is 11.5 percent above the national average
Newark is 11.3 percent above the national average
Morristown is 0.9 percent above the national average
New Jersey residents get their electricity from a mix of natural gas and nuclear energy, as well as some renewable solar energy. The state sources its water mainly from surface-water resources like lakes, rivers and reservoirs.
You’ll be paying less for energy in Morristown. The average monthly bill for all your energy costs comes out to around $181.01. The most expensive city for energy is Vineland at $22.15.
Internet is another essential utility that most modern households require. You’ll be paying more for internet access in Newark, where 60 megabits per second cost $85.57 per month. But in Morristown, it’s only $59. That’s a big price difference of 45.04 percent.
New Jersey transportation prices
From bus to train to light rail, there are plenty of ways to get around New Jersey. Providers like NJ Transit offer public transportation throughout the state, while some individual cities and towns also operate their own mass transit. Some cities within the New York metro area also have access to larger public transportation systems like the Metropolitan Transit Authority.
Using public transportation is a great way to save money on things like gas and car insurance. Since many New Jersey residents commute to New York for work, mass transit can save time and money. But it does depend on how long your commute is. Since New Jersey’s mass transportation costs are above the national average, you’ll need to determine for yourself if it’s a money-saver or not. Here’s how far above the national average each New Jersey stands in terms of mass transit costs:
Vineland is 6.6 percent below the national average
Newark is 7 percent above the national average
Morristown is 6.2 percent above the national average
All three cities are pretty close, but Newark wins out for being the most expensive. The public transit systems in the New York metro area are the most extensive. Here’s a breakdown of the different transportation options and costs in some of these cities.
NJ Transit in Newark
Consisting of buses and light rail, Newark gets its public transportation from NJ Transit. Part of the larger state-wide network, NJ Transit offers rides both around town and to other cities, counties and states.
Fares vary by type of transportation and zone. Starting adult rates for a one-way bus ticket start at $1.60 for Zone 1, $2.55 for Zone 2 and $3.15 for Zone 3. Transfer fees cost $0.75 extra. Monthly passes are available but similarly vary by zone, routes and destinations. Using the Light Rail to get around town, a single adult fare is $1.60 per ride and $59 for a monthly pass.
If you prefer to use your car to get around, you may need to use the New Jersey Turnpike. This controlled-access, toll road goes throughout the state and passes by Newark. If you need to use it to get into New York or go elsewhere in New Jersey, you’ll have to pay a toll. This fee varies depending on how long you use the turnpike. For example, if you’re driving from Newark International Airport to the Holland Tunnel in nearby Jersey City, you’ll pay around $5.65. You can use their toll calculator to determine the exact fare. If you were to travel the entire length of the Turnpike in a standard 2-axle passenger vehicle, you’d pay $19.43 with the E-ZPass system.
If you do plan on using your car to get around, monthly parking passes average $120 in Newark.
With a high transit score of 65, it’s easy and affordable to get around Newark. As a tightly-condensed urban center, Newark is also very walk-friendly. It’s actually one of the most walk-friendly cities for renters in America. Its walk score is 78, so you can easily navigate neighborhoods on foot. But it’s best to leave bikes at home or only use them in parks. Newark’s bike score is a lowly 54.
NJ Transit in Morristown
Morristown also gets its mass transit provided by NJ Transit, with bus and commuter rail. Both connect to Newark’s Light Rail system.
Fares for NJ Transit in Morristown similarly vary by zone and type of service used. Bus lines start at $1.60 for a single adult fare and go up depending on route length and zones. The commuter rail train has similar pricing starting around $2.25 for the Morristown line. Monthly passes cost $60. But again, these prices vary widely by zone and length of ride. You should also buy your ticket before boarding to avoid a $5 surcharge.
If you don’t need to use mass transit to commute into and out of Morristown, it’s easy to walk to and from your destination here. The town’s walk score is a high 71. But it’s not quite as bike-friendly, ranking only 44 for bike score.
New Jersey healthcare prices
Healthcare is one of the few New Jersey cost of living categories that consistently falls below the national average. But it’s important to take those figures with a grain of salt. It’s very difficult to determine an accurate average for healthcare since costs vary widely from person to person. There are big variations even within cities or regions. Different factors can drive up healthcare costs for different people, such as pre-existing conditions or the cost of prescription drugs.
For the most part, though, New Jersey offers affordable, quality healthcare. Many New Jersey towns and cities also rank well locally and nationally in terms of overall public health. Morristown, in particular, is a very healthy place to live. But Morristown is also a perfect example of how healthcare costs are so difficult to average. Despite being such a healthy town, healthcare costs in Morristown are actually the closest to the national average of our three cities. Here’s how healthcare costs in these N.J. cities compare to the national average:
Vineland is 6.5 percent below the national average
Newark is 2.4 percent below the national average
Morristown is 0.9 percent below the national average
To illustrate this, here’s what you can expect to pay to go to the doctor’s office in different cities:
Vineland: $95
Newark: $91
Morristown: $104.86
Going to the dentist is also the most expensive in Morristown at $120.31. The most affordable place to go for a cleaning and dental check-up is in Vineland at $103.13.
No matter what, it’s important to plan annual visits to all your major doctors to stay on top of your health.
