Consumers’ increased confidence regarding their personal financial situations was largely offset by greater pessimism toward home-buying conditions, Fannie Mae’s home purchase sentiment index (HPSI) showed.
The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere 0.8 points to 66.8 in July. The full index is up 4 points year over year.
A total of three of HPSI’s six components increased month over month — including the components measuring job security and home price expectations.
However, 82% of consumers reported that it’s a “bad time to buy” a home, a new survey high. It’s up from 78% in June.
“While consumers are reporting confidence in the components related to their personal financial situations, it’s unlikely we’ll see housing sentiment catch up to other broader economic confidence measures until there is meaningful improvement to home purchase affordability,” Doug Duncan, Fannie Mae’s senior vice president and chief economist, said.
While a significant majority of consumers indicated that their jobs are stable and that their incomes are the same or better than they were 12 months ago, home buying sentiment once again matched an all-time low, with only 18% telling us that it’s a good time to buy a home, Duncan noted.
“Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates. Further, the share of consumers expecting home prices to continue to rise has also been on a steady climb since March, which may only add to perceptions of unaffordability,” Duncan said.
Home prices across the country are on the rise especially in the Midwest and Northeast markets, according to Black Knight‘s monthly mortgage monitor report.
Nationally, home prices in June rose by 0.67% month-over-month on a seasonally adjusted basis. The annual home price increase was 0.8% in June, up from just 0.2% in May.
“We have not seen much movement in the ‘good time to sell’ component over the last few months, an indication that the current low levels of existing homes for sale will likely continue to persist in the near term, as also reflected in our latest forecast,” Duncan said.
About 64% of respondents believe it’s a good time to sell while 36% said it was a bad time to do so, remaining flat from June.
Fannie Mae’s Economic & Strategic Research (ESR) group noted that an extremely limited number of existing homes available for sale continues to define the feature of today’s housing market.
With an ongoing tight supply of existing homes for sale on the market, the ESR group expects overall home sales in 2023 to remain near the lowest annual level since 2009.
During my twenties, I accumulated nearly $25,000 in consumer debt. I had a spending problem. With time, I was able to get my spending under control (mostly), but I still owned overwhelming debt. How could I get rid of it?
The personal finance books all suggested the same approach:
Order your debts from highest interest rate to lowest interest rate.
Designate a certain amount of money to pay toward debts each month.
Pay the minimum payment on all debts except the one with the highest interest rate.
Throw every other penny at the debt with the highest interest rate.
When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-highest interest rate.
This made perfect sense. By doing this, I would be paying the minimum amount in interest over the long term. The trouble was, my highest-interest rate debt was also my debt with the biggest balance (a fully-maxed $12,000 credit card at 19.8% interest). I’d plug away at this debt for several months at a time, but then give up because it felt like I was never getting anywhere.
This happened over and over. I’d start and fail. Start and fail. Then I read about the Debt Snowball method in Dave Ramsey’s The Total Money Makeover.
How the Debt Snowball Works
The Debt Snowball method is similar to the traditional approach except that instead of attacking high-interest rate debts first, you attack low-balance debts first. Why? Because you’ll get the psychological lift of pinging debts off in rapid succession. And if you’re like me, this makes all the difference. The Debt Snowball approach is:
Order your debts from lowest balance to highest balance.
Designate a certain amount of money to pay toward debts each month.
Pay the minimum payment on all debts except the one with the lowest balance.
Throw every other penny at the debt with the lowest balance.
When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.
(For more on this, including some actual figures, see my entry on two approaches to debt elimination.)
When I read about the Debt Snowball method, I was skeptical. I knew it would cost me more in the long run, at least on paper. But I figured I had nothing to lose. I tried it. In four months I’d paid off most of my debts. I was shocked. I’d been trying and failing for years, and now I was able to make a huge dent in just months? It was all because I had changed my approach just slightly.
Why the Debt Snowball Works
Humans are complex psychological creatures. They’re not adding machines. Many of us know what we ought to do but find it difficult to actually make the best choices. If we were adding machines, we wouldn’t accumulate $20,000 in consumer debt in the first place! It’s misguided to tell somebody so deep in debt that they must follow the repayment plan that minimizes interest payments. The important thing to do is to set up a system of positive reinforcement, and that’s exactly what the Debt Snowball method does.
Which method should you choose? Do what works for you. The first method can save you money in the long-run. But if you’ve tried it and failed, give the Debt Snowball method a shot. It might be the answer you’re searching for!
Step into a world where sleek lines, open spaces, and a harmonious marriage of form and function reign supreme.
Mid-century may be a classic style from the mid-1900s, but homes built in this style have a timeless appeal. With their distinct architectural features — which often include flat roofs, horizontal planes, and geometric shapes — they embrace simplicity, functionality, and a seamless integration with the surrounding environment.
Nature and lifestyle were key when designing mid-century houses, so many of them were built with floor-to-ceiling windows with views of the yard, sliding glass doors, and many access points to the outdoors.
Incorporating clean lines and basic shapes, simple furnishings, a practical Scandinavian approach with muted color palette, and warm inviting earth tones, simplicity is a notable characteristic of mid-century design. Mid-century modern homes also used spaces efficiently with their split-level design, which makes it easy to see why the this architectural style continues to fascinate with both its practicality and its aesthetic appeal.
Our favorite midcentury modern houses
For those who want to immerse themselves in the world of midcentury beauties, we’ve rounded up our favorites. Carefully restored by their owners while preserving their original character and incorporating modern amenities and technologies, we believe the examples below have done a great job at striking a balance between maintaining the historical integrity of the house and making it functional for contemporary living.
Without further ado, here are 13 stylishly refreshed-yet-classic mid-century modern houses that we’ve covered in the past, many of which had some quite famous owners (or architects).
#1 A secluded mid-century modern home with unique features and views of lush surroundings
There is so much to love about this Santa Clarita property — which was home to ‘Dallas’ Star Linda Gray for almost FIVE decades. Named Oak Tree Ranch after the stunning oak trees that grow on the property, the private California compound has many unique features.
Designed by acclaimed architect A. Quincy Jones, the mid-century house is unquestionably elegant and captivating. True to the principle of bringing the outside in, the floor is made of heart pine, (meaning the heart of the pine tree), sourced from a New Orleans schoolhouse.
The freestanding fireplace is another unique feature of this property. The kitchen was designed by renowned architect Josh Schweitzer who added beautiful racks to hang pots and pans out in the open, pro-style appliances, and a pizza oven.
Sitting on 2.7 acres of lush land, the property has stables for four horses, a tack room/barn, a north-south tennis court, a large swimmer’s pool with spa, organic gardens, koi pond, chicken coop, and an endless lawn to enjoy the outdoors.
#2 This mid-century modern home built by Steele & Van Dyk resembles a semi-secluded paradise
The 8.86-acre property located in the Sonoma County town of Sebastopol is one of the most spectacular (and most lovingly preserved) mid-century homes you’ll find.
It was once owned by Charles M. Schulz, the creator of the beloved comic strip Peanuts and his children have fond memories of the property, which was used by their father as a creative studio.
There were several lots on the original 27-acre property such as Schulz’ main house, his grandmother’s house, a large pond, a baseball field, a miniature golf course, a large swimming pool, an enclosed entertainment pavilion, and his studio, all surrounded by vineyards and apple orchards.
The family who bought the property after Charles Schulz’ ownership made a few changes to the studio but made sure not to alter the nature of the design.
They renovated the studio and turned it into an inviting one-bedroom home which operated as a licensed vacation rental for a few years.
True to the architecture of mid-century modern houses, the former art studio has clean lines, minimal decoration, and large, flat panes of glass windows and doors which allow a connection with nature.
With the home surrounded by natural beauty, you’ll find a four-hole golf course, Redwoods groves, and walking trails lined with numerous rhododendrons, azaleas, camellias, dogwoods, several varieties of ferns, fruit trees, and plenty of flowers.
