A Michigan federal judge gave a final nod to a $5 million settlement, putting to rest a shareholder suit against Home Point Financial, three years after it was first filed.
Of the sum, the lead counsel will receive 30% of the proceeds, or $1.5 million, Shalina Kumar, U.S. District Judge in Michigan ruled June 28.
The settlement was announced in September of last year but took close to a year to get the green light.
The class action lawsuit, lodged by shareholders, accused Home Point of making misleading statements regarding its business strategies and how the unfolding lending environment could impact it as it was set to go public.
Specifically, the class action accused the now defunct lender of omitting information in its filings with the Securities and Exchange Commission regarding how its expansion of broker partners could increase the company’s expenses and how an industry-wide decrease of gain-on-sale margins would impact it.
This was “negligent” on behalf of Home Point and due to it and “the precipitous decline in the market value of Home Point’s securities, plaintiffs and other class members have suffered significant losses and damages,” the original complaint filed June 21, 2021 said.
Judge Kumar, the federal judge on the case, wrote in her ruling that the settlement “delivered a favorable recovery for the class,” especially with the looming uncertainty around Home Point’s financial viability last year.
Home Point opted to sell off its wholesale business to The Loan Store, a national entity based in Tucson, Arizona, in April 2023. Four months later, the company’s servicing operation was acquired by Mr. Cooper. The defunct mortgage lender was a casualty of deteriorating economics of the mortgage industry, which resulted in its demise, analysts have said.
In announcing the initial settlement last year — prior to the judge’s current approval — over 9,988 potential class members were contacted, all of whom could potentially receive a small chunk of the proceeds pie.
The case has been dismissed with prejudice, provided that the court retains jurisdiction over all matters relating to the administration of the settlement, the judge wrote in her ruling.
Other lenders that went public during this same time period, including Loandepot and Rocket Mortgage, have faced similar accusations lodged by shareholders.
Loandepot settled one such suit in May, with a California judge granting final approval to a $3.5 million settlement accusing the lender of misleading investors prior to its initial public offering.
Meanwhile, Rocket Mortgage investors have pushed for a federal Michigan court to certify their class action lawsuit, which accuses the mortgage giant of misleading shareholders regarding the company’s financial health in 2021. The suit has been pending for over three years.
In a market where every dollar matters, revenue retention areas like quality control and compliance are more critical than ever. Thus, keeping abreast of regulatory and investor updates and trends is vital to maintaining loan quality and compliance. Trevor Gauthier, chief executive officer at ACES Quality Management provides us with an update on the latest in QC and compliance.
HousingWire: Revenue retention is undoubtedly at the top of lenders’ concerns in the current market, and quality control plays a critical role in that effort. How are lenders managing loan quality these days?
Trevor Gauthier: Overall, lenders are managing loan quality quite well. While our quarterly Mortgage QC Trends Report did observe two quarters of extremely high, if not historic, critical defects, those occurred in mid- to late 2022 as the industry was dealing with the operational fallout from the market downturn. Once lenders moved past that period of volatility, the overall critical defect rate began trending downward and has continued to do so over the past five quarters. In fact, the critical defect rate for the fourth quarter of 2023 was 1.53%, which ranks amongst the lowest rates we’ve observed since the report’s inception in 2016.
We were fortunate enough to have Duane Gilkison, senior director of loan quality at Fannie Mae, present during our recent ACES ENGAGE conference in Tucson, and our findings seem to be in line with the downward trend in both initial and final defect rates Fannie Mae has observed in the 2023 loan acquisitions from its seller/servicers.
HW: Speaking of Fannie Mae, how are lenders responding to the QC policy updates Fannie issued late last year?
TG: Of all the QC-related updates to the Fannie Mae Selling Guide, the most significant for lenders were the mandatory 10% pre-funding sample review and the truncated timeline for post-closing selection, review, rebuttal and reporting. As Duane noted during his presentation, Fannie’s goal in all of these changes was to enable lenders to identify and remediate defects sooner, and with the advancements in QC auditing software, the team at Fannie felt lenders now had the tools and automation necessary to make that happen.
From our clients’ perspective, many felt that the writing was on the wall, so to speak, in terms of Fannie Mae’s expectations. The most significant issue we heard from clients was the timing of the change. With the market downturn, lenders shrank their operational staff across the board, and QC certainly wasn’t exempt from those cuts. Anytime you’re asked to do more with less, it’s going to create some level of strain, but I think for those that already had technology like ACES in place to automate QC sampling, reviews and reporting, the change was less of a burden than it might otherwise have been
HW: QC and compliance often go hand in hand. What are some of the current compliance issues/trends that could impact loan quality?
TG: One of the cases that our compliance team is watching closely is CFPB v. Townstone Financial, which addresses whether ECOA applies to redlining and other pre-application activity. This case is one of many that exemplifies the broad interpretations of existing rules and regulations the CFPB is using to cite lenders for non-compliance.
We’ve also seen the CFPB take an extraordinarily broad view of what can satisfy the “Abusive” prong of UDAAP via a proposed rule prohibiting charging non-sufficient funds (NSF) fees for declined payment transactions at point-of-sale. While this proposed rule doesn’t apply to mortgage lending specifically, it offers a glimpse into the CFPB’s current thought process and, therefore, is something lenders should pay close attention to moving forward.
Of course, “junk fees” is the latest buzzword out of the CFPB, and the Bureau seems to be taking particular aim at some of the fees charged by mortgage servicers and now lenders. The Bureau recently highlighted 10 specific compliance issues related to mortgage servicing in its Supervisory Highlights, Issue 33 (Spring 2024), four of which involved what it deemed as improper charging of fees. But most recently, the Bureau announced a Request for Information (RFI) into “Junk Fees in Mortgage Closing Costs.”
These are just a few of the compliance trends we’re tracking. For those interested in a deeper dive into these topics and others, like Fair Lending, I’d encourage you to watch the latest installment of our QC Now webinar series with our EVP of Compliance Amanda Phillips and Ballard Spahr Partner Richard Andreano.
Given the current landscape, what resources are available to lenders to better manage loan quality and ensure compliance?
TG: Fannie Mae offers numerous training and education resources to help lenders improve loan quality, which lenders can find online through its Loan Quality Learning Center. In addition, I’d also direct lenders to Fannie’s Beyond the Guide and Quality Insider publications, which feature a ton of insight, findings and best practices. Even though we have a vested interest in this area, ACES has always been committed to supporting all lenders – not just our customers – in their efforts to improve loan quality and mitigate risk and compliance issues. The Resources section on our website provides a wealth of free resources, including links to our quarterly Mortgage QC Industry Trends Report, on-demand webinar library and Compliance NewsHub.
Trevor Gauthier is the chief executive officer at ACES Quality Management.
If you’re reading this article because you have only one day in Phoenix to experience all this city has to offer, then you’ve come to the right place! Whether you’re exploring the town for vacation or trying to decide on renting an apartment in Phoenix or even buying a home in Phoenix, ApartmentGuide can help you plan the ideal day.
Below, you’ll find a wealth of restaurants, activities, and parks handpicked by Phoenix locals. Your task is to look through the list, selecting one item from each step to create your ideal itinerary. Feel free to choose more than one option if you wish! Think of this as a “Choose Your Own Adventure” for exploring a new city. The goal is for you to get a crash course in what it’s like to live in Phoenix.
Step one:
Try a new experience
During your stay in Phoenix, try out some of the new activities the city has to offer. Below is a selection of experiences, from coffee classes to skydiving to cowboy towns. Choose one or a few to explore during your stay.