New Jersey goods and services prices
Along with housing, groceries and other costs of living categories in New Jersey, there’s another essential spending that takes up a chunk of a monthly budget. A miscellaneous good or service could be something you get fairly frequently, like going to the dry cleaners or heading out to the movies.
The combined cost of all these items and services can definitely sway a monthly budget. That’s why it’s important to compare the local costs of goods and services to the national average.
Vineland is 5.3 percent below the national average
Newark is 12.5 percent above the national average
Morristown is 0.9 percent above the national average
Newark ranks high above the other cities for the most expensive goods and services. This is no surprise considering it’s right in the heart of the New York metro area. But just because a city has higher or lower averages for miscellaneous goods and services doesn’t mean all items will reflect this. Some items will be more expensive in less expensive cities. For example, it’s more expensive to go to the dry cleaners in Morristown where it costs $13.88. It’s the cheapest in Newark at $12.28. Going to the movies is also more expensive in Morristown, costing $14.24 compared to $13.13 in Newark.
If you have a family, paying for childcare will be a big part of your monthly goods and services budget. Childcare costs can vary widely by city and state. With New York boasting some of the highest national prices for childcare, you would think childcare would be the highest in Newark. But not so. Paying for a month of private preschool or kindergarten only costs $500 per child in Newark. But, in Morristown, with its large commuter community, that number jumps 68.75 percent to $1,600 per month. If you always need to get into the city for work, it stands to reason that childcare costs would be more in-demand and therefore higher.
Taxes in New Jersey
New Jersey’s statewide sales tax is 6.625 percent. To put that in perspective, if you go out and spend $1,000 on a giant order of hoagies for a party, you’ll have to pay $66.25 on top of that for tax.
While that’s a lot that adds to the cost of living in New Jersey, the upside is that the state doesn’t have local or city sales tax. You’re paying the same rate no matter where you are in the state.
Vineland has a combined tax rate of 6.625 percent
Newark has a combined tax rate of 6.625 percent
Morristown has a combined tax rate of 6.625 percent
The other kind of tax to consider is income tax. New Jersey implements a graduated income tax rate, going from 1.40 percent up to 10.75 percent. New Jersey also has high property taxes, which is something to consider if you want to buy a house here.
How much do you need to earn to live in New Jersey?
With the elevated cost of living in New Jersey, how much do you need to earn to live in the Garden State? It’s recommended that you only spend around 30 percent of your gross monthly income on housing. This is due to the fact that housing is usually the biggest monthly expense. But you want to have ample money left over for groceries, healthcare and the odd movie night out.
Since the average statewide rent is $2,414, you’d need to make $8,046 per month to fit the 30 percent rule. That comes out to $96,552 per year. At $85,245, the median household income in New Jersey falls short of that figure. This could mean that some households pay more for housing than the recommended 30 percent.
To determine if you can comfortably afford housing in New Jersey, crunch some numbers using our rent calculator.
Living in New Jersey
From its diverse, vibrant metro areas to its scenic coastline, New Jersey has a lot to offer prospective residents. But, in most places around the state, the cost of living in New Jersey does exceed the national average. However, with all the above information, you can make educated, informed choices about the best places to live in New Jersey that fits your budget and lifestyle.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
A new report from Black Knight Financial Services revealed that monthly mortgage origination volume fell to its lowest point on record in February.
And recent prepay speeds signal even more declines in refinance volume in the near future.
The company said mortgage originations hit at least a 14-year low during the second month of the year, thanks in part to an elevated share of all-cash transactions.
The government share of originations has also taken a hit, with HARP refinancing continuing to slow as the pool of eligible borrowers shrinks.
Homes Are Still Selling, Even If Mortgages Aren’t Being Originated
Despite the mortgage slowdown, traditional home sales (non-distressed) were up nearly 15% from a year earlier.
At the same time, distressed transactions continue to dwindle as short sales and foreclosures become less and less common.
Overall, residential real estate sales remained close to flat year-over-year, again because of the all-cash buyers, many of which were assumed to be investors.
Black Knight’s Data and Analytics division SVP Herb Blecher noted in a press release that cash sales accounted for nearly half of all transactions.
Mortgage Delinquencies Fall Below 6%
The good news is that mortgage delinquencies fell below six percent (5.97%) for the first time since 2008, and foreclosures were down 34% from a year ago to their lowest level since 2007.
Unfortunately, this means the foreclosure pipeline is steadily growing, with the average loan in foreclosure now 2.6 years past due, compared to 0.7 years in 2008.
The new CFPB rules don’t allow foreclosure proceedings to begin until after 120 days of delinquency, and data has revealed that foreclosure starts at the 90-day mark have pretty much come to a halt.
Florida, New Jersey, and New York have the highest level of seriously delinquent loans (90+ days late or in foreclosure), but foreclosure backlogs have grown the most in non-judicial states like California and Nevada thanks to newly imposed legislation.
Loan modification volume has also taken a hit, with activity ending the year around post-crisis lows. The only bright spot is the FHA-HAMP program, which has gotten a boost thanks to some recent program changes.
Those include eliminating the maximum back-end DTI ratio requirement of 55%, and allowing FHA borrowers to be more than 12 full payments past due.