#3 One of legendary architect Frank Lloyd Wright’s last projects, a mid-century masterpiece
Sitting on 14 acres of protected land in New Canaan, Conn., we find one of legendary architect Frank Lloyd Wright’s final projects, built in 1955, just a few years before his death in 1959.
Known as Tirranna — a moniker inspired by an Australian Aboriginal word meaning “running waters”, as the home is cantilevered over a pond and overlooks a waterfall on the Noroton River — the property is one of Frank Lloyd Wright’s largest residential properties.
The architect also lived here while building the Guggenheim Museum and even used some of the scalloped glass windows from the Guggenheim Museum project to complete the home’s south-facing greenhouse.
Clocking in at a generous 7,000 square feet, the 7-bedroom, 8.5-bath home blends geometric complexity with nature’s flowing curves, in typical Frank Lloyd Wright style.
Throughout the home, the architect combined and contrasted soaring ceilings and open living spaces with cozy and cocoon-like mahogany-paneled bedrooms.
The home’s functional wood-paneled and stainless-steel kitchen epitomizes the mid-century modern aesthetic, while each of the bathrooms are spa-like and adorned with spectacular wood panels and unique features.
#4 A Mid-century home in Palo Alto that has maintained the integrity of its original design
This mid-century modern home is so simple that it reads as sophisticated.
It bears the signature of internationally recognized architect and Frank Lloyd Wright protégé Aaron Green. The 3-bed, 2-bath home features extensive use of mahogany, slab floors with radiant heat, built-in beds, desks and dressers, and Formica counters.
With flat roofs, both the exterior and interior have a clean and functional design. Inside the home, there is minimal decoration and the various cabinetry adds depth and variation in elevation.
The large windows give magnetic views of the yard. All in all, a gorgeous home updated for modern living while still retaining its mid-century authenticity.
#5 One of the most spectacular mid-century modern houses with a Moroccan theme and great views of the Coachella Valley
This stylish home is located in a compound in Rancho Mirage’s Thunderbird Heights — a prestigious gated hillside community adjacent to Thunderbird Country Club.
The mid-century home was custom-built for famous entertainer Bing Crosby and his second wife, Kathryn Grant, and was an absolutely perfect fit for its celebrity owner who loved to live large.
Among its most striking features, Bing Crosby’s former home lists a large living room with a stone fireplace and bar, a chef’s kitchen, a movie theater, and a beautiful and spacious 1,400-sq. foot master suite with a stunner of a walk-in closet and a fireplace, as well as four additional en-suite bedrooms.
Spread over 1.36 acres of land, the phenomenal home has approximately 6,700 square feet of living space that extend into the outdoor areas.
The home’s most famous guests, though, were definitely Marilyn Monroe and John F. Kennedy. In honor of their stay there, the two-bedroom attached casita has been named the JFK Wing.
#6 An architectural gem with mesmerizing views of its lush surroundings and direct entrance to Rustic Canyon Park
Set in Los Angeles, this mid-century home designed by notable architect David Hyun has formerly been the residence of prominent entertainment lawyer Gary Concoff and his wife Jean.
The house dubbed ‘the Modern Tree House’ has large floor-to-ceiling windows which provide scenic views of the century-old trees that surround it and encourage a sense of harmony with the outdoor spaces it’s built around. The combination of the large windows and open floor plans let in a lot of beautiful natural light into the two-story home.
Notable features on the lower level of the house include an eat-in Eggersman kitchen, a full-service bar, a formal powder room, and three bedrooms. The distinctive spiral staircase leads to the primary suite upstairs fitted with generously sized closets as well as two separate offices and a large den/media room.
The massive backyard of the nearly quarter-acre property features a large swimming pool, a unique area for dining set amongst the trees, and a gate directly into Rustic Canyon Park, said to be one of the best parks in Los Angeles.
#7 The lovely mid-century modern house Richard Neutra designed for his secretary
One of the most impressive celebrity homes on our list, Red Hot Chili Peppers bassist Flea’s house is made out of two architecturally significant structures: The first is a modern heptagon-shaped house designed by AD100 architect Michael Maltzan and the other is a lovely midcentury-style house built by famed architect Richard Neutra in the early 1950s.
Clocking in at 1,350 sq ft, the midcentury-style home has 2 bedrooms, and one bath, and is surrounded by walls of glass.
The home was built by Richard Neutra for his secretary, Dorothy Serulnic and her husband, George, back in 1953. Neutra, one of the most influential architects of the twentieth century, made sure that his secretary’s home is as livable and comfortable as it is visually appealing.
He designed several built-ins including a sofa system with a record player and concealed speakers, multiple desks, shelving systems, a dining room table, and a sliding breakfast nook, which are still present in the house today (or, rather, were still there when Flea tried offloading his La Crescenda compound a while back).
Architect Michael Maltzan then built a dramatic, seven-sided house on the property half a century later. The spaceship-like house is surrounded by seven exterior walls (some made out of glass) and is anchored by an open-air courtyard that sits right at the center.
A small cabin built by artist and craftsman Peter Staley provides a little extra space for guests and an eye-grabbing feature.
#8 Master architect Richard Dorman’s award-winning home, the Seidenbaum Residence
Tucked away down a long private driveway into a quiet, secluded compound we find architect Richard Dorman’s Seidenbaum Residence.
With its timeless appeal and unique design, the home is nestled in the Hollywood Hills on Mulholland Drive, overlooking outstanding views of the San Fernando Valley and the Hollywood sign.
Spanning 3,198 square feet, the five-bedroom, three-bathroom home has two peaked roofs and clerestory windows that capture the California sunshine inside the main living area.
Boasting an open-concept layout, the home blends mid-century and modern designs. From the dining and main living areas to the kitchen, the fluid design captures a sense of tranquility amid the walls of glass that draw in the natural light.
Providing warmth and intimacy, the see-through, double-sided fireplace is a show-stopper in the great room.
#9 This elegant home with a zen factor beautifully remodeled for modern-day living
Originally built in 1955, this home offers a fresh, contemporary take on the timeless midcentury style. Esteemed architectural firm OWIU (which stands for the only way is up) updated the property, building on its mid-century modern legacy.
The 1,516-square-foot home is in Mount Washington, a historic neighborhood in the San Rafael Hills of Northeast Los Angeles. It has bright, warm interiors, and is filled with the natural finish of attractive light oak wood.
The house — which has retained its original charm —is all about comfort, timeless design, and an approachable elegance.Kane Lim from the popular reality show Bling Empire was once the owner of this beautiful property.
It has all the standard features of a mid-century home and then some,with floor-to-ceiling windows, clean lines, breathtaking views, and a deck in the primary suite that leads to a Japanese-style garden with bonsai and maple trees.
The house’s exterior has fresh pathways and gardening beds, a gate that leads to the lower portion of the property, and a large open space that has a sculptural staircase and custom wood bench surrounding a fire pit.
#10 A charming, thoughtfully updated former celebrity home on a quiet hilltop
On a quiet hilltop right above the famed Mulholland Drive sits a 4-bedroom hilltop hideaway once owned by power couple Emily Blunt and John Krasinski.
The secluded, single-level mid-century home has a large open plan design and walls of glass that allow light to enter rooms from multiple angles.
With soaring, beamed ceilings, wide plank hardwoods, and original stonework, the living room is as eye-catching as it is inviting and features a gas fireplace.
The primary bedroom suite is one of the main highlights of this home and it looks and feels like a retreat in itself. With its vaulted, beamed ceilings, and massive windows inviting the outdoors in, a sitting area, custom built-ins, a walk-in closet, and a marble-clad ensuite bath with a soaking tub and steam shower, it truly is a stylish and elegant space.
The flagstone patio is surrounded by mature oak and olive trees and features a bubbling fountain, making it a great place to relax and soak in the picturesque views of mountains, the canyon, and the slivers of the city skyline.
