the west

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Thinking of making the Tar Heel State your new home? North Carolina boasts stunning mountain ranges, beautiful beaches, and vibrant cities, making it a top destination for newcomers. Whether you’re browsing homes for sale in Raleigh, considering renting in Charlotte, or exploring houses for rent in Durham, here’s what you need to know before moving to North Carolina.

North Carolina at a glance

North Carolina stands out with its coastal charm and urban energy. From the serene shores of the Outer Banks to the lush greenery of the Great Smoky Mountains, the state has a diverse range of natural beauty and recreational opportunities. Its major cities like Raleigh, Charlotte, and Greensboro enhance its appeal, providing residents with easy access to world-class cultural events, dining, and job markets. North Carolina’s economy is robust, supported by thriving sectors such as biotechnology, finance, and information technology, with major corporations like Bank of America and Red Hat calling the state home.

The cultural landscape of North Carolina is equally rich, featuring historical landmarks like the Biltmore Estate and a diverse arts scene in towns such as Asheville and Chapel Hill. The state is known for its eclectic food culture, including renowned barbecue and distinctive regional specialties like Cheerwine and sweet tea. While the cost of living can be high in some areas, particularly near larger cities, more affordable places to live are available in towns like Jacksonville and Winston-Salem. Whether you’re drawn to its vibrant cities or tranquil countryside, North Carolina provides a multifaceted living experience.

1. North Carolina is divided into three distinct regions

The Coastal Plain, with its flat terrain and fertile soil, features charming beach towns like Wilmington and Morehead City, ideal for a coastal lifestyle. The Piedmont region, home to major cities such as Charlotte and Greensboro, provides urban amenities and suburban comfort. In contrast, the Appalachian Mountains in the west, with cities like Asheville and Boone, provide breathtaking mountain vistas, outdoor activities, and a cooler climate perfect for those who love nature.

2. The weather here is mild

North Carolina’s climate varies, but overall, it enjoys a mild and pleasant atmosphere. Coastal areas, such as Wilmington and Charleston, experience warm, humid summers with temperatures often reaching into the 80s and 90s (°F) and mild winters with temperatures rarely dropping below 40°F. The Piedmont region enjoys a balanced climate with summer temperatures in the 80s and 90s (°F) and cooler winters with temperatures averaging between 30°F and 50°F. In the mountain areas, temperatures drop significantly in winter, with averages often falling below 30°F and snowfall creating opportunities for skiing and snowboarding at resorts like Sugar Mountain and Beech Mountain.

Travel tip: Visit the Outer Banks in late spring or early fall to enjoy milder weather and fewer crowds while exploring the pristine beaches and historic lighthouses.

3. The Research Triangle is a major tech and research hub

The Research Triangle, consisting of Raleigh, Durham, and Chapel Hill, is a national leader in technology and research. This region hosts over 300 companies in tech, biotech, and pharmaceuticals, including global names like Cisco and GlaxoSmithKline. The presence of top universities like Duke and UNC-Chapel Hill fuels innovation and attracts talent from around the world, creating a dynamic and forward-thinking community.

4. North Carolina is known for its BBQ

The state’s barbecue culture is a source of pride and rivalry. Eastern North Carolina barbecue is celebrated for its vinegar-based sauce and whole-hog cooking, exemplified by legendary spots like the Skylight Inn. In contrast, the Western style, popular around Lexington, features a tomato-based sauce with a sweeter profile, with restaurants like Lexington Barbecue serving up hearty, flavorful dishes. Each region offers its own take on this Southern staple, making BBQ a true culinary adventure.

Insider scoop: Follow the North Carolina Barbecue Trail, a culinary road trip that guides you through the best barbecue joints across the state.

5. College basketball is big here

North Carolina’s passion for college basketball is unmatched. The fierce rivalry between the University of North Carolina Tar Heels and Duke Blue Devils generates a buzz that lasts all season. Games between these two teams are high-stakes events, drawing crowds and media attention from across the country. This basketball enthusiasm extends beyond just the college scene, with a deep-rooted culture of support and pride throughout the state.

6. North Carolina has some of the best craft beer in the nation

North Carolina’s craft beer scene is booming, with a multitude of breweries crafting diverse and innovative brews. Asheville, known as “Beer City USA,” has a concentration of breweries like Sierra Nevada and Wicked Weed, each offering unique and locally inspired beers. The state celebrates this thriving culture with events like the North Carolina Brewers and Music Festival, where you can sample a wide range of local brews while enjoying live music.

Insider scoop: Check out the Asheville Ale Trail, a self-guided tour that takes you through the city’s top breweries, featuring exclusive tastings and behind-the-scenes looks at how your favorite beers are made.

7. The cost of living is low here

The cost of living in North Carolina is notably lower than the national average, making it an attractive place to settle. Cities like Greensboro, offer affordable living, with median home sale prices around $295,000, significantly less than the national median of $442,479. In Charlotte, while slightly higher, the average rental rates for a two-bedroom apartment hover around $1,800 per month, which is quite reasonable compared to larger metropolitan areas like NYC or San Francisco. Additionally, towns such as Fayetteville provide even more budget-friendly options, ensuring that North Carolina caters to a variety of financial situations without compromising on quality of life.

If you’re planning to move to North Carolina, it’s important to weigh the pros and cons of living in the Tar Heel State to know what to expect.

8. You’ll need to prepare for hurricanes

North Carolina’s coastal regions are susceptible to hurricanes, with the hurricane season running from June to November. Residents should be prepared with an emergency kit, an evacuation plan, and a thorough understanding of local flood zones. Staying informed through local news and weather services during storm season is crucial to ensure safety and minimize risk during severe weather events.

9. The people are friendly

North Carolinians are renowned for their warmth and hospitality. Living in North Carolina, expect to be greeted with friendly smiles and a helpful attitude as you settle into your new community. Local customs include a strong sense of community and a welcoming spirit, making it easy to make new friendships and feel at home, whether you’re at a neighborhood BBQ or a local festival.

10. North Carolina is home to charming beach towns

North Carolina’s coastline is dotted with idyllic beach towns that offer a perfect mix of relaxation and adventure. The Outer Banks, renowned for its rugged beauty and historic lighthouses, includes attractions like the Roanoke Island Festival Park and the Cape Hatteras National Seashore. Here, you can explore unique maritime history and stunning natural landscapes. Further south, Wrightsville Beach offers wide sandy shores and a vibrant boardwalk perfect for water sports and seaside dining. These towns provide a blend of laid-back coastal living with distinct local charm, making them ideal for both unwinding and exploring.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

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Charlotte, North Carolina offers a unique blend of Southern charm, college town energy, and big city sophistication. Known for its thriving job market, mild weather, and growing food scene, Charlotte is an attractive destination for both renters and buyers. Not sure if the Queen City is for you? Read on to find out what to expect if you’re considering a move to the Charlotte area in 2024.

You know it from: Days of Thunder, The Color Purple, The Eyes of Tammy Faye

Average 1 bedroom rent: $1,527 | Charlotte apartments for rent, Charlotte houses for rent

Average home price: $445,000 | Charlotte homes for sale

Average cost of full-service moving services: $112/hr for 2 movers

Average cost to rent a moving truck: $19 – $39/day

Top industries: Manufacturing, Finance, Tech

Move here for: The job market, big city amenities with a small town feel, outdoor recreation

Be sure to bring: Baseball hat and boat shoes

1. Southern hospitality is a real thing in Charlotte

Charlotte residents are famously friendly and welcoming. Whether you’re at a local brewery, a neighborhood festival, or just walking down Tryon Street, expect to be greeted with smiles and warm conversation. This sense of community extends to neighborhood gatherings and public events, making it easy for newcomers to feel at home quickly. The genuine friendliness of Charlotteans is often cited as one of the city’s most appealing qualities.

2. Mild winters and hot, humid summers

Charlotte enjoys four distinct seasons, with mild winters that rarely see snow and long, hot summers. Spring and fall are particularly pleasant, offering comfortable temperatures perfect for outdoor activities. However, the summer heat can be intense, with temperatures frequently soaring into the 90s and high humidity levels. 

Moving Tip: Beat the summer heat by embracing the local custom of escaping to the mountains or nearby lakes. Check out Salem Lake near Winston-Salem or the quaint town of Sylva. If you’re feeling fancy, Highlands and Cashiers are also popular.

3. Rapidly growing job market

Charlotte is a major financial and banking hub, home to Bank of America and the east coast operations of Wells Fargo. The city’s economy is diverse, with opportunities in finance, tech, healthcare, and energy sectors. This growth has spurred a high demand for skilled professionals, making Charlotte an attractive destination for job seekers. The low unemployment rate and competitive salaries add to the city’s appeal for career-driven individuals.

4. Diverse neighborhoods with unique charm

From the historic charm of Dilworth to the urban vibe of Uptown, Charlotte’s neighborhoods offer something for everyone. NoDa (North Davidson) is known for its artsy feel and vibrant nightlife, while South End boasts trendy eateries and the popular Rail Trail. Each neighborhood has its own distinct personality, making it easy to find a community that fits your lifestyle. Exploring these areas is a great way to discover what makes Charlotte special.