Speaking of modifications, borrower equity continues to dictate re-default rates, with borrowers falling behind a second time 30% more when underwater.
Loose Mortgage Lending Hasn’t Arrived Yet
Black Knight also noted that only about 30% of mortgages last year went to borrowers with credit scores below 720, so it’s still very much about the most creditworthy individuals.
And though some lenders have announced pretty aggressive offerings of late, such as Carrington’s 550 minimum FICO score for an FHA loan, that type of subprime lending is still few and far between.
In fact, originations in the sub-620 bracket still account for less than five percent of residential mortgage lending volume, despite ticking up in recent years.
Many expect volume in this higher-risk band to increase as banks continue to grapple with flagging volume.
And the trend is already apparent in the FHA realm, where lending to borrowers with scores between 620-719 increased year-over-year after steadily declining.
However, the sub-620 category is still pretty flat and that doesn’t appear to be changing anytime soon.
Wisconsin’s landscape is dotted with small towns that are more than just places to call home; they’re communities with stories, character, and a unique way of life. In this article, we’ll take a journey through 13 small towns in Wisconsin, uncovering the local treasures, attractions, and the fun things to do that sets each town apart. From historic downtowns to natural beauty, these towns offer a lifestyle that captures the essence of the Badger State.
1. Plover, WI
Median sale price: $345,000
Walk Score: 60
Plover is a town where nature and community thrive in harmony. The town’s local parks, like Iverson Park and Schmeeckle Reserve, provide spaces for outdoor activities and relaxation. Plover regularly hosts local events, farmers’ markets, and gatherings that bring residents together. With the Wisconsin River nearby, Plover offers opportunities for boating, fishing, and enjoying the environment that surrounds the town.
Homes for sale in Plover, WI
Apartments for rent in Plover, WI
2. Marshfield, WI
Median sale price: $220,00
Walk Score: 88
Marshfield is a hub of health and heritage, where the town’s local attractions celebrate its unique identity. The town is home to the Marshfield Clinic Health System, a leading medical center. Marshfield’s historic downtown, cultural events, and the Central Wisconsin State Fair showcase its distinct spirit.
Homes for sale in Marshfield, WI
Apartments for rent in Marshfield, WI
3. Wausau, WI
Median sale price: $205,000
Walk Score: 85
With its proximity to Rib Mountain State Park and the Wisconsin River, Wausau provides one-of-a-kind experiences for outdoor lovers. The town’s public events, including the Wausau Festival of Arts, celebrate its artistic and cultural scene. Wausau’s blend of outdoor beauty and vibrant arts create an environment where residents can explore nature’s wonders and indulge in creative pursuits.
Homes for sale in Wausau, WI
Apartments for rent in Wausau, WI
4. Waunakee, WI
Median sale price: $550,000
Walk Score: 82
Waunakee exudes a distinct elegance that’s reflected in its well-manicured streets and local attractions. The town’s specialty shops, eateries, and golf courses add a touch of luxury to its character. Waunakee’s popular events, like the WaunaFest, showcase its strong sense of unity and celebration. With its beautiful surroundings and sophisticated charm, Waunakee offers residents a lifestyle that blends refined living with a warm community spirit.
Homes for sale in Waunakee, WI
Apartments for rent in Waunakee, WI
5. Verona, WI
Median sale price: $480,000
Walk Score: 78
Embracing both the scenic environment and innovation, Verona is a place where people enjoy the best of both worlds. The town’s proximity to Epic Systems Corporation, a leading healthcare software company, adds a layer of modernity to its personality. With its beautiful parks, rolling hills, and a blend of progress and tradition, Verona offers a lifestyle that’s as exciting as it is dynamic.
Homes for sale in Verona, WI
Apartments for rent in Verona, WI
6. Baraboo, WI
Median sale price: $265,000
Walk Score: 88
Baraboo celebrates history and natural beauty in every corner, where the town’s historic downtown and the Circus World Museum capture its unique heritage. Events like the Big Top Parade bring residents and visitors together in festive celebration. Baraboo’s proximity to Devil’s Lake State Park and the Baraboo River offers opportunities for outdoor recreation and exploration.
Homes for sale in Baraboo, WI
Apartments for rent in Baraboo, WI
7. Hudson, WI
Median sale price: $457,000
Walk Score: 76
This small town in Wisconsin is described as a cozy hideaway with a cool twist. Hudson sits right by the St. Croix River, providing locals the freedom to go boating, fishing, and enjoy stunning views. You can wander through downtown to visit quirky shops and cafes, or dive into the memorable arts scene. When you’re feeling outdoorsy, hit up the parks, join in the fun at their festivals, and just soak in the laid-back, friendly feel of Hudson.
Homes for sale in Hudson, WI
Apartments for rent in Hudson, WI
8. Chippewa Falls, WI
Median sale price: $245,000
Walk Score: 85
Chippewa Falls is a town of craftsmanship and nature, where local breweries, artisan shops, and the Leinenkugel’s Brewery celebrate its rich brewing heritage. The town’s proximity to Lake Wissota and the Chippewa River offers opportunities for water-based activities and outdoor adventures. Additionally, Chippewa Falls’ community events, like the Pure Water Days Festival, showcase its spirited atmosphere.
