Housing demand reached a new level of enthusiasm during the pandemic, with homebuyers benefitting from extremely low mortgage rates. From the summer of 2020 until much of 2021, average 30-year mortgage rates stayed under 3%. However, as more and more buyers jumped into the real estate market, months of inventory began to plummet and home prices surged. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the national average sales price in the US grew from $383,000 in Q1 2020 to a peak of $552,600 in Q4 2022 – a 44.3% increase in less than two years.
So if you purchased a home during the pandemic, how much is it worth now? To find out, Zoocasa analyzed median home prices in 30 major US cities from January 2020, 2021, and 2022, and compared them with the 2024 median price to see how much they’ve changed over the last 4, 3, and 2 years.
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Median single-family home prices were sourced from each city’s respective real estate board and are from January of each year. Average 30-year fixed rates were sourced from Freddie Mac and are from the first week of each month. The national average sales price in the US for each quarter was sourced from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Average Sales Price of Houses Sold for the United States [ASPUS], retrieved from the Federal Reserve Bank of St. Louis.
In 14 of the 30 real estate markets we analyzed, the median home price increased by more than $100,000 from 2020 to 2024. In those four years, Californian homes increased the most in value. San Diego and San Francisco homes bought in 2020 appreciated by $265,000 and $247,000 respectively. Los Angeles homebuyers also built a significant amount of equity, with the median home price rising by $211,500 to $750,000 in 2024.
Outside of California, 2020 home purchases in Boston and Miami experienced significant price growth, both increasing by more than $200,000 in four years. For homebuyers in Miami in 2021, the value of their homes experienced the second-highest increase over three years, at $170,000, just below San Diego’s increase of $195,000. But Miami isn’t the only city in Florida where home prices have grown substantially from 2020. In Tampa and Jacksonville, home values have increased by $151,500 and $129,900 since 2020, and since 2021 they have risen by $115,000 and $95,919 respectively.
Other cities where home values increased by more than $100,000 in four years include Denver, Nashville, Dallas, and Salt Lake City. Buyers who bought a home in one of these cities in 2021 also benefited from sizable price appreciation – with home values rising by $100,000 or more in three years.
Though 2020 and 2021 pandemic buyers experienced a significant increase in their home values, some homebuyers who purchased a home in 2022 – when interest rates started climbing – have yet to see equity build. From January 2022 to January 2024, home values dropped in San Francisco by $71,000 and in Brooklyn, they dropped by $51,000. 2022 homebuyers are currently down in six other cities: Washington DC, San Antonio, Memphis, New Orleans, St. Louis, and Salt Lake City. But this doesn’t mean homebuyers in those cities won’t build equity. According to the National Association of Realtors®, in 2023 the median time buyers expected to stay in their home was 15 years. This gives the average homeowner plenty of time for their home to appreciate, and with interest rates coming down, competition will rise and push home prices up once again.
The vast majority of pandemic buyers are in the green, even if they bought their home in 2022. With some of the highest median home prices in the country, it comes as no surprise that Boston, Miami, San Diego and Los Angeles lead the way for 2-year price increases – all up by $50,000 or more. Not every city experienced home price increases of those heights, however. 2022 homebuyers in Philadelphia and Tucson built home equity, but values increased by just $1,250 and $2,500 respectively in two years.
If you’re looking to find an affordable home this spring, give us a call! We can answer any questions you have about your local market and help you navigate the home-buying process.
Memphis, TN, is a city buzzing with music, history, and some of the best barbecue you’ll ever taste. Living here means you’re never far from a live blues show or an interesting museum, making it a great place for those who love culture and entertainment. The question, “should I move to Memphis?” crosses many minds, especially when considering the city’s unique blend of urban life and southern charm. Memphis stands out for its strong sense of community and the famous Graceland, the home of Elvis Presley, which attracts visitors from all over the world. In this article, we’ll discuss the pros and cons of living in Memphis to help you decide if it’s the right place for you. Let’s dive in.
Memphis at a Glance
Walk Score: 35 | Bike Score: 41 | Transit Score: 22 Median Sale Price: $187,500 | Average Rent for 1-Bedroom Apartment: $1,065 Memphis neighborhoods | houses for rent in Memphis | apartments for rent in Memphis | homes for sale in Memphis
Pro: Music lover’s paradise
Memphis, is synonymous with the soulful strains of blues, rock ‘n’ roll, and soul music. The city is home to the legendary Sun Studio, where icons like Elvis Presley and Johnny Cash recorded their first tracks. Beale Street, with its vibrant nightlife and live music venues, offers an immersive experience into the city’s musical legacy. This cultural richness provides residents with a unique sense of pride and a plethora of entertainment options.
Con: Hot and humid summers
The climate in Memphis can be challenging, especially during the summer months. The city currently ranks #4 in the list of U.S. cities most at risk of extreme heat. The area experiences extremely hot and humid conditions, making outdoor activities and even daily commutes uncomfortable. This weather can also contribute to higher energy bills as residents crank up their air conditioning to find relief.
Pro: Affordable cost of living
The cost of living in Memphis is 10% lower than the national average. Housing is notably affordable, with average prices about $200,000 below the national average. This affordability extends to grocery and utility costs, making it easier for residents to enjoy a comfortable lifestyle without breaking the bank. This economic advantage attracts individuals looking to live in an urban area at a reasonable cost.
Con: Underdeveloped public transportation system
Memphis’ public transportation system can be a point of frustration for its residents. With a Transit Score of 22, the coverage is limited, and the efficiency of service often leaves much to be desired. This situation forces many to rely on personal vehicles, contributing to traffic congestion and parking challenges in the city. For those without cars, navigating the city can be difficult, impacting their ability to access employment and recreational activities easily.
Pro: Vibrant culinary scene
The culinary scene in Memphis is a delightful exploration of flavors, with barbecue taking center stage. The city is famed for its unique style of barbecue, characterized by its slow-cooked ribs and pulled pork. The city’s barbecue culture is celebrated at events like the World Championship Barbecue Cooking Contest, where pitmasters showcase their skills. Beyond barbecue, Memphis boasts a diverse array of dining options, from soul food to international cuisines, catering to all palates. Throughout the year, food festivals like the Memphis Food & Wine Festival and the World Championship Hot Wing Contest highlight the city’s diverse culinary landscape.
Con: High Allergen levels
For those with allergies, Memphis can pose significant challenges. The city is known for its high levels of pollen and other allergens, particularly during the spring and fall. This can lead to discomfort and health issues for sensitive individuals, affecting their quality of life. Residents often have to take extra precautions, such as installing air purifiers in their homes and monitoring air quality reports.
