If you’re in tech in Utah, you probably already know Lehi. As the home of industry giants Adobe, Ancestry.com, Workfront, SirsiDynix, IM Flash and other large, small and up-and-coming firms, Lehi has grown from bedroom community to destination location for families looking to be in the center of the action.
Just south of Point of the Mountain, Lehi’s family-friendly lifestyle gives residents quick access to recreation, quaint restaurants, ample shopping and a perfect place to call home. Plus, its center-of-the-valley location means you’re never far from anything.
Considering a home in Lehi? Here’s what you’ll find.
Small town charm with top amenities
Lehi is growing— and fast— but it still retains the small town charm that drew families to it in the first place. Want a peek at what Lehi used to be? Take a drive by Lehi Roller Mills; if it seems familiar, that’s because this still-working mill was the set for the original Footloose. Just a few blocks down Lehi’s Main Street and pop into Paper Crush for a DIY custom day planner and other party supplies or grab a burger and old-fashioned shake at Porter’s.
If a wedding is in your future, Flowers on Main is your stop for fresh-cut beauties and handmade leis, which are great accompaniments to the custom dresses at Gowns by Pamela.
Family game night goes all out at Gamers’ Inn, where you can try games before you buy them or join in with a group to play your favorite board games. Sweeten the day with treats from Lehi Bakery, where the donuts are square, and cupcakes at the Little Cake and Dessert Shop.
If community events are more your style, attend Lehi’s annual Round-Up celebration and rodeo each June and mark your calendar for the carnival-style Foam Day in July. (Why the name? Because before the activities end, everything is covered in soapy foam.) And October wouldn’t be complete without a visit (or two!) to Cornbelly’s, where attendees can get lost in an old-fashioned corn maze —haunted or not—and test their punkin’ chunkin’ skills before settling in to make DIY s’mores.
Walkability/Drivability and Livability
Don’t work in Lehi? Not a problem. Your average commute will still only be 23 minutes, or you could hop on FrontRunner to take the train to Salt Lake, Provo, Ogden and points in-between.
When you return home, it’s a quick walk, drive or bike ride for a bite to eat. Depending on the direction you prefer, both Tsunami and Jimmy Johns are both highly accessible, thanks to the Murdock Canal Trail, a 17-mile paved trail that runs parallel to an unpaved equestrian trail, and connects seven communities in Utah County.
If your destination is a dream home with all of the modern amenities, Lehi is your place. Thanks to the tech corridor, most homes in Lehi were built since 2000 and have all of the amenities homeowners are looking for. Best part: home values in Lehi average $266,300 and climbing, which makes a home in Lehi a smart investment but still affordable. Check out the homes for sale in Lehi on Homie for current availability.
Get out and play, nature’s way
Flanked by Thanksgiving Point to the West and Mt. Timpanogos to the East, Lehi’s access to the great outdoors means you can play hard by day—regardless of your preferred activity.
Take in a round of golf at Thanksgiving Point’s championship course or Frisbee golf at Dry Creek Trail Park, the city’s first disc golf course. You can also run, bike or walk the 17 miles of the Murdock Canal Trail or cool off at the city pool.
For a high-flying adventure, Flight Park State Recreation Area, accessible from Minuteman Drive, has facilities to help you get your hand glider, paraglider and model airplanes in the air.
And for a quick reminder of Mother Nature’s brilliance, Mt. Timpanogos looms just 10 miles east, where you can tour the cave, go for a hike hiking or have a quiet picnic.
Indoor fun
Shopping anyone? Traverse Mountain’s diverse stores include something for everyone, whether your style is H&M, Michael Kors, Quicksilver or Coach. And there’s Cabela’s, where you’ll find everything you could possibly want to feel at home in the great outdoors.
Across the highway are the restaurants of Thanksgiving Point, including Harvest Restaurant, known for its locally-sourced ingredients and fresh take on lunch and dinner. Top off the day by visiting the Museum of Ancient Life or Museum of Natural Curiosity, and the requisite trip to the Ice Cream Shop for an old-fashioned float—with bubblegum ice cream, of course.
Nightlife for everyone
Don’t expect the carpet to roll up at sunset. Evenings are a great time to catch a box office favorites at the Megaplex. In summer, Sundays end with a serenade from some of the best local talent at Wines Park. Or catch a nightcap at Scorez Sports Bar or Buffalo Wild Wings, both prepped for late-night fun.
Want to find your place in Lehi?
If Lehi sounds like the perfect place for you to call home, the Homie team is here to help. You can start the process by browsing through the current homes for sale in Lehi and click “Schedule a Tour” whenever you’re ready to get a closer look. When the time is right, Homie will help you create an offer, answer questions and secure your financing—and Homie’s services for buyers are completely free. You’ll find more details in our Buyer package.
Louisiana is a unique state, packed with interesting attractions, delicious food, and beautiful landscapes. But the state is also home to millions of residents in need of banking services. The best banks in Louisiana offer plenty of amenities, including low-fee checking accounts and ATM access where you need it.
10 Best Banks in Louisiana
Whether you’re looking for a national bank or a small regional bank, the best banks depend on the features that matter most to you. Here are some of the top banks in Louisiana to help you narrow down your options.
1. Hancock Whitney Bank
Based in nearby Gulfport, Mississippi, Hancock Whitney Bank has branches in Louisiana, Mississippi, Alabama, Florida, and Texas. If you’re looking for a regional bank with plenty of physical branches, Hancock Whitney could be a great choice. The checking accounts do come with monthly maintenance fees and a minimum deposit, but you’ll get competitive rates on CDs and personalized customer service.
