Adam Wiener, Redfin’s president of real estate services, is leaving the brokerage after nearly 16 years of service, CEO Glenn Kelman announced in an email sent to employees on Tuesday. His last day at the company will be Friday, Sept. 8.
During his tenure, Wiener first served as a product manager for agent tools. He then went on to run the partner program, analytics, marketing and a variety of new businesses. Finally, he was in charge of Redfin real estate services revenue.
The next step for Wiener remains unknown; however, Kelman says that he is confident that he will continue to be successful.
“Within a year, Adam will probably be running his own show at another company also poised to conquer the world. He has long been ready to do that,” wrote Kelman in an email.
Kelman acknowledged that Wiener’s departure would be a loss for Redfin, calling him one of the “most hard-working and creative folks you’ll ever meet.”
While no other executive announcements were made, Kelman said that Wiener’s departure would yield new opportunities for current Redfin leaders. The company will not be hiring an executive to replace Wiener.
“Redfin will keep changing. We couldn’t keep doing things the way we’ve done with Adam, and we shouldn’t try. Change is necessary and good,” said Kelman.
Furthermore, Wiener will continue to serve as an advisor to Redfin until June 1, 2024, GeekWire reported. His severance package will include $450,000, or 12 months of his base salary; $84,375, which is 25% of his target annual bonus; and $18,910 for one year of health insurance premiums.
Kelman closed his memo by expressing his optimism for the year to come while acknowledging Redfin’s steady recovery from the housing downturn.
In a housing market with elevated mortgage rates and low inventory, Redfin’s second quarter revenue was $275.6 million, a decrease of 21% compared to the second quarter of 2022. It also went through a number of layoffs in the last year.
Another morning, another set of economic reports with the power to move markets. Today’s examples included jobless claims coming in at 228 vs 235k, core PCE inflation hitting its target at 0.2% month over month, and Chicago PMI at 48.7 versus a forecast of 44.1. Notably, despite PCE being on target, some internal components remain troubling. Core services inflation has been moving UP over the past few months.
Same chart in year-over-year terms. Both lines remain well above target levels and there’s been little–if any–progress in core services.
How about Claims data? Simply put, 228k NOT consistent with labor market slack.
In other words, the “decency” of this data is debatable, but bonds are rallying modestly nonetheless. The only obvious way to reconcile the mismatched reaction would be to point out the extra weakness in shorter-term yields. Perhaps there’s some fear about being on the wrong side of the trade for tomorrow’s NFP, or perhaps month-end trading constraints are keeping things a bit better bid.
You have probably heard (multiple times) that saving money for your future is important, but do you know how much you are actually socking away? There’s a formula to calculate your own specific personal savings rate (aka the percentage of your after-tax dollars that you’re putting away).
It’s not too complex and can be a helpful tool to see how your money management is tracking. Find out how to calculate your savings rate here.
What Information is Included in the Savings Rate Formula?
The basic formula to calculate savings rate is:
Your savings / your after-tax income = your savings rate
Once you’ve calculated your savings rate, you can use it to:
• Review how you’re doing from month to month or year to year.
• See how your current spending habits are affecting your future goals and financial independence.
• Motivate yourself to do better with your savings.
• Compare your efforts to others.
You can gather up the numbers you need to determine your savings rate (which is sometimes referred to as a savings ratio) in just a few steps:
Step 1: Add Up Your Income for the Month
Your income streams might include, after taxes: your monthly salary, the money you earned from any side gigs or from selling homemade items online, or rental income if you’re renting out a room of your home to get extra funds. Don’t forget to include money you earned that’s automatically deducted from your pay and added to a retirement account, such as a 401(k) or a traditional or Roth IRA. And add in your employer’s matching retirement plan contributions, as well.
Recommended: 39 Ways to Earn Passive Income Streams
Step 2: Add Up the Money You Put into Savings Each Month
This is about what you’re saving for the long-term, not next week. So it would include the money that’s automatically coming out of your check for retirement savings, plus your employer’s matching contributions, along with any funds you’re putting into separate savings or brokerage accounts.
💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.
Step 3: Do the Math
Divide the total amount of your long-term savings (Step 2) by the total amount of your after-tax income (Step 1). Turn the number you get into a percentage (.10 is 10%, for example), and that’s your savings rate.
You may hear or see a few variations on what’s included in the calculation. Some people don’t include their employer’s 401(k) contributions in their calculations, for instance, and some might add in extra payments they’re putting toward the principal on a student loan or other debt. The point is to be consistent with what you do or don’t include from month to month.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning up to 4.50% APY on your cash!
How About an Example?
Let’s use Jane, whose hypothetical after-tax Income every month is $4,500. She brings in another $500, after taxes, by renting the extra bedroom in her apartment to her cousin, for a total of $5,000 a month.
Jane’s employer doesn’t offer a 401(k) plan, but on her own, Jane puts $500 a month into a Roth IRA. And she always puts another $100 a month in an online savings account she has earmarked for long-term goals. Jane’s savings amount totals $600 a month.
Using the savings rate formula, that’s $600 / $5,000 = .12, which makes Jane’s personal monthly savings rate 12%.
Of course, everyone’s numbers may not be quite so straightforward. Couples, for instance, may have to consider two or more paychecks and, possibly, two or more retirement accounts. Some individuals work more than one job or earn income from multiple sources. Some might count their emergency fund as savings, and others don’t. But the idea is the same: An individual’s or a household’s savings rate measures how much disposable income (defined by the U.S. Bureau of Economic Analysis (BEA) as after-tax income) is being set aside for long-term savings and retirement.
Why Is Knowing Your Personal Savings Rate Important?
The BEA tracks the nation’s personal savings rate from month to month to monitor Americans’ financial health and better predict consumer behavior. And you can do much the same thing with your own savings rate.
By tracking your rate on a regular basis, you can assess how you’re doing in real-time. If you’re consistently falling short of the savings goals you’ve set for yourself, you can look at what behaviors might need changing or if you need to rework your budget. You also can use the information as an incentive to do better. And you might even find it’s a fun way to compete with others close to you, with the nation’s average personal savings rate, or just against yourself.
If you saved 8% in 2023, for example, could you bump that amount to 9% or 10% in 2024? What if you got an unexpected raise or bonus: Would you have the discipline to put that amount into your savings to keep your rate the same or improve it?
Knowing your savings rate can help you make those kinds of financial decisions.
💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.
What’s a Good Savings Rate?
The average personal savings rate in the U.S. was about 4.03% in mid 2023, according to the Fed. But financial experts generally advise savers to stash away at least 10% of their income every month ($500 of a $5,000 monthly salary, for example). The popular 50/30/20 budget rule created by Sen. Elizabeth Warren suggests saving 20% of after-tax income.
If that seems extreme, it’s probably more useful to simply target a number you’re sure you can stick to monthly or annually. Just having a positive savings rate — anything above zero — can be a good starting point for building good fiscal habits and a nest egg. You can always make adjustments as you accomplish other financial goals, such as paying off student loans or credit card debt.
Isn’t Having a Good Budget Enough?
A personal budget can be a useful guide when it comes to reaching financial goals. And tracking your spending with a spreadsheet or an app can help you see where your dollars (and dimes) are actually going, as opposed to where you think they’re going—those two places might be very different.
Many people who make a budget include the amount they plan to put toward savings in their budget as a monthly expense. But that’s different from knowing your savings rate.
A savings rate provides a separate, wide-angle view of how much of what you make is going into savings. And that can help you further evaluate how you’re doing.
How Can Someone Improve Their Savings Rate?
The answer is simple: Spend less and save more.
Here are some steps that could help improve an individual’s or household’s savings rate.
Opening or Contributing More to a Retirement Account
One of the easiest ways to save more money can be to open a 401(k) or IRA, or to boost the amount that’s automatically deposited to an account you already have. After all, if you never see the money, you likely won’t be as tempted to spend it. And if you’re a long way from retirement, the money you invest should have lots of time to grow with compound interest. If your employer offers a 401(k) with a matching contribution, a goal might be to save as much as possible to maximize those funds.