One of the standout advantages of living in this city is the strong sense of community. This advantage is showcased in events such as the Cooper-Young Festival, where locals gather to celebrate art, music, and food, fostering connections and camaraderie. Similarly, the monthly Trolley Night in the South Main Arts District brings people together for an evening of shopping, dining, and live entertainment. Moreover, Memphis is home to numerous grassroots initiatives and neighborhood associations dedicated to improving the lives of its residents.
Con: Limited job market in certain sectors
Memphis boasts a thriving logistics and transportation industry, thanks to its strategic location along the Mississippi River. However, the job market in other sectors can be limited. This can pose a challenge for people in fields such as technology, science, and the arts, who may find fewer opportunities within the city. As a result, some residents may need to look for employment in nearby cities or consider a broader range of job options.
Pro: Access to outdoor activities
Memphis offers a variety of outdoor activities that cater to nature lovers and fitness enthusiasts alike. The city is home to numerous parks, such as Shelby Farms Park, one of the largest urban parks in America, offering hiking trails, biking paths, and water activities. The Mississippi River itself provides a scenic backdrop for jogging, picnicking, and sunset watching, encouraging a healthy and active lifestyle among residents.
Con: Infrastructure needs
Like many cities, Memphis faces challenges with aging infrastructure. Roads, bridges, and public buildings often require maintenance and upgrades to meet the needs of the growing population. These infrastructure needs can lead to traffic delays, impact public services, and necessitate increased public spending. Addressing these issues is crucial for improving the quality of life and ensuring the city’s future prosperity.
Pro: Diverse cultural events
Memphis is a melting pot of cultural events that celebrate the city’s diverse heritage and artistic talent. From the Beale Street Music Festival to the Memphis in May International Festival, the city’s calendar is packed with events that cater to a wide range of interests. These events not only provide entertainment but also foster a sense of pride among residents, showcasing the city’s vibrant cultural scene.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
In 2024, homebuyers can expect lower mortgage rates, higher home prices, and a lot more competition.
Hopeful buyers should start preparing as early as possible by saving money and paying down debt to improve credit scores.
Look into affordable mortgage programs and down payment assistance to boost affordability.
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After watching mortgage rates hit two-decade highs and inventory plummet last year, many hopeful homebuyers are eager to get off the sidelines and into a home.
While 2024 is expected to be a better year for the housing market in many respects, a lot of buyers are still going to struggle to find affordability. If you’re planning to buy a house this year, here’s what you need to know about housing market predictions in 2024, and how you can prepare.
Home price predictions 2024
Experts generally expect home prices to increase in 2024.
Low home inventory is a chronic problem in the US. This has generally kept home prices up, even as mortgage rates peaked near 8% and homebuying demand plummeted last year. Demand is expected to increase this year, so even if home prices were to drop in 2024, they likely wouldn’t fall enough to significantly improve affordability on their own.
Mortgage rate predictions 2024
Here’s where we’ll probably find more affordability in 2024: mortgage rates. Though they’re still relatively high, experts predict we’ll see mortgage rates go down in 2024. The average 30-year fixed mortgage rate is generally expected to end up near 6% by the end of the year.
Fannie Mae believes 30-year fixed rates could inch down to the mid-to-upper 6% range during the buying season — which typically lasts from spring through early fall — and reach 6.4% by the end of 2024
The MBA’s forecast is slightly less aggressive, predicting that mortgage rates could hover in the 6.3% to 6.6% range during the peak homebuying season before falling to 6.1% to close out 2024
NAR predicts rates will be in the mid-6% range for the homebuying season and drop to 6.1% in the last quarter of the year
Whether mortgage rates actually trend down in 2024, and by how much, depends in part on the path the Federal Reserve takes in its fight against inflation.
The Fed has indicated that it may start cutting the federal funds rate this year, which would remove a lot of upward pressure off of mortgage rates and allow them to fall more substantially. But inflation has remained a bit higher than expected in recent months, so we might have to wait longer for a Fed rate cut. This means mortgage rates might not fall in time for the peak homebuying season.
Will the housing market crash in 2024?
Because home prices have increased so dramatically in recent years, doomsayers believe that the housing market is in a bubble, and it’s only a matter of time before it bursts and the market crashes. But it’s actually pretty unlikely that will happen.
One of the main reasons we’re unlikely to see the housing market crash in 2024 has to do with housing inventory. The US simply does not have enough homes to meet demand, which is keeping prices steady.
Of course, no one has a crystal ball. If demand were to plummet, home prices could start falling. A severe recession could cause this to happen, for example. But even with a recession, it’s not a given that the housing market would crash as a result.
When will the housing market crash?
The fact is, it’s hard to predict a housing market crash. Right now, the conditions aren’t right for one — even though demand is low, supply remains even lower. And demand is expected to improve this year, while supply will likely remain a chronic problem for years to come.
What this means for 2024 homebuyers
If you’re hoping to buy a house this year, you’ll want to start planning now. This year is likely to be better for buyers than 2023 was in many ways, but it’s also going to be more challenging when it comes to prices and competition.
Lower mortgage rates will undoubtedly improve affordability for borrowers, but with that will come increased demand. This will keep home prices high and likely push them up even further. Finding a home in your price range may become even trickier, and you may need to make a lot of offers on homes before you get one accepted.
How to prepare to buy a house in 2024: 5 tips
Here’s what you should be doing now to prepare for homeownership in 2024.
1. Get your finances ready now
Because home prices are likely to remain high, you’ll want to take advantage of lower mortgage rates by making sure you get the lowest rate you can.
One of the faster methods to get your credit score up is to lower your credit utilization. This will also decrease your debt-to-income ratio, which is another factor mortgage lenders look at when considering what rate to give you.
J.R. Russell, head of direct to consumer mortgage lending at Citi Mortgages, says homebuyers should consider paying off credit card balances to improve their scores ahead of the 2024 homebuying season.
“If you’re trying to pay off or pay down some credit cards, start with the cards or credit lines with the highest interest rates first,” Russell says. “Then, pay off the balances that are smallest. The good news is that if you do this, you’ll improve your debt load and your credit score.”
2. Look for affordable mortgages and other first-time homebuyer assistance
The key to affording homeownership for many buyers in 2024 will be utilizing mortgages geared toward first-time homebuyers and combining them with grants or other forms of down payment assistance.
“If you’re not sure that your down payment will be sufficient, take time to understand all of the available products that you may be eligible for through the FHA or VA, your bank, or other local institutions,” Russell says. “These programs may grant you access to down payment assistance and low-to-moderate income programs, among other game-changing resources.”
Conventional loans allow down payments as low as 3%, while FHA loans allow 3.5% down payments. USDA and VA loans allow no down payment.
Look into lenders that offer special mortgage programs that come with additional assistance. Rocket Mortgage, for example, offers a ONE+ mortgage that allows borrowers to put down just 1%, with the lender providing a 2% grant.
Bank of America mortgages, another popular lender for first-time buyers, offers a couple of different forms of down payment assistance.