Fees:
$7 monthly service fee
No overdraft fees
Balance requirements:
$25 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Hancock Whitney ATMs from Florida to Texas
$2 per out-of-network ATM transaction
Interest on balance:
Up to 5.00% APY on CDs
Additional perks:
Great rates on small business loans
IDProtect ScoreTracker helps you track your monthly credit score
2. Chime
Chime is an online banking option that has no local branches. You’ll get a totally free checking account and an online savings account that pays 2.00% APY. As long as you have at least $200 directly deposited into your account each month, you can qualify for Spot Me, which covers you for up to $200 in overdrafts.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at more than 60,000 AllPoint and MoneyPass locations
$2.50 per out-of-network ATM transaction
Interest on balance:
Up to 2.00% APY on savings accounts
Additional perks:
3. Gulf Coast Bank
Gulf Coast Bank is a local bank with branches in Baton Rouge and New Orleans. You’ll get personalized customer service and a checking account with no monthly fees. You can get fee-free ATM access at any Gulf Coast or Community Cash ATM nationwide.
Fees:
No monthly service fee
$35 overdraft fee
Balance requirements:
$20 minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at Gulf Coast ATMs
Fee-free at Community Cash ATMs
$1.50 per out-of-network ATM transaction
Interest on balance:
Up to 0.60% APY on savings accounts
Additional perks:
Nearly Virtual Mortgage provides a mostly paperless lending process
Check your credit score at any time in the Gulf Coast Bank dashboard
4. CIT Bank
CIT Bank is a mobile and online banking option with checking and savings accounts. Although the bank has no branches or ATMs, the interest-bearing checking account offers 0.10% APY on your checking balance, which bumps up to 0.25% APY once your balance reaches $25,000. CIT’s savings accounts and CDs come with impressive rates as well.
Fees:
No monthly service fee
No overdraft fees
Balance requirements:
$100 minimum opening deposit
No minimum daily balance required ($25,000 to earn higher interest rate)
ATMs:
No ATMs provided, but no CIT Bank fees for ATM use
Up to $30 in third-party ATM fees reimbursed monthly
Interest on balance:
Up to 0.25% APY on checking
Up to 4.50% APY on savings
Up to 5.00% APY on CDs
Additional perks:
Set travel alerts to avoid issues while away from home
Award-winning customer service
5. Red River Bank
With branches and ATMs across Louisiana, Red River Bank is a great local bank. You’ll get excellent customer service and checking accounts with no monthly fees. Red River offers ATM access at its own ATMs across Louisiana. You can also withdraw cash at Hancock Whitney ATMs in Louisiana and across the U.S.
Fees:
No monthly service fee
$34 overdraft fees
Balance requirements:
$50 minimum opening deposit
No minimum daily balance is required
ATMs:
Fee-free at Red River and Hancock Whitney ATMs throughout Louisiana and the U.S.
Interest on balance:
0.10% APY on checking
Additional perks:
Penny RoundUP moves money from each debit card purchase to your savings account
Wide variety of personal loans
6. GO2bank
Another mobile banking option with competitive offerings is GO2bank. You’ll get a fee-free checking account as long as you have at least one payment directly deposited to your account each month. But the real winner is GO2bank’s savings accounts, which offer 4.50% APY. Unlike other online banks, GO2bank also allows you to deposit cash at retail locations nationwide for a small fee.
Fees:
No monthly service fee with qualifying direct deposits
$15 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required
ATMs:
Fee-free at AllPoint ATMs nationwide
$3 per out-of-network ATM transaction
Interest on balance:
4.50% APY on savings accounts
Additional perks:
Cash deposits at nearly 90,000 retail locations nationwide
Secured credit card that helps you build credit
7. First Horizon Bank
It may have started as First Tennessee Bank, but First Horizon Bank has expanded to locations across the U.S., including Louisiana. It’s one of the best banks in Louisiana for those looking for a free checking account with local branches in 12 states. The interest rates are fairly low, but there is a money market savings account that offers up to 1.75% APY.
Fees:
No monthly service fee
$35 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirements
ATMs:
Fee-free at First Horizon ATMs
$3 per out-of-network ATM transaction
Interest on balance:
Up to 1.75% APY on money market savings accounts
0.30% APY on traditional savings accounts
Up to 0.10% APY on CDs
Additional perks:
Wealth management services available
Account recommender helps you choose between checking accounts
8. Chase Bank
There are some perks that come with a national bank, and Chase Bank is a good example of that. You’ll get a full suite of banking services, including multiple checking options and a free debit card that you can use at ATMs across the nation. If you prefer a bank with in-person service, Chase has 4,700 branches.
Fees:
$12 monthly service fee (waived with minimum deposit)
$34 overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)
ATMs:
Fee-free at more than 15,000 Chase ATMs
$3 per out-of-network ATM transaction
Interest on balance:
0.01% APY on savings accounts
Additional perks:
$200 bonus on new checking accounts
Overdraft Assist gives you extra time to repair overdrafts
9. Regions Bank
One of the best regional banks in Louisiana is Regions Bank, which has branches in Louisiana, as well as Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
The basic checking account’s requirements to avoid monthly service charges include maintaining a $1,500 minimum balance or $500 in direct deposits.
Fees:
$8 monthly service fee (waived with minimum deposit)
$36 overdraft fee
Balance requirements:
$50 minimum opening deposit
No minimum balance requirement ($1,500 or $500 direct deposits to waive $12 service fee)
ATMs:
Fee-free at more than 2,000 Regions ATMs
$3 per out-of-network ATM transaction
Interest on balance:
Up to .01% APY on savings
Up to 4.75% on CDs
Additional perks:
$50 Visa Reward Card for referring new account holders
1% annual savings bonus for connected savings account
10. Ally Bank
Ally Bank’s online banking options include an interest checking account that earns 0.25% APY. You’ll also get competitive interest rates on your savings account and CDs. Although there are no physical locations, you’ll have access to ATM withdrawals at 43,000 ATMs. If you regularly need to make cash deposits, though, Ally might not be the best bank for you.