Take a class at Infusion Coffee & Tea Crafters: “Not to plug ourselves, but our International Barista and Coffee Academy is a great valley find. We offer classes on coffee roasting, tea, and more.” – Leo of Infusion Coffee & Tea Crafters.
Attend the VNSA Book Sale: “If you’re a book lover or know one, you must plan to attend the annual VNSA Book Sale at the State Fairgrounds held every February. Each year, VNSA will sell five semi trucks full of books and media that they collected from donations all year long. With no paid staff, all proceeds benefit human service charities in Maricopa County. When you’re finished with those books, donate them to VNSA anytime using dropboxes located all over the Valley.” – VNSA Volunteer Staff.
Phoenix Skydive Center: “Visit the upscale Skydive Center in AZ. Our staff is experienced and certified by the United States Parachute Association. We offer a first-time skydiving experience to all adults: No experience or training required. We offer student and military discounts and holiday specials all year. Video and Photos available to share with friends and family.” – Phoenix Skydive Center.
Commemorative Air Base AZ: “You can see, touch, and hear the aircraft that made America safe. You can feel the history and the energy of our Airforce heroes from the past. It’s very affordable and free to vets and Gold Star Families. If you want to step it up you can even book a flight on one of these historic warbirds.” – Phoenix Skydive Center.
Rainbow Ryders Hot Air Balloon Ride: “Take a hot air balloon ride over Phoenix and Scottsdale with Rainbow Ryders. The best view of the Sonoran Desert and the Phoenix Skyline. The sunrise flight is like no other flight you’ve ever had. The cool Phoenix mornings with the sunrise over the desert is the best way to start a day.” – Phoenix Skydive Center.
Cave Creek: “This area is second to none being one of AZ’s most authentic cowboy towns to this day! Be sure to visit Harold’s Corral to experience their live music, fundraisers, sporting events, and more! If you’re feeling spunky, pop over to the Buffalo Chip for their bull riding nights. Enjoy endless views of the surrounding mountains and hike the various trails like those at Spur Cross.” – Haleigh Shelly of Paseo Homes AZ.
Visit one of Phoenix’s farmer’s markets: “You can find unique gifts, delicious food, and many handmade products. Go out and soak up the beautiful Arizona sunshine on Saturday markets and don’t forget to visit us while you are there!” – Absolutely Delightful Honey.
Plant Stand of Arizona: “This is a great place to check out. It’s not often you see so much greenery in Arizona. They have a plethora of plants: small and large, everything in between. If you’re new to Arizona and you’re looking for a place to get some plants to warm up and liven your space, Plant Stand of Arizona is the place to go.” – Leo of Infusion Coffee & Tea Crafters.
Step two:
Enjoy the local food
If you’re kicking around the idea of renting a home in Phoenix, you have to get acquainted with the local food. Though Tucson may get all the attention for being a UNESCO City of Gastronomy, Phoenix is not to be overlooked for all the great food selections.
Word Of Mouth Grill: “Located in the heart of South Tempe, this black-owned BBQ spot offers a casual modern dining experience, serving amazing food with a sociable and inviting atmosphere. It’s a family-owned and operated spot with the owner being the pitmaster and his wife overseeing the guest experience. YELP just added Word Of Mouth Grill to their “TOP 100 BBQ SPOTS” and ranked them #72 in the nation!” – Demetrious & Jacque of Word Of Mouth Grill.
Chico Malo: “Located in downtown Phoenix, this elevated Mexican cuisine & cocktail bar is inspired by the rich heritage of celebratory dining throughout the different regions of Mexico, showcasing unique cooking techniques and local ingredients in a lively, upscale environment. This chef-driven concept is a great place to experience especially when attending the Footprint Center, Chase Field or the Phoenix Convention Center!” – Demetrious & Jacque of Word Of Mouth Grill
ZuZu Restaurant: “One recommendation I would make for someone that wants a delicious meal with a great ‘60s vibe, is ZuZu Restaurant inside of the Hotel Valley Ho. ZuZu provides upscale comfort food & cocktails with a very Instagrammable 60’s atmosphere. If you are not interested in eating, Hotel Valley Ho allows you to purchase a day pass to their pool if you are not a guest of the hotel so you can spend your day lounging by their pool.” – Andrew Brigida of Digital Perception Photography.
Giuseppe’s on 28th: “If you are looking for classic Italian cuisine, Giuseppe’s is the perfect place. One of the must-try dishes is the Suppli di Riso (also known as arancini). These are delicious risotto rice balls that you are sure to talk about afterwards. And you cannot forget about the gnocchi in a cream and tomato sauce.” – Therese Lau of Gator Girl – Out of the Swamp.
The Kettle Black: “Look for the restaurant with the big red door! It’s like being in an English pub. If you like bourbon and whiskey they have plenty of choices. Looking for something delicious? Try the Philly cheesesteak fries. The fries are covered in shaved ribeye steak, sauteed peppers and onions, and a creamy cheese sauce. The ribeye is so tender and juicy you might think you’re in Philly!” – Therese Lau of Gator Girl – Out of the Swamp.
Ajo Al’s Mexican Cafe: “If you are in the mood for Mexican food, a classic restaurant is Ajo Al’s Mexican Café. In the valley since 1986, Ajo Al’s can handle large parties and can provide family-style dishes on request for large celebrations, or if you just like to eat a lot of good Mexican food. Don’t want to leave the house for your birthday? They can also provide catering services directly to your door.” – Andrew Brigida of Digital Perception Photography.
Step three:
Get fueled up
Phoenix is also home to several eclectic coffee shops featuring innovative decorations and displays. Kaylie of the travel blog Run Away With Kay is the perfect person to scour the city for the best coffee shops and come back with her recommendations. Here are three of her favorites:
Sip Coffee: “Located in the Arcadia neighborhood, Sip Coffee & Beer Garage is the perfect spot to spend a summer day. The baristas know their stuff, and the vibe is super calm and chill. I highly recommend ordering their cold brew on tap with a splash of almond milk (it’s addicting!). I’ve spent an entire day sitting quietly working on my laptop, as it is a great place for creatives to connect and get work done. But beware, when the clock strikes 4 p.m., this coffee shop can get a bit rowdy as their downstairs turns into a tiki-style cocktail bar. A coffee shop that serves coffee and alcohol – I know, sounds too good to be true! Whether you are looking to order a basic latte, craft beer, or liquor-infused espresso martini, Sip will have the drink for you.”
Luci’s At the Orchard: “If you are looking for a unique coffee experience, look no further than Luci’s At the Orchard. This place could not be any cuter! From the moment you walk on their grounds, you’ll be surrounded by outdoor seating, a splash pad, and an ice cream parlor. Inside, there are so many fun trinkets, games, and random Arizona-based gifts you can purchase. Not only do they have great tasting coffee options, but they also serve smoothies, brunch food, and bloody Marys that will keep you coming back time and time again.”
The Henry: “As if I don’t talk about The Henry enough, it has to make my top list for coffee. Many locals know The Henry for their delicious food but inside is their own coffee bar that will satisfy any caffeine craving you may have. This is one of my favorite places to “work from home” as it keeps me fueled all day long. Their menu is extensive, offering espresso, smoothies, and chai. Everyone seems to be addicted to the Wildflower, but I have yet to try it. I truly think you can’t go wrong with any of their options. Be sure to order the Caramel Apple French Toast if you start to get hungry!”
Step four:
Explore a park or lake
Part of Phoenix’s allure is the multitude of outdoor recreational activities. With so many beautiful parks to explore, the hiking culture here is incredible. If you enjoy the outdoors, choose one of the activities below to explore.