Homes for sale in Chippewa Falls, WI
Apartments for rent in Chippewa Falls, WI
9. Holmen, WI
Median sale price: $410,000
Walk Score: 61
This town might not be on everyone’s radar, but it’s a hidden gem with a relaxed atmosphere.. Holmen is all about that small-town friendliness – you’ll feel like you’re among friends from the moment you arrive.
Holmen’s closeness to the Mississippi River and the Upper Mississippi River National Wildlife and Fish Refuge adds an element of serenity to daily life. If you’re into the great outdoors, Holmen’s got your back with nearby hiking trails and parks that make you want to grab your sneakers and go explore.
Homes for sale in Holmen, WI
Apartments for rent in Holmen, WI
10. Sparta, WI
Median sale price: $223,00
Walk Score: 74
With the nickname, the “Bicycling Capital of America,” it’s not a surprise that Sparta has a deep-rooted cycling culture. The Elroy-Sparta State Trail and the La Crosse River State Trail offer opportunities for scenic biking adventures. Sparta’s public events, like Butterfest, provide locals the ability to make strong connections with their neighbors. With its commitment to healthy living and a close relationship with nature, Sparta offers a lifestyle that’s active, engaging, and invigorating.
Homes for sale in Sparta, WI
Apartments for rent in Sparta, WI
11. Tomahawk, WI
Median sale price: $183,000
Walk Score: 68
Tomahawk is a town of lakeside charm, where the town’s proximity to Lake Mohawksin and the Wisconsin River provides the public the chance to try their hand at sports like water skiing, kayaking, and fishing. The town’s popular events, like the Harley-Davidson Tomahawk Fall Ride, celebrate its unique identity. Tomahawk’s scenic surroundings and friendly atmosphere create a haven where residents enjoy the simple pleasures of lakeside living.
Homes for sale in Tomahawk, WI
Apartments for rent in Tomahawk, WI
12. Spooner, WI
Median sale price: $255,000
Walk Score: 60
Offering people a retreat amidst the beauty of the Northwoods, Spooner is perfect for those seeking a slower pace of life. The town’s local parks, like Railroad Park, provide spaces for outdoor activities and reflection. There’s always something to do in Spooner, like visiting its many farmers’ markets, and cozy cafes. With its access to Spooner Lake and the nearby Namekagon River, it’s no wonder why this town is so loved by its residents.
Homes for sale in Spooner, WI
Apartments for rent in Spooner, WI
13. De Pere, WI
Median sale price: $360,000
Walk Score: 84
De Pere is a town that bridges the past and the present, with its historic downtown and modern amenities. The town offers an array of engaging activities, including walks along the Fox River, visits to local cafes, and the chance to indulge in live musical performances at the esteemed Cup O Joy. Moreover, De Pere’s extensive network of nature trails and well-maintained parks provides an inviting setting for picnics and leisurely afternoons.
Homes for sale in De Pere, WI
Apartments for rent in De Pere, WI
Wrapping up small towns in Wisconsin
Wisconsin’s small towns are a treasure trove of character and charm. From scenic riverfronts to historic downtowns, each town offers a unique glimpse into the heart and soul of the Badger State. Whether it’s the tranquility of nature, or the blend of history and innovation, these towns paint a vivid picture of life in Wisconsin, where every corner holds a story waiting to be discovered.
Update: Carrington Mortgage Services now allows FICO scores as low as 500 for both FHA loans and VA loans, which is the minimum credit score for an FHA loan.
Recently, there has been plenty of moaning and groaning about the mortgage “credit box” being too tight.
In a nutshell, banks and lenders have been accused of becoming too conservative, making it difficult for less creditworthy borrowers to obtain financing.
But as home loan lending volume continues to plummet, the obvious “solution” is to expand offerings, namely, by easing guidelines. That, after all, is the easiest way to increase your customer base in the mortgage biz.
Carrington Plans to Serve the Underserved with Brokers
For all intents and purposes, a 550 FICO score is pretty abysmal. In order for your credit score to sink that low you must have done something seriously wrong.
Typically, it means missing a payment or three, whether just a credit card payment or a more major offense, such as a mortgage payment.
Regardless, Santa Ana, CA-based Carrington Mortgage announced today that it would now accept FHA loan applicants with FICO scores as low as 550, down from their prior floor of 580.
Perhaps there isn’t too much of a difference between a 550 and 580 score, but it’s still telling about the direction the mortgage industry is moving in.
With less business to go around, those determined to stay in the game are getting more creative. Whether it’s a full-blown return to subprime lending remains to be seen, but it’s certainly a hint of the past.
For the record, Carrington also lowered the minimum FICO score for VA loans and USDA loans to 550 from 580.
The pricing adjustment for a credit score that low is 2.75, according to a Carrington ratesheet. That will lead to higher closing costs and/or a higher mortgage rate.
But it still provides a source of financing for previously shutout homeowners.
Interestingly, the company plans to eliminate both conventional and jumbo loans from their wholesale product line effective April 1st.
So it appears as if Carrington wants to be the destination of choice for mortgage brokers to send their low-FICO gov loans, ostensibly because they’ll know how best to handle them.