Fees:
No monthly service fee
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum balance
ATMs:
Fee-free at more than 43,000 AllPoint ATMs
Refund of up to $10 in out-of-network ATM fees per cycle
Interest on balance:
0.25% APY on checking
3.75% APY on savings
Up to 4.50% on CDs
Additional perks:
Advanced investment services including Robo Portfolios
Spending buckets help you manage your finances
Bottom Line
Whether you’re looking to avoid monthly service fees or enjoy the conveniences of an online bank, it’s important to compare multiple accounts. The best banks in Louisiana may not be the ones that have the lowest fees. Instead, you may find that the convenience of a bank with higher fees makes it worth the extra cost.
Frank Lloyd Wright is undoubtedly one of the most influential architects of all time.
A champion of organic architecture, a philosophy he promoted throughout his career that focuses on the harmony between human living and the natural world — incorporating buildings into their surroundings — Lloyd Wright designed more than 1,000 structures in his lifetime, out of which 532 were actually built.
Credited with building some of the most innovative spaces in the United States, Frank Lloyd Wright’s most famous works include the Solomon R. Guggenheim Museum in New York, the striking Fallingwater in Mill Run, Pennsylvania, Taliesin West in Scottsdale, Arizona, Hollyhock House in Los Angeles, California, Robie House and the Illinois Unity Temple in Oak Park, Illinois, the Tokyo Imperial Hotel in Inuyama, Japan, and the famous Blade Runner-featured Ennis House.
But of the hundreds of architecturally distinct homes he built in the span of his 70-year career, Lloyd Wright’s own home in his native Wisconsin has the most interesting — and downright tragic — backstory.
While undoubtedly one of the legendary architect’s best works, Frank Lloyd Wright’s Taliesin house was the site of a gruesome attack that took the life of Wright’s girlfriend and her two children.
It also burned to the ground (more than once), growing bigger every time the architect had to rebuild it. So let’s take a look at the storied history of Taliesin.
What is the story of Taliesin, Frank Lloyd Wright’s personal home in Wisconsin?
The American architect was born and raised in the Driftless Area of Wisconsin, which left a lasting impression on his young mind and inspired many of his most iconic works.
At the age of 29, in 1896, Wright built a windmill on the Taliesin estate, on land that belonged to his mother’s family.
The project, requested by his aunt, was the first in a series of developments that over the years became part of the 600-acre Taliesin estate as we know it today.
Wright would return to his homeland of Taliesin in 1911, under more controversial circumstances.
In the early 1900s, Wright was married to Catherine Lee Tobin, had six children, and was living in Oak Park, Illinois.
He was then tasked to design a house for his friend and neighbor Edwin Cheney when he fell in love with his friend’s wife, Mamah Borthwick Cheney.
In a daring and controversial move, the two lovers ran off to Europe, where their affair flourished, and when they returned to the U.S., they wanted a place to call their own, far from the judgmental eyes of the public.
That’s when Frank Lloyd Wright decided to leave his Chicago family behind, return to his roots and build a house for himself and Mamah in the secluded hills of Taliesin.
Frank Lloyd Wright’s Taliesin I — the “love cottage” with a harrowing story
Lloyd Wright’s Taliesin I, as we now call it, was completed in 1911 near Spring Green, Wisconsin, to serve as the home of Wright and Borthwick.
The home/studio that Wright created is the quintessential representation of the architect’s Prairie School design.
Wright described the 12,000-square-foot house as ‘low, wide, and snug,’ and that’s exactly what it is.
The house, which was named after the Welsh bard Taliesin — and translates into ‘radiant brow’ — was the result of Wright’s attempt to blend man-made structures and materials with nature and the elements.
The house had an open-space design, with windows placed so that the sun could come through in every room at every point of the day.
All the materials used in the construction were locally sourced, in an effort to seamlessly integrate the house with its surroundings.
Wright was a big fan of Japanese culture and architecture, and he was inspired to bring a taste of Japan to Taliesin, as well. The architect’s home included an artificial lake stocked with fish and aquatic fowl, a water garden, as well as a ‘tea circle’ in the middle of the spacious, green courtyard.
The home that Wright built was stunning, and to this day it remains one of his most beautiful creations.
The beauty of Taliesin, however, did not do much to impress those living in nearby communities, who disapproved of Wright’s relationship with Borthwick.
At the time the couple lived in Wisconsin, Borthwick had divorced Cheney, but Wright was still married, as Catherine Tobin refused him a divorce. Due to the scandalous aspect of their relationship, locals and media dubbed Taliesin ‘the Love Cottage.’
Nonetheless, the couple lived happily at Taliesin, joined by Mamah Borthwick’s two children and a number of household workers and employees.
Among those employees were Julian Carlton, a handyman and servant, and his wife Gertrude.
In 1914, the 31-year-old worker started acting strangely, becoming more and more paranoid and staring out the windows holding an axe. Given his strange behavior, Wright and Borthwick decided to let the couple go, and they gave Carlton and his wife notice in mid-August.
The events that followed the next day, on August 15, 1914, were so shocking that Taliesin will unfortunately forever be associated with them.
That August day, while Wright was away on business, Julian Carlton attacked Mamah Borthwick and her two children, ending their lives.
He then turned against the other members of the household, after which he set the house on fire.
His killing spree ended the lives of Borthwick, her two children, as well as two other workers and their young boy.
Following the attack, Carlton hid in the basement’s fireproof furnace and swallowed hydrochloric acid in an attempt to end his own life. Somehow, he survived, and he was arrested and taken into custody.