3. Time your purchase right
There probably won’t be a single “best time” to buy in 2024, because that depends on each buyer’s priorities — so it’s important that you figure out yours.
If getting the lowest rate possible is most important to you, you’ll want to wait until later this year to buy, possibly until the second half of 2024. But if you’re looking to avoid competition, buying within the next few months might be a better bet. Plus, you could always plan to refinance later on as rates drop.
4. But don’t rush
“If rates do start to moderate and the market does seem to become more favorable to buying in 2024, it will likely stay this way for a while,” Russell says. “If that’s the case, I encourage you to take your time! Don’t put pressure on yourself to make any potentially hasty decisions on what may be your biggest asset and the largest financial decision of your life.”
Though it’s still a while away, forecasts generally expect mortgage rates to continue falling in 2025. If you don’t feel ready to buy by the time the 2024 buying season rolls around, there’s nothing wrong with waiting a bit to continue saving and working on your credit.
5. Build your savings
Whether you’re padding your mortgage down payment savings or contributing to your emergency fund, tucking away some extra cash now is vital if you plan on buying a home soon.
When you buy a house, you’ll need enough cash to cover both your down payment and closing costs, which can amount to between 3% and 6% of the loan amount. While many mortgage programs allow low down payments, the more you can put down, the better your interest rate will likely be. Plus, offers with larger down payments are often more attractive to home sellers, giving you a competitive edge in what will likely be a tough market.
Homeownership is also often more expensive than many first-time buyers realize, especially in the first year. Having some extra money set aside for unexpected costs will help ensure you don’t go into debt when your first big housing expense comes along.
Housing market predictions 2024 FAQs
Experts expect mortgage rates to drop in 2024, and 30-year fixed rates could end the year closer to 6%.
There probably won’t be a housing recession in 2024 based on current expectations, as limited inventory is likely to push prices up further. Expect to see higher prices, lower mortgage rates, and more buyers in 2024.
In general, 2024 should be a better year to buy a house compared to 2023, but it will still be tough due to increased competition and higher prices.
In the intricate dance of buying or selling a home, few steps are as crucial—or as anxiety-inducing—as the home inspection. It’s the moment when the house gets put under a magnifying glass, revealing its flaws and imperfections. But are home inspections truly deal killers, or are they just an essential part of the process? Let’s delve into this often-debated topic.
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The Power of the Home Inspection
A home inspection is like a thorough health check-up for a property. A licensed inspector examines the home’s major systems, structure, and components, looking for issues that could pose safety concerns or costly repairs down the line. From the foundation to the roof, no stone is left unturned.
Deal Breaker or Deal Maker?
The Case for Deal Breakers:
Unforeseen Issues: Home inspections sometimes uncover problems that neither the buyer nor the seller were aware of, such as hidden water damage, faulty wiring, or structural issues. These discoveries can spook buyers, leading them to renegotiate the price or even walk away from the deal.
Negotiation Leverage: Armed with the inspection report, buyers may demand repairs or concessions from the seller. If the seller refuses to address significant issues, the deal could fall apart.
Financing Hurdles: Lenders may require certain repairs to be completed before approving a mortgage. If the seller is unwilling or unable to make these repairs, the buyer’s financing could be in jeopardy.
The Case for Deal Makers:
Transparency and Trust: A thorough inspection report provides transparency about the condition of the property, giving both parties a clear understanding of what they’re getting into. This transparency can build trust and facilitate smoother negotiations.
Opportunity for Renegotiation: While inspection issues can be daunting, they also present an opportunity for renegotiation. Buyers and sellers can work together to find solutions that satisfy both parties, such as adjusting the purchase price or splitting repair costs.
Peace of Mind: For buyers, a clean inspection report offers peace of mind, confirming that the home is in good condition and worth the investment. For sellers, it validates the value of their property and reduces the risk of last-minute surprises derailing the sale.
The Bottom Line
So, are home inspections real estate deal killers? The answer is: it depends. While inspection issues can certainly derail a deal, they can also pave the way for a successful transaction if approached with transparency, flexibility, and open communication.
For buyers, a thorough inspection is essential for protecting their investment and ensuring they’re not buying a lemon. For sellers, addressing potential issues upfront can help streamline the selling process and minimize surprises.
In the end, a home inspection is not about killing deals—it’s about empowering buyers and sellers to make informed decisions and navigate the complex world of real estate with confidence. So, embrace the process, and remember that with the right mindset and approach, even the most challenging inspection issues can be resolved.
Are you looking to buy or sell this spring? Give us a call today! Our experienced real estate agents are here to help you find the perfect home!
Living in Louisville, KY means experiencing the excitement of the Kentucky Derby, indulging in delicious southern cuisine, and enjoying the beautiful waterfront parks along the Ohio River. With its friendly residents and affordable cost of living, Louisville offers a welcoming and unique atmosphere for anyone looking to make a new home in the Bluegrass State. If you’re wondering, “Should I move to Louisville, KY?” you’re in the right place. This article will guide you through 11 pros and cons of living in Louisville that can help you decide whether or not it’s the right place for you. Let’s get started.
Louisville at a Glance
Walk Score: 34 | Bike Score: 43 | Transit Score: 27
Median Sale Price: $230,000 | Average Rent for 1-Bedroom Apartment: $1,103
Louisville neighborhoods | houses for rent in Louisville | apartments for rent in Louisville | homes for sale in Louisville
Pro: Dynamic arts and culture scene
Louisville is home to a thriving arts and culture scene, with numerous art galleries, theaters, and music venues. The city hosts the annual Kentucky Derby Festival, which brings in artists and performers from all over the world. Residents can enjoy a wide variety of cultural events and experiences, from the annual Forecastle music festival and theater performances to art exhibits and film festivals.
Con: Humid summers
One of the downsides of living in Louisville is the sweltering summers. The city experiences high humidity levels during the summer months, which can make the heat feel more intense. Because of this, the city ranks in the top 10 for U.S. cities most at risk of extreme heat. Residents may find it uncomfortable to be outdoors for extended periods of time, and the humidity can also lead to increased air conditioning costs.
Pro: Affordable cost of living
The cost of living in Louisville is 3% lower than the national average. Additionally, the median sale price for homes in the area is about $200,000 less than the national average. This allows many residents to enjoy a good standard of living without breaking the bank. The low cost of living makes Louisville an attractive option for individuals looking to stretch their budget.
Con: Limited public transportation options
With a low Transit Score of 27, another drawback of this city is the limited public transportation options. While the city does have a bus system, it’s not as extensive or convenient as in other major cities. This can make it challenging for residents who rely on public transportation to get around the area.
Pro: Plenty of green spaces
Louisville is surrounded by beautiful natural landscapes, providing residents with ample opportunities for outdoor recreation. The city is located next to the Ohio River and is home to several parks and nature preserves, including Cherokee Park, Waterfront Park, and Boone Square. Outdoor enthusiasts can easily escape the urban environment and enjoy the beauty of the surrounding area.
