Minneapolis is a city that effortlessly combines the warmth of Midwestern hospitality with an impressive selection of landmarks, outdoor activities, and culinary experiences. It’s a place where artsy types, sports enthusiasts, and nature lovers alike can find their niche, making it a stellar home for a wide range of people.
From its iconic flour mills to the serene beauty of its many lakes and parks, renting an apartment in Minneapolis offers a unique blend of historical charm and modern convenience.
Join us as we explore ten of the city’s most sought after sights and experiences, showcasing why Minneapolis remains one of the top spots in the Midwest, nay the country, to call home.
1. Mall of America
Minneapolis is home to the Mall of America, one of the largest shopping malls in the United States. This colossal mall is not just a shopper’s paradise; it’s a destination in its own right. With over 500 stores, a theme park, an aquarium, and a mini-golf course, among other attractions, it draws visitors from all over the world. Whether you’re hunting for the latest fashion trends, seeking thrilling amusement rides, or just looking for a unique way to spend the day, the Mall of America has something for everyone.
2. Chain of Lakes
One of the city’s most beloved natural attractions is the Chain of Lakes. Comprising five major lakes connected by picturesque trails, it’s a hub for outdoor activities year-round. In the summer, locals and visitors alike flock to the lakes for kayaking, stand-up paddleboarding, and biking along the scenic paths. When winter arrives, the lakes transform into frozen playgrounds for ice skating and hockey. The Chain of Lakes exemplifies Minneapolis’s commitment to maintaining green spaces and providing recreational opportunities for its residents.
3. Minneapolis Institute of Art
Art enthusiasts will find a haven in the Minneapolis Institute of Art (MIA). With a collection spanning 5,000 years of world history, MIA boasts an impressive amount of original artworks, from ancient artifacts to contemporary pieces. Admission is free, making it accessible to all who wish to visit. The museum’s many exhibits and special events, including artist talks and family days, make it a cornerstone of life in Minneapolis.
4. Walker Art Center and Minneapolis Sculpture Garden
Minneapolis is also renowned for Walker Art Center, a contemporary art museum, and the adjacent Minneapolis Sculpture Garden. The garden is famous for the iconic “Spoonbridge and Cherry” sculpture, a symbol of the city’s artistic flair. Together, they form a premier destination for contemporary art lovers, featuring cutting-edge exhibitions, performances, and film screenings. The Sculpture Garden, with its blend of art and nature, offers a serene retreat in the heart of the city.
5. Prince and the Minneapolis Sound
Minneapolis holds a special place in the music world, thanks to its association with Prince and the Minneapolis Sound. This unique blend of funk, rock, pop, and new wave, pioneered by Prince in the late 1970s and early 1980s, put Minneapolis on the musical map. Fans can explore Prince’s legacy at city landmarks, including the famous First Avenue nightclub, which featured in his film “Purple Rain,” and Paisley Park, his recording studio and residence now open to the public as a museum.
6. Guthrie Theater
For theater enthusiasts, the Guthrie Theater is a must-visit. Known for its avant-garde productions of both classic and contemporary plays, the Guthrie is a pillar of Minneapolis’s arts scene. The theater’s striking modern building, designed by architect Jean Nouvel, features a cantilevered bridge with stunning views of the Mississippi River.
7. Minneapolis’ Flour Milling History
Minneapolis’s nickname, “Mill City,” harks back to its roots as the flour milling capital of the world in the late 19th and early 20th centuries. The Mill City Museum, built within the ruins of the old Washburn A Mill, tells the story of how Minneapolis rose to industrial prominence. Visitors can learn about the city’s history through interactive exhibits and enjoy panoramic views of the Mississippi River and St. Anthony Falls, which powered the mills.
8. American Swedish Institute
Reflecting the city’s Scandinavian heritage, the American Swedish Institute is a must-visit. Housed in the historic Turnblad Mansion, the institute offers a glimpse into Swedish culture, art, and history through its museum, exhibits, and events. The beautifully preserved mansion and its modern addition also serve as a center for cultural exchange, celebrating the contributions of Swedish and other Nordic cultures to Minneapolis.
9. Mississippi Riverfront
The Mississippi Riverfront in Minneapolis is a testament to the city’s ongoing relationship with its most significant natural resource. The area has been revitalized into a lively district with parks, walking and biking trails, and historic sites. The Stone Arch Bridge, a former railroad bridge turned pedestrian walkway, offers breathtaking views of the river and the city skyline. This blend of natural beauty and urban development epitomizes the Minneapolis lifestyle.
10 U.S. Bank Stadium
U.S. Bank Stadium stands as a modern architectural marvel and the home of the Minnesota Vikings. Its striking design, featuring a transparent roof and large pivoting doors, ensures it’s a landmark not just for sports fans but also for those interested in contemporary architecture. The stadium also serves as a versatile venue for concerts, conventions, and other major events, embodying the city’s love for sports and its capacity for big entertainment.
See what’s special about this city, beyond the stereotypes.
Welcome to Cleveland. Sitting on the shores of Lake Erie, this Midwestern metropolis has a heritage that is proudly showcased through its impressive architecture, world-class museums and so much more. Join us as we explore the nooks and crannies of one of America’s top cities and finally answer the question, what is Cleveland known for?
Cleveland’s quirky, unparalleled culture
Cleveland holds a particular cultural significance in American history. From its early days as a major center for manufacturing and trade to its present-day status as a hub for arts and culture, the city has embraced its past while facing its future head on.
One of the most iconic landmarks in Cleveland is the Rock and Roll Hall of Fame. This legendary museum pays homage to the legends of rock and roll with its extensive collection of artifacts, interactive exhibits and live performances. Visitors can explore the history of rock music, learn about the artists who shaped the genre and get up close and personal with some of the most unique rock artifacts in the world.
Another gem in Cleveland is the Historic Warehouse District. This neighborhood is a testament to the city’s industrial past, with its well-preserved 19th-century brick buildings and cobblestone streets. Today, it’s a hub for dining, shopping and entertaining, with a mix of trendy restaurants, stylish boutiques and lively bars.
Historical landmarks in Cleveland
Cleveland is home to a wealth of historical landmarks that provide a glimpse into the city’s past. One such landmark is Terminal Tower, a towering structure that was once the tallest building outside of New York City. Built in the 1920s, it served as a transportation hub and symbolized the city’s growth and prosperity. Today, it houses offices, shops and restaurants and offers breathtaking views of the city from its observation deck.
Another must-visit is The Cleveland Arcade. Built in 1890, it is one of the oldest indoor shopping malls in the United States. The Arcade’s stunning architecture, with its glass ceilings and ornate ironwork, is a sight to behold. Visitors can wander through its corridors, admire the beautiful craftsmanship and shop at the unique boutiques and cafes that are lucky enough to call the Arcade home.
Exploring Cleveland’s art scene
Cleveland is a haven for artsy folks, with its world-class museums and thriving arts scene. The Cleveland Museum of Art is a must-visit destination for any art enthusiast. With works spanning over 6,000 years and featuring pieces from around the globe, it is one of the most comprehensive art museums in the country.
For those who prefer contemporary art, the Museum of Contemporary Art Cleveland (MOCA) is a must-visit. Located in Little Italy, this cutting-edge museum showcases works by established and emerging artists. Its ever-changing exhibitions and innovative programming make it a gathering place for creatives to experiment.
Cleveland’s music and entertainment industry
Cleveland has a strong music scene, with deep roots in rock and roll, jazz and classical music. The city’s sounds can be experienced at venues like the Beachland Ballroom, a historic concert hall that has hosted countless legendary acts. From local indie bands to international superstars, the Beachland Ballroom offers a diverse lineup of performances that cater to all musical tastes.
Cleveland also boasts a thriving theater and performing arts industry. Historic Playhouse Square is the largest performing arts center outside of New York City and is home to multiple theaters showcasing a wide range of performances, including Broadway shows, ballet, opera and more. Catching a show at Playhouse Square is a must-do for any thespians.
Cleveland’s sports culture
Cleveland is a city that loves its professional sports, and its passionate fan base is a testament to that. The city is home to three major professional sports teams: the Cleveland Cavaliers (NBA), the Cleveland Browns (NFL) and the Cleveland Guardians (MLB). Attending a game at one of these iconic stadiums is an experience like no other, with the energy and excitement of the crowd creating an electric atmosphere.
In addition to professional sports, Cleveland also hosts numerous sporting events throughout the year. The city has hosted the NBA Finals, the World Series and the NFL Draft, and that’s not even to mention Saturdays at The Ohio State University (just over two hours away).
Must-visit attractions in Cleveland
The Cleveland Botanical Garden is a beautiful oasis in the heart of the city, with its stunning gardens, glasshouse and outdoor spaces. Visitors can explore the themed gardens, learn about plant conservation and even participate in educational programs and workshops.
Another must-visit attraction is West Side Market, one of the oldest continuously operating public markets in the country. This bustling marketplace is a foodies’ paradise, with vendors selling everything from fresh produce and meats to artisanal cheeses and baked goods. Exploring the market’s many offerings and sampling the local cuisine is a must-do for anyone with a little room in their stomach.
Dining in Cleveland
Cleveland’s emerging culinary scene has garnered attention in recent years, with a range of restaurants and culinary experiences to be experienced within the city limits. The city is known for its thriving food halls, where visitors can sample a variety of cuisines under one roof. The Van Aken District, located in the suburb of Shaker Heights, is home to a food hall that showcases the best of Cleveland’s culinary talent, from artisanal pizzas to gourmet burgers.
For those looking for a fine dining experience, Cleveland has no shortage of upscale restaurants that offer innovative menus and impeccable service. The city’s chefs are known for their creativity and use of local ingredients, with many establishments focusing on farm-to-table cuisine. From contemporary American fare to international flavors, Cleveland’s dining scene has something to satisfy every palate.
Outdoor activities and natural attractions in Cleveland
Cleveland is also a great destination for outdoor enthusiasts. The city’s location on the shores of Lake Erie provides ample opportunities for kicking back and enjoying all that Mother Nature has to offer. Visitors can take a leisurely stroll along the scenic lakefront, enjoy a picnic in one of the many parks that line the shoreline or even rent a kayak or paddleboard to explore the waters.
For those who prefer to explore nature on land, the Cleveland Metroparks offer a network of parks and trails that span over 23,000 acres. Whether you’re a hiker, cyclist or simply looking for a peaceful nature retreat, the Metroparks have something for everyone. From the picturesque Rocky River Reservation to the sprawling North Chagrin Reservation, these parks offer a respite from the hustle and bustle of the city.
Cleveland should be on your shortlist
After this brief exploration it is clear as day, apartments and homes in Cleveland offer a whole heck of a lot for renters and for those looking to lay down roots and invest in real estate. From its iconic landmarks and world-class museums to its epic music and entertainment scene, there really is something for everyone to enjoy within the city limits.