Papago Park: “This is an excellent spot for many things. It is a photographer’s dream with the beautiful sunrises or sunsets depending on when you are going. There are also picnic tables if you want to have a small gathering with family and friends. There is not a bad spot in Papago Park for a photo opportunity. – Andrew Brigida of Digital Perception Photography.
Phoenix Zoo: “Located in Phoenix just East of the Sky Harbor Airport, this non-profit zoo cares for over 3,000 animals with nearly 400 species represented, including many endangered species. The zoo offers daily activities and private events. They offer zoo tours such as the ‘Backstage Adventure’ where you can get a glimpse of the animal habitats, the ‘Tropics Trail’ a lush rainforest landscape with animals or the ‘Native Plants and Animal’ tour, to name a few. The Phoenix Zoo is great for all ages and interests!” – Demetrious & Jacque of Word Of Mouth Grill
Tonto National Forest: “So many options to stay busy in the Tonto National Forest! Spending the day out on Bartlett Lake with a boat or ski rental is a great way to stay cool during AZ’s hottest months. You can even enjoy various options of guided tours to experience the desert firsthand! If you’re feeling extra adventurous, take a trip to Apache Junction for the Goldfield Ghost Town experience!” – Haleigh Shelly of Paseo Homes AZ.
The Superstition Mountains: “The Superstition Mountains are the best mountains to explore around the Phoenix area! They hold some of the best views, diverse landscapes, and even historical tales of lost gold. The most notable hikes for beginner to moderate levels are Hieroglyphic Trail, Wave Cave, and Hackberry Springs Loop.” – Kara Grimes of Karabou Adventures, LLC.
Lake Pleasant: “There are so many things to do at Lake Pleasant, especially during the summer. The opportunities are endless: kayaking, scenic cruises with Lake Pleasant Cruises, boat rentals, and sliding down the H2-WHOA floating slide. Oftentimes my friends and I will park along the shoreline in Scorpion Bay to hangout, float in the water, and grill food!” – Kara Grimes of Karabou Adventures, LLC.
Desert Botanical Garden: “For plant and bird lovers I highly suggest the Desert Botanical Garden! Their collection of desert plants is impressive. A lot of them bloom in the spring time and bring in all types of birds and butterflies. The gardens even hold special seasonal events, so take a peek at their calendar!” – Kara Grimes of Karabou Adventures, LLC.
Explore the Valley area: “Phoenix has some of the finest dining options in the valley like the infamous Wright Bar at Arizona Biltmore (named after Frank Lloyd Wright)! You can also experience many great works of art and architecture like viewing Taliesin West, Frank Lloyd Wright’s winter home. And there is nothing like witnessing firsthand a beautiful Arizona sunset atop one of the most desirable hikes at Camelback Mountain for those who can handle the challenge!” – Haleigh Shelly of Paseo Homes AZ.
Step five:
Grab a drink and reflect
Now that you’ve explored Phoenix in a whirlwind of a day, it’s time to get a drink at one of the local breweries and reflect on the day you’ve had today. What did you like? What did you not like? Could you see yourself renting a house in Phoenix or buying a home?
The Phoenix Beer Co.: “The Phoenix Beer Co. is another great place to explore. The brewery has great beer and a variety of things to do. There’s shuffleboard, giant Jenga, cornhole, and more! – Leo of Infusion Coffee & Tea Crafters.
Huss Brewing: “Looking for a great place for craft beers? Huss Brewing is the perfect spot conveniently located next to the Phoenix Convention Center. They have great shareable appetizers to enjoy while sampling the local brews.” – Therese Lau of Gator Girl – Out of the Swamp.
Tombstone Brewing Company (North): “Located in a small strip mall in the north of Phoenix, this brewery was a lot of fun. I sat at the bar where a super-friendly bartender was happy to talk with me about the beer selection.” – The Beer Thrillers.
Wren Brewing House: “There are a lot of little nooks where you can find an intimate spot and a large space near the bar if you want to be part of the taproom vibe. A small courtyard is near the side of the bar for sitting outside.” – The Beer Thrillers.
OHSO Brewery and Distillery: “Fun, warm and welcoming vibes. Most of the bar is located outside and has a wonderful lay of the area.” – The Beer Thrillers.
Arizona isn’t just about stunning desert landscapes and soaring cacti. It’s also packed with some of the coolest college towns in the country. Whether you’re a tenured professor looking for your forever home in Tucson or a rising sophomore searching for the perfect apartment in Glendale, you’ll find what you’re looking for in the Grand Canyon State.
Ready to explore Arizona’s top college spots? Let’s dive in! From buzzing nightlife to quiet study spots, there’s something here for everyone.
Arizona State University is known for its engineering and business programs, making ASU a top choice for many students. The W.P. Carey School of Business consistently ranks among the best, offering extensive resources for budding entrepreneurs and future business leaders. The Ira A. Fulton Schools of Engineering also get a lot of attention, especially for their innovative research and hands-on learning opportunities.
Tempe and ASU have strong ties that benefit students and the community equally. Students often intern at local tech companies, gaining real-world experience that complements their studies. The Tempe Town Lake area offers recreational activities and job opportunities, making it a popular spot for students.
Apartments near Arizona State University | Houses for rent near Arizona State University
The University of Arizona is the heart of Tucson. UA’s College of Optical Sciences is world-renowned, attracting students from around the globe. The Eller College of Management also stands out, especially for its entrepreneurship program, which is designed to equip students with the skills needed to launch their own businesses.
Tucson and the University of Arizona share a close relationship that enhances the student experience. The city’s tech industry benefits from UA’s research initiatives, with many startups emerging from university projects. Plus, downtown Tucson is a hotspot for student-friendly activities and events, from music festivals to food truck rallies, ensuring there’s always something to do.
Apartments near University of Arizona | Houses for rent near University of Arizona
You’ll find Northern Arizona University in picturesque Flagstaff. NAU is famous for its forestry and environmental sciences programs, reflecting the surrounding natural beauty. The College of Health and Human Services also offers top-notch programs in nursing and physical therapy.
Flagstaff and NAU have a symbiotic relationship. Students often participate in local environmental projects, like forest restoration and water conservation efforts. The town is prime for outside activities, like hiking and skiing, complementing NAU’s emphasis on environmental studies outside of the classroom.
Apartments near Northern Arizona University | Houses for rent near Northern Arizona University
4. Prescott – Embry-Riddle Aeronautical University
Prescott is home to Embry-Riddle Aeronautical University, a leader in aviation and aerospace education. This university excels in aviation and aerospace engineering, with students often going on to work for major airlines and aerospace companies. The global security and intelligence studies program is also highly respected, preparing students for careers in national security and intelligence.
Prescott’s aviation industry benefits greatly from Embry-Riddle’s presence. Many students intern at local airports and aviation companies, gaining hands-on experience that is invaluable for their future careers.
Apartments near Embry-Riddle | Houses for rent near Embry-Riddle
Midwestern University is renowned for its health sciences programs. This includes osteopathic medicine and pharmacy, both of which are excellent. The veterinary program is also a standout, attracting students who are passionate about animal care.
Glendale and Midwestern University collaborate extensively to benefit students and the community. Students often intern at local clinics and hospitals, gaining practical experience. The city’s community health initiatives frequently involve the university, with students participating in health fairs and educational outreach programs.
Apartments near Midwestern University | Houses for rent near Midwestern University
Scottsdale Community College is known for its excellent programs in culinary arts and hospitality management. The college also offers solid programs in business and computer science. SCC’s hands-on approach to learning ensures that students are well-prepared for their future careers.