Con: Limited diversity in dining options
While Louisville has a growing food scene, some residents may find the diversity in dining options to be limited compared to larger cities. The culinary scene may not offer as wide a range of international cuisines, and residents may find themselves craving more variety in their dining experiences.
Another pro for Louisville is the strong sense of community that residents experience. The city is known for its friendly and welcoming atmosphere, with tight-knit neighborhoods and a strong spirit of volunteerism. One notable event is the “Give A Day” week of service, organized by Louisville Mayor Greg Fischer, which encourages residents to engage in acts of kindness and volunteerism throughout the city. During this week, numerous service projects are organized, ranging from park clean-ups and food drives to educational workshops and community outreach initiatives.
Con: Extreme weather events
Louisville is prone to extreme weather events, including thunderstorms, tornadoes, and occasional flooding. Residents may need to be prepared for severe weather conditions and take precautions to ensure their safety. The unpredictability of the weather can be a concern for some individuals, especially those who are not accustomed to such conditions.
Pro: Highly-ranked healthcare facilities
Louisville is home to several top-notch healthcare facilities, including Baptist Health and Norton Healthcare hospitals. Residents have access to quality healthcare services and specialists, ensuring that their medical needs are well taken care of. This can provide additional peace of mind for individuals living in the city.
Con: Intense allergy season
Allergy season is something to consider when asking yourself, “should I move to Louisville?” The allergy season can be particularly challenging for those sensitive to pollen and other allergens. The city’s lush greenery and blooming flowers can exacerbate allergy symptoms for some residents, especially during the spring and early summer months.
Pro: Historic architecture
Louisville harbors a rich history and stunning architecture, with many historic buildings and landmarks scattered throughout the city. Residents can explore the Old Louisville historic district, visit famous museums like the Louisville Slugger Field Museum, or take guided historic tours to learn about the city’s past. While strolling through the area, you’ll notice the architecture reflects a blend of styles, from Victorian homes to modern skyscrapers, adding to the city’s charm.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Mortgage rates surged closer to 7% this week, a blow to hopeful homebuyers this spring.
The rate on the 30-year fixed mortgage increased to 6.87% from 6.74% the week prior, according to Freddie Mac. Rates tilted higher as inflation remained hotter than expected, leading to the Fed putting off any potential rate cuts until summer.
The uptick in rates caused some rate-sensitive homebuyers to retreat from the market, as affordability remains a top concern for the entry-level pool. Those looking to refinance also backed away from their plans as the chances of grabbing a lower rate slipped away.
Still, housing experts remain hopeful about the direction of affordability as more inventory trickles into the market.
“The housing market continues to face elevated mortgage rates, high prices, and low for-sale inventory,” said Hannah Jones, senior economic research analyst at Realtor.com. “As the spring season approaches, many buyers and sellers are getting warmed up to enter the housing market.”
Demand falters as rates jump higher
As mortgage rates rebounded, both refinance and purchase activity faltered — a recurring theme this season.
The volume of applications to refinance a home fell 3% for the week ending March 15 and was 3% lower than the same week a year ago, according to the Mortgage Bankers Association (MBA).
Demand for refinance had gained surprising momentum in the weeks leading up to March 8, with applications up 12%. The sudden jump in activity was due to a larger 24% increase in the government refinance index, the MBA noted, as homeowners who purchased at top rates last year were closely attuned to any opportunity to snatch a lower rate.
But as rates rebounded this week, that window of opportunity closed.
Read more: Mortgage rates hover around 7% — is this a good time to buy a house?
Purchase applicants also retreated from the market, with the volume of applications to buy a home down 1% for the week and 14% lower than the same week a year ago.
“Most homebuyers are sensitive to interest rates, which is why we see mortgage applications increase when rates fall and decline with rates increase,” said Bright MLS chief economist Dr. Lisa Sturtevant.
“However, not all homebuyers are equally sensitive to interest rates,” she added. “The number of cash buyers has increased. In many markets, these cash buyers are not investors but regular home buyers who have accrued significant equity in an existing home that they can roll over into the purchase of a new home.”
Just getting into a home has become more expensive. Mortgage News Daily, which tracks rates daily, revealed that rates surpassed 7% last week and have remained above that threshold as of March 20.
For first-time homebuyers, in particular, the fluctuation of rates has been a tough blow — especially as inventory of entry-level homes remains scarce and competition for homes within their price point is picking up.
According to the National Association of Realtors, the average price of a previously owned home increased to $384,500 in February, marking the eighth consecutive month of year-over-year price gains. The median price was also 5.7% higher than a year earlier.
“Additional housing supply is helping to satisfy market demand,” said NAR chief economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
Buyers and sellers need to adjust to ‘new normal’ in rates
Mortgage rates were elevated after data last week showed inflation and payroll numbers came in stronger than expected, which fueled concerns about the timing of the Fed’s plans to issue rate cuts this year.
Federal Reserve officials expect three interest rate cuts this year, which should help ease pressure on overall borrowing costs when they come to pass. However, when those rate cuts will happen remains to be seen.
“There is some uncertainty in the housing market as we head into spring,” said Sturtevant. “The Federal Reserve likely will put off rate cuts until the summer, which suggests that mortgage rates will not come down much in the first half of the year. Buyers and sellers seem to be adjusting to the ‘new normal’ of mortgage rates above 6.5%.”
Still, there’s some hope that buyers will see mortgage rates start to ease sooner rather than later.
“As we enter the spring homebuying season, we still anticipate rates will decrease in the coming months,” said MBA president and CEO Bob Broeksmit.
Gabriella Cruz-Martinez is a personal finance and housing reporter at Yahoo Finance. Follow her on X @__gabriellacruz.
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There’s no question that inflation has cooled significantly compared to mid-2022 when the inflation rate hovered above 9%. However, we aren’t back to normal just yet. At 3.2%, today’s inflation rate is still well above the Fed’s target rate of 2%, resulting in the Federal Reserve’s benchmark rate remaining paused at a 23-year high. In turn, borrowers now face elevated interest rates on everything from credit cards to mortgage loans — especially compared to the rates that were offered in 2020 and 2021.
But the good news is that mortgage rates, in particular, have declined slightly over the last few months, making it more affordable to borrow money for a home. And, as the spring homebuying season kicks into high gear, many prospective buyers are starting the pre-approval process to secure a mortgage loan.
Finding the right mortgage loan goes beyond just getting the best mortgage rate, though. It’s also critical that you understand all the details, fees and requirements from your lender so you can make the best decision possible for your money. And that starts by asking some important questions.
Explore your top mortgage loan options online now.
10 important mortgage loan questions to ask this spring
If you want to make an informed decision on your mortgage loan this spring, here are 10 crucial questions you should ask your mortgage lender:
What are the current mortgage rates and fees?