Recommended: How an Employer 401(k) Match Works
Opening an Online Savings Account
If you’ve been saving s-l-o-w-l-y with a traditional type of savings account, it might be time to consider other options. Many online financial institutions, for example, offer higher interest rates for deposit accounts because they have lower overhead costs than brick-and-mortar banks, and they pass those savings on to their customers. Online accounts also may offer lower fees than traditional banks—or, in some cases, no fees.
Cut Back on Discretionary Spending
The thought of squeezing out additional dollars for savings each month might be daunting if you’re already on a tight budget. But even a little spending cut can go a long way toward nudging up your savings rate.
Let’s go back to our hypothetical saver, Jane, for an example. If Jane could manage to save just $50 more every month (or about $12 a week), she could increase her savings rate by a full percentage point — from 12% to 13%. That might mean getting takeout one less time every week. Or one less night out with the girls every month. Or maybe cutting back on streaming services she seldom uses.
Lowering Fixed Expenses
Lowering the bills that have to be paid every month can increase the amount of money that’s available for savings. That could include:
• Shopping for cheaper car insurance or a less expensive cell phone carrier
• Keeping your paid-off car for an extra year or two instead of jumping right back into another auto loan
• Refinancing to a lower interest rate on a mortgage or student loans
• Cutting the cord on cable
• Doing your own landscaping.
Ditching the Credit Card Debt
Yes, credit cards are convenient, and using your cards wisely can have a positive effect on your credit score. But the interest on credit cards is typically higher than for other types of borrowing, and it compounds, which means you could be paying interest on the interest charged on previous purchases.
If you’re carrying a balance from month to month and paying interest, you’re giving money to the credit card company that could be going into your savings account. Using a debt payoff strategy or consolidating your credit card debt with a personal loan could help you dump those credit card bills and get your savings back on track.
Putting Pay Raises Toward Savings, Not Spending
No one is suggesting that you should live ultra frugally like when you were scraping by in college or starting your career, but it might not hurt to hold on to some of those money-saving habits you had then. Otherwise, if your pay goes up and your savings stay static, your savings ratio is doomed to drop.
One last example using our hypothetical friend, Jane: If Jane got a $100-a-month raise (after taxes), but she continued putting $600 a month into savings, her savings rate would fall from 12% to just below 10%.
The Takeaway
Saving money might not be considered exciting by everyone, but the thought of being financially secure is pretty appealing. Think of your savings rate as a mirror you can hold up every month to see how you’re doing.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
You have probably heard (multiple times) that saving money for your future is important, but do you know how much you are actually socking away? There’s a formula to calculate your own specific personal savings rate (aka the percentage of your after-tax dollars that you’re putting away).
It’s not too complex and can be a helpful tool to see how your money management is tracking. Find out how to calculate your savings rate here.
What Information is Included in the Savings Rate Formula?
The basic formula to calculate savings rate is:
Your savings / your after-tax income = your savings rate
Once you’ve calculated your savings rate, you can use it to:
• Review how you’re doing from month to month or year to year.
• See how your current spending habits are affecting your future goals and financial independence.
• Motivate yourself to do better with your savings.
• Compare your efforts to others.
You can gather up the numbers you need to determine your savings rate (which is sometimes referred to as a savings ratio) in just a few steps:
Step 1: Add Up Your Income for the Month
Your income streams might include, after taxes: your monthly salary, the money you earned from any side gigs or from selling homemade items online, or rental income if you’re renting out a room of your home to get extra funds. Don’t forget to include money you earned that’s automatically deducted from your pay and added to a retirement account, such as a 401(k) or a traditional or Roth IRA. And add in your employer’s matching retirement plan contributions, as well.
Recommended: 39 Ways to Earn Passive Income Streams
Step 2: Add Up the Money You Put into Savings Each Month
This is about what you’re saving for the long-term, not next week. So it would include the money that’s automatically coming out of your check for retirement savings, plus your employer’s matching contributions, along with any funds you’re putting into separate savings or brokerage accounts.
💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.
Step 3: Do the Math
Divide the total amount of your long-term savings (Step 2) by the total amount of your after-tax income (Step 1). Turn the number you get into a percentage (.10 is 10%, for example), and that’s your savings rate.
You may hear or see a few variations on what’s included in the calculation. Some people don’t include their employer’s 401(k) contributions in their calculations, for instance, and some might add in extra payments they’re putting toward the principal on a student loan or other debt. The point is to be consistent with what you do or don’t include from month to month.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning up to 4.50% APY on your cash!
How About an Example?
Let’s use Jane, whose hypothetical after-tax Income every month is $4,500. She brings in another $500, after taxes, by renting the extra bedroom in her apartment to her cousin, for a total of $5,000 a month.
Jane’s employer doesn’t offer a 401(k) plan, but on her own, Jane puts $500 a month into a Roth IRA. And she always puts another $100 a month in an online savings account she has earmarked for long-term goals. Jane’s savings amount totals $600 a month.
Using the savings rate formula, that’s $600 / $5,000 = .12, which makes Jane’s personal monthly savings rate 12%.
Of course, everyone’s numbers may not be quite so straightforward. Couples, for instance, may have to consider two or more paychecks and, possibly, two or more retirement accounts. Some individuals work more than one job or earn income from multiple sources. Some might count their emergency fund as savings, and others don’t. But the idea is the same: An individual’s or a household’s savings rate measures how much disposable income (defined by the U.S. Bureau of Economic Analysis (BEA) as after-tax income) is being set aside for long-term savings and retirement.
Why Is Knowing Your Personal Savings Rate Important?
The BEA tracks the nation’s personal savings rate from month to month to monitor Americans’ financial health and better predict consumer behavior. And you can do much the same thing with your own savings rate.
By tracking your rate on a regular basis, you can assess how you’re doing in real-time. If you’re consistently falling short of the savings goals you’ve set for yourself, you can look at what behaviors might need changing or if you need to rework your budget. You also can use the information as an incentive to do better. And you might even find it’s a fun way to compete with others close to you, with the nation’s average personal savings rate, or just against yourself.
If you saved 8% in 2023, for example, could you bump that amount to 9% or 10% in 2024? What if you got an unexpected raise or bonus: Would you have the discipline to put that amount into your savings to keep your rate the same or improve it?
Knowing your savings rate can help you make those kinds of financial decisions.
💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.
What’s a Good Savings Rate?
The average personal savings rate in the U.S. was about 4.03% in mid 2023, according to the Fed. But financial experts generally advise savers to stash away at least 10% of their income every month ($500 of a $5,000 monthly salary, for example). The popular 50/30/20 budget rule created by Sen. Elizabeth Warren suggests saving 20% of after-tax income.
If that seems extreme, it’s probably more useful to simply target a number you’re sure you can stick to monthly or annually. Just having a positive savings rate — anything above zero — can be a good starting point for building good fiscal habits and a nest egg. You can always make adjustments as you accomplish other financial goals, such as paying off student loans or credit card debt.
Isn’t Having a Good Budget Enough?
A personal budget can be a useful guide when it comes to reaching financial goals. And tracking your spending with a spreadsheet or an app can help you see where your dollars (and dimes) are actually going, as opposed to where you think they’re going—those two places might be very different.
Many people who make a budget include the amount they plan to put toward savings in their budget as a monthly expense. But that’s different from knowing your savings rate.
A savings rate provides a separate, wide-angle view of how much of what you make is going into savings. And that can help you further evaluate how you’re doing.
How Can Someone Improve Their Savings Rate?
The answer is simple: Spend less and save more.
Here are some steps that could help improve an individual’s or household’s savings rate.
Opening or Contributing More to a Retirement Account
One of the easiest ways to save more money can be to open a 401(k) or IRA, or to boost the amount that’s automatically deposited to an account you already have. After all, if you never see the money, you likely won’t be as tempted to spend it. And if you’re a long way from retirement, the money you invest should have lots of time to grow with compound interest. If your employer offers a 401(k) with a matching contribution, a goal might be to save as much as possible to maximize those funds.