#11 A spectacular stilt house with jaw-dropping views and a unique taste of Los Angeles history
Nestled in Sherman Oaks, Los Angeles, this is one of 17 unique homes propped up over the side of the Beverly Glen Canyon. The mid-century house was tastefully modernized by its previous owner, acclaimed architect Donald M. Goldstein. It’s undoubtedly a part of architecture history in Los Angeles.
Known as Neutra’s Platform Houses because they were originally designed by legendary architect Richard Neutra, these gravity-defying homes are incredible. Also known as the Stone-Fisher Speculative Houses (as they were built for the Stone-Fisher development company), the unique abodes were later completed by architect William S. Beckett.
The one-story home creates the illusion of a floating vessel in the sky. The unique structure has a rectangular form, horizontal emphasis, long balconies stretching the full width of the house, and large windows to display magnificent views of the San Fernando Valley.
Some of the notable features of the 2-bedroom, 2-bathroom home include pyramid skylights, raised ceiling and roof lines, a 300+ bottle wine cellar, a Roman soaking tub, and its black metal exterior is coated with a 24-gauge Kynar finish.
#12 A classic mid-century house in a prime location with a long list of past celebrity owners
The star-studded Los Angeles Tree House — carefully tucked away from prying eyes in the famous Mulholland Drive — has attracted names like Ellen DeGeneres, Heath Ledger, and Hunger Games star Josh Hutcherson as its owners.
The charming home with its lush surroundings is as serene as it is private. Inside, the clean mid-century modern style is warmed by a blend of natural textures, with walls of glass opening the home to the beautifully landscaped outdoors.
The home’s most extraordinary feature is its expansive 2,500-square-foot outdoor deck which is pretty phenomenal.
It overlooks the leafy treetops illuminated with ethereal lights at night and is furnished with an outdoor grill, lots of seating areas, and an open-air screening room with a retractable projection screen.
#13 A two-story mid-century gem in Bel Air with artsy appeal
Set in a quiet cul-de-sac, the 5,134-square-foot mid-century modern home features 5 bedrooms and 4 baths and has been fitted with everything from stone counters to auto window shades, radiant limestone floors, and high-end SS Thermador appliances.
The two-story Bel-Air home features dramatic vaulted ceilings that soar over the living, dining, and family rooms.
With its seamless indoor/outdoor living, scenic surroundings and the floor-to-ceiling windows and doors that are popular in mid-century modern houses, the house is flooded with natural light.
The home’s interior is stylishly refreshed with inviting warm-toned furnishings providing a relaxing and enriching experience, with art and pops of color accenting its midcentury aesthetic.
Midcentury modern houses continue to captivate and inspire with their timeless charm and architectural elegance. From their clean lines and expansive windows to their innovative use of materials, these houses represent a design movement that has left an indelible mark on the world of architecture, one that will continue to attract homeowners and renovators for years to come.
Especially since, as we’ve seen with the examples listed above, updating these midcentury gems creates true masterpieces.
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what is COBRA insurance exactly? It is a law that was put into place with the Consolidated Omnibus Budget Reconciliation Act (COBRA). The Act, first enacted in 1985 and revised in 1999, was put in place to protect you and your family if you lose your employer-sponsored health benefits.
More specifically, to help those suffering from job loss during the 2008 recession, Congress passed a 65% subsidy for laid-off workers in 2009 under former President Barack Obama. This way, workers could receive assistance paying COBRA insurance premiums for 15 months while looking for work.
The final three months were paid by the laid-off employee. This subsidy expired on June 1, 2010, though, meaning that those laid off since the end of May 2010 do not have this subsidy. COBRA insurance is still available to those who want access to an employer health plan, but the subsidy is gone, after being extended more than once.
Hence, when I changed jobs, COBRA was there to take of care of me and family in case of a medical emergency.
If you qualify for COBRA coverage, then you have the option of continuing your employer-sponsored health plan for a limited period of time. COBRA requires that three requirements be met before you can qualify for COBRA coverage:
Your employer is obligated to provide COBRA coverage;
You are a Qualified Beneficiary; and
Qualifying Event has occurred
Under COBRA, you may be responsible for paying up to 102% of the health insurance premium on your own. There is an important item to be aware of here. If your former employer paid a substantial portion of your health insurance coverage, you are now responsible for the whole premium payment now.
However, you may find that your premium goes higher without your employer picking up part of the tab.
In my case, that was more than double than what I had been accustomed to paying. Basically, the better your insurance coverage was, the more that you will probably have to pay under COBRA. This can make COBRA unaffordable to those whose incomes have been diminished by a job loss.
What Are the Employer Requirements Under COBRA
Employers are only obligated to offer COBRA coverage if:
they offer an employer-sponsored health insurance plan; and
they have at least 20 employees
If you are a Federal employee, you do not qualify for COBRA Insurance. You will need to contact your human resources department to see about continuing your health insurance coverage.
COBRA Qualified Beneficiaries
If you didn’t take part in your employer’s insurance plan, you will not qualify for coverage.
COBRA coverage may be offered to employees, an employee’s spouse, or an employee’s dependents. In certain cases, this includes a retired employee, and the retired employee’s spouse and dependents. If you are expecting a child or adopt a child during the period in which you are receiving coverage through COBRA, then that child will also qualify as a beneficiary.
You can choose to accept coverage under COBRA just for yourself or for your family. You can also choose to fore-go COBRA for yourself and just cover your spouse or dependent children.
Qualifying Events for COBRA
For the Employee
If you leave your job voluntarily; this includes retirement
If your work hours are reduced so that you are no longer eligible for health benefits under your employer’s policy
If you lose your job for any reason other than gross misconduct
The Employee’s Spouse
If the employee’s work hours are reduced
If the employee leaves the job for any reason other than gross misconduct
If the employee becomes entitled to Medicare
Divorce or legal separation
Death of the employee
Any Dependent Children
If the employee’s work hours are reduced
If the employee leaves the job for any reason other than gross misconduct
If the child loses dependent child status under the employer-sponsored health plan’s rules
If the employee becomes entitled to Medicare
Divorce or legal separation
Death of the employee
Non-Qualifying Events
Please note that the Qualifying Events for COBRA are events that affect your employment status only. For example, if your employer decided to change the type of insurance coverage they provide, that will not trigger a qualifying event. Consequently, you will not qualify for COBRA Coverage.
COBRA Coverage
Your health insurance coverage under COBRA must be identical to the coverage your employer offers its current employees. Generally, this means that you should get the same coverage after the Qualifying Event as you did before. I know in my case, I did qualify for the same type of coverage, so there was no worry if something went wrong.
If your employer reduces coverage to its current employees or cancels its employer-sponsored health insurance benefits altogether, then your coverage will be affected. You will be entitled only to the same benefits as current employees have. This means that if your employer cancels its sponsored plan, then you will no longer be entitled to COBRA.
Providing Notice – The Plan Provider’s Responsibilities
When you become a participant in your employer’s sponsored health insurance plan, the plan administrator must provide you with an “Initial Notice” that outlines your rights under COBRA.
When a Qualifying Event occurs, your employer must provide you with “Specific Notice” that you are qualified to elect continuing coverage under COBRA. Typically, you will get this notice in the mail. Be on the lookout for this. My notice came about a month after I had separated from my employer.
Providing Notice – Your Responsibilities
You are responsible for notifying your plan administrator after certain Qualifying Events occur. These Qualifying Events are divorce, legal separation, or loss of “Dependent Child” status. The length of time you have to report these Qualifying Events depends on your plan’s rules. Many plans require notice to be made within 60 days of the Qualifying Event.
Selecting COBRA
By law, when a Qualifying Event occurs, your employer must provide you with notice that COBRA is available. You may be informed in person, or you may receive this notice in the mail. Once you receive notice, you have 60 days to choose COBRA continuation coverage. If you select COBRA, then your coverage will be retroactive to the day you lost your health insurance benefits due to the Qualifying Event.
If you initially reject COBRA continuation coverage, you still have a chance to change your mind. As long as you are within the 60-day window, you can inform your employer that you do want COBRA continuation coverage. Your coverage will begin from the day you inform your employer.