Whether you’re exploring the city’s many landmarks, immersing yourself in its art scene or indulging in some downright delicious local dishes, Cleveland is sure to captivate and leave a lasting impression. Find your apartment or house for rent now and discover all that Cleveland has to offer you.
See what’s special about this city, beyond the stereotypes.
Welcome to Cleveland. Sitting on the shores of Lake Erie, this Midwestern metropolis has a heritage that is proudly showcased through its impressive architecture, world-class museums and so much more. Join us as we explore the nooks and crannies of one of America’s top cities and finally answer the question, what is Cleveland known for?
Cleveland’s quirky, unparalleled culture
Cleveland holds a particular cultural significance in American history. From its early days as a major center for manufacturing and trade to its present-day status as a hub for arts and culture, the city has embraced its past while facing its future head on.
One of the most iconic landmarks in Cleveland is the Rock and Roll Hall of Fame. This legendary museum pays homage to the legends of rock and roll with its extensive collection of artifacts, interactive exhibits and live performances. Visitors can explore the history of rock music, learn about the artists who shaped the genre and get up close and personal with some of the most unique rock artifacts in the world.
Another gem in Cleveland is the Historic Warehouse District. This neighborhood is a testament to the city’s industrial past, with its well-preserved 19th-century brick buildings and cobblestone streets. Today, it’s a hub for dining, shopping and entertaining, with a mix of trendy restaurants, stylish boutiques and lively bars.
Historical landmarks in Cleveland
Cleveland is home to a wealth of historical landmarks that provide a glimpse into the city’s past. One such landmark is Terminal Tower, a towering structure that was once the tallest building outside of New York City. Built in the 1920s, it served as a transportation hub and symbolized the city’s growth and prosperity. Today, it houses offices, shops and restaurants and offers breathtaking views of the city from its observation deck.
Another must-visit is The Cleveland Arcade. Built in 1890, it is one of the oldest indoor shopping malls in the United States. The Arcade’s stunning architecture, with its glass ceilings and ornate ironwork, is a sight to behold. Visitors can wander through its corridors, admire the beautiful craftsmanship and shop at the unique boutiques and cafes that are lucky enough to call the Arcade home.
Exploring Cleveland’s art scene
Cleveland is a haven for artsy folks, with its world-class museums and thriving arts scene. The Cleveland Museum of Art is a must-visit destination for any art enthusiast. With works spanning over 6,000 years and featuring pieces from around the globe, it is one of the most comprehensive art museums in the country.
For those who prefer contemporary art, the Museum of Contemporary Art Cleveland (MOCA) is a must-visit. Located in Little Italy, this cutting-edge museum showcases works by established and emerging artists. Its ever-changing exhibitions and innovative programming make it a gathering place for creatives to experiment.
Cleveland’s music and entertainment industry
Cleveland has a strong music scene, with deep roots in rock and roll, jazz and classical music. The city’s sounds can be experienced at venues like the Beachland Ballroom, a historic concert hall that has hosted countless legendary acts. From local indie bands to international superstars, the Beachland Ballroom offers a diverse lineup of performances that cater to all musical tastes.
Cleveland also boasts a thriving theater and performing arts industry. Historic Playhouse Square is the largest performing arts center outside of New York City and is home to multiple theaters showcasing a wide range of performances, including Broadway shows, ballet, opera and more. Catching a show at Playhouse Square is a must-do for any thespians.
Cleveland’s sports culture
Cleveland is a city that loves its professional sports, and its passionate fan base is a testament to that. The city is home to three major professional sports teams: the Cleveland Cavaliers (NBA), the Cleveland Browns (NFL) and the Cleveland Guardians (MLB). Attending a game at one of these iconic stadiums is an experience like no other, with the energy and excitement of the crowd creating an electric atmosphere.
In addition to professional sports, Cleveland also hosts numerous sporting events throughout the year. The city has hosted the NBA Finals, the World Series and the NFL Draft, and that’s not even to mention Saturdays at The Ohio State University (just over two hours away).
Must-visit attractions in Cleveland
The Cleveland Botanical Garden is a beautiful oasis in the heart of the city, with its stunning gardens, glasshouse and outdoor spaces. Visitors can explore the themed gardens, learn about plant conservation and even participate in educational programs and workshops.
Another must-visit attraction is West Side Market, one of the oldest continuously operating public markets in the country. This bustling marketplace is a foodies’ paradise, with vendors selling everything from fresh produce and meats to artisanal cheeses and baked goods. Exploring the market’s many offerings and sampling the local cuisine is a must-do for anyone with a little room in their stomach.
Dining in Cleveland
Cleveland’s emerging culinary scene has garnered attention in recent years, with a range of restaurants and culinary experiences to be experienced within the city limits. The city is known for its thriving food halls, where visitors can sample a variety of cuisines under one roof. The Van Aken District, located in the suburb of Shaker Heights, is home to a food hall that showcases the best of Cleveland’s culinary talent, from artisanal pizzas to gourmet burgers.
For those looking for a fine dining experience, Cleveland has no shortage of upscale restaurants that offer innovative menus and impeccable service. The city’s chefs are known for their creativity and use of local ingredients, with many establishments focusing on farm-to-table cuisine. From contemporary American fare to international flavors, Cleveland’s dining scene has something to satisfy every palate.
Outdoor activities and natural attractions in Cleveland
Cleveland is also a great destination for outdoor enthusiasts. The city’s location on the shores of Lake Erie provides ample opportunities for kicking back and enjoying all that Mother Nature has to offer. Visitors can take a leisurely stroll along the scenic lakefront, enjoy a picnic in one of the many parks that line the shoreline or even rent a kayak or paddleboard to explore the waters.
For those who prefer to explore nature on land, the Cleveland Metroparks offer a network of parks and trails that span over 23,000 acres. Whether you’re a hiker, cyclist or simply looking for a peaceful nature retreat, the Metroparks have something for everyone. From the picturesque Rocky River Reservation to the sprawling North Chagrin Reservation, these parks offer a respite from the hustle and bustle of the city.
Cleveland should be on your shortlist
After this brief exploration it is clear as day, apartments and homes in Cleveland offer a whole heck of a lot for renters and for those looking to lay down roots and invest in real estate. From its iconic landmarks and world-class museums to its epic music and entertainment scene, there really is something for everyone to enjoy within the city limits.
Whether you’re exploring the city’s many landmarks, immersing yourself in its art scene or indulging in some downright delicious local dishes, Cleveland is sure to captivate and leave a lasting impression. Find your apartment or house for rent now and discover all that Cleveland has to offer you.
Want to learn how to get paid to do nothing? Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life. It may seem too good to be true,…
Want to learn how to get paid to do nothing?
Picture this: making money without putting in much effort, even when you’re just relaxing, sleeping, or waiting in line. The idea of getting paid for doing nothing has always been popular and it’s probably your dream life.
It may seem too good to be true, but there are real ways to use your free time or things you already have to make money with minimal ongoing work.
There are actually quite a few things on this list that I regularly do so that I can make money doing nothing.
Now, some of the ways below may take initial effort or even some maintenance over the years. But, you may be able to earn money while sleeping or while at the beach with minimal effort needed from you.
Best Ways To Get Paid To Do Nothing
Do you want to earn money while you relax? You can get paid without a 9-to-5 job. Let’s look at some ways to make money while doing nothing.
Here are some ways out of the list below that you may be interested in:
Sell printables online – These can be made once and sold an unlimited amount of times. Learn more at How I Make Money Selling Printables On Etsy.
Pose as an art model – It’s simple; just sit still! Art schools pay models around $25 per hour.
Real estate – You can invest in real estate funds. Your money might work for you, and you don’t have to manage properties.
Take online surveys – You can answer these whenever you have free time and the questions are extremely easy. Best online survey sites include Branded Surveys, Swagbucks, and Survey Junkie.
Rent your stuff – You’ve got stuff other people might want for a day or two. Think about renting out things like your storage room, baby gear, RV, and more.
Learn more about the different ways to get paid to do nothing below.
1. Sign up for a rewards credit card
Earning money without working hard can sound really nice. One way to do this is to get a rewards credit card. When you use this kind of card, you can get points or cash back for buying things you would buy anyway.
When you sign up for a new card, you might receive a big signup bonus. Some cards give you bonus points, like 50,000 or even more, as a welcome gift! However, you usually need to spend a certain amount of money first (such as $4,000 in the first 3 months).
Here is a table with the different types of rewards you might get:
Reward Type
What You Get
Points
Use for travel and gift cards.
Cash Back
Money back on your purchases.
Mile Rewards
Miles to fly on planes for free airfare.
I have a few rewards credit cards and I earn points every time I use my credit card, such as by paying a bill or going grocery shopping. I actually just signed up for a new rewards credit card this week that has a great signup bonus value of over $800.
Two rewards credit cards that I personally like are:
Important note: Using credit card rewards is a good idea as long as you use your credit card responsibly. It’s not smart to go into debt just for rewards because having debt with interest is not free or helpful. To truly make money from credit card rewards, be sure to pay your full credit card balance every month.
2. Get paid to stand in line
If you don’t mind waiting, you can earn money by standing in line for other people. Some companies and individuals pay for this service, especially when they’re busy or want to attend popular events without waiting.
Here’s how it works: You take someone else’s spot in line, like waiting for tickets or securing a spot at a busy restaurant. You do the waiting for them so they don’t have to.
You can earn approximately $25 to $35 per hour by just standing in line. The exact amount depends on your location and how much people need line sitters.
To get started, search for websites that link line sitters with clients, such as Taskrabbit, Same Ole Line Dudes, and InLine4You. Join the sites, create a listing for your services, and wait for someone to hire you.
3. Dividend-paying stocks
One of the best ways to make money without a job is to invest in dividend-paying stocks.
When you invest in dividend-paying stocks, you’re buying a piece of a company that gives you money regularly. Think of it like getting a small thank you for holding on to the company’s stock. These payments usually come from the company’s profits and they’re called dividends.
Here’s how it works. You buy stocks that pay dividends, and then, every so often (usually every three months), the company sends you money. It’s a way to earn without doing much after your initial investment.
Now, a table to show you what to look for:
Term
Meaning
Dividend Yield
How much you earn compared to the stock price
Payout Ratio
The part of profits used for dividends
Ex-Dividend Date
The day when you must own the stock to get paid
Keep in mind, not all dividend stocks are the same. Some may lose value and payments could stop if the company isn’t doing well. So, it’s important to choose wisely, and you might want to seek guidance from someone who knows a lot about stocks.
For me, I love earning dividends. It’s like being rewarded for saving for retirement, and it is so easy.
Recommended reading: What Are Dividends & How Do They Work? A Beginner’s Guide
4. High-yield savings accounts
When you put your money in a savings account, you want it to grow. High-yield savings accounts are like your regular savings account but with an extra boost for making your money grow faster.
The interest rate or annual percentage yield (APY) is what the bank pays you. The higher the APY, the more money you make. Good news! Some of these accounts offer APYs much higher than the usual, like more than 5%! That’s a lot better than the average savings account.