It’s crucial to get a clear picture of the interest rate you qualify for and understand all the lender fees involved in the transaction. As part of this process, be sure to ask about the mortgage loan’s annual percentage rate (APR), which includes the interest rate plus other costs. And, given that today’s mortgage rates are hovering near 7%, don’t forget to inquire about discount points to buy down the rate.
Find the best mortgage loan rates you could qualify for today.
What are the different loan program options?
There are various mortgage products to choose from. For example, your lender may offer you conventional or jumbo mortgage loan options as well as government-backed mortgage loans, like Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA) and U.S. Department of Veterans Affairs (VA) loans.
Each type of mortgage loan has pros and cons to consider, and your lender should explain the differences and qualifications for each. That way, you can choose the right fit based on your down payment amount, credit score and financial situation.
What is the required down payment minimum?
Down payment requirements can vary across mortgage loan programs, and depending on the amount of money you have to put down on the home, one mortgage loan could make more sense over another. So, be sure to find the minimum down payment percentages for each type of loan you’re considering, as well as the benefits of putting down a higher amount to avoid mortgage insurance.
You may also want to ask if you’re eligible for any down payment assistance programs, as these programs may be available for certain types of buyers or mortgage loans.
How much home can I afford?
Your lender will pre-approve you for a maximum mortgage loan amount based on your income, debts and credit. However, it’s important to understand that the amount you’re approved for is the maximum, and you need to know what monthly payment you can realistically afford.
With that in mind, be sure to ask your lender to run different home price scenarios with estimated payments to ensure that you’re comfortable with the potential costs each month and that they align with what you have budgeted for your mortgage payments.
What documentation is required?
Your lender will need various documentation, from tax returns and pay stubs to bank statements and gift letters, to verify your income, assets and other information that’s required to approve you for your mortgage loan. It can be helpful to get a full checklist of required paperwork so you can prepare in advance, helping to expedite the pre-approval process (and ultimately the loan approval process).
How long is the mortgage pre-approval valid?
Pre-approvals typically have an expiration date, which can vary by lender, but are often between 60 and 90 days. Ask your lender how long your mortgage loan preapproval is valid for and find out what the process is to get re-approved if your home search takes longer just in case there are issues with finding the right home in that time frame.
What are the estimated closing costs?
In addition to your down payment, you’ll need to pay closing costs, which can vary by lender, but typically amount to 2% to 5% of the home’s purchase price. Be sure to request a fee worksheet or estimate from your lender to understand this significant upfront expense.
And, in some cases, you may be able to negotiate with your lender to lower some of these closing costs and fees. Knowing what these costs are as you compare your loan and lender options can be useful as you determine whether it would be worth it to do so.
What is the rate lock period?
A mortgage rate lock guarantees that your quoted interest rate won’t increase for a set period, which is often between 30 and 60 days. As you navigate the mortgage lending process, be sure to find out the lender’s lock periods and associated fees in case you need an extended rate lock.
What are the steps after pre-approval?
Having clarity on the next steps after pre-approval is an important component of ensuring the mortgage lending process is a success. So, be sure to ask your lender about the typical timeline for what happens after pre-approval. That way you know how long you have to shop for homes, the timeline for having a home under contract, when you need to secure the appraisal and the estimated time it will take for the underwriting processes to get the final approval.
Are there any prepayment penalties?
These days, it’s rare for lenders to charge mortgage prepayment penalties. However, it’s still important to confirm there are no fees if you pay off your loan early or refinance down the road, so be sure to ask this question of your lender.
The bottom line
The mortgage process can be daunting, especially in today’s high-rate environment, but being an informed borrower is half the battle. So, as you navigate the mortgage lending process, don’t hesitate to ask your lender plenty of questions, as this will likely be one of the biggest financial decisions you’ll make. That’s why an experienced, communicative lender is key to making the right mortgage choice this spring homebuying season.
Angelica Leicht
Angelica Leicht is senior editor for CBS’ Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Mortgage rates increased this week. But the latest news from the Federal Reserve suggests that we could see them start to tick down in the coming months.
On Wednesday, the Fed announced that it will keep the federal funds rate steady as it waits for more data showing that inflation is nearing its 2% goal. The central bank also released the latest Summary of Economic Projections, which showed that Fed officials still expect to cut rates three times this year. This would likely lead to lower mortgage interest rates as well.
Average 30-year mortgage rates increased 13 basis points to 6.87% this week, according to Freddie Mac. Average 15-year rates also inched up to 6.21%.
“After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” Sam Khater, Freddie Mac’s chief economist, said in a press release. “As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage, and expectations that the Federal Reserve will cut rates later in the year.”
The Fed could start cutting rates as soon as its June meeting, according to the CME FedWatch Tool. This would remove some of the upward pressure off of mortgage rates and allow them to trend down a bit.
But it will likely be a while before we see affordability improve significantly. If you’re waiting for rates to drop before you start the homebuying process, you may have better luck later this year or in 2025.
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Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.
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$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.
30-Year Fixed Mortgage Rates
Last week’s average 30-year fixed mortgage rate is 6.87%, according to Freddie Mac. This is a 13-basis-point increase from the previous week.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates inched up to 6.21% last week, according to Freddie Mac data. This is a five-point increase since the week before.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
How Do Fed Rate Hikes Affect Mortgages?
The Federal Reserve has increased the federal funds rate dramatically to try to slow economic growth and get inflation under control. So far, inflation has slowed significantly, but it’s still a bit above the Fed’s 2% target rate.
Mortgage rates aren’t directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
The Fed has indicated that it’s likely done hiking rates and that it could start cutting soon. This will likely allow mortgage rates to trend down later this year.
When Will Mortgage Rates Go Down?
Mortgage rates increased dramatically over the last two years, but they’ve moderated somewhat in recent months, and are expected to drop further this year.
In February 2024, the Consumer Price Index rose 3.2% year-over-year. Inflation has slowed significantly since it peaked last year, which is good news for mortgage rates. But it has to slow further before rates will begin to fall.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know. There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere…
Do you want to learn how to move out at 18 with no credit, little money, or even no money? Here’s what you need to know.
There are many reasons for why you may want to move out at a young age – perhaps you have a difficult home life, you want to move somewhere new, or you just want your own space.
I moved out shortly after turning 18 (about a week or so after my 18th birthday) into a rental home, and while I was not prepared at all, I do think being prepared to move out at a young age is extremely helpful. I made many mistakes that led to many, many tears, money wasted, stress, and more.
Today, I want to help you avoid as many problems as you can.
After all, moving out at 18 years old (or any other young age) is already really hard, and there is such a huge learning curve.
Moving out when you turn 18 is a big step into becoming an adult. Even though it can be exciting, moving out for the first time needs to be planned carefully. Before you leave, it’s important to make a plan to make sure you can afford it and stay on your own.