COBRA Term
COBRA coverage continues for 18 months. If you initially elect COBRA, then your coverage will begin on the first day that you would have lost your health insurance benefits due to the Qualifying Event. If you initially rejected COBRA but changed your mind within the 60-day window, then your coverage will begin on the day you notified your employer.
The COBRA term can be shortened if:
You do not pay your premiums on a timely basis
Your employer ceases to maintain any group health plan
You obtain coverage with another employer
A beneficiary becomes entitled to Medicare benefits
The COBRA term can be extended if you become disabled within the first 60 days of COBRA continuation coverage. To qualify for this extension, you must submit a ruling from the Social Security Administration that says you have become disabled. If you qualify, then you and your family may extend your COBRA coverage for an additional 11 months, but you may be required to pay up to 150% of the premium cost for those additional 11 months.
A spouse or dependent may extend the COBRA continuation period to a maximum of 18 months under certain circumstances. These circumstances include divorce or separation from the covered employee, the death of the employee, a child’s loss of dependent status or if the employee becomes eligible for Medicare within the continuation period.
Filing a Claim for Health Benefits Under COBRA
Health insurance plans are required to explain how to obtain benefits and must include written procedures for processing claims. Claims procedures must be described in the Summary Plan Description.
You should submit a claim for benefits in accordance with your plan’s rules for filing claims. If the claim is denied, you must be given notice of the denial in writing generally within 90 days after the claim is filed. The notice should state the reasons for the denial, any additional information needed to support the claim, and procedures for appealing the denial.
You will have at least 60 days to appeal a denial and you must receive a decision on the appeal generally within 60 days after that.
Contact the plan administrator for more information on filing a claim for benefits. Complete plan rules are available from your employer or your insurance company. There can be charges up to 25 cents a page for copies of plan rules.
COBRA Time Line
The first 44 days—Employers that do not self-administer their health insurance coverage (typically small employers) have 30 days to notify the third-party administrator of the plan of the worker’s COBRA rights after the worker leaves his or her job. The third-party administrator then has 14 additional days to notify the worker of his or her COBRA rights. Employers that self-administer their own group health plans (typically large firms) have 44 days to notify workers of their COBRA rights.
The next 60 days—After receiving notification of his or her rights (as described above), a worker has 60 days to accept or decline COBRA coverage.
The final 45 days—Premium payments for periods before the election of coverage cannot be required before 45 days after a worker elects to accept coverage. But if a worker decides not to pay at the time the premium is finally due, nothing is lost except the coverage. Thus, a worker who is entitled to COBRA coverage can wait—sometimes for as many as 149 days—to see if taking coverage is in his or her best interest. The 149-day period could be shortened if employers or third-party administrators provide notifications in less than the maximum time allowed within the 44-day period described above. For example, if employers or third-party administrators provided a very quick notification, a worker could have slightly more than 105 days to act.
The Bottom Line
If you can’t afford COBRA insurance, consider your other options. There are web sites and insurance brokers that can help you compare health plans, and it’s possible to find an individual or family plan that costs less than COBRA — and isn’t tied to your job.
If you had a high deductible plan at your employer, and have been taking advantage of a Health Savings Account, you can tap into this to help pay for costs. You can also check your savings accounts to see how much you have for medical expenses.
Paying for health care is always an expensive proposition, and with no more COBRA subsidies, and an extension unlikely, it is up to you to see what you can do until you find another job with health benefits.
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About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
The majority of benchmark mortgage refi rates rose today versus this time last week, according to data compiled by Bankrate.
30-year fixed refinance rate: 7.46%, +0.07 vs. a week ago
15-year fixed refinance rate: 6.76%, +0.07 vs. a week ago
10-year fixed refinance rate: 6.83%, +0.11 vs. a week ago
The Federal Reserve resumed its fight against inflation at the central bank’s July 26 meeting, raising rates a quarter point.
Housing economists hope an end is in sight for rate tightening – and that refinance rates finally will retreat a bit later in the year.
“A Fed rate hike was a foregone conclusion, but the mystery surrounds what will happen with inflation,” says Greg McBride, Bankrate’s chief financial analyst. “If we see meaningful improvement in core inflation, that’ll help tame long-term rates too.”
30-year fixed refinance
The average 30-year fixed-refinance rate is 7.46 percent, up 7 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.49 percent.
At the current average rate, you’ll pay $696.48 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $4.78 higher.
You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed refinance
The 15-year fixed refi average rate is now 6.76 percent, up 7 basis points since the same time last week.
Monthly payments on a 15-year fixed refinance at that rate will cost around $878 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.
10-year fixed refinance
The average rate for a 10-year fixed-refinance loan is 6.83 percent, up 11 basis points over the last week.
Monthly payments on a 10-year fixed-rate refi at 6.83 percent would cost $1,152.34 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest than you would with a 15-year term.
Where are mortgage refi rates headed?
Most housing economists expect mortgage rates to fall beneath 6 percent by the end of the year. To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.
Want to see where rates are right now? See local mortgage rates.
Last updated August 8, 2023.
What does it mean to refinance your mortgage?
Refinancing your mortgage means taking out a new home loan. In the process, you’ll fully pay off your existing loan, and then start payments on a new one. The two most popular kinds of mortgage refinances are rate-and-term changes — which result in a new interest rate and a reset payment clock — and cash-out refinances. Cash-out refinances allow homeowners to take advantage of their home equity by taking out a new mortgage with a larger principal based on the home’s current value.
30-year refi? 15-year refi? Cash-out? What is right for me?
No matter what kind of refinance you choose, once you close on your new loan, the payment clock goes back to zero. For example, if you take out a new 30-year mortgage, you’ll have another 30 years of payments in front of you.
That said, a 30-year refi is the right choice for the majority of people. Extending the term of your loan means lower monthly payments, which can free up some extra funds if money is tight.
A 15-year mortgage refinance has some advantages, too, namely that you pay a lot less interest over the life of the loan. Fifteen-year mortgages tend to charge lower rates than 30-year mortgages, and they also have a shorter repayment window, so the overall savings can be significant. Remember, though, that a short repayment window is a double-edged sword. It does help you save in the long run, but with less time to pay, 15-year mortgages have higher monthly payments.
Here are sample payments on a $300,000 mortgage at 6 percent interest:
Term
Monthly payment
Total cost
30-year
$1,798
$647,934
15-year
$2,531
$455,746
A new mortgage can also help you tap your home equity if you opt for a cash-out option. If you have enough equity in your home, you can apply for a new mortgage with a larger principal balance and take the difference from what you owe on your old loan in cash. Doing that can allow you to finance other spending at a low rate compared with other forms of borrowing. Some of the most common uses for cash-out funds are home improvements, debt consolidation or education financing.
What will a refinance cost?
Refinance costs can change based on where you’re located, the lender you’re working with and a number of other factors. The general guidance, however, is that costs are around 2 to 5 percent of the loan’s principal amount. On a $300,000 mortgage, that equates to $6,000 to $15,000 in closing costs.
Can you save money with a refinance? Is now a good time to refi?
Because many homeowners locked in record-low rates in 2020 and 2021 and they’ve since since gone up, refinancing generally isn’t a money-saving move at this time. Consider refinancing in the future if prevailing interest rates fall below the rate you currently have on your mortgage.
Keep in mind, however, you’ll want to calculate your break-even timeline. If you’re planning to move soon, you may not save enough to recoup your closing costs before you do.
How to shop for and compare mortgages
Shopping around and comparing offers is critical to get the best deal on your mortgage refinance. Make sure to get quotes from at least three lenders, and pay attention not just to the interest rate but also to the fees they charge and other terms. Sometimes it’s a better deal to choose a slightly higher-interest loan if the other aspects are favorable.