While awaiting his trial and sentencing, he died of starvation, as the acid he swallowed had burned his esophagus to the extent that he could no longer eat.
Carlton’s wife was luckily not in the house at the time, as she was waiting for her husband to join her on a train to Chicago.
Taliesin II – Frank Lloyd Wright rebuilds his Wisconsin house
Taliesin I was, in large part, destroyed, and Frank Lloyd Wright was left heartbroken, losing the love of his life and the beloved home that they shared.
He was so devastated that he couldn’t even bring himself to hold a vigil or a formal funeral for Borthwick, instead burying her in an unmarked grave in a nearby graveyard.
However, Wright soon got back on his feet and decided to rebuild Taliesin.
By the end of 1914, he had built Taliesin II, and had found companionship in Miriam Noel, who sent him a condolence letter after that summer’s massacre.
Wright, however, only settled in at Taliesin II in 1922, after he finished work on the Imperial Hotel in Tokyo.
RELATED: Frank Lloyd Wright’s Ennis House also known as The Blade Runner House
He was finally granted a divorce by Catherine Tobin, and married Miriam Noel in 1923. The marriage, however, was doomed to not last, as Noel’s erratic behavior, later diagnosed as schizophrenia, led to a tense relationship between her and Wright.
Noel eventually left Wright and moved out of Taliesin II in 1924. One year later, in an eerie turn of events, Taliesin II burned to the ground due to faulty wiring, and Wright was back to square one.
However, like a phoenix, Taliesin would rise from the ashes once again.
Taliesin III – Wright rebuilds it once more, but the costs drive it into foreclosure
Even after two fires tried to destroy his work, Frank Lloyd Wright was not ready to give up on Taliesin, and he rebuilt it once again, as Taliesin III.
Each time the architect had to revamp Taliesin, the house grew bigger.
In its third and final form, Taliesin featured 37,000 square feet, and all the buildings on the estate combined totaled no less than 75,000 square feet on 600 acres of land.
The third reconstruction of Taliesin did, however, create a pretty big dent in Wright’s pockets, and he was severely in debt at the time work on Taliesin III was finished.
In 1927, the Bank of Wisconsin foreclosed on the property, and the architect moved to La Jolla, California, forced to leave his beloved hilltop home behind.
His fans and students, however, devised a plan to have the revered architect reunited with Taliesin.
Darwin Martin, a former client of Wright’s, formed a company dubbed Frank Lloyd Wright Inc., to issue stock on the architect’s future earnings. Various other clients and students purchased stock and ended up successfully bidding on Taliesin for $40,000, giving it back to Wright.
SEE ALSO: The Chemosphere House and 6 other striking John Lautner-designed homes
Thankfully, the innovative design and historic importance of Taliesin were recognized by Wright’s clients and admirers, and the efforts to preserve and keep the estate alive paid off.
In January 1976, Taliesin was named a National Historic Landmark District by the National Park Service. More than three decades later, Taliesin was one of the buildings included in The 20th Century Architecture of Frank Lloyd Wright, a UNESCO World Heritage Site featuring a selection of eight buildings designed by the architect across the U.S.
Today, Taliesin is a historical and architectural gem, and Frank Lloyd Wright fans can visit the estate on professional, guided tours.
If you’re an architecture fan, a student, or design aficionado and you’re ever traveling near Spring Green, Wisconsin, you don’t want to miss out on the chance to visit Taliesin.
Frequently asked questions
Where is Taliesin?
Frank Lloyd Wright’s house in Wisconsin, Taliesin, is located at 5481 County Road C, Spring Green, WI 53588, USA, about 2.5 miles south of the village of Spring Green in the Driftless Region of southwestern Wisconsin.
What does the word Taliesin mean?
Taliesin is a gender-neutral name of Welsh origin, meaning “radiant brow” made famous by a 6th Century Welsh bard who is said to have performed at the courts of three different kings. Lloyd Wright reportedly named his house in Wisconsin Taliesin to signal that was “of the hill,” not on it, building it below the hillcrest, on its brow rather than its crown.
Did Frank Lloyd Wright rebuild Taliesin?
The legendary architect had to rebuild his Taliesin house in Wisconsin twice. The first time was in 2014 after a gruesome attack by employee Julian Carlton who ended the lives of Wright’s then-girlfriend, Mamah Borthwick and her two children, and then set the house on fire. The second time was in 1925 when Taliesin burned to the ground due to faulty wiring.
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Woo hoo! You’re finally ready to look for that “starter” cottage or maybe there’s a condo that’s caught your eye. Buying your first home is exciting, but it can also be confusing and stressful. Homie de-mystifies the home-buying process, automates many of the steps, and makes buying a home without a real estate agent a reality. Here’s how it works.
How much can you afford?
How do you calculate how much you can afford to spend on your home? A good rule of thumb is to spend no more than 28 percent of your monthly gross income on your mortgage (the bank won’t let you go much higher than that anyway).
What does that mean? Let’s say you make $55,000 a year, that’s $4,583 gross monthly and puts your 28-percent mortgage at $1,283. Depending on your interest rate, your terms, and how much you put down, you could buy a house or condo between $250,000–$300,000. Keep in mind that your mortgage payment will just part of the overall monthly cost of a home; you’ll also need to cover taxes and insurance.
Now, how does that compare to renting. Average rent costs in Salt Lake City are expected to hit $1,520 per month this summer–$237 more than your hypothetical mortgage payment. Additionally, the 2016 Home Price Expectations Survey predicts Utah home prices will increase in value 10–30 percent in the next five years. Buying now could earn you some sweet equity in just a few short years.