Wells Fargo Used to Be Okay with Even Lower Scores
While 550 sounds pretty darn low, back in 2011 Wells Fargo offered FHA loans with scores as low as 500 following pressure from HUD to loosen up.
However, applicants needed down payments of at least 10% and DTI ratios couldn’t exceed 31%, a combination that was probably pretty rare.
Long story short, most individuals with really poor credit tend to not to have lots of income or assets at their disposal.
And I think that guideline was pretty short-lived because Wells just announced it was lowering its minimum credit score for FHA loans to 600 from 640.
However, I believe that allows for a down payment as low as 3.5%, which is much lower than the 10% requirement for all FHA loans with credit scores below 580.
To sum it up, lenders are coming to terms with reality and easing guidelines. It may not be 2006-2007 just yet, but if volume continues to drop, lenders will need to get increasingly creative if they want to stick around.
Further proof of this loosening is evident in the latest Origination Insight Report from Ellie Mae, which revealed that 33% of closed loans in February had a FICO score south of 700, compared to just 24% a year earlier.
Additionally, the average FICO score for a closed loan was 724 in February, which while still relatively solid, was down from 745 a year ago.
Read more: Getting a mortgage with a low FICO score.
From the artsy enclave of Santa Fe to the majestic desert landscapes of multi-colored rock canyons or rolling sand dunes, New Mexico has always held a special allure for those looking to escape to the American Southwest. Nicknamed the Land of Enchantment, New Mexico is home to vibrant cities and towns, as well as nearby mountains, deserts, forests and rivers ripe for outdoor recreation.
These beautiful landscapes have long served as an inspiration for artists like Georgia O’Keeffe. With blended multicultural influences from local Indigenous groups like the Puebloans and the Spanish, the state boasts a rich history. Its small towns and cities are hubs for art and culture, as well as dining and shopping. Locals even jokingly call it the Land of Entrapment because once you live there, you fall in love and don’t want to leave.
But, in recent years, more people have been moving to the American Southwest in search of wide, open spaces and more affordable cost of living. If you’re considering moving to New Mexico, you’re probably wondering if this trend has driven up prices. For the most part, no. The overall cost of living in New Mexico falls below the national average. But some things like housing or transportation are more expensive than others. Let’s take a closer look at New Mexico‘s cost of living and what you’ll be paying for essentials in different cities around the state.
New Mexico housing prices
If you’re looking for affordable housing in the Southwest, you’ll be happy in New Mexico. The cost of living in New Mexico for housing fall well below the national average for some of the bigger cities.
Albuquerque
Located in central New Mexico, Albuquerque is the biggest city in the state. It’s also growing, drawing new residents with its historic Old Town, great dining, excellent shopping, eclectic arts scene and access to outdoor recreation in the nearby Sandia Mountains. Fun cultural events like the annual International Balloon Fiesta are another plus of living here. Pop culture and the film industry have also helped draw more attention to the city. It was the setting of “Breaking Bad” and many films and TV shows film here.
As if all the above wasn’t enough reason to call ABQ home, its housing costs are also very affordable. It’s one of the cheapest big cities in America. The cost of housing here is 12.6 percent below the national average. Renting a one-bedroom apartment here will cost you an average of $1,141 per month. If you want more space, two-bedroom apartments are a big price jump to $1,457. These rates are up 15 and 23 percent, respectively, from last year. This shows that Albuquerque’s growing popularity is raising prices.
The Albuquerque housing market has also grown, rising 20.7 percent from last year. If you want to purchase a home around Albuquerque, the median sales price is $326,000. This is cheaper than the national average of $430,695.
Las Cruces
Located at the far southern end of the state, Las Cruces is also growing quickly. This scenic city is best known for nearby attractions like the ivory dunes of White Sands National Park. From summertime hiking to wintertime skiing in nearby Cloudcroft, it’s a great place for outdoorsy types. El Paso is also a hop and a skip away for lively city activities.
Las Cruces is 18.3 percent below the national average, making it the most affordable city on our list. One-bedroom apartments cost an average of $875 per month. For just $100 more, you can size up to a two-bedroom unit for $975. These rates are up 25 and 14 percent, respectively, from last year.
The cost of buying a house in Las Cruces is also the cheapest of our three highlighted cities. Up 18.6 percent from last year, the median sales price is $255,000.
Rio Rancho
Rio Rancho is part of the Albuquerque metro area. With its quiet, family-friendly neighborhoods, great schools and low crime, it’s considered one of the best places to live in New Mexico. Lots of people move here seeking affordable cost of living close to Albuquerque, driving up rent prices and home prices over the past year. At only 2.8 percent below the national average, Rio Rancho is the most expensive city for housing costs of our highlighted New Mexico cities.
One-bedroom and two-bedroom apartments are cheaper than in Albuquerque. The average rent for a one-bedroom is $1,077, up 27 percent from last year. Two-bedroom apartments are up 20 percent to $1,210. While these rates are affordable, they’re clearly climbing fast.
Rio Rancho home prices are also up 17.6 percent from last year. The median sales price for a home around Rio Rancho is $340,000. Since both rental rates and the housing market have grown significantly over the past year, the trend will continue.