This means finding a job, making a budget you can stick to, and saving money for unexpected costs.
How To Move Out at 18
Below are ways to move out at 18.
Recommended reading: Buying a House at 20 (How I did it)
Make a plan to move out at 18
I highly recommend having a plan if you want to move out at 18 years old.
Moving out at 18 is a big step, and making a plan will help everything go a little more smoothly.
You will want to think about things such as:
Where you will work
How you will pay your bills
If you will live with a roommate or on your own
What your budget will be like
What you’ll do if things get tough, such as if you can’t afford your rent
What you will do for health insurance and medical bills
And so much more.
I will be going further in-depth on many of these below.
Find ways to make money
If you are 18 and want to move out, then you will need to have a stable source of income, of course. There are many options for earning money, from traditional jobs to more flexible side hustles.
A full-time job typically gives you more hours and benefits like health insurance, which are helpful when you’re living on your own. If you have other things going on, a part-time job might be better because it offers more flexibility while still giving you money (but, you may not earn as much money). You can find job openings online, at job fairs, or on community bulletin boards. Jobs like delivering food can be either full-time or part-time, and companies tend to need people.
If you want to make more money, you can side hustle to make extra income – a way to make extra cash that you do alongside your main job. You could freelance by doing things like writing, teaching tutoring lessons, or designing graphics. Or, you could babysit for families nearby, walk dogs, or help people with tasks or errands. These little jobs can add up to a lot of money and give you the flexibility to work when you want.
When I was young and first moved out, I worked full-time at a retail store. I also eventually started a few side hustles (like blogging, freelance writing, and selling stuff online) so that I could pay off my student loans quickly. Living on your own is not easy, especially when you are young and your income is not that high – so side hustles may be needed so that you can make enough money to pay your bills.
Some helpful articles to read include:
Create a budget
When you’re ready to step out into the world at 18, you need a budget. I can’t think of any young adult who would not need a budget.
Budgets are great because they help you keep track of your money coming in and going out. With a monthly budget, you’ll know exactly how much you can spend on different things each month as it helps you see how much money you have and where you might need to cut back on spending.
A budget will help you to figure out if you can afford to live on your own, if you need to have roommates, or if you need to find a cheaper living arrangement.
Making a budget is easy. First, write down how much money you make each month from your job or other places. Then, write down what you need to spend money on each month, like:
monthly rent
food
phone bill
internet
car
fuel
utilities like electrical, water, trash, sewer, gas/propane
car insurance
medical/health
pet care
restaurants
cable, satellite, or any TV monthly subscriptions
household essential items, like toilet paper, trash bags, etc.
and some money for fun stuff too
Knowing your monthly expenses will help you to better manage your money so that you won’t go into credit card debt.
Recommended reading: The Complete Budgeting Guide: How To Create A Budget That Works
Save for the move (and open a bank account)
When you’re getting ready to move out at 18, saving money is obviously very important. If you can help it, I do not recommend moving out with no money saved.
Think about all the costs you’ll face – like rent, your first security deposit, food, and any unexpected things that pop up. You’ll want to tuck away money for this.
How much should you save to move out? A good rule is to save at least three to six months of living expenses. For example, if you spend $1,500 a month, aim to save between $4,500 and $9,000 before you head out on your own.
This will be your emergency fund. An emergency fund is money you save up for unexpected things that might happen. This could be paying bills if you lose your job or if your hours or pay get reduced. It could also cover unexpected expenses like a car repair, medical bill, or fixing a broken window.
An emergency isn’t something like buying a birthday present, a new TV, or going on vacation.
Having an emergency fund is smart because it can stop you from getting into debt you don’t need. Some people rely on their credit cards for emergencies, but that’s not a good plan.
I also recommend getting your own bank account for all of the money you save. It’s a safe place for your money, and it helps you track what you earn and spend. Plus, you’ll need it for things like direct deposit from jobs or paying bills online.
I personally use Marcus by Goldman Sachs for my savings account as they have a very high rate. You can get up to 5.50% at the time of this writing through a referral link bonus. According to this high-yield savings account calculator, 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.
Improve your credit score and history
When you’re moving out of your parents’ home, having a good credit score is super helpful. This is because your credit score and credit history may be used for things like getting approved for an apartment and getting signed up for utility bills.
If your credit score is low, then you may be denied an apartment and even have to pay large deposits to get signed up for utilities (like water and electric).
Here are some important things to know:
Understand credit utilization – This is all about how much credit you’re using compared to how much you have. Try to use less than 30% of your credit limit. Say your card has a $1,000 limit. Aim to spend no more than $300.
Always pay on time – You should pay every bill on time, every time. Even being a little late can hurt your credit score a LOT!
There are other ways to improve your credit, such as by getting a secured credit card or becoming an authorized user on a family member’s credit card.
Here are two really helpful articles I recommend reading:
I also recommend keeping an eye on your credit by checking your score and report. Sites offer free checks, and it’s good to know where you stand. That way, you can fix any mistakes fast.
Think about where you’ll live
When planning to move out at 18, picking where you’ll live is a huge step.
Here are some things to think about:
Think about who you’ll live with. Living by yourself can be expensive so sharing rent and other bills with roommates can save you money, but make sure you choose your roommates wisely. You’ll be sharing your space with them, so it’s important to pick people who are responsible and trustworthy (and will actually pay the bills!).
Try using online tools to compare different areas. You can check things like crime rates, public transportation options, and how close they are to places you need, like grocery stores.
Think about the cost. Can you pay the rent and utility bills every month? Make sure to include these costs in your budget. Sometimes, living a bit farther from popular areas can be cheaper.
For my first home, I rented a very small 400-square-foot home with no real bedroom. But, it was within my budget and next to my college (I lived a few miles away), and surprisingly affordable.
Talk to your parents
When you’re getting ready to move out at 18, it’s important to have a conversation with your parents. This might feel hard or even impossible, but remember that clear communication is important.
I recommend choosing a time to tell them when your parents aren’t too busy or stressed as having this conversation when everyone is relaxed can make it easier for everyone to talk openly.
I think it is also helpful to think about how your parents might feel. If you’re the first to leave the home, they might find it tough. Try to understand their perspective and mention that you’ll stay in touch and visit.
And, be ready to show them your plan. Your parents will want to know you’ve thought things through. If you’ve been saving money, let them know. Talk about your job and how you’re managing to support yourself. It’s good to tell them about the place you’re planning to move into and how you chose it.
How to move out of your parents if it isn’t safe
So, after reading the above, I know that some of you may not have a good home life. You may not feel safe telling your parents that you are moving out.
If that’s the case, then I recommend reading this section.
Sometimes, home isn’t the safe place that it’s supposed to be. If you’re in a tough situation and need to leave at 18 but can’t talk to your parents about it, you’re not alone.