Steps to get the best mortgage rate
Shop around
Do your homework to understand the mortgage market in your area
Consider working with a mortgage broker
Don’t try to time the market — rates change nearly constantly
Minimum credit scores for different kinds of mortgages
Different mortgages have different minimum requirements for their borrowers. Although lenders can adjust these numbers as they please, here are the most common credit score minimums for different types of mortgages:
If your credit score is less than 500, work on improving it before applying for a mortgage, because most lenders won’t issue a loan to someone with a score of 499 or lower. On the other hand, if your credit score is higher than these minimums, you may be able to secure a better interest rate.
Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.
To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”
We independently selected these deals and products because we love them, and we think you might like them at these prices. E! has affiliate relationships, so we may get a commission if you purchase something through our links. Items are sold by the retailer, not E!. Prices are accurate as of publish time.
If you’re looking to do a little bit of online shopping today, you should check out the special sale going on right now at everyone’s favorite boho chic brand. At Anthropologie, you can get an extra 40% off on sale items! That means you can score discounts on top of discounts on next favorite summer staples.
Sometimes sale sections are pretty dry and don’t have that many good items to shop, but not with Anthropologie! There are so many items you can snatch like summer dresses for $100 off or a $32 handpainted dinner platter or this pair of linen pants for $94 off. These are some really great deals, so if you’ve always wanted to get some things from Anthropologie, but the price point is a little out of budget, now is your chance.
Read on for some of the most impressive steals at the Anthropologie extra 40% off sale you need to check out.
Today, Bank of America reached a historic agreement with the U.S. Department of Justice to pay the largest settlement in U.S. history related to toxic mortgage loans it knowingly sold to investors.
In short, the company admitted that it misrepresented the quality of the loans it packaged and sold to investors via its Merrill Lynch and Countrywide Mortgage brands, as well as through Bank of America.
Additionally, the bank has taken responsibility for its faulty loan origination practices that resulted in Fannie Mae, Freddie Mac, and the FHA taking on countless bad loans that eventually hurt American taxpayers (not to mention homeowners).
The bank also settled a case with the SEC in which it knowingly “shifted the risk” of wholesale loans originated by mortgage brokers that were described internally as “toxic waste.”
Simply put, the bank and its affiliates made trillions of very bad loans that they tried to pawn off, and now they must pay.
Speaking of payment, the company has agreed to pay $9.65 billion in cash, including $5.02 billion in civil monetary penalty and $4.63 billion in compensatory remediation payments.
Additionally, BofA will provide $7 billion in consumer relief, which will come in the form of loan modifications, including principal balance reductions, forbearance, and second mortgage extinguishments.
How Does a 2% Interest Rate Sound?
Thanks to a major settlement with the Justice Department
Related to its questionable loan origination practices
Bank of America will offer some lucky homeowners
2% mortgage rates on fixed mortgages
Most significantly, some lucky homeowners will receive principal reductions that lower their loan-to-value ratio to 75%. But that’s not all. They’ll also receive a 2% interest rate on their mortgage that is fixed for the life of the loan.
The Department of Justice provided an example where a homeowner with a $250,000 mortgage balance would see it fall to just $112,000 on a property worth only $150,000 today.
That’s a pretty good deal, regardless of what may have happened to the homeowner.
Let’s be honest, a lot of borrowers knew they weren’t providing proper income documentation either, or that their home appraisal was a tad bit steep. But I’m sure they looked the other way, just like everyone else at the time.
The DoJ also negotiated a tax break for those who receive relief under the settlement assuming the Mortgage Forgiveness Debt Relief Act isn’t extended.
They created a so-called 25/25 Tax Relief Fund where 25% of the value of the relief will be made available to offset any tax liability, up to $25,000. But the amount of money set aside is limited, so not all homeowners will be able to take advantage.
During his speech, Associate Attorney General Tony West called on Congress to extend the Act so homeowners won’t be on the hook for phantom income.
Bank of America will also be required to provide more low- to moderate-income mortgage originations, expand affordable housing initiatives, and provide community reinvestment for neighborhoods experiencing or at risk or urban blight.
The settlement is expected to reduce the company’s third quarter pre-tax earnings by $5.3 billion and reduce earnings per share by 43 cents.
Obviously the stock was up on the news, because that’s how the stock market works. But really, investors are probably happy to see the bank move forward from the mortgage mess once and for all.
And its current price of under $16 a share is still just a fraction of what it was during the previous housing boom when shares traded in the low $50 range.
Bank of America Mortgage Rates Are Fairly Competitive
While Bank of America’s standard rates are pretty competitive
You might find a better deal with a non-household name
And receive a better overall home loan experience
Sometimes smaller is better if you want a more personal touch
At the time of this writing (June 5th, 2018), Bank of America was offering a 30-year fixed mortgage at 4.625% with 0.414 mortgage points. It works out to an APR of 4.798%.
They also have a 20-year fixed at 4.375% (4.638% APR) with 0.655 mortgage points.
And a 15-year fixed is being offered at 4% even (4.339% APR) with 0.699 mortgage points.
Bank of America also offers ARMs, including a 10/1 ARM, 7/1 ARM, and a 5/1 adjustable-rate mortgage.
As of 6/5/18, they were priced at 4.125% (4.659% APR), 4% (4.711% APR), and 3.875% (4.774%), respectively. As you can see, the APR of each product is very similar, so it’s important to look at all the details when deciding on a loan product.
For the record, their advertised rates tend to require a credit score of 740 or higher and a minimum 20% down payment.
Most lenders, including Bank of America, assume you’re a pristine borrower so they can advertise the lowest mortgage rates possible.
Corn, cows and affordable cost of living. While that sums up the Midwestern state of Nebraska in a nutshell, this state has far more up its sleeve. For one thing, it boasts an incredible variety of natural landscapes ranging from sand dunes to sweeping prairies. Its vibrant cities are alive with sports, dining, art, culture and diverse industries like business. Some cities are up-and-coming hubs for young professionals to pursue exciting new careers. And yes, the Cornhusker State is famous for its agricultural output.
The cost of living in Nebraska is also affordable. Between the big cities and smaller towns, you’re bound to find a place that fits your budget. Many cities around Nebraska also offer a great blend of urban amenities, as well as outdoor access. From housing to taxes, here’s what you can expect in terms of the cost of living in Nebraska.
Nebraska housing prices
Overall, Nebraska’s housing costs are below the national average. Similar to most places, you’ll be paying more to live in bigger cities. But, while the average rent in cities like Omaha is on the higher end for the state, it trumps average rents in more expensive states like California. Even if you’re priced out of Nebraska’s bigger cities, you can make ends meet by getting roommates. You can also look for more affordable housing in the greater metro area or a nearby town.
Here’s what average rent and house prices are like in two of Nebraska’s biggest and most popular cities.
Lincoln
Located in the southeastern part of the state, Lincoln is Nebraska’s capital city. It’s also the second-most-populous city in the state with a population of around 292,657. From the historic downtown to numerous city parks, the friendly atmosphere here feels more “small town” than “big city.”
Residents get to enjoy the walkable downtown area, visit museums and galleries and support the growing live music scene. Lincoln is also the home of several universities, including the University of Nebraska-Lincoln. Just outside the city limits, locals can also hike and boat in nearby lakes and recreation areas.
Housing costs in Lincoln are 23.1 percent below the national average. But, the cost of rent here is on the rise. You’ll find one-bedroom apartments available for $1,115 a month, which is up 4 percent from last year. Prices for two-bedroom apartments are up 8 percent from the previous year to $1,375.
With a median sale price of $270,000 — that’s up 10.7 percent from last year — Lincoln’s housing market is also on the rise.
Omaha
Along with housing costs that are 17.1 percent below the national average, Omaha is Nebraska’s center for art, culture, dining and sports. In addition to being Nebraska’s most populous city, it’s also the center of the Omaha-Council Bluffs metro area. It’s considered a great city for musicians and artists to live and practice their craft.
Numerous Fortune 500 and Fortune 1000 companies are here, helping fuel a robust local economy. Its top industries include insurance, banking, transportation and telecommunications. From a good jobs market to the abundance of family-friendly activities like the Henry Doorly Zoo & Aquarium, Omaha appeals to both young adults and families.