Santa Fe
The capital city of Santa Fe is the main area you want to avoid if you’re looking for lower rents and cheaper home prices. People flock to Santa Fe for its vibrant arts scene, cozy small-town feel, unique architecture and laid-back atmosphere. It’s also a fantastic place to live if you’re a foodie or chef thanks to its incredible dining scene.
It’s also a popular market for luxury second homes. This is driving up housing costs and diminishing available units and homes. A one-bedroom apartment here costs $1,717. Luckily, two of New Mexico’s most affordable cities are within an hour’s drive of Santa Fe, so you can visit quite frequently. Home prices are also above the national median of $430,695, coming in at $547,450, a 10.6 percent increase over 2021.
Now that you’ve seen how high rent can get in Santa Fe, let’s see what rent and housing costs are like in other New Mexican cities.
New Mexico food prices
From spicy green chile stew to fluffy sopaipillas, New Mexican cuisine is one of the best parts of living here. Luckily, the overall cost of living in New Mexico for food is 5.4 percent below the national average. New Mexicans spend between $2,400 and $2,800 per person annually. This breaks down to between $200 and $233 per month. That leaves more money for stocking up on green chiles come roasting season in the fall.
However, even though the statewide average is below the national average, the cost of groceries in some cities is higher than the national average:
Albuquerque is 0.2 percent above the national average
Rio Rancho is 2.2 percent below the national average
Las Cruces is 4.8 percent above the national average
Overall, Rio Rancho has the cheapest food prices. Due to its remote location, food costs are highest in Las Cruces. For example, a dozen eggs will cost you $2.09 in Las Cruces compared to $1.95 in Rio Rancho. But their cheapest price is in Albuquerque at $1.86. Some food items are more expensive in cheaper cities. A half-gallon of milk will set you back $3.30 in Rio Rancho, but only $2.19 in Albuquerque. A loaf of bread is the most expensive in Rio Rancho, with a price tag of $3.84. You’ll pay the least for bread in Albuquerque at $3.44.
New Mexico is great for dining out, whether you want some huevos rancheros for breakfast or an upscale dinner. Albuquerque, in particular, is well-known for its restaurants, so you can expect to pay more for dining out here. A three-course meal for two at a nice restaurant will set you back $65 in Albuquerque compared to $45 in Las Cruces. That’s a big difference of 44.44 percent.
New Mexico utility prices
New Mexicans pay significantly below the national average for their utilities like electricity, water and internet. Some areas are cheaper than others, though. Here’s how the cost of living for utilities in these New Mexico cities stacks up to the national average:
Albuquerque is 7.8 percent below the national average
Rio Rancho is 7.8 percent below the national average
Las Cruces is 13 percent below the national average
As you can see, overall, you’ll be paying the least for utilities in Las Cruces. Albuquerque and Rio Rancho are neck-and-neck average-wise. You’ll be paying $150.79 per month for total energy costs in both these cities. But in Las Cruces, you’ll only pay $134.
One important thing know about living in New Mexico is water usage. Like much of the Southwest, New Mexico is in the middle of a historic drought. However, lots of residents know about water scarcity and save water on a daily basis, either through practices like not leaving the faucet running while brushing teeth, taking short showers and not watering your lawn are other methods.
Because of all these water-saving techniques, the average water bill is only $28. The national average is $68. All those water-saving practices pay off not only for the environment but for your wallet also. Here are some other ways you can save water and save money on your water bill if you move to New Mexico.
New Mexico transportation prices
From buses to trains, there are many different ways to get around New Mexican cities and cities. In the center part of the state, the Rail Runner commuter rail connects Santa Fe to Rio Rancho and Albuquerque. Most cities and towns offer some form of mass transit, primarily by bus. Especially in growing areas like the Albuquerque metro area, using public transportation can save you time and money.
The cost of living in New Mexico to for public transit does vary around the state. For the most part, transportation costs are below the national average. But there are some exceptions:
Albuquerque is 9.3 percent below the national average
Rio Rancho is 2.1 percent below the national average
Las Cruces is 2.2 percent above the national average
Albuquerque tops our list with the most affordable transportation of our three highlighted cities. Part of this could be due to the range of different services and routes, as well as its extensive spread throughout the metro area. Las Cruces ranks above the national average for its transportation costs.
Let’s break down what types of public transit you’ll find in each city and what you’ll be paying in fares.
ABQ RIDE and Rio Metro in Albuquerque and Rio Rancho
Consisting of a fleet of buses operating 40 different routes, Albuquerque metro locals use ABQ RIDE to get around the city, Rio Rancho and the metro area. For 2022, the city is implementing a Zero Fare program, making it completely free to ride.
ABQ RIDE also offers other great incentives for locals to ride like the Guaranteed Ride Home program. If you miss your bus for some reason, you can call a number for a safe, free ride home. Another example is ART. The ART (Albuquerque Rapid Transit) route provides fast and easy access along a central corridor through the heart of town. This option is great for students and visitors who want to explore some of ABQ’s coolest neighborhoods.
Rio Metro is the other option, offering bus and commuter rail services. One-way bus fares are $1 per zone. A full month pass costs $30.