Get pre-qualified
You can get pre-qualified in just a few minutes–without having to put your hands on a single pay stub. Once you’re pre-qualified, our online, step-by-step platform will walk you through gathering the information needed to go from pre-qualified to pre-approved, and then through underwriting. Here’s a look at what you’ll need:
Pay stubs
Bank account statements
W-2s
Tax returns for the past two years
Statements from current loans and credit lines
Names and addresses of your landlords for the past two years.
Remember your credit score will affect your borrowing power and influence the interest rate on your home loan. For ways to give your credit score a hefty boost, read this blog post.
Stop saving
If you’re still saving up for a 20% down payment, stop. Dozens of loan options exist for 0–5% down and you’d be wise to buy sooner rather than later, even if it means paying extra in mortgage insurance for the first few years.
Let the hunt begin
Now that you know what you can afford, you’ve got to find it. Luckily, you only need to look in two places:
Create your list of must-haves
Aside from price, everyone has a mental list of what they’d like to have in a home. Use this checklist to help you clarify what you want:
# of bedrooms
# of bathrooms
Square footage
Commute
Garage, carport
Schools
Walkable area
Restaurants, shopping, parks
Neighborhood
Lawn size, sprinkler system
Storage
Remember, you may need to compromise on some of these things in order to find the right first home.
Use Homie to search and tour
Homie is easy to use. Search by city, zip code, or use the map function to explore new areas. Easily cross-reference favorite homes by price, availability, square feet, and number of bed/baths. Once you find a home you’re interested in, Homie’s Tour software lets you set up a tour with any Homie seller online. You can also look at non-Homie houses. Just call the selling agent to view the home, so you know if you’re interested.
Consider a slightly longer drive for more house
Can’t find what you want in downtown Salt Lake or Sandy? You don’t have to go all the way north to Ogden or South to Provo, but it might be worth expanding your search map to find the features you need in a price range you can afford. An extra five-minute drive can really open up your options.
Make an offer
Yay! You’ve found a home that’s within your price range, has the amenities you want, and is in an ideal location, the next step is to place an offer. At Homie, we make it incredibly easy. Our team of legal experts assist with your paperwork to ensure you place a competitive offer. We also offer free home value reports to show you what comparable homes are selling for in the area. Pretty cool, right?
If the offer is accepted, you’ll move to the due diligence stage. If the seller offers a counter offer, Homie will guide you through the best way to proceed.
Get your loan through underwriting
Once you have a signed contract, get that to your mortgage broker ASAP. It usually takes a couple of times through underwriting before you’ve resolved any potential concerns, so leave yourself at least two weeks to accomplish this step prior to your financing deadline.
Manage inspections and appraisal
Home inspections and the bank appraisal protect you the buyer. The inspections give you a few hours alone in the house with a qualified professional who can help you determine whether there’s any hidden problems that might cause concern. You’ll get to take a close look at that paint job, window casings, and appliances. Your inspector will deliver a written report that highlights major and minor concerns. Discuss this report with your Homie attorney if you need to negotiate repairs or changes to your contract.
If the appraisal comes in at or above the sales price in the contract, you’re golden. Sometimes in a hot market, a buyer can make an offer that is actually higher than the appraised value of the house. When this happens, you have multiple options, including re-negotiating the sales price and even walking away from the deal. Discuss your options with your Homie attorney.
Sign your closing docs
When you’re ready to start closing procedures, the closing paperwork will be prepared by your lender and the title company. You and the seller just sign on the dotted line. Easy!
And once you’ve signed the paperwork, and have been handed the keys to your first home, it’s time to bust out your happy dance because you’ll officially be a HOMEOWNER!
Today we’ll take a hard look at “Aurora Financial,” a direct mortgage lender that says it’s built for speed.
In fact, they claim it’s possible to close a home purchase loan or refinance in as little as 14 business days, which is well below the average time it takes to get a mortgage.
Typically, you’re looking at 30-45 days during normal market conditions, and even longer if the industry is slammed.
So if you’re in need of a quick close and a low mortgage rate, Aurora Financial could be a winner. Let’s learn more.
Aurora Financial Fast Facts
Direct-to-consumer mortgage lender
Offers home purchase loans and mortgage refinances
Founded in 2003, headquartered in McClean, VA
Currently licensed to do business in 20 states nationwide
Funded about half a billion in home loans last year
Specialize in very fast loan closings
Aurora Financial is a Virginia-based direct-to-consumer mortgage lender that offers home purchase loans and mortgage refinances.
They seem to focus on the latter, with such transactions accounting for around 90% of their total loan volume in 2020.
Speaking of, they closed nearly half a billion in home loans last year, with about half of overall volume originated in their home state of Virginia.
At the moment, they do business in the states of California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, Illinois, Massachusetts, Maryland, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington, and West Virginia.
While they work all over the country, you’ll likely be applying remotely as they don’t appear to have brick-and-mortar branches.
How to Apply with Aurora Financial
To get started, simply visit their website and click on “Apply Online.” You can also call them up directly before you do to get pricing.
From there, you’ll be prompted to create an account, then you can fill out the actual loan application.
They say it’s a digital process and mostly paperless, with e-signatures for initial disclosures and a secure portal for quick uploads of supporting documents.
Those looking to buy a home can generate a pre-approval in “minutes,” and their big claim is using the latest tech to offer the fastest closings in the industry.
Part of that might be their streamlined business model of focusing mainly on conventional refinance applications for W-2 borrowers.
It also helps that they offer both in-house paperless processing and underwriting.
Apparently, the average refinance closes in just 16 business days, though their rush closings can be even faster.
All in all, it should be easy to complete your application and get to the finish line, assuming you have a simple loan scenario.