Scottsdale and SCC are deeply connected through various partnerships and community initiatives. The local hospitality industry thrives on SCC graduates, with many students finding internships and jobs in the city’s renowned restaurants and resorts. Community events, like food festivals and cooking competitions, often feature SCC’s culinary students, showcasing their skills and creativity.
Apartments near Scottsdale Community College | Houses for rent near Scottsdale Community College
Arizona Western College is known for its strong agriculture and nursing programs. AWC’s emphasis on practical, hands-on learning ensures that students gain the type of valuable skills and experience that make finding a job possible.
Yuma and AWC have strong connections that benefit students and the local community. The city’s agricultural industry commonly hires AWC students, providing them with real-world experience and job opportunities. Local hospitals and clinics offer internships for nursing students, allowing them to apply their classroom knowledge in a clinical setting.
Apartments near Arizona Western College | Houses for rent near Arizona Western College
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 650,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
As we head into peak home-buying season, signs of life have begun to spring up in the housing market.
Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Moreover, the National Association of Realtors agreed to a monumental $418 million settlement on March 15 following a verdict favoring home sellers in a class action lawsuit. Still subject to court approval, the settlement requires changes to broker commissions that will upend the buying and selling model that has been in place for years.
Housing Market Forecast for 2024
Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond.
“The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.
U.S. home prices declined in January for the third consecutive month due to high borrowing costs, according to the latest S&P CoreLogic Case-Shiller Home Price Index. But prices year-over-year jumped 6%—the fastest annual rate since 2022.
Chief economist at First American Financial Corporation Mark Fleming predicts a “flat stretch” ahead.
“If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Will the Housing Market Finally Recover in 2024?
For a housing recovery to occur, several conditions must unfold.
“For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
And, of course, mortgage rates would need to cool off—which experts say is imminent despite rates edging back up toward 7%. For the week ending April 11, the 30-year fixed mortgage rate stood at 6.88%, according to Freddie Mac.
However, when mortgage rates finally go on the descent, Gumbinger says don’t hope they cool too quickly. Rapidly falling rates could create a surge of demand that wipes away any inventory gains, causing home prices to rebound.
“Better that rate reductions happen at a metered pace, incrementally improving buyer opportunities over a stretch of time, rather than all at once,” Gumbinger says.
He adds that mortgage rates returning to a more “normal” upper 4% to lower 5% range would also help the housing market, over time, return to 2014-2019 levels. Yet, Gumbinger predicts it could be a while before we return to those rates.
Nonetheless, Kuba Jewgieniew, CEO of Realty ONE Group, a real estate brokerage company, is optimistic about a recovery this year.
“[W]e’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower,” says Jewgieniew.
NAR Settlement Rocks the Residential Real Estate Industry
Following years of litigation, the National Association of Realtors (NAR) has agreed to pay $418 million to settle a series of antitrust lawsuits filed in 2019 on behalf of home sellers.
The plaintiffs claimed that the leading national trade association for real estate brokers and agents “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
Though the landmark settlement is subject to court approval, most consider it a done deal.
The settlement requires NAR to enact new rules, including prohibiting offers of broker compensation on multiple listing services (MLS), the private databases that allow local real estate brokers to publish and share information about residential property listings. The rule is set to take effect in mid-July, once the settlement receives judge approval.
Moreover, sellers will no longer be required to pay buyer broker commissions and real estate agents participating in the MLS must establish written representation agreements with their buyer clients.
NAR denies any wrongdoing and maintains that its current policies benefit buyers and sellers. The organization believes it’s not liable for seller claims related to broker commissions, stating that it has never set commissions and that commissions have always been negotiable.
How Will the New Rules Impact the Buying and Selling Process?
Per the settlement’s terms, the costs associated with buying and selling a home are set to change dramatically.
“The primary things that will change are the decoupling of the seller commission and the buyer commission in the MLS,” says Rita Gibbs, a Realtor at Realty One Group Integrity in Tucson. “It’s gonna cause some chaos.”
While sellers will no longer be able to offer broker compensation in the MLS, there’s no rule prohibiting off-MLS negotiations. Because of this, Gibbs suspects buyers and sellers will continue offering broker compensation off the MLS.
The Department of Justice confirmed it will permit listing brokers to display compensation details on their websites. However, buyer agents will need to undergo the tedious task of visiting countless broker websites to find who’s offering what.
Michael Gorkowski, a Virginia-based real estate agent with Compass, is also trying to figure out how to manage the potential ruling.
“We often work with buyers for many months and sometimes years before they find exactly what they’re looking for,” Gorkowski says. “So in a case where a seller isn’t offering a co-broker commission, we will have to negotiate that the buyer pays an agreed-upon commission prior to starting their search.”
The Changes Will Impact These Home Buyers Most
“In the short term, it is absolutely going to injure buyers, especially FHA and VA buyers,” Gibbs says. “With rare exception, these buyers are not in a position to pay for their own agent.”
Gibbs says that if sellers don’t offer compensation, many buyers who can’t otherwise afford to pay a broker will choose to go unrepresented.
Gorkowski notes that veterans taking out VA loans face a unique challenge under the new rules. “[P]er the VA requirements, buyers cannot pay so it must be negotiated with the seller for now.”
As a result, NAR is calling on the U.S. Department of Veterans Affairs to revise its policies prohibiting VA buyers from paying broker commissions. Even so, there’s skepticism that the federal government will be able to implement changes in time for the July deadline.
Gibbs and Gorkowski are among the many agents especially concerned about first-time home buyers. After July, first-time and VA buyers will be required to sign a buyer-broker agreement stating that they will compensate their broker—but Gibbs says many won’t have the means to do so.
In this situation, agents would likely only show buyers homes where sellers are offering compensation.
“This is a very troubling situation,” Gorkowski says.
Housing Inventory Forecast for 2024
With many homeowners “locked in” at ultra-low interest rates or unwilling to sell due to high home prices, demand continues to outpace housing supply—and likely will for a while—even as some homeowners may finally be forced to sell due to major life events such as divorce, job changes or a growing family.
“I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024,” says Rick Sharga, founder and CEO of CJ Patrick Company, a market intelligence and business advisory firm.
Housing stock remains near historic lows—especially entry-level supply—which has propped up demand and sustained ultra-high home prices. Here’s what the latest home values look like around the country.
Yet, some hopeful housing stock signs have begun to sprout:
Existing inventory is showing signs of loosening as impatient buyers and sellers have begun to accept the reality of mortgage rates oscillating between 6% and 7%.
Home-builder outlook also continues to get sunnier, trending back up amid declining mortgage rates and better building conditions.
The most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), which tracks builder sentiment, saw a fourth consecutive monthly rise, surpassing a crucial threshold with an increase from 48 to 51 in March. A reading of 50 or above means more builders see good conditions ahead for new construction.
At the same time, new single-family building permits ticked up 1% in February—the 13th consecutive monthly increase—according to the latest data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development (HUD).
Residential Real Estate Stats: Existing, New and Pending Home Sales
Though some housing market data indicates signs of growth are in store this spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.
Here’s what the latest home sales data has to say.
Existing-Home Sales
Existing-home sales came to life in February, shooting up 9.5% from the month before, according to the latest data from the NAR. Sales dipped 3.3% from a year ago.
Experts attribute the monthly jump to a bump in inventory.
“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, chief economist at NAR, in the report.
Existing inventory rose 5.9%—logging 1.07 million unsold homes at the end of February. However, there are still only 2.9 months of inventory at the current sales pace. Most experts consider a balanced market falling between four and six months.