Living in Omaha, renters will find a wide range of neighborhoods to choose from. To rent an apartment, you’re looking at an average monthly rent of $1,072 for a one-bedroom apartment. Two-bedroom units are going for around $1,510. Both these rates are up from last year. The cost of one-bedroom units has gone up 13 percent and two-bedroom apartments have gone up 18 percent.
If you want to buy a home in Omaha, the median sale price is $265,000. This price is up 9.1 percent from the previous year. This is one of the more affordable housing markets around the state. It’s also affordable compared to the national median sale price for a house, which is $428,379.
Nebraska food prices
It’s not called the Cornhusker State for nothing. Nebraska is well-known for its agriculture industry, especially for crops like corn. Cows, soybeans and hogs are also among the state’s top agricultural commodities. Living in such a bountiful state with near-instant access to so much fresh food could be a contributing factor to Nebraska’s lower-than-average food costs.
The average Nebraskan spends between $233 and $266 a month on food. That comes out to $2,801 and $3,200 annually, which is on par with food spending in states like California and New York. Overall, total grocery costs in Nebraska are 1.4 percent below the national average. In some cities, that amount is even lower:
Lincoln is 7.1 percent below the national average
Omaha is 3.3 percent below the national average
Just because Lincoln has the least expensive food costs compared to the national average doesn’t mean prices will always be lower than in other Nebraska cities. For example, the cost of a dozen eggs is more expensive in Lincoln at $1.52 compared to $1.39 in Omaha. However, buying a loaf of bread in Omaha costs $3.94 but is only $3.79 in Lincoln.
Nebraska utility prices
Living in Nebraska, the cost of basic utilities like water and electricity is below the national average. How much below depends on the city:
Lincoln is 15.1 percent below the national average
Omaha is 4.9 percent below the national average
Lincoln has the least expensive utilities. As an example, total energy costs for the month in Lincoln come out to $120.74. In Omaha, that monthly energy bill will be much higher at $152.54.
Another essential utility is water. The average water bill in Nebraska is $23. For most households, having the internet is now an essential modern utility, as well, costing an average of $59.99 a month. Paying for a minimum connection of 60 megabits per second is higher in Omaha, though, where it costs $77.46. In Lincoln, you’ll pay around $66.82.
Nebraska gets its electricity from a variety of sources. The majority comes from coal, followed by wind power and nuclear power. Along with wind power, Nebraska also gets renewable energy from hydropower. Vast underground aquifers like the High Plains Aquifer provide Nebraska with its water supply.
Nebraska transportation prices
Depending on where you live in Nebraska, you’ll be paying either above or close to the national average for transportation costs. Unlike the cars of Carhenge, a famous roadside attraction, you need to get from one place to another.
With the exception of a few counties, the majority of Nebraska counties have access to public transportation. Some counties, cities or municipalities may also operate their own mass transit. Nebraska is largely agricultural, with 92 percent of the state’s land dedicated to agriculture and farms. With cities and towns far between, many will view having a car as a necessity in Nebraska.
However, there are mass transit options for those without. Furthermore, there are plenty of benefits to using public transportation even if you do have a car. It can help you save money on gas or other vehicle expenses. If you live in a big city, it can reduce your commuting time and ease traffic congestion. Finally, it’s more sustainable and eco-friendly.
Here’s how transportation costs in these cities compare to the national average:
Lincoln is 2 percent below the national average
Omaha is 5.7 percent above the national average
Overall, Omaha is the most expensive city for transportation. This makes sense considering it’s the state’s biggest city. Let’s take a closer look at public transportation options in Omaha and Lincoln.
Omaha Metro in Omaha
Consisting of buses, paratransit and rapid transit services, Omaha Metro provides mass transit to the Omaha-Council Bluffs metro area. It operates 27 different routes around a territory of roughly 100 square miles. The fixed-route transit buses make up the majority of the routes. The ORBT Rapid Transit only operates on Dodge Street, providing more frequent service and stops along this main thoroughfare. Paratransit services are available on an on-demand basis.
Fares on fixed-route buses start at $1.25 for a single ride. Transfers cost an additional $0.25. Instead of a weekly pass, you can purchase a 10-day ride pass for $12.50 or $15 with transfers included. An unlimited 30-day pass is $55. Riders can pay in cash or with the system’s Umo card or app, and reduced rates are available for eligible riders.
The only tolled route in the Omaha metro area is the Bellevue GAR Memorial Bridge south of the city. This bridge crosses the Missouri River connecting Nebraska to Iowa. For passenger cars, it costs $1 to cross.
If taking the bus or using a car doesn’t work, you’ll be happy to hear that some parts of Omaha are pedestrian-friendly. The city has a walk score of 62. Its bike score is slightly lower at 53. Although it would be a challenge to fully navigate the city by bike or on foot, certain neighborhoods and districts are easily walkable or bike-able.
StarTran in Lincoln
The StarTran system offers bus routes around the city of Lincoln, with 14 different routes to choose from. It also provides paratransit services and designated routes for the University of Nebraska-Lincoln. There’s also a downtown trolley for tourists and workers.
Usually, one-way fares cost $1.25 and a monthly pass is $17. But at the moment, all StarTran buses are free to ride for everyone.
If you use your car to get around Lincoln, you won’t have to worry about toll roads or bridges. While Lincoln isn’t the most walkable city with a middling score of 48, it’s more bike-friendly. Its bike score is 64, indicating it’s fairly easy to get around the city by bike.
Nebraska healthcare prices
Healthcare is one of Nebraska’s few cost of living categories that are consistently above the national average. However, it’s important to point out that it’s difficult to calculate average healthcare costs in general. This is because these costs will be different for everyone depending on personal factors. If you have a pre-existing condition, illness or specific medication needs, you may pay far more for healthcare than your neighbor. So, these costs are definitely not set in stone and will vary depending on your personal healthcare needs.
For a rough overview, though, here’s the average cost for a doctor’s visit in these two cities:
Omaha: $142.67
Lincoln: $167
While both are expensive, Lincoln claims the top spot for the most expensive doctor’s visits. Going to the dentist is also more expensive in Lincoln, costing $100.40 compared to $97.67 in Omaha. Similarly, Lincoln’s total healthcare costs are the highest above the national average:
Omaha is 2.1 percent above the national average
Lincoln is 7.6 percent above the national average
The good news is that even though prices are higher than the national average, the quality of care should match the higher rates. Nebraska ranks 28th in the nation for its healthcare. It has especially good marks for access to healthcare and overall public health. If a state has a healthy population, it makes healthcare professionals’ jobs easier. The Nebraska Medical Center in Omaha is also ranked alongside the likes of the Mayo Clinic as one of the best hospitals in the nation. This provides Nebraska residents with access to a top-tier medical facility.
Nebraska goods and services prices
Along with housing, food, utilities and other essentials, you also need to factor miscellaneous goods and services into your monthly budget. These are routine items or services you need on a regular basis, like toothpaste or getting a haircut. Some are less utility-based and are more about lifestyle and enjoyment, like ordering pizza or going to see a movie.
Overall, you’ll be paying below the national average for goods and services in these two Nebraska cities:
Omaha is 8.2 percent below the national average
Lincoln is 2.8 percent below the national average
For total goods and services, Omaha is generally the least expensive city of the two. A haircut in Omaha costs $22.80 compared to $24.20 in Lincoln. A trip to the dry cleaners rings up a bill of $14.08 in Omaha. In Lincoln, that dry cleaning run will set you back $16.56. If you want to go out to the movies in Omaha, you’ll pay $11.62 for tickets. Those same tickets cost $13.10 in Lincoln.
Taxes in Nebraska
Whether in the form of sales tax or income tax, state taxes are another important cost of living factor to consider since they can vary widely between states.
Nebraska’s statewide sales tax of 5.5 percent. This means that if you spend $1,000 on Reuben sandwiches, you’ll pay $55 extra in sales tax.