Recommended: How an Employer 401(k) Match Works
Opening an Online Savings Account
If you’ve been saving s-l-o-w-l-y with a traditional type of savings account, it might be time to consider other options. Many online financial institutions, for example, offer higher interest rates for deposit accounts because they have lower overhead costs than brick-and-mortar banks, and they pass those savings on to their customers. Online accounts also may offer lower fees than traditional banks—or, in some cases, no fees.
Cut Back on Discretionary Spending
The thought of squeezing out additional dollars for savings each month might be daunting if you’re already on a tight budget. But even a little spending cut can go a long way toward nudging up your savings rate.
Let’s go back to our hypothetical saver, Jane, for an example. If Jane could manage to save just $50 more every month (or about $12 a week), she could increase her savings rate by a full percentage point — from 12% to 13%. That might mean getting takeout one less time every week. Or one less night out with the girls every month. Or maybe cutting back on streaming services she seldom uses.
Lowering Fixed Expenses
Lowering the bills that have to be paid every month can increase the amount of money that’s available for savings. That could include:
• Shopping for cheaper car insurance or a less expensive cell phone carrier
• Keeping your paid-off car for an extra year or two instead of jumping right back into another auto loan
• Refinancing to a lower interest rate on a mortgage or student loans
• Cutting the cord on cable
• Doing your own landscaping.
Ditching the Credit Card Debt
Yes, credit cards are convenient, and using your cards wisely can have a positive effect on your credit score. But the interest on credit cards is typically higher than for other types of borrowing, and it compounds, which means you could be paying interest on the interest charged on previous purchases.
If you’re carrying a balance from month to month and paying interest, you’re giving money to the credit card company that could be going into your savings account. Using a debt payoff strategy or consolidating your credit card debt with a personal loan could help you dump those credit card bills and get your savings back on track.
Putting Pay Raises Toward Savings, Not Spending
No one is suggesting that you should live ultra frugally like when you were scraping by in college or starting your career, but it might not hurt to hold on to some of those money-saving habits you had then. Otherwise, if your pay goes up and your savings stay static, your savings ratio is doomed to drop.
One last example using our hypothetical friend, Jane: If Jane got a $100-a-month raise (after taxes), but she continued putting $600 a month into savings, her savings rate would fall from 12% to just below 10%.
The Takeaway
Saving money might not be considered exciting by everyone, but the thought of being financially secure is pretty appealing. Think of your savings rate as a mirror you can hold up every month to see how you’re doing.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
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For years, residents in Solano County heard about a mysterious group buying up thousands of acres of farmland and making millionaires out of property owners. The agricultural land had been owned by the same families for decades — some of it for more than a century.
But the company, Flannery Associates, did not say what its plans were for the land, dotted with towering wind turbines and sheep grazing on pastureland. It paid several times market value and made offers on properties that were not for sale, according to officials familiar with the land purchases.
Then, last week, a survey was sent to residents asking them what they thought about “a new city with tens of thousands of new homes, a large solar energy farm, orchards with over a million new trees, and over ten thousand acres of new parks and open space,” according to a screenshot of the survey shared with the Los Angeles Times.
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That’s when it became clear that Flannery Associates had big plans for the rural landscape.
Over a five-year period, the company became the largest landowner in Solano County after purchasing more than 55,000 acres of undeveloped land. The company has paid more than $800 million since 2018, according to court records.
U.S. Rep. John Garamendi, who represents the region, said for years he and other officials were unable to determine who was behind the dizzying land grab. Flannery Associates has purchased land that was restricted to open space and agricultural purposes under a state conservation program.
The company seeks to rezone the land, which would require approval by multiple state and county agencies and wouldn’t be as simple as asking residents to vote on the issue, officials familiar with the process said. But the lack of residential zoning in the area does not seem to be a factor for Flannery Associates.
Since its buying jag began, the company has filed suit in federal court against a group of families the firm purchased property from, seeking $510 million. Flannery Associates claims the families conspired to inflate their property values in a scheme to get more money.
Garamendi (D-Walnut Grove) lambasted the company for how it has handled the purchases and for not working with local residents.
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“Flannery Associates is using secrecy, bully and mobster tactics to force generational farm families to sell,” Garamendi said during an informational committee hearing on Tuesday that addressed the company’s actions.
For years, residents and politicians speculated that Flannery Associates was backed by foreign investors seeking to spy on Travis Air Force Base. Located in Solano County, the base is one of the busiest military facilities in the nation. Most of the land surrounding the base is now owned by Flannery Associates, according to county documents.
Some of the company’s financial backers were revealed in an article last week by the New York Times, and they include a cadre of tech entrepreneurs and venture capitalists.
On the eastern end of Solano County, the city of Rio Vista is now surrounded by Flannery Associates land. Mayor Ronald Kott said that, like many Solano County officials, he had not been approached by anyone from the company to discuss plans for the land.
Although he’s now aware of the company’s goals and some of the financial backers, he’s still unsure how his city of 10,000 residents found itself surrounded by land owned by a group of tech billionaires.
“I have more questions than answers,” Kott said. “Our destiny is going to be determined by whatever they’re going to do.”
Flannery Associates has said little since it was formed as a limited liability company in the state of Delaware in 2018. The company’s actions were first reported by ABC7’s San Francisco Bay Area news station, KGO, which said a mysterious company was purchasing large amounts of land.
Flannery Associates is led by Jan Sramek, a former Goldman Sachs investor who found fame and fortune by the time he was 22, according to a 2010 Business Insider article. Sramek previously worked out of Goldman’s offices in London, but his LinkedIn profile now lists Fairfield, Calif., in Solano County as his primary location.
In a self-help book he co-wrote, Sramek says if given the chance to give his younger self a bit of advice, he would quote Ayn Rand: “The question isn’t who is going to let me; it’s who is going to stop me.”
He did not immediately respond to requests for comment.
For years, Garamendi and U.S. Rep Mike Thompson (D-St. Helena) tried to pierce through the opaque veil that surrounded Flannery Associates. Then, in the last week, representatives of the company attempted to arrange sit-down meetings with the Congress members and the survey was sent out to residents.
The survey said that the issue of a new city might be on next year’s ballot, which was news to Garamendi and Thompson. There have been no efforts made by any groups to get a new measure on the ballot for this project, according to officials. The survey also said the developers would replace the county’s existing aqueduct — calling it “one of the most polluted in California” — generate tax revenue for schools and be entirely funded by private sector money.
Thompson said the company’s actions had raised food and national security concerns. He’s asked the U.S. Air Force, the Treasury Department, the Defense Department and the FBI to investigate the land purchases. Thompson met with representatives from the company, including Sramek, according to KGO.
“And I don’t think they had a clear understanding of the significance of livestock in Solano County,” Thompson said. “And it was my impression that they kind of pooh-poohed the agricultural value of the land.”
Garamendi plans to meet with representatives from Flannery Associates at a later time, according to his office.
Solano County Supervisor Monica Brown is not familiar with Silicon Valley and spent most of her professional career as a schoolteacher. She heard from friends who received the survey and wondered if the company had the best interests of the county’s current residents in mind.
“We’re growing food and helping people. Why would you stop economic growth like that?” she told the Los Angeles Times. “Why would they spend $800 million and not be transparent about it?”
Flannery Associates has purchased more than 140 parcels of land, according to court records and county assessor data. That number is growing every day, officials say.
But in its lawsuit, the company claims that it overpaid and is seeking to claw back some of its money.
Attorneys for Flannery Associates have referenced personal relationships and text messages among neighbors in court documents — neighbors who could be influenced, they argue, by a scheme to drive up asking prices for the land.
The lawsuit has had a chilling effect on some landowners in the Montezuma Hills and Jebson Prairie area of the county. Multiple residents in the area declined to comment about the company for fear of being named in a lawsuit.
Others who spoke on condition of anonymity to avoid retaliation by the company say they feel as though Flannery Associates will target anyone who speaks out about the company’s aggressive tactics to buy land.