I personally use Marcus by Goldman Sachs and they have a very high interest rate. You can get up to 5.50%, at the time of this writing, through my referral link bonus. So, at this rate, if you have $10,000 saved, you could earn $550 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
You must be thinking, “What’s the catch?” Well, most of these accounts are from online banks. No biggie, just that you won’t have a bank branch to visit. They also tend to not offer other features, such as bill pay and checks – it’s simply a place to park your money and earn a lot more in interest.
5. Sell printables
If you want to earn money while doing nearly nothing on the internet, you can try selling printables online. Printables are files that you make once, like planners, invitations, flash cards, and worksheets, and then sell over and over again.
Yes, you will have to make the printables and open a store, but after a while, you can start making money from the same printables over and over again.
This is because printables are digital products that sell with just simple downloadable files.
I recommend reading How I Make Money Selling Printables On Etsy to learn more.
6. Share your opinions
You can earn money in your free time by joining paid market research studies. Keep in mind, it won’t replace a full-time job (they usually pay only $1 to $3 for each survey you complete), but you might make some extra cash.
When I was paying off my student loans, I did online surveys almost every day. I did them before work, during my lunch break, or after work. What I like about answering online surveys is that I can answer them whenever I want, such as while watching TV or eating lunch.
Some of the survey companies I recommend include:
Please head to Best Paid Online Surveys to read more.
7. Rent out your extra storage space
If you’ve got extra room at your place, you can make money by renting it out.
Think about renting out parts of your home, like an empty closet, your driveway or parking space, or your garage. Websites like Neighbor allow you to list these spaces for someone to store their belongings (such as a car, sofa, boxes, and more).
Neighbor is like the Airbnb of storage space. Instead of having guests over, you’re renting out your storage space to store other people’s belongings.
8. Sell stock photos
Selling stock photos is a good way to earn money through passive income without actively working for it.
You upload photos you’ve taken with your camera or phone to a platform like Depositphotos. When someone buys one of your photos, you get a commission.
Websites, companies, and blogs use stock photos for all different kinds of reasons. Businesses use them to improve their content, websites, or overall appearance, as they may not have the time to take photos of everything they need.
I personally use stock photos in my blog posts all the time, and I know many, many others who do as well. The photos throughout this article are all stock photos, so you can see how useful they are to website owners.
Stock photography includes pictures of things like:
Travel, landscapes, and outdoor scenes
Business settings like laptops, offices, and people working
Family moments, including parents and children
Household items, such as living areas and kitchens
Animals, including pets and wildlife
Vehicles like cars and boats
Sports, from professional events to casual games
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. House sitting
For some people, house sitting is the ultimate dream job. You may be able to watch houses around the world in dream destinations after all!
House sitting involves taking care of someone’s house while they’re away. It’s a way to earn money without much effort. Your responsibilities include staying in the house, making sure everything is safe, collecting mail, and sometimes looking after pets or watering their plants. Many times, people just want it to look like someone is living in their home so that no one will try to break in.
You can find house sitting jobs on websites like TrustedHousesitters and Care. You may also find these types of jobs through dog walking gigs, such as on Rover.
10. Invest in REITs
Investing in a Real Estate Investment Trust (REIT) is like buying a small piece of many buildings without the hassle of managing them.
REITs are companies that own many real estate properties, and they earn money by renting out space in those properties. Imagine shopping malls, apartments, and offices as examples.
Here’s how it works:
Choose a REIT – Look for REITs with good histories, like those experts trust.
Invest Your Money – You can start with a small amount of money.
Earn Money – REITs make cash from their buildings. They share this cash with you through dividends.
11. Pose for art classes
If you can stay still for a while, you might like posing for art classes. When you pose, art students look at you and draw or paint your picture. It’s a way you can make money by just sitting or standing.
Most times, art models get about $20 to $30 each hour. You’ll usually be there for around three hours or more.
What will you do? You will hold a pose. A pose can be something like sitting in a chair, standing, or making an interesting shape with your body. These poses can last from five to twenty minutes. Don’t worry, you get breaks so you can stretch and rest.
Who can do this? You don’t have to look a certain way. Artists need all kinds of people to learn how to draw humans well. You just need to be okay with being looked at while you are posing.
Where to find these jobs? Check with local art schools, colleges, or community centers. They usually need new models. You can also look online for art model jobs in your area.
12. Listen to music
If you enjoy music, you can actually make some money by listening to songs. You can use apps and websites that pay you just for listening. Companies want your opinion on new music, and they’ll pay you for your time!
Slicethepie is a popular site that pays you to listen to music. Other popular sites include Playlist Push, Current Rewards, and Hit Predictor.
Here’s how it typically works:
Step
Action
Find an app
Look for apps that offer payment for music listening.
Sign up
Create an account on these platforms.
Listen and rate
Start listening to music and provide your honest feedback.
Earn
Collect your earnings, usually through points that can be converted into cash or gift cards.
13. Get paid to work out
Yes, you can get paid for being active, even while doing your regular workout!
Apps like HealthyWage make staying fit exciting by allowing you to bet on your fitness goals. You set a weight loss target, bet on yourself, and join others with similar goals. If you achieve your goal first, you win money from the prize pool. It’s a friendly competition with a chance to earn a financial reward.
14. Become a notary
If you want to earn money with little effort, you might think about becoming a notary. As a notary, your job is to be a witness when people sign important papers and to check that the people signing are really who they say they are.
So, yes, you are still working a job, but you are simply watching people sign papers.
What notaries do:
Meet people who need papers signed.
Check their IDs to make sure they are who they say they are.
Watch them sign the document.
Use your notary stamp and write in your record book.
You can make anywhere from $9 to $21 per hour, but it depends on things like where you live and if you have to go to people or they come to you.
15. Mattress tester
Testing mattresses is a unique side hustle where you can make money by just testing out mattresses.
As a mattress tester, you’ll test beds and write reviews about your sleep quality, comfort, and any other observations. Your feedback is valuable as it helps companies improve their products to better meet customer needs.
Some mattress companies pay individuals like you to test their products. This helps them figure out how comfortable their mattresses are and how they can make them even better.
You can find these gigs by researching local sleep clinics or mattress companies that offer paid studies or testing.
I have actually been paid to test mattresses in the past, and it is easy! I was only paid with free mattresses, but at one point in a single year, I think I received 5 or 6 mattresses. I ended up giving away a couple to friends and family because the work was so easy.
16. Join a sleep study
Similar to testing out mattresses, you may be able to get paid to join a sleep study.
Sleep studies are research projects that help doctors understand sleep patterns and disorders. If you’re interested in earning money while contributing to science, participating in one of these studies is an option. Typically, sleep studies seek specific types of participants, such as a particular age group or weight range. Your initial step is to determine if you meet their requirements.
After being accepted into a study, you’ll visit the center for tests. During the study, you might wear special equipment while you sleep. This equipment helps researchers monitor and track your sleep patterns.
The payment you receive depends on how long the study is, which might be for one night or even several weeks.
Many universities, like the Harvard Division of Sleep Medicine, pay for sleep studies.
17. Put an advertisement on your car
If you want to earn extra money without doing much, think about turning your car into a moving billboard. Companies will pay you to put their ads on your car.
To start, join a car wrap advertising company like Carvertise or Wrapify. They’ll place a special sticker, called a car wrap, on your entire car or specific parts of it. These companies seek drivers to display ads on their cars, and the more you drive and the places you go can increase your earnings.
Your car’s make and model, condition, and paint quality are important. They decide how well the ads will stick and look.
The type of ad wrap you choose changes how much you get paid too. The options are:
Full wrap
Partial wrap
Just the windows
Here’s what you might be able to earn:
Car Wrap Type
Possible Earnings
Full Wrap
$200 to $1000 per month
Partial Wrap
$150 to $250 per month
Window Ads
$100 to $250 per month
Keep in mind that the earnings can vary. It depends on factors like how frequently you drive and where your car is visible.
Recommended reading: 6 Best Ways To Get Paid to Advertise On Your Car
18. Rent out a spare room in your home
If you have an extra room in your house and want to earn passive income streams, you can make money by renting it out. This is a smart way to earn cash without much work.
I have had several roommates over the years. We would rent out our spare room to long-term renters and people that we personally knew (such as friends and my sister).
To find a roommate and earn rental income, you can advertise your space in various places. You can announce on your personal Facebook page, place an ad on websites like Craigslist, create a rental listing on Airbnb, and more.
Whether you have a house or an apartment, this may be an option available to you.
19. Use cash back sites
When you shop online, you can earn money back on what you spend by using cash back sites.
Think of it like getting a discount, but instead of saving money right away, you get some cash back later.
I use cash back sites and apps pretty much every single time I shop – it’s easy, free money for me.
Popular cashback sites include:
Rakuten – Gives you a percentage of your money back.
Swagbucks – Earns points that you can exchange for cash or gift cards.
Fetch Rewards – I use this site for every single grocery receipt I have.
Ibotta – Another easy grocery scanning app to use.
For example: To get cash back, all you need to do is create a Rakuten account, visit their website, and click on the store where you want to shop (such as Target, Best Buy, Old Navy, etc.). They will then redirect you to that store, and you can shop online as you normally would to get cash back.
These types of sites typically pay via free gift cards or PayPal cash.
20. Rent out your RV
Renting out your RV can be a way to earn extra money on something that might be sitting around collecting dust (and rust!).
By renting it out, you could potentially make $100 to $300 a day or even more.
RVing has become very popular these days, and people frequently rent RVs to explore on vacations or even to try out a specific RV model before making a purchase.
One RV rental platform that I recommend is RVshare. RVshare is basically an Airbnb just for RVs. It’s a site where you can list your RV for rent and RVshare will handle all payments and bookings for you.
Similar to this, you can also rent out your car on Turo!
Recommended reading: How To Make Extra Money By Renting Out Your RV
21. Receive a pension
Getting paid to do nothing may sound like a dream, but if you have a pension, it’s a real thing that can happen when you retire.
A pension is money that you get regularly after working for a certain number of years.
When you work at a job that offers a pension plan, your employer puts money into this plan for you. When it’s time to retire, this money comes back to you, usually every month.
The amount you get usually depends on three things:
Age – Generally, the older you are when you retire, the more you get.
Salary – How much you earned at your job can affect your pension.
How long you worked there – The longer you worked, the higher your pension.
Sometimes, you might have the option to receive all your pension money at once, known as a “lump sum.” It’s a substantial, one-time payment instead of monthly checks. Make a wise decision by considering what works best for you. If you’re unsure, seeking advice from someone knowledgeable about finances could help you decide.
Frequently Asked Questions About Getting Paid to Do Nothing
Below are answers to common questions about how to get paid to do nothing.
How can I get money for doing nothing?
You might be surprised, but there are ways to earn money with little to no effort. For instance, using a cash back credit card for your everyday spending allows you to get a percentage back. You can also do any of the things above, such as selling digital downloads online, finding a job that will pay you a pension once you retire, investing in dividend-paying stocks, and more.