Meanwhile, existing home prices continue to soar to unprecedented heights, reaching $384,500, which marks the eighth consecutive month of yearly price increases and a February median home price record.
New Home Sales
Sales of newly constructed single-family houses ticked down by a nominal 0.3% compared to January, but outpaced February 2023 sales by 5.9%, according to the latest U.S. Census Bureau and HUD data.
Amid a high percentage of homeowners still locked in to low mortgage rates, home builders have been picking up the slack.
“New construction continues to be an outsized share of the housing inventory,” said Dr. Lisa Sturtevant, chief economist at Bright MLS, in an emailed statement.
Sturtevant notes that declining new home prices are coming amid a recent trend of builders introducing smaller and more affordable homes to the market.
The median price for a new home in February was $400,500, down 7.6% from a year ago.
Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development
Pending Home Sales
NAR’s Pending Homes Sales Index rose 1.6% in February from the month prior even as mortgage rates approached 7% by the end of the month. Pending transactions declined 7% year-over-year.
A pending home sale marks the point in the home sales transaction when the buyer and seller agree on price and terms. Pending home sales are considered a leading indicator of future closed sales.
The Midwest and South saw monthly transaction gains while the Northeast and West saw declines due to affordability challenges in those higher-cost regions.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said Yun, in the report.
Ongoing Affordability Challenges Could Throw Cold Water on Spring Home-Buying Hopes
Though down from its 2023 high of 7.79%, the average 30-year fixed mortgage rate in 2024 remains well over 6% amid rising home values. As a result, home buyers continue to face affordability challenges.
According to data from its first-quarter 2024 U.S. Home Affordability Report, property data provider Attom found that median-priced single-family homes remain less affordable than the historical average in over 95% of U.S. counties.
For one, the data uncovered that expenses are eating up more than 32% of the average national wage. Common lending guidelines require monthly mortgage payments, property taxes and homeowners insurance to comprise 28% or less of your gross income.
At the same time, home prices and homeownership expenses continue to outpace wage growth.
Consequently, the latest expense-to-wage ratio is hovering at one of the highest points over the past decade, according to the Attom report, despite some slight affordability improvements over the last two quarters.
“Affording a home remains a financial stretch, or a pipe dream, for so many households,” said Rob Barber, CEO at Attom.
Pro Tips for Buyers and Sellers
Here are some expert tips to increase your chances for an optimal outcome in this tight housing market.
Pro Tips for Buying in Today’s Real Estate Market
Hannah Jones, a senior economic research analyst at Realtor.com, offers this expert advice to aspiring buyers:
Know your budget. Instead of focusing on price, figure out how much you can afford as a monthly payment. Your monthly housing payment is influenced by the price of the home, your down payment, mortgage rate, loan term, home insurance and property taxes.
Be flexible about home size and location. Perhaps your budget is sufficient for a small home in your perfect neighborhood, or a larger, newer home further out. Understanding your priorities and having some flexibility can help you move quickly when a suitable home enters the market.
Keep an eye on the market where you hope to buy. Determine the area’s available inventory and price levels. Also, pay attention to how quickly homes sell. Not only will you be tuned in when something great hits the market, you can feel more confident moving forward with purchasing a well-priced home. A real estate agent can help with this.
Don’t be discouraged. Purchasing a home is one of the largest financial decisions you’ll ever make. Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.
Pro Tips for Selling in Today’s Real Estate Market
Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage, has this expert advice for sellers:
Research comparable home prices in your area. Sellers need to have the most up-to-date pricing intel on comparable homes selling in their market. Know the market competition and price the home competitively. In addition, understand that in some price points it’s a buyer’s market—you’ll need to be prepared to make some concessions.
Make sure your home is in top-notch shape. Homes need to be in great condition to compete and create a strong “online curb appeal.” Well-maintained homes and attractive front yards are major features that buyers look for.
Work with a local real estate agent. A real estate agent or team with a strong local marketing presence and access to major real estate portals can offer significant value and help you land a great deal.
Don’t put off issues that require attention. Prepare the home by making any repairs or improvements. Removing any objections that buyers may see helps focus the buyer on the positive attributes of the home.
Will the Housing Market Crash in 2024?
Despite some areas of the country experiencing monthly price declines, the likelihood of a housing market crash—a rapid drop in unsustainably high home prices due to waning demand—remains low for 2024.
“[T]he record low supply of houses on the market protects against a market crash,” says Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, a non-QM lender.
Moreover, experts point out that today’s homeowners stand on much more secure footing than those coming out of the 2008 financial crisis, with many borrowers having substantial home equity.
“In 2024, I expect we’ll see home appreciation take a step back but not plummet,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.
This outlook aligns with what other housing market watchers expect.
“Comerica forecasts that national house prices will rise 2.9% in 2024,” said Bill Adams, chief economist at Comerica Bank, in an emailed statement.
Divounguy also notes that several factors, including Millennials entering their prime home-buying years, wage growth and financial wealth are tailwinds that will sustain housing demand in 2024.
Even so, with fewer homes selling, Dan Hnatkovskyy, co-founder and CEO of NewHomesMate, a marketplace for new construction homes, sees a price collapse within the realm of possibility, especially in markets where real estate investors scooped up numerous properties.
“If something pushes that over the edge, the consequences could be severe,” said Hnatkovskyy, in an emailed statement.
Will Foreclosures Increase in 2024?
In February, total foreclosure filings were down 1% from the previous month but up 8% from a year ago, according to Attom.
“These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices,” said Barber, in a report.
Lenders began foreclosure on 22,575 properties in February, up 4% from the previous month and 11% from a year ago. Meanwhile, real estate-owned properties, or REOs, which are homes unsold at foreclosure auctions and taken over by lenders, spiked year-over-year in three states: South Carolina (up 51%), Missouri (up 50%) and Pennsylvania (up 46%).
Despite foreclosure activity trending up nationally and certain areas of the country seeing notable annual increases in REOs, experts generally don’t expect to see a wave of foreclosures in 2024.
“Foreclosure activity is still only at about 60% of pre-pandemic levels … and isn’t likely to be back to 2019 numbers until sometime in mid-to-late 2024,” says Sharga.
The biggest reasons for this, Sharga explains, are the strength of the economy—we’re still seeing low unemployment and steady wage growth—along with excellent loan quality.
Massive home price growth in homeowner equity over the past few years has also helped reduce foreclosures.
Sharga says that some 80% of today’s homeowners have more than 20% equity in their property. So, while there may be more foreclosure starts in 2024—due in part to Covid-era mortgage relief programs phasing out—foreclosure auctions and lender repossessions should remain below 2019 levels.
When Will Be the Best Time To Buy a Home in 2024?
Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.
Use a mortgage calculator to estimate your monthly housing costs based on your down. But if you’re trying to predict what might happen next year, experts say this is probably not the best home-buying strategy.
“The housing market—like so many other markets—is almost impossible to time,“ Divounguy says. “The best time for prospective buyers is when they find a home that they like, that meets their family’s current and foreseeable needs and that they can afford.”
Gumbinger agrees it’s hard to tell would-be homeowners to wait for better conditions.
“More often, it seems the case that home prices generally keep rising, so the goalposts for amassing a down payment keep moving, and there’s no guarantee that tomorrow’s conditions will be all that much better in the aggregate than today’s.”
Divounguy says “getting on the housing ladder” is worthwhile to begin building equity and net worth.
Frequently Asked Questions (FAQs)
Will declining mortgage rates cause home prices to rise?