5. The craft beer scene is booming

Charlotte has a thriving craft beer scene, with over 30 breweries scattered throughout the city. Popular spots like Olde Mecklenburg Brewery, NoDa Brewing Company, and Sycamore Brewing attract locals and visitors alike. Beer enthusiasts will enjoy the variety of local brews and the lively social scene at these breweries. Many offer tours, events, and food trucks, creating a perfect atmosphere for casual outings.

6. Excellent outdoor recreation opportunities

With the U.S. National Whitewater Center, Lake Norman, and numerous parks, Charlotte offers plenty of outdoor activities. The Whitewater Center provides everything from whitewater rafting to rock climbing and mountain biking. Freedom Park and Romare Bearden Park are ideal for picnics, sports, and community events. These green spaces are perfect for those who enjoy an active lifestyle and connecting with nature.

Moving Tip: One of the perks of living in Charlotte is its convenient location. The Blue Ridge Mountains are just a few hours to the west, perfect for weekend getaways and outdoor adventures. To the east, the Carolina coast offers beautiful beaches and seaside towns. This accessibility makes it easy to enjoy diverse landscapes without long travel times.

7. Traffic can be challenging

The city’s rapid growth has led to significant traffic congestion, especially during rush hours. Main arteries like I-77 and I-85 can become bottlenecks, making commutes longer than expected. Charlotteans often strategize their travel times to avoid peak congestion. While public transportation is available, it’s not as extensive as in larger cities, so having a car is often necessary.

8. From collard greens to fine cuisine

Charlotte’s culinary scene is diverse and delicious, offering everything from Southern comfort food to international cuisine. Popular dining spots include Kindred in Davidson, Optimist Hall, and Haberdish in NoDa. The city’s food truck culture is also thriving, with weekly events like Food Truck Friday showcasing a variety of options. Foodies will appreciate the constantly evolving restaurant landscape and the emphasis on local ingredients.

Moving Tip: If you’re new to the region, we urge you to try Cheerwine, the polarizing soda that is either beloved or bemoaned by NC denizens.

9. Cost of living is relatively affordable

Compared to other major cities, Charlotte’s cost of living is quite reasonable. Housing costs, while rising, are still 10% below the national average. Utilities, groceries, and healthcare also tend to be less expensive. This affordability makes it possible to enjoy a higher quality of life without breaking the bank.

10. Strong education options

Charlotte offers a range of educational opportunities, from highly-rated public schools to prestigious private institutions. The city is also home to several colleges and universities, including UNC Charlotte and Davidson College. These institutions provide quality education and contribute to the city’s vibrant intellectual community. 

11. The arts are a big part Charlotte’s culture

The arts are alive in Charlotte, with numerous galleries, theaters, and museums. The Mint Museum, Bechtler Museum of Modern Art, and Blumenthal Performing Arts Center are just a few highlights. The city also hosts events like the Charlotte Film Festival and Charlotte Symphony performances. Culture enthusiasts will find plenty to explore and enjoy in Charlotte’s dynamic arts scene.

12. Sports fans will feel right at home

Charlotte is a sports town, home to the NFL’s Carolina Panthers, the NBA’s Charlotte Hornets, and the NASCAR Hall of Fame. Bank of America Stadium and Spectrum Center host exciting games and events throughout the year. Whether you’re a football, basketball, or motorsports fan, Charlotte offers plenty of opportunities to cheer on your favorite teams.

13. Vibrant nightlife and entertainment

From lively bars and clubs in Uptown to cozy music venues in NoDa, Charlotte’s nightlife has something for everyone. The Music Factory and Epicentre are popular destinations for concerts and entertainment. The city’s vibrant social scene ensures there’s always something happening, making it easy to find fun and excitement after the sun goes down.

14. A green city with plenty of parks

Charlotte boasts an abundance of green spaces and parks, perfect for outdoor enthusiasts. Freedom Park, Romare Bearden Park, and the U.S. National Whitewater Center offer a variety of recreational activities. These spaces provide a welcome respite from urban life and are popular spots for picnics, sports, and relaxation. The city’s commitment to green spaces makes it easy to enjoy nature without leaving the city.

Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Charlotte Alliance.

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Your home is your sanctuary, a reflection of your personality, preferences, and lifestyle. “Discovering your ideal interior design style is a personal journey that can significantly enhance your living environment,” shares Deziner Tonie of Decorating Den Interiors. “By understanding different styles, navigating trends wisely, and identifying timeless pieces, you can create a home that is not only beautiful but also uniquely yours. Let your preferences guide you, and don’t be afraid to mix and match elements to reflect your individuality.”

Whether you’re drawn to the cozy charm of a cottage-style apartment in Montauk, NY, the breezy vibes of a coastal décor house for rent in Portland, Maine, the classic elegance of a traditionally designed house in San Antonio, TX, or the clean lines of minimalism, finding the style that resonates with you is key to creating a space you’ll love. This Rent. guide will teach you how to find your decorating style through expert tips, suggestions, and recommendations.

Before diving into the discovery process, it’s helpful to familiarize yourself with some popular interior design styles:

  • Traditional: This style is timeless and elegant, featuring classic furniture, rich wood tones, and sophisticated textiles like silk and velvet. Traditional design often includes ornate details, such as crown molding, and a color palette of deep, warm hues. Furniture is often arranged symmetrically, creating a balanced and harmonious look.
  • Minimalism: Focused on simplicity and functionality, minimalism embraces clean lines, neutral color schemes, and a clutter-free environment. The mantra “less is more” is central to this style, with a focus on quality over quantity. Minimalist spaces often use a monochromatic palette and emphasize open, light-filled spaces.
  • Modern: Modern design is characterized by clean lines, sleek surfaces, and a neutral color palette with bold accent colors. It emphasizes function and avoids excessive ornamentation. Modern spaces often feature materials like glass, steel, and concrete, and furniture pieces that are both stylish and practical.
  • Industrial: Drawing inspiration from warehouses and urban lofts, industrial style features raw, unfinished elements like exposed brick, metal beams, and concrete floors. The color palette is typically neutral, with shades of gray, black, and brown. Furniture and décor often have a rugged, utilitarian feel, and vintage or repurposed items are common.
  • Bohemian: Also known as “boho,” this style is eclectic and free-spirited, characterized by a mix of colors, patterns, and textures. Bohemian spaces often include items from around the world, such as textiles, rugs, and furniture with a handmade or artisanal feel. Plants, macramé, and a variety of throw pillows and blankets add to the layered, cozy aesthetic.
  • Scandinavian: Originating from Nordic countries, Scandinavian design is known for its simplicity, functionality, and connection to nature. It features light, airy spaces with a predominantly white color palette, accented by natural materials like wood and leather. Clean lines, minimal ornamentation, and an emphasis on natural light are key aspects of this style.
  • Mid-century modern: This style, which originated in the mid-20th century, is characterized by clean lines, organic curves, and a focus on functionality. Furniture pieces often feature tapered legs and a mix of traditional and non-traditional materials. The color palette includes earthy tones and bold, saturated hues.
  • Modern Western: “Modern Western decor blends the rustic charm of traditional Western style with sleek, contemporary design elements,” Teri James with Teri James Photography shares. “This aesthetic often features natural materials like wood and leather, combined with more contemporary accents. Western wall decor, such as framed prints or canvas artworks of vast landscapes, horses, or cowboy-themed art, plays a crucial role in bringing the theme to life,” James shares. Key pieces might include a statement leather sofa, a reclaimed wood coffee table, and wall art inspired by the rugged people, animals, and landscapes of the West. By combining old and new, modern Western decor creates a warm, inviting space that feels both timeless and fresh.
  • Farmhouse: Farmhouse style combines rustic charm with modern comforts. It features distressed wood, shiplap walls, and vintage accessories. The color palette is often neutral, with whites, creams, and soft pastels. Chrissy Evancheck, with Countryside Home Decor, recommends decorating uniquely in this style. “Mix vintage with modern by blending rustic farmhouse pieces with contemporary decor for a cozy vibe,” Evancheck suggests. “Soften your decor with plush pillows and blankets in neutral tones. Have fun exploring and trying out these simple tips for adding a little farmhouse decor to your favorite spaces.”
  • Art Deco: Originating in the 1920s and ’30s, Art Deco is known for its bold geometric patterns, luxurious materials, and rich colors. This style often includes elements like mirrored surfaces, chrome accents, and exotic woods. Art Deco spaces are glamorous and sophisticated, with a strong sense of drama and opulence.
  • Eclectic: Eclectic style is all about mixing and matching different styles, periods, and influences to create a unique, personalized space. It allows for a high degree of creativity and self-expression, combining various colors, patterns, and textures in a harmonious way. The key is to balance diverse elements to avoid a chaotic look.

Understanding these popular interior design styles provides a foundation for discovering which elements resonate with you. As you explore, you’ll find that you might be drawn to a single style or prefer a combination of several, creating a space that truly reflects your individuality.