What are jobs where you do nothing and get paid a lot?
So, it can be hard to work an actual job that pays you a lot of money to do nothing. After all, if that existed, then everyone would be doing it, haha! Some jobs do pay you, though, for simple tasks, such as being a notary.
Can I really make income by just being idle?
Yes, you can make passive income through methods like earning interest from a high-yield savings account or renting out your spare space.
Where can I find jobs that don’t expect much work from me?
Look for gig economy jobs where you can earn money based on the tasks you choose to accept, such as delivering food or charging electric scooters. There are so many other side jobs that aren’t even mentioned on the list above, such as creating an online course, becoming a taste tester, micro-investing (such as with the Acorns app), becoming a background actor, watching ads, affiliate marketing, delivering groceries, writing a book review online (such as for Kirkus Media), playing games, talking with an online companion or strangers, and more.
How to get paid to do nothing online?
Some ways to get paid to do nothing online include selling digital files and stock photos. These will both require initial work from you, but eventually, these will sell with little work needed by you.
How To Get Paid to Do Nothing – Summary
I hope you enjoyed this article on how to get paid to do nothing and found one or more gigs that fit what you’re looking for!
As you can see, there are many ways to get paid to do nothing (or almost nothing).
You can grow your savings effortlessly with high-yield savings accounts or make money by renting out extra storage space. Investments in stocks that pay dividends or REITs can give you money regularly without needing your daily attention.
There are many pros and cons to investing in a small town as opposed to a larger town. I have many properties in small towns and larger towns and personally, I think the small towns are overlooked based on the many advantages they have. Some of the major differences in small towns are the taxes, demand, building permits, and more.
Pros of investing in real estate in a small town:
There are many advantages to investing in smaller towns. I have found some great deals in them and there were many advantages I did not think of until I had bought and operated a property in those small towns.
Lower property prices: Property prices in small towns are typically lower than in urban areas. This means that you can invest more property for your money. This is because fewer investors are looking at small towns. I have found multifamily and commercial to be much cheaper.
Higher rental yields: Rental yields in small towns are often higher than in urban areas. This means that you can generate more income from your rental properties. This rental yield comes from the fact that rents might be a little lower but prices are even lower relative to those rents producing a higher ROI.
Lower vacancy rates: Vacancy rates in small towns are typically lower than in urban areas. This means that you are more likely to find tenants for your properties. I have found this to be true as well because there are very few rentals, there are often people waiting for anything to pop up.
Stronger appreciation potential: Small towns are often experiencing population growth and economic development. This can lead to stronger appreciation potential for your investment properties. If there is a shortage of homes in the area, you could see huge appreciation if those homes are cheaper than the cost to build.
Lower taxes: In my area in Colorado the small towns often have lower property taxes and lower sales taxes. The property taxes can save thousands of dollars a year on larger properties.
Less regulations: Some small towns are also much easier to build and remodel in. Each town has different building permit processes and requirements. Some towns could be stricter but some could be very easy to work with.
Cons of investing in real estate in a small town:
Limited buyer pool: There is a smaller pool of potential buyers for properties in small towns. This can make it more difficult to sell your properties when you are ready to do so. If the town has a surplus of homes, prices could stay stagnant for many years.
Less access to amenities: Small towns may have fewer amenities than urban areas, such as shopping malls, restaurants, and entertainment options. This can make it more difficult to attract tenants and buyers.
More difficult to manage properties: It can be more difficult to manage properties in small towns, as there may be fewer qualified property managers available.
Less liquidity: Properties in small towns are typically less liquid than properties in urban areas. This means that it may be more difficult to sell your properties quickly if you need to do so.
Local politics: Some small towns may be difficult to work with or treat outsiders differently if you do not live there. This is not always the case but I have been told I can’t do certain things with a property and then had someone buy it from me in that small town and do exactly what I asked to do.
Is it worth investing in a small town?
I have had amazing luck investing in small towns. One of the properties I bought was a 4 plex for less than $200k in 2018. That property would have been at least $300k in the larger town 10 miles away. I have also had great luck with commercial property and single-family flips as well. There are challenges and just because there are advantages to investing in a small town, that does not mean it is easy.
Conclusion
Before you invest in any property, make sure to research the local market and economy. This will help you understand the local roadblocks, rental yields, and surplus or shortages in the area. Talk to the city government, especially the zoning and permit people (they might be one person). Try to see if the population is increasing or decreasing and make sure you have contractors or property managers that will work in the area if you need them!
Many people are lured into the world of real estate investing by stories of millionaires who started their journey with no money down or no steady employment. But the reality is that making money in real estate isn’t easy; a good credit score, investment capital and steady income can help in the beginning.
You’ll also need to grasp the nuances of the local real estate market and learn how to manage financial aspects such as cash flow and property taxes. While real estate buying, selling, and renting may not be much like a game of Monopoly, it is possible to earn steady side income, supplement your retirement, or even build a full-time real estate investment business with the right tools, knowledge, and patience.
Unlike mutual funds, the stock market, cryptocurrency or many other investments, real estate is tangible. Real estate is a concrete asset—one can see, touch, and even reside in. That gives investors a sense of security. However, it also creates unique challenges.
Managed well, the stability and passive income from rental properties can be a safety net against more volatile investments.
This guide is here to clarify the process for beginners. It aims to empower you to make informed decisions, reduce risks, and lay a strong foundation for your real estate investing journey.
Benefits of Investing in Real Estate
The allure of real estate goes beyond the mere ownership of tangible assets. It presents a robust suite of financial benefits that have the potential to amplify wealth and provide stability in uncertain times. As we navigate the advantages, it becomes evident why many seasoned investors prioritize real estate in their portfolios.
Steady and Passive Income
Real estate investing, especially in rental properties, stands out for its potential to provide a consistent revenue stream. When you own a rental property, the monthly or quarterly distributions from tenants contribute to steady income, which can safeguard your finances against unexpected events or economic downturns.
This consistency contrasts with the often erratic nature of the stock market, which can fluctuate daily based on global events, company performances, and other factors. Additionally, for those aiming to attain financial freedom, the passive income generated from real estate can be a step closer to achieving that goal. Over time, as the mortgage payment decreases or remains static, rental rates may rise, increasing your monthly cash flow.
Appreciation Potential
Every investor dreams of their assets appreciating, and real estate often doesn’t disappoint. While there can be periodic downturns in the real estate market, historical trends suggest that properties generally gain value over the long run.
This means that not only can investors benefit from rental income, but they can also potentially see substantial gains when they choose to sell the property.
Tax Benefits
Navigating the world of taxes can be intricate, but real estate investors often find several advantages here. The ability to deduct mortgage interest and property taxes from taxable income can be a significant financial boon.
Furthermore, strategies like depreciation allow real estate investors to offset rental income, reducing their tax burden. Consulting with a financial advisor can help investors maximize these benefits and understand other potential tax advantages, such as 1031 exchanges or deductions related to property management.
Diversification
The saying “don’t put all your eggs in one basket” is sound investment advice. Diversification is a fundamental strategy to mitigate risks. By adding real estate to an investment portfolio, investors introduce a separate asset class that doesn’t directly correlate with the stock market or mutual funds. This can provide a buffer, ensuring that a downturn in one sector doesn’t wholly derail an investor’s financial trajectory.
Leverage
Leverage, in the context of real estate investing, refers to the ability to use borrowed capital to increase the potential return on an investment. When you purchase property with a mortgage loan, you’re often putting down only a fraction of the property’s total cost, while still reaping the benefits of its entire value in terms of appreciation and rental income.
This magnifies the return on investment, as the gains and income generated are based on the property’s total value, not just the down payment. It’s a powerful tool but should be used wisely. Over-leveraging or not accounting for potential rental vacancies can turn leverage into a double-edged sword.
Types of Real Estate Investments
As one dives deeper into the world of real estate, it becomes evident that this asset class is multifaceted, with various avenues to explore and invest in. The right choice often depends on an investor’s goals, risk tolerance, budget, and expertise. Here’s a closer look at some prominent types of real estate investments:
Residential Properties
Residential properties cater to individuals or families. They range from single-family homes to duplexes, triplexes, high-rise buildings with apartments, and other multi-unit properties. You may encounter the term “MDU” or “MUD,” which stand for multi-dwelling unit or multi-unit dwelling, to describe anything more than a single family home, or SFR (single family real estate).
Investing in residential real estate, especially the SFR market, is often a beginner’s first step due to its familiarity and the perpetual demand for housing. While these properties can be a reliable source of rental income, investors should be prepared for the challenges tied to property management, tenant turnover, and ongoing maintenance.
Commercial Real Estate
When one thinks of skyscrapers lining city horizons or sprawling office parks in suburban locales, that’s commercial real estate. These properties are tailored to businesses, and can include complete corporate headquarters or individual offices.
Commercial leases often run longer than residential ones, offering the potential for stable, long-term rental income. However, the entry point can be higher, with larger down payments and a more extensive due diligence process. Additionally, commercial real estate values can be closely tied to the business environment of the locality.
Industrial
Industrial real estate encompasses properties like warehouses, distribution centers, and manufacturing facilities. They’re integral to business operations, ensuring products move efficiently from manufacturers to consumers.
Investing in this sector can offer substantial rental yields, especially if the property is strategically located near transportation hubs. However, the nuances of industrial real estate, such as zoning laws and environmental concerns, necessitate a more in-depth understanding than residential or commercial sectors.
Retail
This sector includes shopping malls, strip malls, and standalone stores. What’s unique about retail real estate is that leases sometimes include a provision where the landlord gets a percentage of the store’s profits, termed as “percentage rent.”
In a thriving commercial area, retail properties can be quite profitable, with long-term leases and the potential for appreciating property values. However, investors should be mindful of shifts in consumer behavior and the evolving retail landscape, especially with the rise of e-commerce.
Multi-Purpose Commercial
A new breed of commercial real estate has emerged to compete with the growth of e-commerce. Multi-purpose commercial spaces blend housing units with office space and retail, often adding hospitality and entertainment venues.
Typically, these spaces are the domain of large real estate investment and property management firms. But if you invest in commercial office space or retail, you will be competing with these multi-purpose properties for tenants, so they are worth acknowledging.
Real Estate Investment Trusts (REITs)
For those not keen on direct property ownership, REITs present an attractive alternative. These are companies that own, operate, or finance income-producing real estate across various sectors. What makes REITs distinctive is that they’re traded on stock exchanges, similar to stocks.
By investing in a REIT, you’re buying shares of a company that manages a portfolio of properties, thus gaining exposure to real estate without the hassles of property management. Moreover, by law, REITs are required to distribute at least 90% of their taxable income to shareholders, leading to potentially attractive dividend yields. However, it’s essential to remember that like all publicly traded entities, REITs can be subject to market volatility.