Garamendi called the lawsuit a “heavy-handed, despicable intimidation tactic.” He said that the company managed to purchase all the land without any of the current governmental safeguards in place to flag the issue. He said that, in the future, information about large land sales, and who is buying and selling, would be vital for lawmakers and residents.
Thompson introduced a bill that was inspired by the Flannery Associates land purchases that would provide more effective tools for state agencies to investigate large land sales.
Through a spokesperson, Flannery Associates said members of the company “care deeply about the future of Solano County and California and believe their best days are ahead.”
The company said the project aims to bring “good-paying jobs, affordable housing, clean energy, sustainable infrastructure, open space, and a healthy environment” to Solano County.
“We are excited to start working with residents and elected officials, as well as with Travis Air Force Base, on making that happen,” spokesperson Brian Brokaw said.
The company says it resorted to secrecy while purchasing the land to avoid rampant real estate speculation. But it has not disclosed specific details about the scope of its project. Representatives for Flannery Associates are meeting with community leaders to present their vision, according to Brokaw.
Michael Moritz, venture capitalist and longtime San Francisco resident, is one of the financial backers behind the company. In a 2017 email viewed by the New York Times, Moritz described an opportunity to invest in a new California city. He explained how investors could transform farmland into a bustling metropolis.
Sequoia Heritage, the $15-billion wealth management firm Moritz founded in 2010, did not immediately respond to requests for comment.
But in a February New York Times opinion piece, Moritz described some of his frustration with San Francisco and how the city had become “a prize example of how we Democrats have become our own worst enemy.”
He described legislators who deceived voters with tweaks and rule changes to the city’s charter so they could stay in power and drive seismic shifts in the local government.
“The core of the issue, in San Francisco and other cities, is that government is more malleable at the city level than at higher levels of government,” Moritz wrote. “If the U.S. Constitution requires decades and a chisel and hammer to change, San Francisco’s City Charter is like a live Google doc controlled by manipulative copy editors.”
Other financial backers with Flannery Associates include LinkedIn co-founder Reid Hoffman; Andreessen Horowitz venture capital firm investors Marc Andreessen and Chris Dixon; payments company Stripe co-founders Patrick and John Collison; Emerson Collective founder Laurene Powell Jobs; and entrepreneurs turned investors Nat Friedman and Daniel Gross, a Flannery Associates spokesperson confirmed.
Although those names were not repeated at an agricultural committee hearing on Tuesday, lawmakers were thinking of the financial backers’ actions.
Flannery Associates’ land buys threaten the makeup of eastern Solano County, mainly the land under the California Land Conservation Act, which sets aside properties for agricultural purposes and open space. The penalty for not obeying that policy does not seem to dissuade Flannery Associates, former West Sacramento Mayor Christopher Cabaldon said during the committee hearing.
The act, also known as the Williamson Act, can include a fee for the incompatible structures built on the land. For billionaire property owners, that could just be seen as the price of doing business.
“In some sense,” he said, the conservation program has “been like a flag that says, ‘Buy here.’”
The Flannery Associates project illustrates just how weak current tools are for dealing with a project of this size. Secrecy further hampers state regulators unaware of a buyer’s intent for the land, Cabaldon said.
Brokaw, the Flannery Associates spokesperson, said the company wouldn’t comment on specific issues brought up during the committee hearing but was meeting with county and state leaders to address their concerns.
Officials and landowners worry that much of the infrastructure needed to build a new city is just not present in eastern Solano County. And an influx of development would almost certainly drive out any farmers from the region.
But another scenario that could present itself is Flannery Associates moving ahead with its project only to have it fall apart years later.
“Even if the project is rejected locally … you can’t reset the clock,” Cabaldon said. “You cannot turn it back and say, ‘OK, no harm, no foul. Let’s just return to the way that this community was two years ago.’ Because the owners will be gone, the family farmers will have left.”
Times staff writers Jessica Garrison and Ryan Fonseca contributed to this report.
In a new report from First American, Chief Economist Mark Fleming reveals that two of the three key drivers of the Real House Price Index (RHPI), nominal house prices and mortgage rates, dragged affordability lower in June. The 30-year, fixed mortgage rate increased by 0.3 percentage points and nominal house prices accelerated by 0.8% compared with May.
The Three Key Drivers of the RHPI:
Median Household Income is one of the fundamental factors determining the amount of housing a particular consumer can afford. incomes can be tracked over time to demonstrate how rising/falling incomes impact consumer house-buying power.
Interest rates drive how much a home buyer can leverage their median household income to purchase more or less housing. As interest rates fall, consumers are able to purchase a more expensive house due to lower borrowing costs. The opposite is true for rising rates.
House price levels are measured using a weighted repeat-sales house price index that tracks how prices of single-family residential properties rise and fall over time and across numerous geographies.
While household income increased by 0.4%, it was not enough to offset the affordability-dampening impact from higher mortgage rates and prices. Consumer house-buying power declined by nearly $9,000 compared with May and remains $32,000 lower than one year ago. Fleming predicts the outlook for house-buying power to be heavily dependent on the path for mortgage rates, and that path is highly uncertain.
“It’s likely that mortgage rates continue to hover in the 6.5-to-7.5% range for the remainder of the year, which means affordability will remain a challenge for many homebuyers,” said Fleming.
How High Will Mortgage Rates Go?
The RHPI can be referenced to model shifts in income and mortgage rates to see how they impact consumer house-buying power or affordability. Rising incomes and falling mortgage rates each boost house-buying power, while falling incomes and rising mortgage rates each sap house-buying power.
As of mid-August, the average mortgage rate nationally sits at approximately 7%. In June of last year, the average mortgage rate nationally was roughly 5.5%. Holding incomes constant at their June 2023 level and assuming a 5% down payment, the increase in mortgage rates alone reduced house-buying power by nearly $57,000.
An average of several industry forecasts projects that mortgage rates will end the year lower, at 6.1%. If those forecasts are correct and the average mortgage rate decreases from the 7% level to 6.1%, house-buying power increases by nearly $32,000. However, if mortgage rates drifted upward to 7.5%, house-buying power would fall by an estimated $16,000.
Uncertain Outlook for Mortgage Rates
The 30-year fixed mortgage rate is loosely benchmarked to the 10-year Treasury bond. Since the end of the Great Recession, the 30-year fixed mortgage rate has on average remained 1.7 percentage points (170 basis points) higher than the 10-year Treasury bond yield. The spread usually widens during periods of economic or geopolitical uncertainty, as is the case in today’s market.
As the industry forecasts predict, it’s reasonable to assume that the spread and, therefore, mortgage rates will moderate later in the year if the Federal Reserve stops further monetary tightening and provides investors with more certainty. However, it’s unlikely that mortgage rates will revert to the 5.5% levels of 2022 until inflation has moved closer to the Federal Reserve’s 2% target and it begins loosening monetary policy, or there’s a significant economic downturn.
Mortgage rates ticked down modestly after job openings data for July came out yesterday, but rates remain elevated.
Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Aug. 31, down from last week’s 7.23%. By contrast, the 30-year fixed-rate mortgage was at 5.66% a year ago at this time.
“Despite continued high rates, low inventory is keeping house prices steady,” said Sam Khater, Freddie Mac’s chief economist. “Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes.”
Other indices showed lower mortgage rates.
HousingWire’s Mortgage Rates Center showed Optimal Blue’s 30-year fixed rate for conventional loans at 7.07% on Wednesday, compared to 7.22% the previous week. At Mortgage News Daily on Wednesday, the 30-year fixed rate for conventional loans was 7.06%, down from 7.36% the previous week.
What to expect with the Fed ?
At the last Federal Open Market Committee meeting, Federal Reserve Chair Jerome Powell emphasized the importance of July’s core Personal Consumption Expenditure (PCE) Price Index for the Fed’s future path. The results came in today and the PCE price index jumped slightly from year-ago levels but grew at a mild monthly rate, which is more in line with the Fed’s 2% inflation target.