2. Reduce limitations by avoiding overthinking

“Consider your space style, which is influenced by location, culture, and lifestyle,” notes Dundee Deco. “Five styles to think about are rustic (farmhouse-inspired), French/European, Asian (including Japandi and minimalism), coastal (beach-inspired), and chic (feminine, usually amplified to glam). Choose what fits your lifestyle, mood, or personality.” Using this as a guideline, you can easily mix and match styles. “Combine your time and space styles to create unique blends like modern farmhouse or rustic vintage. Space styles can mix too, resulting in designs like coastal chic or Asian glam,” Dundee Deco suggests.

Starting with a blank canvas is a good place to begin if you’re overthinking what style suits you. “Create a neutral canvas, allowing you to explore bold colors, vintage finds, or minimalist touches – the choice is yours,” recommends Mouna Menebhi of The Boho Lab. “You can explore and personalize your space without sacrificing the environment, by ethically sourcing handmade furniture while adding character and story to your space.”

3. Don’t be afraid to mix styles

Discovering your design style with Katherine Mueller Design is all about embracing your uniqueness. “Katherine loves to mix styles because she believes every client is unique, and their spaces should reflect that individuality,” Bridget Caldaza with Katherine Mueller Design shares. “Start by identifying what you love — colors, patterns, textures — and how they make you feel. Experiment with different design elements to see what resonates with you and makes your space feel like home. Ultimately, your design style should be a reflection of who you are.”

Spouse-ly echoes this sentiment, encouraging following your preferences.”When it comes to discovering your design style, don’t limit yourself,” shares Spouse-ly. “Combine 2-3 traditional styles to create your own unique look. For example, have you heard of the style coastal luxe or transitional farmhouse? Probably not too often because they are inspired by different colors, decor,  and textures that make up their own vibe. Don’t forget to add pops of handmade decor to truly make your space one-of-a-kind.” Mixing and matching styles is a great way to expand your design horizons while determining what your preferences are.”

4. Reflect on your personality and preferences

Consider your lifestyle, interests, and daily routines. Are you someone who thrives in a structured environment, or do you prefer a more relaxed, carefree atmosphere? Do you enjoy being surrounded by keepsakes and mementos, or do you feel more at peace in a space free of excess items?

“Discovering your interior design style begins with exploring your preferences and inspirations. Start by collecting images, colors, and textures that catch your eye, creating a mood board for visual reference,” Dawn Bremer of The Bremer Team shares. “Pay attention to your lifestyle needs, ensuring the design is both functional and aesthetically pleasing. Experiment with different styles and elements in small areas of your home to see what resonates,” Bremer shares. Reflecting on these questions can help you identify the elements of a design style that align with your personality.

Alex Solonsky, Founder of Artificial Paintings recommends considering spaces that make you feel at home in your decorating process. “To find your design style, start by reflecting on your favorite spaces — be it a cozy cottage, a sleek modern loft, or a charming coastal retreat, Pay attention to what elements make you feel at home,” Solonsky recommends. “Don’t be afraid to incorporate unique pieces that tell your personal story. Trends come and go, but a space that resonates with your personality will always feel timeless,” Solonsky adds.

4. Explore inspiration

Gather inspiration from various sources to see what resonates with you. “In order to identify your interior design style, thoughtfully consider what you’re drawn to in movies, TV shows, and magazines — vintage or modern, eclectic or classic,” Connie Strazzeri, Digital Marketing Manager for Vogt, shares. “From Architectural Digest house tours to Nancy Meyers movies, aesthetic inspiration abounds online, and you can hone in on your specific taste by Pinteresting images that correspond with your source of inspiration.”

  • Magazines and books: Design magazines and books are treasure troves of ideas and visuals. Tear out or bookmark pages that catch your eye.
  • Online platforms: Websites like Pinterest, Instagram, and Houzz are excellent for discovering and saving design ideas. Create boards or collections of spaces that you love.
  • Moodboard: “To find your design style, start by creating a mood board with images, colors, and textures that you naturally gravitate towards,” Sandy with Home By Keira recommends. “Experiment with different styles by incorporating elements you love into your space and see what resonates with you and not ‘trends’. Trust your instincts — your personal style should reflect who you are and what makes you feel at home,” Sandy concludes.”Once you’ve created a mood board, it’s helpful to turn to the experts, like our in-house team at Vogt, to help you bring your vision to life,” Strazzeri recommends.
  • Showrooms and stores: Visiting furniture showrooms and home décor stores can give you a tangible sense of different styles. Pay attention to what draws you in and feels right.
  • Your closet: “Finding your unique decorating style is important so that you can create a home that reflects you. I like to recommend that you start by looking into your closet and taking note of what clothes and accessories you usually would wear,” suggests Rachel Beeman. “By doing this, you can get a good hint from your wearable style and translate that into what you might like in your home. For instance, love wearing bold and colorful? Then chances are you might love that style in your home as well.”

5. Identify timeless pieces

While trends can be fun to incorporate, timeless pieces form the foundation of a lasting interior design. “Rather than following trends, buy items you love and then find a place for them,” Pamela Wingard suggests. “Then use them, whether eating dinner on your wedding china or displaying your favorite collection on a bookshelf. Then donate items in your home that you don’t really love or pass them along to a family member (That’s probably how you got them anyway),” Wingard notes. “Curating what you already have will give you a fresh perspective on what you really like and help you determine your design style.”

Your style, your sanctuary

Discovering your interior design style is a rewarding process that allows you to create a space that truly feels like home. “Choosing your own interior style is all about experimenting until your home feels uniquely yours — a place where you can relax and thrive,” Teresa with Mindful Cements reminds us. “Go for elements that you gravitate towards and bring extra uniqueness to your space, such as geometric prints, furry rugs, or warm-cherry wooden furniture. Creating your own space should reflect your personality and lifestyle, so experiment with colors, textures, and scents until it feels just right,” Teresa concludes.

By exploring different styles, reflecting on your personality and preferences, and incorporating timeless pieces and personal touches, you can design a space that not only looks great but also feels uniquely yours. Happy decorating!

Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.

Source: rent.com

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New York City, often referred to as “The City That Never Sleeps,” is a place of endless possibilities. With its towering skyscrapers, vibrant neighborhoods, and a cultural scene that rivals any other city in the world, it’s no wonder that millions of people dream of calling NYC their home. However, life in this iconic metropolis comes with its own set of challenges. So whether you’re searching for a trendy loft in Brooklyn or a cozy apartment in Manhattan, you’ve come to the right place.

In this ApartmentGuide article, we’ll explore the various pros and cons of living in New York City, helping you decide if the Big Apple is the right place for you.

Fast facts about living in NYC

  • Population: Over 8.3 million residents
  • Average rent: $5,098 per month for a one-bedroom apartment
  • Median home sale price: $815,000
  • Subway stations: 472, providing extensive public transit options
  • Public parks: More than 1,700 green spaces for recreation and relaxation
  • Languages spoken: Over 800, reflecting the city’s rich cultural diversity
  • Annual tourists: Approximately 65 million visitors each year
  • Restaurants: Over 27,000, offering a wide variety of cuisines from around the world

1. Pro: NYC is a cultural and entertainment hub

New York City is a cultural mecca, offering unparalleled access to world-class theaters, museums, and music venues. Broadway shows, the Metropolitan Museum of Art, and the New York Philharmonic are just a few examples of the endless entertainment options. The city also hosts numerous cultural festivals and street fairs, celebrating everything from film and literature to food and dance. Additionally, iconic landmarks like Times Square, Central Park, and the Statue of Liberty add to the rich tapestry of experiences available.

2. Con: The housing in NYC is extremely expensive

The real estate market in NYC is notoriously expensive, with housing costs being 408% more expensive than the national average. The average rent for a one-bedroom apartment in New York, NY is $5,098 per month. The median sale price for a home in NYC is around $815k, reflecting the high cost of ownership. While outer boroughs like Brooklyn and Queens can offer slightly more affordable options, the prices are still high compared to the national average. Renters may need to consider shared living arrangements or smaller apartments to manage costs.

3. Pro: There are lots of job opportunities

New York City is an economic powerhouse with opportunities in a wide range of industries, including finance, technology, media, and fashion. Major companies such as Goldman Sachs, Google, and NBCUniversal have a significant presence here. The diverse job market means there’s potential for career growth in nearly any field.

5 of NYC’s top employers

  • JPMorgan Chase & Co.
  • Verizon Communications Inc.
  • Citigroup Inc.
  • Pfizer Inc.
  • Mount Sinai Health System

4. Con: High cost of living

The cost of living in New York City is 128% higher than the national average, making it one of the most expensive cities in the United States. This encompasses various daily expenses beyond housing. Transportation costs are substantial, with monthly subway passes priced at around $132, and the occasional need for taxis or rideshares adding to the expense. Groceries and dining out are also more costly compared to other parts of the country, with basic items and meals often carrying a premium price tag. 

Additionally, utility bills are 5% more expensive, groceries are 15% more expensive, and healthcare is 25% more expensive than the national average. While higher salaries in New York City can help offset these expenses, many residents still find it challenging to manage their finances, save money, or afford discretionary spending.