9 Ways to Invest in Real Estate
Investing in real estate can seem tricky for beginners. But, with time and patience, anyone can master it. Focus on simple investment methods first to get to know your local property scene, meet experienced investors, and learn how to handle money wisely. As you learn and grow, you can dive into more complex investment options.
Here are some great ways for beginners to start in real estate:
1. Wholesaling
Acting as the bridge between property sellers and eager buyers, this method primarily focuses on securing properties at a rate below the prevailing market value. The secured contract is then transferred to an interested buyer, ensuring a margin for the wholesaler.
2. Prehabbing
Unlike intensive property renovations, prehabbing is about amplifying a property’s appeal through minimalistic enhancements. These properties, once given their facelift, usually attract investors with a keen eye for larger renovation projects.
3. Purchasing Rental Properties
An avenue promising consistent returns, this involves acquiring properties to lease them out. For those not inclined towards the intricacies of landlord duties, there’s always the option of hiring seasoned property management professionals.
4. House Flipping
A strategy that has garnered significant attention, house flipping involves a cycle of purchasing, upgrading, and promptly reselling properties, aiming for a profit. The emphasis is on swift transactions and keen market acumen.
5. Real Estate Syndication
Envision a collective where like-minded investors come together, pooling both resources and expertise. Such collectives venture into large-scale property acquisitions, and the ensuing profits or rental incomes are distributed among the participants.
6. Real Estate Investment Groups (REIG)
Primarily, these are conglomerates that steer their operations around real estate investments. By amassing capital from a plethora of investors, they dive into acquisitions of sizeable multi-unit residences or commercial holdings.
7. Investing in REITs
Real Estate Investment Trusts (REITs) revolve around the ownership and meticulous management of properties that yield income. However, investors don’t have to handle the management themselves. Instead, participants can relish the benefits of the real estate sector without the responsibilities of direct property ownership.
8. Online Real Estate Platforms
A fusion of technology with real estate, these platforms seamlessly connect potential investors with vetted property developers. This synergy enables backers to finance promising property ventures and, in exchange, enjoy periodic returns that encompass interest.
9. House Hacking
A blend of homeownership and investment, house hacking is about maximizing the potential of a multi-unit property or a single-family home. Investors live in one segment while leasing out the remaining portions. This dual approach can significantly reduce or even negate monthly housing expenses, serving as an excellent introduction to the world of property management for novice investors.
6 Steps to Get Started in Real Estate Investing
Starting on the path of real estate investing requires careful planning, due diligence, and a methodical approach to ensure that your investments are sound and have the potential for fruitful returns. Whether you’re dreaming of becoming a millionaire real estate investor or merely looking to diversify your investment portfolio, following a structured process can be the key to success. Here’s a step-by-step breakdown:
1. Assess Your Financial Health
Every investment journey should begin with introspection. As an aspiring real estate investor, it’s essential to have a clear understanding of your current financial standing. Ask yourself questions like:
How much capital am I willing to invest?
What are my short-term and long-term financial goals?
Do I have an emergency fund set aside?
Evaluating your risk tolerance is equally crucial. Some might be comfortable flipping houses, while others might prefer the steadiness of rental properties. Consulting a financial advisor at this stage can provide insights tailored to your financial health, enabling you to make informed decisions as you proceed.
2. Dive Deep into Market Research
Knowledge is power in the world of real estate. The local market can be significantly different from national or even statewide trends. Delve deep into understanding:
The demand for rental properties in your target area.
The average property values and rental rates.
The historical appreciation rates.
Any upcoming infrastructure projects or urban development initiatives.
Furthermore, familiarize yourself with real estate terminology. Phrases like “cap rate,” “loan-to-value,” and “operating expenses” will become a regular part of your vocabulary. The better informed you are, the more confidently you can navigate your investments.
3. Assemble Your Real Estate Team
No investor is an island. Success in the real estate business often hinges on the strength and expertise of your team. Look for professionals with a proven track record and positive reviews. Your team might include:
Real estate agents who understand the investor’s perspective.
Property managers to streamline tenant interactions and maintenance.
Lawyers specializing in real estate transactions.
Accountants familiar with the tax implications of real estate investments.
4. Explore Financing Options
The path to acquiring a property is paved with various financing methods. Traditional mortgages are common, but the real estate industry offers other mechanisms like:
Hard money loans.
Private money loans.
Real estate syndication where multiple investors pool resources.
Seller financing.
Each of these has different pros and cons, interest rates, and repayment terms. Understand each deeply to determine which aligns best with your financial strategy.
5. Analyze Potential Properties
The crux of real estate investing is ensuring that the numbers make sense. Before purchasing, assess the property’s potential for generating rental income. Break down:
Monthly mortgage payments
Property taxes
Maintenance costs
Potential vacancy rates
Your goal should be a positive cash flow, where the monthly income from the property (rent) exceeds all these expenses.
6. Negotiate and Close the Deal
Once you’ve zeroed in on a property, the negotiation phase begins. Here, understanding the property’s market value, any existing damages or repair needs, and the local real estate market dynamics can give you an edge.
When it comes to closing, be aware of all associated costs. These might include inspection fees, title insurance, and escrow fees. Being well-informed can help you negotiate these fees and ensure that you’re not overpaying.
Risks and How to Mitigate Them
Like any investment, real estate comes with its set of challenges and uncertainties. The difference between successful real estate investors and those who falter is often the ability to anticipate risks and prepare for them. Here’s an exploration of some prevalent risks in real estate and actionable steps to manage them:
1. Market Fluctuations
Real estate markets can be volatile, with property values rising and falling based on a myriad of factors.
Mitigation: To protect against market downturns, it’s essential to buy properties below their market value. Conducting comprehensive research and seeking expert investment advice can help investors make informed decisions. Remember, real estate is often a long-term game, so a short-term dip can be offset by long-term appreciation.
2. Unexpected Repairs and Maintenance
Properties can often come with surprises, from plumbing issues to roof repairs.
Mitigation: Regular property inspections can catch potential problems before they become major expenses. Setting aside a buffer fund specifically for maintenance can also cushion the financial blow of unforeseen repairs.
3. Vacancy Periods
There might be periods where your property remains unoccupied, leading to loss of rental income.
Mitigation: Properly vetting and building a good relationship with tenants can lead to longer lease periods. Diversifying your investment properties across different areas can also help, as vacancy rates might vary from one location to another.
4. Legal and Tax Implications
Real estate investors can sometimes find themselves entangled in legal disputes or facing unexpected tax bills.
Mitigation: Regular consultations with a tax professional or attorney familiar with the real estate industry can keep investors informed and protected.
Long-term Strategy and Growth
Real estate investing is not just about making a quick buck; it’s about building lasting wealth. Adopting a long-term perspective and continuously refining your strategy can pave the way for consistent growth in the real estate industry. Here’s how:
1. Define Your Real Estate Identity
Are you more comfortable with a buy-and-hold strategy, where properties are retained for long-term growth and steady rental income? Or do you thrive on the excitement of flipping houses, where properties are bought, renovated, and sold for profit? Understanding your preference can help tailor your investment strategy.
2. Reinvestment is Key
For those adopting a buy-and-hold strategy, reinvesting the rental income can substantially grow your real estate portfolio. By channeling profits into purchasing additional properties, investors can benefit from compounded growth.
3. Diversify Your Portfolio
As you gain experience, consider diversifying across various real estate sectors. Branching out into commercial real estate or exploring real estate investment trusts (REITs) can provide additional avenues for income and growth.
4. Continue Your Education
The real estate industry is continually evolving. By staying updated on market trends, attending seminars, and networking with other real estate professionals, you can adapt your strategy and seize new opportunities as they arise.
5. Scale Strategically
A real estate empire begins with just one property. With time, dedication, and a sound strategy, it’s possible to grow your holdings into a substantial full-time income. As you scale, ensure you’re not overextending; always prioritize the quality of investments over quantity.
Key Tips for Beginners
Embarking on a journey into real estate investing can be thrilling, yet the complexities of the industry can sometimes overwhelm beginners. Simplifying the learning curve is essential for novice investors to make informed decisions and find success. Here are some pivotal tips to guide those just starting out:
1. Start Small and Scale Gradually
Many millionaire real estate investors began their journey with a modest property. Purchasing a smaller, more manageable property as your first investment can help you navigate the nuances of the real estate business without being overwhelmed. As you gain confidence and experience, you can then venture into bigger and more diverse properties to scale your portfolio.
2. Prioritize Education
The world of real estate is vast and ever-evolving. Leverage online real estate platforms to learn about market trends, investment strategies, and financing options. Additionally, joining real estate investment groups can be invaluable. These groups not only provide mentorship but also offer opportunities to share resources, insights, and deals with other investors.
3. Location is Crucial
In the real estate realm, location often takes precedence over the type or condition of a property. A mediocre house in a prime location can fetch better returns than a grand mansion in a less desirable area. Research local market dynamics, neighborhood amenities, future development plans, and other location-specific factors before making an investment decision.
4. Networking is Key
Surrounding yourself with knowledgeable people can fast-track your learning process. By connecting with seasoned real estate investors, you can gain insights from their experiences, avoid common pitfalls, and even discover potential partnership opportunities. Attend local real estate seminars, join investor forums online, and participate actively in real estate conferences to grow your network.
5. Stay Updated and Adapt
The real estate industry is not static. Market conditions, property values, and investment strategies can change. Being adaptable and staying updated on industry trends will ensure you remain ahead of the curve and can capitalize on new opportunities.
6. Always Conduct Due Diligence
Before diving into any real estate transaction, thorough due diligence is imperative. From understanding property taxes and zoning laws to estimating potential repair costs and evaluating tenant profiles, leaving no stone unturned will protect you from potential setbacks.
8 Terms Beginner Real Estate Investors Should Know
Venturing into real estate can feel like you’ve entered a world with its own language. Don’t worry; everyone feels this way at the start. Knowing basic real estate terms can help you communicate confidently and make informed decisions.
Dive into these essential terms every beginner should grasp:
Appreciation: Appreciation is the increase in the value of a property over time. It’s one of the primary ways real estate investors make money, especially in growing markets. Appreciation can result from factors like inflation, increased demand, or improvements made to the property.
Capitalization rate (cap rate): Think of the cap rate as a tool to gauge the potential return on a property. It’s a percentage derived from comparing a property’s net operating income to its current market price.
Cash flow: This term captures the money dance – what’s coming in and what’s going out. In the context of rental properties, it means the rental earnings minus all the costs. Positive cash flow indicates you’re earning more than you’re spending.
Equity: Equity represents the value of ownership in a property. It’s calculated by taking the market value of the property and subtracting any outstanding mortgage or loans against it. As an investor pays down their mortgage or if the property appreciates in value, their equity in the property increases. This equity can be tapped into for various financial needs or reinvested.
Leverage: This term refers to the concept of using borrowed money, often in the form of a mortgage, to invest in real estate. It allows investors to purchase properties with a small down payment and finance the remainder. When used correctly, leverage can amplify returns, but it can also increase the risk if property values decline.