Meanwhile, the labor market is cooling as U.S. job openings dropped in July. However, more robust data points will be required to confidently assert that inflation is moving in the desired direction, said Realtor.com Economist Jiayi Xu.
“Despite mortgage rates hitting 20-year highs, we still expect them to reverse course and trend lower as we gather more solid evidence of inflation improvements in the coming months,” added Xu.
What does it mean for the housing market ?
Incentivized by return-to-office demands, some buyers have adjusted to the higher mortgage rate environment and are moving forward with their home search, according to Realtor.com’s 2023 Hottest Zip Codes report. However, first-time homebuyers are facing greater challenges to make such adjustments.
“Fortunately, new homes remain an option for many, as builders are continuing to add homes with a somewhat greater focus on affordable price points,” said Xu.
What to expect for the fall ?
Last fall when mortgage rates surged, homebuyers adjusted pretty quickly, noted Bright MLS Chief Economist Lisa Sturtevant. First, they held back a little, only to come roaring back to the market in 2023. However, this time could be different, she said.
Rates above 7% are now coupled with home prices near record highs.
“The desire for homeownership is still strong, but there are going to be more and more prospective buyers for whom the numbers simply don’t pencil out anymore at 7%+ rates,” added Sturtevant.
That said, mortgage applications rose last week in spite of the rates being at a 22-year high. However, economists expect applications will decline significantly in the weeks ahead, bringing a shift in the housing market.
“As demand contracts, supply will still remain low, so the slower market will not necessarily translate into significant price declines,” said Sturtevant.
Inside: Looking to celebrate Christmas on a budget? This guide has you covered with creative and affordable ways to do just that.
Are you stressed out about how to afford a fabulous Christmas on your budget? Worry not.
This festive season isn’t about how much cash you fork out, it’s about creating lasting memories and spreading joy.
Why let financial woes dampen the joyous yuletide spirit when you can celebrate a charming Christmas on a budget?
Remember, it’s your money, your decisions, and your rules – no guilt trips or social pressures should force you into spending Christmas in debt.
Today you will learn:
Determine your Christmas budget: Figure out what’s a comfortable amount for you to spend and stick to it religiously.
Be creative with gift giving: Homemade presents or heartfelt letters can be more valuable than pricey items.
Find simple ways to save money: Use these money saving tips to enjoy a festive holiday season.
This holiday season, celebrate responsibly, within your means, for a Christmas that’s merry, bright, and totally guilt-free!
Why Celebrate Christmas on a Budget?
Embracing a budget-friendly Christmas can prove to be not only a smart choice but one filled with warmth, delight, and genuine joy.
Enjoy valuable family bonding time with exciting games and shared activities. Volunteer work, a day of holiday baking, or a simple drive-through Christmas lights sightseeing trip can leave a lasting impression. Look through this Christmas bucket list.
Opt for economical, yet thoughtful gifts or stick to fun gift exchange rules, such as the “four gift rule” for your kids. Remember, it’s the sentiment behind the gift that matters the most.
In essence, an economical holiday season needn’t be a dull affair, rather it’s an opportunity to make it more heartfelt and unforgettable.
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.
What to buy for Christmas on a tight budget?
Yes, friend, you can buy meaningful Christmas gifts while sticking to a budget.
In fact, the thought behind a gift is often what makes it special, not the price tag.
A few ideas include homemade gifts, gift cards, subscriptions, and second-hand items. With a little creativity, you can find the perfect present for everyone on your list without spending a fortune.
Below you will find plenty of great gift guides for Christmas that won’t break the bank.
Benefits of a Budget Christmas
1. Allows you to plan ahead and stay on track 2. Prevents overspending 3. Buy gifts that are within your budget 4. Focus on quality over quantity 5. Ensures that everyone gets a gift 6. Helps you avoid debt during the holidays 7. Prevents you from feeling stressed out about money during the holidays 8. Be creative and come up with unique gifts 9. Save for next year’s holiday budget 10. Stay connected to the spirit of the holidays
Savings with Christmas on a Budget
From homemade Christmas decorations to unique gift ideas, it’s possible to create magical moments that’ll last a lifetime without a hefty price tag.
Embrace the true spirit of Christmas – love, family, and togetherness, rather than commercialism, and read on to discover how.
Learn the simple ways to celebrate the festive season without breaking the bank with our creative and budget-friendly Christmas ideas.
1. Think about a No Gift Christmas
Having a No Gift Christmas is a creative and budget-saving alternative to traditional holiday festivities, especially suitable if funds are tight. Why not consider it?
Here are some benefits:
You can alleviate the holiday stress often associated with spending on gifts.
It fosters the idea of Christmas as a season of togetherness, not just gift-giving.
It offers the potential for unique and memorable experiences, like volunteering or creating fun traditions with your loved ones.
Remember, having a memorable Christmas doesn’t have to cost much, or anything at all Learn more about a no gift Christmas.
2. Make Your Own Gifts
DIY Christmas gifts are your perfect solution. They not only save pennies but are laced with your love and creativity.
Start by exploring plenty of creative gift ideas available for free online. Need help? Look for “homemade gifts for Christmas” and you’ll be surprised.
Compile a list of possible gifts from homemade candles to personalized coupon books, keeping the recipient’s likes in mind.
Remember, your efforts will reflect in your gift. So, unleash your creativity and let the magic begin.
3. Borrow Instead of Buy
Borrowing instead of buying is a clever way to have a festive holiday while keeping things budget-friendly. This concept is simple: swap decorations, games, or even gifts with friends, neighbors, or family
Discuss your idea with your circle and organize swapping parties to exchange items.
The key is to creatively engage and make it a fun, budget-conscious activity. After all, Christmas is about sharing and caring!
Remember, return borrowed items in their original condition to maintain trust.
4. Attend Free Events
The Christmas season doesn’t have to be a strain on your wallet. Attending free community events can provide fun and festive celebrations:
To find these events, check your local newspaper or community websites. Be sure to:
Take advantage of free refreshments, but also bring your own to share.
Consider hosting a potluck dinner before or after community events.
Attending free events supports your local community.
Remember, Christmas is about togetherness, not extravagant spending.
5. Make Your Own Decorations
To create a festive atmosphere this season, you could repurpose items around your house or make your own decorations.
Choose a color theme and gather items in those shades, then place them together on a mantel or coffee table to create a coordinated layout.
For a natural touch, clip pine needles, branches, or herbs from your garden, and enhance them with glitter.
Additional budget-friendly options include taking advantage of sales and discounts at thrift stores or crafting handmade decorations such as ribbons from fabric strips or Christmas cookie ornaments.
6. Keep Track of Your Christmas Expenses
Just like throughout the year, budgeting is critical to your financial success.
Nothing changes with Christmas, it is crucial to track and budget your holiday expenses. Jot down every potential cost – from the Christmas tree, and food, to holiday décor.
Be thoughtful about what you really need and opt for items you can use for years.
This is one of the cash envelope categories I recommend saving for. To effectively manage your expenses, assign specific dollar amounts to each item on the list, ensuring you stay within your budget.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
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7. Share the Spirit
Embracing frugality during the holiday season can not only help you save money, but can also create memorable experiences and meaningful connections.
Small gestures, such as sending heartwarming physical letters to loved ones instead of emails, can still convey thoughtfulness and spur the holiday spirit.
By centering your holidays around family activities and endeavors, like homemade ornaments or a scavenger hunt with small gifts, the focus shifts from materialism to fellowship and unity.
Find more frugal Christmas ideas.
8. Check Out Bargain Stores
Bargain stores provide the perfect solution for savvy holiday shoppers looking to save money without compromising on quality or variety. Not only can you find unique, quirky gifts, but you can also keep a lid on your spending while doing so.
Stores like consignment shops or websites such as Craigslist often have high-quality used toys that are nearly new if you’re willing to look carefully.
Another option is to look at discount retailers like TJMaxx as they often host sales during the holiday season, making it even easier for you to save money while hunting for the perfect gifts.
9. Save Money Throughout the Year
Automating your savings for the Christmas season can be a practical and efficient strategy. The 100 envelope challenge is perfect for this!