Loan Programs Offered by Aurora Financial
Home purchase loans
Refinance loans
Conforming loans backed by Fannie Mae and Freddie Mac
High-limit and jumbo loans
FHA loans
VA loans
I wouldn’t say Aurora Financial has a vast product menu, but they do offer the most common programs that the majority of borrowers are looking for.
This includes home purchase financing, rate and term refinances, and cash out refis.
You can get a conforming loan, high-limit, jumbo, or government-backed option like an FHA or VA loan.
The only major loan type they don’t appear to offer is USDA loans.
It’s also unclear if you can get an adjustable-rate mortgage, not that they’re very popular at the moment.
Aurora Financial Mortgage Rates
One area where the company seems to shine is mortgage rates. Instead of simply telling you they offer super competitive rates, they post them right on their homepage.
You won’t have to dig around or provide your contact info first. Simply head to their website for daily rates.
They also advertise on third-party websites like Zillow, where lenders are often very competitive in the pricing department.
After all, you don’t want to be the most expensive option when listed among dozens of other lenders.
From what I saw, they were offering one of the lowest rates for a 30-year fixed on Zillow for a sample loan scenario I generated.
It was also listed with $1 in lender fees, which is essentially a no cost refinance. That means a low rate and equally low APR.
On top of their seemingly low rates, they also offer a free rate float down if you lock and rates get even better.
It only applies to conforming loans and the rate must drop by 50 basis points for a fixed-rate loan and 62.5 bps for an adjustable-rate mortgage.
As always, put in the time to gather additional quotes with competing lenders to ensure you do your due diligence.
Aurora Financial No Closing Cost Loyalty Program
Another perk to using Aurora Financial is their so-called “No Closing Cost Loyalty Program.”
Simply put, if you get a loan from them and mortgage rates drop enough to make a refinance worth it, they’ll offer one without closing costs.
Not only will they waive their own lender fees, but also third-party costs like the home appraisal, title and escrow.
Borrowers will only be responsible for funding their impound account, if applicable.
To qualify, the loan amount must $200,000 or greater, a conforming loan on a primary or second home, and be at least six months past the previous loan funding date.
This gives you the opportunity to refinance at no cost for the lifetime of your loan with them.
Aurora Financial On-Time Closing Guarantee
Pricing aside, Aurora Financial also offers an on-time closing guarantee to ensure you get your home purchase financing without delay.
This is especially important in a hot real estate market, which we’re currently experiencing.
In short, they’ll close your purchase transaction on time or credit you with $1,000 at the time of closing.
This offer only applies to conforming loans and FHA loans, with jumbo loans ineligible, along with self-employed borrowers.
Ultimately, you need a pretty cut and dry loan scenario to qualify, but the guarantee should apply to most borrowers who happen to file W-2 and have a conforming loan amount.
Aurora Financial Reviews
On Zillow, Aurora Financial enjoys a 4.69-star rating out of 5 from more than 700 customer reviews.
At Bankrate, they have a 4.8-star rating from nearly 300 reviews, with 97% of customers indicating they’d recommend this lender.
They also have a 4.8-star rating on Angi from about 80 verified reviews, with price, punctuality, and responsiveness all receiving high marks.
On Google, a very similar 4.7-star rating from about 125 reviews, and on Yelp a 4.5 rating from about 25 reviews.
The company is also A+ BBB rated, and has been an accredited company with the Better Business Bureau since 2006.
They have a 4.93/5 customer rating on the BBB website and no customer complaints on file.
In summary, Aurora Financial seems like a good pick for a homeowner with a vanilla mortgage (Fannie/Freddie W-2 borrower) that’s looking to refinance.
The combination of low rates and fees, coupled with fast processing and their no-cost loyalty program, separates them from other shops.
Aurora Financial Pros and Cons
The Good
Can apply online via their secure digital mortgage application
Offer a mostly paperless loan process and in-house processing
They post their daily mortgage rates online
Appear to offer low rates and limited/no lender fees
Free rate float down
Their loan officers don’t work on commission
$1,000 on-time closing guarantee
Can close loans super fast (in as little as 14 days)
Excellent customer reviews across all ratings sites
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
We are going to under the cover and discover $14 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $14 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $14 an hour is how much a year. Also, we will break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive until the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1213.
How Much is $14 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $29120 per year.
This is the same as the example above for an annual salary making $14 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 14 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a frugal green minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $14 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $14.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $14 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $14 an Hour
In this last section, grasp these tips on how to live on $14 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $14 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $14 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $14 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $14 an Hour
You can always find jobs that pay $14 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
New home sales posted yet another increase in March, rising 9.6% from February to a seasonally adjusted annual pace of 683,000 homes, according to data published on Tuesday by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). This is the fourth straight month of new home sales increases.
On a year-over -year basis, however, new home sales are still down 3.4%.
“Buyers have begun to adjust to the elevated mortgage rate levels, especially in areas where home prices have adjusted downwards to compensate,” Kelly Mangold, the principal of RCLCO Real Estate Consulting, said in a statement. “Despite signs of economic uncertainty in March, which included news of bank failures, buyers are still showing demand for new homes.”
The faster sales pace meant the inventory of unsold new homes continued to fall, dropping from 436,000 in February to 432,000 in March. This represents 7.6 months of supply at the current sales pace.
“The backlog of new construction homes from the building boom across 2021 is working its way to the market, offering fresh listings for buyers who are facing more competition on fewer homes,” Nicole Bachaud, Zillow’s senior economist, said in a statement.
“While still lower than new home sales a year ago, this bump in new inventory is important for keeping the market on a healthy and sustainable trajectory, especially during this spring home shopping season. And although overall home construction activity has slowed in recent months with high rates and slowing demand, slight upticks in single-family home construction could indicate that we will continue to see this flow of new construction homes making its way to the market when it’s needed the most.”