Here’s what you can do:
Find an adult you trust – Look for someone you trust, like a teacher, counselor, or family friend. They can maybe give you support and help you figure out your options.
Plan ahead – Start thinking about where you’ll go and how you’ll support yourself. Look into shelters, transitional housing programs, or staying with a trusted friend or relative.
Know your rights – As you turn 18, you have rights. Learn about your options for housing, education, and employment because there may be resources available to help you.
Stay safe – If you’re in danger at home, prioritize your safety. Contact local authorities or organizations that can help you leave safely.
Take care of yourself – Moving out can be tough, but remember to take care of yourself emotionally and physically, such as by talking to friends, finding support groups, or talking to a counselor if you need to.
Leaving home at 18 without being able to talk to your parents is hard, but it’s not impossible. Reach out for help, make a plan, and remember that you deserve to live in a safe and supportive environment.
Get free stuff for your new home
One of the big challenges of moving out on your own is affording all of the different things that you need.
Luckily, there are ways to get things for free or really cheap.
Some of the top ways include:
Facebook Buy Nothing groups – This is my favorite place to start if you want to get things for free. These groups promote recycling and reusing items instead of throwing them away when you’re done with them. To begin, look for and join a local Buy Nothing group on Facebook. You can search for groups for your city. People list their free stuff all the time, such as furniture, electronics, clothes, and more. You can even make a post asking if anyone has something that you need.
Ask family and friends – Your family and friends might have extra stuff they’re willing to part with. They might even be happy to see it go to a good home – your new home!
Check online platforms – Websites like Craigslist, Freecycle, and Facebook Marketplace can be goldmines for free furniture. People often list items they want to get rid of quickly.
Visit thrift stores and yard sales – Thrift stores and yard sales sometimes offer “free bins” or low-cost items they want to get rid of fast.
Attend college move-out days – If you live near a university, go there on move-out day. Students tend to leave behind perfectly good furniture that’s yours for the taking.
Community centers and churches – These places often have bulletin boards with listings for free items.
Always be safe when arranging pickups, especially with strangers. Always bring a friend or let someone know where you’re going.
Helpful articles:
Handling utilities and bills
Dealing with utilities and bills is a big step in moving out. Utilities are services you need like water, electricity, gas, and the internet.
Before you move, call or visit the websites of local utility companies. You’ll need to set up accounts in your name. This might include a deposit fee, so be ready for that.
I recommend making a list of all your expected bills. Rent, electricity, water, internet, and maybe gas are usually the basics. Add them up to see how much you’ll spend each month.
After you move in, you will want to find out when each bill is due. It’s your job to pay them on time as paying late can lead to extra fees or even getting your services turned off. Some companies let you set up automatic payments, and this means the money comes out of your bank account on its own each month. This can make sure you’re always on time.
You will want to hold onto your bills and receipts. This way, if there’s ever a mistake with a bill, your records will help fix it.
You can save money by being smart about using your services. Turn off lights when you leave a room and unplug electronics that you’re not using. You might also shop around for better deals on services like the internet.
After you get your first set of bills, you will understand why your parents wanted to keep the air conditioning off or why they always asked you to turn the lights off – things can be expensive!
Also, remember that different times of the year will impact your bills. For example, your electric bill will most likely be a lot more expensive in the summer than it will be in the spring or fall.
Maintain your home (housekeeping)
Moving out at 18 means taking on the responsibility of housekeeping. You might be surprised how quickly your new home can become cluttered and get dirty.
Keeping your home nice starts with regular cleaning, and I recommend setting aside some time each day for tasks like washing dishes, making your bed, and tidying up the living area. This way, messes won’t pile up and become overwhelming.
Then, once a week, dedicate your time to deeper cleaning such as vacuuming, mopping floors, cleaning the bathroom, dusting, and doing laundry.
Housekeeping also requires tools and supplies, so you will want to plan your budget to include items like sponges, cleaners, and trash bags.
Make friends in your new community
Moving out at 18 is a big step, and making friends in your new community is important. It can make your new place feel like home. When you move, you might not know many people, but there are fun and simple ways to meet people.
Here are some tips:
Get to know your neighbors – Start with a smile and say hi to your neighbors.
Join local groups or classes – Look for groups that interest you. Love to paint? Find an art class. Enjoy cooking? Maybe there’s a cooking group nearby. Like rock climbing? Go to the local climbing gym. This way, you meet people who like what you like.
Visit community centers – Many towns have a community center. They have activities like sports, games, and events.
Making friends might take time, but it’s totally possible! Just be yourself and be open to talking to new people.
Balancing work and personal life
I’m guessing you will have a lot going on, between trying to work full-time and enjoying your life, and even possibly furthering your education.
I recommend trying to schedule your time so you don’t get too busy. Use a calendar or app to make sure you’ve got time for work, taking care of your place, and doing fun things too.
It’s okay to say no if you’re too busy. If you’re working a full-time job, you might not be able to hang out with your friends all the time. It’s all about finding a healthy balance between earning money and enjoying life. I had to say no to my friends many times because I was simply too busy. If your friends still live at home, it may be hard for them to understand this unless you explain your situation.
Plus, remember to take breaks. When you’re planning your week, set aside some time just for relaxing. Watching a movie, reading, or hanging out in the park are all great ways to unwind and give your mind a break.
Frequently Asked Questions
Below are common questions about how to move out at 18 years old with little money.
How can I move out fast at 18?
To move out quickly, focus on making a steady income and finding affordable housing. Create a budget to manage your expenses and look for immediate job openings or housing options. Saving as much money as you can right now is also super helpful.
How much money should I have saved by 18 to move out?
Aim to save at least 3 to 6 months of living expenses before moving out. This safety net can cover rent, groceries, and unexpected costs, giving you financial stability as you start on your own.
Can you move out at 18 while still in high school?
Yes, you can move out at 18 while in high school, but make sure you have a support system in place. Balancing school responsibilities with living independently can be very hard.
How to move out at 18 with strict parents?
When moving out at 18 with strict parents, communicate your plans clearly and respectfully. Prepare a well-thought-out plan to show them you’re serious and capable of managing your own life.
Can your parents not let you move out at 18?
When you turn 18, you’re legally an adult in most places, and you can decide to move out even if your parents don’t agree. However, it’s important to respect their opinion and explain your reasons. There are some places where you have to be older, so make sure you do your research.
Do I have to tell my parents I’m moving out?
While you’re not legally required to inform your parents in most places, it’s nice to talk about your decision with them, as transparent communication helps maintain a positive relationship after you leave.
Can I move out at 18 without parental consent?
Yes, in most places, at 18 you’re legally permitted to move out without parental consent. You will want to make sure this applies to your local area.
What things do you need when moving out of your parents’ house?