Net operating income (NOI): Simplified, NOI is the profit made from a property after deducting all operational costs. It’s your rental income minus all the expenses, showing the true earning potential of a property.
Real estate owned (REO): An REO property is one that didn’t sell at a foreclosure auction and is now owned by the bank. These properties are often sold at a lower price because banks aim to sell them quickly, making them attractive to investors.
Return on investment (ROI): In simple terms, ROI measures the bang you get for your buck. It’s calculated by comparing the profit you made to the amount you invested. The higher the ROI, the better your investment performed.
Conclusion
Real estate investing offers an avenue to diversify your portfolio, generate steady income, and potentially achieve long-term growth. With due diligence, a clear strategy, and the right team, beginners can successfully navigate the complexities of the real estate industry and lay the foundation for a prosperous investment journey. Remember, every millionaire real estate investor started with their first property. Your journey is just beginning.
Welcome to the land of majestic Mount Rushmore, endless prairies and the dazzling Badlands.
When it comes to finding your forever home or maybe just a fresh start, South Dakota offers a ton of appealing options. From bustling urban hubs to cozy lakeside towns, this guide to the best places to live in South Dakota is your golden ticket to discovering the towns that boast excellent schools and stable job markets in undeniably beautiful surroundings.
Population: 196,528
Average age: 34.2
Median household income: $66,761
Average commute time: 18.5 minutes
One-bedroom average rent: $995
Sioux Falls is often considered one of the best places to live in South Dakota, and it’s easy to see why. This bustling city is a haven for outdoor enthusiasts, artists and aspiring professionals alike. The Big Sioux River winds its way through town, offering scenic beauty and outdoor activities like kayaking and fishing, right at your doorstep. But if you’re more of an indoor person, don’t worry; the city is home to the Washington Pavilion, a unique space with an art gallery, science museum and even a performing arts theater.
When it comes to everyday life, Sioux Falls is as practical as it is picturesque. The city boasts a robust job market, with opportunities in healthcare, financial services and retail, among other industries. Schools are top-notch, offering a quality education for the younger generation, while the healthcare facilities are some of the most advanced in the area. Ease of living is another big draw — traffic jams are a rarity, and most amenities are just a short drive away.
Population: 76,184
Average age: 37.2
Median household income: $58,072
Average commute time: 15.7 minutes
One-bedroom average rent: $1,205
If you’re thinking about the best places to live in South Dakota, Rapid City should be on your radar. Imagine a city where you can have breakfast Downtown, hike in the Black Hills National Forest by lunchtime, and be back in time for a locally brewed beer from Lost Cabin Beer Company and a buffalo burger for dinner. This isn’t a fantasy; it’s just an average Saturday in Rapid City.
Rapid City is surrounded by pristine nature and serves as the ideal home base for those looking to explore natural wonders like Mount Rushmore and the Crazy Horse Memorial. With an eclectic mix of art galleries, cozy coffee shops and historic architecture, Downtown Rapid City is more than just a pit stop, it’s a destination in its own right.
The Rapid City economy is strong, buoyed by tourism and a fast-growing tech industry, so you’ll find a variety of career options. Schools are solid, and there are ample parks and recreational facilities for kids and adults alike. The city also hosts a series of community events throughout the year, from summer concerts to winter ice-skating festivals.
What you won’t find? The hassles of big city living. Traffic is manageable, the cost of living is reasonable, and people generally say “hello” when you pass them on the street. Rapid City captures the essence of South Dakota — friendly, scenic and endlessly fascinating.
Population: 23,577
Average age: 24.5
Median household income: $53,845
Average commute time: 13.3 minutes
One-bedroom average rent: $940
Brookings emerges as a compelling choice as one of the best places to live in South Dakota, especially for those who appreciate a blend of intellect and community spirit. Home to South Dakota State University, the town has an atmosphere brimming with youthful energy and academic curiosity.
The McCrory Gardens offer a breath of fresh air and botanical beauty, while the Children’s Museum of South Dakota provides a magical world of learning for the youngest residents. College sports are a big deal here, and even if you’re not a student, you’ll find yourself swept up in the fervor of a Jackrabbits football game before you know it.
Excellent schools make Brookings ideal for families, and there’s a burgeoning job market in industries like agriculture, healthcare and education. Shopping and dining options are plentiful, offering everything from homegrown produce at the local farmers’ market to sushi and international cuisine. The town even has an active arts scene with frequent community theater performances, art walks and concerts. Safe streets and a strong sense of community make Brookings a place where neighbors know each other and people look out for one another.
Population: 12,358
Average age: 36.1
Median household income: $52,258
Average commute time: 17.6 minutes
One-bedroom average rent: $775
Known for its breathtaking landscapes, Spearfish is encircled by the Black Hills, Spearfish Canyon and a wealth of outdoor opportunities. Whether you’re into mountain biking, hiking or fishing, you’re practically destined to become an outdoor enthusiast here. But Spearfish isn’t just about the great outdoors; it’s also a hub for education and culture. The town is home to Black Hills State University, which adds a layer of youthful energy and intellectual depth to the community, along with venues like the Matthews Opera House & Arts Center, showcasing everything from plays to musical acts.
On the practical side of everyday life, Spearfish delivers and then some. The local economy is strong and diverse, benefiting from a mix of education, tourism and small businesses. Its public schools are top-rated, making it a safe bet for families, and the community itself is close-knit, often gathering for seasonal events and festivals. Plus, unlike some small towns where you have to drive miles for basic amenities, Spearfish has a solid range of shopping and dining options.
What truly sets Spearfish apart is its genuine sense of community combined with the backdrop of natural wonder. It’s a place where you can catch a university lecture one evening and find yourself fly fishing in crystalline waters the next morning.
Population: 28,324
Average age: 35.8
Median household income: $58,439
Average commute time: 10.9 minutes
One-bedroom average rent: $845
Known as “Hub City,” Aberdeen serves as a regional hub for healthcare, commerce and culture. The city boasts several landmarks like the Aberdeen Community Theatre and the Dacotah Prairie Museum, both of which offer regular events that enrich the social scene. If you’re in the mood for something more outdoorsy, Wylie Park and Richmond Lake are perfect spots for fishing, camping and unwinding under the South Dakota sun.
Aberdeen shines in terms of everyday convenience and quality of life. The job market is steady, with opportunities in healthcare, education and manufacturing. Educational facilities, from elementary schools to Northern State University, offer top-notch learning environments. Even better, Aberdeen has a low cost of living, making it easier to stretch a dollar whether you’re buying a house or enjoying a night out at one of the town’s tasty restaurants.
Population: 14,000
Average age: 38.7
Median household income: $69,868
Average commute time: 12.5 minutes
One-bedroom average rent: $755
As the state capital, Pierre is a hub of political activity, and you can feel the historical gravitas just by walking near the South Dakota State Capitol building with its iconic copper dome. But the city offers more than just legislative action; it’s also a sportsman’s paradise. Sitting on the banks of the Missouri River, Pierre is an angler’s dream come true with an abundance of walleye, and it’s no slouch when it comes to hunting either, offering some of the best pheasant hunting in the United States.
By and large, life in Pierre is straightforward and hassle-free. The local job market is solid, primarily driven by government jobs, healthcare and education. There’s a lot to do here for singles and families, whether it’s hiking along the scenic LaFramboise Island Nature Area or taking part in the many community events that pepper the town’s calendar. Pierre offers a unique blend of outdoor activities and political buzz, making it a distinctive spot for those looking to experience the best of South Dakota.
Population: 11,802
Average age: 23.3
Median household income: $47,920
Average commute time: 14.6 minutes
One-bedroom average rent: $995
Home to the University of South Dakota, Vermillion is a small but lively town where brains meet beauty on the banks of the Missouri River. You’ll find a mix of students, professors and residents enjoying everything from Coyotes football games to riverside picnics. The National Music Museum — featuring an awe-inspiring collection of musical instruments from various epochs and cultures — is another local treasure that elevates the town’s appeal.
The educational ecosystem in Vermillion is top-notch, with excellent public schools complemented by the intellectual resources of the university. Employment opportunities are ample, thanks to the university and a variety of small businesses. You won’t be stuck in traffic for hours; instead, you can spend that time enjoying local parks or taking in a college basketball game. What’s more, the cost of living here is quite reasonable, making it easier to enjoy what the town has to offer without breaking the bank.
Population: 15,453
Average age: 41.3
Median household income: $59,190
Average commute time: 11.6 minutes
One-bedroom average rent: $632
In a state rich with scenic beauty and friendly communities, Yankton stands out as one of the best places to live in South Dakota. Located along the Missouri River and famously the former Dakota Territory capital, Yankton melds historical significance with an array of modern attractions. Outdoorsy types will be quick to appreciate the town’s proximity to Lewis and Clark Recreation Area, where water sports, camping and hiking opportunities abound.
Everyday life in Yankton checks off all the boxes for a well-rounded experience. The local economy is buoyed by a mixture of manufacturing, healthcare and retail jobs. Education is a strong suit as well, with a range of public and private schools that consistently earn high marks. Local businesses — from cozy coffee shops to essential grocery stores — meet daily needs while the friendly residents make you feel part of a genuine community. Events like the annual Riverboat Days festival encapsulate Yankton’s communal spirit and offer an entertaining diversion for residents young and old.
Population: 22,722
Average age: 37.6
Median household income: $56,520
Average commute time: 13.5 minutes
One-bedroom average rent: $630
Known for its stunning lakes, particularly Lake Kampeska and Lake Pelican, Watertown is a haven for anyone who loves water sports, fishing or just gazing at beautiful sunsets over the water. And don’t forget the town’s signature attraction, the Bramble Park Zoo, which boasts an impressive collection of wildlife and offers educational programs designed for residents of all ages. Watertown is also home to the Redlin Art Center, showcasing the works of Terry Redlin, a renowned American wildlife painter, making it a hidden gem for art aficionados.
Watertown offers a high standard of living while maintaining that cherished small-town charm. The job market is steady with a focus on manufacturing, healthcare and retail industries. In terms of attractions, Watertown has plenty to offer, from shopping malls to restaurants that go well beyond the standard small-town fare. You’ll also find a rich social fabric here, marked by community events like outdoor concerts and seasonal festivals that provide plenty of opportunities for mingling with neighbors.
Population: 6,071
Average age: 37.0
Median household income: $58,564
Average commute time: 11.8 minutes
One-bedroom average rent: $640
Home to Dakota State University, Madison is a hub for technology and innovation, a place where you can bump into cybersecurity experts as easily as lifelong anglers. Speaking of lakes, Lake Herman and Lake Madison offer ample opportunities for fishing, boating and picnics, making them popular spots for family outings or tranquil solitude.
Madison delivers on the practicalities of daily life, too. With a stable job market centered around education, healthcare and local business, making a living here isn’t a high-stakes gamble. Plus, community events like the annual Prairie Village Jamboree add a layer of entertainment and social engagement that keeps life interesting.