The increased demand for new homes also resulted in an uptick in the median sale price, which rose from $438,000 in February to $449,800 in March.
Regionally, the sales pace was up in the Northeast (65,000 homes), the Midwest (71,000 homes), and the West (161,000 homes) on a month-over-month basis, with the Northeast recording the largest increase at 170.8%.
The South (386,000 homes) was the only region to fall on a monthly basis, recording a 5.4% drop.
On a yearly basis, all regions except the Northeast (+27.5%) recorded drops in annual sales pace, with the Midwest recording the largest drop at 11.3%.
A number of requirements must be met to take advantage of the scheme.
Price Limits
The value of the residential property must not exceed the price caps that have been set by the government in your state or regional area. In New South Wales, where property is most expensive, the cap is set at $900,000. In more affordable states such as Tasmania, the maximum price is $450,000.
“The price caps serve as your ceiling—the maximum price you can go for,” says Mardiasmo. “It doesn’t mean you have to go up to the maximum. If you are able to find a property that is lower, then this will serve well in terms of the amount of debt taken.”
Mardiasmo also notes that the caps represent the total value of the property. Buyers who are purchasing a house-and-land package need to be especially mindful of this, as they risk having their application rejected if the price of both is over the maximum limit.
“Sometimes buyers can be caught out with variations in construction contracts if they are purchasing land and then having a separate contract to build a home,” says Mardiasmo. “They could also be caught out if they are buying a house-and-land package, in which the total cost can vary, depending on your choice of inclusions.”
Buyers of these types of properties will need to sign a fixed-price building contract.
Along with the First Home Guarantee, there is also a Regional First Home Buyer Guarantee and a Family Home Guarantee for single parents with at least one dependent child. You can read more about the price limits via this table.
Property Types
There is also some flexibility in terms of the type of property being purchased–however it is essential that the property in question is a residential one. In other words, the applicants will become the owner-occupiers. Investment properties are excluded from the scheme.
Eligible residential properties include:
an existing house, townhouse or apartment
a house and land package
land and a separate contract to build a home
an off-the-plan apartment or townhouse
Relationship Status
Both singles and couples can benefit from the scheme. Single applicants with a taxable income of up to $125,000 per annum for the previous financial year are eligible, whereas the total income for a couple is $200,000 per annum.
Previously only couples were eligible for the First Home Guarantee if they are married or in a de-facto relationship with each other. However, from July 1, other people buying together, including siblings or friends, will be eligible.
The scheme was also expanded in the October budget to provide support specifically for single parents. There are now 10,000 Family Home Guarantees available for eligible single parents with at least one dependent child who have a deposit of as little as 2%. From July 1, this definition of single parent, will be expanded to include legal guardians, including aunts, uncles and grand-parents.
Loan Requirements
Loans under the First Home Guarantee require scheduled repayments of the principal and interest of the loan for the full period of the agreement.
There are limited exceptions for interest-only loans, which mainly relate to construction lending.
Wage Thresholds
A single person is eligible if they earn $125,000 per year or less, as is a couple who earns a combined $200,000. This must be shown on the Notice of Assessment issued by the Australian Taxation Office.
Deposit Size
To be eligible for the scheme, the minimum deposit size is 5% of the total price of the property. A single parent with children can have a deposit of 2%. The maximum deposit size allowed is 20%.
Sugar House, just 10 minutes south of downtown Salt Lake City, is a notably chic and effervescently cool neighborhood. The area is known for classic homes, walkable streets and thriving local businesses—including some of the state’s best local eateries, boutiques, and art galleries.
Thinking about house hunting in the area? Find out more about what living in Sugar Houseis like with our Homie Neighborhood Guide below.
FROM THE 1920’S TO TODAY
Sugar House is one of the oldest cities in the valley, and it has the charming 1920’s and 1930’s bungalow-style homes to prove it. The area blends old-world charm and modern convenience. Historic shops like Harmon’s Emigration Market, a centerpiece of the beloved 15th & 15th area has been around since the 40’s, and modern restaurants like Kimi’s Chop and Oyster House, Even Stevens, and Pho Thin create a mix of old and new.
Sugar House homes are known for unique architectural features like built-in shelving and arched doorways. Add mature tree-lined streets with independent shops nestled in-between, and you’ve got the makings for something really good.
FIND YOUR TRIBE
Sugar House is the hipster cousin to Salt Lake’s posh Avenues neighborhood and the younger version of adjacent Millcreek. The community features a blend of residents; from students attending the University of Utah or Westminster College to young families to long-time residents. The neighborhood is diverse and all walks of life are welcomed.
Homes vary significantly in price, but most homes are well above the state’s average median home price ($274,000). Popular areas are often list upwards of $500,000. Click here to search Homie’s current Sugar House listings.
MUST-KNOW AREAS
15th & 15th: This area is a Sugar House staple. Only a few blocks in size, you’ll find seriously goodness eats here, with the likes of Tulie Bakery, Sea Salt, and Eggs in the City. It’s also home to local favorites, including King’s English Bookstore and 15th Street Gallery.
21st South:The renovated 21st south area is a gorgeous mixed-use development area featuring new modern-style dwellings, a mix of big-box stores like Nordstrom Rack, Barnes & Noble, and Old Navy, and independent establishments like Details, Soup Kitchen, and Wasatch Brew Pub.
Sugar House Park: The area’s namesake park, Sugar House Park, draws sunbathers and dog-walkers in the summer and kids pulling sleds in the winter. This well-manicured public park features everything from a 2-mile running trail to open spaces and playgrounds to public-use picnic pavilions.