There are many things that you will need to move out of your parents’ house such as a bed, blanket, pillow, kitchen supplies, towels, a place to eat, a dresser, cleaning supplies, groceries, and more.
Is it realistic to move out at 18?
It is realistic to move out at 18 if you have a reliable income, a budget, and a plan for handling responsibilities. You will want to be as prepared as possible to move out at a young age because there will be many hurdles thrown your way, most likely.
How To Move Out At 18 – Summary
I hope you enjoyed this article on how to move out at 18 years old.
It’s really important to have a plan for a successful move when you are just 18 years old.
You’ll need to find ways to earn money regularly, like getting a job and even doing extra work on the side.
Having savings in the bank and an emergency fund will help you handle unexpected expenses without ruining your plans.
There are also many other things to think about, such as the cost of living, utility bills, your credit score, and more.
I moved out when I was just 18 years old, so I completely understand where you are coming from. I had no financial help from my parents and found and did everything on my own – from making money to finding a place to live, making all of my own meals, and more. It was hard, but it was what needed to be done.
Do you plan on moving out soon? Do you have any questions for me on how to move out at 18?
Time to spring clean those closets, attics, and storage sheds. Out with the old, in with the new and upgraded. Whether you’re in the market for new bras, boots, power tools, or a wildflower mix to plant in the garden, there’s a hot store on this list to hit before month’s end. Here are 10 new and buzzy places to shop around Fort Worth right now.
Lucchese x Parker McCollum Texas native Parker McCollum is the young hot thing in country music right now. This week alone, he was named headliner of the ACM Awards’ big benefit show in DFW this May; then George Strait picked him to play on the King’s only Texas show this year. Now comes a collaboration with Texas bootmaker Lucchese. The Lucchese x Parker McCollum Collection, launching on March 22, “features four boots that are designed by Parker himself and celebrates the two Texas icons’ appreciation for high performance, inspired style, and dedication to staying true to oneself,” says a release. Designs include “The Evening Patriot,” “Hollywood Gold,” “Silhouette,” and “Ruger.” Read more about each one here, and find them in all Lucchese stores, including in the Fort Worth Stockyards and Willow Park.
Chieffalo Americana pop-up at Bowie HouseThe new Cultural District hotel has debuted a pop-up boutique featuring a well-edited selection of Chieffalo Americana’s vintage luxury Western, new Americana, and contemporary emerging brands. There are cowboy hats, buckles, boots, scarves, artwork, and all things Western from the savvy husband-and-wife team of Rodger and Jackie Chieffalo. The pop-up is open 12 pm-8 pm daily through May 31 on the first floor of Bowie House, Auberge Resorts Collection, 5700 Camp Bowie Blvd., Fort Worth.
Wildflower IntimatesThe first and only inclusive bra fitting and lingerie boutique in Fort Worth has opened in the Near Southside, just in time for spring and summer’s skimpy clothes. The boutique carries more than 200 bra sizes in various styles – demi, plunge, unlined, strapless, sports, nursing, and more – along with undies, hosiery, bodysuits, bridal lingerie, and accessories. Their specialty, undoubtedly, is bra fitting: They accept walk-ins only and conducted fittings on a first-come-first-served basis. The shop is open 11 am-5 pm Sunday, 11 am-7 pm Monday and Thursday-Saturday; closed Tuesday-Wednesday. 607 W. Magnolia Ave., Fort Worth.
HomesenseThe discount home goods sibling to HomeGoods, TJ Maxx, and Marshall’s has opened its first Texas store at Fort Worth’s Alliance Town Center. Shoppers will find a rug emporium, wall art and mirror gallery, an extensive lighting department including chandeliers, patio furniture and decor, seasonal decor, entertaining essentials, food items, and more. Prices are touted as 20-50 percent less than full-price retailers. Find it next to Total Wine and More, at 3121 Texas Sage Tr., Fort Worth. Read more about it in this story.
Harbor FreightResidents of far north Fort Worth-Keller-Watauga had been watching and wondering for months when this giant new store would open, and it finally did, rather quietly. DIY-ers and connoisseurs of aggro power tools will find top brands on everything from pressure washers and portable vacuums to saws and sanders. Track Club memberships offer discounts and more perks. Open 8 am-8 pm Monday-Saturday and 9 am-6 pm Sunday at 8420 Parkwood Hill Blvd., off North Tarrant Parkway, Fort Worth.
Magnolia Skate ShopAfter a weeks-long closure to repair extensive damage from two big water leaks, the Near Southside skate shop has finally reopened, they announced on Facebook. They are fully restocked with skateboards and parts, kids’ and adults’ shoes, apparel, hats, accessories, and more. Open 12-7 pm Monday-Saturday and 11 am-4 pm Sunday at 1455 W Magnolia Ave., #105, Fort Worth.
·Marshall Grain Co. The favorite organic garden, landscape, and pet supplies purveyor has opened a new home base in Colleyville. Besides operating as company headquarters and home to the landscaping division, the new location includes a retail store with showroom, greenhouse, nursery, warehouse, and more. As always, dogs on leashes are welcome. Shop the store at 5311 Colleyville Blvd., Colleyville; 9 am-6 pm Monday-Saturday and 10 am-5 pm Sunday.
Squeeze MassageThe innovative massage concept created by the founders of Drybar has made its Dallas-Fort Worth debut in the Foundry District, taking over the old Meyer & Sage culinary store space. As an “app-based” massage studio, clients can book and pay for services, set personalized preferences, tip, rate, and review with the tap of a phone screen. Owned by entrepreneur Siera Holleman, the Fort Worth location is 3,000 square feet with a bright, modern design, and eight private treatment rooms. Massages are $129 for 50 minutes or $159 for 80 minutes, and memberships are offered for $95 or $125 per month. To celebrate the Fort Worth debut, they’re offering anyone who signs up for a monthly membership within 60 days of the grand opening $15 off the regular monthly membership fee. Open 8 am-10 pm daily at 2621 Whitmore St., Fort Worth
Spring Fun Fest at Tanger Outlets Fort WorthWith one week left to buy Easter dresses, bowties, and bonnets, Tanger Outlets Fort Worth is hosting a special spring festival that includes discounts. Spring Fun Fest will take place 12-3 pm Saturday, March 23, featuring free family activities, Easter bunny photos, live entertainment, face painting, an inflatable bounce house, games, a scavenger hunt, and food trucks. Shoppers also will receive 15-25 percent off at participating retailers. The shopping center is at 15853 N. Freeway, Suite 990, Fort Worth.
.Southlake Town SquareSouthlake’s premier shopping and dining destination opened in March of 1999, and a 25th anniversary celebration is underway. To “party like it’s 1999,” they are giving away two $250 Southlake Town Square gift cards to use at any of their stores, restaurants, or venues. Enter to win here by 11:59 pm on March 31. Winners will be selected at random and notified via email on April 1. More official rules here.