Opened in 2006, the New Mexico Rail Runner Express was a splashy new addition to central New Mexico’s mass transit option. This sleek commuter train connects Santa Fe to the Albuquerque metro area. With 15 different stops, it aims to give commuters a faster, more affordable way to get around. It also makes it easier for visitors to explore both Santa Fe and Albuquerque without cars. Zones determine the fares on the Rail Runner. Starting fares are 50 cents for Zone 1, with a top one-way fare for all six zones of $2.50. The top price for a monthly pass is $30.25, with discounts available if purchased online.
Since its transit score is currently 28, Albuquerque has been working hard to shore up support and use of its mass transit. Due to sprawl, it’s also not the most walk-friendly city, either. Its walk score is 53. But many areas are easy to navigate by bike, giving it a higher bike score of 68. Some of the most walkable areas include the Nob Hill university area, downtown and Old Town. Rio Rancho doesn’t fare much better for pedestrians and cyclists. Its walk score is an extremely low 15 and its bike score is 33.
RoadRUNNER Transit in Las Cruces
RoadRUNNER Transit provides bus-based public transit service to residents of Las Cruces and surrounding Mesilla and Doña Ana County. A one-way fare for adults costs $1. Daily passes are $2 and a monthly pass will set you back $30. Reduced fare options are available.
Having a car or using mass transit is essential for getting around Las Cruces. It’s not the most walk or bike-friendly city, with scores of 38 and 48, respectively.
New Mexico healthcare prices
The cost of living in New Mexico for healthcare is a bit of a mixed bag. In some areas, it’s higher than the national average. But in others, it falls far below. But it’s important to not take these figures fully at face value. It’s very difficult to find average healthcare costs for cities or states. Since healthcare costs can fluctuate widely from person to person, costs are very different even within the same area.
If someone has more expensive prescription drugs or a pre-existing condition, naturally their healthcare costs are higher. Someone with fewer health issues will usually pay less for their care. That being said, New Mexico has been pushing hard to bring quality, affordable healthcare to its residents.
Here’s how some New Mexico cities compare to the national average for healthcare costs:
Albuquerque is 11.7 percent below the national average
Rio Rancho is 2.1 percent above the national average
Las Cruces is 5.5 percent above the national average
Healthcare costs are highest in Las Cruces, with Albuquerque being the lowest. Albuquerque is the home of the University of New Mexico, which has a well-regarded school of medicine. As such, hospitals around the city have qualified medical professionals. But in a great example of how variable healthcare costs are, it costs more to go to the doctor in Rio Rancho. Here’s what you can expect to pay for a doctor’s visit in these different cities:
Albuquerque: $106.97
Rio Rancho: $134.50
Las Cruces: $113.39
Going to the dentist will also cost the least in Albuquerque at $99.14 compared to $112.80 in Las Cruces. In general, the most affordable healthcare will be found in the heart of Albuquerque.
New Mexico goods and services prices
Miscellaneous goods and services is a blanket term covering non-essential but regular monthly spending, but still a part of the cost of living in New Mexico.
Say that you spill some delicious green chile stew all over your shirt and need to take it to the dry cleaners. Or, maybe you want to go see a movie, perhaps filmed locally in Albuquerque? Both these activities and services fall under the banner of miscellaneous goods and services.
Since all these costs can add up, it’s important to note if you’re paying more than the national average. Luckily, the cost of goods and services in these New Mexico cities falls below the national average:
Albuquerque is 5.8 percent below the national average
Rio Rancho is 5.2 percent below the national average
Las Cruces is 4.4 percent below the national average
But these costs can still vary widely from city to city. Getting a haircut in Albuquerque costs $35. But in Rio Rancho, it’s $19.35. You’re better off driving or taking the bus over to Rio Rancho to get your hair cut at that price difference. If you want to catch a movie, you’ll pay the least in Las Cruces where tickets are $11.50. In Rio Rancho, it’s a pricier outing at $13.42.
In family-friendly cities like Rio Rancho, it’s especially important to consider childcare costs. The least expensive childcare in the state is found in Las Cruces. There, a month of private preschool or kindergarten costs $550 compared to $640 in Albuquerque. Childcare costs are highest in Rio Rancho at $750 per month for the same kind of care.
Taxes in New Mexico
New Mexico doesn’t have a sales tax. Instead, it levies a gross receipts tax for business owners. However, this cost of living in New Mexico is still passed to the customer. It can either be built into the price of a good or is separately stated to the customer. So, it still impacts prices, and it also varies around the state.
New Mexico’s statewide gross receipts tax is 5 percent. To put that into perspective, if you spend $1,000 stocking up on green chiles in the fall, you’ll pay $50 on top of that. Some New Mexico cities and towns also add their own tax on top of the statewide rate:
Albuquerque has a combined tax rate of 7.75 percent
Rio Rancho has a combined tax rate of 7.56 percent
Las Cruces has a combined tax rate of 8.19 percent
Las Cruces has the highest markup, meaning you’ll be paying the most in tax there. You’ll spend an additional $81.90 on top of every $1,000 you spend there.
How much do you need to earn to live in New Mexico?
When figuring out if you can afford to live somewhere, you need to start with your housing budget. Housing costs usually take the biggest chunk out of a monthly budget. The general rule of thumb is that you shouldn’t spend more than 30 percent of your gross monthly income on housing. That way, you have plenty left over for other essentials, as well as fun activities and savings.