5. Pro: Public transportation

With a transit score of 89, one of the benefits of living in NYC is its extensive public transportation system. The subway and bus networks make it possible to get around without a car, which can save money on vehicle expenses. The MTA (Metropolitan Transportation Authority) operates 24/7, covering all five boroughs, with 472 subway stations and over 300 bus routes. Monthly unlimited MetroCards provide cost-effective travel options for residents. 

Additionally, the city’s walkability and availability of bike-sharing programs like Citi Bike, which offers thousands of bikes across hundreds of stations, make commuting convenient for renters who might not own a vehicle.

6. Con: Crowded and noisy

New York City is known for its hustle and bustle. The constant activity can be intense, with crowded streets, busy public transportation, and noise that rarely stops. Finding peace and quiet can be challenging, especially in lively neighborhoods. The high population density means personal space can be limited, and the sounds of construction and traffic are common. For those who prefer a quieter environment, adjusting to the city’s vibrant energy might take some time.

7. Pro: Diverse neighborhoods

NYC is a melting pot of cultures, with each NYC neighborhood offering unique character and charm. From the historic streets of Harlem to the trendy vibes of Williamsburg, there’s a place for everyone. Explore the vibrant art scene in Chelsea, enjoy the bustling markets in Chinatown, or relax in the quaint cafes of the West Village. This diversity also means a variety of cuisines, festivals, and cultural experiences are available year-round, ensuring there’s always something new to discover.

8. Con: Weather extremes

New York experiences all four seasons, which means hot, humid summers and cold, snowy winters. While some enjoy the variety, others may find the weather extremes challenging to handle. Snowstorms can disrupt daily life, affecting transportation and causing school and work closures. Summer heat waves can be uncomfortable, leading to increased energy costs for cooling. The transition seasons, spring and fall, can also be unpredictable, with sudden changes in temperature and weather conditions.

9. Pro: Access to education and healthcare

The city boasts some of the best educational institutions in the world, including Columbia University and NYU. Additionally, New York has top-notch healthcare facilities, such as NewYork-Presbyterian and Mount Sinai. This access to quality education and healthcare is a significant advantage for residents. The abundance of specialized programs and advanced research centers attracts students and professionals from all over the globe. 

10. Con: High taxes

New York State has some of the highest taxes in the country, including income, property, and sales taxes. The combined state and city income tax can reach up to 12.7% for high earners, and the property taxes can also be quite burdensome. Additionally, the cost of living in New York City is significantly higher than the national average, which can exacerbate the financial strain caused by these high taxes. Residents often find themselves paying more for everyday expenses, such as groceries, utilities, and transportation. For businesses, the high corporate taxes and regulatory costs can be challenging, impacting overall profitability and growth.

11. Pro: Green spaces

Despite its urban nature, NYC offers numerous green spaces where residents can escape the concrete jungle. Central Park, Prospect Park, and the High Line are popular spots for relaxation and recreation. These parks provide a much-needed respite from the city’s fast pace.

Popular NYC parks:

  • Bryant Park
  • Washington Square Park
  • Riverside Park
  • Brooklyn Bridge Park
  • Flushing Meadows-Corona Park

12. Con: Competitive lifestyle

The competitive nature of NYC can be a double-edged sword. While it drives innovation and excellence, it can also lead to high-stress levels. The fast-paced lifestyle and constant pressure to succeed can be exhausting for some individuals. This environment often demands long working hours and a relentless pursuit of career advancement. Balancing work and personal life can be challenging, and the high cost of living adds to the pressure to excel.

13. Pro: Iconic landmarks

Living in New York City means having iconic landmarks like the Statue of Liberty, Times Square, and the Empire State Building at your doorstep. These sites are not only great for sightseeing but also contribute to the city’s unique character and charm.

Iconic landmarks in New York City:

  • Brooklyn Bridge
  • One World Trade Center
  • Rockefeller Center
  • Central Park
  • The Metropolitan Museum of Art

14. Pro: Rich cultural diversity

Known for its cultural mosaic of vibrant diversity, New York City is home to people from around the world, speaking hundreds of different languages. In neighborhoods like Little Italy, Chinatown, and Harlem, residents can experience a wide array of cuisines and traditions from different cultures. This blend of backgrounds creates a unique environment where diverse perspectives and traditions thrive. Cultural institutions, festivals, and parades throughout the city highlight this diversity, from the Lunar New Year celebrations in Chinatown to the Puerto Rican Day Parade and the annual Feast of San Gennaro in Little Italy.

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High prices and elevated interest rates, combined with low inventory, are discouraging homebuyers in the Charleston region, as demonstrated by the double-digit percent decline in sales last month.

June should have been one of the busiest months for the residential market, but sales across the nation slumped for the third month in a row.

While Charleston tends to be insulated as a popular move-to destination, Berkeley, Charleston and Dorchester counties’ home sales fell 13.1 percent, according to preliminary data the Charleston Trident Association of Realtors released July 9. 

And much of that has to do with buyers struggling to sell their homes elsewhere to relocate to the Lowcountry, said Jarrett Hodson, banker with Sweetgrass Capital in Charleston.

“People were getting aggressive coming into summer wanting to move, but for a lot of people it didn’t work out,” Hodson said.

In June, 1,587 homes changed hands in the region, a notable drop from the 1,923 sales in June 2019, the year before the pandemic. Sales volume is still higher for the first six months of 2024 compared to the same period of 2023 but barely, by less than 1 percent. 

“What’s happening is if somebody can’t sell their house in Ohio, they can’t move to Charleston,” Hodson said. “There’s been a heavy, heavy movement from the Northeast, the West, but as those markets take a hit (so does Charleston).”

As a result, home sale contingencies — where a would-be buyer can walk away from a sale if they can’t sell their home by a certain date — are rising, he added.

While some can’t move, other potential sellers are unwilling give up their low-interest mortgages in the 3 percent range that they locked in during and before the pandemic, said Tara Bittl, an agent with Realty One Group Coastal in Mount Pleasant. 

“We used to say people moved every five to seven years; now we’re trending closer to 11 because of that interest rate change,” she said.

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The lack of movement contributed to the local inventory level rising for the fifth month in a row to 3,813 properties, which is still considered low. A balanced market would have about 7,000 listings.

Bittl said the reduced inventory has a number of impacts, from bidding wars in certain areas to casual buyers putting their moving plans on hold.

Without genuine motivation, they really need their “heart to swoon” to commit in this market and there aren’t enough options out there right now, she said.

The Federal Reserve has yet to take action that would ease mortgage rates, which are making it more expensive for buyers to borrow at a time when real estate prices and home insurance premiums also are rising. 

The average 30-year-fixed mortgage rate sits at 6.95 percent and 15-year FMRs are 6.25 percent as of July 3, per Freddie Mac.

Median home prices in the Charleston area continued to rise in last month, increasing 4 percent to $425,000 and up 57 percent since mid-2019. Insurance runs about $3,400 on average in South Carolina, according to the National Association of Realtors.

“You have to consider the cost of everything, not just the interest rates,” said Stacy Smith, broker in charge of Smith Spencer Real Estate in Charleston. “A young person buying a home is now totally pushed and it’s daunting.”

Turnkey homes are selling quickly at every price point, she added.

Homes where sellers want top-of-the-market prices for even what they consider minimal work are sitting, pushing the average days on market in June to 35 days, up 25 percent year over year, according to the June sales report.

Homebuyers want houses they don’t have to fix up, Smith said. Borrowing money to replace a roof or refurbish floors comes at a higher cost, too.

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Our twice-weekly newsletter features all the business stories shaping Charleston and South Carolina. Get ahead with us – it’s free.

Source: postandcourier.com

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Social Media Compliance, Client Retention; Freddie/Fannie Changes; Square Footage Stats

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Social Media Compliance, Client Retention; Freddie/Fannie Changes; Square Footage Stats

By:
Rob Chrisman

Mon, Jul 8 2024, 11:48 AM

During a recent password audit, it was found that a blonde was using the following password: “MickeyMinniePlutoHueyLouieDeweyDonaldGoofySacramento”. When asked why such a long password, she said she was told that it had to be at least 8 characters long and include at least one capital. What’s today? It’s “change every password you have” day. Money is the focus of a lot of evil activity on the internet (look at credit union Patelco), but what about useful, constructive monetary activities? Location, location, location. What new home buyers get for their money varies by region. The median price and square footage of new single-family homes sold in 2023, according to the Census Bureau, was $760,700 and 2,430 square feet in the Northeast, $396,300 and 2,172 square feet in the Midwest, $388,800 and 2,335 square feet in the South, and $536,200 and 2,170 square feet in the West. (Today’s podcast is found here and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender, uniting the people, systems, and stages of the mortgage process. Hear an interview with Candor’s Mark Hinshaw on expectation versus reality when it comes to AI in the mortgage industry.)

Lender and Broker Software, Services, and Products

With high interest rates keeping more people in their homes, new revenue opportunities will come from places that don’t fit the typical servicer playbook. ICE has identified four key areas where technology can help set servicers up for success in today’s low-movement housing market. Explore how you can retain customers, capitalize on your existing portfolio, and streamline your back office in ICE’s complimentary new white paper, Technology helps servicers find opportunities in unusual places.