By setting aside just $50 each month, you could accumulate up to $600 by December, providing a decent budget for your holiday expenses. This method can ease the financial stress during the holiday season, letting you enjoy the festivities without worrying about overspending.
Consider setting up automatic transfers to a high-interest savings account. This ensures your Christmas funds grow without your intervention.
Lastly, try a no-spend month where you only cover essential bills, giving your savings a significant boost.
10. Start a Side Hustle for More Money to Spend
Engaging in side hustles throughout the year can help you significantly cover your holiday expenses.
By delivering food, completing microtasks, selling gently used items, or shoveling snow, you create extra earnings that can go directly into your Christmas fund.
For instance, extra income from a seasonal retail job could help finance gift-purchasing without straining your usual budget.
This strategy not only prevents potential post-holiday debt but also allows you to enjoy the season without financial stress.
In fact, more people are interested in how to make money online for beginners.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
11. Shop Online Instead of Going to the Mall
Shopping online for your Christmas gifts can seriously ease your holiday stress, and potentially save you money.
Let’s explore why skipping the mall and clicking your way to a merry Christmas might be your best bet this year:
No dealing with holiday crowds or cranky shoppers.
Enjoy sales and deals without leaving your home.
Track prices over time to grab the best deals.
Use Rakuten to save even more money on purchases.
For smart online shopping, prepare a list of gifts before diving in. Take advantage of the “wish list” option on platforms to curate items of choice and make sure you first glance over deal sites before making purchases.
12. Have a Christmas Potluck
Host a festive potluck! Invite friends and family, asking each to bring their favorite dish.
Here are some tips for a successful event:
Get organized and ask guests to bring specific types of food. This prevents duplicate dishes and ensures a balanced meal.
Introduce a fun element. Try a cookie swap or a silly game like “Guess the Cookie.”
Keep decor simple. A large vase filled with greenery and baubles can effectively replace a pricey Christmas tree.
Remember simplicity is key in food and decor. Costly ingredients and complicated recipes aren’t prerequisites for a memorable Christmas.
Remember, the holiday is about togetherness, not extravagance!
13. Make Your Own Cookies
There’s a unique pleasure derived from making your own cookies during the holiday season instead of buying them. More so, the cookies you’ve invested your time and creativity into can double as thoughtful, homemade gifts, adding another level of sentiment.
Apart from being a cost-effective option, it brings an opportunity to bond with friends and family during cookie exchange or decorating gatherings.
Making your personally crafted cookies also gives you control over ingredients catering to specific dietary needs or preference
Indeed, making your own cookies adds value that surpasses the mere cost savings, it infuses the holiday season with warmth, joy, and a sense of shared experience.
14. Cross Off Activities from your Christmas Bucket List
Having a joyful Christmas doesn’t necessarily mean overspending. In fact, integrating cost-effective activities into your holiday routine can make the season more meaningful and fun.
This Christmas Bucket list post offers an extensive and diverse list of creative ideas for budget-friendly Christmas shopping, gifting, and celebrating.
Additionally, downloading the free printables and a Christmas Budget Template will make the process even more manageable and fun.
15. Have a No-Gift Party
A no-gift Christmas party is an affordable and fun holiday celebration where attendees do not exchange gifts. It’s a great option for those looking to save money and still enjoy the festive season.
Here are steps to make it happen:
Step 1: Decide on the party type, either a simple gathering or a potluck dinner.
Step 2: Inform guests about the no-gift policy in advance.
Step 3: Organize exciting, cost-effective activities such as a game night.
Step 4: Engage guests with games for a joyful event.
Expert Tip: Conversation and laughter are your best tools.
16. Make a Christmas Memory Book
Creating a Christmas memory book is an affordable and engaging way to celebrate the holiday season, especially when you’re on a tight budget.
To start, you can utilize items already at your disposal in your house such as old photos, greeting cards, and crafts.
Spend some time penning down heartfelt messages and your favorite holiday memories associated with each picture or craft. Embellish the pages with affordable decorating materials like glitter, stickers, or color pens.
Not only does this create a personalized touch, but it also serves as a nostalgic keepsake that can be cherished for years to come.
Tip: Digitize your memory book by creating an electronic version. This can also help preserve the original items.
17. Spend Time With Loved Ones
Celebrating Christmas on a budget doesn’t mean skipping on the fun.
It’s about cherishing time spent with loved ones, harnessing creativity, and making priceless memories that last a lifetime.
Here are some cost-effective activities you can embrace this festive season:
Share stories of memorable Christmas experiences.
Organize virtual celebrations with extended family and friends.
Create your own family-themed board game.
Bake Christmas cookies or make a popcorn Christmas tree.
Stream a Christmas church service.
If snow is around, engage in snow play.
Dance to classic Christmas music.
Put together an annual family calendar.
Participate in one of these Christmas Challenges!
Remember, it’s not about what’s under the tree that matters, but rather, who’s around it.
18. Stash Christmas presents all year
Do what I do! Begin addressing the issue of holiday budgeting by stashing Christmas presents all year round.
This is a smart and stress-reducing move!
Find deals throughout the year rather than spending lavishly in December. Hang on to items like discounted gifts in your secret gift closet!
As you build an inventory of diverse items, you will be ready for birthdays or sudden party invites – you’re always prepared!
Just be careful to stop shopping when your list is fulfilled to avoid overspending.
19. Write a Christmas Gift List
Creating a Christmas gift list can be an effective way to manage your holiday spending. This helps you understand the overall picture of your holiday expenditure.
Start by writing down the names of every person for whom you consider buying a gift.
Then, determine how much you’re willing and able to spend on each individual. This helps you understand the overall picture of your holiday expenditure.
Take time to brainstorm potential gift ideas within your decided budget for each person. This process can be even easier and more informative if you’re able to reference a gift list from previous years.
Ultimately, the goal is to ensure that your total intended spending is reasonable and manageable for your personal financial situation.
Remember, you may not need to buy gifts for everyone on your list – some individuals might appreciate homemade or free gifts just as much.
20. Choose Great holiday things to do for less
Set aside the societal notion of linking the joy of holidays to copious spending, and welcome small, inexpensive, yet heartfelt gestures.
Adopting a mindset that finds value in low-cost or even free activities, especially during the holiday season, can not only alleviate financial pressure but also create cherished memories.
Instead of focusing on extravagance and materialistic desires, turning attention to experiences and emotional bonding can revolutionize the celebration!
You can always find things to do on Christmas Day.
21. Think Outside the Box With Gifts
Finding affordable gifts doesn’t mean you have to sacrifice quality or thoughtfulness.
By utilizing a gift guide such as the 4 gift rule – something they want, need, to wear, or read – you can ensure a well-rounded and meaningful set of gifts for each child.
Alternately, consulting lists of inexpensive yet creative suggestions like those curated by Money Bliss can help you find unique presents that won’t break the bank. These affordable finds range from books, gadgets, to personal care items, and home accessories.
Regardless of budget, the key to successful gift-giving lies in understanding the recipient’s needs and interests.
22. Consider Re-Gifting
Re-gifting is a practical, budget-friendly, and environmentally-friendly way to celebrate Christmas. It allows unused or unwanted items another chance to be appreciated and might save you some cash too.
Here are some regifting tips:
Ensure the gift is in good condition, unwanted but quality, and not linked back to its original giver.
Consider the preferences of the new recipient, ensuring the gift suits them.
Completely re-wrap the gift to give it a fresh appearance.
Some may debate the etiquette of re-gifting but remember, it’s more about the thought and less about where the gift originated.
Making smart choices can ensure a successful and fun re-gifting experience this festive season.
23. Use Gift Cards or Cash App to Stay on Budget
Purchase a prepaid gift card from your favorite store to ensure you’re limiting your spending to a specific amount and preventing the temptation of overspending.
If you’re planning to shop from a range of places, opt for a Mastercard of Visa prepaid card. While there may be an activation fee, it’s ultimately going to be less than what you’d potentially overspend.
Another great option is using the Cash App card and learn where you can load your Cash App card.