Declining mortgage rates will likely incentivize would-be buyers anxious to own a home to jump into the market. Expect this increased demand amid today’s tight housing supply to put upward pressure on home prices.
What will happen if the housing market crashes?
Most experts do not expect a housing market crash in 2024 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.
Is it smart to buy real estate before a recession?
If you’re in a financial position to buy a home you plan to live in for the long term, it won’t matter when you buy it because you will live in it through economic highs and lows. However, if you are looking to buy real estate as a short-term investment, it will come with more risk if you buy at the height before a recession.
Arizona’s sun-drenched landscapes and iconic deserts provide a stunning backdrop for renters seeking adventure and opportunity. Whether you’re drawn to the dynamic energy of Phoenix or the educational richness of Tempe, Arizona boasts an array of attractions that make it an enticing place to call home. Yet, living in Arizona isn’t without its challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of living in Arizona, offering valuable insights to help you navigate life in the “Land of the Sun.”
Renting in Arizona snapshot
Population
7,431,344
Avg. studio rent
$805 per month
Avg. one-bedroom rent
$1,016 per month
Avg. two-bedroom rent
$1,262 per month
Most affordable cities to rent in Arizona
Kingman, Sierra Vista, Yuma
Most walkable cities in Arizona
Tempe, Tucson, Phoenix
1. Pro: Rich cultural heritage
Arizona’s rich cultural heritage is evident in its vibrant Native American communities, historic towns, and Spanish colonial architecture. The state is home to numerous cultural festivals, museums, and galleries that showcase its diverse history and traditions. For example, the Heard Museum in Phoenix offers an unparalleled collection of Native American art and artifacts.
2. Con: extreme heat
Arizona is known for its extreme heat, especially during the summer months when temperatures can soar above 100 degrees Fahrenheit. This can lead to increased energy bills due to air conditioning and potential health risks. Cities like Phoenix and Tucson experience some of the highest temperatures.
3. Pro: Beautiful landscapes
The state boasts an array of natural landscapes, from the awe-inspiring beauty of the Grand Canyon to the mystical red rocks of Sedona. The Grand Canyon, recognized as one of the Seven Natural Wonders of the World, stands as an iconic symbol of Arizona’s unparalleled beauty, drawing millions of visitors annually to explore.
4. Con: Water scarcity
Arizona faces significant challenges with water scarcity due to its desert climate and reliance on the Colorado River. Drought conditions and water management issues can affect daily life and lead to restrictions on water use. This issue is particularly acute in cities like Yuma, which is in one of the driest regions of the state.
5. Pro: Economic opportunities
Arizona’s economy is growing, with sectors like technology, healthcare, and manufacturing leading the way. The state has become a hub for tech companies, with cities like Phoenix attracting startups and established firms alike. This economic growth has led to job creation and innovation throughout the state.
6. Con: Traffic in popular metros
While Arizona has made strides in improving its transportation infrastructure, traffic congestion can still be a significant issue, especially in larger cities like Mesa. The reliance on cars due to the sprawling urban areas can lead to long commute times and contributes to air pollution.
7. Pro: Affordable cost of living
Arizona offers a relatively affordable cost of living. Housing, groceries, and utilities are generally less expensive, which can be particularly attractive reason to move to the state. Cities like Kingman exemplify Arizona’s affordability where the average rent for a one-bedroom apartment is $695. Buying a house is also favorable where the median sale price in Kingman is $284,000.
8. Con: Seasonal allergies
Arizona’s dry climate and desert landscape can be challenging for individuals with allergies. Dust storms and pollen can exacerbate respiratory conditions such as asthma. Cities like Tucson experience high pollen count where the top allergens are Mulberry, Juniper and Ash trees.
9. Pro: Outdoor activities
Arizona offers a plethora of outdoor activities, catering to adventurers and nature enthusiasts alike. From hiking the picturesque trails of the Grand Canyon to exploring the scenic wonders of Sedona’s red rock formations, there’s no shortage of opportunities to immerse oneself in the state’s breathtaking landscapes.
10. Con: Air quality
Arizona’s air quality can be a concern, especially in urban areas and during certain times of the year. Factors such as vehicle emissions, industrial activities, and natural events like dust storms contribute to occasional periods of poor air quality, which may pose health risks for sensitive individuals.
11. Pro: Health and wellness
Arizona is renowned for its emphasis on health and wellness, attracting visitors and residents alike seeking rejuvenation and relaxation. The state boasts numerous wellness retreats, spas, and fitness centers, offering a wide range of holistic treatments and activities to promote well-being. Whether indulging in yoga sessions amid Sedona’s tranquil red rocks or unwinding at luxury resorts nestled in the Sonoran Desert, Arizona provides abundant opportunities for rejuvenation and self-care.
12. Con: Wildfire risk
Arizona faces wildfire risk due to its arid climate, rugged terrain, and occasional periods of high winds. Dry conditions, coupled with lightning strikes or human activities, can spark wildfires that spread rapidly, posing threats to both property and lives.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Housing demand reached a new level of enthusiasm during the pandemic, with homebuyers benefitting from extremely low mortgage rates. From the summer of 2020 until much of 2021, average 30-year mortgage rates stayed under 3%. However, as more and more buyers jumped into the real estate market, months of inventory began to plummet and home prices surged. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the national average sales price in the US grew from $383,000 in Q1 2020 to a peak of $552,600 in Q4 2022 – a 44.3% increase in less than two years.
So if you purchased a home during the pandemic, how much is it worth now? To find out, Zoocasa analyzed median home prices in 30 major US cities from January 2020, 2021, and 2022, and compared them with the 2024 median price to see how much they’ve changed over the last 4, 3, and 2 years.
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Median single-family home prices were sourced from each city’s respective real estate board and are from January of each year. Average 30-year fixed rates were sourced from Freddie Mac and are from the first week of each month. The national average sales price in the US for each quarter was sourced from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Average Sales Price of Houses Sold for the United States [ASPUS], retrieved from the Federal Reserve Bank of St. Louis.
In 14 of the 30 real estate markets we analyzed, the median home price increased by more than $100,000 from 2020 to 2024. In those four years, Californian homes increased the most in value. San Diego and San Francisco homes bought in 2020 appreciated by $265,000 and $247,000 respectively. Los Angeles homebuyers also built a significant amount of equity, with the median home price rising by $211,500 to $750,000 in 2024.
Outside of California, 2020 home purchases in Boston and Miami experienced significant price growth, both increasing by more than $200,000 in four years. For homebuyers in Miami in 2021, the value of their homes experienced the second-highest increase over three years, at $170,000, just below San Diego’s increase of $195,000. But Miami isn’t the only city in Florida where home prices have grown substantially from 2020. In Tampa and Jacksonville, home values have increased by $151,500 and $129,900 since 2020, and since 2021 they have risen by $115,000 and $95,919 respectively.
Other cities where home values increased by more than $100,000 in four years include Denver, Nashville, Dallas, and Salt Lake City. Buyers who bought a home in one of these cities in 2021 also benefited from sizable price appreciation – with home values rising by $100,000 or more in three years.
Though 2020 and 2021 pandemic buyers experienced a significant increase in their home values, some homebuyers who purchased a home in 2022 – when interest rates started climbing – have yet to see equity build. From January 2022 to January 2024, home values dropped in San Francisco by $71,000 and in Brooklyn, they dropped by $51,000. 2022 homebuyers are currently down in six other cities: Washington DC, San Antonio, Memphis, New Orleans, St. Louis, and Salt Lake City. But this doesn’t mean homebuyers in those cities won’t build equity. According to the National Association of Realtors®, in 2023 the median time buyers expected to stay in their home was 15 years. This gives the average homeowner plenty of time for their home to appreciate, and with interest rates coming down, competition will rise and push home prices up once again.