Settle down in South Dakota
Whether you’re an outdoor enthusiast, a tech whiz or someone who just wants to enjoy the simple pleasures of a tight-knit community, South Dakota has something for everyone. From the buzz of the state capital in Pierre to the academic atmosphere of Vermillion, or the natural allure of Watertown, the Mount Rushmore State is an undiscovered gem for those looking to improve their quality of life.
Making a list of the best places to live in South Dakota isn’t just about numbers and statistics — it’s about understanding the lifestyle, culture and opportunities that make each place unique. So pack your bags and set your GPS, because your dream apartment might just be in a South Dakota zip code.
In 2021, nearly 100,000 people moved to Phoenix. As a whole, Arizona saw a growth of 1.4 percent in 12 months, adding about 270 people every single day.
Why are so many people coming to The Grand Canyon State? Part of the reason is that the cost of living in Arizona is more affordable than in other nearby states, like California, Oregon and Washington. And Arizona is only slightly higher (3.5 percent) than the national average. Plus, the rental rate of the cheapest neighborhoods in Phoenix is considerably more affordable than the overall national average.
What is the average rent in Phoenix?
In the past 12 months, the average rental rate in Phoenix rose by 15.44 percent to $1,687 per month. While no one likes to see the cost of living increase, overall, this is a pretty average increase. Of course, some states saw lower increased rates – some even saw a bit of a decline – but for the most part, many cities had substantial increases. For instance, Mesa, AZ, had a 32.09 percent increase, Tempe, AZ, had a 24.22 percent increase and Chandler, AZ, had a 24.04 percent increase. Scottsdale had a decrease of just more than 10 percent.
Thankfully, despite the increases, there are still plenty of affordable apartments to rent in the area. In fact, the 10 cheapest neighborhoods in Phoenix fall well under the $1,687 per month mark.
The 10 most affordable neighborhoods in Phoenix
If you’re interested in moving to Phoenix but are on a tight budget, we’re here to help! We understand that finding the right apartment is just one piece of the puzzle. The other important part is finding the right neighborhood. Therefore, our list of the cheapest neighborhoods in Phoenix examines the price, as well as the vibe of the community as a whole.
10. South Phoenix
Source: Rent./Proximity 16th St.
Average 2-BR rent: $1,354
Rent change since 2021: -8.62%
The neighborhood of South Phoenix is just a few minutes from the Downtown area. Because of this, it surprises many new renters to find out that this is one of the most affordable neighborhoods in Phoenix. And not only that, but this area had one of the most significant 12-month price decreases of all the neighborhoods we evaluated.
South Phoenix has an abundance of quaint shops, amenities, restaurants, services and attractions – most within walking distance. You’ll find comfort foods like pizza and beer, as well as more posh options if you’re in the mood for some wining and dining.
9. Casa Nueva
Source: Rent./The Met
Average 2-BR rent: $1,310
Rent change since 2021: 0%
Located just over two miles northeast of Downtown Phoenix is the neighborhood of Casa Nueva. The majority of residents are in their 30s and are singles or couples without children. Though the walkability score isn’t that high (54), the bike score is a bit higher (63), so you can get around fairly easily on two wheels.
Because this neighborhood is so close to the city, you’ll have your fair share of excellent restaurants, grocery stores and retail shops, as well as coffee shops, bars and entertainment venues.
However, it’s important to note that there are several green spaces in the area, so you can enjoy the natural beauty of Phoenix.
8. North Mountain
Source: Rent./Fairways on Thunderbird
Average 2-BR rent: $1,220
Rent change since 2021: +1.89%
Of the cheapest neighborhoods in Phoenix, North Mountain was the community that had the lowest 12-month increase on our list. In addition to the affordability, North Mountain is one of the top-rated neighborhoods in Phoenix because of the diversity and outdoor activities.
Residents of the area love that nature surrounds them – there’s North Mountain Park on one side and a nature reserve on the other. Though you’re only about 20-30 minutes away from the city, it feels like you’re living in the rural countryside. Just a few miles drive, though, and you have great shopping and dining options.
7. West Phoenix
Source: Rent./Encore 202
Average 2-BR rent: $1,219
Rent change since 2021: +3.35%
Just because you need to look for an apartment in one of the cheapest places in Phoenix doesn’t mean you can’t have your cake and eat it, too! If urban amenities are high on your must-have list, you need to check out the West Phoenix neighborhood.
As a resident of West Phoenix, you’ll be close to shopping centers, restaurants and entertainment venues.
If you like to get outside as much as possible – or prefer outdoor exercise to indoor options – you’ll be happy to know that there are several places to walk, jog, hike and go on bike rides in this area.
6. Alhambra
Source: Rent./Elevation on Central
Average 2-BR rent: $1,218
Rent change since 2021: +13.23%
Alhambra is one of the most culturally diverse neighborhoods in Phoenix. It has the highest population of Mexican and Native American Phoenicians of any city in Arizona.
If you’re looking for a neighborhood with exciting nightlife activities, you’ll be happy to know that there are plenty of options along the 7th Street Golden Mile Corridor.
Though this neighborhood attracts a lot of young professionals, it’s very much a generational neighborhood. Generation after generation of families grow up in the area, many of them living in the same home where they grew up.
Despite having the highest 12-month increase on our list of the most affordable neighborhoods in Phoenix, Alhambra is still one of the cheapest neighborhoods.
5. Papago Gardens
Source: Rent./Papago Gardens
Average 2-BR rent: $1,159
Rent change since 2021: +4.86%
Papago Gardens is a family-friendly neighborhood that’s committed to historic preservation. The neighborhood has a unique character, and the community wants to make sure they keep it intact. To that end, the Sherwood Heights community convinced the local city council in 2003 to limit the height of new construction. They wanted to keep the aesthetic of existing homes in the area, many of which are from the 1960s.
When you visit the Papago Gardens to look for rentals, you’ll notice tree-lined, winding streets and homes with lush, beautiful landscaping. The stunning mountain range backdrop enhances the beauty of the area.
4. Krall’s Homesites
Source: Rent./Las Ventanas
Average 2-BR rent: $1,121
Rent change since 2021: +11.62%
About 10 miles north of Phoenix is the neighborhood of Krall’s Homesites, one of the cheapest neighborhoods in Phoenix. Most of the people who live in the area say the price is what initially drew them to the area.
Another thing residents like about the area is that they have easy access to grocery stores, places of worship and shopping malls. Getting to Downtown Phoenix takes residents an average of 15-30 minutes, depending on traffic.
Residents also say they enjoy the restaurants in the area and appreciate the abundance of parks and green spaces. It’s a nice change of pace from the bustle of the Downtown area.
3. South Mountain
Source: Rent./Agave Court
Average 2-BR rent: $1,117
Rent change since 2021: -7.76%
The South Mountain neighborhood is one that’s popular with many families. They appreciate that this is one of the most affordable neighborhoods in Phoenix and that most of the public schools in the area have above-average ratings from their fellow parents. They also appreciate that just about all of life’s necessities are within a short distance from home.
New restaurants, homes and businesses are popping up in recent years, which is exciting because it means the community is growing.
There’s a very diverse population, and you’ll find that your neighbors in South Mountain are friendly and helpful. There’s a strong sense of community here.
South Mountain is a nice, quiet neighborhood. Locals like to head to the nearby mountains to explore, hike and experience the fantastic views and sunsets.
2. Melrose Woodlea
Source: Rent./DUO Apartments
Average 2-BR rent: $1,101
Rent change since 2021: 0%
The Melrose Woodlea neighborhood is a community nestled in the Melrose District in the heart of Phoenix. It’s a quiet cottage community with a ton of character. Homes in the area have distinctive 1930s-1940s design features, and residents often say they feel at home as soon as they move into their Melrose Woodlea apartment.
Residents describe the neighborhood as hip and fun, with a strong vintage aesthetic and multiple locally-owned shops peppered throughout the area. Within the neighborhood are several restaurants serving some of the best cuisines you’ll ever taste, including Melrose Kitchen, which has excellent breakfasts and brunch cuisine and a fun ambiance.
1. Lake Biltmore Village
Source: Rent./Union on 28th
Average 2-BR rent: $948
Rent change since 2021: -11.01%
The Lake Biltmore Village had the highest price decrease on our list of the cheapest neighborhoods in Phoenix. That’s not to say, though, that this neighborhood had the highest price decrease of all the communities in Phoenix – including the expensive ones. That honor goes to the community of Arcadia (-13.19 percent).
Lake Biltmore Village is about 35 minutes north of Phoenix, just past the suburb of Glendale. It’s an urban neighborhood that’s somewhat walkable, though it has a better bike score than transit or walkability scores. The community is just off the freeway, making commuting to home or work super easy.
Residents say the area has ample shopping, that their community is quiet and peaceful and that their neighbors are friendly and are there for each other whenever someone needs help.
The most expensive neighborhood in Phoenix
After reviewing our list of the cheapest neighborhoods in Phoenix, some might feel that a pricier community is actually within their budget. If this is how you think, we’ll give you an idea of what it’s like to live in a more expensive area.
The most expensive neighborhood in Phoenix is Kierland, where rent averages approximately $4,254 per month. Kierland is in Scottsdale, which is just over 12 miles from Phoenix.
If you need easy access to great shopping opportunities, this is the neighborhood for you. The Kierland Commons is a mall with plenty of high-end brands. In addition to the excellent shopping, you’ll find multiple casual and fine dining choices throughout the area, including steakhouses, Italian and French restaurants and even fantastic seafood options.
The neighborhood is easily walkable, so you can do some shopping, eat out and enjoy some live entertainment, all without the need for a car. There are also several office spaces in the area, which means you don’t need to commute to Downtown Phoenix for work if you like the idea of working closer to home.
Find an affordable neighborhood for your next apartment
Do the communities on our list of the cheapest neighborhoods in Phoenix sound like a good fit for you? If so, your next step is to find your dream apartment! We can help you with that, too.
Check out our search feature to locate apartments for rent in Phoenix in your ideal neighborhood. Then, use the filters to narrow your search. You can enter the best price range for your budget, as well as your must-have amenities. Then, you’ll get a list of apartments — one of which might be your new home-sweet-home.
Rent prices are based on a rolling weighted average from Rent.’s multifamily rental property inventory as of January 2022. 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.
From fishing and boating to hiking a glacier, Alaska is an outdoor enthusiast’s wonderland. What’s even better, you never have to enjoy this natural beauty alone. The bears, eagles, moose, whales and salmon, among other wildlife, are ever-present to keep you company.
Alaska is a unique and beautiful place, that although sparsely populated, offers plenty of opportunities. But, living so far from the rest of the country can present some unexpectedly high costs. Even with the Permanent Fund Dividend of more than $1,000 per year, can your budget handle Alaska’s cost of living? Let’s find out by looking at a few key components of your average expense list.
Alaska housing prices
Cities in Alaska primarily exceed the national average when it comes to housing. Not all are crazy high, but those that offer more modern amenities, like shopping malls and movie theaters, will most likely cost you more, on average. Each of the ones on our list is part of the best places to live in Alaska, even with higher-than-average housing prices.