Furthermore, cities and counties around Nebraska can also add their own local sales tax onto the statewide rate:
Omaha has a combined tax of 7 percent
Lincoln has a combined tax of 7.25 percent
In Omaha, you’ll be paying a total of $70 in tax for every $1,000 spent. In Lincoln, you’ll be paying slightly more at $72.50. Throughout the state, local sales tax ranges from 1 percent to 2 percent, with 2 percent being the maximum local sales tax you’ll pay. The majority of cities and towns implement a 1.5 percent local sales tax.
For income tax, Nebraska has a graduated individual rate ranging from 2.46 percent to 6.84 percent.
How much do I need to earn to live in Nebraska?
Rent is usually the biggest monthly expense. To make sure you’re not living outside your means and can afford other necessities like food and utilities, it’s recommended that you only spend 30 percent of your gross monthly income on rent. This ensures you have sufficient funds for everything you need as well as fun expenses like going out.
With Nebraska’s average rent being $1,009, that requires a monthly income of $3,363 or an annual income of $40,356. The median household income in Nebraska is $63,015. An individual paying for only their expenses and no dependents need to make at least $34,519 to live comfortably in Nebraska. As salaries here range from $25,359 to $99,457, some people working in lower-paying industries may struggle to afford housing if they’re living on their own. But, if you have roommates or live with a partner, housing costs become manageable.
You can use our rent calculator to estimate what you can afford to pay in rent based on your monthly income, location, type of desired housing and expenses.
Living in Nebraska
Now that you’ve learned more about how Nebraska’s cost of living changes by city and area, you can determine the best place for you to live. Throughout the state, you’ll enjoy access to the great outdoors, cultural scenes and growing job markets.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Many people harbor hopes and dreams for how they will live, achieve professional success, start a family, travel, and more. Whether that means launching a nonprofit by age 30, having three kids, sailing around the world, or all of the above, reaching those goals takes planning and focus.
The same is true of your finances. Money helps fund your aspirations, and it needs care and tending. Solid financial planning can help you realize those dreams, from having your child graduate college debt-free to being able to retire early.
So here’s your guide to setting smart money goals and achieving them, step by simple step.
What Are Financial Goals?
Financial goals are the aspirations you have for how you will bring in income, spend it, and save it. These can be short-term dreams, like financing a vacation to Tulum next winter, or longer-term ones, such as retiring by age 50.
Identifying these goals and then creating a roadmap to achieve them is what smart financial management typically boils down to.
Short-Term Financial Goals
Short-term goals are usually defined as things you want to achieve with your personal finances within anywhere from a few months to a couple of years.
Examples of short-term financial goals could be anything from starting an emergency fund to finding a budget that works for you to saving up for a new mobile phone.
Long-Term Financial Goals
When you pull back and think big-picture about money management, you have likely entered the realm of long-term financial goal setting. These are goals that can take several years or even decades to achieve.
Examples of long-term goals would be saving enough money to buy a house, put your kids through college, or retire comfortably.
What Are S.M.A.R.T. Goals?
When you are thinking about your financial goals and doing some research, you may come upon the acronym S.M.A.R.T. Think of this as a guideline to help you set and achieve your money aspirations. Here’s what it stands for:
• S for Specific: Instead of your goal being “to be financially comfortable,” try to be more precise. Perhaps your goal would be to have no debt except your mortgage and a certain amount in your retirement fund.
• M for Measurable: It can be wise to assign real numbers to your goals. For instance, to save $200K in your kids’ college funds is a measurable aspiration. Just saying, “to pay for college” can be too vague to work toward.
• A for Achievable: Setting unrealistic expectations can lead to frustration and disappointment. Think about your lifestyle, income potential, cost of living, and other key factors, and set reasonable goals.
• R for Realistic: Similarly, plan steps to achieve your goals realistically. Don’t expect to cut your expenses to the rock bottom or ignore the impact of inflation over time.
• T for Time-based: Give yourself specific goals and due dates, such as “Save $500 a month until I have $5,000 in my emergency fund 10 months from now.”
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How to Set Financial Goals
Next, consider the specific steps of setting financial goals. Break it down as follows:
1. Assessing Your Finances
Figuring out exactly what your current finances look like is a vital step. Sure, you probably know when you get paid, but have you checked how much is going toward your retirement savings every pay period or — gulp — exactly how much you’re spending on food delivery? Keeping a close eye on your finances might help you set smarter money goals.
It might seem easy to ignore the finer details of our finances in favor of blissful ignorance, but failing to know where you and your money stand might harm your financial health down the line.
So if you haven’t looked at where your money is going in a while, taking a look at how much money you’re bringing in, how much you’re spending, and how much you’re saving might help you set more meaningful money goals.
• Check out your bank statements, credit card statements, and even online banking records can help you determine where your money is going every month.
• Write down big numbers like credit card, personal loan, or student loan debt. This can help you plan for payoff.
• Consider using tech tools to help you wrangle your finances. There are plenty of apps you can download, and online banking might be able to help you too. Typically, banks offer apps where users can easily access details about their spending and balances. Your credit card bill or app can also often provide a graphic representation of where your dollars fly off to each month.
2. Figuring Out What Is Most Important to You
Once you have a snapshot of your overall financial situation, it can be worthwhile to spend some time reflecting on your money goals: what is really important to you.
While there are many things a person ideally should be saving for, like a down payment on a house or retirement fund, your financial goals might not be the same as your sibling’s or your coworker’s.
Just like your parents always told you: You’re unique. And so is the process of setting financial goals. What might they look like?
• You might want to pay off student debt as fast as possible in order to free up more cash every month.
• You might be working toward public service loan forgiveness and not be as focused on quickly paying off student loans.
• Perhaps your financial goal is to save up an emergency fund or take a vacation in six months.
• You might want to retire and move to another country by the time you’re 55.
It’s likely that your goals will be a mix of short-term and long-term aspirations, as described above.
3. Establishing a Fun Budget
Okay, but what if you just want to go clothes shopping once a month without feeling guilty or take that Budapest vacation you’ve been dreaming about?
Make it work! Setting a financial goal is all about having your money serve you. Here are some pointers:
• Planning out your discretionary spending might not only help keep your finances on track but can also help you inject an extra fun quotient into your life. That’s a win-win.
• When a budget is too harsh and punitive, you might well wind up making impulse buys or otherwise overspending. If you know you have some cash stashed for mood-lifting purposes, you can hopefully avoid that scenario.
But whether you’re focused on saving up for a down payment on a house or a trip to Disneyland, you won’t get there without a plan. Making a budget will get you focused and help you take control of your finances.
4. Staying On Track
Once you’ve decided on a money goal or two, it’s time to put a plan into action. Your plan will vary depending on whether you’re tackling a long-haul climb out of credit card debt or saving an emergency fund. A bit of advice:
• Managing your money isn’t a “set it and forget it” proposition. Life happens. You may get a raise one month, and then have a (surprise!) major dental bill the next. It’s important to check in with your money regularly.
• Adapt your budget when things shift. Everything from getting a nice bonus to having a baby can be a good reason to check in with your money goals and recalibrate.
• Whatever your financial goals, there are tools that can help you along on your financial journey. Having the right banking partner can play a crucial role. Look for a bank that can help you set up automatic deductions from your checking account on payday to savings toward your financial goals. And find a bank that doesn’t charge you all kinds of fees; after all, they’re enjoying the privilege of using the money you’ve deposited!
💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no fees and avoid monthly charges (and likely earn a higher rate, too).
Types of Financial Goals to Consider
If you’re looking for help brainstorming how to manage your money aims, here are some popular financial goal examples to consider:
Build an Emergency Fund
Whether you’re easily covering your monthly expenses or grabbing change from the bottom of your bag to buy a coffee, many people are living paycheck to paycheck. But what if that paycheck disappeared or if you had a large, unexpected expense? Enter the emergency fund.