WALKABILITY & DRIVABILITY
Stroll from store to store. Have a cocktail at one restaurant and then walk down the street to enjoy dinner nearby. Get your fill of green from tree-lined streets, parks and a creek-side walking trail. Most neighborhoods are within a 10-15 minute walk to nearby grocery stores, and restaurants of all types and sizes.
If walking doesn’t appeal to you, the ease of public transit just might. The opening of the S Line, a new public rail that connects Sugar House to downtown Salt Lake City, makes the area extremely accessible.
And, if you want to hop in a car, the neighborhood has easy access to I-80 and I-215 and it’s only a 20-minute drive to any of Utah’s famed ski and snowboard resorts, including Park City Mountain Resort, Alta, Brighton, and Snowbird.
NEED MORE INFO?
Ready to find your dream home in Sugar House? A Homie agent is here to help you every step of the way. Start by checking for current home listings in Sugar House on Homie. When you find a home you’d like to tour, just click ‘Schedule a Tour’.
When it comes to the best places to live in America, it’s more than just civic pride that earns a place a spot on the list. U.S. News & World Report recently published their list of the 100 best places to live in the USA, analyzing elements such as value, desirability, a strong job market and a high quality of life. If you’re looking for your next location and want to pick from the cream of the crop, check out some of these cities as your next potential target.
The Top 10 Best Places to Live According to US News & World Report
#1: Austin, TX
Love music? Crave more culture than you can shake a stick at? Then Austin, TX is the place for you. According to the study, about 50 people move to Austin every day. Cited as “Live Music Capital of the World” and home to two of the country’s biggest music, film and media festivals with Austin City Limits and South By Southwest, it’s no surprise it’s a hot destination for many renters. Find apartments in Austin, TX
#2: Denver, CO
Known as the “Mile High City” due to its towering 5,280 feet above sea level elevation, Denver has recently shed its image of a wild west mountain town for a more cosmopolitan image. Though it’s undeniable that it is a perfect location for snow sports enthusiasts, Denver’s progressive attitude towards the legalization of recreational marijuana and its related industries has certainly seen a hike in the city’s desirability. Not a nature lover or fitness nut? There’s an emerging arts and brewing scene here that can’t be overlooked. Find apartments in Denver, CO
#3: San Jose, CA
Do you know the way to San Jose? Though the famous lyrics may not know how to get there, it would appear that renters across the country do. Nicknamed the capital of Silicon Valley, it’s little wonder that this California stalwart is huge for those in tech. It’s not all business, though — San Jose is also great for hiking, camping and enjoying the great outdoors. Bonus: San Jose has over 300 sunny days a year, so feeling those mid-winter blues will be a thing of the past. Find apartments in San Jose, CA
#4: Washington, DC
It’s more than politics that drive people to move to the nation’s captial, and everyone from foodies to culture vultures can find a neighborhood that suits them perfectly. DC is home to a terrifically extensive public transportation system, so getting around without a car is easy. Additionally, the city is full of public parks, meaning you can still have fun in the great outdoors without losing the heartbeat of an urban environment. Find apartments in Washington, DC
#5: Fayetteville, AR
Arkansas? Really? You bet. Full of good old-fashioned southern hospitality and currently feeling an economic boom, Fayetteville attracts those that crave a friendly, family-type atmosphere. Its close proximity to the Ozarks makes it a destination for lovers of the outdoors, and the city speaks to those who love the arts and local food movements. Find apartments to rent in Fayetteville, AR
#6: Seattle, WA
Surrounded by beautiful landscapes and home to a hip, urban environment, there’s a lot more to Seattle than just grunge and coffee. The people here personify “laid back,” making it a hot spot for start-ups and tech firms of all sorts. Despite the hills, bike commuting is popular, and there’s an extensive bus system that runs throughout the downtown area. And no — it doesn’t rain all the time. In fact, New York City actually gets more rain annually. Find apartments in Seattle, WA
#7: Raleigh & Durham, NC
Part of the North Carolina Triangle, this area is pulling in about 80 new residents a day. Affordable rents and shorter commute times add up to a great quality of life factor in Raleigh-Durham which has attracted a younger population to the metro area. Kick back with one of the many local microbrews and enjoy the growing arts and music scene. With a lower cost of living than the national average, you’ll be able to afford the fun. Find apartments in Raleigh, NC Find apartments in Durham, NC
#8: Boston, MA
Drenched with history and flooded with culture, there’s a lot to love about Boston. Home to world-class educational institutions, hospitals, eclectic music and arts scene and one of the nation’s oldest ballparks, the people of Boston are a diverse bunch. Everyone from recent college grads all the way to retirees love the city, and each neighborhood offers up something different. Though considered expensive comparatively to the national average, it’s money well spent for a city like this. Find apartments in Boston, MA
#9: Des Moines, IA
“Is this heaven? No, it’s Iowa” as the famous line from Field of Dreams said — and Des Moines is no exception. This midwest gem may not sound like a must move destination, but it’s got it where it counts. Despite its population of 600,000, Des Moines has a neighborly feel making it a popular place to raise young families. With rents and cost of living below the national average, it’s worth consideration as a great place to live in America’s crossroads. Find apartments in Des Moines, IA
#10: Salt Lake City, UT
Though Salt Lake City has devout roots in religion and Mormon faith, this city definitely changes with the times. Lovers of the great outdoors revel in the close proximity to five national parks and a few excellent ski resorts, while those with more urban leanings find fun in the city’s sports teams and many downtown entertainment options. Cost of living is fairly inexpensive compared to the national average, and with more apartments and condos being built availability is high. Find apartments in Salt Lake City, UT
To read more about US News & World Report’s methodology, click here.
Are any of these cities on your moving bucket list? Do you agree with the report? Let us know what you think below!