The vast majority of pandemic buyers are in the green, even if they bought their home in 2022. With some of the highest median home prices in the country, it comes as no surprise that Boston, Miami, San Diego and Los Angeles lead the way for 2-year price increases – all up by $50,000 or more. Not every city experienced home price increases of those heights, however. 2022 homebuyers in Philadelphia and Tucson built home equity, but values increased by just $1,250 and $2,500 respectively in two years.
If you’re looking to find an affordable home this spring, give us a call! We can answer any questions you have about your local market and help you navigate the home-buying process.
The Capital One Venture X Rewards Credit Card is a premium credit card that offers cardholders a host of benefits, such as a $300 annual travel credit, 10,000 anniversary bonus miles, 10x miles on hotels and rental cars booked through Capital One Travel and Priority Pass membership.
Below we dive into the specifics of the Priority Pass membership benefit so you can take full advantage of it when traveling with your Capital One Venture X Rewards Credit Card.
Overview of the Capital One Venture X Rewards Credit Card Priority Pass benefit
For frequent flyers, the Capital One Venture X Rewards Credit Card Priority Pass membership is one of the card’s most useful benefits as it gives cardholders access to the global Priority Pass airport lounge network.
Authorized users of the card are also eligible to sign up for a Priority Pass membership, meaning that if you have a Capital One Venture X Rewards Credit Card and add someone as an authorized user (for instance, a spouse or relative), that individual can also access Priority Pass lounges when traveling.
How to enroll in Priority Pass as a Capital One Venture X Rewards Credit Card holder
The Primeclass Lounge, a Priority Pass lounge located at Rome’s Leonardo da Vinci–Fiumicino Airport (Photo courtesy of Josh Garber)
To take advantage of the Priority Pass benefit, you’ll need to enroll by following these steps:
Receive your Capital One Venture X Rewards Credit Card in the mail, which can take up to two weeks after you’ve been approved for the card.
Enter your Capital One card number, country of residence and address to create your Priority Pass account.
Enter your billing details, which will be used to identify you when you arrive at a Priority Pass lounge.
Review and accept the membership declaration, then click “Join.”
Once you’re enrolled, you can access your account through the Priority Pass website or the mobile app.
🤓Nerdy Tip
We recommend downloading the Priority Pass mobile app, which makes it easy to find Priority Pass lounges while you’re traveling. You can also take advantage of the digital card on the app to enter eligible lounges.
How to enter Priority Pass lounges with your membership
To enter a Priority Pass lounge using your membership, you’ll first need to locate a lounge to visit.
Priority Pass has plenty of lounges — over 1,500 internationally. As of this time, the lounges are available in 44 U.S. cities.
U.S. Priority Pass Locations
Baltimore.
Buffalo, N.Y.
Charleston, S.C.
Charlotte Douglas, N.C.
Cleveland.
Colorado Springs, Colo.
Fort Lauderdale, Fla.
Greenville-Spartanburg, S.C.
Hebron, Ky.
Indianapolis.
Jacksonville, Fla.
Kahului, Hawaii.
Las Vegas.
Lexington, Ky.
Little Rock, Ark.
Los Angeles.
Minneapolis/St. Paul.
New Orleans.
Newark, N.J.
Oakland, Calif.
Orlando, Fla.
Philadelphia.
Pittsburgh.
Portland, Ore.
Providence, R.I.
Salt Lake City.
San Diego.
San Francisco.
San Jose, Calif.
St. Louis.
Syracuse, N.Y.
Tampa, Fla.
Tucson, Ariz.
Washington, D.C.
Some airports may have several Priority Pass lounges, and some have none at all.
Once you find a Priority Pass lounge to visit, you’ll need the following to get in:
A same-day boarding pass.
An ID, such as a driver’s license or passport.
One of the following:
YourCapital One Venture X Rewards Credit Card.
Your physical Priority Pass membership card.
Your digital Priority Pass membership card.
Keep in mind that Priority Pass lounges have capacity limits and can fill up, so we recommend having a back-up lounge or plan in mind if the Priority Pass lounge you want to visit is full.
Are there limits on guests or visits to Priority Pass lounges with the Capital One Venture X Rewards Credit Card?
One of our favorite features of the Capital One Venture X Rewards Credit Card Priority Pass benefit is that there is no limit to the number of lounges you can visit in a year.
Additionally, all guests traveling with you also receive complimentary access to the lounge.
Is it worth getting a Capital One Venture X Rewards Credit Card for the Priority Pass benefit?
The annual fee on the Capital One Venture X Rewards Credit Card is $395, while a Priority Pass membership that offers unlimited visits costs $469 per year, making the Capital One Venture X Rewards Credit Card Priority Pass membership a great value.
But if you’re able to take advantage of the other benefits offered by the Capital One Venture X Rewards Credit Card, like the card’s $300 annual travel credit, 10x miles on hotels and rental cars booked through Capital One Travel and the 10,000 miles anniversary bonus, then it makes sense to sign up for Priority Pass and the card’s other benefits.
Capital One Venture X Rewards Credit Card Priority Pass, recapped
Cardholders need to enroll in Priority Pass to gain access, but the process is straightforward. Once enrolled, you’ll be able to access a global network of Priority Pass lounges with no limit on the number of visits you can make or guests that you can bring each year.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Tucson is a scenic desert city that has a unique blend of natural beauty and new-age convenience. With its stunning sunsets, majestic saguaro cacti, and a thriving arts scene, Tucson is a place where you can truly immerse yourself in the beauty of the Southwest.
From exploring the historic downtown to hiking the surrounding mountains, Tucson has something for everyone.
Whether you’re searching for apartments in Tucson, homes for sale, or want to learn more about what Tucson is known for, this article is the guide you’ve been waiting for.
1. Saguaro National Park
Saguaro National Park showcases the iconic Saguaro cactus, symbolizing the American Southwest. The park is divided into two sections, East (Rincon Mountain District) and West (Tucson Mountain District), offering breathtaking desert landscapes, hiking trails, and more.
2. Fourth Avenue
Fourth Avenue in Tucson, the social heart of Tucson, is known for its eclectic mix of shops, restaurants, and bars. This thoroughfare hosts several street fairs and events throughout the year, drawing locals and tourists alike on a daily basis. Needless to say, no trip to Tucson is complete without a stroll down Fourth.
3. Stunning desert landscapes
Situated in the Sonoran Desert, Tucson boasts breathtaking natural beauty. The city is surrounded by majestic mountains, picturesque canyons, and unique desert flora and fauna. Visitors and residents alike can easily explore the beauty of the desert at a moment’s notice, making Tucson the ideal home for outdoor enthusiasts.
4. Steward Observatory
Steward Observatory, part of the University of Arizona, is a leading center for astronomical research and education. With its state-of-the-art telescopes and facilities, including access to the Large Binocular Telescope, it offers incredible opportunities for discovering the mysteries of the universe.
5. Tucson Gem and Mineral Show
The Tucson Gem and Mineral Show is the largest event of its kind in the world, attracting vendors, collectors, and visitors globally. Held annually in Tucson, it showcases an astonishing variety of gems, minerals, fossils, and jewelry.
6. Mt. Lemmon and the SkyCenter
Rising above Tucson, Mt. Lemmon is a cool escape from the desert heat and hosts the SkyCenter, an astronomical observatory known for its SkyNights stargazing program. The drive up Mt. Lemmon Scenic Byway is as breathtaking as the panoramic views and diverse ecosystems it passes through, making the journey almost as rewarding as the destination.