ActiveComply is excited to be part of the Mortgage Bankers Association’s RegTech Demo Day event on Thursday, July 11th at 12:00pm ET. Register to see the latest technologies, services, and insights from leading technology providers in the industry. This session is specifically for compliance professionals, legal counsel, and risk officers, among others. See high-level overviews of vendor technology that may provide value to your organization and help you succeed in an increasingly complex and competitive environment. See how ActiveComply identifies other language advertising as part of your LEP initiatives, consumer complaints on social media, & brand reputation concerns current events and political movements (just in time for an election year). Don’t miss these power-hour sessions designed to help decision-makers clarify the rapidly changing mortgage tech ecosystem. This event, normally priced at $399.00, is free to MBA members. Register today!

Winning Agent Business: The lender’s guide to building a strong referral network updated for 2024. The new rules mandated by the NAR settlement go into effect August 17th. That means agents are more incentivized than ever to show their clients value—and they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don’ts, ways to become a go-to lender, and more.

Agency News and Updates

Freddie Mac published the company’s annual Sustainability Report, which provides details about the company’s 2023 sustainability strategy, activities and performance. The report also includes the company’s Sustainability Accounting Standards Board (SASB) Index and Metrics for the years 2021-2023, as well as a Taskforce on Climate-Related Financial Disclosures (TCFD) Index.

Many families are looking into properties with ADUs for multi-generational living to offset rising housing expenses. Others are seeking a balance between caregiving for aging parents and providing a space for privacy and independence. Whatever the reason, ADUs have been on the rise. Many borrowers are looking to purchase or refinance homes with these units or build one on their existing property. Approximately one quarter of borrowers and homeowners that show interest in ADUs are caregivers or anticipate being a caregiver. Learn more about the benefits Freddie Mac offers for financing ADUs.

In recognition of National Homeownership Month, Freddie Mac is encouraging borrowers to benefit from CreditSmart® Homebuyer U, a free course within Freddie Mac’s CreditSmart ® suite of educational resources. It’s designed to empower them with skills and knowledge.

Freddie Mac updated Stable Monthly Income FAQ for Employed Income Calculation with a new question (Q5) concerning calculating the income average for fluctuating hourly earnings and/or additional employed earnings (e.g., bonus, overtime, tips) if there is an occurrence that prevented the borrower from working and/or earning full income for a period of time.

Freddie Mac Single-Family Seller/Servicer Guide (Guide) Bulletin 2024-9 announces updates pertaining to rental income requirements to provide additional flexibility. Shared amenities requirements for residential projects. Aligning the Guide with treatment of documentation provided, but was not required, in Freddie Mac’s quality control review.

Fannie Mae is continuing its work with Freddie Mac to create standardized subordinate documents, publishing documents for Ohio, New Jersey, and Pennsylvania. Learn about efforts to expand access to down payment assistance.

Fannie Mae issued a Request for Proposal (RFP) to evaluate qualified interested industry participants for potential inclusion in its Title Acceptance pilot and other suppliers that have viable solutions to reduce borrowers’ closing costs. Vendors can respond to the RFP in ProcureOne. The RFP market interest period closes on July 26, 2024.

Fannie Mae posted the June Appraiser Quality Monitoring (AQM) list to Fannie Mae Connect™. The monthly list will also be available on the AQM page through July 30, 2024, when Fannie Mae Connect will be required for viewing.

FHFA published updated aggregate statistics from the National Mortgage Database (NMDB®) and launched the NMDB Aggregate Statistics Dashboard, a new data visualization tool for the NMDB Outstanding Residential Mortgage Statistics. The release describes outstanding residential mortgage debt at the end of the first quarter of 2024. FHFA Releases Data Visualization Dashboard for NMDB Outstanding Residential Mortgage Statistics has been posted.

Capital Markets

There was plenty of economic data released over last week’s holiday-shortened week. The U.S. economy is based on jobs and housing, and last week it was jobs’ turn to be center stage. The focus was on employment stats for June which saw nonfarm payrolls increase by 206k in June. Despite the increase, the previous two months were revised down by a combined 111k which brought the average increase over the second quarter to 176k per month. The unemployment rate rose from 3.96 percent to 4.05, the first time above 4 percent since January 2022. Labor force participation also increased slightly.

As the labor market continues to become more balanced the upwards pressure on wages has eased and average hourly earnings were down 0.2 percentage points on a year-over-year basis to 3.9 percent. The other major data out last week was the Institute of Supply Management indices which both came in below economists’ expectations. The Personal Consumption Expenditure deflator eased to 2.6 percent over the last twelve months in May as well. Sustained easing of inflation as well as a looser job market bode well for a potential rate cut in September. Following last week’s data, the odds of a cut in September are nearly three-in-four.

This week’s economic calendar includes some Treasury auctions of notable duration (3-year, 10-year, 30-year), May Wholesale Inventories, CPI and PPI, as well as preliminary July University of Michigan Consumer Sentiment. The only data point on today’s calendar is May Consumer Credit, due out this afternoon. We begin the 5-day work week with Agency MBS prices little changed from Friday, the 10-year yielding 4.29 after closing Friday at 4.27 percent, and the 2-year at 4.62.

Jobs

Seeking growth capital, equity, debt, or strategic alternatives? An IMB consultant with 34 years of executive management experience in the mortgage space is available to support your efforts! E-mail industry veteran Steve Landes for more information on helping you grow your business.

Top Producing Loan Officer Alex Rayner Partners with Service First Mortgage to Launch Haymaker Home Loan! Alex Rayner has partnered with Service First Mortgage to launch Haymaker Home Loans, a company dedicated to supporting top producers. “This collaboration provides access to cutting-edge technology, products and services, ensuring loan officers thrive in a competitive industry,” Rayner said. Earning an MBA from the University of Houston, Alex is dedicated to providing exceptional service. His industry acumen and skill with client relations set him apart. For loan officers looking to start their own mortgage company, Rayner advises exploring options with Service First Mortgage. “Starting a mortgage company from scratch is a daunting task,” Rayner said. “By partnering with Service First Mortgage, you gain immediate access to essential resources, advanced technology, and a support team. This allows you to focus on what you do best, e.g., originating loans and serving clients, without the overhead and operational challenges of building a company from the ground up.” Inquiries should be directed to James Wallace!

“ACC Mortgage is coming off its 2nd best month in its 25-year history. 2024 is shaping up to be our best year ever! How many mortgage companies can claim that? Are you planning for your next 25 years? ACC is seeking four (4) well-qualified Account Executives or a team that is looking for support, pricing, culture and stability. ACC makes Non-QM easy. Recent articles discuss ACC’s vision. For example, ACC’s Senko talks non-QM outlook! Send a resume for confidential interview.“

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Although the perfect day may not look the same to everyone, we’re pretty confident we’ve put together a great choose-your-own-adventure itinerary for great things to do in Salt Lake City, UT. Whether you’re visiting on vacay or just moved into your new SLC apartment, peruse this guide for having the best day ever. Imagine that classic rom-com music playing (or actually put it on as you go about the day) as you enjoy these 24 hours in Salt Lake City. And who knows, maybe you’ll enjoy our recommendations so much you’ll want to move into a new home in SLC if you haven’t already.

The first step to the perfect Salt Lake City day is by stopping at a local coffee shop and fueling up. We’ve outlined a robust day so you may need some caffeine, but if that’s not your style, a pastry for breakfast never hurt anyone. 

In the heart of Salt Lake Valley, Honeysuckle Coffee Co. has two locations to choose from for your morning meal. With their specialty coffee and tea beverages, house-made pastries, and light brunch items, you’re sure to find something to enjoy. The perfect start to your day begins with “relaxing on one of the patios with an iced lavender latte and avocado toast under a striped umbrella, shaded from the sun,” describes owner Jennifer Biffert.

If you’re located in the West Jordan area, stop by Canyons Coffee for your morning sip. “Their outdoor seating is the perfect place to sip an iced latte or espresso tonic as you chat with a friend,” says co-owner Steven Swank. Espresso tonics are extremely ‘in’ right now, but they also have several classics to choose from and enjoy.

Photo courtesy of Canyons Coffee

“Located on the 900 line in Downtown Salt Lake, Loki Coffee is your friendly neighborhood specialty coffee shop serving up your classic coffee & espresso drinks,” says Loki’s Helen. Here you can find an array of pastries, breakfast items, desserts, and seasonal and signature drinks alongside a serving of hospitality and community. If you happen to have more time in your day or don’t see something that piques your interest in this itinerary, consider coming back here for one of their classes, community bike rides, coffee demos, or other community-focused events. 

For the first half of the afternoon, pick a Salt Lake City neighborhood and explore! Pop into local shops for a new outfit, gifts for friends back home, or decor for your SLC rental home, grab another coffee (we don’t judge), and really get a sense of the unique character each neighborhood offers.

According to Steven Vargo of Vargo Photography, “Locals know 900 South is where it’s at.” He suggests a walk or bike ride (easy to rent) along the newly paved bike paths to explore all this long street has to offer. His favorites include The Pearl, Water Witch, and Central 9th Market for food or drink, The Stockist, Acre, and Essential Photo Supply for shopping, and Liberty Park, The Whale Art Installation Roundabout, Tracy Aviary, and 9th West Peace Gardens for things to see. 