The average rent in New Mexico is $1,333 per month. That means you need to make $4,443 per month or $53,316 annually to follow the 30 percent role. This is pretty close to New Mexico’s median household income of $51,243.
Use our rent calculator to figure out what part of New Mexico fits your rental budget.
Living in New Mexico
Compared to the rising cost of living in other Southwestern states, the cost of living in New Mexico is a refreshing change of pace. For the most part, it’s below the national average. Not only will you be paying less for your quality of life, but you get to take advantage of New Mexico’s many benefits, like scenic landscapes and great dining.
You also have your choice of living in a vibrant big city or a smaller desert town. Overall, living in New Mexico can fit a wide range of budgets and lifestyles.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
best home equity loan lenders, and its low rates and zero closing costs make it incredibly affordable. But it doesn’t offer any other types of mortgages.
Discover Home Loans
4/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Discover Home Loans
4/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Minimum Credit Score
620
Types of Loans Offered
Conventional refinance, home equity loan
Discover Home Loans
Insider’s Take
If you’re looking to refinance your mortgage or get a home equity loan, Discover is a strong option. It’s one of the best home equity loan lenders, and its low rates and no closing costs make it incredibly affordable. But it doesn’t offer any other types of mortgages.
Details
Types of Loans Offered
Conventional refinance, home equity loan
Editor’s Rating
4/5
Pros & Cons
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No closing costs
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Easy online application
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Low advertised rates
Dash icon
A dash. It often indicates an interaction to shrink a section.
Only offers mortgage refinancing and home equity loans
Dash icon
A dash. It often indicates an interaction to shrink a section.
Fixed-rate loans only
Highlights
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information
Available everywhere in the US except Iowa and Maryland
Loan amounts from $35,000 to $300,000
Offers 10, 15, 20, and 30-year terms on its loans
Additional Reading
Chevron icon
It indicates an expandable section or menu, or sometimes previous / next navigation options.
Read our review
Read Our Review
A looong arrow, pointing right
About Discover Home Loans
Discover only offers conventional mortgage refinancing and home equity loans. Its home loans are available everywhere in the US except Iowa and Maryland.
Discover makes it quick and easy to submit an online application. You can also get started over the phone Monday through Friday from 8 a.m. to midnight ET, or 10 a.m. to 6 p.m. on Saturday and Sunday.
Is Discover Trustworthy?
Discover has an A+ rating from the Better Business Bureau. The BBB evaluates companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Discover has no recent public scandals.
Discover Home Loans Interest Rates and Fees
Discover says its rates start at 6.24% and go up to 13.99% for its refinances and home equity loans. To get a better idea of what rate you might get based on your finances, you’ll need to start an application or talk to a loan officer over the phone.
Discover doesn’t charge any origination fees on its mortgages, and you won’t need to bring any cash to closing, since the lender will also pay any third-party costs you incur. The data backs up this claim: according to Home Mortgage Disclosure Act data, conventional borrowers getting a mortgage from Discover paid $0 in origination charges in 2022.
Discover Home Loans: Overall Lender Rating
Discover Home Loans: Pros and Cons
Discover Home Loans FAQs
You’ll need at least a 620 credit score and a CLTV of 90% to qualify for a Discover home equity loan (this means all of the loans on your property combined can’t exceed 90% of the property value). This actually makes Discover relatively easy to qualify with, since many home equity loan lenders require higher credit scores.
According to the Discover website, it could take as little as 30 days for you to get your home equity loan funds. But it says the average time it takes to close is 55 days.
Discover’s home equity loans are a good option if you’re looking to keep your costs down, since Discover doesn’t charge any closing costs and pays for any third-party fees you incur.
If you pay off your Discover home equity loan within 36 months of closing, you’ll need to reimburse Discover for the third-party fees it paid on your behalf, up to $500. Residents of Connecticut, Minnesota, New York, North Carolina, Oklahoma, or Texas won’t have to repay these costs.
How Discover Home Loans Compare
Discover Home Loans vs. U.S. Bank Home Loans
U.S. Bank Mortgage is a strong lender overall, and like Discover, it’s one of our favorite home equity loan lenders.
U.S. Bank offers home equity loans in amounts from $15,000 to $750,000, so you might prefer it if you need a larger loan amount, since Discover only lends up to $300,000.
U.S. Bank also offers conforming, jumbo, FHA, VA, and construction mortgages, as well as HELOCs. You can use its mortgages for either a purchase or refinance, while Discover currently only offers a mortgage refinance.
Discover Home Loans vs. Bank of America Home Loans
If you’re looking for a HELOC rather than a home equity loan, you might like Bank of America Mortgage, which is one of the best HELOC lenders out there. A HELOC is a line of credit that borrows from your equity and may be a better option if you’re not exactly sure how much you need to borrow (like if you’re doing a home improvement project that will have ongoing costs).
Bank of America also offers conforming, jumbo, FHA, and VA mortgages, plus its Community Affordable Loan Solution. The Community Affordable Loan Solution is a zero-down, zero-closing-cost mortgage aimed at first-time homebuyers in certain areas.
Though its competitors generally have many more mortgage options, Discover still stands out thanks to its affordability.
Why You Should Trust Us: How We Reviewed Discover Home Loans
To review Discover Home Loans, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.