Also, you can use budget tracker apps like YNAB or Simplifi. These can help you meticulously keep track of your spending and stay within your budget.
Remember, the key is to stick to a budget and avoid falling prey to impulsive purchases. Using gift cards or these budgeting apps makes it easier to limit and monitor your expenses.
24. Use Money Gift Ideas Wisely
Money gift ideas can be an excellent alternative to traditional presents, especially when budgeting is a critical aspect.
Too many times, money gift ideas are overlooked as impersonal, but a money gift box or money cake will definitely surprise the recipient.
This will guarantee you will stay within your target budget by using money gift ideas.
For larger families, a gift exchange with a set price limit can keep costs manageable.
25. Donate to Charity Or Volunteer
Volunteering at a charity is a meaningful way to give back during the holiday season that doesn’t put a strain on your budget.
Instead of buying more items a person may not need, you’re investing time, money, and energy in causes they care about. Although this doesn’t require a financial commitment, it’s a generous gift full of sentiments.
Furthermore, donating money to a charity in someone’s name is a thoughtful and effective way to honor someone who already has everything they need. It allows the recipient to feel the joy of giving, yet remains a budget-friendly option for the giver.
If you’re keen on frugal yet meaningful ways to celebrate Christmas, how about considering charitable donations? It’s a splendid alternative to traditional gift-giving – not hard on your wallet, plus it makes a difference!
Most people know it is hard enough to buy gifts for the woman you who has everything or kids who have everything.
How to Make a Christmas Budget
A lot of joy and goodwill is associated with the holiday season; however, it also brings with it the challenge of managing finances meticulously to avoid slipping deep into credit card debt.
One of the effective ways to keep your finances under control during this festive time is by creating an efficient Christmas budget.
In the following sections, we will delve in detail into the simple process of creating a feasible Christmas budget that you can adhere to.
Step 1: Decide What You Want to Spend on Christmas
Determining how much to spend at Christmas depends on your individual budget and financial situation.
On a general basis, most people will overspend at Christmas in order they don’t look broke or not generous.
However, that thought process is backward if you are trying to reach your financial goals. You need to decide on how much you want to spend at Christmas time.
That is why these consumable gifts tend to be popular.
Expert Tip: Avoid surpassing your Christmas budget to prevent feeling the pinch of holiday debt later on. Stick to your allocations and plan things out in advance.
Step 2: Make a List of Christmas Gifts
Creating a list is essential for budget-friendly and stress-free Christmas shopping.
This prevents you from forgetting someone important by intuitively documenting all the people you intend to get gifts for. Also, allows for the clear allocation of your total Christmas budget, preventing overspending on some individuals and under-spending on others.
If you aim to economize, consider the 4-gift rule: something they want, something they need, something to wear, and something to read. This method provides thoughtful gifts for children while maintaining a manageable budget.
More importantly, a well-planned list significantly reduces the time spent shopping and aids in buying gifts early before the holiday rush begins.
Expert Tip: Don’t forget to consider items like stocking stuffers, last-minute gifts, or teacher’s gifts, and the cost of extra food for holiday gatherings.
Step 3: Prioritize Your Spending
Prioritizing where to spend money relative to your financial goals is crucial to achieving long-term financial stability and health. It ensures that your money is allocated effectively, giving priority to necessities and matters that directly support your objectives.
This practice can also prevent unnecessary expenditures and helps in averting serious overspending, especially during high-spending periods like the Christmas season.
Thus, you will need to prioritize your Christmas budget before the festive season. It helps prevent overspending and keeps you debt-free.
Step 4: Limit Your Christmas Spending
First, it is important to abandon the notion of a “perfect Christmas” and focus on enjoying the holiday within your budget.
You can even educate your family members about the concept of holiday budgeting and involve them in your planning process.
Consider proposing less expensive alternatives to traditional gift-giving within your extended family such as handmade or recycled gifts, or conducting a white elephant exchange with budget-friendly novelty items.
Don’t overlook smaller gifting costs that can accumulate, like Christmas stockings – instead fill them with practical, affordable items that your family needs.
Save money on wrapping supplies by using items readily available at home like newspaper or butcher paper and involve the kids in a fun, cost-saving activity by having them create homemade gift tags.
Remember, sticking to your budget doesn’t mean letting go of the Christmas spirit. It’s about celebrating responsibly and starting the New Year without financial stress.
Step 5: Ignore Sales and Keep it Simple
Sales, sales, sales – the deal is too good to pass up!
Here are key ways to overcome this common dilemma.
Resist impulsive purchases compelled by sales, and stick strictly to your shopping list.
Pause before purchasing an item not on your list, consider the necessity.
Keep emotions in check, they run our shopping decisions.
Conquer emotional spending, stay true to your budget.
Discourage additional spending once your list is fulfilled and the budget exhausted.
Remember that it’s better to focus on affordable presents rather than seeking the perfect, but expensive, gift.
Step 6: Shop for Christmas Gifts Early
Start early. Begin watching for sales on items from your Christmas gift list way before the season’s rush.
Begin monitoring for sales early, especially during holidays that precede Christmas, to stretch your budget further.
Make use of Black Friday and Cyber Monday. They provide excellent opportunities to snag deals on your gifts.
Expert Tip: Remember to stick to your list. If it isn’t on your list, pass it up. It’s challenging but keeps your budget in check.
Step 7: Reuse and Recycle Holiday Decorations
Start by taking stock of items in your house. Don’t limit yourself to traditional decorations—choose a color theme and scan your home for items that fit and can be repurposed.
Use the resources outdoors. Pine branches, pine cones, mistletoe, and holly can be fashioned into decorations from nature’s catalog.
Even consider trading decorations with friends or family. This can bring a new look to your home without the need for new purchases.
Get creative with items from dollar stores that can be combined to appear high-end and save costs.
How to buy gifts for Christmas on a budget?
Maintaining a budget doesn’t mean you can’t enjoy giving gifts this Christmas.
Use these gift guides to help you out:
Remember, the joy is in the giving, not in the cost of the gift.
Time to Create Your Holiday Budget and Make it Memorable
Regardless of your financial situation and the extent of your holiday plans, this guide will help you maintain financial stability while fully embracing the Christmas spirit.
By setting aside a prescribed sum for your holiday expenses, you’re able to enjoy the season without the stress of unexpected expenditures or financial shocks after the holiday haze has cleared.
Celebrating Christmas on a budget doesn’t mean skipping the fun or the warmth.
With just a dash of creativity and thoughtful planning, you can make the yuletide season enjoyable and meaningful without breaking the bank.
Use the festive tips provided and start planning your budget-friendly Christmas now. Remember, the true essence of Christmas isn’t in extravagant spending—it’s about love, joy, and spending quality time with those who really matter to you.
Don’t forget to access a free printable worksheet for your customized holiday budget.
Know someone else that needs this, too? Then, please share!!
Banks less readily provide loans for such purposes, EISA says.
According to the explanation letter concerning the endowment capital increase bill, a housing loan guarantee is intended for people who want to either take out a loan to buy a new house or to reconstruct an existing one, yet want to reduce their down payment obligation, with rural areas a particular focus.
There are five different target groups: Young families, young professionals, buyers of energy-efficient housing or energy-efficient housing reconstruction, families with children, and Estonian Defense Forces (EDF) or Defense League (Kaitseliit) veterans.
The explanatory letter states that: “The guarantee for the target group of buyers or renovators of housing in rural areas is intended for people who want to take out a loan for the purchase of a new housing or for the reconstruction of an existing one, making it possible to obtain a larger loan from the bank than the value of the property allows and the bank would be willing to give under normal conditions.”
“According to the forecast, it is necessary to increase the endowment capital from 2024, when the endowment capital will no longer be sufficient to finance the rapid growth in portfolio. In total, an increase in the endowment capital of €11 million is required,” the communique went on.
Behind this rapid growth in portfolio is an increase in grants for the reconstruction of apartment buildings, which EISA also offers.