Anchorage
Big by Alaska standards, Anchorage probably feels more like an American city than other spots in Alaska. Its size helps. Here, you’ll find the busiest airport in the state, University of Alaska students and plenty of museums, restaurants and breweries.
Housing in Anchorage is 41.5 percent above the national average, but most prices are holding steady. Home prices rose 8.9 percent compared to last year. The median home price in Anchorage is currently $385,000.
Fairbanks
Attracting a lot of students and families, Fairbanks is Alaska’s second-biggest city. It also experiences 24 hours of daylight, or the Midnight Sun, in the summer. Housing prices here are only slightly above the national average at 3.2 percent. This keeps rent and housing costs at a relatively reasonable rate even if prices rise year-over-year.
The average rent for a one-bedroom apartment is $700 per month, and a two-bedroom will cost $1,600, up a whopping 60 percent from last year.
Median home prices have risen 38.1 percent over last year, but are still sitting on the lower end when compared to other cities across the country. The median sale price in Fairbanks is $285,000.
Juneau
The sweet city of Juneau is Alaska’s capital, so it’s full of government jobs. A popular cruise ship port, Juneau also brings in a lot of tourists. With a robust downtown, for such a small town, there’s plenty to do here, which may explain why housing is 40.1 percent above the national average.
People want to live in Juneau when they’re considering calling Alaska home, but there’s still plenty of value in renting here. The average apartment rent is $1,300 per month for a two-bedroom, compared to the average home price of $665,000.
Food prices
Another cost of living in Alaska is food. Given the limited number of restaurants throughout the state, Alaskans spend a little bit more, on average, on groceries. Their average monthly grocery bill ranges between $300 and $333. Of course, they’re buying all the delicious seafood and game meat considered staple foods in the state. Items like salmon and crab pulled right from the water, and reindeer, moose and caribou are as local as you can get.
Overall, food prices throughout sit above the national average by quite a bit.
Fairbanks is 22.1 percent above the national average
Anchorage is 26 percent above the national average
Juneau is 38.8 percent above the national average
These higher prices are also reflected in meals out. A typical three-course meal for two is $90 in Fairbanks, $75 in Anchorage and $54 in Juneau. It’s interesting to note, though, that the city with the least expensive food prices will cost you 17 percent more for a night out than the most expensive city for food on our list.
Utility prices
Electricity is the big utility in Alaska, and on average, monthly bills are pretty high. Juneau and Anchorage will cost you just over $100 per month, but in Fairbanks, average electric bills hit as high as $225.
Overall, utility prices in Alaska break down like this:
Anchorage is 20.5 percent above the national average
Juneau is 32.6 percent above the national average
Fairbanks is 109.2 percent above the national average
There are multiple sources generating electricity in Alaska, including natural gas and hydropower. In fact, rivers in Alaska offer some of the best hydroelectric power in the U.S. The state also has energy-producing capabilities through wind energy along the coast, and its many volcanic fields may lead to a source of geothermal energy.
Transportation prices
Although across the state, you’ll find a low walk score overall, most cities have highly walkable areas, especially those along the coast that cater to cruise ships. Some cities, weather permitting, provide for decent biking, but public transportation and your own car are pretty necessary.
When compared to the rest of the country, cities in Alaska all have transportation prices higher than the national average.
Fairbanks is 9.2 percent above the national average
Anchorage is 14.5 percent above the national average
Juneau is 17.3 percent above the national average
Not necessarily as high as other aspects that contribute to your overall cost of living, most cities supplement the cost of owning a car by providing adequate public transportation.
MACS in Fairbanks
The Metropolitan Area Commuter System or MACS in Fairbanks is a bus system consisting of eight routes. It focuses on the urban areas, North Pole, Farmers Loop and the airport.
You can purchase a single-way fare, if you’ve got the cash, for $1.50, but it’s much easier to go with a $ 3.00-day pass or a $40 monthly pass. The monthly passes are only good in the calendar year in which they’re purchased.
Muni in Anchorage
In Anchorage, the Muni system gets broken down by route type. You’ve got:
Frequent routes
Standard routes
Neighborhood routes
Commuter routes
They’re all pretty self-explanatory based on their name, so if you live close to the city center, you’re most likely using those frequent routes to get around town. A single-way fare on Muni is also cash only at $2.00. A day pass will cost you $5.00, and a monthly pass is $60.
Capital Transit in Juneau
Fifteen bus routes that come together to circle the city of Juneau make up Capital Transit. They hook around the University of Alaska at one end, and go slightly past the downtown area at the other, making a variety of stops in between.
A single-way fare, again cash only, is $2.00, but you can save some money and buy a $40 monthly pass, instead.
Healthcare prices
The cost of living in Alaska for healthcare is higher than anywhere else in the country. This impacts prices for medical visits, as well as medications.
Juneau is 49.4 percent above the national average
Fairbanks is 52.7 percent above the national average
Anchorage is 53.2 percent above the national average
Looking at the average cost of a doctor’s visit, all three of these cities are within $10 of each other regarding cost. It makes sense considering how close they rank in relation to their city-wide averages for healthcare, as well. The average trip to the doctor’s in Juneau is $227.67.
Goods and services costs
Consisting of all the things you like to have in your life, but don’t require to survive, goods and services can quickly suck up a large portion of your monthly budget. Understanding average pricing in this area can really help you create realistic expectations for your cost of living in a state like Alaska.
Juneau is 5.4 percent above the national average
Fairbanks is 18.4 percent above the national average
Anchorage is 24.5 percent above the national average
To see how this plays out in a few line items, check out this chart of key goods and services.
Vet bills may average out so high across the state thanks to a large number of working dogs in Alaska. Yes, people keep them as pets, but you’ve got sled dogs, working outside in the cold, as well.
Childcare costs
Another service people frequently need at some point in their lives is childcare. This service, in particular, can have a huge sticker shock when looking at the bill. Knowing what to expect in advance can not only make it easier to budget for this important service but enable you to look at the quality of the preschool over the price.
For a full-day, private preschool, it will cost you:
Taxes in Alaska
Alaska is one of only nine states with no state sales tax and no income tax. Instead, taxes get placed on other things like gas and cigarettes.
Local areas are able to impose a sales tax if they want. Totaling those up together, the average rate across the state is 1.76 percent. But, cities like Fairbanks and Anchorage are still at zero for sales tax. Juneau charges 5 percent.
That means that most of the time you’re out shopping, all the money you’re paying goes toward the cost of the goods you’re buying. You’re not having to deal with a markup related to sales tax (unless you’re shopping in Juneau).
How much do I need to earn to live in Alaska?
To align your budget perfectly with the cost of living in Alaska, it’s best to do some number crunching using our rent calculator. However, if you want to work through a quick estimate, it’s best to just look at rent. Since rent should take up about 30 percent of your income, a quick equation can help you figure out what your minimum salary.
So, the average rent in Alaska is $683, which means you need $27,320 for your minimum salary. This won’t create a problem since the average Alaskan’s salary is more than double at $62,700. While lower rents will cluster in the more rural areas, and some urban areas could have higher prices, it’s not problematic to fit Alaska housing into your budget with money left over for all the other costs of living.
Living in Alaska
Considered by some as America’s last frontier, living in Alaska is never boring. The natural beauty, outdoor activities and crazy amount of wildlife make even a trek to the store a potential adventure. And, while you may not have a ton of neighbors, there’s something about living a more chill life in a less populated area.
If you can weather the cold, and want to experience living in a place unlike any other in the country, Alaska is for you.
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.
With elevated interest rates, securing a mortgage to buy a house can be challenging. But what could be more surprising is how the numbers actually work once you start making mortgage payments.
“New mortgage math is brutal,” Austen Allred, co-founder and CEO of online coding bootcamp Bloom Institute of Technology, wrote in a recent tweet.
Allred explained that if you purchase a $1 million house with a $200,000 down payment and get an $800,000 mortgage at a 7% interest rate, in the first three years you’ll be paying $193,000.
But because of the high-interest rate, a significant portion of your payments would go toward interest, leaving a substantial amount still owed on the principal.
“After those $193,000 of payments your $800,000 mortgage is now at $774.5,000,” he said. “You paid $166,000 in interest, $25.5,000 in principal.”
The tweet has since received 7.7 million views and more than 31,000 likes.
In a follow-up tweet, Allred pointed out that his example assumes “a lot down and perfect credit.”
“I have no idea how younger generations will make it work,” he added.
While it’s difficult for new homebuyers to enter the market, there are ways to invest in real estate without buying a house. Here’s a look at three of them.
Trending: Elon Musk has reportedly bought 6,000 acres of land just outside of Austin. Here’s how to invest in the city’s growth before he floods it with new tech workers.
Real Estate Investment Trusts
You can think of real estate investment trusts (REITs) as giant landlords — they own income-producing real estate and collect rent from tenants.
REITs are required by law to distribute at least 90% of their taxable income to shareholders as dividends. This requirement makes them appealing to investors looking to earn a passive income.
These days, there are plenty of REITs trading in the stock market. So it’s easy to invest in them. You can purchase shares of a REIT much like you would buy stocks of a company.
REITs can center their investment strategies around various kinds of real estate. Some may concentrate their portfolio on residential properties while others might hold assets such as shopping malls or office buildings.
Like any investment, REITs come with their own risks. So always conduct comprehensive research and due diligence before diving in.
Exchange-Traded Funds
Exchange-traded funds (ETFs) have been a popular choice for investors seeking a convenient gateway to specific sectors or indices.
You can use ETFs to tap into real estate, too.
Real estate ETFs usually hold a diversified portfolio of REITs, which in turn own the underlying real estate properties. By purchasing shares of a real estate ETF, investors can gain broad exposure to the sector with a single purchase.
ETFs charge a fee for providing that convenience. So make sure to check their expense ratio before taking the plunge.
The largest ETF focusing on the real estate sector today is the Vanguard Real Estate Index Fund ETF (NYSE:VNQ). It holds 165 stocks and has an expense ratio of 0.12%.
Crowdfunding Platforms
Crowdfunding refers to the practice of funding a project by raising small amounts of money from a large number of people. And it can be an excellent match for real estate investing.
Real estate crowdfunding platforms provide opportunities for people to invest in a wide array of properties across different geographical locations and property types. They typically have lower minimum investment requirements compared to traditional real estate investments. This means people can gain access to properties and portfolios that are typically off limits to retail investors.
Other than making the sector more accessible to the general public, some platforms also allow investors to select specific properties and projects to invest in. For instance, if you are interested in single-family rentals, there are options to invest in rental properties with as little as $100 while staying completely hands-off.
Check out:
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article ‘You Paid $166K In Interest, $25.5K In Principal’: Tech CEO Explains The ‘Brutal’ Math Behind New Mortgages — Here Are 3 Ways To Invest In Real Estate Without Buying A House originally appeared on Benzinga.com