If you’re looking to explore a more “hippie” area with that Salt Lake artisan flair, look no further than the Sugar House District. This area has incredible local art galleries, bookstores, and boutiques to explore – all of which have that diverse and eclectic feel. For a break in between stores or after a little shopping extravaganza, stopping at Sugar House Park is a must. This park features several acres of luscious hills, trees, a picturesque lake, and a gorgeous view of the Wasatch Mountains making it the perfect afternoon spot. 

Located in Downtown Salt Lake City, the Historic Trolley Square is a great way to spend the afternoon. Originally the home of the Utah Light and Rail Company’s trolley cars, this area now features several stores while also maintaining the beautiful architecture, nostalgic ambiance, and preserved history of the area. While we of course recommend strolling in and out of local boutiques, we can’t suggest paying a visit to the Trolley History Museum or taking a tour of the Trolley Square Tower enough. 

After hours of exploring, it’s time to stop for a break and recharge (yourself and your cell phone). Although there are several sweet little treats and sweet little spots to choose from, try one of the options below!

Sweet sodas

Utah is known for its soda shops, so stopping for a fizzy drink is a must. Thirst Drinks is a SLC staple and has been in the community for over eight years. Located in the heart of Downtown Salt Lake City, this shop not only has mixed sodas, but also some tasty bites like fresh baked soft pretzels, beignets, and popcorn (which is free)! 

Photo courtesy of Thirst Drinks

In the walkable Harvard/Yale neighborhood, Crema Coffee & Soda is a hub for residents. This spot serves up infamous Utah dirty sodas alongside locally roasted coffees, espressos, and a variety of treats. “With its cozy outdoor patio and convenient drive-thru, Crema has a combination of offerings that is sure to delight,” says Crema’s John.

If you’re looking for even more of a grab-and-go option, you can pick up SodaBeers at all local grocery stores and head to a park to decompress and recharge for the next activity. These alcohol-free craft sodas are a local favorite that offer a “taste of tradition and community spirit in every sip,” says CEO ​Ashley Simmons. She especially recommends their award-winning apple flavor to enjoy on your perfect day.

Best (alcoholic) bevies

If you’re more in the mood for an alcoholic beer or cocktail, we have a couple great spots to head to – as long as you’re over 21. These spots are uber fun and the perfect way to enjoy your day the adult way. 

Our first recommendation is none other than Kiitos Brewing in Downtown Salt Lake City. Blogger Georgina D’Angelo of Alpacka My Bags notes that Kiitos Brewing is the perfect place to wind down: “with a wide selection of beers brewed in-house and friendly staff, Kiitos offers a relaxed, welcoming atmosphere.” This spot also has a variety of pinball machines to enjoy alongside your brew.

Photo courtesy of Alpacka My Bags

If you’re craving something a little more upscale or want to bar-hop, we suggest stopping by UnderCurrent Bar. Also just a couple blocks outside Downtown Salt Lake City, UnderCurrent is a casual bar with an original and classic cocktail program. “We feature seasonal craft cocktails, a unique spirit collection, oysters, and other small bites,” says general manager Lyssa Story. We especially recommend checking out their Farmers Market Series for drinks and dishes made with local ingredients, but be warned, you may not be able to get your new favorite cocktail again since this menu rotates weekly.

In our eyes, the perfect day includes a little bit of art. After all, art is such a great way to immerse yourself in a city’s culture. Whether it’s taking a class to learn a new craft or catching a show to get a feel of the local music scene, taking a moment for art is a great way to start winding down the day.

Create at a community art class

With several different art options to choose from, The Art Cottage is the perfect way to spend part of your day. Located at the Gardner Village Shopping Center in West Jordan, this charming art studio “provide(s) art classes for all ages, fun paint parties, and delicious gelato to enjoy,” says owner Kayley Miller. They offer a variety of classes like watercolor, acrylic, and clay alongside unique and affordable art, art-related gifts, and art kits if you want to take some of that art magic back home with you.

Photo courtesy of The Art Cottage

Located in the Rose Park neighborhood, the Clever Cucumber is Salt Lake City’s free community art studio. Available to all, they invite you to “come work on any creative project in the company of new friends during Open Studio, or try one of their classes like stained glass or printmaking,” says director and teaching artist Kate Jarman Gates. If a class isn’t your speed for the day, they have a “free makerspace full of unique equipment and supplies, and a professional artist always on hand to help,” making it the perfect place to let your creativity run free. 

See a stunning show

For all you music lovers, the Sandy Amphitheater is THE place in SLC for a concert experience. This venue “offers a wide variety of concerts and events not found anywhere else in Utah – from large national tours and music icons, to local music artists, to free community events,” says Elyse George, head of marketing and development. This venue is not only an award-winning outdoor amphitheater, but also has stunning views of the “Wasatch Mountains to the east and…sunset over the Salt Lake Valley to the west.” Whether you’re into rock or indie, you’re sure to enjoy the show as there really isn’t a bad seat in the house.

Photo courtesy of Sandy Amphitheater

We assume the day’s activities have worked up quite the appetite, so our last stop is supper. We’ve compiled six great dining options below, but feel free to pick two and go to one earlier for lunch instead – after all, it’s your perfect Salt Lake City day.

Our first restaurant recommendation comes from SLC Bookkeeping, a Salt Lake City bookkeeping service. Marketing director Austin Walker raves about Red Iguana on North Temple, especially for large dinners: “Their food is incredible. We purchase mole by the bucket. Even if there is a wait, so what? It’s absolutely worth it every. Single. Time.” Voted the best Mexican restaurant in SLC 25 years in a row, this spot not only serves the especially coveted mole, but also authentic Mexican food and killer cocktails.

If you’re more in the mood for Italian, Caffé Molise in Downtown Salt Lake City is truly one of the best. Great for both lunch and dinner, this place offers “fresh Italian cuisine inspired by the Molise region of Italy since 1993,” according to Caffé Molise management’s Carol. This full service restaurant focuses on regional specialties and uses local ingredients. Whether you’re at a table in the dining room or on the garden patio, we especially recommend hitting up this place on a Friday evening for their live jazz with the John Flanders Trio. You really can’t go wrong with a great Italian dish, a glass of wine (if you’re drinking), and some smooth jazz.

Photo courtesy of Caffé Molise

The SLC Eatery located in Downtown Salt Lake City has a rotating menu full of flavor. This small local restaurant creates contemporary comfort food like ricotta dumplings, french onion croquettes, and yuzu curd cake to name a few. If you can’t make it for dinner, they also offer brunch with favorites such as their Utah scone, kimchi rice bowl, and tres leches french toast. With their tasty menu, you’re sure to find something you love– and maybe are willing to share with your dinner/brunch partners.

Wherever your day leads you, Taqueria 27 has your Mexican cravings covered with five locations across the Wasatch front. This joint makes a point to use fresh ingredients with their cooks preparing meals fresh to order. We especially recommend checking out their taco bar and peeping at their taco, guacamole, cocktail, and dessert of the day.

Located in the 9th and 9th neighborhood, Pago has been serving seasonal New American Cuisine since 2009. Their innovative farm-to-table cuisine and world-class wine program has earned them several local and national titles like Best Wine Restaurants in the Country (from Wine Enthusiast) and Best Restaurant in Utah (from SL Magazine). This place celebrates small production, local ingredients, and sustainability which can be seen through every incredible dish.

Photo courtesy of Pago

Our last dinner recommendation is none other than Zest Kitchen & Bar located in Downtown Salt Lake City. We especially suggest this place if you subscribe to the vegan lifestyle since they offer healthy plant-based fare made with fresh locally sourced ingredients. If you’re dining alfresco in their outdoor space, owner Rahul Vaidya assures that your thirst will be quenched with their array of freshly squeezed juices or craft cocktails. He also suggests “treat[ing] yourself to our decadent dairy-free desserts,” like strawberry bundt cake or chocolate raspberry tart to finish your meal on a sweet note.

We hope you enjoyed our recommendations and found some things to do in Salt Lake City, Utah. Whether you’ve purchased a new trinket in 900 South, got a sugar rush from a soda, learned a new art skill, or have some dinner leftovers for later, our aim is that your main takeaway was some unforgettable memories. So, if you’ve lived in SLC for ages, just moved, want to (we’d love to help), or were just visiting, we’re happy to have played a role in your perfect Salt Lake City day.

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Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events

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By:
Rob Chrisman

Thu, Jun 27 2024, 11:55 AM

“What did people from the Midwest call a small can of pop? A Minnesota.” (Say it out loud to your 3rd grader.) While we’re on a “pop,” lenders in the nation’s midsection are cheering the numbers as large cities in the Northeast and Midwest popped in 2023, reversing earlier population declines, according to Vintage 2023 Population Estimates from the U.S. Census Bureau. The South still rocks, however. Cities with populations of 50,000 or more grew by an average of 0.2 percent in the Northeast and 0.1 percent in the Midwest after declining an average of 0.3 percent and 0.2 percent, respectively, in 2022. Those in the West went up by an average of 0.2 percent from 2022 to 2023. Cities in the South grew the fastest, by an average of 1.0 percent, and 13 of the 15 fastest-growing cities were in the South, with eight in Texas alone. (Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with American Pacific’s Bill Lowman on motivating people, change management during M&A, and retaining origination staff.)