The institution predicts the growth of the housing association’s loan guarantee portfolio from €49 million in 2022 to €134 million euros in 2028, i.e. nearly a threefold rise in six years (forecast).
In terms of categories of recipients, a person up to 35 years of age with a higher education, secondary specialized education or vocational education, with whom an employment contract, service contract or board member contract has been concluded, constitutes a young specialist.
An additional condition is that a loan applicant must not be on probation in relation to a court judgment.
The explanatory letter also stated the proportion of self-financing as a condition of the guarantee, which must be at least 10 percent of the value of the collateral for the loan.
For families with children the proportion for self-finance is set at at least 5 percent of the value of the collateral for the loan.
A family with children consists of parents raising at least three children up to 19 years old (inclusive) jointly or separately, or are guardians of the children.
Two people can jointly apply for a loan, at least one of whom must belong to the stated target groups.
The housing to be purchased or reconstructed must be located outside the list of locations prepared by EISA.
The excluded list is: Larger settlements in Harju County and all municipalities adjacent to Tallinn, with the exception of Ardu, Habaja, Loksa, Rummu and Ämari; all cities and townships in Tartu County, with the exception of Alatskivi, Kallaste, Rannu and Rõngu, and also the towns of Haapsalu, lääne County, Kohila, Rapla County, Kuressaare, Saaremaa, Paikuse municipality, in Pärnu County, the City of Pärnu, Rakvere, Lääne-Viru County, Rapla, Rapla County, Sauga, Pärnu County and Viljandi, Viljandi County.
The amount of the guarantee must be up to 80 percent of the unreturned main component of the credit, but at the same time cannot exceed €80,000.
Additionally, the value of the property to be purchased or reconstructed must be covered by at least 25 percent of the loan.
Furthermore, a property may not be let out during the validity period of the loan agreement.
The existing EISA endowment capital has been used so far to provide the guarantee service for home loans in rural areas.
The explanatory letter states that the endowment capital boost is budget-neutral, since it is a financing transaction.
EISA was formed from the merger of the formerly separate KredEx and Enterprise Estonia organizations.
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Townhouses offer convenience and amenities that appeal to a range of homebuyers. They’re also growing in popularity, with new townhouse construction up more than 28% from 2020 to 2021. Construction costs also increased during the same time period.
Whether you’re building an investment property or your own new home, determining the project cost is essential before breaking ground. The cost to build townhouses depends on the size, location, number of units, onsite amenities, and the style of the building.
What Is a Townhouse?
A townhouse, also called a townhome, is a type of single-family home that has two or more floors and a shared wall with at least one other home. Compared to different home types, like duplexes and triplexes, each townhouse is individually owned and has its own entrance. Given the high-density design, townhouses tend to be more common in urban and suburban communities.
Townhouses often have their own yard or garage, but may share other communal amenities, such as a pool or tennis court, with neighboring townhouses. These shared facilities are typically governed by a homeowner’s association (HOA), which townhouse owners pay fees to for managing amenities and providing services like landscaping and snow removal.
If choosing between a condo or townhouse, another distinction is that townhomes usually have more autonomy in customizing the exterior of their home and outdoor living space, and more responsibility for that space as well.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Recommended: What is a Townhouse?
What Determines the Cost of Building a Townhouse?
The cost to build townhomes depends on a variety of factors. The type of townhouse, size, number of units, location, and additions like garages and basements all contribute to the total construction cost.
Here’s what to consider when estimating how much to build a townhouse.
Type of Townhouse
There are different types of townhouse layouts and configurations, including traditional, stacked, and urban.
• Traditional: Generally organized in a row with two floors of living space, a basement, and garage.
• Stacked: Refers to townhouse units stacked in a multi-floor building, which typically have their own entrances.
• Urban: Similar to traditional townhomes, but often have more modern and spacious floor plans and higher prices.
Another key decision when purchasing a new construction home or townhome is whether to go with a modular or stick-built design. The components of a modular townhome are manufactured off-site, saving time and labor.
Stick-built townhouses are constructed on-site using a wooden frame and finished with a brick or vinyl exterior. This type of construction allows for greater customization, but generally comes at a higher cost than modular townhomes.
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Square Footage
The cost to build a townhouse is impacted by the size, which is measured in square feet.
Townhomes cost between $111 to $125 per square foot on average. Because townhouses share walls and occupy smaller lots, they’re often more affordable than detached single-family new construction, which breaks down to an average of $150 per square foot.
Using the square footage to estimate total townhome cost is a fairly straightforward calculation. For instance, builders can expect to pay between $222,000 and $250,000 to erect a 2,000-square-foot townhouse based on the average range. Bear in mind that does not include the cost of the building site.
With these estimates, you can compare mortgage rates and determine what financing you qualify for.
Number of Rooms
The interior layout, including the number and types of rooms, is a key determining cost factor.
Not all rooms are created equal though, with kitchens and bathrooms being the most expensive due to appliances, tiling, plumbing, and more complex electrical work. The living spaces and bedrooms are generally simpler and cheaper to build.
💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.
Number of Units
By definition, townhouses are built in groups. Leveraging economies of scale to build multiple units or a complex could reduce the cost per unit. Keeping the design and floor plan consistent across units can also lower the price.
So, how much does it cost to build a townhouse complex? That depends on the extent of amenities included, as well as the number of units.
Location
Location, location, location. Where you choose to build a townhouse will impact the cost of construction and its value once completed.
The cost of labor varies significantly between regions. Paying builders and contractors typically accounts for 40% of new home construction expenditures. The location of the townhouse also matters in terms of costs related to accessing the site and sourcing materials.
Additions
Wondering how much to build townhomes with attractive amenities? Here’s what you can expect to pay for common townhome add-ons.
• Basement: Building a basement foundation costs between $24,000 and $44,500 on average.
• Driveway: The materials and installation costs for a new driveway range from $2 to $15 per square foot depending on the material used.
• Fencing: More affordable fence materials like wood, vinyl, and composite range from $10 to $45 per linear foot.
• Garage: Cost varies by size, with one-car garages ranging from $10,500 to $27,000 and double garages costing between $14,500 and $40,300.
• Pool: Expect to pay between $28,000 and $66,500 for an in-ground pool, with vinyl and fiber-glass lining typically costing less than concrete.
• Shed: Adding a storage shed ranges from $300 to $15,000, with pre-fabricated options usually costing less than custom builds.
💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.
Construction Cost for Building a Townhouse
Construction costs are often the deciding factor when thinking of buying or building a house. Townhouses are generally less expensive to build per unit than a detached single-family home.
In addition to the factors discussed above, townhouse construction involves a range of pre-construction costs, like purchasing land, building permits, and architectural or design fees. The materials and labor usually account for the majority of the expenses to build a townhouse.
Townhouses can be designed as starter homes or luxury properties, and project budgets can be structured according to the target market and expected return on investment. Still wading into the waters of homebuying? Consult a Home Loan Help Center for useful tips and guides to master the basics.
Recommended: Construction Loans for Building a House
The Takeaway
How much does it cost to build a townhouse? In short, it depends on the type of townhouse, size, number of units, location, and added amenities. But you can estimate roughly $111 to $125 per square foot or $225,000+ for a 2,000 square-foot abode, not including land cost.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How many townhouses can fit on an acre?
The number of townhomes that can fit on an acre will depend on what’s permitted by local zoning, as well as space allocated for landscaping, parking, and other amenities. However, an acre can accommodate around 20 two- or three-story townhomes.
How much are utilities in a townhouse?
Utility costs vary by location, unit size, personal energy use, and equipment used for heating and cooling. Due to their smaller footprint, townhomes typically have lower utility bills than single-family homes.
Should I buy a townhouse or single-family home?
There are pros and cons with either type of home. Townhomes may require less maintenance and include extra amenities, while single-family homes can offer more space and discretion in how you design and decorate your home’s exterior.
What are the disadvantages of living in a townhouse?
Living in a townhouse can mean less privacy from your neighbors and noise from shared walls.
Photo credit: iStock/vkyryl
*SoFi requires PMI for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Minimum down payment varies by loan type.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.