Recent history has taught us a lot about how emergencies can arise. Stashing away an emergency fund might help you comfortably weather a pandemic, a “company-wide restructuring” that eliminates your position, or an unexpected illness that cuts into your freelance earnings.
Consider a long-term financial goal of setting aside about three to six months’ worth of expenses to help you weather any rough financial waters that may lie ahead.
Track Your Spending
As mentioned above, keeping track your expenses is important. Sometimes, spending that starts as an occasional thing (that TGIF latte) becomes a regular expense that drags down your budget.
Or you might find that you are dealing with lifestyle creep, which occurs when you earn more but your spending rises too, keeping you at the same level of wealth.
If you track your expenses, you can see how your money is tracking. You might decide to cut back on streaming services or realize that now that you’ve paid off your credit card debt, you could put more toward retirement.
Pay Down Credit Card Debt
High-interest credit card debt can feel like a treadmill: You keep putting in more and more effort, seemingly without getting closer to the finish line. Many of us struggle with it. The average balance that consumers carry as of the start of 2023 was over $7,000, and the average interest rate as of mid-2023 topped an eye-watering 24%.
With numbers like that, it can take a very, very long time to pay off what one owes, especially if you only make the minimum payment. What’s more, if your balance is more than 30% of your card’s credit limit, your credit-utilization ratio may not look too attractive to the credit reporting agencies (Equifax, Experian, TransUnion), and your credit score may skid south. In fact, some say that it’s financially healthiest to use only 10% or less of the credit your card extends to you.
It’s no wonder that for many of us, setting a financial goal involves the words “pay off my credit card.” Indeed, making a plan to pay down debt instead of focusing on those minimum monthly payments could help you dramatically improve your finances. Your credit card statement will tell you how much to pay to get rid of debt in three years; that can be a helpful guideline. If you need other options, consider:
• A balance-transfer credit card deals, which offer low or no interest for a period of time (typically 6 to 18 months), may also be useful.
• A personal loan, which may offer a lower interest rate. You can use that to pay off the credit card debt and then have a lower amount due to pay off the loan.
• You might also consider a debt management plan or meeting with a nonprofit debt counseling agency if you feel you need additional help.
When you get out from under the burden of this kind of debt, other doors (like to a home you own) may open. It can give your budget just the kind of breathing room you crave.
Pay Off Student Loans
Paying off student loans is another move that can help you reach your financial goals. Doing so frees up funds in your budget for other uses. Some ideas:
• Make extra payments toward the principal when possible. That might mean a little more every month or applying a windfall like a tax refund.
• Refinance a student loan. This could potentially lower your rate and help you pay off your debt sooner.
• Pay biweekly instead of monthly. This means you make an extra payment each year, again helping shorten the timeline to becoming free of student loan debt.
• Enroll in autopay. Federal student loan servicers and many private lenders will lower your interest rate a bit if you opt into automatic payments. While it won’t make a huge dent in what you owe, every little bit can help.
Contribute to Your Retirement Fund
Most of us know we should be saving for retirement, but that financial goal can be easier said than done when there are so many competing places to put our money.
The good news is that when you set up a retirement fund and start saving, even small amounts can grow over time, which makes saving for your golden years a great financial goal. Contributing regularly — whether through your employer’s plan or an IRA — is worthwhile, especially in times like these when inflation is high.
Many experts say that a smart financial goal is to be saving 10% to 15% of your pre-tax paycheck for your retirement. One smart move: If your employer offers a company match of dollars put toward retirement, put in at least the minimum required to snag it. So if your company says you must contribute 6% of your salary to get a 50% match, that means if you put in 6%, they will add 3% to your savings. Don’t leave that money on the table!
Save More Money
Another way to hit your financial goals, big and small, is to save more money. Here are a few techniques:
• Automate your savings. Set up seamless recurring deductions from checking to savings for just after payday. Doing so means you don’t have to remember to allocate the funds. And you won’t see the money sitting in checking, tempting you to go shopping with it.
• Challenge yourself each month to give up an expense. For instance, don’t buy any pricey coffees for one month and put aside the savings. Next month, no movies. The following, no takeout lunches. You can do it!
• See about bundling insurance premiums or paying annually vs. monthly to save money.
• Negotiate bills. See if your credit card provider will lower your rate, for starters.
How to Adjust Your Financial Goals if Your Circumstances Change
Sometimes, life throws you curveballs. You don’t get the raise you were hoping for. A family member has a medical issue that requires more money to manage than you expected. Or you move to a new town with a higher cost of living.
In these situations, you may need to ramp down some of your financial goals. Perhaps you can’t have that emergency fund fully saved by the end of this year. You could lower how much you put away and reconcile yourself to the fact that you won’t meet your goal as soon as you would have liked.
This is just another reason why checking in with your money and adjusting your budget often is important.
And don’t forget the bright side: If you get a major salary bump or a windfall, you can use that to crush your goals that much sooner. Staying flexible can be vital, regardless of which way your finances are trending.
The Takeaway
Setting smart financial goals is an important step in managing your money and achieving your life goals.
By taking such steps as evaluating your financial situation, creating a budget, and setting smart benchmarks, you can be on track to check off your aspirations. Whether that means saving for summer vacations, eliminating credit card debt, or retiring early, taking control of your money can be a very good feeling. And finding the right banking partner can help make the process even easier.
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FAQ
What is a good financial goal?
Financial goals need to reflect what’s important to you, but for most people, they are a mix of short-term aspirations (like having an emergency fund and minimizing credit-card debt) and long-term plans, like retirement savings.
How do you stick to a financial goal?
Sticking to a financial goal can be easier if you set up automatic deductions that transfer money from checking (where you might be tempted to spend it) to savings. Also, getting familiar with your finances, developing a plan, and regularly checking your progress are good moves.
What are some money management tips?
It’s a good idea to assess your finances and make short- and long-term goals. Then, allocate a percent of your earnings and set up automatic deductions to your savings; pay down high-interest debt (like credit cards); establish an emergency fund; and start saving for retirement. Even if it’s just a small amount, it will grow!
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After years of competitive bidding wars and rising prices, a new study from Zillow shows it might finally be a good time to buy a home in many U.S. markets.
Zillow researchers looked at three factors to determine which of the largest U.S. housing markets are becoming more buyer-friendly and found that some previously prohibitively competitive markets – including Seattle and Las Vegas – have turned into the best places for buyers this winter.
The three buyer-boosting metrics Zillow considered are:
An increase in the share of listings with a price cut. Price cuts indicate homes are sitting on the market longer – which means more options for buyers, less competition for homes and more room for buyers to negotiate. Many recently white-hot markets have seen large jumps in the share of for-sale listings with a price cut.
Projected increase in rent appreciation over the next year. Rent appreciation has slowed recently, but as mortgage affordability deteriorates due to rising mortgage rates, rents could begin to increase again as some would-be buyers put their buying plans on hold. We know that nearly half of renters consider buying while they’re looking for a home,i and the potential of rising rents also factors in to when it’s a good time to buy.
Affordability relative to the past. We looked for markets where mortgage affordability is poor – but not worse than it was historically. With interest rates on the rise, and mortgage affordability already closing in on its historic norm, prepared buyers may want to enter the market before housing payments become historically unaffordable.
Based on those factors, Zillow found that the cities of Orlando, Boston, Seattle, Las Vegas, Charlotte, Columbus, Portland, Sacramento, Minneapolis and Dallas were the top ten markets for buyers this winter.
“The housing market always lets up a little in the fall, when kids are back in school and the home shopping season wraps up for the holidays,” said Zillow Senior Economist Aaron Terrazas.
“But this fall and winter are shaping up to be more favorable for those buyers who have struggled to get into the housing market for several years amid red-hot competition. Mortgage rates are rising, but will climb much further in 2019 and early 2020. As purchase affordability deteriorates, expect rents to pick back up as some would-be buyers put their plans on ice. Renters who were thinking of buying and decided to hold off may want to take another look this winter, as a steady clip of mortgage rate increases chips away at affordability and more homes become available on the market.”
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].