Software, Products, and Services for Lenders and Brokers

With Truv, Revolution Mortgage saves 70 percent on verifications (+5 BPS savings per loan). What does Femi Ayi, EVP Operations, Revolution Mortgage, have to say about Truv? “Since we started our partnership, we’ve taken our costs for verifications from 8 basis points per loan down to 3 basis points per loan.” Truv has helped hundreds of lenders, from the biggest banks, IMBs, and Credit Unions, to the smallest, greatly improve their income, employment, asset, and insurance verifications strategy. You could be one of them: Get started!

ActiveComply, a leader in social media monitoring and virtual office inspections for the financial industry, recently announced that it has officially launched its highly anticipated website monitoring tool: WebCompass. WebCompass will automatically Discover custom employee websites, co-marketing pages, corporate websites, blog posts, news articles, event pages, and other brand mentions. Similar to ActiveComply’s social media monitoring tool used by many institutions today, ActiveComply’s WebCompass tool will not only monitor for compliance and brand reputation concerns, but will also scan for ADA compliance, SEO scoring, provide automated archival to meet record retention requirements, and more. WebCompass is leveraged by financial institutions for ongoing monitoring of corporate and employee-controlled websites alike. Learn more about managing your compliance confidently with ActiveComply or schedule a demo today to see real findings for your institution.

“PDF Insights and Thumbprint® are a powerful combination that helps lenders streamline their loan analysis, speed up their underwriting, and enhance fraud prevention, helping them get to “Yes” or “No” faster and more confidently. Our product is well-suited for alternative mortgage and commercial lenders who rely on bank statements to underwrite loans. MoneyThumb’s tools are faster, more accurate, and significantly lower cost than other solutions. Plus, our customer service is second to none and we don’t require contracts. PDF Insights is a comprehensive financial document evaluation and data extraction tool that enables mortgage lenders to process and analyze hundreds of pages of bank statements accurately and in under 5 seconds. Our patent-pending fraud detection tool, Thumbprint®, uses AI algorithms and machine learning to evaluate and score the authenticity of PDF bank statements. Each document is given a fraud score from 1 to 1000 that indicates the likelihood of fraud.”

Picture this… your borrower completes their mortgage application and shortly after, receives a text asking if they have any pets. When the loan closes, their furry friends get a welcome package including new customized pet tags featuring your brand. The best part? Operation Fido runs automatically from Encompass® by ICE Mortgage Technology™ and you don’t even have to lick the envelope! What would you spend to deliver that kind of joy to your borrower?

STRATMOR on Preparing for the Tough-to-Find Refis

“Rising tides lift all boats.” And many lenders believe that the next wave of refinances will be the surge they need to lift their business back above water. However, some of them may be wrong. In STRATMOR Group’s June Insights Report Senior Partner Garth Graham explains why. “The latest industry forecast predicts a rising tide of refinancing, but there are reasons that the coming wave, when it appears, will be very different from the past,” says Graham. “The typical mortgage banking firm has been taking on water, with the industry showing losses for eight quarters. Many have been selling off servicing rights and stopped retaining servicing on new production because they need the cash. This will put them at risk because while having the cash is good, it also means you have likely sold off the client relationship and the potential refinance when the rate drops in the future.” Check out STRATMOR’s June InFocus article, “Why a Refi Wave Won’t Save Every Lender and How to Prepare,” for more from Garth on what smart lenders are doing now to ensure they survive and thrive when the market improves.

Events, Training, and Webinars

A good place for longer term conference planning is to start is here for in-person events in the future.

Today will be another episode of The Big Picture at 3PM ET… Rich Swerbinsky is interviewing Tabrasa’s Bill Bodnar about the economy and its impact on lenders

Join A&D Mortgage today for an exclusive webinar designed for mortgage brokers and broker owners. Titled “Next-Level Brokerage: Harnessing the Power of Self-Securitizing Lenders,” this session, in collaboration with Jared Neale, Associate at Imperial Fund, will explore the significant benefits of partnering with self-securitizing lenders. Discover how these partnerships can streamline your operations, enhance service offerings, and drive business growth.

Tonight, in San Francisco, CAMP presents, “An Evening with Rob Chrisman.” It should be a fun, informal event if you’re in the area!

Tomorrow, Friday the 28th, will see an episode of The Mortgage Collaborative’s Rundown with Melissa Langdale and me covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET. Tomorrow features Dan Cantinella, Chief Lending Officer for Total Expert.

Class Valuation is hosting a webinar on Friday, June 28, titled “Navigating New Reconsideration of Value (ROV) Requirements for Lenders.” Expert panelists will provide a clear and actionable guide to understanding what changes need to be made and how to make them. You will learn the impact of the new ROV guidelines on lenders, how the borrower-initiated ROV process works, and your responsibilities as a lender under the new guidelines.

Next week is July already…

National MI upcoming July 2024 webinar sessions. Leading a Team​​with Andrew Oxley – July 11th at 2pm ET. How to Plan and Attack the Week for Loan Officers with Dr. Bruce Lund – July 18th at 1pm ET. Become an Open House Success Partner​​​​​with Rebecca Lorenz – July 23rd at 1pm ET. Mortgage Industry Updates Impacting the Balance of 2024 and Beyond ​​​​​with Scott Weghorst, July 25th at 2pm ET.

Newrez Correspondent offers a comprehensive training curriculum on Newrez products and processes, to keep your staff informed of the latest developments in products, technology solutions, compliance issues and process improvements. Each of these programs is offered by its training and development staff on a monthly basis and is updated regularly to reflect recent changes in the industry.

Tuesday the 2nd at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

Now Next Later Mondays at 10 a.m. PT/1 p.m. ET (45 minutes). Hosted by Jeremy Potter and Sasha Stair. Now Next Later is a show intended to provoke thoughtful challenges to the assumptions and strategies common to the housing finance industry. The show believes that looking at the mortgage businesses from a different perspective is critical to staying ahead of constant changes. The show’s goal is to get to better answers by asking better questions. Join each week for new insight and perspective on some of the industry’s most persistent problems. The show includes expertise in product development, go-to-market, data analytics and innovation, and answers well to the high expectations we’ve set for ourselves and our colleagues.

The Last Word Fridays at 10 a.m. PT/1 p.m. ET with two of the following four hosts. Kevin Peranio, Brian Vieaux. The Last Word is your ultimate destination for incisive analysis and spirited discussions on the hottest topics affecting the mortgage sector each week. Hosted by industry veterans, the show delivers expert opinions, forecasts, and critical insights to keep you informed and ahead of the curve. The show offers a comprehensive and engaging analysis of the week’s most important mortgage industry news, providing viewers with the knowledge and insights they need to make informed decisions in a rapidly changing market.

SAVE THE DATE for NMMLA’s upcoming event, The current and future state of Digital Mortgages, on Wednesday, July 10 at 11:00 AM.

The Ultimate Mortgage Expo returns to New Orleans July 10 – 11 and it’s bigger and better than ever before. Join OCN in the beautiful and historic Hotel Monteleone for a jam-packed event featuring 2 days of sessions and 2 days of exhibition hall opportunity. Also, come earlier on July 10 to enjoy complimentary access to the Mortgage Star Conference for women. Enjoy free access to this can’t-miss event using the code OCNFREE.*

MSR holders know that a great subservicing relationship can help reduce costs, lower delinquency rates, and improve borrower relationships. But the fear of a rocky transfer process keeps many from realizing all these benefits. Join Servbank’s cohosted webinar with the Mortgage Bankers Association on July 11 at 1-2p ET to learn how handling thousands of service transfers has gotten Servbank’s transfer plan down to a science. With a battle-tested plan and a laser-focus on customer experience, the painless service transfer is a reality. Register for the webinar today! The webinar is free for non-members by creating an account and entering the campaign code “SERVBANK100” at checkout.

Join ACES EVP, Nick Volpe and ACES President, Phill McCall on July 17, 11:00 AM – 11:45 AM PDT for a QC NOW webinar as they take a deeper dive into these analytics and how it aligns with the current state of the industry and how to best navigate through the volatile financial landscape.

Monday, 5 August 9:00 AM – Tuesday, 6 August at 6:00 PM PDT join the California Association of Mortgage Professionals on August 5th -August 6th for our Annual Summer CAMP at Hyatt Regency Newport Beach, 1007 Jamboree Road, Newport Beach, California.

Capital Markets

Have you heard about the Fannie Mae Mission Score product grids? MCT announced today that they are the first to integrate with the Mission Score API, which empowers originators to take advantage of market incentives for mission-oriented lending. “Fannie Mae changed the market in 2016 by bringing spec programs to the cash window,” said Phil Rasori, COO of MCT. “Now they have done it again by pushing the Mission Score pay-ups available on the securitization side toward front-end borrower pricing.” Learn how you can improve margins and price competitiveness in the upcoming webinar featuring Olga Gorodetsky, Director, Capital Markets at Fannie Mae as well as Phil Rasori of MCT.Pete Skarnulis, Single-Family Business Account Management Solutions – Vice President at Fannie Mae, shared, “through close partnership and collaboration with our industry partners, we’re able to introduce innovative solutions to the market at scale, helping to promote positive change across the mortgage industry.”