7. Sonoran Desert cuisine
As the first UNESCO City of Gastronomy in the U.S., Tucson celebrates its culinary heritage through dishes like the Sonoran hot dog, tamales, and mesquite flour pancakes. Local ingredients like chiltepin peppers, mesquite pod flour, and prickly pear cactus are staples, showcasing the unparalleled flavors and biodiversity of the Sonoran Desert.
8. Hispanic culture
With a strong Hispanic influence, Tucson’s culture is infused with traditions, celebrations, and flavors that reflect its rich heritage. From festivals to authentic Mexican cuisine, the city’s Hispanic culture is an integral part of its identity. Tucson’s embrace of its Hispanic roots adds a unique and lively dimension to the city’s cultural tapestry.
9. Biosphere 2
Biosphere 2 is a groundbreaking research facility designed to study ecosystems and the possibilities of creating self-sustaining environments for human space exploration. Managed by the University of Arizona, it offers tours to the public, providing a unique glimpse into scientific experiments that range from rainforest conservation to oceanic behavior.
10. University of Arizona
The University of Arizona is a premier public research institution that significantly contributes to the educational and economic prowess of the city. With a strong emphasis on innovation, the university offers a range of academic programs, research initiatives, and community engagement efforts. Beyond that, the campus is also home to a ton of museums, arts venues, and the Arizona Wildcats sports teams.
With so much to offer, the cheapest places to live in Arizona consist of picturesque and popular cities, so no matter your budget, you’ll find the perfect home.
Arizona’s average rent prices
From the upscale city of Scottsdale to the college town of Tempe, rents throughout the state sit on the more affordable side. For example, a one-bedroom apartment will cost you $1,322 on average per month.
While that number is up by almost 8 percent over last year, it’s still close to the median rent for the entire U.S.
The cheapest cities in Arizona for renters
You don’t have to live in Phoenix to experience what makes Arizona such a great place to live. Although this big, capital city has a lot going on, you do have alternatives that keep you close by, but at a more affordable price. Opting for a smaller city can improve your cost of living without sacrificing access to activities and fun.
Give your monthly budget a break. Consider one of the cheapest places to live in Arizona as your new home.
10. Queen Creek
One-bedroom average rent price: $1,189
Average rent price change: -8.18%
With an easy commute to Phoenix, Queen Creek gives you the benefits of small-town living without being far from an urban center. This laid-back community offers horseback riding, more than one mountain range to explore and four 18-hole golf courses. Queen Creek’s proximity to the airport also makes it an affordable place to live even if you spend a large amount of time traveling.
This family-friendly, innovative city continues to grow without losing its reputation as one of the best-kept secrets in Arizona.
9. Litchfield Park
One-bedroom average rent price: $1,152
Average rent price change: -13%
Dotted with palm and orange trees, the unique appearance of Litchfield Park only cements its reputation as another local gem within Arizona. Full of beautiful homes, sidewalk cafes and casual and comfortable public spaces, you can find a cozy feel at the right price.
When it’s time for a little luxury, you won’t have to go far. The Wigwam, located in Litchfield Park, has served as an elegant retreat for more than a century. With more than 400 acres of amenities, restaurants, golf courses and more, it’s a definite bonus to have somewhere to pamper yourself within such an affordable area to live.
8. Avondale
One-bedroom average rent price: $1,118
Average rent price change: 7.22%
Known as one of the primary suburbs of Phoenix, Avondale is a quickly growing city with plenty of open space, recreational amenities and employment opportunities. Located where the Sierra Estrella Mountains and Agua Fria and Gila rivers meet, Avondale continues to develop. A new city center is currently underway to bring even more to this affordable town.
7. Glendale
One-bedroom average rent price: $1,097
Average rent price change: 0.98%
With a downtown labeled as one of the best shopping districts in the country, Glendale has a diverse history that residents treasure. One of the four largest cities in Arizona, it offers something for everyone from annual music festivals to a water park to the University of Phoenix Stadium, which hosted the 2015 Super Bowl.
Giving off a modern vibe and providing a lot of entertainment options, it’s no wonder Glendale is one of Phoenix’s most popular suburbs to call home.
6. Goodyear
One-bedroom average rent price: $1,078
Average rent price change: 45.33%
More than 20,000 acres of recreational parks, 47 miles of trails and more than 100 miles of paved bike routes all make Goodyear a perfect city for those who prefer an active lifestyle. It’s also home to the Goodyear Ballpark where you can catch the Cincinnati Reds and Cleveland Indians during spring training.
Named for the well-known tire company, Goodyear offers a safe, small-town feel, with affordable housing, only 20 minutes from Phoenix.
5. Mesa
One-bedroom average rent price: $1,052
Average rent price change: 0.29%
For a dose of natural history, Mesa is an ideal place to live. Home to the Mesa Grande Cultural Park, you can see a centuries-old ceremonial mound and learn more about the native Hohokam people. You’ll also find the Arizona Museum of Natural History and the i.d.e.a Museum here.
This nicely-priced town sits alongside the Tonto National Forest, the fifth-largest forest in the United States. Mesa keeps you active and outdoors as you enjoy living in some of the best weather in the country.
4. Casa Grande
Source: Rent. / Courtyard Apartments
One-bedroom average rent price: $914
Average rent price change: -6.17%
Situated halfway between Phoenix and Tucson, Casa Grande provides a relaxing atmosphere for those who want to live in Arizona without the bustle of a big city. Residents golf year-round when they’re not walking through the historic downtown area, hiking, biking or enjoying local community-wide events.
With historic charm and a lot of amenities, Casa Grande looks to create an ideal quality of life for residents at a price everyone can afford.
3. Tucson
One-bedroom average rent price: $835
Average rent price change: 5.50%
The biggest Arizona city on the list, Tucson encompasses a huge amount of space in the southern part of the state. Nestled in the Sonoran Desert, there’s a good chance you’ll see a giant saguaro cactus from your own apartment window.
With all the amenities of a large city — like resorts, golf and amazing shopping and restaurants — and the beauty of mountain ranges and desert landscapes, you get the best of both worlds in Tucson without having to break the bank.
2. Yuma
One-bedroom average rent price: $759
Average rent price change: -4.18%
Overlooking the Colorado River, Yuma is home to the Marine Corps Air Station and thousands of Marines and their families. It’s also a popular destination for snowbirds, residents who spend only the cold winter months living comfortably in the Arizona sun. They double the city’s population during the first few months of each year.
No matter the population size, Yuma strives to preserve its culture and heritage alongside its wide array of outdoor activities. The city is also close to Mexico and San Diego, offering opportunities for easy getaways you won’t find everywhere in the state.
1. Sierra Vista
One-bedroom average rent price: $663
Average rent price change: 17.87%
Living in Sierra Vista gives you a perfect balance between an active, engaged lifestyle and affordability. Mixing a smaller population with big-city amenities, Sierra Vista is also a popular spot for those interested in technology. This is, in part, thanks to the tech-forward missions at Fort Huachuca.
The city supports a healthy mix of young professionals and those looking for a slower pace of life. It has received distinctions as both a best place to retire and a best place to live, work and play. And, that’s all for less than what you’d pay in many other cities around the country.
The 10 most expensive places to call home in Arizona
Looking for a little upgrade in where you call home in Arizona? For some extra luxury in your rental, check out the most expensive places in the state to call home.
Methodology
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. We pulled our data in December 2020, and it goes back for one year. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
We excluded cities with insufficient inventory from this report.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.