When I’m asked about the FHFA encouraging the “release” of Freddie Mac and Fannie Mae from conservatorship, I ask, name one government agency that voluntarily ceased operations. The Federal Housing Finance Agency (FHFA) released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2023. Borrower outcomes reflect NPLs sold through June 30, 2023. This report shows that the Enterprises sold 168,364 NPLs with a total unpaid principal balance (UPB) of $30.9 billion from program inception in 2014 through December 31, 2023. The loans included in the NPL sales had an average delinquency of 2.8 years and an average current mark-to-market loan-to-value (LTV) ratio of 83 percent (not including capitalized arrearages).

While chatter about the Fed and its decisions does have slight bearing on overall mortgage rate movement, events directly tied to the housing market are of arguably higher importance to readers of this commentary. We learned yesterday that the New Home Sales report for May missed expectations, coming in at 619k versus 650k expectations. New home sales fell 11.3 percent month-over-month to the weakest pace in six months as the new home market has softened recently alongside higher mortgage rates, increased availability of existing homes, and moderating economic growth.

Despite hawkish tones continuing to emanate from the Fed, Treasury security prices have rebounded recently due to bets that cooling prices will convince the Fed to cut rates sooner, and by more, than officials have signaled. More accommodative conditions are at odds with recent Fed rhetoric suggesting it’s still too early to consider policy easing. However, hope springs eternal, and investors continue to price in nearly two full 25 basis point rate cuts for the year, including a nearly 60 percent chance of a cut in September. As a reminder, the Fed’s latest dot-plot predicted one 25 basis point cut in 2024.

Today sees a busy calendar in terms of data and supply, and is already under way with the final look at Q1 GDP +1.4 percent (versus expectations of 1.1 percent), durable goods orders for May was +.1 percent (when it was supposed to be unchanged at +0.6 percent), weekly jobless claims (233k), and core PCE. Later today brings pending home sales for May, KC Fed manufacturing, several Treasury auctions that will be headlined by $44 billion 7-year notes (after yesterday’s solid $70 billion 5-year note sale), and Freddie Mac’s Primary Mortgage Market Survey. Before the open, Sweden’s Riksbank held rates steady, but forecast two to three rate cuts for later this year. We begin Thursday, after the salvo of numbers, with Agency MBS prices roughly unchanged from Wednesday’s close, the 10-year yielding 4.31 after closing yesterday at 4.32 percent, and the 2-year at 4.73.

Jobs and Transitions

This week, Lower, LLC announced the hiring of industry veteran Craig Montgomery in the role of Chief Strategy Officer. This move signifies a milestone moment in the company’s history as they have added another all-star industry leader to their executive team. In their release, Co-Founder & CEO Dan Snyder commented, “Getting someone with Craig’s experience and proven track record is a big win for the company.” Adding to the celebration, Randell Gillespie, Chief Production Officer for Lower, also commented, “Craig is a consummate pro with a reputation born from success and he is a stellar fit for the Lower community. Couldn’t be more thrilled for him to join our team!” When asked about his transition, Montgomery stated, “I’m so impressed by the Lower platform. I know what originators need to achieve the success they desire… and Lower has it.” Visit Join.Lower.Company for more information about “Life at Lower” and available growth opportunities.

“Join our family-owned Midwest lender as an Account Executive! Operating in 40+ states with a wide-open territory and unlimited growth potential. Ideal for seasoned mortgage pros, or those looking to break into Wholesale Sales. Enjoy competitive pay, benefits, and a supportive team environment. Develop new business opportunities, build strong client relationships, and deliver exceptional service. Interested? Please submit your confidential resume to Chrisman LLC’s Anjelica Nixt for forwarding.”

“Leadership changes for Chase Correspondent Lending! Chase Correspondent Lending is a relationship-driven, forward-looking investor focused on helping our clients and the communities we serve. Kim Salvo, our East Division Manager and a 33-year veteran of Chase, retired in May. We thank Kim for her years of service and wish her the best. With Kim’s departure, we’re excited to announce several changes to our Client Management Leadership team. Effective July 1, Tim Yezbick, current CFO for Correspondent Lending, will be our new East Division Manager. Lisa Plaien, current Director of Client Strategy & Support, will now lead our newly formed Central Division. Chris George will continue as our West Division Manager. Lisa, Tim, and Chris will report to our Head of Client Management, Bhavesh Patel. Please join us in congratulating our new leaders who will continue our commitment to providing a best-in-class experience for our clients. Visit us at www.chaseb2b.com.”

(Remember: employers can view posted resumes for several months for a nominal charge and job seekers can post their resumes for free on www.lendernews.com.)

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Source: mortgagenewsdaily.com

Apache is functioning normally

San Francisco is bursting with iconic landmarks and unique neighborhoods. From its famous bridge to its historic prison island, there’s always something fascinating to discover in the Bay. 

Whether you’re riding the cable cars to your dream San Francisco home or looking for an apartment in Chinatown, San Francisco has a wealth of experiences to offer. Here are ten things that make this city such a special place to settle down.

1. Cable Cars

San Francisco’s cable cars are an iconic mode of transportation and a major tourist attraction. These charming vehicles climb steep hills and offer incredible views of the city. Riding a cable car is like stepping back in time, providing a unique perspective of the streets and architecture. The clang of the bells and the open-air design add to the nostalgic experience. Don’t miss the chance to hop on one and see San Francisco from this classic vantage point.

2. Union Square

Union Square is the heart of San Francisco’s shopping and entertainment district. This bustling plaza is surrounded by high-end stores, hotels, and theaters. It’s a great place to catch a show, dine at a fancy restaurant, or simply people-watch. Seasonal events, like ice skating in the winter, add to its charm. Union Square is a central spot that offers something for everyone, day or night.

3. Golden Gate Bridge

The Golden Gate Bridge is perhaps the most recognizable symbol of San Francisco. Its striking red-orange color and towering presence make it a marvel of engineering. Walking or biking across the bridge provides stunning views of the bay and city skyline. It’s a popular spot for photos, with plenty of scenic viewpoints on either side. The bridge is not just a passageway but an experience that captures the essence of San Francisco.

4. Haight-Ashbury

Haight-Ashbury is synonymous with the 1960s counterculture movement. This neighborhood retains its bohemian spirit, with vintage shops, colorful murals, and eclectic cafes. Walking through Haight-Ashbury feels like a journey through history, as the area still echoes with the vibes of the Summer of Love. It’s also a hotspot for music lovers, with several live music venues and record stores. This district is a must-visit for anyone interested in San Francisco’s cultural evolution.

5. Alcatraz

Alcatraz Island, home to the infamous former prison, is a top destination for history buffs. A ferry ride takes you to the island, where you can explore the cell blocks and hear stories of notorious inmates. The audio tour is particularly engaging, bringing the island’s past to life with real accounts from former guards and prisoners. The views of the city and bay from Alcatraz are also breathtaking. It’s a haunting yet fascinating glimpse into a darker chapter of San Francisco’s past.

6. Tech Industry

San Francisco is a major player in the global tech industry. The city and its surrounding area, known as Silicon Valley, are headquarters to many leading tech companies. Innovations from these companies have transformed how we live and work. The presence of tech giants attracts talent from all over the world, contributing to the city’s dynamic atmosphere. San Francisco’s role in the tech world is influential and ever-evolving.

7. Fisherman’s Wharf

Fisherman’s Wharf is a waterfront area packed with attractions and seafood restaurants. Here, you can watch sea lions lounging on docks, visit the historic ships at Hyde Street Pier, or sample clam chowder in a bread bowl. The area is also home to the famous Pier 39, which offers shopping, dining, and entertainment. Fisherman’s Wharf combines maritime history with modern fun, making it a favorite spot for all.

8. Chinatown

San Francisco’s Chinatown is the oldest and one of the largest in North America. Walking through its dragon-adorned gates, you’re transported to a community full of history. The streets are lined with shops selling everything from rare foods to traditional herbs. Visit the temples, enjoy authentic Chinese cuisine, or explore the bustling markets. Chinatown is a colorful, sensory-rich experience that offers a taste of the East in the heart of the West.

9. Alamo Square

Alamo Square is famous for its “Painted Ladies,” a row of colorful Victorian houses. This picturesque park offers panoramic views of the city, making it a popular spot for photos. The surrounding neighborhood features beautiful architecture and lush greenery. It’s a peaceful place to relax, have a picnic, or simply enjoy the scenery. 

10. San Francisco Giants

The San Francisco Giants are a beloved baseball team with a storied history. Attending a game at Oracle Park, with its stunning views of the bay, is a treat for any sports fan. The team has won several World Series, adding to their legacy. The ballpark experience, complete with garlic fries and cheering fans, is electric. Supporting the Giants is a point of pride for many San Franciscans and a great way to experience the city like a local.